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Side-by-side financial comparison of H2O AMERICA (HTO) and MATRIX SERVICE CO (MTRX). Click either name above to swap in a different company.
MATRIX SERVICE CO is the larger business by last-quarter revenue ($210.5M vs $199.4M, roughly 1.1× H2O AMERICA). H2O AMERICA runs the higher net margin — 8.1% vs -0.4%, a 8.6% gap on every dollar of revenue. On growth, MATRIX SERVICE CO posted the faster year-over-year revenue change (12.5% vs 1.5%). Over the past eight quarters, H2O AMERICA's revenue compounded faster (15.3% CAGR vs 12.6%).
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.
Matrix Telecom, Inc., operating as Matrix Business Technologies, Trinsic, Powered by Matrix, Excel Telecommunications and various other niche brands is a United States telecommunications firm that provides voice and data services to consumers and small and medium businesses as well as multi-location distributed enterprise markets. The firm also provides wholesale voice services to the telecommunications, wireless and cable industries.
HTO vs MTRX — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $199.4M | $210.5M |
| Net Profit | $16.2M | $-894.0K |
| Gross Margin | — | 6.2% |
| Operating Margin | 16.6% | -1.0% |
| Net Margin | 8.1% | -0.4% |
| Revenue YoY | 1.5% | 12.5% |
| Net Profit YoY | -29.2% | 83.8% |
| EPS (diluted) | $0.45 | $-0.03 |
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 | $210.5M | ||
| Q3 25 | $243.5M | $211.9M | ||
| Q2 25 | $197.8M | $216.4M | ||
| Q1 25 | $164.9M | $200.2M | ||
| Q4 24 | $196.5M | $187.2M | ||
| Q3 24 | $216.7M | $165.6M | ||
| Q2 24 | $173.1M | $189.5M | ||
| Q1 24 | $150.0M | $166.0M |
| Q4 25 | $16.2M | $-894.0K | ||
| Q3 25 | $45.1M | $-3.7M | ||
| Q2 25 | $24.7M | $-11.3M | ||
| Q1 25 | $16.6M | $-3.4M | ||
| Q4 24 | $22.9M | $-5.5M | ||
| Q3 24 | $38.7M | $-9.2M | ||
| Q2 24 | $20.7M | $-4.4M | ||
| Q1 24 | $11.7M | $-14.6M |
| Q4 25 | — | 6.2% | ||
| Q3 25 | — | 6.7% | ||
| Q2 25 | — | 3.8% | ||
| Q1 25 | — | 6.4% | ||
| Q4 24 | — | 5.8% | ||
| Q3 24 | — | 4.7% | ||
| Q2 24 | — | 6.6% | ||
| Q1 24 | — | 3.4% |
| Q4 25 | 16.6% | -1.0% | ||
| Q3 25 | 26.5% | -2.6% | ||
| Q2 25 | 22.2% | -6.0% | ||
| Q1 25 | 21.8% | -2.5% | ||
| Q4 24 | 22.2% | -3.4% | ||
| Q3 24 | 26.9% | -6.5% | ||
| Q2 24 | 23.4% | -2.8% | ||
| Q1 24 | 18.6% | -8.7% |
| Q4 25 | 8.1% | -0.4% | ||
| Q3 25 | 18.5% | -1.7% | ||
| Q2 25 | 12.5% | -5.2% | ||
| Q1 25 | 10.0% | -1.7% | ||
| Q4 24 | 11.7% | -3.0% | ||
| Q3 24 | 17.8% | -5.6% | ||
| Q2 24 | 12.0% | -2.3% | ||
| Q1 24 | 7.8% | -8.8% |
| Q4 25 | $0.45 | $-0.03 | ||
| Q3 25 | $1.27 | $-0.13 | ||
| Q2 25 | $0.71 | $-0.41 | ||
| Q1 25 | $0.49 | $-0.12 | ||
| Q4 24 | $0.70 | $-0.20 | ||
| Q3 24 | $1.17 | $-0.33 | ||
| Q2 24 | $0.64 | $-0.16 | ||
| Q1 24 | $0.36 | $-0.53 |
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 | $199.0M |
| Total DebtLower is stronger | $1.9B | — |
| Stockholders' EquityBook value | $1.5B | $137.6M |
| Total Assets | $5.1B | $650.2M |
| Debt / EquityLower = less leverage | 1.23× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $20.7M | $199.0M | ||
| Q3 25 | $11.3M | $192.3M | ||
| Q2 25 | $19.8M | $224.6M | ||
| Q1 25 | $23.7M | $185.5M | ||
| Q4 24 | $11.1M | $156.8M | ||
| Q3 24 | $4.0M | $124.6M | ||
| Q2 24 | $22.8M | $115.6M | ||
| Q1 24 | $4.5M | $69.7M |
| Q4 25 | $1.9B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.5B | $137.6M | ||
| Q3 25 | $1.5B | $136.3M | ||
| Q2 25 | $1.5B | $142.7M | ||
| Q1 25 | $1.4B | $150.7M | ||
| Q4 24 | $1.4B | $151.9M | ||
| Q3 24 | $1.3B | $156.5M | ||
| Q2 24 | $1.3B | $164.2M | ||
| Q1 24 | $1.2B | $165.8M |
| Q4 25 | $5.1B | $650.2M | ||
| Q3 25 | $5.0B | $598.2M | ||
| Q2 25 | $4.8B | $600.3M | ||
| Q1 25 | $4.7B | $613.7M | ||
| Q4 24 | $4.7B | $513.8M | ||
| Q3 24 | $4.6B | $470.2M | ||
| Q2 24 | $4.4B | $451.4M | ||
| Q1 24 | $4.4B | $440.0M |
| 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 | $7.5M |
| Free Cash FlowOCF − Capex | — | $6.3M |
| FCF MarginFCF / Revenue | — | 3.0% |
| Capex IntensityCapex / Revenue | — | 0.6% |
| Cash ConversionOCF / Net Profit | 3.92× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $45.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $63.5M | $7.5M | ||
| Q3 25 | $77.3M | $-25.9M | ||
| Q2 25 | $60.8M | $40.7M | ||
| Q1 25 | $43.2M | $31.2M | ||
| Q4 24 | $41.5M | $33.6M | ||
| Q3 24 | $53.5M | $11.9M | ||
| Q2 24 | $49.3M | $47.0M | ||
| Q1 24 | $51.2M | $24.8M |
| Q4 25 | — | $6.3M | ||
| Q3 25 | — | $-27.9M | ||
| Q2 25 | — | $38.4M | ||
| Q1 25 | — | $28.7M | ||
| Q4 24 | — | $32.7M | ||
| Q3 24 | — | $10.0M | ||
| Q2 24 | — | $45.7M | ||
| Q1 24 | — | $20.0M |
| Q4 25 | — | 3.0% | ||
| Q3 25 | — | -13.2% | ||
| Q2 25 | — | 17.8% | ||
| Q1 25 | — | 14.3% | ||
| Q4 24 | — | 17.5% | ||
| Q3 24 | — | 6.0% | ||
| Q2 24 | — | 24.1% | ||
| Q1 24 | — | 12.1% |
| Q4 25 | — | 0.6% | ||
| Q3 25 | — | 0.9% | ||
| Q2 25 | — | 1.0% | ||
| Q1 25 | — | 1.3% | ||
| Q4 24 | — | 0.5% | ||
| Q3 24 | — | 1.2% | ||
| Q2 24 | — | 0.7% | ||
| Q1 24 | — | 2.9% |
| Q4 25 | 3.92× | — | ||
| Q3 25 | 1.71× | — | ||
| Q2 25 | 2.47× | — | ||
| Q1 25 | 2.61× | — | ||
| Q4 24 | 1.81× | — | ||
| Q3 24 | 1.39× | — | ||
| Q2 24 | 2.38× | — | ||
| Q1 24 | 4.38× | — |
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% |
MTRX
| Storage And Terminal Solutions | $99.9M | 47% |
| Utility And Power Infrastructure | $75.4M | 36% |
| Process And Industrial Facilities | $35.3M | 17% |
