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Side-by-side financial comparison of H2O AMERICA (HTO) and PURE CYCLE CORP (PCYO). Click either name above to swap in a different company.
H2O AMERICA is the larger business by last-quarter revenue ($199.4M vs $9.1M, roughly 21.8× PURE CYCLE CORP). PURE CYCLE CORP runs the higher net margin — 50.0% vs 8.1%, a 41.8% gap on every dollar of revenue. On growth, PURE CYCLE CORP posted the faster year-over-year revenue change (58.8% vs 1.5%). Over the past eight quarters, PURE CYCLE CORP's revenue compounded faster (69.0% 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.
Pure Cycles, is a bicycle company based in Los Angeles, California that was founded by Michael Fishman, Jordan Schau, Zachary Schau and Austin Stoffers in 2010, as Pure Fix Cycles.
HTO vs PCYO — Head-to-Head
Income Statement — Q4 2025 vs Q1 2026
| Metric | | |
|---|---|---|
| Revenue | $199.4M | $9.1M |
| Net Profit | $16.2M | $4.6M |
| Gross Margin | — | 68.4% |
| Operating Margin | 16.6% | 48.0% |
| Net Margin | 8.1% | 50.0% |
| Revenue YoY | 1.5% | 58.8% |
| Net Profit YoY | -29.2% | 16.0% |
| EPS (diluted) | $0.45 | $0.19 |
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 | $9.1M | ||
| Q3 25 | $243.5M | $11.2M | ||
| Q2 25 | $197.8M | $5.1M | ||
| Q1 25 | $164.9M | $4.0M | ||
| Q4 24 | $196.5M | $5.8M | ||
| Q3 24 | $216.7M | $12.6M | ||
| Q2 24 | $173.1M | $7.6M | ||
| Q1 24 | $150.0M | $3.2M |
| Q4 25 | $16.2M | $4.6M | ||
| Q3 25 | $45.1M | $6.1M | ||
| Q2 25 | $24.7M | $2.3M | ||
| Q1 25 | $16.6M | $809.0K | ||
| Q4 24 | $22.9M | $3.9M | ||
| Q3 24 | $38.7M | $6.6M | ||
| Q2 24 | $20.7M | $2.8M | ||
| Q1 24 | $11.7M | $118.0K |
| Q4 25 | — | 68.4% | ||
| Q3 25 | — | 67.7% | ||
| Q2 25 | — | 63.4% | ||
| Q1 25 | — | 38.2% | ||
| Q4 24 | — | 63.8% | ||
| Q3 24 | — | 77.8% | ||
| Q2 24 | — | 64.0% | ||
| Q1 24 | — | 55.6% |
| Q4 25 | 16.6% | 48.0% | ||
| Q3 25 | 26.5% | 53.1% | ||
| Q2 25 | 22.2% | 26.0% | ||
| Q1 25 | 21.8% | -33.2% | ||
| Q4 24 | 22.2% | 29.9% | ||
| Q3 24 | 26.9% | 62.0% | ||
| Q2 24 | 23.4% | 40.3% | ||
| Q1 24 | 18.6% | -11.5% |
| Q4 25 | 8.1% | 50.0% | ||
| Q3 25 | 18.5% | 54.5% | ||
| Q2 25 | 12.5% | 43.9% | ||
| Q1 25 | 10.0% | 20.3% | ||
| Q4 24 | 11.7% | 68.4% | ||
| Q3 24 | 17.8% | 52.6% | ||
| Q2 24 | 12.0% | 37.2% | ||
| Q1 24 | 7.8% | 3.7% |
| Q4 25 | $0.45 | $0.19 | ||
| Q3 25 | $1.27 | $0.26 | ||
| Q2 25 | $0.71 | $0.09 | ||
| Q1 25 | $0.49 | $0.03 | ||
| Q4 24 | $0.70 | $0.16 | ||
| Q3 24 | $1.17 | $0.27 | ||
| Q2 24 | $0.64 | $0.12 | ||
| Q1 24 | $0.36 | $0.00 |
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 | $17.1M |
| Total DebtLower is stronger | $1.9B | $8.0M |
| Stockholders' EquityBook value | $1.5B | $147.5M |
| Total Assets | $5.1B | $168.1M |
| Debt / EquityLower = less leverage | 1.23× | 0.05× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $20.7M | $17.1M | ||
| Q3 25 | $11.3M | $21.9M | ||
| Q2 25 | $19.8M | $14.4M | ||
| Q1 25 | $23.7M | $16.5M | ||
| Q4 24 | $11.1M | $19.0M | ||
| Q3 24 | $4.0M | $22.1M | ||
| Q2 24 | $22.8M | $20.5M | ||
| Q1 24 | $4.5M | $20.6M |
| Q4 25 | $1.9B | $8.0M | ||
| Q3 25 | — | $6.8M | ||
| Q2 25 | — | $6.9M | ||
| Q1 25 | — | $6.9M | ||
| Q4 24 | $1.7B | $6.9M | ||
| Q3 24 | — | $6.9M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.5B | $147.5M | ||
| Q3 25 | $1.5B | $142.7M | ||
| Q2 25 | $1.5B | $136.7M | ||
| Q1 25 | $1.4B | $134.4M | ||
| Q4 24 | $1.4B | $133.6M | ||
| Q3 24 | $1.3B | $129.7M | ||
| Q2 24 | $1.3B | $123.2M | ||
| Q1 24 | $1.2B | $120.4M |
| Q4 25 | $5.1B | $168.1M | ||
| Q3 25 | $5.0B | $162.3M | ||
| Q2 25 | $4.8B | $151.7M | ||
| Q1 25 | $4.7B | $149.7M | ||
| Q4 24 | $4.7B | $149.7M | ||
| Q3 24 | $4.6B | $147.4M | ||
| Q2 24 | $4.4B | $140.4M | ||
| Q1 24 | $4.4B | $135.2M |
| Q4 25 | 1.23× | 0.05× | ||
| Q3 25 | — | 0.05× | ||
| Q2 25 | — | 0.05× | ||
| Q1 25 | — | 0.05× | ||
| Q4 24 | 1.26× | 0.05× | ||
| Q3 24 | — | 0.05× | ||
| 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 | $-979.0K |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 3.92× | -0.21× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $63.5M | $-979.0K | ||
| Q3 25 | $77.3M | $9.4M | ||
| Q2 25 | $60.8M | $-503.0K | ||
| Q1 25 | $43.2M | $-1.4M | ||
| Q4 24 | $41.5M | $5.7M | ||
| Q3 24 | $53.5M | $3.1M | ||
| Q2 24 | $49.3M | $892.0K | ||
| Q1 24 | $51.2M | $-457.0K |
| Q4 25 | 3.92× | -0.21× | ||
| Q3 25 | 1.71× | 1.53× | ||
| Q2 25 | 2.47× | -0.22× | ||
| Q1 25 | 2.61× | -1.70× | ||
| Q4 24 | 1.81× | 1.44× | ||
| Q3 24 | 1.39× | 0.47× | ||
| Q2 24 | 2.38× | 0.32× | ||
| Q1 24 | 4.38× | -3.87× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HTO
Segment breakdown not available.
PCYO
| Construction | $6.5M | 71% |
| Water And Wastewater Resource Development Segment | $2.5M | 27% |
