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Side-by-side financial comparison of H2O AMERICA (HTO) and Latham Group, Inc. (SWIM). Click either name above to swap in a different company.
H2O AMERICA is the larger business by last-quarter revenue ($199.4M vs $100.0M, roughly 2.0× Latham Group, Inc.). H2O AMERICA runs the higher net margin — 8.1% vs -7.0%, a 15.1% gap on every dollar of revenue. On growth, Latham Group, Inc. posted the faster year-over-year revenue change (14.5% vs 1.5%). Over the past eight quarters, H2O AMERICA's revenue compounded faster (15.3% CAGR vs -4.9%).
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.
Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, it is known for its litigation, corporate, and regulatory law practices.
HTO vs SWIM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $199.4M | $100.0M |
| Net Profit | $16.2M | $-7.0M |
| Gross Margin | — | 28.0% |
| Operating Margin | 16.6% | -10.7% |
| Net Margin | 8.1% | -7.0% |
| Revenue YoY | 1.5% | 14.5% |
| Net Profit YoY | -29.2% | 76.0% |
| EPS (diluted) | $0.45 | $-0.06 |
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 | $100.0M | ||
| Q3 25 | $243.5M | $161.9M | ||
| Q2 25 | $197.8M | $172.6M | ||
| Q1 25 | $164.9M | $111.4M | ||
| Q4 24 | $196.5M | $87.3M | ||
| Q3 24 | $216.7M | $150.5M | ||
| Q2 24 | $173.1M | $160.1M | ||
| Q1 24 | $150.0M | $110.6M |
| Q4 25 | $16.2M | $-7.0M | ||
| Q3 25 | $45.1M | $8.1M | ||
| Q2 25 | $24.7M | $16.0M | ||
| Q1 25 | $16.6M | $-6.0M | ||
| Q4 24 | $22.9M | $-29.2M | ||
| Q3 24 | $38.7M | $5.9M | ||
| Q2 24 | $20.7M | $13.3M | ||
| Q1 24 | $11.7M | $-7.9M |
| Q4 25 | — | 28.0% | ||
| Q3 25 | — | 35.4% | ||
| Q2 25 | — | 37.1% | ||
| Q1 25 | — | 29.5% | ||
| Q4 24 | — | 24.6% | ||
| Q3 24 | — | 32.4% | ||
| Q2 24 | — | 33.1% | ||
| Q1 24 | — | 27.7% |
| Q4 25 | 16.6% | -10.7% | ||
| Q3 25 | 26.5% | 13.3% | ||
| Q2 25 | 22.2% | 14.3% | ||
| Q1 25 | 21.8% | -4.4% | ||
| Q4 24 | 22.2% | -14.9% | ||
| Q3 24 | 26.9% | 8.9% | ||
| Q2 24 | 23.4% | 12.5% | ||
| Q1 24 | 18.6% | -1.9% |
| Q4 25 | 8.1% | -7.0% | ||
| Q3 25 | 18.5% | 5.0% | ||
| Q2 25 | 12.5% | 9.3% | ||
| Q1 25 | 10.0% | -5.4% | ||
| Q4 24 | 11.7% | -33.4% | ||
| Q3 24 | 17.8% | 3.9% | ||
| Q2 24 | 12.0% | 8.3% | ||
| Q1 24 | 7.8% | -7.1% |
| Q4 25 | $0.45 | $-0.06 | ||
| Q3 25 | $1.27 | $0.07 | ||
| Q2 25 | $0.71 | $0.13 | ||
| Q1 25 | $0.49 | $-0.05 | ||
| Q4 24 | $0.70 | $-0.24 | ||
| Q3 24 | $1.17 | $0.05 | ||
| Q2 24 | $0.64 | $0.11 | ||
| Q1 24 | $0.36 | $-0.07 |
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 | — |
| Total DebtLower is stronger | $1.9B | $279.8M |
| Stockholders' EquityBook value | $1.5B | $405.9M |
| Total Assets | $5.1B | $823.2M |
| Debt / EquityLower = less leverage | 1.23× | 0.69× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $20.7M | — | ||
| Q3 25 | $11.3M | — | ||
| Q2 25 | $19.8M | — | ||
| Q1 25 | $23.7M | — | ||
| Q4 24 | $11.1M | — | ||
| Q3 24 | $4.0M | — | ||
| Q2 24 | $22.8M | — | ||
| Q1 24 | $4.5M | — |
| Q4 25 | $1.9B | $279.8M | ||
| Q3 25 | — | $281.1M | ||
| Q2 25 | — | $281.5M | ||
| Q1 25 | — | $306.9M | ||
| Q4 24 | $1.7B | $281.5M | ||
| Q3 24 | — | $282.8M | ||
| Q2 24 | — | $282.4M | ||
| Q1 24 | — | $282.8M |
| Q4 25 | $1.5B | $405.9M | ||
| Q3 25 | $1.5B | $408.4M | ||
| Q2 25 | $1.5B | $398.4M | ||
| Q1 25 | $1.4B | $381.1M | ||
| Q4 24 | $1.4B | $387.2M | ||
| Q3 24 | $1.3B | $416.6M | ||
| Q2 24 | $1.3B | $408.1M | ||
| Q1 24 | $1.2B | $391.8M |
| Q4 25 | $5.1B | $823.2M | ||
| Q3 25 | $5.0B | $844.4M | ||
| Q2 25 | $4.8B | $822.1M | ||
| Q1 25 | $4.7B | $824.6M | ||
| Q4 24 | $4.7B | $794.2M | ||
| Q3 24 | $4.6B | $853.4M | ||
| Q2 24 | $4.4B | $830.0M | ||
| Q1 24 | $4.4B | $808.6M |
| Q4 25 | 1.23× | 0.69× | ||
| Q3 25 | — | 0.69× | ||
| Q2 25 | — | 0.71× | ||
| Q1 25 | — | 0.81× | ||
| Q4 24 | 1.26× | 0.73× | ||
| Q3 24 | — | 0.68× | ||
| Q2 24 | — | 0.69× | ||
| Q1 24 | — | 0.72× |
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 | $23.3M |
| Free Cash FlowOCF − Capex | — | $14.1M |
| FCF MarginFCF / Revenue | — | 14.1% |
| Capex IntensityCapex / Revenue | — | 9.2% |
| Cash ConversionOCF / Net Profit | 3.92× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $38.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $63.5M | $23.3M | ||
| Q3 25 | $77.3M | $51.0M | ||
| Q2 25 | $60.8M | $36.0M | ||
| Q1 25 | $43.2M | $-46.9M | ||
| Q4 24 | $41.5M | $6.2M | ||
| Q3 24 | $53.5M | $37.2M | ||
| Q2 24 | $49.3M | $52.4M | ||
| Q1 24 | $51.2M | $-34.5M |
| Q4 25 | — | $14.1M | ||
| Q3 25 | — | $45.2M | ||
| Q2 25 | — | $29.1M | ||
| Q1 25 | — | $-50.3M | ||
| Q4 24 | — | $-98.0K | ||
| Q3 24 | — | $33.2M | ||
| Q2 24 | — | $47.9M | ||
| Q1 24 | — | $-39.9M |
| Q4 25 | — | 14.1% | ||
| Q3 25 | — | 27.9% | ||
| Q2 25 | — | 16.8% | ||
| Q1 25 | — | -45.2% | ||
| Q4 24 | — | -0.1% | ||
| Q3 24 | — | 22.1% | ||
| Q2 24 | — | 29.9% | ||
| Q1 24 | — | -36.0% |
| Q4 25 | — | 9.2% | ||
| Q3 25 | — | 3.6% | ||
| Q2 25 | — | 4.0% | ||
| Q1 25 | — | 3.1% | ||
| Q4 24 | — | 7.2% | ||
| Q3 24 | — | 2.7% | ||
| Q2 24 | — | 2.8% | ||
| Q1 24 | — | 4.8% |
| Q4 25 | 3.92× | — | ||
| Q3 25 | 1.71× | 6.29× | ||
| Q2 25 | 2.47× | 2.25× | ||
| Q1 25 | 2.61× | — | ||
| Q4 24 | 1.81× | — | ||
| Q3 24 | 1.39× | 6.32× | ||
| Q2 24 | 2.38× | 3.95× | ||
| 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% |
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 13% |
