vs
Side-by-side financial comparison of H2O AMERICA (HTO) and NNN REIT, INC. (NNN). Click either name above to swap in a different company.
NNN REIT, INC. is the larger business by last-quarter revenue ($240.4M vs $199.4M, roughly 1.2× H2O AMERICA). NNN REIT, INC. runs the higher net margin — 39.1% vs 8.1%, a 30.9% gap on every dollar of revenue. On growth, NNN REIT, INC. posted the faster year-over-year revenue change (4.1% vs 1.5%). Over the past eight quarters, H2O AMERICA's revenue compounded faster (15.3% CAGR vs 5.3%).
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.
NNN Reit, Inc. is a real estate investment trust that invests primarily in restaurant properties that are subject to long-term triple net leases, usually under leaseback arrangements. It is organized in Maryland with its principal office in Orlando, Florida.
HTO vs NNN — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $199.4M | $240.4M |
| Net Profit | $16.2M | $94.0M |
| Gross Margin | — | — |
| Operating Margin | 16.6% | 61.0% |
| Net Margin | 8.1% | 39.1% |
| Revenue YoY | 1.5% | 4.1% |
| Net Profit YoY | -29.2% | -2.6% |
| EPS (diluted) | $0.45 | $0.50 |
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 | — | $240.4M | ||
| Q4 25 | $199.4M | $238.4M | ||
| Q3 25 | $243.5M | $230.2M | ||
| Q2 25 | $197.8M | $226.8M | ||
| Q1 25 | $164.9M | $230.9M | ||
| Q4 24 | $196.5M | $218.5M | ||
| Q3 24 | $216.7M | $218.6M | ||
| Q2 24 | $173.1M | $216.8M |
| Q1 26 | — | $94.0M | ||
| Q4 25 | $16.2M | $96.0M | ||
| Q3 25 | $45.1M | $96.8M | ||
| Q2 25 | $24.7M | $100.5M | ||
| Q1 25 | $16.6M | $96.5M | ||
| Q4 24 | $22.9M | $97.9M | ||
| Q3 24 | $38.7M | $97.9M | ||
| Q2 24 | $20.7M | $106.7M |
| Q1 26 | — | 61.0% | ||
| Q4 25 | 16.6% | 62.3% | ||
| Q3 25 | 26.5% | 64.0% | ||
| Q2 25 | 22.2% | 66.0% | ||
| Q1 25 | 21.8% | 62.3% | ||
| Q4 24 | 22.2% | 65.8% | ||
| Q3 24 | 26.9% | 65.7% | ||
| Q2 24 | 23.4% | 70.2% |
| Q1 26 | — | 39.1% | ||
| Q4 25 | 8.1% | 40.2% | ||
| Q3 25 | 18.5% | 42.1% | ||
| Q2 25 | 12.5% | 44.3% | ||
| Q1 25 | 10.0% | 41.8% | ||
| Q4 24 | 11.7% | 44.8% | ||
| Q3 24 | 17.8% | 44.8% | ||
| Q2 24 | 12.0% | 49.2% |
| Q1 26 | — | $0.50 | ||
| Q4 25 | $0.45 | $0.51 | ||
| Q3 25 | $1.27 | $0.51 | ||
| Q2 25 | $0.71 | $0.54 | ||
| Q1 25 | $0.49 | $0.51 | ||
| Q4 24 | $0.70 | $0.52 | ||
| Q3 24 | $1.17 | $0.53 | ||
| Q2 24 | $0.64 | $0.58 |
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 | $4.6M |
| Total DebtLower is stronger | $1.9B | — |
| Stockholders' EquityBook value | $1.5B | $4.4B |
| Total Assets | $5.1B | $9.4B |
| Debt / EquityLower = less leverage | 1.23× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $4.6M | ||
| Q4 25 | $20.7M | $5.0M | ||
| Q3 25 | $11.3M | $157.9M | ||
| Q2 25 | $19.8M | $6.0M | ||
| Q1 25 | $23.7M | $5.1M | ||
| Q4 24 | $11.1M | $8.7M | ||
| Q3 24 | $4.0M | $173.5M | ||
| Q2 24 | $22.8M | $2.1M |
| Q1 26 | — | — | ||
| Q4 25 | $1.9B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $4.4B | ||
| Q4 25 | $1.5B | $4.4B | ||
| Q3 25 | $1.5B | $4.4B | ||
| Q2 25 | $1.5B | $4.4B | ||
| Q1 25 | $1.4B | $4.4B | ||
| Q4 24 | $1.4B | $4.4B | ||
| Q3 24 | $1.3B | $4.4B | ||
| Q2 24 | $1.3B | $4.2B |
| Q1 26 | — | $9.4B | ||
| Q4 25 | $5.1B | $9.4B | ||
| Q3 25 | $5.0B | $9.5B | ||
| Q2 25 | $4.8B | $9.1B | ||
| Q1 25 | $4.7B | $9.0B | ||
| Q4 24 | $4.7B | $8.9B | ||
| Q3 24 | $4.6B | $8.9B | ||
| Q2 24 | $4.4B | $8.7B |
| Q1 26 | — | — | ||
| 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 | $667.1M | ||
| Q3 25 | $77.3M | $218.3M | ||
| Q2 25 | $60.8M | $119.4M | ||
| Q1 25 | $43.2M | $203.3M | ||
| Q4 24 | $41.5M | $635.5M | ||
| Q3 24 | $53.5M | $206.6M | ||
| Q2 24 | $49.3M | $120.5M |
| Q1 26 | — | — | ||
| Q4 25 | 3.92× | 6.95× | ||
| Q3 25 | 1.71× | 2.25× | ||
| Q2 25 | 2.47× | 1.19× | ||
| Q1 25 | 2.61× | 2.11× | ||
| Q4 24 | 1.81× | 6.49× | ||
| Q3 24 | 1.39× | 2.11× | ||
| Q2 24 | 2.38× | 1.13× |
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% |
NNN
Segment breakdown not available.
