Saturday 10 October 2026 Export all HTO data to Excel Powerpack

H2O America

H2O America’s revenue for fiscal 2025 (year ended December 2025) was $800.6 million, up 6.97% from fiscal 2024. In the quarter to June 2026, revenue grew 6.16%, EPS fell 9.86%, free cash flow grew 14.1% and total debt rose 1.04%, each against the same quarter a year earlier. Dividend growth for five consecutive years, revenue growth for ten, operating cash flow growth for five; insiders bought in the last twelve months.

58.54 0.47 +0.81%

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Market cap: $2.4B
P/E: 20.5×
Fwd P/E: 20.4×
Dividend yield: 2.97%
F-score: 5/9
Altman Z: 0.69
Beneish M: −2.72
Dividend safety: 36/100

Overview Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 8.04

Total sells 0.28

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	2	1	—	2	—	—	—
Sell	1	—	—	—	—	—	1	—	1	—	—	—

Insider Ownership 6.74%

Capital & Financial Ratios $m

Market Cap 2,430.00

Revenue 828.50

Net Income 106.95

Free Cash Flow (272.56)

Net Debt 1,787.39

Current Ratio 1.67

Debt/Equity 1.03

P/E ratio 20.47

Fwd P/E 20.40

P/S ratio 2.96

P/B ratio 1.33

Past 5Y EPS Growth 6.41%

This Y EPS Growth (5.24%)

Next Y EPS Growth 0.15%

Next Y revenue growth 8.37%

Next 5Y EPS Growth 6.50%

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

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 34.45%

10-year low 10-year high

P/S against its own 10 years 38.00%

10-year low 10-year high

P/B against its own 10 years 14.22%

10-year low 10-year high

EV/Sales against its own 10 years 51.29%

10-year low 10-year high

Dividends

Payout Ratio 0.61

Annual Dividend Rate 1.74

Annual Dividend Yield 2.97%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	1.77	0.44 0.44 0.44
2025	1.68	0.42 0.42 0.42 0.42
2024	1.60	0.40 0.40 0.40 0.40
2023	1.52	0.38 0.38 0.38 0.38
2022	1.44	0.36 0.36 0.36 0.36
2021	1.36	0.34 0.34 0.34 0.34
2020	1.28	0.32 0.32 0.32 0.32
2019	1.20	0.30 0.30 0.30 0.30
2018	1.12	0.28 0.28 0.28 0.28
2017	1.04	0.22 0.22 0.22 0.22 0.17
2016	0.81	0.20 0.20 0.20 0.20

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	10	11	21	104
Receivables	77	82	73	83
Inventory	—	—	—	—
Other	101	88	85	98
	198	191	191	296

	2023	2024	2025	Q'26
Payables	46	56	75	70
ST’ Debt	220	123	110	10
Other	24	24	21	26
	343	261	273	178

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%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	183	210	—	—	—
’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	—	—	—
’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)	—	—	—
’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.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	0.49	0.62	—	—	—
’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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	28.58	45.39	51.26	53.89	45.60	58.01	55.74	56.96	48.78	43.75	Analyst estimates 2026–2028 Powerpack
	High	56.93	69.29	68.42	74.47	74.99	73.69	83.88	83.66	66.22	57.17
People
People	Employees	406	411	416	732	748	751	757	808	822	837
	Revenue/emp, $m	0.84	0.95	0.96	0.57	0.75	0.76	0.82	0.83	0.91	0.96
Income, $m
Income, $m	Revenue	340	389	398	420	565	574	621	670	748	801
	Gross margin, %	63.02	59.37	57.57	58.20	60.00	60.07	62.50	61.78	60.98	61.13
	EBT	86	96	49	32	70	69	82	91	103	115
	EBT margin, %	25.43	24.79	12.28	7.63	12.38	12.00	13.26	13.57	13.75	14.36
	Net income	53	61	39	24	62	60	74	85	94	103
	Depreciation	46	51	57	68	92	96	106	108	115	120
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
	Earnings	2.59	2.89	1.83	0.82	2.16	2.04	2.44	2.69	2.87	2.93
	Cash flow	5.61	4.93	4.31	4.57	3.65	4.39	5.48	6.04	5.98	6.99
	Capex	(6.96)	(7.27)	(6.81)	(6.23)	(7.42)	(7.89)	(7.96)	(9.91)	(11.54)	(14.85)
	Free cash flow	(1.35)	(2.34)	(2.50)	(1.66)	(3.77)	(3.50)	(2.48)	(3.87)	(5.56)	(7.86)
	Book value	20.63	22.59	41.92	31.29	32.16	34.95	36.66	39.06	41.80	44.02
	Shares, m	20	21	21	28	29	30	30	32	33	35
Valuation, ×
Valuation, ×	P/E	21.29	22.04	30.23	85.61	32.26	36.06	33.84	24.50	17.21	16.78
	P/S	3.32	3.34	2.97	4.81	3.50	3.78	4.01	3.09	2.15	2.14
	P/B	2.67	2.81	1.33	2.27	2.16	2.09	2.24	1.68	1.18	1.11
	EV/Sales	4.56	4.50	3.25	8.15	6.21	6.54	6.66	5.68	4.58	4.59
	EV/FCF	(56.04)	(36.50)	(24.31)	(72.69)	(32.59)	(36.20)	(55.01)	(31.22)	(18.87)	(13.35)
Cash, $m
Cash, $m	Operating cash flow	115	101	91	130	104	130	166	191	196	245
	Capex	(142)	(149)	(144)	(177)	(212)	(234)	(241)	(313)	(377)	(520)
	Free cash flow	(28)	(48)	(53)	(47)	(108)	(104)	(75)	(122)	(182)	(275)
Balance, $m
Balance, $m	Working capital	36	(18)	339	(113)	(223)	(69)	(110)	(145)	(70)	(83)
	Total debt	448	456	531	1,423	1,539	1,595	1,656	1,747	1,830	1,977
	Net debt	422	448	111	1,405	1,530	1,583	1,644	1,737	1,819	1,956
	Shareholders’ equity	422	463	889	890	917	1,035	1,111	1,233	1,367	1,541
Returns, %
Returns, %	ROA	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
	ROE	13.12	13.38	5.73	2.63	6.81	6.20	6.88	7.25	7.23	7.06

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	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%	Compare
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%
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
CDZI Cadiz, Inc.	$298.1M	— (loss-making)	— (loss-making)	−76.27% (below 0%: shrinking)	n/m	−66.49% (below 0%: shrinking)	(2.45%)	(902.45%)	Compare
Median of peers	$751.3M	20.6×	18.9×	+9.30%	+26.44%	−9.77%	85.37%	30.22%

All 13 Utilities Regulated Water stocks →

H2O America (HTO) key facts

Strength: H2O America’s revenue for fiscal 2025 (year ended December 2025) was $800.6 million, up 6.97% from fiscal 2024.
Strength: Net income was $102.6 million, or $2.93 per share (basic), a net margin of 12.8%.
H2O America (HTO) is an Utilities Regulated Water company in the Utilities sector, listed on Nasdaq.
As of October 9, 2026, HTO traded at $58.54, a market capitalization of $2.4 billion.
At that price the stock trades at 20.5× trailing-twelve-month earnings and 3.0× sales; its P/E is higher than 34% of its own readings over the past ten years.
H2O America pays an annual dividend of $1.74 per share, a yield of 2.97%, with a payout ratio of 61.5%.
Return on equity was 7.06% and debt-to-equity 1.03.
Its Piotroski F-score is 5 out of 9 and its Altman Z-score is 0.69 (distress zone) for fiscal 2025.