vs
Side-by-side financial comparison of H2O AMERICA (HTO) and INDEPENDENCE REALTY TRUST, INC. (IRT). Click either name above to swap in a different company.
H2O AMERICA is the larger business by last-quarter revenue ($199.4M vs $165.3M, roughly 1.2× INDEPENDENCE REALTY TRUST, INC.). On growth, INDEPENDENCE REALTY TRUST, INC. posted the faster year-over-year revenue change (2.5% vs 1.5%). Over the past eight quarters, H2O AMERICA's revenue compounded faster (15.3% CAGR vs 2.2%).
H2O Wireless is a United States-based prepaid cell phone service, that utilizes the AT&T network. It is a brand of the mobile virtual network operator (MVNO) Locus Telecommunications, a subsidiary of Telrite Holdings, Inc., since 2019. Locus was formerly a subsidiary of KDDI America corporation, starting in 2010. H2O Wireless is primarily advertised as a non-restrictive phone service for customers to bring or buy unlocked smartphones, although AT&T contract/locked phones may be accepted as well.
Brandywine Realty Trust is a Philadelphia-based real estate investment trust (REIT) that invests in office buildings in Philadelphia, Washington, D.C., and Austin, Texas.
HTO vs IRT — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $199.4M | $165.3M |
| Net Profit | $16.2M | — |
| Gross Margin | — | — |
| Operating Margin | 16.6% | — |
| Net Margin | 8.1% | — |
| Revenue YoY | 1.5% | 2.5% |
| Net Profit YoY | -29.2% | — |
| EPS (diluted) | $0.45 | $0.00 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $165.3M | ||
| Q4 25 | $199.4M | $167.1M | ||
| Q3 25 | $243.5M | $167.1M | ||
| Q2 25 | $197.8M | $162.2M | ||
| Q1 25 | $164.9M | $161.2M | ||
| Q4 24 | $196.5M | $161.0M | ||
| Q3 24 | $216.7M | $160.1M | ||
| Q2 24 | $173.1M | $158.4M |
| Q1 26 | — | — | ||
| Q4 25 | $16.2M | $33.3M | ||
| Q3 25 | $45.1M | $6.9M | ||
| Q2 25 | $24.7M | $8.0M | ||
| Q1 25 | $16.6M | $8.4M | ||
| Q4 24 | $22.9M | $-1.0M | ||
| Q3 24 | $38.7M | $12.4M | ||
| Q2 24 | $20.7M | $10.4M |
| Q1 26 | — | — | ||
| Q4 25 | 16.6% | — | ||
| Q3 25 | 26.5% | — | ||
| Q2 25 | 22.2% | — | ||
| Q1 25 | 21.8% | — | ||
| Q4 24 | 22.2% | — | ||
| Q3 24 | 26.9% | — | ||
| Q2 24 | 23.4% | — |
| Q1 26 | — | — | ||
| Q4 25 | 8.1% | 19.9% | ||
| Q3 25 | 18.5% | 4.1% | ||
| Q2 25 | 12.5% | 5.0% | ||
| Q1 25 | 10.0% | 5.2% | ||
| Q4 24 | 11.7% | -0.6% | ||
| Q3 24 | 17.8% | 7.7% | ||
| Q2 24 | 12.0% | 6.5% |
| Q1 26 | — | $0.00 | ||
| Q4 25 | $0.45 | $0.14 | ||
| Q3 25 | $1.27 | $0.03 | ||
| Q2 25 | $0.71 | $0.03 | ||
| Q1 25 | $0.49 | $0.04 | ||
| Q4 24 | $0.70 | $-0.01 | ||
| Q3 24 | $1.17 | $0.05 | ||
| Q2 24 | $0.64 | $0.05 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $20.7M | $23.3M |
| Total DebtLower is stronger | $1.9B | — |
| Stockholders' EquityBook value | $1.5B | $3.4B |
| Total Assets | $5.1B | $6.1B |
| Debt / EquityLower = less leverage | 1.23× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $23.3M | ||
| Q4 25 | $20.7M | $23.6M | ||
| Q3 25 | $11.3M | $23.3M | ||
| Q2 25 | $19.8M | $19.5M | ||
| Q1 25 | $23.7M | $29.1M | ||
| Q4 24 | $11.1M | $21.2M | ||
| Q3 24 | $4.0M | $17.6M | ||
| Q2 24 | $22.8M | $21.0M |
| Q1 26 | — | — | ||
| Q4 25 | $1.9B | $2.3B | ||
| Q3 25 | — | $2.3B | ||
| Q2 25 | — | $2.2B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | $1.7B | $2.3B | ||
| Q3 24 | — | $2.3B | ||
| Q2 24 | — | $2.3B |
| Q1 26 | — | $3.4B | ||
| Q4 25 | $1.5B | $3.5B | ||
| Q3 25 | $1.5B | $3.5B | ||
| Q2 25 | $1.5B | $3.4B | ||
| Q1 25 | $1.4B | $3.5B | ||
| Q4 24 | $1.4B | $3.4B | ||
| Q3 24 | $1.3B | $3.4B | ||
| Q2 24 | $1.3B | $3.4B |
| Q1 26 | — | $6.1B | ||
| Q4 25 | $5.1B | $6.0B | ||
| Q3 25 | $5.0B | $6.1B | ||
| Q2 25 | $4.8B | $6.0B | ||
| Q1 25 | $4.7B | $6.0B | ||
| Q4 24 | $4.7B | $6.1B | ||
| Q3 24 | $4.6B | $5.9B | ||
| Q2 24 | $4.4B | $5.9B |
| Q1 26 | — | — | ||
| Q4 25 | 1.23× | 0.66× | ||
| Q3 25 | — | 0.66× | ||
| Q2 25 | — | 0.66× | ||
| Q1 25 | — | 0.65× | ||
| Q4 24 | 1.26× | 0.68× | ||
| Q3 24 | — | 0.68× | ||
| Q2 24 | — | 0.66× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $63.5M | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 3.92× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $63.5M | $282.1M | ||
| Q3 25 | $77.3M | $79.3M | ||
| Q2 25 | $60.8M | $82.2M | ||
| Q1 25 | $43.2M | $60.4M | ||
| Q4 24 | $41.5M | $259.8M | ||
| Q3 24 | $53.5M | $69.2M | ||
| Q2 24 | $49.3M | $83.0M |
| Q1 26 | — | — | ||
| Q4 25 | 3.92× | 8.48× | ||
| Q3 25 | 1.71× | 11.51× | ||
| Q2 25 | 2.47× | 10.22× | ||
| Q1 25 | 2.61× | 7.23× | ||
| Q4 24 | 1.81× | — | ||
| Q3 24 | 1.39× | 5.60× | ||
| Q2 24 | 2.38× | 8.02× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HTO
| Water Utility Services | $191.0M | 96% |
| Other | $8.4M | 4% |
IRT
| Rental and other property revenue | $165.2M | 100% |
| Other revenue | $109.0K | 0% |
