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Side-by-side financial comparison of H2O AMERICA (HTO) and NICOLET BANKSHARES INC (NIC). Click either name above to swap in a different company.
H2O AMERICA is the larger business by last-quarter revenue ($199.4M vs $104.0M, roughly 1.9× NICOLET BANKSHARES INC). NICOLET BANKSHARES INC runs the higher net margin — 38.8% vs 8.1%, a 30.6% gap on every dollar of revenue. On growth, NICOLET BANKSHARES INC 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 12.5%).
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.
Nicolet Bankshares, Inc. is a U.S. regional bank holding company based in Green Bay, Wisconsin. They are the parent company of Nicolet National Bank, the second largest Wisconsin-based bank.
HTO vs NIC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $199.4M | $104.0M |
| Net Profit | $16.2M | $40.3M |
| Gross Margin | — | — |
| Operating Margin | 16.6% | 48.3% |
| Net Margin | 8.1% | 38.8% |
| Revenue YoY | 1.5% | 12.5% |
| Net Profit YoY | -29.2% | 16.9% |
| EPS (diluted) | $0.45 | $2.63 |
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 | $104.0M | ||
| Q3 25 | $243.5M | $102.9M | ||
| Q2 25 | $197.8M | $95.7M | ||
| Q1 25 | $164.9M | $89.4M | ||
| Q4 24 | $196.5M | $92.4M | ||
| Q3 24 | $216.7M | $90.7M | ||
| Q2 24 | $173.1M | $85.0M | ||
| Q1 24 | $150.0M | $82.2M |
| Q4 25 | $16.2M | $40.3M | ||
| Q3 25 | $45.1M | $41.7M | ||
| Q2 25 | $24.7M | $36.0M | ||
| Q1 25 | $16.6M | $32.6M | ||
| Q4 24 | $22.9M | $34.5M | ||
| Q3 24 | $38.7M | $32.5M | ||
| Q2 24 | $20.7M | $29.3M | ||
| Q1 24 | $11.7M | $27.8M |
| Q4 25 | 16.6% | 48.3% | ||
| Q3 25 | 26.5% | 50.4% | ||
| Q2 25 | 22.2% | 46.8% | ||
| Q1 25 | 21.8% | 44.9% | ||
| Q4 24 | 22.2% | 46.8% | ||
| Q3 24 | 26.9% | 45.0% | ||
| Q2 24 | 23.4% | 43.3% | ||
| Q1 24 | 18.6% | 41.8% |
| Q4 25 | 8.1% | 38.8% | ||
| Q3 25 | 18.5% | 40.6% | ||
| Q2 25 | 12.5% | 37.6% | ||
| Q1 25 | 10.0% | 36.4% | ||
| Q4 24 | 11.7% | 37.3% | ||
| Q3 24 | 17.8% | 35.8% | ||
| Q2 24 | 12.0% | 34.5% | ||
| Q1 24 | 7.8% | 33.8% |
| Q4 25 | $0.45 | $2.63 | ||
| Q3 25 | $1.27 | $2.73 | ||
| Q2 25 | $0.71 | $2.34 | ||
| Q1 25 | $0.49 | $2.08 | ||
| Q4 24 | $0.70 | $2.21 | ||
| Q3 24 | $1.17 | $2.10 | ||
| Q2 24 | $0.64 | $1.92 | ||
| Q1 24 | $0.36 | $1.82 |
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 | — |
| Total DebtLower is stronger | $1.9B | $134.9M |
| Stockholders' EquityBook value | $1.5B | $1.3B |
| Total Assets | $5.1B | $9.2B |
| Debt / EquityLower = less leverage | 1.23× | 0.11× |
8-quarter trend — quarters aligned by calendar period.
| 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 24 | $4.5M | — |
| Q4 25 | $1.9B | $134.9M | ||
| Q3 25 | — | $134.6M | ||
| Q2 25 | — | $134.3M | ||
| Q1 25 | — | $156.6M | ||
| Q4 24 | $1.7B | $161.4M | ||
| Q3 24 | — | $161.2M | ||
| Q2 24 | — | $162.4M | ||
| Q1 24 | — | $162.3M |
| Q4 25 | $1.5B | $1.3B | ||
| Q3 25 | $1.5B | $1.2B | ||
| Q2 25 | $1.5B | $1.2B | ||
| Q1 25 | $1.4B | $1.2B | ||
| Q4 24 | $1.4B | $1.2B | ||
| Q3 24 | $1.3B | $1.1B | ||
| Q2 24 | $1.3B | $1.1B | ||
| Q1 24 | $1.2B | $1.1B |
| Q4 25 | $5.1B | $9.2B | ||
| Q3 25 | $5.0B | $9.0B | ||
| Q2 25 | $4.8B | $8.9B | ||
| Q1 25 | $4.7B | $9.0B | ||
| Q4 24 | $4.7B | $8.8B | ||
| Q3 24 | $4.6B | $8.6B | ||
| Q2 24 | $4.4B | $8.6B | ||
| Q1 24 | $4.4B | $8.4B |
| Q4 25 | 1.23× | 0.11× | ||
| Q3 25 | — | 0.11× | ||
| Q2 25 | — | 0.11× | ||
| Q1 25 | — | 0.13× | ||
| Q4 24 | 1.26× | 0.14× | ||
| Q3 24 | — | 0.14× | ||
| Q2 24 | — | 0.15× | ||
| Q1 24 | — | 0.15× |
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 | $153.5M |
| Free Cash FlowOCF − Capex | — | $149.4M |
| FCF MarginFCF / Revenue | — | 143.7% |
| Capex IntensityCapex / Revenue | — | 3.9% |
| Cash ConversionOCF / Net Profit | 3.92× | 3.81× |
| TTM Free Cash FlowTrailing 4 quarters | — | $275.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $63.5M | $153.5M | ||
| Q3 25 | $77.3M | $45.9M | ||
| Q2 25 | $60.8M | $38.9M | ||
| Q1 25 | $43.2M | $41.8M | ||
| Q4 24 | $41.5M | $133.7M | ||
| Q3 24 | $53.5M | $39.6M | ||
| Q2 24 | $49.3M | $37.3M | ||
| Q1 24 | $51.2M | $23.4M |
| Q4 25 | — | $149.4M | ||
| Q3 25 | — | $45.9M | ||
| Q2 25 | — | $38.4M | ||
| Q1 25 | — | $41.3M | ||
| Q4 24 | — | $116.8M | ||
| Q3 24 | — | $34.7M | ||
| Q2 24 | — | $34.4M | ||
| Q1 24 | — | $20.1M |
| Q4 25 | — | 143.7% | ||
| Q3 25 | — | 44.6% | ||
| Q2 25 | — | 40.1% | ||
| Q1 25 | — | 46.2% | ||
| Q4 24 | — | 126.4% | ||
| Q3 24 | — | 38.3% | ||
| Q2 24 | — | 40.5% | ||
| Q1 24 | — | 24.4% |
| Q4 25 | — | 3.9% | ||
| Q3 25 | — | 0.0% | ||
| Q2 25 | — | 0.6% | ||
| Q1 25 | — | 0.5% | ||
| Q4 24 | — | 18.3% | ||
| Q3 24 | — | 5.4% | ||
| Q2 24 | — | 3.5% | ||
| Q1 24 | — | 4.0% |
| Q4 25 | 3.92× | 3.81× | ||
| Q3 25 | 1.71× | 1.10× | ||
| Q2 25 | 2.47× | 1.08× | ||
| Q1 25 | 2.61× | 1.28× | ||
| Q4 24 | 1.81× | 3.88× | ||
| Q3 24 | 1.39× | 1.22× | ||
| Q2 24 | 2.38× | 1.28× | ||
| Q1 24 | 4.38× | 0.84× |
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% |
NIC
Segment breakdown not available.
