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Side-by-side financial comparison of H2O AMERICA (HTO) and Varex Imaging Corp (VREX). Click either name above to swap in a different company.
Varex Imaging Corp is the larger business by last-quarter revenue ($209.6M vs $199.4M, roughly 1.1× H2O AMERICA). H2O AMERICA runs the higher net margin — 8.1% vs 1.1%, a 7.0% gap on every dollar of revenue. On growth, Varex Imaging Corp posted the faster year-over-year revenue change (4.9% vs 1.5%). Over the past eight quarters, H2O AMERICA's revenue compounded faster (15.3% CAGR vs 0.8%).
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.
Varex Imaging Corp is a global supplier of advanced imaging components and solutions, including X-ray tubes, digital flat panel detectors, and image processing software. Its products serve medical imaging, radiation oncology, and industrial non-destructive testing segments, with customers across key global markets.
HTO vs VREX — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $199.4M | $209.6M |
| Net Profit | $16.2M | $2.3M |
| Gross Margin | — | 33.3% |
| Operating Margin | 16.6% | 7.3% |
| Net Margin | 8.1% | 1.1% |
| Revenue YoY | 1.5% | 4.9% |
| Net Profit YoY | -29.2% | 866.7% |
| EPS (diluted) | $0.45 | $0.05 |
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.
| Q1 26 | — | $209.6M | ||
| Q4 25 | $199.4M | $228.9M | ||
| Q3 25 | $243.5M | $203.0M | ||
| Q2 25 | $197.8M | $212.9M | ||
| Q1 25 | $164.9M | $199.8M | ||
| Q4 24 | $196.5M | — | ||
| Q3 24 | $216.7M | $205.7M | ||
| Q2 24 | $173.1M | $209.1M |
| Q1 26 | — | $2.3M | ||
| Q4 25 | $16.2M | $12.2M | ||
| Q3 25 | $45.1M | $-89.1M | ||
| Q2 25 | $24.7M | $6.9M | ||
| Q1 25 | $16.6M | $-300.0K | ||
| Q4 24 | $22.9M | — | ||
| Q3 24 | $38.7M | $-51.1M | ||
| Q2 24 | $20.7M | $1.4M |
| Q1 26 | — | 33.3% | ||
| Q4 25 | — | 34.0% | ||
| Q3 25 | — | 33.3% | ||
| Q2 25 | — | 36.0% | ||
| Q1 25 | — | 34.3% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 32.6% | ||
| Q2 24 | — | 32.0% |
| Q1 26 | — | 7.3% | ||
| Q4 25 | 16.6% | 8.6% | ||
| Q3 25 | 26.5% | -39.8% | ||
| Q2 25 | 22.2% | 10.4% | ||
| Q1 25 | 21.8% | 5.6% | ||
| Q4 24 | 22.2% | — | ||
| Q3 24 | 26.9% | 5.3% | ||
| Q2 24 | 23.4% | 4.4% |
| Q1 26 | — | 1.1% | ||
| Q4 25 | 8.1% | 5.3% | ||
| Q3 25 | 18.5% | -43.9% | ||
| Q2 25 | 12.5% | 3.2% | ||
| Q1 25 | 10.0% | -0.2% | ||
| Q4 24 | 11.7% | — | ||
| Q3 24 | 17.8% | -24.8% | ||
| Q2 24 | 12.0% | 0.7% |
| Q1 26 | — | $0.05 | ||
| Q4 25 | $0.45 | $0.29 | ||
| Q3 25 | $1.27 | $-2.15 | ||
| Q2 25 | $0.71 | $0.17 | ||
| Q1 25 | $0.49 | $-0.01 | ||
| Q4 24 | $0.70 | — | ||
| Q3 24 | $1.17 | $-1.25 | ||
| Q2 24 | $0.64 | $0.03 |
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 | $125.6M |
| Total DebtLower is stronger | $1.9B | $367.6M |
| Stockholders' EquityBook value | $1.5B | $476.9M |
| Total Assets | $5.1B | $1.1B |
| Debt / EquityLower = less leverage | 1.23× | 0.77× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $125.6M | ||
| Q4 25 | $20.7M | $155.1M | ||
| Q3 25 | $11.3M | $152.6M | ||
| Q2 25 | $19.8M | $223.0M | ||
| Q1 25 | $23.7M | $212.6M | ||
| Q4 24 | $11.1M | — | ||
| Q3 24 | $4.0M | $200.5M | ||
| Q2 24 | $22.8M | $190.0M |
| Q1 26 | — | $367.6M | ||
| Q4 25 | $1.9B | $367.5M | ||
| Q3 25 | — | $367.5M | ||
| Q2 25 | — | $567.2M | ||
| Q1 25 | — | $567.0M | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | — | $443.4M | ||
| Q2 24 | — | $443.1M |
| Q1 26 | — | $476.9M | ||
| Q4 25 | $1.5B | $472.6M | ||
| Q3 25 | $1.5B | $455.3M | ||
| Q2 25 | $1.5B | $549.7M | ||
| Q1 25 | $1.4B | $540.2M | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.3B | $529.1M | ||
| Q2 24 | $1.3B | $581.2M |
| Q1 26 | — | $1.1B | ||
| Q4 25 | $5.1B | $1.1B | ||
| Q3 25 | $5.0B | $1.1B | ||
| Q2 25 | $4.8B | $1.4B | ||
| Q1 25 | $4.7B | $1.3B | ||
| Q4 24 | $4.7B | — | ||
| Q3 24 | $4.6B | $1.2B | ||
| Q2 24 | $4.4B | $1.3B |
| Q1 26 | — | 0.77× | ||
| Q4 25 | 1.23× | 0.78× | ||
| Q3 25 | — | 0.81× | ||
| Q2 25 | — | 1.03× | ||
| Q1 25 | — | 1.05× | ||
| Q4 24 | 1.26× | — | ||
| Q3 24 | — | 0.84× | ||
| Q2 24 | — | 0.76× |
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 | $-16.1M |
| Free Cash FlowOCF − Capex | — | $-26.8M |
| FCF MarginFCF / Revenue | — | -12.8% |
| Capex IntensityCapex / Revenue | — | 5.1% |
| Cash ConversionOCF / Net Profit | 3.92× | -7.00× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-13.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $-16.1M | ||
| Q4 25 | $63.5M | $7.9M | ||
| Q3 25 | $77.3M | $7.7M | ||
| Q2 25 | $60.8M | $16.6M | ||
| Q1 25 | $43.2M | $9.5M | ||
| Q4 24 | $41.5M | — | ||
| Q3 24 | $53.5M | $25.9M | ||
| Q2 24 | $49.3M | $8.0M |
| Q1 26 | — | $-26.8M | ||
| Q4 25 | — | $2.3M | ||
| Q3 25 | — | $1.4M | ||
| Q2 25 | — | $9.8M | ||
| Q1 25 | — | $5.3M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $19.9M | ||
| Q2 24 | — | $3.3M |
| Q1 26 | — | -12.8% | ||
| Q4 25 | — | 1.0% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | — | 4.6% | ||
| Q1 25 | — | 2.7% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 9.7% | ||
| Q2 24 | — | 1.6% |
| Q1 26 | — | 5.1% | ||
| Q4 25 | — | 2.4% | ||
| Q3 25 | — | 3.1% | ||
| Q2 25 | — | 3.2% | ||
| Q1 25 | — | 2.1% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 2.9% | ||
| Q2 24 | — | 2.2% |
| Q1 26 | — | -7.00× | ||
| Q4 25 | 3.92× | 0.65× | ||
| Q3 25 | 1.71× | — | ||
| Q2 25 | 2.47× | 2.41× | ||
| Q1 25 | 2.61× | — | ||
| Q4 24 | 1.81× | — | ||
| Q3 24 | 1.39× | — | ||
| Q2 24 | 2.38× | 5.71× |
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% |
VREX
| Medical Segment | $144.8M | 69% |
| Industrial Segment | $64.8M | 31% |
