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Side-by-side financial comparison of H2O AMERICA (HTO) and National Storage Affiliates Trust (NSA). Click either name above to swap in a different company.
H2O AMERICA is the larger business by last-quarter revenue ($199.4M vs $187.0M, roughly 1.1× National Storage Affiliates Trust). National Storage Affiliates Trust runs the higher net margin — 12.2% vs 8.1%, a 4.1% gap on every dollar of revenue. On growth, H2O AMERICA posted the faster year-over-year revenue change (1.5% vs -1.6%). Over the past eight quarters, H2O AMERICA's revenue compounded faster (15.3% CAGR vs -2.4%).
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.
National Storage Affiliates Trust is a U.S.-headquartered real estate investment trust focused on self-storage assets. It owns, operates and acquires self-storage facilities across dozens of U.S. states, offering secure storage solutions for residential and commercial customers.
HTO vs NSA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $199.4M | $187.0M |
| Net Profit | $16.2M | $22.9M |
| Gross Margin | — | 72.5% |
| Operating Margin | 16.6% | 20.2% |
| Net Margin | 8.1% | 12.2% |
| Revenue YoY | 1.5% | -1.6% |
| Net Profit YoY | -29.2% | 36.8% |
| EPS (diluted) | $0.45 | $0.23 |
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 | $187.0M | ||
| Q3 25 | $243.5M | $188.7M | ||
| Q2 25 | $197.8M | $188.8M | ||
| Q1 25 | $164.9M | $188.4M | ||
| Q4 24 | $196.5M | $190.1M | ||
| Q3 24 | $216.7M | $193.6M | ||
| Q2 24 | $173.1M | $190.4M | ||
| Q1 24 | $150.0M | $196.1M |
| Q4 25 | $16.2M | $22.9M | ||
| Q3 25 | $45.1M | $18.4M | ||
| Q2 25 | $24.7M | $19.5M | ||
| Q1 25 | $16.6M | $13.0M | ||
| Q4 24 | $22.9M | $16.7M | ||
| Q3 24 | $38.7M | $18.7M | ||
| Q2 24 | $20.7M | $17.1M | ||
| Q1 24 | $11.7M | $59.0M |
| Q4 25 | — | 72.5% | ||
| Q3 25 | — | 70.7% | ||
| Q2 25 | — | 70.5% | ||
| Q1 25 | — | 70.7% | ||
| Q4 24 | — | 72.5% | ||
| Q3 24 | — | 72.8% | ||
| Q2 24 | — | 72.6% | ||
| Q1 24 | — | 72.1% |
| Q4 25 | 16.6% | 20.2% | ||
| Q3 25 | 26.5% | 15.8% | ||
| Q2 25 | 22.2% | 16.5% | ||
| Q1 25 | 21.8% | 11.0% | ||
| Q4 24 | 22.2% | 14.5% | ||
| Q3 24 | 26.9% | 15.8% | ||
| Q2 24 | 23.4% | 17.2% | ||
| Q1 24 | 18.6% | 48.9% |
| Q4 25 | 8.1% | 12.2% | ||
| Q3 25 | 18.5% | 9.8% | ||
| Q2 25 | 12.5% | 10.3% | ||
| Q1 25 | 10.0% | 6.9% | ||
| Q4 24 | 11.7% | 8.8% | ||
| Q3 24 | 17.8% | 9.7% | ||
| Q2 24 | 12.0% | 9.0% | ||
| Q1 24 | 7.8% | 30.1% |
| Q4 25 | $0.45 | $0.23 | ||
| Q3 25 | $1.27 | $0.17 | ||
| Q2 25 | $0.71 | $0.19 | ||
| Q1 25 | $0.49 | $0.10 | ||
| Q4 24 | $0.70 | $0.19 | ||
| Q3 24 | $1.17 | $0.18 | ||
| Q2 24 | $0.64 | $0.16 | ||
| Q1 24 | $0.36 | $0.65 |
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 | $23.3M |
| Total DebtLower is stronger | $1.9B | — |
| Stockholders' EquityBook value | $1.5B | $946.0M |
| Total Assets | $5.1B | $5.1B |
| Debt / EquityLower = less leverage | 1.23× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $20.7M | $23.3M | ||
| Q3 25 | $11.3M | $26.3M | ||
| Q2 25 | $19.8M | $26.1M | ||
| Q1 25 | $23.7M | $19.3M | ||
| Q4 24 | $11.1M | $50.4M | ||
| Q3 24 | $4.0M | $69.9M | ||
| Q2 24 | $22.8M | $59.0M | ||
| Q1 24 | $4.5M | $64.2M |
| Q4 25 | $1.9B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.5B | $946.0M | ||
| Q3 25 | $1.5B | $973.1M | ||
| Q2 25 | $1.5B | $1.0B | ||
| Q1 25 | $1.4B | $1.0B | ||
| Q4 24 | $1.4B | $1.1B | ||
| Q3 24 | $1.3B | $986.9M | ||
| Q2 24 | $1.3B | $1.2B | ||
| Q1 24 | $1.2B | $1.3B |
| Q4 25 | $5.1B | $5.1B | ||
| Q3 25 | $5.0B | $5.1B | ||
| Q2 25 | $4.8B | $5.2B | ||
| Q1 25 | $4.7B | $5.3B | ||
| Q4 24 | $4.7B | $5.4B | ||
| Q3 24 | $4.6B | $5.4B | ||
| Q2 24 | $4.4B | $5.3B | ||
| Q1 24 | $4.4B | $5.4B |
| 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 | $338.5M |
| Free Cash FlowOCF − Capex | — | $299.8M |
| FCF MarginFCF / Revenue | — | 160.3% |
| Capex IntensityCapex / Revenue | — | 20.7% |
| Cash ConversionOCF / Net Profit | 3.92× | 14.79× |
| TTM Free Cash FlowTrailing 4 quarters | — | $541.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $63.5M | $338.5M | ||
| Q3 25 | $77.3M | $100.2M | ||
| Q2 25 | $60.8M | $79.9M | ||
| Q1 25 | $43.2M | $85.6M | ||
| Q4 24 | $41.5M | $363.1M | ||
| Q3 24 | $53.5M | $105.7M | ||
| Q2 24 | $49.3M | $83.2M | ||
| Q1 24 | $51.2M | $94.0M |
| Q4 25 | — | $299.8M | ||
| Q3 25 | — | $88.0M | ||
| Q2 25 | — | $73.8M | ||
| Q1 25 | — | $79.9M | ||
| Q4 24 | — | $344.4M | ||
| Q3 24 | — | $101.8M | ||
| Q2 24 | — | $79.5M | ||
| Q1 24 | — | $88.6M |
| Q4 25 | — | 160.3% | ||
| Q3 25 | — | 46.6% | ||
| Q2 25 | — | 39.1% | ||
| Q1 25 | — | 42.4% | ||
| Q4 24 | — | 181.2% | ||
| Q3 24 | — | 52.6% | ||
| Q2 24 | — | 41.7% | ||
| Q1 24 | — | 45.2% |
| Q4 25 | — | 20.7% | ||
| Q3 25 | — | 6.5% | ||
| Q2 25 | — | 3.2% | ||
| Q1 25 | — | 3.0% | ||
| Q4 24 | — | 9.8% | ||
| Q3 24 | — | 2.0% | ||
| Q2 24 | — | 1.9% | ||
| Q1 24 | — | 2.7% |
| Q4 25 | 3.92× | 14.79× | ||
| Q3 25 | 1.71× | 5.44× | ||
| Q2 25 | 2.47× | 4.10× | ||
| Q1 25 | 2.61× | 6.59× | ||
| Q4 24 | 1.81× | 21.70× | ||
| Q3 24 | 1.39× | 5.65× | ||
| Q2 24 | 2.38× | 4.88× | ||
| Q1 24 | 4.38× | 1.59× |
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% |
NSA
Segment breakdown not available.
