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Side-by-side financial comparison of H2O AMERICA (HTO) and NWPX Infrastructure, Inc. (NWPX). Click either name above to swap in a different company.
H2O AMERICA is the larger business by last-quarter revenue ($199.4M vs $138.3M, roughly 1.4× NWPX Infrastructure, Inc.). H2O AMERICA runs the higher net margin — 8.1% vs 7.6%, a 0.5% gap on every dollar of revenue. On growth, NWPX Infrastructure, Inc. posted the faster year-over-year revenue change (19.1% vs 1.5%). Over the past eight quarters, H2O AMERICA's revenue compounded faster (15.3% CAGR vs 3.3%).
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.
HTO vs NWPX — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $199.4M | $138.3M |
| Net Profit | $16.2M | $10.5M |
| Gross Margin | — | 19.3% |
| Operating Margin | 16.6% | 9.2% |
| Net Margin | 8.1% | 7.6% |
| Revenue YoY | 1.5% | 19.1% |
| Net Profit YoY | -29.2% | 165.7% |
| EPS (diluted) | $0.45 | $1.08 |
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 | — | $138.3M | ||
| Q4 25 | $199.4M | $125.6M | ||
| Q3 25 | $243.5M | $151.1M | ||
| Q2 25 | $197.8M | $133.2M | ||
| Q1 25 | $164.9M | $116.1M | ||
| Q4 24 | $196.5M | $119.6M | ||
| Q3 24 | $216.7M | $130.2M | ||
| Q2 24 | $173.1M | $129.5M |
| Q1 26 | — | $10.5M | ||
| Q4 25 | $16.2M | $8.9M | ||
| Q3 25 | $45.1M | $13.5M | ||
| Q2 25 | $24.7M | $9.1M | ||
| Q1 25 | $16.6M | $4.0M | ||
| Q4 24 | $22.9M | $10.1M | ||
| Q3 24 | $38.7M | $10.3M | ||
| Q2 24 | $20.7M | $8.6M |
| Q1 26 | — | 19.3% | ||
| Q4 25 | — | 21.3% | ||
| Q3 25 | — | 21.3% | ||
| Q2 25 | — | 19.0% | ||
| Q1 25 | — | 16.7% | ||
| Q4 24 | — | 18.8% | ||
| Q3 24 | — | 20.8% | ||
| Q2 24 | — | 19.9% |
| Q1 26 | — | 9.2% | ||
| Q4 25 | 16.6% | 10.4% | ||
| Q3 25 | 26.5% | 12.6% | ||
| Q2 25 | 22.2% | 9.9% | ||
| Q1 25 | 21.8% | 4.8% | ||
| Q4 24 | 22.2% | 8.8% | ||
| Q3 24 | 26.9% | 11.9% | ||
| Q2 24 | 23.4% | 10.5% |
| Q1 26 | — | 7.6% | ||
| Q4 25 | 8.1% | 7.1% | ||
| Q3 25 | 18.5% | 8.9% | ||
| Q2 25 | 12.5% | 6.8% | ||
| Q1 25 | 10.0% | 3.4% | ||
| Q4 24 | 11.7% | 8.4% | ||
| Q3 24 | 17.8% | 7.9% | ||
| Q2 24 | 12.0% | 6.7% |
| Q1 26 | — | $1.08 | ||
| Q4 25 | $0.45 | $0.88 | ||
| Q3 25 | $1.27 | $1.38 | ||
| Q2 25 | $0.71 | $0.91 | ||
| Q1 25 | $0.49 | $0.39 | ||
| Q4 24 | $0.70 | $1.00 | ||
| Q3 24 | $1.17 | $1.02 | ||
| Q2 24 | $0.64 | $0.86 |
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 | $14.3M |
| Total DebtLower is stronger | $1.9B | $10.7M |
| Stockholders' EquityBook value | $1.5B | $403.7M |
| Total Assets | $5.1B | $634.1M |
| Debt / EquityLower = less leverage | 1.23× | 0.03× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $14.3M | ||
| Q4 25 | $20.7M | $2.3M | ||
| Q3 25 | $11.3M | $2.7M | ||
| Q2 25 | $19.8M | $2.0M | ||
| Q1 25 | $23.7M | $5.3M | ||
| Q4 24 | $11.1M | $5.0M | ||
| Q3 24 | $4.0M | $5.7M | ||
| Q2 24 | $22.8M | $4.5M |
| Q1 26 | — | $10.7M | ||
| Q4 25 | $1.9B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $403.7M | ||
| Q4 25 | $1.5B | $394.8M | ||
| Q3 25 | $1.5B | $386.4M | ||
| Q2 25 | $1.5B | $379.5M | ||
| Q1 25 | $1.4B | $378.5M | ||
| Q4 24 | $1.4B | $374.0M | ||
| Q3 24 | $1.3B | $362.4M | ||
| Q2 24 | $1.3B | $351.2M |
| Q1 26 | — | $634.1M | ||
| Q4 25 | $5.1B | $579.6M | ||
| Q3 25 | $5.0B | $605.2M | ||
| Q2 25 | $4.8B | $592.6M | ||
| Q1 25 | $4.7B | $582.2M | ||
| Q4 24 | $4.7B | $589.7M | ||
| Q3 24 | $4.6B | $617.2M | ||
| Q2 24 | $4.4B | $631.7M |
| Q1 26 | — | 0.03× | ||
| 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 | $29.3M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 3.92× | 2.78× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $29.3M | ||
| Q4 25 | $63.5M | $36.0M | ||
| Q3 25 | $77.3M | $21.0M | ||
| Q2 25 | $60.8M | $5.4M | ||
| Q1 25 | $43.2M | $4.8M | ||
| Q4 24 | $41.5M | $36.1M | ||
| Q3 24 | $53.5M | $22.7M | ||
| Q2 24 | $49.3M | $22.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | $30.8M | ||
| Q3 25 | — | $13.2M | ||
| Q2 25 | — | $1.9M | ||
| Q1 25 | — | $1.2M | ||
| Q4 24 | — | $31.9M | ||
| Q3 24 | — | $16.8M | ||
| Q2 24 | — | $16.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | 24.5% | ||
| Q3 25 | — | 8.7% | ||
| Q2 25 | — | 1.4% | ||
| Q1 25 | — | 1.0% | ||
| Q4 24 | — | 26.7% | ||
| Q3 24 | — | 12.9% | ||
| Q2 24 | — | 12.5% |
| Q1 26 | — | — | ||
| Q4 25 | — | 4.1% | ||
| Q3 25 | — | 5.2% | ||
| Q2 25 | — | 2.6% | ||
| Q1 25 | — | 3.2% | ||
| Q4 24 | — | 3.5% | ||
| Q3 24 | — | 4.6% | ||
| Q2 24 | — | 4.7% |
| Q1 26 | — | 2.78× | ||
| Q4 25 | 3.92× | 4.06× | ||
| Q3 25 | 1.71× | 1.55× | ||
| Q2 25 | 2.47× | 0.60× | ||
| Q1 25 | 2.61× | 1.22× | ||
| Q4 24 | 1.81× | 3.58× | ||
| Q3 24 | 1.39× | 2.22× | ||
| Q2 24 | 2.38× | 2.58× |
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% |
NWPX
| Water Transmission Systems | $93.5M | 68% |
| Precast Infrastructure and Engineered Systems | $44.8M | 32% |
