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Side-by-side financial comparison of H2O AMERICA (HTO) and Merchants Bancorp (MBIN). Click either name above to swap in a different company.
H2O AMERICA is the larger business by last-quarter revenue ($199.4M vs $175.2M, roughly 1.1× Merchants Bancorp). Merchants Bancorp runs the higher net margin — 38.6% vs 8.1%, a 30.5% gap on every dollar of revenue. Over the past eight quarters, H2O AMERICA's revenue compounded faster (15.3% CAGR vs 4.8%).
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.
Ameris Bancorp is an American bank holding company headquartered in Atlanta, Georgia. Through its bank subsidiary, Ameris Bank, the company operates full-service branches in Georgia, Alabama, Florida, North Carolina and South Carolina, and mortgage-only locations in Georgia, Alabama, Florida, North Carolina, South Carolina, Virginia, Maryland, and Tennessee. The company offers online and mobile banking options for both consumers and businesses.
HTO vs MBIN — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $199.4M | $175.2M |
| Net Profit | $16.2M | $67.7M |
| Gross Margin | — | — |
| Operating Margin | 16.6% | — |
| Net Margin | 8.1% | 38.6% |
| Revenue YoY | 1.5% | — |
| Net Profit YoY | -29.2% | 16.3% |
| EPS (diluted) | $0.45 | $1.25 |
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 | — | $175.2M | ||
| Q4 25 | $199.4M | $185.3M | ||
| Q3 25 | $243.5M | $171.1M | ||
| Q2 25 | $197.8M | $179.2M | ||
| Q1 25 | $164.9M | $145.9M | ||
| Q4 24 | $196.5M | $193.8M | ||
| Q3 24 | $216.7M | $149.6M | ||
| Q2 24 | $173.1M | $159.5M |
| Q1 26 | — | $67.7M | ||
| Q4 25 | $16.2M | — | ||
| Q3 25 | $45.1M | $54.7M | ||
| Q2 25 | $24.7M | $38.0M | ||
| Q1 25 | $16.6M | $58.2M | ||
| Q4 24 | $22.9M | — | ||
| Q3 24 | $38.7M | $61.3M | ||
| Q2 24 | $20.7M | $76.4M |
| Q1 26 | — | — | ||
| Q4 25 | 16.6% | 39.9% | ||
| Q3 25 | 26.5% | 37.8% | ||
| Q2 25 | 22.2% | 27.3% | ||
| Q1 25 | 21.8% | 52.4% | ||
| Q4 24 | 22.2% | 66.0% | ||
| Q3 24 | 26.9% | 54.4% | ||
| Q2 24 | 23.4% | 62.2% |
| Q1 26 | — | 38.6% | ||
| Q4 25 | 8.1% | — | ||
| Q3 25 | 18.5% | 32.0% | ||
| Q2 25 | 12.5% | 21.2% | ||
| Q1 25 | 10.0% | 39.9% | ||
| Q4 24 | 11.7% | — | ||
| Q3 24 | 17.8% | 41.0% | ||
| Q2 24 | 12.0% | 47.9% |
| Q1 26 | — | $1.25 | ||
| Q4 25 | $0.45 | $1.28 | ||
| Q3 25 | $1.27 | $0.97 | ||
| Q2 25 | $0.71 | $0.60 | ||
| Q1 25 | $0.49 | $0.93 | ||
| Q4 24 | $0.70 | $1.84 | ||
| Q3 24 | $1.17 | $1.17 | ||
| Q2 24 | $0.64 | $1.49 |
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 | $83.2M |
| Total DebtLower is stronger | $1.9B | $32.0M |
| Stockholders' EquityBook value | $1.5B | $2.3B |
| Total Assets | $5.1B | $20.3B |
| Debt / EquityLower = less leverage | 1.23× | 0.01× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $83.2M | ||
| Q4 25 | $20.7M | — | ||
| Q3 25 | $11.3M | — | ||
| Q2 25 | $19.8M | — | ||
| Q1 25 | $23.7M | — | ||
| Q4 24 | $11.1M | — | ||
| Q3 24 | $4.0M | — | ||
| Q2 24 | $22.8M | — |
| Q1 26 | — | $32.0M | ||
| Q4 25 | $1.9B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $2.3B | ||
| Q4 25 | $1.5B | $2.3B | ||
| Q3 25 | $1.5B | $2.2B | ||
| Q2 25 | $1.5B | $2.2B | ||
| Q1 25 | $1.4B | $2.2B | ||
| Q4 24 | $1.4B | $2.2B | ||
| Q3 24 | $1.3B | $1.9B | ||
| Q2 24 | $1.3B | $1.9B |
| Q1 26 | — | $20.3B | ||
| Q4 25 | $5.1B | $19.4B | ||
| Q3 25 | $5.0B | $19.4B | ||
| Q2 25 | $4.8B | $19.1B | ||
| Q1 25 | $4.7B | $18.8B | ||
| Q4 24 | $4.7B | $18.8B | ||
| Q3 24 | $4.6B | $18.7B | ||
| Q2 24 | $4.4B | $18.2B |
| Q1 26 | — | 0.01× | ||
| Q4 25 | 1.23× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.26× | — | ||
| Q3 24 | — | — | ||
| Q2 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 | — |
| 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 | $-341.2M | ||
| Q3 25 | $77.3M | $29.8M | ||
| Q2 25 | $60.8M | $-121.2M | ||
| Q1 25 | $43.2M | $148.0M | ||
| Q4 24 | $41.5M | $-835.3M | ||
| Q3 24 | $53.5M | $-492.6M | ||
| Q2 24 | $49.3M | $51.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | $-362.2M | ||
| Q3 25 | — | $24.0M | ||
| Q2 25 | — | $-125.7M | ||
| Q1 25 | — | $141.2M | ||
| Q4 24 | — | $-853.7M | ||
| Q3 24 | — | $-497.2M | ||
| Q2 24 | — | $45.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | -195.5% | ||
| Q3 25 | — | 14.0% | ||
| Q2 25 | — | -70.1% | ||
| Q1 25 | — | 96.8% | ||
| Q4 24 | — | -440.6% | ||
| Q3 24 | — | -332.4% | ||
| Q2 24 | — | 28.7% |
| Q1 26 | — | — | ||
| Q4 25 | — | 11.3% | ||
| Q3 25 | — | 3.4% | ||
| Q2 25 | — | 2.5% | ||
| Q1 25 | — | 4.7% | ||
| Q4 24 | — | 9.5% | ||
| Q3 24 | — | 3.0% | ||
| Q2 24 | — | 3.3% |
| Q1 26 | — | — | ||
| Q4 25 | 3.92× | — | ||
| Q3 25 | 1.71× | 0.54× | ||
| Q2 25 | 2.47× | -3.19× | ||
| Q1 25 | 2.61× | 2.54× | ||
| Q4 24 | 1.81× | — | ||
| Q3 24 | 1.39× | -8.04× | ||
| Q2 24 | 2.38× | 0.67× |
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% |
MBIN
| Net Interest Income | $128.6M | 73% |
| Noninterest Income | $46.6M | 27% |
