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Side-by-side financial comparison of H2O AMERICA (HTO) and Piedmont Realty Trust, Inc. (PDM). Click either name above to swap in a different company.
H2O AMERICA is the larger business by last-quarter revenue ($199.4M vs $143.3M, roughly 1.4× Piedmont Realty Trust, Inc.). H2O AMERICA runs the higher net margin — 8.1% vs -31.4%, a 39.5% gap on every dollar of revenue. On growth, H2O AMERICA posted the faster year-over-year revenue change (1.5% vs 0.4%). Over the past eight quarters, H2O AMERICA's revenue compounded faster (15.3% CAGR vs 0.0%).
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.
Piedmont Realty Trust, Inc. is a publicly traded real estate investment trust (REIT) that owns, operates, and invests in high-quality office properties primarily located in high-growth metropolitan areas across the United States. It serves corporate tenants across multiple industry sectors including technology, professional services, and healthcare, and pursues stable long-term returns for stakeholders via strategic property management and portfolio optimization.
HTO vs PDM — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $199.4M | $143.3M |
| Net Profit | $16.2M | $-45.0M |
| Gross Margin | — | — |
| Operating Margin | 16.6% | — |
| Net Margin | 8.1% | -31.4% |
| Revenue YoY | 1.5% | 0.4% |
| Net Profit YoY | -29.2% | -27.9% |
| EPS (diluted) | $0.45 | $-0.10 |
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 | — | $143.3M | ||
| Q4 25 | $199.4M | $142.9M | ||
| Q3 25 | $243.5M | $139.2M | ||
| Q2 25 | $197.8M | $140.3M | ||
| Q1 25 | $164.9M | $142.7M | ||
| Q4 24 | $196.5M | $143.2M | ||
| Q3 24 | $216.7M | $139.3M | ||
| Q2 24 | $173.1M | $143.3M |
| Q1 26 | — | $-45.0M | ||
| Q4 25 | $16.2M | $-43.2M | ||
| Q3 25 | $45.1M | $-13.5M | ||
| Q2 25 | $24.7M | $-16.8M | ||
| Q1 25 | $16.6M | $-10.1M | ||
| Q4 24 | $22.9M | $-30.0M | ||
| Q3 24 | $38.7M | $-11.5M | ||
| Q2 24 | $20.7M | $-9.8M |
| Q1 26 | — | — | ||
| Q4 25 | 16.6% | — | ||
| Q3 25 | 26.5% | — | ||
| Q2 25 | 22.2% | — | ||
| Q1 25 | 21.8% | — | ||
| Q4 24 | 22.2% | — | ||
| Q3 24 | 26.9% | — | ||
| Q2 24 | 23.4% | — |
| Q1 26 | — | -31.4% | ||
| Q4 25 | 8.1% | -30.3% | ||
| Q3 25 | 18.5% | -9.7% | ||
| Q2 25 | 12.5% | -12.0% | ||
| Q1 25 | 10.0% | -7.1% | ||
| Q4 24 | 11.7% | -20.9% | ||
| Q3 24 | 17.8% | -8.3% | ||
| Q2 24 | 12.0% | -6.8% |
| Q1 26 | — | $-0.10 | ||
| Q4 25 | $0.45 | $-0.34 | ||
| Q3 25 | $1.27 | $-0.11 | ||
| Q2 25 | $0.71 | $-0.14 | ||
| Q1 25 | $0.49 | $-0.08 | ||
| Q4 24 | $0.70 | $-0.25 | ||
| Q3 24 | $1.17 | $-0.09 | ||
| Q2 24 | $0.64 | $-0.08 |
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 | $2.3M |
| Total DebtLower is stronger | $1.9B | — |
| Stockholders' EquityBook value | $1.5B | $1.5B |
| Total Assets | $5.1B | $4.0B |
| Debt / EquityLower = less leverage | 1.23× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $2.3M | ||
| Q4 25 | $20.7M | $731.0K | ||
| Q3 25 | $11.3M | $3.0M | ||
| Q2 25 | $19.8M | $3.3M | ||
| Q1 25 | $23.7M | $2.9M | ||
| Q4 24 | $11.1M | $109.6M | ||
| Q3 24 | $4.0M | $133.6M | ||
| Q2 24 | $22.8M | $138.5M |
| Q1 26 | — | — | ||
| Q4 25 | $1.9B | $2.2B | ||
| Q3 25 | — | $2.2B | ||
| Q2 25 | — | $2.2B | ||
| Q1 25 | — | $2.2B | ||
| Q4 24 | $1.7B | $2.2B | ||
| Q3 24 | — | $2.2B | ||
| Q2 24 | — | $2.2B |
| Q1 26 | — | $1.5B | ||
| Q4 25 | $1.5B | $1.5B | ||
| Q3 25 | $1.5B | $1.5B | ||
| Q2 25 | $1.5B | $1.5B | ||
| Q1 25 | $1.4B | $1.6B | ||
| Q4 24 | $1.4B | $1.6B | ||
| Q3 24 | $1.3B | $1.6B | ||
| Q2 24 | $1.3B | $1.7B |
| Q1 26 | — | $4.0B | ||
| Q4 25 | $5.1B | $4.0B | ||
| Q3 25 | $5.0B | $4.0B | ||
| Q2 25 | $4.8B | $4.0B | ||
| Q1 25 | $4.7B | $4.0B | ||
| Q4 24 | $4.7B | $4.1B | ||
| Q3 24 | $4.6B | $4.1B | ||
| Q2 24 | $4.4B | $4.2B |
| Q1 26 | — | — | ||
| Q4 25 | 1.23× | 1.49× | ||
| Q3 25 | — | 1.43× | ||
| Q2 25 | — | 1.41× | ||
| Q1 25 | — | 1.40× | ||
| Q4 24 | 1.26× | 1.40× | ||
| Q3 24 | — | 1.36× | ||
| Q2 24 | — | 1.34× |
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 | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 110.3% |
| Cash ConversionOCF / Net Profit | 3.92× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $63.5M | $140.6M | ||
| Q3 25 | $77.3M | $35.8M | ||
| Q2 25 | $60.8M | $50.1M | ||
| Q1 25 | $43.2M | $3.7M | ||
| Q4 24 | $41.5M | $198.1M | ||
| Q3 24 | $53.5M | $42.9M | ||
| Q2 24 | $49.3M | $66.8M |
| Q1 26 | — | 110.3% | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | 3.92× | — | ||
| Q3 25 | 1.71× | — | ||
| Q2 25 | 2.47× | — | ||
| Q1 25 | 2.61× | — | ||
| Q4 24 | 1.81× | — | ||
| Q3 24 | 1.39× | — | ||
| Q2 24 | 2.38× | — |
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% |
PDM
Segment breakdown not available.
