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Side-by-side financial comparison of H2O AMERICA (HTO) and Purple Innovation, Inc. (PRPL). Click either name above to swap in a different company.
H2O AMERICA is the larger business by last-quarter revenue ($199.4M vs $140.7M, roughly 1.4× Purple Innovation, Inc.). H2O AMERICA runs the higher net margin — 8.1% vs -2.3%, a 10.4% gap on every dollar of revenue. On growth, Purple Innovation, Inc. posted the faster year-over-year revenue change (9.1% vs 1.5%). Over the past eight quarters, H2O AMERICA's revenue compounded faster (15.3% CAGR vs 8.3%).
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.
Purple Carrot is a Needham, Massachusetts-based, and 100% plant-based meal kit company. Founded by Andy Levitt, it offers both prepared meals as well as meal kits to subscribers weekly. As stated in a 2022 article in Cosmopolitan, “each Purple Carrot meal kit results in 72% less carbon being released into the atmosphere as compared to the standard American meal.”
HTO vs PRPL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $199.4M | $140.7M |
| Net Profit | $16.2M | $-3.2M |
| Gross Margin | — | 41.9% |
| Operating Margin | 16.6% | -1.6% |
| Net Margin | 8.1% | -2.3% |
| Revenue YoY | 1.5% | 9.1% |
| Net Profit YoY | -29.2% | 62.1% |
| EPS (diluted) | $0.45 | $0.03 |
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 | $140.7M | ||
| Q3 25 | $243.5M | $118.8M | ||
| Q2 25 | $197.8M | $105.1M | ||
| Q1 25 | $164.9M | $104.2M | ||
| Q4 24 | $196.5M | $129.0M | ||
| Q3 24 | $216.7M | $118.6M | ||
| Q2 24 | $173.1M | $120.3M | ||
| Q1 24 | $150.0M | $120.0M |
| Q4 25 | $16.2M | $-3.2M | ||
| Q3 25 | $45.1M | $-11.7M | ||
| Q2 25 | $24.7M | $-17.3M | ||
| Q1 25 | $16.6M | $-19.1M | ||
| Q4 24 | $22.9M | $-8.5M | ||
| Q3 24 | $38.7M | $-39.2M | ||
| Q2 24 | $20.7M | $27.0K | ||
| Q1 24 | $11.7M | $-50.2M |
| Q4 25 | — | 41.9% | ||
| Q3 25 | — | 42.8% | ||
| Q2 25 | — | 35.9% | ||
| Q1 25 | — | 39.4% | ||
| Q4 24 | — | 42.9% | ||
| Q3 24 | — | 29.7% | ||
| Q2 24 | — | 40.7% | ||
| Q1 24 | — | 34.8% |
| Q4 25 | 16.6% | -1.6% | ||
| Q3 25 | 26.5% | -10.2% | ||
| Q2 25 | 22.2% | -13.5% | ||
| Q1 25 | 21.8% | -13.9% | ||
| Q4 24 | 22.2% | -6.0% | ||
| Q3 24 | 26.9% | -39.5% | ||
| Q2 24 | 23.4% | -12.1% | ||
| Q1 24 | 18.6% | -19.3% |
| Q4 25 | 8.1% | -2.3% | ||
| Q3 25 | 18.5% | -9.9% | ||
| Q2 25 | 12.5% | -16.5% | ||
| Q1 25 | 10.0% | -18.4% | ||
| Q4 24 | 11.7% | -6.6% | ||
| Q3 24 | 17.8% | -33.1% | ||
| Q2 24 | 12.0% | 0.0% | ||
| Q1 24 | 7.8% | -41.8% |
| Q4 25 | $0.45 | $0.03 | ||
| Q3 25 | $1.27 | $0.11 | ||
| Q2 25 | $0.71 | $0.16 | ||
| Q1 25 | $0.49 | $0.18 | ||
| Q4 24 | $0.70 | $0.08 | ||
| Q3 24 | $1.17 | $0.36 | ||
| Q2 24 | $0.64 | $0.00 | ||
| Q1 24 | $0.36 | $0.47 |
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 | $24.3M |
| Total DebtLower is stronger | $1.9B | $126.7M |
| Stockholders' EquityBook value | $1.5B | $-29.7M |
| Total Assets | $5.1B | $296.3M |
| Debt / EquityLower = less leverage | 1.23× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $20.7M | $24.3M | ||
| Q3 25 | $11.3M | $32.4M | ||
| Q2 25 | $19.8M | $34.2M | ||
| Q1 25 | $23.7M | $21.6M | ||
| Q4 24 | $11.1M | $29.0M | ||
| Q3 24 | $4.0M | $23.4M | ||
| Q2 24 | $22.8M | $23.4M | ||
| Q1 24 | $4.5M | $34.5M |
| Q4 25 | $1.9B | $126.7M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.7B | $70.7M | ||
| Q3 24 | — | $50.8M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.5B | $-29.7M | ||
| Q3 25 | $1.5B | $-26.9M | ||
| Q2 25 | $1.5B | $-15.6M | ||
| Q1 25 | $1.4B | $1.3M | ||
| Q4 24 | $1.4B | $20.2M | ||
| Q3 24 | $1.3B | $28.0M | ||
| Q2 24 | $1.3B | $66.4M | ||
| Q1 24 | $1.2B | $65.5M |
| Q4 25 | $5.1B | $296.3M | ||
| Q3 25 | $5.0B | $302.1M | ||
| Q2 25 | $4.8B | $303.8M | ||
| Q1 25 | $4.7B | $293.8M | ||
| Q4 24 | $4.7B | $307.8M | ||
| Q3 24 | $4.6B | $309.3M | ||
| Q2 24 | $4.4B | $362.1M | ||
| Q1 24 | $4.4B | $382.1M |
| Q4 25 | 1.23× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.26× | 3.50× | ||
| Q3 24 | — | 1.82× | ||
| 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 | $-5.8M |
| Free Cash FlowOCF − Capex | — | $-7.8M |
| FCF MarginFCF / Revenue | — | -5.5% |
| Capex IntensityCapex / Revenue | — | 1.4% |
| Cash ConversionOCF / Net Profit | 3.92× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-41.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $63.5M | $-5.8M | ||
| Q3 25 | $77.3M | $-968.0K | ||
| Q2 25 | $60.8M | $-4.0M | ||
| Q1 25 | $43.2M | $-23.1M | ||
| Q4 24 | $41.5M | $6.8M | ||
| Q3 24 | $53.5M | $1.1M | ||
| Q2 24 | $49.3M | $-8.9M | ||
| Q1 24 | $51.2M | $-16.8M |
| Q4 25 | — | $-7.8M | ||
| Q3 25 | — | $-1.8M | ||
| Q2 25 | — | $-7.0M | ||
| Q1 25 | — | $-25.3M | ||
| Q4 24 | — | $5.7M | ||
| Q3 24 | — | $101.0K | ||
| Q2 24 | — | $-11.0M | ||
| Q1 24 | — | $-19.9M |
| Q4 25 | — | -5.5% | ||
| Q3 25 | — | -1.5% | ||
| Q2 25 | — | -6.6% | ||
| Q1 25 | — | -24.3% | ||
| Q4 24 | — | 4.4% | ||
| Q3 24 | — | 0.1% | ||
| Q2 24 | — | -9.2% | ||
| Q1 24 | — | -16.5% |
| Q4 25 | — | 1.4% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | — | 2.8% | ||
| Q1 25 | — | 2.2% | ||
| Q4 24 | — | 0.8% | ||
| Q3 24 | — | 0.9% | ||
| Q2 24 | — | 1.7% | ||
| Q1 24 | — | 2.5% |
| 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× | -330.22× | ||
| Q1 24 | 4.38× | — |
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% |
PRPL
| Cost Of Revenues | $81.7M | 58% |
| Other | $59.0M | 42% |
