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Side-by-side financial comparison of H2O AMERICA (HTO) and Upstart Holdings, Inc. (UPST). Click either name above to swap in a different company.
Upstart Holdings, Inc. is the larger business by last-quarter revenue ($296.1M vs $199.4M, roughly 1.5× H2O AMERICA). H2O AMERICA runs the higher net margin — 8.1% vs 6.3%, a 1.8% gap on every dollar of revenue. On growth, Upstart Holdings, Inc. posted the faster year-over-year revenue change (35.2% vs 1.5%). Over the past eight quarters, Upstart Holdings, Inc.'s revenue compounded faster (52.2% 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.
Upstart is an AI lending platform that partners with banks and credit unions to provide consumer loans using non-traditional variables, such as education and employment, to predict creditworthiness.
HTO vs UPST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $199.4M | $296.1M |
| Net Profit | $16.2M | $18.6M |
| Gross Margin | — | — |
| Operating Margin | 16.6% | 6.4% |
| Net Margin | 8.1% | 6.3% |
| Revenue YoY | 1.5% | 35.2% |
| Net Profit YoY | -29.2% | 776.4% |
| EPS (diluted) | $0.45 | $0.20 |
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 | $296.1M | ||
| Q3 25 | $243.5M | $277.1M | ||
| Q2 25 | $197.8M | $257.3M | ||
| Q1 25 | $164.9M | $213.4M | ||
| Q4 24 | $196.5M | $219.0M | ||
| Q3 24 | $216.7M | $162.1M | ||
| Q2 24 | $173.1M | $127.6M | ||
| Q1 24 | $150.0M | $127.8M |
| Q4 25 | $16.2M | $18.6M | ||
| Q3 25 | $45.1M | $31.8M | ||
| Q2 25 | $24.7M | $5.6M | ||
| Q1 25 | $16.6M | $-2.4M | ||
| Q4 24 | $22.9M | $-2.8M | ||
| Q3 24 | $38.7M | $-6.8M | ||
| Q2 24 | $20.7M | $-54.5M | ||
| Q1 24 | $11.7M | $-64.6M |
| Q4 25 | 16.6% | 6.4% | ||
| Q3 25 | 26.5% | 8.5% | ||
| Q2 25 | 22.2% | 1.8% | ||
| Q1 25 | 21.8% | -2.1% | ||
| Q4 24 | 22.2% | -2.2% | ||
| Q3 24 | 26.9% | -27.8% | ||
| Q2 24 | 23.4% | -43.5% | ||
| Q1 24 | 18.6% | -52.8% |
| Q4 25 | 8.1% | 6.3% | ||
| Q3 25 | 18.5% | 11.5% | ||
| Q2 25 | 12.5% | 2.2% | ||
| Q1 25 | 10.0% | -1.1% | ||
| Q4 24 | 11.7% | -1.3% | ||
| Q3 24 | 17.8% | -4.2% | ||
| Q2 24 | 12.0% | -42.7% | ||
| Q1 24 | 7.8% | -50.5% |
| Q4 25 | $0.45 | $0.20 | ||
| Q3 25 | $1.27 | $0.23 | ||
| Q2 25 | $0.71 | $0.05 | ||
| Q1 25 | $0.49 | $-0.03 | ||
| Q4 24 | $0.70 | $-0.01 | ||
| Q3 24 | $1.17 | $-0.07 | ||
| Q2 24 | $0.64 | $-0.62 | ||
| Q1 24 | $0.36 | $-0.74 |
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 | $652.4M |
| Total DebtLower is stronger | $1.9B | — |
| Stockholders' EquityBook value | $1.5B | $798.8M |
| Total Assets | $5.1B | $3.0B |
| Debt / EquityLower = less leverage | 1.23× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $20.7M | $652.4M | ||
| Q3 25 | $11.3M | $489.8M | ||
| Q2 25 | $19.8M | $395.9M | ||
| Q1 25 | $23.7M | $599.8M | ||
| Q4 24 | $11.1M | $788.4M | ||
| Q3 24 | $4.0M | — | ||
| Q2 24 | $22.8M | — | ||
| Q1 24 | $4.5M | — |
| Q4 25 | $1.9B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.5B | $798.8M | ||
| Q3 25 | $1.5B | $743.7M | ||
| Q2 25 | $1.5B | $722.0M | ||
| Q1 25 | $1.4B | $676.6M | ||
| Q4 24 | $1.4B | $633.2M | ||
| Q3 24 | $1.3B | $595.5M | ||
| Q2 24 | $1.3B | $594.7M | ||
| Q1 24 | $1.2B | $612.8M |
| Q4 25 | $5.1B | $3.0B | ||
| Q3 25 | $5.0B | $2.9B | ||
| Q2 25 | $4.8B | $2.5B | ||
| Q1 25 | $4.7B | $2.3B | ||
| Q4 24 | $4.7B | $2.4B | ||
| Q3 24 | $4.6B | $1.8B | ||
| Q2 24 | $4.4B | $1.8B | ||
| Q1 24 | $4.4B | $1.9B |
| 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 | $108.6M |
| Free Cash FlowOCF − Capex | — | $108.4M |
| FCF MarginFCF / Revenue | — | 36.6% |
| Capex IntensityCapex / Revenue | — | 0.1% |
| Cash ConversionOCF / Net Profit | 3.92× | 5.82× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $63.5M | $108.6M | ||
| Q3 25 | $77.3M | $-122.6M | ||
| Q2 25 | $60.8M | $-120.2M | ||
| Q1 25 | $43.2M | $-13.5M | ||
| Q4 24 | $41.5M | $-110.9M | ||
| Q3 24 | $53.5M | $179.3M | ||
| Q2 24 | $49.3M | $65.3M | ||
| Q1 24 | $51.2M | $52.6M |
| Q4 25 | — | $108.4M | ||
| Q3 25 | — | $-122.7M | ||
| Q2 25 | — | $-120.3M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $179.2M | ||
| Q2 24 | — | $65.3M | ||
| Q1 24 | — | $51.9M |
| Q4 25 | — | 36.6% | ||
| Q3 25 | — | -44.3% | ||
| Q2 25 | — | -46.7% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 110.5% | ||
| Q2 24 | — | 51.1% | ||
| Q1 24 | — | 40.6% |
| Q4 25 | — | 0.1% | ||
| Q3 25 | — | 0.0% | ||
| Q2 25 | — | 0.0% | ||
| Q1 25 | — | 0.0% | ||
| Q4 24 | — | 0.0% | ||
| Q3 24 | — | 0.1% | ||
| Q2 24 | — | 0.0% | ||
| Q1 24 | — | 0.5% |
| Q4 25 | 3.92× | 5.82× | ||
| Q3 25 | 1.71× | -3.86× | ||
| Q2 25 | 2.47× | -21.43× | ||
| Q1 25 | 2.61× | — | ||
| Q4 24 | 1.81× | — | ||
| Q3 24 | 1.39× | — | ||
| Q2 24 | 2.38× | — | ||
| 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% |
UPST
| Personal Lending Segment | $201.4M | 68% |
| Servicing Fees Net | $39.5M | 13% |
| Servicing Fees | $27.5M | 9% |
| Other | $15.7M | 5% |
| Borrower Fees | $8.4M | 3% |
| Collection Agency Fees | $3.5M | 1% |
