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Side-by-side financial comparison of H2O AMERICA (HTO) and INNOVATE Corp. (VATE). Click either name above to swap in a different company.
INNOVATE Corp. is the larger business by last-quarter revenue ($382.7M vs $199.4M, roughly 1.9× H2O AMERICA). H2O AMERICA runs the higher net margin — 8.1% vs -1.9%, a 10.1% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs 1.5%). Over the past eight quarters, H2O AMERICA's revenue compounded faster (15.3% CAGR vs 10.2%).
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.
Innovate Corp. is an American public financial services company founded in 1994.
HTO vs VATE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $199.4M | $382.7M |
| Net Profit | $16.2M | $-7.4M |
| Gross Margin | — | 15.4% |
| Operating Margin | 16.6% | 3.7% |
| Net Margin | 8.1% | -1.9% |
| Revenue YoY | 1.5% | 61.7% |
| Net Profit YoY | -29.2% | 55.4% |
| EPS (diluted) | $0.45 | $-0.57 |
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 | $382.7M | ||
| Q3 25 | $243.5M | $347.1M | ||
| Q2 25 | $197.8M | $242.0M | ||
| Q1 25 | $164.9M | $274.2M | ||
| Q4 24 | $196.5M | $236.6M | ||
| Q3 24 | $216.7M | $242.2M | ||
| Q2 24 | $173.1M | $313.1M | ||
| Q1 24 | $150.0M | $315.2M |
| Q4 25 | $16.2M | $-7.4M | ||
| Q3 25 | $45.1M | $-8.9M | ||
| Q2 25 | $24.7M | $-19.8M | ||
| Q1 25 | $16.6M | $-24.5M | ||
| Q4 24 | $22.9M | $-16.6M | ||
| Q3 24 | $38.7M | $-15.0M | ||
| Q2 24 | $20.7M | $14.4M | ||
| Q1 24 | $11.7M | $-17.4M |
| Q4 25 | — | 15.4% | ||
| Q3 25 | — | 14.3% | ||
| Q2 25 | — | 18.8% | ||
| Q1 25 | — | 16.6% | ||
| Q4 24 | — | 19.6% | ||
| Q3 24 | — | 19.9% | ||
| Q2 24 | — | 21.0% | ||
| Q1 24 | — | 15.4% |
| Q4 25 | 16.6% | 3.7% | ||
| Q3 25 | 26.5% | 1.8% | ||
| Q2 25 | 22.2% | 2.0% | ||
| Q1 25 | 21.8% | 1.2% | ||
| Q4 24 | 22.2% | 1.1% | ||
| Q3 24 | 26.9% | 2.4% | ||
| Q2 24 | 23.4% | 9.2% | ||
| Q1 24 | 18.6% | 0.9% |
| Q4 25 | 8.1% | -1.9% | ||
| Q3 25 | 18.5% | -2.6% | ||
| Q2 25 | 12.5% | -8.2% | ||
| Q1 25 | 10.0% | -8.9% | ||
| Q4 24 | 11.7% | -7.0% | ||
| Q3 24 | 17.8% | -6.2% | ||
| Q2 24 | 12.0% | 4.6% | ||
| Q1 24 | 7.8% | -5.5% |
| Q4 25 | $0.45 | $-0.57 | ||
| Q3 25 | $1.27 | $-0.71 | ||
| Q2 25 | $0.71 | $-1.67 | ||
| Q1 25 | $0.49 | $-1.89 | ||
| Q4 24 | $0.70 | $-0.72 | ||
| Q3 24 | $1.17 | $-1.18 | ||
| Q2 24 | $0.64 | $1.03 | ||
| Q1 24 | $0.36 | $-2.21 |
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 | $112.1M |
| Total DebtLower is stronger | $1.9B | $80.3M |
| Stockholders' EquityBook value | $1.5B | $-240.1M |
| Total Assets | $5.1B | $950.1M |
| Debt / EquityLower = less leverage | 1.23× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $20.7M | $112.1M | ||
| Q3 25 | $11.3M | $35.5M | ||
| Q2 25 | $19.8M | $33.4M | ||
| Q1 25 | $23.7M | $33.3M | ||
| Q4 24 | $11.1M | $48.8M | ||
| Q3 24 | $4.0M | $51.0M | ||
| Q2 24 | $22.8M | $80.2M | ||
| Q1 24 | $4.5M | $38.4M |
| Q4 25 | $1.9B | $80.3M | ||
| Q3 25 | — | $97.3M | ||
| Q2 25 | — | $160.1M | ||
| Q1 25 | — | $139.9M | ||
| Q4 24 | $1.7B | $500.6M | ||
| Q3 24 | — | $502.4M | ||
| Q2 24 | — | $638.3M | ||
| Q1 24 | — | $641.5M |
| Q4 25 | $1.5B | $-240.1M | ||
| Q3 25 | $1.5B | $-233.3M | ||
| Q2 25 | $1.5B | $-224.8M | ||
| Q1 25 | $1.4B | $-204.2M | ||
| Q4 24 | $1.4B | $-180.4M | ||
| Q3 24 | $1.3B | $-163.1M | ||
| Q2 24 | $1.3B | $-149.0M | ||
| Q1 24 | $1.2B | $-184.4M |
| Q4 25 | $5.1B | $950.1M | ||
| Q3 25 | $5.0B | $913.2M | ||
| Q2 25 | $4.8B | $890.9M | ||
| Q1 25 | $4.7B | $868.0M | ||
| Q4 24 | $4.7B | $891.1M | ||
| Q3 24 | $4.6B | $897.2M | ||
| Q2 24 | $4.4B | $898.9M | ||
| Q1 24 | $4.4B | $943.5M |
| 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 | $101.1M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 3.92× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $63.5M | $101.1M | ||
| Q3 25 | $77.3M | $19.2M | ||
| Q2 25 | $60.8M | $40.4M | ||
| Q1 25 | $43.2M | $-14.1M | ||
| Q4 24 | $41.5M | $41.4M | ||
| Q3 24 | $53.5M | $-28.4M | ||
| Q2 24 | $49.3M | $21.5M | ||
| Q1 24 | $51.2M | $-25.4M |
| Q4 25 | — | — | ||
| Q3 25 | — | $19.0M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $-18.8M | ||
| Q4 24 | — | $34.2M | ||
| Q3 24 | — | $-31.5M | ||
| Q2 24 | — | $18.4M | ||
| Q1 24 | — | $-31.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | 5.5% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -6.9% | ||
| Q4 24 | — | 14.5% | ||
| Q3 24 | — | -13.0% | ||
| Q2 24 | — | 5.9% | ||
| Q1 24 | — | -9.8% |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.1% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 1.7% | ||
| Q4 24 | — | 3.0% | ||
| Q3 24 | — | 1.3% | ||
| Q2 24 | — | 1.0% | ||
| Q1 24 | — | 1.8% |
| Q4 25 | 3.92× | — | ||
| Q3 25 | 1.71× | — | ||
| Q2 25 | 2.47× | — | ||
| Q1 25 | 2.61× | — | ||
| Q4 24 | 1.81× | — | ||
| Q3 24 | 1.39× | — | ||
| Q2 24 | 2.38× | 1.49× | ||
| 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% |
VATE
| Commercial Revenue | $126.1M | 33% |
| Industrial Revenue | $87.5M | 23% |
| Transportation Revenue | $58.4M | 15% |
| Healthcare Revenue | $48.4M | 13% |
| Government Revenue | $44.3M | 12% |
| Energy Revenue | $8.0M | 2% |
| Broadcast Station Revenue | $5.7M | 1% |
| Systems And Consumables Revenue | $3.1M | 1% |
| Leisure Revenue | $200.0K | 0% |
