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Side-by-side financial comparison of H2O AMERICA (HTO) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
H2O AMERICA is the larger business by last-quarter revenue ($199.4M vs $148.3M, roughly 1.3× Shoals Technologies Group, Inc.). H2O AMERICA runs the higher net margin — 8.1% vs 5.5%, a 2.7% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs 1.5%). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% 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.
Shoals Technologies Group is a leading provider of electrical balance of systems solutions for renewable energy and e-mobility. It supplies connectivity components for solar projects, energy storage systems and EV charging infrastructure, serving clients across North America, Europe and Asia-Pacific.
HTO vs SHLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $199.4M | $148.3M |
| Net Profit | $16.2M | $8.1M |
| Gross Margin | — | 31.6% |
| Operating Margin | 16.6% | 11.7% |
| Net Margin | 8.1% | 5.5% |
| Revenue YoY | 1.5% | 38.6% |
| Net Profit YoY | -29.2% | 3.9% |
| EPS (diluted) | $0.45 | $0.05 |
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 | $148.3M | ||
| Q3 25 | $243.5M | $135.8M | ||
| Q2 25 | $197.8M | $110.8M | ||
| Q1 25 | $164.9M | $80.4M | ||
| Q4 24 | $196.5M | $107.0M | ||
| Q3 24 | $216.7M | $102.2M | ||
| Q2 24 | $173.1M | $99.2M | ||
| Q1 24 | $150.0M | $90.8M |
| Q4 25 | $16.2M | $8.1M | ||
| Q3 25 | $45.1M | $11.9M | ||
| Q2 25 | $24.7M | $13.9M | ||
| Q1 25 | $16.6M | $-282.0K | ||
| Q4 24 | $22.9M | $7.8M | ||
| Q3 24 | $38.7M | $-267.0K | ||
| Q2 24 | $20.7M | $11.8M | ||
| Q1 24 | $11.7M | $4.8M |
| Q4 25 | — | 31.6% | ||
| Q3 25 | — | 37.0% | ||
| Q2 25 | — | 37.2% | ||
| Q1 25 | — | 35.0% | ||
| Q4 24 | — | 37.6% | ||
| Q3 24 | — | 24.8% | ||
| Q2 24 | — | 40.3% | ||
| Q1 24 | — | 40.2% |
| Q4 25 | 16.6% | 11.7% | ||
| Q3 25 | 26.5% | 13.7% | ||
| Q2 25 | 22.2% | 14.4% | ||
| Q1 25 | 21.8% | 5.4% | ||
| Q4 24 | 22.2% | 15.4% | ||
| Q3 24 | 26.9% | 4.4% | ||
| Q2 24 | 23.4% | 18.7% | ||
| Q1 24 | 18.6% | 12.8% |
| Q4 25 | 8.1% | 5.5% | ||
| Q3 25 | 18.5% | 8.7% | ||
| Q2 25 | 12.5% | 12.5% | ||
| Q1 25 | 10.0% | -0.4% | ||
| Q4 24 | 11.7% | 7.3% | ||
| Q3 24 | 17.8% | -0.3% | ||
| Q2 24 | 12.0% | 11.9% | ||
| Q1 24 | 7.8% | 5.3% |
| Q4 25 | $0.45 | $0.05 | ||
| Q3 25 | $1.27 | $0.07 | ||
| Q2 25 | $0.71 | $0.08 | ||
| Q1 25 | $0.49 | $0.00 | ||
| Q4 24 | $0.70 | $0.04 | ||
| Q3 24 | $1.17 | $0.00 | ||
| Q2 24 | $0.64 | $0.07 | ||
| Q1 24 | $0.36 | $0.03 |
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 | $7.3M |
| Total DebtLower is stronger | $1.9B | — |
| Stockholders' EquityBook value | $1.5B | $600.0M |
| Total Assets | $5.1B | $904.1M |
| Debt / EquityLower = less leverage | 1.23× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $20.7M | $7.3M | ||
| Q3 25 | $11.3M | $8.6M | ||
| Q2 25 | $19.8M | $4.7M | ||
| Q1 25 | $23.7M | $35.6M | ||
| Q4 24 | $11.1M | $23.5M | ||
| Q3 24 | $4.0M | $11.1M | ||
| Q2 24 | $22.8M | $3.2M | ||
| Q1 24 | $4.5M | $15.2M |
| Q4 25 | $1.9B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $141.8M | ||
| Q4 24 | $1.7B | $141.8M | ||
| Q3 24 | — | $141.8M | ||
| Q2 24 | — | $146.8M | ||
| Q1 24 | — | $168.8M |
| Q4 25 | $1.5B | $600.0M | ||
| Q3 25 | $1.5B | $589.6M | ||
| Q2 25 | $1.5B | $575.4M | ||
| Q1 25 | $1.4B | $558.9M | ||
| Q4 24 | $1.4B | $556.8M | ||
| Q3 24 | $1.3B | $545.2M | ||
| Q2 24 | $1.3B | $544.6M | ||
| Q1 24 | $1.2B | $554.0M |
| Q4 25 | $5.1B | $904.1M | ||
| Q3 25 | $5.0B | $851.8M | ||
| Q2 25 | $4.8B | $795.0M | ||
| Q1 25 | $4.7B | $788.4M | ||
| Q4 24 | $4.7B | $793.1M | ||
| Q3 24 | $4.6B | $801.3M | ||
| Q2 24 | $4.4B | $788.4M | ||
| Q1 24 | $4.4B | $825.3M |
| Q4 25 | 1.23× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.25× | ||
| Q4 24 | 1.26× | 0.25× | ||
| Q3 24 | — | 0.26× | ||
| Q2 24 | — | 0.27× | ||
| Q1 24 | — | 0.30× |
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 | $-4.1M |
| Free Cash FlowOCF − Capex | — | $-11.3M |
| FCF MarginFCF / Revenue | — | -7.6% |
| Capex IntensityCapex / Revenue | — | 4.8% |
| Cash ConversionOCF / Net Profit | 3.92× | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $63.5M | $-4.1M | ||
| Q3 25 | $77.3M | $19.4M | ||
| Q2 25 | $60.8M | $-13.8M | ||
| Q1 25 | $43.2M | $15.6M | ||
| Q4 24 | $41.5M | $14.0M | ||
| Q3 24 | $53.5M | $15.7M | ||
| Q2 24 | $49.3M | $37.8M | ||
| Q1 24 | $51.2M | $12.9M |
| Q4 25 | — | $-11.3M | ||
| Q3 25 | — | $9.0M | ||
| Q2 25 | — | $-26.0M | ||
| Q1 25 | — | $12.3M | ||
| Q4 24 | — | $12.5M | ||
| Q3 24 | — | $13.3M | ||
| Q2 24 | — | $35.8M | ||
| Q1 24 | — | $10.4M |
| Q4 25 | — | -7.6% | ||
| Q3 25 | — | 6.6% | ||
| Q2 25 | — | -23.5% | ||
| Q1 25 | — | 15.4% | ||
| Q4 24 | — | 11.6% | ||
| Q3 24 | — | 13.0% | ||
| Q2 24 | — | 36.1% | ||
| Q1 24 | — | 11.4% |
| Q4 25 | — | 4.8% | ||
| Q3 25 | — | 7.7% | ||
| Q2 25 | — | 11.0% | ||
| Q1 25 | — | 4.0% | ||
| Q4 24 | — | 1.4% | ||
| Q3 24 | — | 2.3% | ||
| Q2 24 | — | 2.0% | ||
| Q1 24 | — | 2.7% |
| Q4 25 | 3.92× | -0.50× | ||
| Q3 25 | 1.71× | 1.63× | ||
| Q2 25 | 2.47× | -1.00× | ||
| Q1 25 | 2.61× | — | ||
| Q4 24 | 1.81× | 1.79× | ||
| Q3 24 | 1.39× | — | ||
| Q2 24 | 2.38× | 3.21× | ||
| Q1 24 | 4.38× | 2.69× |
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% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
