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H2O America

HTO Utilities Utilities Regulated Water

H2O America’s revenue for fiscal 2025 (year ended December 2025) was $800.6 million, up 6.97% from fiscal 2024.

Revenue
+4.02%
EPS
−19.2%
Free cash flow
+34.0%
Total debt
+9.90%

Quarter to September 2026, against a year earlier

62.72 2.08 +3.43%
Market cap
$2.9B
P/E
23.2×
Fwd P/E
20.3×
Dividend yield
3.59%
F-score
5/9
Altman Z
0.69
Beneish M
−2.72
Dividend safety
36/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 8.04
Sold, $m 0.18
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — 2 1 — 2 — — — —
Sell — — — — — 1 — 1 — — — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Size
Market Cap 2,930.00
Revenue ttm 838.18
Net income ttm 104.87
Free cash flow ttm (246.74)
Net debt Q 1,516.59
Valuation
P/E 23.19
Forward P/E 20.30
Price / sales 3.04
Forward P/S Powerpack
Price / FCF 0.00
Price / book 1.16
Financial health
Current ratio Q 1.90 (at or above 1.5: strong)
Debt / equity Q 0.95
Interest coverage Q 3.33
Growth
Revenue growth Q +4.02% (above 0%: growing)
Operating income growth Q −6.40% (below 0%: shrinking)
EPS, this year −2.66% (below 0%: weak)
EPS, next year A −3.40% (below 0%: weak)
Revenue, next year A +7.93%
EPS, past 5 yrs +6.41%
EPS, next 5 yrs A +5.67%

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 4.8×, against a ten-year median of 5.0×; over the ten years it ranged from 3.2× in 2018 to 8.3× in 2020.
P/E against its own 10 years 50.09%
10-year low 10-year high
P/S against its own 10 years 41.17%
10-year low 10-year high
P/B against its own 10 years 4.00%
10-year low 10-year high
EV/Sales against its own 10 years 45.76%
10-year low 10-year high

Dividends raised every year since 2018

Yield
3.59%
Annual rate
2.18
Payout ratio
85.5%
Growth, 2018–26
+5.81%/yr
  1. 1.12 ’18
  2. 1.20 ’19 +7
  3. 1.28 ’20 +7
  4. 1.36 ’21 +6
  5. 1.44 ’22 +6
  6. 1.52 ’23 +6
  7. 1.60 ’24 +5
  8. 1.68 ’25 +5
  9. 1.76 ’26 +5
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 10 11 21 573
Receivables 77 82 73 96
Inventory — — — —
Other 101 88 85 94
198 191 191 778
2023 2024 2025 Q'26
Payables 46 56 75 88
ST’ Debt 220 123 110 208
Other 24 24 21 32
343 261 273 410

Compound Annual Growth %

10y 5y 3y
Sales 10.13% 7.24% 8.85%
Cash Flow 9.57% 18.66% 13.78%
Earnings 10.47% 10.77% 11.59%
Book Value 14.91% 10.93% 11.52%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.06 Actual 1.04

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 1.15 1.27 Beat by 0.12
Q1 FY26 0.48 0.50 Beat by 0.02
Q2 FY26 0.70 0.72 Beat by 0.02
Q3 FY26 1.06 1.04 Miss by 0.02
Q4 FY26 0.81 — Reports 24 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.49 0.62 0.99 — —
’25 0.49 0.71 1.27 0.45 2.92
’24 0.36 0.64 1.17 0.68 2.87
’23 0.37 0.58 1.13 0.59 2.68
’22 0.12 0.38 0.82 1.09 2.43
’21 0.09 0.69 0.64 0.60 2.03
’20 0.08 0.69 0.91 0.46 2.14
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 183 210 250 — —
’25 168 198 241 194 801
’24 149 176 225 198 748
’23 137 157 205 171 670
’22 124 149 176 171 621
’21 115 152 167 140 574
’20 116 147 166 136 565
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 44 61 80 — —
’25 43 61 77 64 245
’24 51 49 54 41 196
’23 51 47 62 32 191
’22 45 38 46 37 166
’21 33 34 33 30 130
’20 8 24 38 33 104
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (49) (61) (50) — —
’25 (41) (71) (76) (87) (275)
’24 (22) (47) (47) (65) (182)
’23 (4) (23) (23) (72) (122)
’22 (3) (28) (18) (27) (75)
’21 (18) (19) (41) (25) (104)
’20 (34) (13) (22) (39) (108)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.8
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 340 389 398 420 565 574 621 670 748 801 838 +10.0% 864 929 1,020 +8.4%
Gross margin, % 63.02 59.37 57.57 58.20 60.00 60.07 62.50 61.78 60.98 61.13 60.84 (1.9) pt
EBT 86 96 49 32 70 69 82 91 103 115 116 +3.2%
EBT margin, % 25.43 24.79 12.28 7.63 12.38 12.00 13.26 13.57 13.75 14.36 13.82 (11.1) pt
Net income 53 61 39 24 62 60 74 85 94 103 105 +7.6%
Per share, $
Per share, $ Revenue 16.62 18.98 18.75 14.78 19.79 19.38 20.48 21.23 22.89 22.87 19.98 +3.6%
Earnings 2.59 2.89 1.83 0.82 2.16 2.04 2.44 2.69 2.87 2.93 2.62 +1.4%
Cash flow 5.61 4.93 4.31 4.57 3.65 4.39 5.48 6.04 5.98 6.99 5.92 +2.5%
Capex (6.96) (7.27) (6.81) (6.23) (7.42) (7.89) (7.96) (9.91) (11.54) (14.85) (11.80) +8.8%
Free cash flow (1.35) (2.34) (2.50) (1.66) (3.77) (3.50) (2.48) (3.87) (5.56) (7.86) (5.88) +21.6%
Book value 20.63 22.59 41.92 31.29 32.16 34.95 36.66 39.06 41.80 44.02 52.46 +8.8%
Shares, m 20 21 21 28 29 30 30 32 33 35 39 +6.2%
Valuation, ×
Valuation, × P/E 21.29 22.04 30.23 85.61 32.26 36.06 33.84 24.50 17.21 16.78 23.19 32.0
P/S 3.32 3.34 2.97 4.81 3.50 3.78 4.01 3.09 2.15 2.14 3.04 3.3
P/B 2.67 2.81 1.33 2.27 2.16 2.09 2.24 1.68 1.18 1.11 1.16 2.0
EV/Sales 4.56 4.50 3.25 8.15 6.21 6.54 6.66 5.68 4.58 4.59 4.85 5.5
EV/FCF (56.04) (36.50) (24.31) (72.69) (32.59) (36.20) (55.01) (31.22) (18.87) (13.35) (16.46) (37.7)
Cash, $m
Cash, $m Operating cash flow 115 101 91 130 104 130 166 191 196 245 248 +8.8%
Capex (142) (149) (144) (177) (212) (234) (241) (313) (377) (520) (495) +15.5%
Free cash flow (28) (48) (53) (47) (108) (104) (75) (122) (182) (275) (247) +29.1%
Balance, $m
Balance, $m Working capital 36 (18) 339 (113) (223) (69) (110) (145) (70) (83) 368 n/m
Net debt 422 448 111 1,405 1,530 1,583 1,644 1,737 1,819 1,956 1,517 +18.6%
Shareholders’ equity 422 463 889 890 917 1,035 1,111 1,233 1,367 1,541 2,201 +15.5%
Returns, %
Returns, % ROA 3.80 4.08 2.27 0.92 1.91 1.78 2.04 2.10 2.09 2.09 1.90 (1.7) pt
ROIC 7.22 6.98 4.59 1.57 3.01 2.65 2.97 3.14 3.35 3.17 2.92 (4.0) pt
ROE 13.12 13.38 5.73 2.63 6.81 6.20 6.88 7.25 7.23 7.06 5.63 (6.1) pt
People
People Employees 406 411 416 732 748 751 757 808 822 837 — +8.4%
Revenue/emp, $m 0.84 0.95 0.96 0.57 0.75 0.76 0.82 0.83 0.91 0.96 — +1.5%
Negative figures in brackets.
estimates

All 10 years →

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

H2O America 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% Compare
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%
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 $2.1B 21.3× 19.4× +9.30% +9.68% +7.37% 85.37% 33.17%

All 12 Utilities Regulated Water stocks →

Pay and ownership Proxy statement filed 3 April 2026

Ownership

Directors and executive officers, together less than 1%
BlackRock, Inc. and Certain Subsidiaries50 Hudson Yards, New York, NY 13.40%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

H2O America (HTO) Latest News

29 Oct

Impact 4 · · GlobeNewswire
Impact 3 · · Zacks
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28 Oct

Impact 4 · · Simply Wall St.

27 Oct

Impact 4 · · The Motley Fool transcript
Impact 4 · · MarketBeat

26 Oct

Impact 4 · · GlobeNewswire
Impact 3 · · Associated Press

23 Oct

Impact 3 · · Simply Wall St.

18 Oct

Impact 4 · · Simply Wall St.

12 Oct

Impact 3 · · Zacks

1 Oct

Impact 4 · · GlobeNewswire

22 Sep

Impact 3 ·

21 Sep

Impact 4 · · GlobeNewswire

17 Aug

Impact 3 ·

28 Jul

Impact 3 · transcript
Impact 3 · · MarketBeat transcript
Impact 3 · · Moby transcript

27 Jul

Impact 3 ·

11 May

Impact 3 · · Simply Wall St.

4 May

Impact 4 · · Simply Wall St.

30 Apr

Impact 4 · · GuruFocus.com

29 Apr

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

28 Apr

Impact 3 · · GlobeNewswire

12 Apr

Impact 3 · · Simply Wall St.

8 Apr

Impact 3 · · The Motley Fool

17 Mar

Impact 4 · · Insider Monkey

14 Mar

Impact 4 · · Simply Wall St.

HTO metrics, ten years each

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