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Side-by-side financial comparison of H2O AMERICA (HTO) and DORIAN LPG LTD. (LPG). Click either name above to swap in a different company.
H2O AMERICA is the larger business by last-quarter revenue ($199.4M vs $120.0M, roughly 1.7× DORIAN LPG LTD.). DORIAN LPG LTD. runs the higher net margin — 39.3% vs 8.1%, a 31.2% gap on every dollar of revenue. On growth, DORIAN LPG LTD. posted the faster year-over-year revenue change (48.7% vs 1.5%). Over the past eight quarters, H2O AMERICA's revenue compounded faster (15.3% CAGR vs -7.9%).
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.
Dorian LPG Ltd. is a leading international shipping company focused on the seaborne transportation of liquefied petroleum gas (LPG). It owns and operates a modern fleet of very large gas carriers, serving energy and petrochemical industry clients across key markets including North America, Asia and Europe.
HTO vs LPG — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $199.4M | $120.0M |
| Net Profit | $16.2M | $47.2M |
| Gross Margin | — | — |
| Operating Margin | 16.6% | 42.8% |
| Net Margin | 8.1% | 39.3% |
| Revenue YoY | 1.5% | 48.7% |
| Net Profit YoY | -29.2% | 120.9% |
| EPS (diluted) | $0.45 | $1.11 |
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.
| Q4 25 | $199.4M | $120.0M | ||
| Q3 25 | $243.5M | $124.1M | ||
| Q2 25 | $197.8M | $84.2M | ||
| Q1 25 | $164.9M | $75.9M | ||
| Q4 24 | $196.5M | $80.7M | ||
| Q3 24 | $216.7M | $82.4M | ||
| Q2 24 | $173.1M | $114.4M | ||
| Q1 24 | $150.0M | $141.4M |
| Q4 25 | $16.2M | $47.2M | ||
| Q3 25 | $45.1M | $55.4M | ||
| Q2 25 | $24.7M | $10.1M | ||
| Q1 25 | $16.6M | $8.1M | ||
| Q4 24 | $22.9M | $21.4M | ||
| Q3 24 | $38.7M | $9.4M | ||
| Q2 24 | $20.7M | $51.3M | ||
| Q1 24 | $11.7M | $79.2M |
| Q4 25 | 16.6% | 42.8% | ||
| Q3 25 | 26.5% | 47.8% | ||
| Q2 25 | 22.2% | 18.5% | ||
| Q1 25 | 21.8% | 19.4% | ||
| Q4 24 | 22.2% | 29.0% | ||
| Q3 24 | 26.9% | 23.2% | ||
| Q2 24 | 23.4% | 48.5% | ||
| Q1 24 | 18.6% | 58.3% |
| Q4 25 | 8.1% | 39.3% | ||
| Q3 25 | 18.5% | 44.6% | ||
| Q2 25 | 12.5% | 12.0% | ||
| Q1 25 | 10.0% | 10.7% | ||
| Q4 24 | 11.7% | 26.5% | ||
| Q3 24 | 17.8% | 11.4% | ||
| Q2 24 | 12.0% | 44.9% | ||
| Q1 24 | 7.8% | 56.0% |
| Q4 25 | $0.45 | $1.11 | ||
| Q3 25 | $1.27 | $1.30 | ||
| Q2 25 | $0.71 | $0.24 | ||
| Q1 25 | $0.49 | $0.17 | ||
| Q4 24 | $0.70 | $0.50 | ||
| Q3 24 | $1.17 | $0.22 | ||
| Q2 24 | $0.64 | $1.25 | ||
| Q1 24 | $0.36 | $1.96 |
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 | $294.5M |
| Total DebtLower is stronger | $1.9B | $513.2M |
| Stockholders' EquityBook value | $1.5B | $1.1B |
| Total Assets | $5.1B | $1.8B |
| Debt / EquityLower = less leverage | 1.23× | 0.47× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $20.7M | $294.5M | ||
| Q3 25 | $11.3M | $268.3M | ||
| Q2 25 | $19.8M | $277.9M | ||
| Q1 25 | $23.7M | $316.9M | ||
| Q4 24 | $11.1M | $314.5M | ||
| Q3 24 | $4.0M | $348.6M | ||
| Q2 24 | $22.8M | $353.3M | ||
| Q1 24 | $4.5M | $282.5M |
| Q4 25 | $1.9B | $513.2M | ||
| Q3 25 | — | $526.4M | ||
| Q2 25 | — | $539.6M | ||
| Q1 25 | — | $553.3M | ||
| Q4 24 | $1.7B | $565.9M | ||
| Q3 24 | — | $579.0M | ||
| Q2 24 | — | $592.1M | ||
| Q1 24 | — | $605.1M |
| Q4 25 | $1.5B | $1.1B | ||
| Q3 25 | $1.5B | $1.1B | ||
| Q2 25 | $1.5B | $1.0B | ||
| Q1 25 | $1.4B | $1.0B | ||
| Q4 24 | $1.4B | $1.1B | ||
| Q3 24 | $1.3B | $1.1B | ||
| Q2 24 | $1.3B | $1.1B | ||
| Q1 24 | $1.2B | $1.0B |
| Q4 25 | $5.1B | $1.8B | ||
| Q3 25 | $5.0B | $1.8B | ||
| Q2 25 | $4.8B | $1.7B | ||
| Q1 25 | $4.7B | $1.8B | ||
| Q4 24 | $4.7B | $1.8B | ||
| Q3 24 | $4.6B | $1.9B | ||
| Q2 24 | $4.4B | $1.9B | ||
| Q1 24 | $4.4B | $1.8B |
| Q4 25 | 1.23× | 0.47× | ||
| Q3 25 | — | 0.49× | ||
| Q2 25 | — | 0.52× | ||
| Q1 25 | — | 0.53× | ||
| Q4 24 | 1.26× | 0.53× | ||
| Q3 24 | — | 0.53× | ||
| Q2 24 | — | 0.53× | ||
| Q1 24 | — | 0.59× |
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 | $80.8M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 3.92× | 1.71× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $63.5M | $80.8M | ||
| Q3 25 | $77.3M | $46.4M | ||
| Q2 25 | $60.8M | $814.5K | ||
| Q1 25 | $43.2M | $50.2M | ||
| Q4 24 | $41.5M | $24.3M | ||
| Q3 24 | $53.5M | $57.3M | ||
| Q2 24 | $49.3M | $41.2M | ||
| Q1 24 | $51.2M | $154.2M |
| Q4 25 | 3.92× | 1.71× | ||
| Q3 25 | 1.71× | 0.84× | ||
| Q2 25 | 2.47× | 0.08× | ||
| Q1 25 | 2.61× | 6.20× | ||
| Q4 24 | 1.81× | 1.14× | ||
| Q3 24 | 1.39× | 6.08× | ||
| Q2 24 | 2.38× | 0.80× | ||
| Q1 24 | 4.38× | 1.95× |
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% |
LPG
Segment breakdown not available.
