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Side-by-side financial comparison of H2O AMERICA (HTO) and SPS COMMERCE INC (SPSC). Click either name above to swap in a different company.
H2O AMERICA is the larger business by last-quarter revenue ($199.4M vs $192.7M, roughly 1.0× SPS COMMERCE INC). SPS COMMERCE INC runs the higher net margin — 13.4% vs 8.1%, a 5.3% gap on every dollar of revenue. On growth, SPS COMMERCE INC posted the faster year-over-year revenue change (12.7% vs 1.5%). Over the past eight quarters, H2O AMERICA's revenue compounded faster (15.3% CAGR vs 13.5%).
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.
SPS Commerce, Inc. is a technology and application software company based in the United States that provides cloud-based supply chain management software. The company's headquarters are located in Minneapolis, Minnesota, but it also has a US office in New Jersey, and international locations in Amsterdam, Beijing, Breukelen, Hong Kong, Kyiv, Melbourne, Montpellier, Sydney, and Toronto.
HTO vs SPSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $199.4M | $192.7M |
| Net Profit | $16.2M | $25.8M |
| Gross Margin | — | 70.4% |
| Operating Margin | 16.6% | 18.0% |
| Net Margin | 8.1% | 13.4% |
| Revenue YoY | 1.5% | 12.7% |
| Net Profit YoY | -29.2% | 47.2% |
| EPS (diluted) | $0.45 | $0.69 |
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 | $192.7M | ||
| Q3 25 | $243.5M | $189.9M | ||
| Q2 25 | $197.8M | $187.4M | ||
| Q1 25 | $164.9M | $181.5M | ||
| Q4 24 | $196.5M | $170.9M | ||
| Q3 24 | $216.7M | $163.7M | ||
| Q2 24 | $173.1M | $153.6M | ||
| Q1 24 | $150.0M | $149.6M |
| Q4 25 | $16.2M | $25.8M | ||
| Q3 25 | $45.1M | $25.6M | ||
| Q2 25 | $24.7M | $19.7M | ||
| Q1 25 | $16.6M | $22.2M | ||
| Q4 24 | $22.9M | $17.6M | ||
| Q3 24 | $38.7M | $23.5M | ||
| Q2 24 | $20.7M | $18.0M | ||
| Q1 24 | $11.7M | $18.0M |
| Q4 25 | — | 70.4% | ||
| Q3 25 | — | 69.5% | ||
| Q2 25 | — | 68.1% | ||
| Q1 25 | — | 68.7% | ||
| Q4 24 | — | 67.5% | ||
| Q3 24 | — | 68.5% | ||
| Q2 24 | — | 66.1% | ||
| Q1 24 | — | 65.6% |
| Q4 25 | 16.6% | 18.0% | ||
| Q3 25 | 26.5% | 16.4% | ||
| Q2 25 | 22.2% | 14.1% | ||
| Q1 25 | 21.8% | 14.3% | ||
| Q4 24 | 22.2% | 14.5% | ||
| Q3 24 | 26.9% | 15.6% | ||
| Q2 24 | 23.4% | 15.1% | ||
| Q1 24 | 18.6% | 10.3% |
| Q4 25 | 8.1% | 13.4% | ||
| Q3 25 | 18.5% | 13.5% | ||
| Q2 25 | 12.5% | 10.5% | ||
| Q1 25 | 10.0% | 12.2% | ||
| Q4 24 | 11.7% | 10.3% | ||
| Q3 24 | 17.8% | 14.3% | ||
| Q2 24 | 12.0% | 11.7% | ||
| Q1 24 | 7.8% | 12.0% |
| Q4 25 | $0.45 | $0.69 | ||
| Q3 25 | $1.27 | $0.67 | ||
| Q2 25 | $0.71 | $0.52 | ||
| Q1 25 | $0.49 | $0.58 | ||
| Q4 24 | $0.70 | $0.46 | ||
| Q3 24 | $1.17 | $0.62 | ||
| Q2 24 | $0.64 | $0.48 | ||
| Q1 24 | $0.36 | $0.48 |
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 | $151.4M |
| Total DebtLower is stronger | $1.9B | — |
| Stockholders' EquityBook value | $1.5B | $973.9M |
| Total Assets | $5.1B | $1.2B |
| Debt / EquityLower = less leverage | 1.23× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $20.7M | $151.4M | ||
| Q3 25 | $11.3M | $133.7M | ||
| Q2 25 | $19.8M | $107.6M | ||
| Q1 25 | $23.7M | $94.9M | ||
| Q4 24 | $11.1M | $241.0M | ||
| Q3 24 | $4.0M | $205.8M | ||
| Q2 24 | $22.8M | $271.8M | ||
| Q1 24 | $4.5M | $290.8M |
| Q4 25 | $1.9B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.5B | $973.9M | ||
| Q3 25 | $1.5B | $958.9M | ||
| Q2 25 | $1.5B | $949.8M | ||
| Q1 25 | $1.4B | $920.9M | ||
| Q4 24 | $1.4B | $854.7M | ||
| Q3 24 | $1.3B | $829.4M | ||
| Q2 24 | $1.3B | $703.4M | ||
| Q1 24 | $1.2B | $683.0M |
| Q4 25 | $5.1B | $1.2B | ||
| Q3 25 | $5.0B | $1.2B | ||
| Q2 25 | $4.8B | $1.1B | ||
| Q1 25 | $4.7B | $1.1B | ||
| Q4 24 | $4.7B | $1.0B | ||
| Q3 24 | $4.6B | $1.0B | ||
| Q2 24 | $4.4B | $854.5M | ||
| Q1 24 | $4.4B | $839.8M |
| 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 | $45.9M |
| Free Cash FlowOCF − Capex | — | $38.2M |
| FCF MarginFCF / Revenue | — | 19.8% |
| Capex IntensityCapex / Revenue | — | 4.0% |
| Cash ConversionOCF / Net Profit | 3.92× | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | — | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $63.5M | $45.9M | ||
| Q3 25 | $77.3M | $60.6M | ||
| Q2 25 | $60.8M | $32.3M | ||
| Q1 25 | $43.2M | $40.0M | ||
| Q4 24 | $41.5M | $40.6M | ||
| Q3 24 | $53.5M | $53.3M | ||
| Q2 24 | $49.3M | $29.4M | ||
| Q1 24 | $51.2M | $34.1M |
| Q4 25 | — | $38.2M | ||
| Q3 25 | — | $54.6M | ||
| Q2 25 | — | $25.7M | ||
| Q1 25 | — | $33.8M | ||
| Q4 24 | — | $34.3M | ||
| Q3 24 | — | $48.1M | ||
| Q2 24 | — | $24.4M | ||
| Q1 24 | — | $30.5M |
| Q4 25 | — | 19.8% | ||
| Q3 25 | — | 28.7% | ||
| Q2 25 | — | 13.7% | ||
| Q1 25 | — | 18.6% | ||
| Q4 24 | — | 20.1% | ||
| Q3 24 | — | 29.4% | ||
| Q2 24 | — | 15.9% | ||
| Q1 24 | — | 20.4% |
| Q4 25 | — | 4.0% | ||
| Q3 25 | — | 3.2% | ||
| Q2 25 | — | 3.6% | ||
| Q1 25 | — | 3.4% | ||
| Q4 24 | — | 3.6% | ||
| Q3 24 | — | 3.2% | ||
| Q2 24 | — | 3.3% | ||
| Q1 24 | — | 2.4% |
| Q4 25 | 3.92× | 1.78× | ||
| Q3 25 | 1.71× | 2.37× | ||
| Q2 25 | 2.47× | 1.64× | ||
| Q1 25 | 2.61× | 1.80× | ||
| Q4 24 | 1.81× | 2.31× | ||
| Q3 24 | 1.39× | 2.27× | ||
| Q2 24 | 2.38× | 1.63× | ||
| Q1 24 | 4.38× | 1.89× |
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% |
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
