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Side-by-side financial comparison of H2O AMERICA (HTO) and Mayville Engineering Company, Inc. (MEC). Click either name above to swap in a different company.
H2O AMERICA is the larger business by last-quarter revenue ($199.4M vs $134.3M, roughly 1.5× Mayville Engineering Company, Inc.). H2O AMERICA runs the higher net margin — 8.1% vs -3.2%, a 11.4% gap on every dollar of revenue. On growth, Mayville Engineering Company, Inc. posted the faster year-over-year revenue change (10.7% vs 1.5%). Over the past eight quarters, H2O AMERICA's revenue compounded faster (15.3% CAGR vs -8.8%).
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.
Mayville Engineering Company, Inc. is a U.S.-headquartered leading manufacturer of metal components, fabricated assemblies, and custom engineered solutions. It serves OEM clients across agriculture, construction, transportation, defense, and power sports markets, offering end-to-end services from prototyping to high-volume production for North America.
HTO vs MEC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $199.4M | $134.3M |
| Net Profit | $16.2M | $-4.4M |
| Gross Margin | — | 6.8% |
| Operating Margin | 16.6% | -4.1% |
| Net Margin | 8.1% | -3.2% |
| Revenue YoY | 1.5% | 10.7% |
| Net Profit YoY | -29.2% | -127.3% |
| EPS (diluted) | $0.45 | $-0.22 |
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 | $134.3M | ||
| Q3 25 | $243.5M | $144.3M | ||
| Q2 25 | $197.8M | $132.3M | ||
| Q1 25 | $164.9M | $135.6M | ||
| Q4 24 | $196.5M | $121.3M | ||
| Q3 24 | $216.7M | $135.4M | ||
| Q2 24 | $173.1M | $163.6M | ||
| Q1 24 | $150.0M | $161.3M |
| Q4 25 | $16.2M | $-4.4M | ||
| Q3 25 | $45.1M | $-2.7M | ||
| Q2 25 | $24.7M | $-1.1M | ||
| Q1 25 | $16.6M | $20.0K | ||
| Q4 24 | $22.9M | $16.0M | ||
| Q3 24 | $38.7M | $3.0M | ||
| Q2 24 | $20.7M | $3.8M | ||
| Q1 24 | $11.7M | $3.2M |
| Q4 25 | — | 6.8% | ||
| Q3 25 | — | 11.0% | ||
| Q2 25 | — | 10.3% | ||
| Q1 25 | — | 11.3% | ||
| Q4 24 | — | 8.9% | ||
| Q3 24 | — | 12.6% | ||
| Q2 24 | — | 13.6% | ||
| Q1 24 | — | 13.0% |
| Q4 25 | 16.6% | -4.1% | ||
| Q3 25 | 26.5% | 0.0% | ||
| Q2 25 | 22.2% | 0.1% | ||
| Q1 25 | 21.8% | 1.2% | ||
| Q4 24 | 22.2% | 19.0% | ||
| Q3 24 | 26.9% | 4.2% | ||
| Q2 24 | 23.4% | 5.0% | ||
| Q1 24 | 18.6% | 4.7% |
| Q4 25 | 8.1% | -3.2% | ||
| Q3 25 | 18.5% | -1.9% | ||
| Q2 25 | 12.5% | -0.8% | ||
| Q1 25 | 10.0% | 0.0% | ||
| Q4 24 | 11.7% | 13.2% | ||
| Q3 24 | 17.8% | 2.2% | ||
| Q2 24 | 12.0% | 2.3% | ||
| Q1 24 | 7.8% | 2.0% |
| Q4 25 | $0.45 | $-0.22 | ||
| Q3 25 | $1.27 | $-0.13 | ||
| Q2 25 | $0.71 | $-0.05 | ||
| Q1 25 | $0.49 | $0.00 | ||
| Q4 24 | $0.70 | $0.76 | ||
| Q3 24 | $1.17 | $0.14 | ||
| Q2 24 | $0.64 | $0.18 | ||
| Q1 24 | $0.36 | $0.16 |
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 | $1.5M |
| Total DebtLower is stronger | $1.9B | — |
| Stockholders' EquityBook value | $1.5B | $240.7M |
| Total Assets | $5.1B | $563.6M |
| Debt / EquityLower = less leverage | 1.23× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $20.7M | $1.5M | ||
| Q3 25 | $11.3M | $1.2M | ||
| Q2 25 | $19.8M | $206.0K | ||
| Q1 25 | $23.7M | $183.0K | ||
| Q4 24 | $11.1M | $206.0K | ||
| Q3 24 | $4.0M | $178.0K | ||
| Q2 24 | $22.8M | $314.0K | ||
| Q1 24 | $4.5M | $314.0K |
| Q4 25 | $1.9B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.5B | $240.7M | ||
| Q3 25 | $1.5B | $244.8M | ||
| Q2 25 | $1.5B | $246.8M | ||
| Q1 25 | $1.4B | $250.0M | ||
| Q4 24 | $1.4B | $251.8M | ||
| Q3 24 | $1.3B | $238.4M | ||
| Q2 24 | $1.3B | $238.1M | ||
| Q1 24 | $1.2B | $234.0M |
| Q4 25 | $5.1B | $563.6M | ||
| Q3 25 | $5.0B | $585.6M | ||
| Q2 25 | $4.8B | $433.7M | ||
| Q1 25 | $4.7B | $447.7M | ||
| Q4 24 | $4.7B | $445.6M | ||
| Q3 24 | $4.6B | $466.0M | ||
| Q2 24 | $4.4B | $488.2M | ||
| Q1 24 | $4.4B | $499.9M |
| 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 | $13.4M |
| Free Cash FlowOCF − Capex | — | $10.2M |
| FCF MarginFCF / Revenue | — | 7.6% |
| Capex IntensityCapex / Revenue | — | 2.4% |
| Cash ConversionOCF / Net Profit | 3.92× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $26.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $63.5M | $13.4M | ||
| Q3 25 | $77.3M | $1.9M | ||
| Q2 25 | $60.8M | $15.0M | ||
| Q1 25 | $43.2M | $8.3M | ||
| Q4 24 | $41.5M | $38.0M | ||
| Q3 24 | $53.5M | $17.9M | ||
| Q2 24 | $49.3M | $23.3M | ||
| Q1 24 | $51.2M | $10.6M |
| Q4 25 | — | $10.2M | ||
| Q3 25 | — | $-1.1M | ||
| Q2 25 | — | $12.5M | ||
| Q1 25 | — | $5.4M | ||
| Q4 24 | — | $35.6M | ||
| Q3 24 | — | $15.1M | ||
| Q2 24 | — | $19.2M | ||
| Q1 24 | — | $7.8M |
| Q4 25 | — | 7.6% | ||
| Q3 25 | — | -0.8% | ||
| Q2 25 | — | 9.5% | ||
| Q1 25 | — | 4.0% | ||
| Q4 24 | — | 29.4% | ||
| Q3 24 | — | 11.1% | ||
| Q2 24 | — | 11.7% | ||
| Q1 24 | — | 4.9% |
| Q4 25 | — | 2.4% | ||
| Q3 25 | — | 2.1% | ||
| Q2 25 | — | 1.8% | ||
| Q1 25 | — | 2.2% | ||
| Q4 24 | — | 1.9% | ||
| Q3 24 | — | 2.1% | ||
| Q2 24 | — | 2.5% | ||
| Q1 24 | — | 1.7% |
| Q4 25 | 3.92× | — | ||
| Q3 25 | 1.71× | — | ||
| Q2 25 | 2.47× | — | ||
| Q1 25 | 2.61× | 416.65× | ||
| Q4 24 | 1.81× | 2.38× | ||
| Q3 24 | 1.39× | 6.03× | ||
| Q2 24 | 2.38× | 6.15× | ||
| Q1 24 | 4.38× | 3.28× |
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% |
MEC
| Fabrication | $72.2M | 54% |
| Construction And Access | $19.2M | 14% |
| Tubes | $16.2M | 12% |
| Other Market | $11.9M | 9% |
| Agriculture | $7.7M | 6% |
| Military | $6.7M | 5% |
| Outdoor Sports | $1.7M | 1% |
