vs
Side-by-side financial comparison of H2O AMERICA (HTO) and Terreno Realty Corp (TRNO). Click either name above to swap in a different company.
H2O AMERICA is the larger business by last-quarter revenue ($199.4M vs $137.5M, roughly 1.5× Terreno Realty Corp). Terreno Realty Corp runs the higher net margin — 115.1% vs 8.1%, a 106.9% gap on every dollar of revenue. On growth, Terreno Realty Corp posted the faster year-over-year revenue change (32.6% vs 1.5%). Over the past eight quarters, Terreno Realty Corp's revenue compounded faster (27.2% 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.
Terreno Realty Corp is a publicly traded real estate investment trust that specializes in owning, operating, and acquiring high-quality industrial real estate assets. Its portfolio mainly includes distribution warehouses and logistics facilities located in high-demand coastal U.S. metropolitan markets, serving tenants across e-commerce, last-mile delivery, retail supply chain, and light manufacturing segments.
HTO vs TRNO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $199.4M | $137.5M |
| Net Profit | $16.2M | $158.2M |
| Gross Margin | — | — |
| Operating Margin | 16.6% | — |
| Net Margin | 8.1% | 115.1% |
| Revenue YoY | 1.5% | 32.6% |
| Net Profit YoY | -29.2% | 107.9% |
| EPS (diluted) | $0.45 | $1.54 |
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 | $137.5M | ||
| Q3 25 | $243.5M | $116.2M | ||
| Q2 25 | $197.8M | $112.2M | ||
| Q1 25 | $164.9M | $110.4M | ||
| Q4 24 | $196.5M | $103.7M | ||
| Q3 24 | $216.7M | $99.6M | ||
| Q2 24 | $173.1M | $94.2M | ||
| Q1 24 | $150.0M | $85.0M |
| Q4 25 | $16.2M | $158.2M | ||
| Q3 25 | $45.1M | $103.4M | ||
| Q2 25 | $24.7M | $93.3M | ||
| Q1 25 | $16.6M | $48.1M | ||
| Q4 24 | $22.9M | $76.1M | ||
| Q3 24 | $38.7M | $36.6M | ||
| Q2 24 | $20.7M | $35.7M | ||
| Q1 24 | $11.7M | $36.1M |
| Q4 25 | 16.6% | — | ||
| Q3 25 | 26.5% | — | ||
| Q2 25 | 22.2% | — | ||
| Q1 25 | 21.8% | — | ||
| Q4 24 | 22.2% | — | ||
| Q3 24 | 26.9% | — | ||
| Q2 24 | 23.4% | — | ||
| Q1 24 | 18.6% | — |
| Q4 25 | 8.1% | 115.1% | ||
| Q3 25 | 18.5% | 88.9% | ||
| Q2 25 | 12.5% | 83.1% | ||
| Q1 25 | 10.0% | 43.6% | ||
| Q4 24 | 11.7% | 73.4% | ||
| Q3 24 | 17.8% | 36.8% | ||
| Q2 24 | 12.0% | 37.9% | ||
| Q1 24 | 7.8% | 42.4% |
| Q4 25 | $0.45 | $1.54 | ||
| Q3 25 | $1.27 | $1.00 | ||
| Q2 25 | $0.71 | $0.90 | ||
| Q1 25 | $0.49 | $0.47 | ||
| Q4 24 | $0.70 | $0.78 | ||
| Q3 24 | $1.17 | $0.37 | ||
| Q2 24 | $0.64 | $0.37 | ||
| Q1 24 | $0.36 | $0.40 |
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 | $25.0M |
| Total DebtLower is stronger | $1.9B | $943.3M |
| Stockholders' EquityBook value | $1.5B | $4.1B |
| Total Assets | $5.1B | $5.4B |
| Debt / EquityLower = less leverage | 1.23× | 0.23× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $20.7M | $25.0M | ||
| Q3 25 | $11.3M | $26.2M | ||
| Q2 25 | $19.8M | $128.4M | ||
| Q1 25 | $23.7M | $156.5M | ||
| Q4 24 | $11.1M | $18.1M | ||
| Q3 24 | $4.0M | $243.7M | ||
| Q2 24 | $22.8M | $182.0M | ||
| Q1 24 | $4.5M | $649.6M |
| Q4 25 | $1.9B | $943.3M | ||
| Q3 25 | — | $1.0B | ||
| Q2 25 | — | $742.4M | ||
| Q1 25 | — | $741.9M | ||
| Q4 24 | $1.7B | $823.4M | ||
| Q3 24 | — | $672.2M | ||
| Q2 24 | — | $772.0M | ||
| Q1 24 | — | $771.8M |
| Q4 25 | $1.5B | $4.1B | ||
| Q3 25 | $1.5B | $4.0B | ||
| Q2 25 | $1.5B | $3.9B | ||
| Q1 25 | $1.4B | $3.9B | ||
| Q4 24 | $1.4B | $3.7B | ||
| Q3 24 | $1.3B | $3.6B | ||
| Q2 24 | $1.3B | $3.4B | ||
| Q1 24 | $1.2B | $3.4B |
| Q4 25 | $5.1B | $5.4B | ||
| Q3 25 | $5.0B | $5.3B | ||
| Q2 25 | $4.8B | $5.0B | ||
| Q1 25 | $4.7B | $4.9B | ||
| Q4 24 | $4.7B | $4.8B | ||
| Q3 24 | $4.6B | $4.6B | ||
| Q2 24 | $4.4B | $4.5B | ||
| Q1 24 | $4.4B | $4.4B |
| Q4 25 | 1.23× | 0.23× | ||
| Q3 25 | — | 0.26× | ||
| Q2 25 | — | 0.19× | ||
| Q1 25 | — | 0.19× | ||
| Q4 24 | 1.26× | 0.22× | ||
| Q3 24 | — | 0.19× | ||
| Q2 24 | — | 0.22× | ||
| Q1 24 | — | 0.22× |
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 | $271.9M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 3.92× | 1.72× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $63.5M | $271.9M | ||
| Q3 25 | $77.3M | $79.5M | ||
| Q2 25 | $60.8M | $60.6M | ||
| Q1 25 | $43.2M | $61.4M | ||
| Q4 24 | $41.5M | $232.7M | ||
| Q3 24 | $53.5M | $70.0M | ||
| Q2 24 | $49.3M | $64.3M | ||
| Q1 24 | $51.2M | $47.0M |
| Q4 25 | 3.92× | 1.72× | ||
| Q3 25 | 1.71× | 0.77× | ||
| Q2 25 | 2.47× | 0.65× | ||
| Q1 25 | 2.61× | 1.28× | ||
| Q4 24 | 1.81× | 3.06× | ||
| Q3 24 | 1.39× | 1.91× | ||
| Q2 24 | 2.38× | 1.80× | ||
| Q1 24 | 4.38× | 1.30× |
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% |
TRNO
| Disposal Group Disposed Of By Sale Not Discontinued Operations | $109.5M | 80% |
| Other | $23.8M | 17% |
| At Market Equity Offering Program500Million | $4.1M | 3% |
