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California Water Service Group

CWT Utilities Utilities Regulated Water

California Water Service Group’s revenue for fiscal 2025 (year ended December 2025) was $1.0 billion, down 3.54% from fiscal 2024.

Revenue
+6.73%
EPS
+1.76%
Free cash flow
−97.1%
Total debt
+8.28%

Quarter to September 2026, against a year earlier

50.00 0.89 +1.81%
Market cap
$3.1B
P/E
21.8×
Fwd P/E
19.2×
Dividend yield
2.66%
F-score
4/9
Altman Z
0.83
Beneish M
−2.46
Dividend safety
24/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.02
Sold, $m 0.66
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy 1 — — — — — — — — — — —
Sell 1 — — 2 — 2 — — 1 1 — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Size
Market Cap 3,090.00
Revenue ttm 1,075.32
Net income ttm 137.37
Free cash flow ttm (266.92)
Net debt Q 1,556.39
Valuation
P/E 21.84
Forward P/E 19.20
Price / sales 2.85
Forward P/S Powerpack
Price / FCF 0.00
Price / book 1.61
Financial health
Current ratio Q 0.71 (below 1: weak)
Debt / equity Q 0.86
Interest coverage Q 4.10
Growth
Revenue growth Q +6.73% (above 0%: growing)
Operating income growth Q +17.08% (above 0%: growing)
EPS, this year +16.37% (at or above 15%: strong)
EPS, next year A +6.79%
Revenue, next year A +11.18% (at or above 10%: strong)
EPS, past 5 yrs +1.76%
EPS, next 5 yrs A +8.99%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 4.3×, against a ten-year median of 4.4×; over the ten years it ranged from 2.9× in 2016 to 6.0× in 2021.
P/E against its own 10 years 21.72%
10-year low 10-year high
P/S against its own 10 years 33.10%
10-year low 10-year high
P/B against its own 10 years 6.53%
10-year low 10-year high
EV/Sales against its own 10 years 43.08%
10-year low 10-year high

Dividends

Yield
2.66%
Annual rate
1.31
Payout ratio
58.4%
Growth, 2017–25
+2.83%/yr
  1. 0.72 ’17
  2. 0.75 ’18 +4
  3. 0.79 ’19 +5
  4. 0.85 ’20 +8
  5. 0.92 ’21 +8
  6. 1.00 ’22 +9
  7. 1.04 ’23 +4
  8. 1.12 ’24 +8
  9. 0.90 ’25 −20
  10. 1.34 ’26e +49
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 85 96 97 91
Receivables 140 148 178 204
Inventory 16 21 20 18
Other 37 40 40 64
296 324 354 408
2023 2024 2025 Q'26
Payables 179 190 201 298
ST’ Debt 181 277 132 175
Other — — — —
430 538 418 575

Compound Annual Growth %

10y 5y 3y
Sales 5.45% 4.72% 5.72%
Cash Flow 7.64% 20.74% 7.47%
Earnings 11.03% 5.77% 10.12%
Book Value 10.17% 12.93% 8.56%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.22 Actual 1.05

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.36 0.19 Miss by 0.17
Q1 FY26 0.25 0.07 Miss by 0.18
Q2 FY26 0.79 0.93 Beat by 0.14
Q3 FY26 1.22 1.05 Miss by 0.17
Q4 FY26 0.39 — Reports 24 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.07 0.93 1.05 — —
’25 0.22 0.71 1.03 0.19 2.15
’24 1.21 0.70 1.03 0.33 3.25
’23 (0.40) 0.17 0.60 0.52 0.91
’22 0.02 0.36 1.03 0.35 1.77
’21 (0.06) 0.75 1.20 0.07 1.96
’20 (0.42) 0.11 1.94 0.31 1.97
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 215 309 332 — —
’25 204 265 311 220 1,000
’24 271 244 300 222 1,037
’23 131 194 255 215 795
’22 173 206 266 201 846
’21 148 213 257 173 791
’20 126 175 304 189 794
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 49 64 149 — —
’25 38 49 167 48 303
’24 27 94 102 68 291
’23 21 17 106 74 218
’22 54 36 110 44 244
’21 30 38 112 53 232
’20 4 16 77 21 118
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (80) (83) 1 — —
’25 (72) (70) 32 (104) (214)
’24 (83) (10) (16) (70) (180)
’23 (61) (79) 9 (38) (169)
’22 (14) (47) 32 (63) (92)
’21 (37) (34) 42 (33) (61)
’20 (61) (52) (11) (56) (181)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 609 676 698 715 794 791 846 795 1,037 1,000 1,075 +5.7% 1,112 1,160 1,235 +7.3%
Gross margin, % 63.90 64.23 63.79 64.27 65.16 64.92 66.30 63.69 70.04 67.78 68.72 +3.9 pt
EBT 46 74 63 65 97 101 95 51 190 128 136 +12.0%
EBT margin, % 7.59 11.02 9.00 9.03 12.19 12.77 11.25 6.47 18.33 12.78 12.62 +5.2 pt
Net income 49 73 66 63 97 101 95 51 190 128 137 +11.3%
Per share, $
Per share, $ Revenue 12.71 14.08 14.53 14.83 16.12 15.32 15.58 13.95 17.69 16.79 17.23 +3.1%
Earnings 1.02 1.40 1.36 1.31 1.97 1.96 1.77 0.91 3.26 2.15 2.25 +8.6%
Cash flow 3.35 3.08 3.72 3.50 2.39 4.49 4.49 3.82 4.96 5.08 4.97 +4.7%
Capex (4.77) (5.38) (5.65) (5.68) (6.06) (5.68) (6.18) (6.79) (8.03) (8.68) (9.25) +6.9%
Free cash flow (1.42) (2.31) (1.93) (2.18) (3.67) (1.19) (1.69) (2.96) (3.07) (3.60) (4.28) +10.9%
Book value 13.75 14.56 15.19 16.19 18.70 22.70 24.34 25.11 27.95 28.40 30.56 +8.4%
Shares, m 48 48 48 48 49 52 54 57 59 60 61 +2.4%
Valuation, ×
Valuation, × P/E 33.42 29.51 36.83 39.36 27.85 36.66 34.92 58.30 13.86 20.15 21.84 33.1
P/S 2.66 3.17 3.28 3.48 3.35 4.69 3.97 3.72 2.56 2.58 2.85 3.3
P/B 2.45 3.07 3.14 3.18 2.89 3.17 2.54 2.07 1.62 1.53 1.61 2.6
EV/Sales 3.69 4.23 4.47 4.79 4.75 5.98 5.20 5.16 3.80 4.09 4.30 4.6
EV/FCF (33.01) (25.82) (33.72) (32.63) (20.88) (77.01) (47.93) (24.32) (21.91) (19.06) (17.31) (33.6)
Cash, $m
Cash, $m Operating cash flow 160 148 179 169 118 232 244 218 291 303 310 +7.3%
Capex (229) (259) (272) (274) (299) (293) (336) (387) (471) (517) (577) +9.5%
Free cash flow (68) (111) (93) (105) (181) (61) (92) (169) (180) (214) (267) +13.6%
Balance, $m
Balance, $m Working capital (108) (263) (132) (174) (323) 29 1 (134) (214) (64) (167) (5.7%)
Net debt 630 712 833 941 1,112 1,015 1,041 1,148 1,286 1,507 1,556 +10.2%
Shareholders’ equity 659 699 730 780 921 1,172 1,322 1,430 1,638 1,692 1,907 +11.0%
Returns, %
Returns, % ROA 2.09 2.83 2.35 2.12 2.98 2.88 2.43 1.17 3.90 2.36 2.37 +0.3 pt
ROIC 4.01 4.74 4.42 3.61 4.20 3.62 3.38 1.87 4.81 3.33 3.56 (0.7) pt
ROE 7.48 10.74 9.18 8.36 11.38 9.66 7.70 3.77 12.44 7.70 7.61 +0.2 pt
People
People Employees 1,163 1,176 1,184 1,207 1,192 1,182 1,225 1,266 1,278 1,336 — +1.6%
Revenue/emp, $m 0.52 0.57 0.59 0.59 0.67 0.67 0.69 0.63 0.81 0.75 — +4.0%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

California Water Service Group vs peers in Utilities Regulated Water (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
SBS Companhia de saneamento Basico Do Estado De Sao Paulo - Sabesp $15.5B 11.2× 13.7× +46.43% (above 0%: growing) +14.45% (above 0%: growing) −154.90% (below 0%: shrinking) 37.66% 31.04% Compare
WTRG Essential Utilities Inc. $12.5B 22.5× 19.6× +3.10% (above 0%: growing) −2.63% (below 0%: shrinking) −1.23% (below 0%: shrinking) 91.30% 36.41% Compare
AWR American States Water Company $3.4B 23.8× 23.3× +11.18% (above 0%: growing) +26.44% (above 0%: growing) −126.32% (below 0%: shrinking) 79.44% 35.29% Compare
CWT California Water Service Group $3.1B 21.8× 19.2× +6.73% (above 0%: growing) +1.76% (above 0%: growing) −97.13% (below 0%: shrinking) 69.26% 24.89%
HTO H2O America $2.9B 23.2× 20.3× +4.02% (above 0%: growing) −19.23% (below 0%: shrinking) +34.01% (above 0%: growing) 58.72% 24.17% Compare
MSEX Middlesex Water Company $1.1B 20.8× 21.2× +11.30% (above 0%: growing) +23.14% (above 0%: growing) +15.96% (above 0%: growing) 100.00% 36.99% Compare
YORW The York Water Company $514.3M 19.7× 18.8× +22.48% (above 0%: growing) +40.00% (above 0%: growing) +111.16% (above 0%: growing) 100.00% 41.71% Compare
CWCO Consolidated Water Co. Ltd. $439.4M 26.7× 29.6× −2.15% (below 0%: shrinking) −21.88% (below 0%: shrinking) +39.37% (above 0%: growing) 33.35% 11.39% Compare
ARTNA Artesian Resources Corporation $350.4M 14.7× 16.7× +7.41% (above 0%: growing) +4.92% (above 0%: growing) +68.43% (above 0%: growing) 100.00% 28.09% Compare
Median of peers $2.0B 21.6× 20.0× +9.30% +9.68% +24.99% 85.37% 33.17%

All 12 Utilities Regulated Water stocks →

Pay and ownership Proxy statement filed 8 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 6.88m 3.25m 90.04
2024 4.80m 4.68m 97.46
2023 4.86m 3.69m 107.84
2022 3.35m 3.11m 123.71
2021 3.72m 4.50m 144.06
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

California Water Service Group (CWT) Latest News

1 Nov

Impact 3 · · GuruFocus.com

30 Oct

Impact 4 · · MarketBeat
Impact 3 · · Zacks

29 Oct

Impact 4 · · The Motley Fool transcript
Impact 3 · · Associated Press

28 Oct

Impact 4 · · GlobeNewswire

21 Oct

Impact 3 · · Zacks

20 Oct

Impact 4 · · Zacks

15 Oct

Impact 4 · · Zacks
Impact 3 · · GlobeNewswire
Impact 3 · · GlobeNewswire

30 Sep

Impact 3 · · GlobeNewswire

26 Sep

Impact 3 · · Simply Wall St.

15 Sep

Impact 3 ·

11 Sep

Impact 4 ·

10 Sep

Impact 3 ·

31 Aug

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13 Aug

Impact 3 ·

7 Aug

Impact 3 ·

4 Aug

Impact 3 · · The Motley Fool transcript

31 Jul

Impact 4 ·
Impact 3 ·
Impact 3 · · MarketBeat transcript

30 Jul

Impact 4 ·
Impact 3 · · The Motley Fool transcript
Impact 3 · · Moby transcript

29 Jul

Impact 4 ·

17 Jul

Impact 3 ·

4 Jun

Impact 3 · · Simply Wall St.

13 May

Impact 3 · · GlobeNewswire

CWT metrics, ten years each

stockrow.com/CWT · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com