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Side-by-side financial comparison of H2O AMERICA (HTO) and Paymentus Holdings, Inc. (PAY). Click either name above to swap in a different company.
Paymentus Holdings, Inc. is the larger business by last-quarter revenue ($330.5M vs $199.4M, roughly 1.7× H2O AMERICA). H2O AMERICA runs the higher net margin — 8.1% vs 6.3%, a 1.9% gap on every dollar of revenue. On growth, Paymentus Holdings, Inc. posted the faster year-over-year revenue change (28.1% vs 1.5%). Over the past eight quarters, Paymentus Holdings, Inc.'s revenue compounded faster (33.7% CAGR vs 15.3%).
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.
Paymentus Holdings, Inc. is a leading cloud-based bill payment and customer engagement technology provider. It offers integrated digital payment solutions, billing automation tools, and self-service portals for enterprises across utilities, financial services, government, healthcare, and telecommunications segments, primarily operating in the North American market.
HTO vs PAY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $199.4M | $330.5M |
| Net Profit | $16.2M | $20.7M |
| Gross Margin | — | 25.4% |
| Operating Margin | 16.6% | 7.3% |
| Net Margin | 8.1% | 6.3% |
| Revenue YoY | 1.5% | 28.1% |
| Net Profit YoY | -29.2% | 57.2% |
| EPS (diluted) | $0.45 | $0.16 |
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 | $330.5M | ||
| Q3 25 | $243.5M | $310.7M | ||
| Q2 25 | $197.8M | $280.1M | ||
| Q1 25 | $164.9M | $275.2M | ||
| Q4 24 | $196.5M | $257.9M | ||
| Q3 24 | $216.7M | $231.6M | ||
| Q2 24 | $173.1M | $197.4M | ||
| Q1 24 | $150.0M | $184.9M |
| Q4 25 | $16.2M | $20.7M | ||
| Q3 25 | $45.1M | $17.7M | ||
| Q2 25 | $24.7M | $14.7M | ||
| Q1 25 | $16.6M | $13.8M | ||
| Q4 24 | $22.9M | $13.1M | ||
| Q3 24 | $38.7M | $14.4M | ||
| Q2 24 | $20.7M | $9.4M | ||
| Q1 24 | $11.7M | $7.2M |
| Q4 25 | — | 25.4% | ||
| Q3 25 | — | 24.1% | ||
| Q2 25 | — | 25.5% | ||
| Q1 25 | — | 24.0% | ||
| Q4 24 | — | 25.6% | ||
| Q3 24 | — | 26.2% | ||
| Q2 24 | — | 29.8% | ||
| Q1 24 | — | 28.5% |
| Q4 25 | 16.6% | 7.3% | ||
| Q3 25 | 26.5% | 6.4% | ||
| Q2 25 | 22.2% | 5.7% | ||
| Q1 25 | 21.8% | 5.7% | ||
| Q4 24 | 22.2% | 5.5% | ||
| Q3 24 | 26.9% | 5.2% | ||
| Q2 24 | 23.4% | 5.2% | ||
| Q1 24 | 18.6% | 4.5% |
| Q4 25 | 8.1% | 6.3% | ||
| Q3 25 | 18.5% | 5.7% | ||
| Q2 25 | 12.5% | 5.3% | ||
| Q1 25 | 10.0% | 5.0% | ||
| Q4 24 | 11.7% | 5.1% | ||
| Q3 24 | 17.8% | 6.2% | ||
| Q2 24 | 12.0% | 4.7% | ||
| Q1 24 | 7.8% | 3.9% |
| Q4 25 | $0.45 | $0.16 | ||
| Q3 25 | $1.27 | $0.14 | ||
| Q2 25 | $0.71 | $0.11 | ||
| Q1 25 | $0.49 | $0.11 | ||
| Q4 24 | $0.70 | $0.11 | ||
| Q3 24 | $1.17 | $0.11 | ||
| Q2 24 | $0.64 | $0.07 | ||
| Q1 24 | $0.36 | $0.06 |
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 | $320.9M |
| Total DebtLower is stronger | $1.9B | — |
| Stockholders' EquityBook value | $1.5B | $560.4M |
| Total Assets | $5.1B | $667.9M |
| Debt / EquityLower = less leverage | 1.23× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $20.7M | $320.9M | ||
| Q3 25 | $11.3M | $287.9M | ||
| Q2 25 | $19.8M | $266.4M | ||
| Q1 25 | $23.7M | $245.8M | ||
| Q4 24 | $11.1M | $205.9M | ||
| Q3 24 | $4.0M | $187.5M | ||
| Q2 24 | $22.8M | $188.8M | ||
| Q1 24 | $4.5M | $180.1M |
| Q4 25 | $1.9B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.5B | $560.4M | ||
| Q3 25 | $1.5B | $537.4M | ||
| Q2 25 | $1.5B | $516.7M | ||
| Q1 25 | $1.4B | $500.4M | ||
| Q4 24 | $1.4B | $485.6M | ||
| Q3 24 | $1.3B | $468.8M | ||
| Q2 24 | $1.3B | $451.6M | ||
| Q1 24 | $1.2B | $439.4M |
| Q4 25 | $5.1B | $667.9M | ||
| Q3 25 | $5.0B | $644.4M | ||
| Q2 25 | $4.8B | $609.5M | ||
| Q1 25 | $4.7B | $590.9M | ||
| Q4 24 | $4.7B | $576.2M | ||
| Q3 24 | $4.6B | $552.9M | ||
| Q2 24 | $4.4B | $527.7M | ||
| Q1 24 | $4.4B | $514.0M |
| 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 | $45.1M |
| Free Cash FlowOCF − Capex | — | $45.0M |
| FCF MarginFCF / Revenue | — | 13.6% |
| Capex IntensityCapex / Revenue | — | 0.0% |
| Cash ConversionOCF / Net Profit | 3.92× | 2.18× |
| TTM Free Cash FlowTrailing 4 quarters | — | $161.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $63.5M | $45.1M | ||
| Q3 25 | $77.3M | $35.1M | ||
| Q2 25 | $60.8M | $31.5M | ||
| Q1 25 | $43.2M | $50.4M | ||
| Q4 24 | $41.5M | $27.9M | ||
| Q3 24 | $53.5M | $6.7M | ||
| Q2 24 | $49.3M | $18.0M | ||
| Q1 24 | $51.2M | $11.0M |
| Q4 25 | — | $45.0M | ||
| Q3 25 | — | $35.0M | ||
| Q2 25 | — | $31.4M | ||
| Q1 25 | — | $50.4M | ||
| Q4 24 | — | $27.8M | ||
| Q3 24 | — | $6.7M | ||
| Q2 24 | — | $17.8M | ||
| Q1 24 | — | $10.8M |
| Q4 25 | — | 13.6% | ||
| Q3 25 | — | 11.3% | ||
| Q2 25 | — | 11.2% | ||
| Q1 25 | — | 18.3% | ||
| Q4 24 | — | 10.8% | ||
| Q3 24 | — | 2.9% | ||
| Q2 24 | — | 9.0% | ||
| Q1 24 | — | 5.9% |
| Q4 25 | — | 0.0% | ||
| Q3 25 | — | 0.0% | ||
| Q2 25 | — | 0.0% | ||
| Q1 25 | — | 0.0% | ||
| Q4 24 | — | 0.0% | ||
| Q3 24 | — | 0.0% | ||
| Q2 24 | — | 0.1% | ||
| Q1 24 | — | 0.1% |
| Q4 25 | 3.92× | 2.18× | ||
| Q3 25 | 1.71× | 1.98× | ||
| Q2 25 | 2.47× | 2.14× | ||
| Q1 25 | 2.61× | 3.65× | ||
| Q4 24 | 1.81× | 2.12× | ||
| Q3 24 | 1.39× | 0.47× | ||
| Q2 24 | 2.38× | 1.93× | ||
| Q1 24 | 4.38× | 1.52× |
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% |
PAY
| Payment Transaction Processing Revenue | $326.9M | 99% |
| Other | $3.5M | 1% |
