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California Water Service Group

CWT Utilities Utilities Regulated Water

In the quarter to June 2026, revenue grew 16.5%, EPS grew 32.4%, free cash flow fell 18.3% and total debt rose 9.18%, each against the same quarter a year earlier. Insiders bought in the last twelve months.

45.94 0.34 +0.75%
Market cap
$2.8B
P/E
20.6×
Fwd P/E
18.7×
Dividend yield
2.84%
F-score
4/9
Altman Z
0.83
Beneish M
−2.46
Dividend safety
24/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 0.02
Total sells 0.66
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — 1 — — — — — — — — — —
Sell — 1 — — 2 — 2 — — 1 1 —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Market Cap 2,820.00
Revenue 1,054.38
Net Income 133.09
Free Cash Flow (235.73)
Net Debt 1,588.40
Current Ratio 0.70 (below 1: weak)
Debt/Equity 0.93
P/E ratio 20.61
Fwd P/E 18.70
P/S ratio 2.63
P/B ratio 1.53
Past 5Y EPS Growth 1.76%
This Y EPS Growth 18.51% (at or above 15%: strong)
Next Y EPS Growth 5.97%
Next Y revenue growth 9.28%
Next 5Y EPS Growth 9.07%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 4.1×, 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 15.92%
10-year low 10-year high
P/S against its own 10 years 12.22%
10-year low 10-year high
P/B against its own 10 years 1.33%
10-year low 10-year high
EV/Sales against its own 10 years 31.06%
10-year low 10-year high

Dividends

Payout Ratio 0.59
Annual Dividend Rate 1.31
Annual Dividend Yield 2.84%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 1.34
0.34
0.34
0.34
2025 1.24
0.04
0.30
0.30
0.30
2024 1.12
0.28
0.28
0.28
0.28
2023 1.04
0.26
0.26
0.26
0.26
2022 1.00
0.25
0.25
0.25
0.25
2021 0.92
0.23
0.23
0.23
0.23
2020 0.85
0.21
0.21
0.21
0.21
2019 0.79
0.20
0.20
0.20
0.20
2018 0.75
0.19
0.19
0.19
0.19
2017 0.72
0.18
0.18
0.18
0.18
2016 0.69
0.17
0.17
0.17
0.17
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 85 96 97 89
Receivables 140 148 178 212
Inventory 16 21 20 18
Other 37 40 40 57
296 324 354 407
2023 2024 2025 Q'26
Payables 179 190 201 296
ST’ Debt 181 277 132 206
Other — — — —
430 538 418 581

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%

Revenue $m

Mar Jun Sep Dec Year
’26 215 309 — — —
’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 — — —
’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) — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 0.07 0.93 — — —
’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.

Target Price Range

Analyst price targets

Recommendation Rating

1.6
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 22.48 32.45 35.25 44.60 39.74 51.02 48.46 45.44 43.50 41.29

Analyst estimates 2026–2028

Powerpack
High 36.85 46.15 49.07 57.48 57.36 72.08 71.96 63.92 56.25 51.63
People
People Employees 1,163 1,176 1,184 1,207 1,192 1,182 1,225 1,266 1,278 1,336
Revenue/emp, $m 0.52 0.57 0.59 0.59 0.67 0.67 0.69 0.63 0.81 0.75
Income, $m
Income, $m Revenue 609 676 698 715 794 791 846 795 1,037 1,000
Gross margin, % 63.90 64.23 63.79 64.27 65.16 64.92 66.30 63.69 70.04 67.78
EBT 46 74 63 65 97 101 95 51 190 128
EBT margin, % 7.59 11.02 9.00 9.03 12.19 12.77 11.25 6.47 18.33 12.78
Net income 49 73 66 63 97 101 95 51 190 128
Depreciation 66 80 87 92 101 112 118 123 134 147
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
Earnings 1.02 1.40 1.36 1.31 1.97 1.96 1.77 0.91 3.26 2.15
Cash flow 3.35 3.08 3.72 3.50 2.39 4.49 4.49 3.82 4.96 5.08
Capex (4.77) (5.38) (5.65) (5.68) (6.06) (5.68) (6.18) (6.79) (8.03) (8.68)
Free cash flow (1.42) (2.31) (1.93) (2.18) (3.67) (1.19) (1.69) (2.96) (3.07) (3.60)
Book value 13.75 14.56 15.19 16.19 18.70 22.70 24.34 25.11 27.95 28.40
Shares, m 48 48 48 48 49 52 54 57 59 60
Valuation, ×
Valuation, × P/E 33.42 29.51 36.83 39.36 27.85 36.66 34.92 58.30 13.86 20.15
P/S 2.66 3.17 3.28 3.48 3.35 4.69 3.97 3.72 2.56 2.58
P/B 2.45 3.07 3.14 3.18 2.89 3.17 2.54 2.07 1.62 1.53
EV/Sales 3.69 4.23 4.47 4.79 4.75 5.98 5.20 5.16 3.80 4.09
EV/FCF (33.01) (25.82) (33.72) (32.63) (20.88) (77.01) (47.93) (24.32) (21.91) (19.06)
Cash, $m
Cash, $m Operating cash flow 160 148 179 169 118 232 244 218 291 303
Capex (229) (259) (272) (274) (299) (293) (336) (387) (471) (517)
Free cash flow (68) (111) (93) (105) (181) (61) (92) (169) (180) (214)
Balance, $m
Balance, $m Working capital (108) (263) (132) (174) (323) 29 1 (134) (214) (64)
Total debt 655 807 880 984 1,156 1,096 1,126 1,233 1,382 1,604
Net debt 630 712 833 941 1,112 1,015 1,041 1,148 1,286 1,507
Shareholders’ equity 659 699 730 780 921 1,172 1,322 1,430 1,638 1,692
Returns, %
Returns, % ROA 2.09 2.83 2.35 2.12 2.98 2.88 2.43 1.17 3.90 2.36
ROIC 4.01 4.74 4.42 3.61 4.20 3.62 3.38 1.87 4.81 3.33
ROE 7.48 10.74 9.18 8.36 11.38 9.66 7.70 3.77 12.44 7.70
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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 $23.1B 17.1× 15.6× +46.43% (above 0%: growing) +14.45% (above 0%: growing) −154.90% (below 0%: shrinking) 37.66% 31.04% Compare
WTRG Essential Utilities Inc. $11.0B 19.9× 16.9× +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 $3.2B 22.5× 21.1× +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 $2.8B 20.6× 18.7× +16.47% (above 0%: growing) +32.39% (above 0%: growing) −18.32% (below 0%: shrinking) 70.24% 22.97%
HTO H2O America $2.4B 20.5× 20.4× +6.16% (above 0%: growing) −9.86% (below 0%: shrinking) +14.08% (above 0%: growing) 59.39% 20.31% Compare
MSEX Middlesex Water Company $1.0B 20.6× 21.2× +14.26% (above 0%: growing) +31.67% (above 0%: growing) −22.41% (below 0%: shrinking) 100.00% 32.35% Compare
YORW The York Water Company $502.6M 19.3× 18.9× +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. $485.6M 29.7× 31.8× −2.15% (below 0%: shrinking) −21.88% (below 0%: shrinking) +39.37% (above 0%: growing) 33.35% 11.39% Compare
ARTNA Artesian Resources Corporation $346.8M 14.6× 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 $1.7B 20.2× 19.7× +9.30% +9.68% +6.43% 85.37% 31.70%

All 13 Utilities Regulated Water stocks →

California Water Service Group (CWT) key facts

  • California Water Service Group (CWT) is an Utilities Regulated Water company in the Utilities sector, listed on the New York Stock Exchange.
  • As of October 9, 2026, CWT traded at $45.94, a market capitalization of $2.8 billion.
  • California Water Service Group pays an annual dividend of $1.31 per share, a yield of 2.84%, with a payout ratio of 58.8%.
  • Return on equity was 7.70% and debt-to-equity 0.93.
  • Its Piotroski F-score is 4 out of 9 and its Altman Z-score is 0.83 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

California Water Service Group (CWT) Latest News

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stockrow.com/CWT · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com