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California Water Service Group (CWT) vs Pure Cycle Corporation (PCYO)

California Water Service Group and Pure Cycle Corporation are both Utilities Regulated Water companies. California Water Service Group is the larger, with a market value of $2.8B against $265.1M — 10.6× the size. Pure Cycle Corporation trades at the lower P/E: 18.2× against 20.6×. Pure Cycle Corporation grew revenue faster over the last twelve months: 22.9% against 6.43%. Pure Cycle Corporation has the higher net margin (43.7% vs 12.6%) and the higher return on invested capital (5.05% vs 3.41%). Across the 21 metrics below, Pure Cycle Corporation leads on 15 and California Water Service Group on 6.

Valuation

Metric CWT PCYO Utilities Regulated Water median
P/E 20.61 18.21 20.54
P/S 2.63 7.94 4.31
P/B 1.53 1.77 1.92
Price to free cash flow n/m 66.52 —
EV/EBITDA 13.24 18.15 14.63
EV/Sales 4.14 8.11 6.23
Earnings yield 4.85% 5.49% 4.85%
Free cash flow yield (8.50%) 1.50% (4.61%)

Profitability

Metric CWT PCYO Utilities Regulated Water median
Gross margin 68.05% 61.97% 71.91%
Operating margin 17.57% 37.67% 29.22%
Net margin 12.63% 43.66% 20.19%
Free cash flow margin (22.36%) 11.94% (19.49%)
Return on equity 7.68% 10.22% 9.00%
Return on assets 2.35% 8.99% 3.21%
Return on invested capital 3.41% 5.05% 4.08%

Growth

Metric CWT PCYO Utilities Regulated Water median
Revenue growth (TTM) 6.43% 22.88% 6.92%
EPS growth (last fiscal year) (33.85%) 12.50% 1.38%
Revenue growth, 5-year CAGR 4.72% 0.18% 7.24%
Net income growth, 5-year CAGR 5.77% 14.20% 9.40%

Health

Metric CWT PCYO Utilities Regulated Water median
Debt to equity 0.93 0.09 0.93
Current ratio 0.70 1.53 1.01
Net debt to EBITDA 4.75 (1.52) 4.42

Dividend

Metric CWT PCYO Utilities Regulated Water median
Dividend yield 2.84% — 2.84%
Payout ratio 0.59 — 0.57

Size

Metric CWT PCYO Utilities Regulated Water median
Market cap 2.82b 265.07m 1.00b

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