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Side-by-side financial comparison of H2O AMERICA (HTO) and LIQUIDITY SERVICES INC (LQDT). Click either name above to swap in a different company.
H2O AMERICA is the larger business by last-quarter revenue ($199.4M vs $121.2M, roughly 1.6× LIQUIDITY SERVICES INC). H2O AMERICA runs the higher net margin — 8.1% vs 6.2%, a 2.0% gap on every dollar of revenue. On growth, H2O AMERICA posted the faster year-over-year revenue change (1.5% vs -0.9%). Over the past eight quarters, H2O AMERICA's revenue compounded faster (15.3% CAGR vs 15.1%).
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.
Liquidity Services, Inc. is an American e-commerce company providing surplus asset management services through a network of online marketplaces. It serves businesses and government agencies by facilitating the resale of surplus, returned, and end-of-life goods. Founded in 1999 and headquartered in Bethesda, Maryland, United States.
HTO vs LQDT — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $199.4M | $121.2M |
| Net Profit | $16.2M | $7.5M |
| Gross Margin | — | 47.0% |
| Operating Margin | 16.6% | 7.7% |
| Net Margin | 8.1% | 6.2% |
| Revenue YoY | 1.5% | -0.9% |
| Net Profit YoY | -29.2% | 28.9% |
| EPS (diluted) | $0.45 | $0.23 |
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 | $121.2M | ||
| Q3 25 | $243.5M | $118.1M | ||
| Q2 25 | $197.8M | $119.9M | ||
| Q1 25 | $164.9M | $116.4M | ||
| Q4 24 | $196.5M | $122.3M | ||
| Q3 24 | $216.7M | $106.9M | ||
| Q2 24 | $173.1M | $93.6M | ||
| Q1 24 | $150.0M | $91.5M |
| Q4 25 | $16.2M | $7.5M | ||
| Q3 25 | $45.1M | $7.8M | ||
| Q2 25 | $24.7M | $7.4M | ||
| Q1 25 | $16.6M | $7.1M | ||
| Q4 24 | $22.9M | $5.8M | ||
| Q3 24 | $38.7M | $6.4M | ||
| Q2 24 | $20.7M | $6.0M | ||
| Q1 24 | $11.7M | $5.7M |
| Q4 25 | — | 47.0% | ||
| Q3 25 | — | 47.8% | ||
| Q2 25 | — | 45.7% | ||
| Q1 25 | — | 40.8% | ||
| Q4 24 | — | 41.0% | ||
| Q3 24 | — | 45.6% | ||
| Q2 24 | — | 52.8% | ||
| Q1 24 | — | 51.6% |
| Q4 25 | 16.6% | 7.7% | ||
| Q3 25 | 26.5% | 9.3% | ||
| Q2 25 | 22.2% | 8.5% | ||
| Q1 25 | 21.8% | 5.8% | ||
| Q4 24 | 22.2% | 5.8% | ||
| Q3 24 | 26.9% | 6.8% | ||
| Q2 24 | 23.4% | 8.4% | ||
| Q1 24 | 18.6% | 7.2% |
| Q4 25 | 8.1% | 6.2% | ||
| Q3 25 | 18.5% | 6.6% | ||
| Q2 25 | 12.5% | 6.2% | ||
| Q1 25 | 10.0% | 6.1% | ||
| Q4 24 | 11.7% | 4.7% | ||
| Q3 24 | 17.8% | 6.0% | ||
| Q2 24 | 12.0% | 6.4% | ||
| Q1 24 | 7.8% | 6.2% |
| Q4 25 | $0.45 | $0.23 | ||
| Q3 25 | $1.27 | $0.24 | ||
| Q2 25 | $0.71 | $0.23 | ||
| Q1 25 | $0.49 | $0.22 | ||
| Q4 24 | $0.70 | $0.18 | ||
| Q3 24 | $1.17 | $0.20 | ||
| Q2 24 | $0.64 | $0.19 | ||
| Q1 24 | $0.36 | $0.18 |
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 | $11.6M |
| Total DebtLower is stronger | $1.9B | — |
| Stockholders' EquityBook value | $1.5B | $215.3M |
| Total Assets | $5.1B | $369.1M |
| Debt / EquityLower = less leverage | 1.23× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $20.7M | $11.6M | ||
| Q3 25 | $11.3M | $11.2M | ||
| Q2 25 | $19.8M | $11.4M | ||
| Q1 25 | $23.7M | $10.5M | ||
| Q4 24 | $11.1M | $10.4M | ||
| Q3 24 | $4.0M | $2.3M | ||
| Q2 24 | $22.8M | $6.5M | ||
| Q1 24 | $4.5M | $8.4M |
| Q4 25 | $1.9B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.5B | $215.3M | ||
| Q3 25 | $1.5B | $203.2M | ||
| Q2 25 | $1.5B | $208.7M | ||
| Q1 25 | $1.4B | $196.3M | ||
| Q4 24 | $1.4B | $189.2M | ||
| Q3 24 | $1.3B | $182.6M | ||
| Q2 24 | $1.3B | $172.0M | ||
| Q1 24 | $1.2B | $163.9M |
| Q4 25 | $5.1B | $369.1M | ||
| Q3 25 | $5.0B | $375.1M | ||
| Q2 25 | $4.8B | $372.4M | ||
| Q1 25 | $4.7B | $358.8M | ||
| Q4 24 | $4.7B | $333.2M | ||
| Q3 24 | $4.6B | $346.9M | ||
| Q2 24 | $4.4B | $325.5M | ||
| Q1 24 | $4.4B | $303.7M |
| Q4 25 | 1.23× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.26× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $-526.0K |
| Free Cash FlowOCF − Capex | — | $-2.8M |
| FCF MarginFCF / Revenue | — | -2.3% |
| Capex IntensityCapex / Revenue | — | 1.9% |
| Cash ConversionOCF / Net Profit | 3.92× | -0.07× |
| TTM Free Cash FlowTrailing 4 quarters | — | $70.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $63.5M | $-526.0K | ||
| Q3 25 | $77.3M | $38.0M | ||
| Q2 25 | $60.8M | $19.3M | ||
| Q1 25 | $43.2M | $21.6M | ||
| Q4 24 | $41.5M | $-12.1M | ||
| Q3 24 | $53.5M | $22.0M | ||
| Q2 24 | $49.3M | $22.2M | ||
| Q1 24 | $51.2M | $34.8M |
| Q4 25 | — | $-2.8M | ||
| Q3 25 | — | $36.0M | ||
| Q2 25 | — | $17.2M | ||
| Q1 25 | — | $19.8M | ||
| Q4 24 | — | $-14.0M | ||
| Q3 24 | — | $19.2M | ||
| Q2 24 | — | $20.3M | ||
| Q1 24 | — | $32.5M |
| Q4 25 | — | -2.3% | ||
| Q3 25 | — | 30.5% | ||
| Q2 25 | — | 14.3% | ||
| Q1 25 | — | 17.0% | ||
| Q4 24 | — | -11.4% | ||
| Q3 24 | — | 17.9% | ||
| Q2 24 | — | 21.7% | ||
| Q1 24 | — | 35.5% |
| Q4 25 | — | 1.9% | ||
| Q3 25 | — | 1.7% | ||
| Q2 25 | — | 1.8% | ||
| Q1 25 | — | 1.6% | ||
| Q4 24 | — | 1.5% | ||
| Q3 24 | — | 2.7% | ||
| Q2 24 | — | 2.1% | ||
| Q1 24 | — | 2.6% |
| Q4 25 | 3.92× | -0.07× | ||
| Q3 25 | 1.71× | 4.86× | ||
| Q2 25 | 2.47× | 2.60× | ||
| Q1 25 | 2.61× | 3.07× | ||
| Q4 24 | 1.81× | -2.09× | ||
| Q3 24 | 1.39× | 3.45× | ||
| Q2 24 | 2.38× | 3.71× | ||
| Q1 24 | 4.38× | 6.10× |
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% |
LQDT
| RSCG | $82.0M | 68% |
| Gov Deals | $22.3M | 18% |
| CAG | $11.5M | 9% |
| Machinio And Software Solutions Corporation | $5.5M | 5% |
