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Side-by-side financial comparison of H2O AMERICA (HTO) and ONTO INNOVATION INC. (ONTO). Click either name above to swap in a different company.
ONTO INNOVATION INC. is the larger business by last-quarter revenue ($218.2M vs $199.4M, roughly 1.1× H2O AMERICA). ONTO INNOVATION INC. runs the higher net margin — 12.9% vs 8.1%, a 4.8% gap on every dollar of revenue. On growth, H2O AMERICA posted the faster year-over-year revenue change (1.5% vs -13.5%). Over the past eight quarters, H2O AMERICA's revenue compounded faster (15.3% CAGR vs 2.6%).
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.
Onto Innovation Inc. is an American semiconductor company formed in 2019 from the merger of Rudolph Technologies, Inc. and Nanometrics Incorporated. It is a provider of process and process control equipment and software for microelectronic manufacturing industries.
HTO vs ONTO — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $199.4M | $218.2M |
| Net Profit | $16.2M | $28.2M |
| Gross Margin | — | 50.7% |
| Operating Margin | 16.6% | 10.9% |
| Net Margin | 8.1% | 12.9% |
| Revenue YoY | 1.5% | -13.5% |
| Net Profit YoY | -29.2% | -46.8% |
| EPS (diluted) | $0.45 | $0.57 |
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 | — | ||
| Q3 25 | $243.5M | $218.2M | ||
| Q2 25 | $197.8M | $253.6M | ||
| Q1 25 | $164.9M | $266.6M | ||
| Q4 24 | $196.5M | $263.9M | ||
| Q3 24 | $216.7M | $252.2M | ||
| Q2 24 | $173.1M | $242.3M | ||
| Q1 24 | $150.0M | $228.8M |
| Q4 25 | $16.2M | — | ||
| Q3 25 | $45.1M | $28.2M | ||
| Q2 25 | $24.7M | $33.9M | ||
| Q1 25 | $16.6M | $64.1M | ||
| Q4 24 | $22.9M | $48.8M | ||
| Q3 24 | $38.7M | $53.1M | ||
| Q2 24 | $20.7M | $52.9M | ||
| Q1 24 | $11.7M | $46.9M |
| Q4 25 | — | — | ||
| Q3 25 | — | 50.7% | ||
| Q2 25 | — | 48.2% | ||
| Q1 25 | — | 53.7% | ||
| Q4 24 | — | 50.2% | ||
| Q3 24 | — | 54.1% | ||
| Q2 24 | — | 52.9% | ||
| Q1 24 | — | 51.7% |
| Q4 25 | 16.6% | — | ||
| Q3 25 | 26.5% | 10.9% | ||
| Q2 25 | 22.2% | 12.7% | ||
| Q1 25 | 21.8% | 23.7% | ||
| Q4 24 | 22.2% | 16.1% | ||
| Q3 24 | 26.9% | 21.0% | ||
| Q2 24 | 23.4% | 20.2% | ||
| Q1 24 | 18.6% | 18.7% |
| Q4 25 | 8.1% | — | ||
| Q3 25 | 18.5% | 12.9% | ||
| Q2 25 | 12.5% | 13.4% | ||
| Q1 25 | 10.0% | 24.0% | ||
| Q4 24 | 11.7% | 18.5% | ||
| Q3 24 | 17.8% | 21.0% | ||
| Q2 24 | 12.0% | 21.9% | ||
| Q1 24 | 7.8% | 20.5% |
| Q4 25 | $0.45 | — | ||
| Q3 25 | $1.27 | $0.57 | ||
| Q2 25 | $0.71 | $0.69 | ||
| Q1 25 | $0.49 | $1.30 | ||
| Q4 24 | $0.70 | $0.98 | ||
| Q3 24 | $1.17 | $1.07 | ||
| Q2 24 | $0.64 | $1.07 | ||
| Q1 24 | $0.36 | $0.94 |
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 | $603.1M |
| Total DebtLower is stronger | $1.9B | — |
| Stockholders' EquityBook value | $1.5B | $2.0B |
| Total Assets | $5.1B | $2.2B |
| Debt / EquityLower = less leverage | 1.23× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $20.7M | — | ||
| Q3 25 | $11.3M | $603.1M | ||
| Q2 25 | $19.8M | $217.5M | ||
| Q1 25 | $23.7M | $203.7M | ||
| Q4 24 | $11.1M | $212.9M | ||
| Q3 24 | $4.0M | $188.7M | ||
| Q2 24 | $22.8M | $172.6M | ||
| Q1 24 | $4.5M | $190.9M |
| Q4 25 | $1.9B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.5B | $2.0B | ||
| Q2 25 | $1.5B | $2.0B | ||
| Q1 25 | $1.4B | $1.9B | ||
| Q4 24 | $1.4B | $1.9B | ||
| Q3 24 | $1.3B | $1.9B | ||
| Q2 24 | $1.3B | $1.8B | ||
| Q1 24 | $1.2B | $1.8B |
| Q4 25 | $5.1B | — | ||
| Q3 25 | $5.0B | $2.2B | ||
| Q2 25 | $4.8B | $2.1B | ||
| Q1 25 | $4.7B | $2.1B | ||
| Q4 24 | $4.7B | $2.1B | ||
| Q3 24 | $4.6B | $2.1B | ||
| Q2 24 | $4.4B | $2.0B | ||
| Q1 24 | $4.4B | $2.0B |
| 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 | $83.4M |
| Free Cash FlowOCF − Capex | — | $82.0M |
| FCF MarginFCF / Revenue | — | 37.6% |
| Capex IntensityCapex / Revenue | — | 0.6% |
| Cash ConversionOCF / Net Profit | 3.92× | 2.95× |
| TTM Free Cash FlowTrailing 4 quarters | — | $261.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $63.5M | — | ||
| Q3 25 | $77.3M | $83.4M | ||
| Q2 25 | $60.8M | $57.9M | ||
| Q1 25 | $43.2M | $92.0M | ||
| Q4 24 | $41.5M | $56.0M | ||
| Q3 24 | $53.5M | $67.2M | ||
| Q2 24 | $49.3M | $65.3M | ||
| Q1 24 | $51.2M | $57.1M |
| Q4 25 | — | — | ||
| Q3 25 | — | $82.0M | ||
| Q2 25 | — | $44.2M | ||
| Q1 25 | — | $83.7M | ||
| Q4 24 | — | $51.4M | ||
| Q3 24 | — | $59.2M | ||
| Q2 24 | — | $53.0M | ||
| Q1 24 | — | $50.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | 37.6% | ||
| Q2 25 | — | 17.4% | ||
| Q1 25 | — | 31.4% | ||
| Q4 24 | — | 19.5% | ||
| Q3 24 | — | 23.5% | ||
| Q2 24 | — | 21.9% | ||
| Q1 24 | — | 21.9% |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.6% | ||
| Q2 25 | — | 5.4% | ||
| Q1 25 | — | 3.1% | ||
| Q4 24 | — | 1.8% | ||
| Q3 24 | — | 3.2% | ||
| Q2 24 | — | 5.1% | ||
| Q1 24 | — | 3.0% |
| Q4 25 | 3.92× | — | ||
| Q3 25 | 1.71× | 2.95× | ||
| Q2 25 | 2.47× | 1.71× | ||
| Q1 25 | 2.61× | 1.44× | ||
| Q4 24 | 1.81× | 1.15× | ||
| Q3 24 | 1.39× | 1.27× | ||
| Q2 24 | 2.38× | 1.23× | ||
| Q1 24 | 4.38× | 1.22× |
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% |
ONTO
| Systems And Software Revenue | $173.8M | 80% |
| Parts Revenue | $23.9M | 11% |
| Service Revenue | $20.5M | 9% |
