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Wednesday 4 November 2026
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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%
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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
21.29 | 22.04 | 30.23 | 85.61 | 32.26 | 36.06 | 33.84 | 24.50 | 17.21 | 16.78 |
Piotroski F-Score |
6 | 6 | 5 | 4 | 7 | 5 | 7 | 5 | 5 | 5 |
Altman Z-Score |
1.49 | 1.63 | 1.48 | 0.86 | 0.88 | 0.95 | 0.97 | 0.79 | 0.72 | 0.69 |
P/S ratio |
3.32 | 3.34 | 2.97 | 4.81 | 3.50 | 3.78 | 4.01 | 3.09 | 2.15 | 2.14 |
P/FCF ratio |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Altman Z″-Score (non-manufacturers) |
1.82 | 1.72 | 2.92 | 0.70 | 0.60 | 0.93 | 0.88 | 0.80 | 0.96 | 0.94 |
Beneish M-Score |
(2.72) | (2.77) | (2.87) | 0.14 | (2.36) | (2.55) | (2.53) | (2.41) | (2.52) | (2.72) |
P/Operating CF |
29.94 | 99.02 | 66.92 | 52.19 | 59.17 | 72.75 | 67.63 | 65.75 | 38.82 | 27.00 |
Dividend Safety Score |
— | — | — | — | — | — | — | — | — | 36 |
P/B ratio |
2.67 | 2.81 | 1.33 | 2.27 | 2.16 | 2.09 | 2.24 | 1.68 | 1.18 | 1.11 |
Price to Tangible BV |
2.67 | 2.81 | 1.33 | 7.72 | 6.84 | 5.50 | 5.30 | 3.67 | 2.22 | 1.90 |
EV/Sales |
4.56 | 4.50 | 3.25 | 8.15 | 6.21 | 6.54 | 6.66 | 5.68 | 4.58 | 4.59 |
EV/EBITDA |
10.78 | 11.49 | 9.90 | 27.20 | 16.76 | 18.06 | 17.42 | 14.79 | 12.01 | 12.32 |
EV/Operating CF |
13.52 | 17.31 | 14.13 | 26.36 | 33.71 | 28.84 | 24.88 | 19.97 | 17.53 | 15.00 |
EV/FCF |
(56.04) | (36.50) | (24.31) | (72.69) | (32.59) | (36.20) | (55.01) | (31.22) | (18.87) | (13.35) |
Quick Ratio |
0.86 | 0.40 | 2.70 | 0.28 | 0.19 | 0.36 | 0.29 | 0.25 | 0.36 | 0.34 |
Current Ratio |
1.57 | 0.79 | 3.07 | 0.52 | 0.36 | 0.66 | 0.59 | 0.58 | 0.73 | 0.70 |
Net Debt/EBITDA |
2.94 | 2.94 | 0.85 | 11.15 | 7.31 | 7.62 | 6.92 | 6.75 | 6.37 | 6.57 |
Debt/Assets |
31.01% | 31.28% | 27.16% | 45.43% | 46.47% | 45.67% | 44.10% | 40.21% | 39.28% | 38.39% |
Debt/Equity |
1.06 | 0.98 | 0.60 | 1.60 | 1.68 | 1.54 | 1.49 | 1.42 | 1.34 | 1.28 |
Asset Turnover |
0.24 | 0.27 | 0.23 | 0.17 | 0.18 | 0.17 | 0.17 | 0.17 | 0.17 | 0.16 |
Operating CF/Net income |
2.17 | 1.71 | 2.36 | 5.56 | 1.69 | 2.15 | 2.25 | 2.25 | 2.08 | 2.39 |
Capex/Depreciation |
(3.07) | (2.95) | (2.54) | (2.59) | (2.31) | (2.42) | (2.27) | (2.89) | (3.28) | (4.31) |
Interest Coverage |
4.46 | 4.44 | 3.02 | 1.81 | 2.17 | 2.05 | 2.26 | 2.26 | 2.39 | 2.45 |
| 13.12% | 13.38% | 5.73% | 2.63% | 6.81% | 6.20% | 6.88% | 7.25% | 7.23% | 7.06% | |
| 3.80% | 4.08% | 2.27% | 0.92% | 1.91% | 1.78% | 2.04% | 2.10% | 2.09% | 2.09% | |
ROIC |
7.22% | 6.98% | 4.59% | 1.57% | 3.01% | 2.65% | 2.97% | 3.14% | 3.35% | 3.17% |
Return on Tangible Assets |
4.29% | 4.68% | 2.27% | 1.09% | 2.85% | 2.45% | 2.88% | 2.80% | 2.75% | 2.66% |
Average Days of Receivables |
31.74 | 24.76 | 20.42 | 41.64 | 37.59 | 38.65 | 38.07 | 41.78 | 39.84 | 33.24 |
Research and Development Expense of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Selling, General and Administrative Expense of Revenue |
21.20% | 20.80% | 20.70% | 25.18% | 23.34% | 25.16% | 25.57% | 23.70% | 23.12% | 24.55% |
Intangible Assets out of Total Assets |
0.00 | 0.00 | 0.00 | 0.20 | 0.19 | 0.18 | 0.17 | 0.15 | 0.14 | 0.12 |
Share Based Compensation of Revenue |
0.50% | 0.68% | 0.53% | 0.81% | 0.63% | 0.74% | 0.77% | 0.69% | 0.75% | 0.80% |
Graham Net Nets |
(0.82) | (0.71) | (0.48) | (1.05) | (1.15) | (1.07) | (1.00) | (1.41) | (1.93) | (1.99) |
Graham Number |
34.67 | 38.26 | 41.66 | 24.17 | 39.44 | 39.95 | 44.77 | 48.53 | 51.86 | 53.78 |
Earnings Yield |
4.70% | 4.54% | 3.31% | 1.17% | 3.10% | 2.77% | 2.96% | 4.08% | 5.81% | 5.96% |
Free Cash Flow Yield |
(2.45%) | (3.68%) | (4.50%) | (2.33%) | (5.44%) | (4.78%) | (3.02%) | (5.89%) | (11.29%) | (16.03%) |
Revenue per Share |
16.62 | 18.98 | 18.75 | 14.78 | 19.79 | 19.38 | 20.48 | 21.23 | 22.89 | 22.87 |
Operating CF per Share |
5.61 | 4.93 | 4.31 | 4.57 | 3.65 | 4.39 | 5.48 | 6.04 | 5.98 | 6.99 |
Capex per Share |
(6.96) | (7.27) | (6.81) | (6.23) | (7.42) | (7.89) | (7.96) | (9.91) | (11.54) | (14.85) |
Free Cash Flow per Share |
(1.35) | (2.34) | (2.50) | (1.66) | (3.77) | (3.50) | (2.48) | (3.87) | (5.56) | (7.86) |
Cash per Share |
1.24 | 0.38 | 19.83 | 0.63 | 0.33 | 0.41 | 0.41 | 0.31 | 0.34 | 0.59 |
Shareholders Equity per Share |
20.63 | 22.59 | 41.92 | 31.29 | 32.16 | 34.95 | 36.66 | 39.06 | 41.80 | 44.02 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
20.63 | 22.59 | 41.92 | 31.29 | 32.16 | 34.95 | 36.66 | 39.06 | 41.80 | 44.02 |
Free Cash Flow |
(27.65) | (47.94) | (53.08) | (47.14) | (107.65) | (103.59) | (75.18) | (122.04) | (181.71) | (274.95) |
Working Capital |
36.04 | (18.19) | 338.74 | (112.52) | (223.46) | (69.19) | (109.94) | (144.58) | (70.46) | (82.78) |
Capital Expenditures |
(142.22) | (149.05) | (144.43) | (177.14) | (211.70) | (233.63) | (241.37) | (312.87) | (377.24) | (519.75) |
Net Current Asset Value |
(922.12) | (927.93) | (564.35) | (2,120.44) | (2,266.97) | (2,323.79) | (2,485.80) | (2,913.28) | (3,100.62) | (3,418.20) |
EV/EBIT |
15.90 | 17.18 | 17.57 | 59.61 | 29.81 | 33.73 | 31.57 | 25.50 | 20.11 | 20.68 |
Capex to Sales |
0.42 | 0.38 | 0.36 | 0.42 | 0.38 | 0.41 | 0.39 | 0.47 | 0.50 | 0.65 |
Price to Operating Income |
11.57 | 12.78 | 16.07 | 35.16 | 16.81 | 19.49 | 19.03 | 13.87 | 9.44 | 9.66 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.04 | 0.04 | 0.04 | 0.03 | 0.04 | 0.04 | 0.04 | 0.03 | 0.03 | 0.03 |
Cash ROIC |
(3.09%) | (5.17%) | (2.88%) | (2.02%) | (4.37%) | (3.92%) | (2.71%) | (4.08%) | (5.66%) | (7.77%) |
Accounts Receivable Turnover |
11.52 | 13.91 | 16.35 | 11.98 | 10.64 | 9.65 | 9.89 | 9.48 | 9.45 | 10.36 |
Accounts Payable Turnover |
7.19 | 7.58 | 7.05 | 5.88 | 6.54 | 7.09 | 7.76 | 6.77 | 5.70 | 4.73 |
Inventory Turnover |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Days of Payables |
54.44 | 52.99 | 53.95 | 72.44 | 55.29 | 48.42 | 46.38 | 65.71 | 70.31 | 88.48 |
Days of Inventory on Hand |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Receivables |
29.49 | 27.97 | 24.32 | 35.11 | 53.06 | 59.44 | 62.74 | 70.74 | 79.22 | 77.30 |
Average Payables |
17.47 | 20.85 | 23.95 | 29.91 | 34.54 | 32.30 | 29.99 | 37.85 | 51.19 | 65.84 |
Average Assets |
1,390.35 | 1,450.69 | 1,707.20 | 2,544.43 | 3,221.97 | 3,401.93 | 3,623.73 | 4,050.06 | 4,501.69 | 4,903.94 |
Average Common Equity |
402.71 | 442.43 | 676.26 | 889.65 | 903.57 | 975.84 | 1,072.69 | 1,172.13 | 1,300.19 | 1,453.87 |
Columns are period end dates · fundamentals updated 2 Nov 2026