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Side-by-side financial comparison of H2O AMERICA (HTO) and Natural Grocers by Vitamin Cottage, Inc. (NGVC). Click either name above to swap in a different company.
Natural Grocers by Vitamin Cottage, Inc. is the larger business by last-quarter revenue ($335.6M vs $199.4M, roughly 1.7× H2O AMERICA). H2O AMERICA runs the higher net margin — 8.1% vs 3.4%, a 4.8% gap on every dollar of revenue. On growth, Natural Grocers by Vitamin Cottage, Inc. posted the faster year-over-year revenue change (1.6% vs 1.5%). Over the past eight quarters, H2O AMERICA's revenue compounded faster (15.3% CAGR vs 4.4%).
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.
Natural Grocers by Vitamin Cottage, Inc. is a U.S.-based specialty retail chain that offers certified organic groceries, dietary supplements, natural personal care items, and eco-friendly household products. It serves health-conscious consumers across multiple U.S. states, following strict quality standards that exclude artificial preservatives, colors, flavors and harmful additives.
HTO vs NGVC — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $199.4M | $335.6M |
| Net Profit | $16.2M | $11.3M |
| Gross Margin | — | 29.5% |
| Operating Margin | 16.6% | 4.4% |
| Net Margin | 8.1% | 3.4% |
| Revenue YoY | 1.5% | 1.6% |
| Net Profit YoY | -29.2% | 14.0% |
| EPS (diluted) | $0.45 | $0.49 |
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 | $335.6M | ||
| Q3 25 | $243.5M | $336.1M | ||
| Q2 25 | $197.8M | $328.7M | ||
| Q1 25 | $164.9M | $335.8M | ||
| Q4 24 | $196.5M | $330.2M | ||
| Q3 24 | $216.7M | $322.7M | ||
| Q2 24 | $173.1M | $309.1M | ||
| Q1 24 | $150.0M | $308.1M |
| Q4 25 | $16.2M | $11.3M | ||
| Q3 25 | $45.1M | $11.8M | ||
| Q2 25 | $24.7M | $11.6M | ||
| Q1 25 | $16.6M | $13.1M | ||
| Q4 24 | $22.9M | $9.9M | ||
| Q3 24 | $38.7M | $9.0M | ||
| Q2 24 | $20.7M | $9.2M | ||
| Q1 24 | $11.7M | $8.0M |
| Q4 25 | — | 29.5% | ||
| Q3 25 | — | 29.5% | ||
| Q2 25 | — | 29.9% | ||
| Q1 25 | — | 30.3% | ||
| Q4 24 | — | 29.9% | ||
| Q3 24 | — | 29.6% | ||
| Q2 24 | — | 29.2% | ||
| Q1 24 | — | 29.3% |
| Q4 25 | 16.6% | 4.4% | ||
| Q3 25 | 26.5% | 4.6% | ||
| Q2 25 | 22.2% | 4.7% | ||
| Q1 25 | 21.8% | 5.2% | ||
| Q4 24 | 22.2% | 4.0% | ||
| Q3 24 | 26.9% | 3.7% | ||
| Q2 24 | 23.4% | 4.2% | ||
| Q1 24 | 18.6% | 3.7% |
| Q4 25 | 8.1% | 3.4% | ||
| Q3 25 | 18.5% | 3.5% | ||
| Q2 25 | 12.5% | 3.5% | ||
| Q1 25 | 10.0% | 3.9% | ||
| Q4 24 | 11.7% | 3.0% | ||
| Q3 24 | 17.8% | 2.8% | ||
| Q2 24 | 12.0% | 3.0% | ||
| Q1 24 | 7.8% | 2.6% |
| Q4 25 | $0.45 | $0.49 | ||
| Q3 25 | $1.27 | $0.51 | ||
| Q2 25 | $0.71 | $0.50 | ||
| Q1 25 | $0.49 | $0.56 | ||
| Q4 24 | $0.70 | $0.43 | ||
| Q3 24 | $1.17 | $0.38 | ||
| Q2 24 | $0.64 | $0.40 | ||
| Q1 24 | $0.36 | $0.35 |
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 | $23.2M |
| Total DebtLower is stronger | $1.9B | — |
| Stockholders' EquityBook value | $1.5B | $220.0M |
| Total Assets | $5.1B | $668.6M |
| Debt / EquityLower = less leverage | 1.23× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $20.7M | $23.2M | ||
| Q3 25 | $11.3M | $17.1M | ||
| Q2 25 | $19.8M | $13.2M | ||
| Q1 25 | $23.7M | $21.2M | ||
| Q4 24 | $11.1M | $6.3M | ||
| Q3 24 | $4.0M | $8.9M | ||
| Q2 24 | $22.8M | $13.9M | ||
| Q1 24 | $4.5M | $11.0M |
| Q4 25 | $1.9B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.5B | $220.0M | ||
| Q3 25 | $1.5B | $212.4M | ||
| Q2 25 | $1.5B | $202.5M | ||
| Q1 25 | $1.4B | $193.0M | ||
| Q4 24 | $1.4B | $181.9M | ||
| Q3 24 | $1.3B | $174.3M | ||
| Q2 24 | $1.3B | $167.8M | ||
| Q1 24 | $1.2B | $160.0M |
| Q4 25 | $5.1B | $668.6M | ||
| Q3 25 | $5.0B | $670.5M | ||
| Q2 25 | $4.8B | $659.0M | ||
| Q1 25 | $4.7B | $664.6M | ||
| Q4 24 | $4.7B | $648.9M | ||
| Q3 24 | $4.6B | $655.5M | ||
| Q2 24 | $4.4B | $654.4M | ||
| Q1 24 | $4.4B | $656.6M |
| 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 | $21.1M |
| Free Cash FlowOCF − Capex | — | $11.6M |
| FCF MarginFCF / Revenue | — | 3.4% |
| Capex IntensityCapex / Revenue | — | 2.9% |
| Cash ConversionOCF / Net Profit | 3.92× | 1.86× |
| TTM Free Cash FlowTrailing 4 quarters | — | $42.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $63.5M | $21.1M | ||
| Q3 25 | $77.3M | $15.6M | ||
| Q2 25 | $60.8M | $2.9M | ||
| Q1 25 | $43.2M | $34.1M | ||
| Q4 24 | $41.5M | $2.7M | ||
| Q3 24 | $53.5M | $24.5M | ||
| Q2 24 | $49.3M | $12.4M | ||
| Q1 24 | $51.2M | $20.2M |
| Q4 25 | — | $11.6M | ||
| Q3 25 | — | $7.5M | ||
| Q2 25 | — | $-4.2M | ||
| Q1 25 | — | $27.6M | ||
| Q4 24 | — | $-6.9M | ||
| Q3 24 | — | $18.0M | ||
| Q2 24 | — | $3.6M | ||
| Q1 24 | — | $9.8M |
| Q4 25 | — | 3.4% | ||
| Q3 25 | — | 2.2% | ||
| Q2 25 | — | -1.3% | ||
| Q1 25 | — | 8.2% | ||
| Q4 24 | — | -2.1% | ||
| Q3 24 | — | 5.6% | ||
| Q2 24 | — | 1.2% | ||
| Q1 24 | — | 3.2% |
| Q4 25 | — | 2.9% | ||
| Q3 25 | — | 2.4% | ||
| Q2 25 | — | 2.2% | ||
| Q1 25 | — | 1.9% | ||
| Q4 24 | — | 2.9% | ||
| Q3 24 | — | 2.0% | ||
| Q2 24 | — | 2.9% | ||
| Q1 24 | — | 3.4% |
| Q4 25 | 3.92× | 1.86× | ||
| Q3 25 | 1.71× | 1.32× | ||
| Q2 25 | 2.47× | 0.25× | ||
| Q1 25 | 2.61× | 2.60× | ||
| Q4 24 | 1.81× | 0.27× | ||
| Q3 24 | 1.39× | 2.72× | ||
| Q2 24 | 2.38× | 1.35× | ||
| Q1 24 | 4.38× | 2.54× |
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% |
NGVC
| Grocery | $243.8M | 73% |
| Dietary Supplements | $60.7M | 18% |
| Manufactured Product Other | $31.0M | 9% |
