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Side-by-side financial comparison of H2O AMERICA (HTO) and UPWORK, INC (UPWK). Click either name above to swap in a different company.
H2O AMERICA is the larger business by last-quarter revenue ($199.4M vs $198.4M, roughly 1.0× UPWORK, INC). H2O AMERICA runs the higher net margin — 8.1% vs 7.9%, a 0.3% gap on every dollar of revenue. On growth, UPWORK, INC posted the faster year-over-year revenue change (3.6% vs 1.5%). Over the past eight quarters, H2O AMERICA's revenue compounded faster (15.3% CAGR vs 1.9%).
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.
Upwork Inc. is an American freelancing platform headquartered in Santa Clara and San Francisco, California. The company was formed in 2013 as Elance-oDesk after the merger of Elance Inc. and oDesk Corp. The merged company was subsequently rebranded as Upwork in 2015.
HTO vs UPWK — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $199.4M | $198.4M |
| Net Profit | $16.2M | $15.6M |
| Gross Margin | — | 78.0% |
| Operating Margin | 16.6% | 14.3% |
| Net Margin | 8.1% | 7.9% |
| Revenue YoY | 1.5% | 3.6% |
| Net Profit YoY | -29.2% | -89.4% |
| EPS (diluted) | $0.45 | $0.12 |
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 | $198.4M | ||
| Q3 25 | $243.5M | $201.7M | ||
| Q2 25 | $197.8M | $194.9M | ||
| Q1 25 | $164.9M | $192.7M | ||
| Q4 24 | $196.5M | $191.5M | ||
| Q3 24 | $216.7M | $193.8M | ||
| Q2 24 | $173.1M | $193.1M | ||
| Q1 24 | $150.0M | $190.9M |
| Q4 25 | $16.2M | $15.6M | ||
| Q3 25 | $45.1M | $29.3M | ||
| Q2 25 | $24.7M | $32.7M | ||
| Q1 25 | $16.6M | $37.7M | ||
| Q4 24 | $22.9M | $147.2M | ||
| Q3 24 | $38.7M | $27.8M | ||
| Q2 24 | $20.7M | $22.2M | ||
| Q1 24 | $11.7M | $18.4M |
| Q4 25 | — | 78.0% | ||
| Q3 25 | — | 77.3% | ||
| Q2 25 | — | 77.7% | ||
| Q1 25 | — | 78.3% | ||
| Q4 24 | — | 77.7% | ||
| Q3 24 | — | 77.6% | ||
| Q2 24 | — | 77.3% | ||
| Q1 24 | — | 76.9% |
| Q4 25 | 16.6% | 14.3% | ||
| Q3 25 | 26.5% | 14.8% | ||
| Q2 25 | 22.2% | 16.7% | ||
| Q1 25 | 21.8% | 20.1% | ||
| Q4 24 | 22.2% | 7.1% | ||
| Q3 24 | 26.9% | 10.7% | ||
| Q2 24 | 23.4% | 9.2% | ||
| Q1 24 | 18.6% | 6.8% |
| Q4 25 | 8.1% | 7.9% | ||
| Q3 25 | 18.5% | 14.5% | ||
| Q2 25 | 12.5% | 16.8% | ||
| Q1 25 | 10.0% | 19.6% | ||
| Q4 24 | 11.7% | 76.9% | ||
| Q3 24 | 17.8% | 14.3% | ||
| Q2 24 | 12.0% | 11.5% | ||
| Q1 24 | 7.8% | 9.7% |
| Q4 25 | $0.45 | $0.12 | ||
| Q3 25 | $1.27 | $0.21 | ||
| Q2 25 | $0.71 | $0.24 | ||
| Q1 25 | $0.49 | $0.27 | ||
| Q4 24 | $0.70 | $1.02 | ||
| Q3 24 | $1.17 | $0.20 | ||
| Q2 24 | $0.64 | $0.17 | ||
| Q1 24 | $0.36 | $0.13 |
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 | $672.8M |
| Total DebtLower is stronger | $1.9B | $359.8M |
| Stockholders' EquityBook value | $1.5B | $630.3M |
| Total Assets | $5.1B | $1.3B |
| Debt / EquityLower = less leverage | 1.23× | 0.57× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $20.7M | $672.8M | ||
| Q3 25 | $11.3M | $643.1M | ||
| Q2 25 | $19.8M | $634.6M | ||
| Q1 25 | $23.7M | $622.1M | ||
| Q4 24 | $11.1M | $622.1M | ||
| Q3 24 | $4.0M | $601.2M | ||
| Q2 24 | $22.8M | $497.7M | ||
| Q1 24 | $4.5M | $490.6M |
| Q4 25 | $1.9B | $359.8M | ||
| Q3 25 | — | $359.3M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.7B | $357.9M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.5B | $630.3M | ||
| Q3 25 | $1.5B | $628.1M | ||
| Q2 25 | $1.5B | $608.7M | ||
| Q1 25 | $1.4B | $594.3M | ||
| Q4 24 | $1.4B | $575.4M | ||
| Q3 24 | $1.3B | $411.2M | ||
| Q2 24 | $1.3B | $361.1M | ||
| Q1 24 | $1.2B | $348.9M |
| Q4 25 | $5.1B | $1.3B | ||
| Q3 25 | $5.0B | $1.3B | ||
| Q2 25 | $4.8B | $1.3B | ||
| Q1 25 | $4.7B | $1.2B | ||
| Q4 24 | $4.7B | $1.2B | ||
| Q3 24 | $4.6B | $1.1B | ||
| Q2 24 | $4.4B | $1.0B | ||
| Q1 24 | $4.4B | $1.0B |
| Q4 25 | 1.23× | 0.57× | ||
| Q3 25 | — | 0.57× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.26× | 0.62× | ||
| 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 | $63.7M |
| Free Cash FlowOCF − Capex | — | $63.2M |
| FCF MarginFCF / Revenue | — | 31.9% |
| Capex IntensityCapex / Revenue | — | 0.2% |
| Cash ConversionOCF / Net Profit | 3.92× | 4.07× |
| TTM Free Cash FlowTrailing 4 quarters | — | $242.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $63.5M | $63.7M | ||
| Q3 25 | $77.3M | $75.1M | ||
| Q2 25 | $60.8M | $72.5M | ||
| Q1 25 | $43.2M | $37.0M | ||
| Q4 24 | $41.5M | $38.6M | ||
| Q3 24 | $53.5M | $61.0M | ||
| Q2 24 | $49.3M | $39.2M | ||
| Q1 24 | $51.2M | $14.8M |
| Q4 25 | — | $63.2M | ||
| Q3 25 | — | $74.6M | ||
| Q2 25 | — | $70.1M | ||
| Q1 25 | — | $34.5M | ||
| Q4 24 | — | $37.0M | ||
| Q3 24 | — | $59.8M | ||
| Q2 24 | — | $38.6M | ||
| Q1 24 | — | $14.6M |
| Q4 25 | — | 31.9% | ||
| Q3 25 | — | 37.0% | ||
| Q2 25 | — | 36.0% | ||
| Q1 25 | — | 17.9% | ||
| Q4 24 | — | 19.3% | ||
| Q3 24 | — | 30.8% | ||
| Q2 24 | — | 20.0% | ||
| Q1 24 | — | 7.7% |
| Q4 25 | — | 0.2% | ||
| Q3 25 | — | 0.2% | ||
| Q2 25 | — | 1.2% | ||
| Q1 25 | — | 1.3% | ||
| Q4 24 | — | 0.8% | ||
| Q3 24 | — | 0.6% | ||
| Q2 24 | — | 0.3% | ||
| Q1 24 | — | 0.1% |
| Q4 25 | 3.92× | 4.07× | ||
| Q3 25 | 1.71× | 2.56× | ||
| Q2 25 | 2.47× | 2.22× | ||
| Q1 25 | 2.61× | 0.98× | ||
| Q4 24 | 1.81× | 0.26× | ||
| Q3 24 | 1.39× | 2.20× | ||
| Q2 24 | 2.38× | 1.76× | ||
| Q1 24 | 4.38× | 0.80× |
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% |
UPWK
Segment breakdown not available.
