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Side-by-side financial comparison of H2O AMERICA (HTO) and CPI Card Group Inc. (PMTS). Click either name above to swap in a different company.
H2O AMERICA is the larger business by last-quarter revenue ($199.4M vs $153.1M, roughly 1.3× CPI Card Group Inc.). H2O AMERICA runs the higher net margin — 8.1% vs 4.8%, a 3.3% gap on every dollar of revenue. On growth, CPI Card Group Inc. posted the faster year-over-year revenue change (22.3% vs 1.5%). Over the past eight quarters, CPI Card Group Inc.'s revenue compounded faster (16.9% 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.
CPI Card Group Inc. is a leading provider of payment card production and associated solutions, including contactless and contact credit/debit cards, prepaid cards, and card personalization services. It primarily serves financial institutions, fintech firms, and retail brands across its core North American market.
HTO vs PMTS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $199.4M | $153.1M |
| Net Profit | $16.2M | $7.3M |
| Gross Margin | — | 31.5% |
| Operating Margin | 16.6% | 12.0% |
| Net Margin | 8.1% | 4.8% |
| Revenue YoY | 1.5% | 22.3% |
| Net Profit YoY | -29.2% | 8.5% |
| EPS (diluted) | $0.45 | $0.62 |
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 | $153.1M | ||
| Q3 25 | $243.5M | $138.0M | ||
| Q2 25 | $197.8M | $129.8M | ||
| Q1 25 | $164.9M | $122.8M | ||
| Q4 24 | $196.5M | $125.1M | ||
| Q3 24 | $216.7M | $124.8M | ||
| Q2 24 | $173.1M | $118.8M | ||
| Q1 24 | $150.0M | $111.9M |
| Q4 25 | $16.2M | $7.3M | ||
| Q3 25 | $45.1M | $2.3M | ||
| Q2 25 | $24.7M | $518.0K | ||
| Q1 25 | $16.6M | $4.8M | ||
| Q4 24 | $22.9M | $6.8M | ||
| Q3 24 | $38.7M | $1.3M | ||
| Q2 24 | $20.7M | $6.0M | ||
| Q1 24 | $11.7M | $5.5M |
| Q4 25 | — | 31.5% | ||
| Q3 25 | — | 29.7% | ||
| Q2 25 | — | 30.9% | ||
| Q1 25 | — | 33.2% | ||
| Q4 24 | — | 34.1% | ||
| Q3 24 | — | 35.8% | ||
| Q2 24 | — | 35.7% | ||
| Q1 24 | — | 37.1% |
| Q4 25 | 16.6% | 12.0% | ||
| Q3 25 | 26.5% | 9.4% | ||
| Q2 25 | 22.2% | 7.3% | ||
| Q1 25 | 21.8% | 11.5% | ||
| Q4 24 | 22.2% | 12.7% | ||
| Q3 24 | 26.9% | 14.3% | ||
| Q2 24 | 23.4% | 12.5% | ||
| Q1 24 | 18.6% | 12.6% |
| Q4 25 | 8.1% | 4.8% | ||
| Q3 25 | 18.5% | 1.7% | ||
| Q2 25 | 12.5% | 0.4% | ||
| Q1 25 | 10.0% | 3.9% | ||
| Q4 24 | 11.7% | 5.4% | ||
| Q3 24 | 17.8% | 1.0% | ||
| Q2 24 | 12.0% | 5.1% | ||
| Q1 24 | 7.8% | 4.9% |
| Q4 25 | $0.45 | $0.62 | ||
| Q3 25 | $1.27 | $0.19 | ||
| Q2 25 | $0.71 | $0.04 | ||
| Q1 25 | $0.49 | $0.40 | ||
| Q4 24 | $0.70 | $0.56 | ||
| Q3 24 | $1.17 | $0.11 | ||
| Q2 24 | $0.64 | $0.51 | ||
| Q1 24 | $0.36 | $0.46 |
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 | $21.7M |
| Total DebtLower is stronger | $1.9B | $286.7M |
| Stockholders' EquityBook value | $1.5B | $-17.3M |
| Total Assets | $5.1B | $403.2M |
| Debt / EquityLower = less leverage | 1.23× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $20.7M | $21.7M | ||
| Q3 25 | $11.3M | $16.0M | ||
| Q2 25 | $19.8M | $17.1M | ||
| Q1 25 | $23.7M | $31.5M | ||
| Q4 24 | $11.1M | $33.5M | ||
| Q3 24 | $4.0M | $14.7M | ||
| Q2 24 | $22.8M | $7.5M | ||
| Q1 24 | $4.5M | $17.1M |
| Q4 25 | $1.9B | $286.7M | ||
| Q3 25 | — | $308.4M | ||
| Q2 25 | — | $310.9M | ||
| Q1 25 | — | $280.7M | ||
| Q4 24 | $1.7B | $280.4M | ||
| Q3 24 | — | $280.2M | ||
| Q2 24 | — | $269.7M | ||
| Q1 24 | — | $265.3M |
| Q4 25 | $1.5B | $-17.3M | ||
| Q3 25 | $1.5B | $-25.7M | ||
| Q2 25 | $1.5B | $-29.0M | ||
| Q1 25 | $1.4B | $-29.7M | ||
| Q4 24 | $1.4B | $-35.6M | ||
| Q3 24 | $1.3B | $-42.8M | ||
| Q2 24 | $1.3B | $-44.6M | ||
| Q1 24 | $1.2B | $-48.5M |
| Q4 25 | $5.1B | $403.2M | ||
| Q3 25 | $5.0B | $407.1M | ||
| Q2 25 | $4.8B | $399.8M | ||
| Q1 25 | $4.7B | $351.9M | ||
| Q4 24 | $4.7B | $349.7M | ||
| Q3 24 | $4.6B | $342.3M | ||
| Q2 24 | $4.4B | $321.4M | ||
| Q1 24 | $4.4B | $319.8M |
| 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 | $39.6M |
| Free Cash FlowOCF − Capex | — | $35.2M |
| FCF MarginFCF / Revenue | — | 23.0% |
| Capex IntensityCapex / Revenue | — | 2.9% |
| Cash ConversionOCF / Net Profit | 3.92× | 5.39× |
| TTM Free Cash FlowTrailing 4 quarters | — | $41.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $63.5M | $39.6M | ||
| Q3 25 | $77.3M | $10.0M | ||
| Q2 25 | $60.8M | $4.3M | ||
| Q1 25 | $43.2M | $5.6M | ||
| Q4 24 | $41.5M | $26.7M | ||
| Q3 24 | $53.5M | $12.5M | ||
| Q2 24 | $49.3M | $-4.8M | ||
| Q1 24 | $51.2M | $8.9M |
| Q4 25 | — | $35.2M | ||
| Q3 25 | — | $5.3M | ||
| Q2 25 | — | $533.0K | ||
| Q1 25 | — | $292.0K | ||
| Q4 24 | — | $21.6M | ||
| Q3 24 | — | $11.1M | ||
| Q2 24 | — | $-6.0M | ||
| Q1 24 | — | $7.4M |
| Q4 25 | — | 23.0% | ||
| Q3 25 | — | 3.8% | ||
| Q2 25 | — | 0.4% | ||
| Q1 25 | — | 0.2% | ||
| Q4 24 | — | 17.3% | ||
| Q3 24 | — | 8.9% | ||
| Q2 24 | — | -5.0% | ||
| Q1 24 | — | 6.6% |
| Q4 25 | — | 2.9% | ||
| Q3 25 | — | 3.4% | ||
| Q2 25 | — | 2.9% | ||
| Q1 25 | — | 4.3% | ||
| Q4 24 | — | 4.0% | ||
| Q3 24 | — | 1.2% | ||
| Q2 24 | — | 1.0% | ||
| Q1 24 | — | 1.3% |
| Q4 25 | 3.92× | 5.39× | ||
| Q3 25 | 1.71× | 4.32× | ||
| Q2 25 | 2.47× | 8.39× | ||
| Q1 25 | 2.61× | 1.17× | ||
| Q4 24 | 1.81× | 3.94× | ||
| Q3 24 | 1.39× | 9.70× | ||
| Q2 24 | 2.38× | -0.79× | ||
| Q1 24 | 4.38× | 1.63× |
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% |
PMTS
| US Debit And Credit | $128.9M | 84% |
| US Prepaid Debit | $24.4M | 16% |
