H2O America (HTO) Financials

$50.37 +0.46 (+0.92%)

As of 08/29/2025 04:00 PM Eastern

Annual Income Statements for H2O America

This table shows H2O America's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	52	38	53	59	39	23	62	60	74	85	94
Consolidated Net Income / (Loss)	52	38	53	61	39	24	62	60	74	85	94
Net Income / (Loss) Continuing Operations	52	38	53	61	39	24	62	60	74	85	94
Total Pre-Tax Income	77	61	86	96	49	32	70	69	82	91	103
Total Operating Income	93	80	97	102	73	57	118	111	131	149	171
Total Gross Profit	309	293	328	376	383	401	535	543	588	636	713
Total Revenue	320	305	340	389	398	420	565	574	621	670	748
Operating Revenue	320	305	340	389	398	420	565	574	621	670	748
Total Cost of Revenue	11	12	12	14	15	19	30	31	33	34	36
Other Cost of Revenue	11	12	12	14	15	19	30	31	33	34	36
Total Operating Expenses	216	213	230	274	309	344	417	432	457	486	542
Selling, General & Admin Expense	41	47	42	49	49	66	80	87	95	99	106
Depreciation Expense	38	41	45	48	55	66	89	94	104	106	113
Other Operating Expenses / (Income)	137	126	144	177	187	196	248	255	264	282	323
Other Special Charges / (Income)	-	-	-	-	-	0.00	0.00	-7.49	-6.20	0.00	0.00
Total Other Income / (Expense), net	-16	-19	-11	-5.36	-25	-25	-48	-42	-49	-58	-68
Interest Expense	21	22	22	23	27	35	54	53	53	66	71
Other Income / (Expense), net	4.50	3.21	11	5.07	2.35	3.02	6.48	11	4.39	7.65	3.82
Income Tax Expense	25	23	34	35	10	8.45	8.38	8.37	8.50	5.96	8.97
Basic Earnings per Share	$2.56	$1.86	$2.59	$2.89	$1.83	$0.82	$2.16	$2.04	$2.44	$2.69	$2.87
Weighted Average Basic Shares Outstanding	20.23M	20.36M	20.44M	20.51M	21.21M	28.44M	28.52M	29.60M	30.30M	31.58M	32.70M
Diluted Earnings per Share	$2.54	$1.85	$2.57	$2.86	$1.82	$0.82	$2.14	$2.03	$2.43	$2.68	$2.87
Weighted Average Diluted Shares Outstanding	20.42M	20.52M	20.59M	20.69M	21.33M	28.56M	28.69M	29.74M	30.42M	31.66M	32.78M
Weighted Average Basic & Diluted Shares Outstanding	20.20M	20.40M	20.40M	20.50M	21.20M	28.50M	28.60M	30.23M	30.85M	32.06M	33.67M
Cash Dividends to Common per Share	$0.75	$0.78	$0.81	$1.04	$1.12	$1.20	$1.28	$1.36	$1.44	$1.52	$1.60

This table shows H2O America's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	33	12	18	36	19	12	21	39	23	17	25
Consolidated Net Income / (Loss)	33	12	18	36	19	12	21	39	23	17	25
Net Income / (Loss) Continuing Operations	33	12	18	36	19	12	21	39	23	17	25
Total Pre-Tax Income	38	13	17	41	21	14	24	41	24	20	29
Total Operating Income	50	25	31	57	36	28	41	58	44	36	44
Total Gross Profit	163	129	149	196	162	141	168	216	189	158	190
Total Revenue	171	137	157	205	171	149	176	225	198	168	198
Operating Revenue	171	137	157	205	171	149	176	225	198	168	198
Total Cost of Revenue	8.33	8.40	7.90	8.80	9.38	8.83	8.42	9.36	9.32	9.20	8.51
Other Cost of Revenue	8.33	8.40	7.90	8.80	9.38	8.83	8.42	9.36	9.32	9.20	8.51
Total Operating Expenses	113	104	118	139	125	113	127	157	145	123	146
Selling, General & Admin Expense	24	24	24	24	27	26	20	26	34	28	29
Depreciation Expense	26	26	26	26	27	28	28	27	29	28	29
Other Operating Expenses / (Income)	63	53	68	89	72	58	78	104	82	66	88
Total Other Income / (Expense), net	-12	-13	-14	-16	-16	-14	-16	-18	-20	-16	-15
Interest Expense	12	16	16	17	17	18	18	17	19	17	17
Other Income / (Expense), net	-0.22	3.27	2.12	0.92	1.35	3.60	2.14	-1.20	-0.72	0.80	1.98
Income Tax Expense	4.84	1.08	-1.51	4.56	1.83	2.23	3.72	1.93	1.09	3.47	4.67
Basic Earnings per Share	$1.11	$0.37	$0.58	$1.14	$0.60	$0.36	$0.64	$1.17	$0.70	$0.49	$0.71
Weighted Average Basic Shares Outstanding	30.30M	30.94M	31.50M	31.86M	31.58M	32.08M	32.40M	32.90M	32.70M	33.78M	34.78M
Diluted Earnings per Share	$1.11	$0.37	$0.58	$1.13	$0.60	$0.36	$0.64	$1.17	$0.70	$0.49	$0.71
Weighted Average Diluted Shares Outstanding	30.42M	31.04M	31.59M	31.93M	31.66M	32.14M	32.46M	32.98M	32.78M	33.87M	34.86M
Weighted Average Basic & Diluted Shares Outstanding	30.85M	31.43M	31.77M	31.93M	32.06M	32.23M	32.71M	33.25M	33.67M	34.18M	35.29M
Cash Dividends to Common per Share	-	$0.38	$0.38	$0.38	-	$0.40	$0.40	$0.40	-	$0.42	$0.42

This table details how cash moves in and out of H2O America's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	0.10	2.84	20	-18	413	-403	-8.68	2.85	0.23	-2.62	1.39
Net Cash From Operating Activities	66	98	115	101	91	130	104	130	166	191	196
Net Cash From Continuing Operating Activities	66	98	115	101	91	130	104	130	166	191	196
Net Income / (Loss) Continuing Operations	52	38	53	61	39	24	62	60	74	85	94
Consolidated Net Income / (Loss)	52	38	53	61	39	24	62	60	74	85	94
Depreciation Expense	39	42	46	51	57	68	92	96	106	108	115
Non-Cash Adjustments To Reconcile Net Income	-43	2.28	11	-14	-4.65	5.35	-1.67	-8.87	-0.45	7.31	-19
Changes in Operating Assets and Liabilities, net	18	16	4.38	3.71	0.31	33	-47	-18	-14	-9.60	5.94
Net Cash From Investing Activities	-98	-111	-122	-114	-147	-1,018	-214	-260	-244	-322	-340
Net Cash From Continuing Investing Activities	-98	-111	-122	-114	-147	-1,018	-214	-260	-244	-322	-340
Purchase of Property, Plant & Equipment	-92	-97	-129	-141	-136	-0.14	-0.44	-0.83	-0.63	-24	-0.03
Acquisitions	-	-	-	-	-	-835	0.00	-24	-0.43	-7.54	0.00
Other Investing Activities, net	-13	-15	-18	-12	-15	-183	-215	-236	-243	-290	-340
Net Cash From Financing Activities	32	15	28	-4.79	468	485	102	133	78	129	146
Net Cash From Continuing Financing Activities	32	15	28	-4.79	468	485	102	133	78	129	146
Repayment of Debt	-70	-79	-102	-53	-6.78	-195	-244	-285	-152	-140	-344
Payment of Dividends	-15	-16	-17	-21	-23	-34	-37	-40	-44	-48	-52
Issuance of Debt	107	98	132	57	76	695	361	344	214	216	427
Issuance of Common Equity	1.92	-	0.00	0.00	411	-0.01	0.00	91	39	81	85
Other Financing Activities, net	8.03	12	14	13	11	19	21	24	21	20	30
Cash Interest Paid	21	24	24	25	27	32	60	58	123	132	143
Cash Income Taxes Paid	6.32	9.72	28	34	14	16	10	8.47	6.85	23	-0.60

This table details how cash moves in and out of H2O America's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	-0.85	11	2.14	-4.41	-11	-5.18	18	-19	7.15	13	-3.85
Net Cash From Operating Activities	37	51	47	62	32	51	49	54	41	43	61
Net Cash From Continuing Operating Activities	37	51	47	62	32	51	49	54	41	43	61
Net Income / (Loss) Continuing Operations	33	12	18	36	19	12	21	39	23	17	25
Consolidated Net Income / (Loss)	33	12	18	36	19	12	21	39	23	17	25
Depreciation Expense	27	27	27	27	28	29	29	28	29	30	30
Non-Cash Adjustments To Reconcile Net Income	-6.48	-6.95	11	11	-8.09	-6.26	16	6.81	-36	-1.43	16
Changes in Operating Assets and Liabilities, net	-17	19	-9.67	-12	-6.93	17	-16	-20	25	-1.57	-10
Net Cash From Investing Activities	-63	-55	-70	-116	-81	-74	-57	-102	-107	-85	-133
Net Cash From Continuing Investing Activities	-63	-55	-70	-116	-81	-74	-57	-102	-107	-85	-133
Other Investing Activities, net	-63	-55	-70	-85	-80	-74	-97	-102	-67	-85	-133
Net Cash From Financing Activities	25	15	26	50	38	18	26	29	73	54	68
Net Cash From Continuing Financing Activities	25	15	26	50	38	18	26	29	73	54	68
Repayment of Debt	-48	-101	-17	-19	-2.25	-91	-58	-130	-66	-35	-40
Payment of Dividends	-11	-12	-12	-12	-12	-13	-13	-13	-13	-14	-15
Issuance of Debt	46	82	28	63	44	113	64	130	121	67	48
Issuance of Common Equity	36	41	23	12	5.38	7.01	25	31	22	27	57
Other Financing Activities, net	1.55	5.01	4.70	7.04	2.92	1.67	7.04	11	9.92	9.16	18
Cash Interest Paid	80	12	20	55	46	31	22	64	41	32	46
Cash Income Taxes Paid	6.28	0.20	0.46	0.16	22	0.18	0.53	0.59	-1.89	-0.68	-1.69

This table presents H2O America's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	1,269	1,337	1,443	1,458	1,956	3,132	3,311	3,492	3,755	4,345	4,658
Total Current Assets	68	73	100	67	503	122	127	134	158	198	191
Cash & Equivalents	2.40	5.24	6.35	7.80	421	13	5.27	11	12	9.72	11
Note & Lease Receivable	21	20	28	29	29	43	49	49	51	53	68
Accounts Receivable	15	16	16	17	19	36	47	54	59	68	69
Prepaid Expenses	-	-	-	-	-	6.63	8.10	9.67	9.75	11	10
Current Deferred & Refundable Income Taxes	8.87	11	9.80	7.98	1.89	8.84	7.04	2.31	0.00	5.19	5.95
Other Current Assets	20	21	20	4.75	32	9.40	6.87	7.53	26	51	27
Plant, Property, & Equipment, net	1,025	1,098	1,197	1,284	1,373	2,206	2,335	2,539	2,671	3,171	3,490
Plant, Property & Equipment, gross	1,487	1,599	1,729	1,849	1,992	3,169	3,438	3,691	3,912	4,152	4,526
Accumulated Depreciation	462	501	532	564	619	976	1,060	1,152	1,241	982	1,037
Total Noncurrent Assets	176	166	147	107	81	818	806	819	925	989	978
Goodwill	-	-	-	-	1.68	628	628	640	640	640	640
Employee Benefit Assets	-	-	-	-	-	-	-	-	17	34	66
Other Noncurrent Operating Assets	164	160	144	102	79	189	178	179	268	274	271
Total Liabilities & Shareholders' Equity	1,269	1,337	1,443	1,458	1,956	3,132	3,311	3,492	3,755	4,345	4,658
Total Liabilities	909	954	1,022	995	1,067	2,242	2,394	2,458	2,644	3,112	3,291
Total Current Liabilities	45	80	64	85	164	235	351	203	268	343	261
Short-Term Debt	14	38	14	25	100	139	251	102	164	220	123
Accounts Payable	7.00	16	19	23	25	35	34	30	30	46	56
Accrued Expenses	6.03	7.16	11	14	14	17	19	17	20	24	25
Current Employee Benefit Liabilities	3.76	4.20	4.70	6.01	7.18	12	14	12	12	12	15
Other Current Liabilities	6.16	6.16	6.98	7.93	9.12	18	19	28	27	24	24
Other Current Nonoperating Liabilities	6.36	6.19	6.31	6.87	7.13	13	13	14	14	16	17
Total Noncurrent Liabilities	864	874	958	910	903	2,008	2,044	2,255	2,376	2,769	3,030
Long-Term Debt	384	377	433	431	431	1,284	1,288	1,493	1,492	1,527	1,707
Asset Retirement Reserve & Litigation Obligation	-	-	0.00	62	59	-	-	-	119	461	484
Noncurrent Deferred Revenue	73	77	85	84	81	112	125	131	138	147	155
Noncurrent Deferred & Payable Income Tax Liabilities	186	199	205	86	80	196	191	200	218	239	276
Noncurrent Employee Benefit Liabilities	74	70	70	73	70	108	122	90	60	47	45
Other Noncurrent Operating Liabilities	147	151	165	174	182	308	318	341	350	349	363
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	360	384	422	463	889	890	917	1,035	1,111	1,233	1,367
Total Preferred & Common Equity	360	384	422	463	889	890	917	1,035	1,111	1,233	1,367
Total Common Equity	360	384	422	463	889	890	917	1,035	1,111	1,233	1,367
Common Stock	77	79	82	85	495	507	510	606	651	736	828
Retained Earnings	281	302	338	376	394	383	408	428	458	495	537
Accumulated Other Comprehensive Income / (Loss)	2.52	2.31	1.52	2.20	0.00	0.13	-1.06	-0.16	1.48	1.79	1.96

This table presents H2O America's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025
Total Assets	3,605	3,652	3,712	3,843	4,368	4,439	4,552	4,729	4,847
Total Current Assets	158	194	201	229	178	173	187	197	200
Cash & Equivalents	13	23	25	21	4.54	23	3.97	24	20
Note & Lease Receivable	61	46	55	67	47	63	75	65	76
Accounts Receivable	64	56	59	70	63	70	76	66	77
Prepaid Expenses	13	11	9.15	15	13	9.86	15	13	8.43
Current Deferred & Refundable Income Taxes	0.00	-	-	-	2.91	0.00	11	4.51	0.00
Other Current Assets	7.00	57	53	56	49	6.88	6.16	24	20
Plant, Property, & Equipment, net	2,634	2,655	2,704	2,765	3,222	3,297	3,407	3,549	3,656
Plant, Property & Equipment, gross	3,858	3,906	3,982	4,070	4,216	4,313	4,454	4,609	4,735
Accumulated Depreciation	1,224	1,250	1,277	1,305	1,007	1,030	1,048	1,059	1,080
Total Noncurrent Assets	813	803	806	863	981	983	959	982	991
Goodwill	640	640	640	640	640	640	640	640	640
Employee Benefit Assets	-	-	-	-	34	37	39	68	69
Other Noncurrent Operating Assets	172	163	166	181	264	264	278	274	282
Total Liabilities & Shareholders' Equity	3,605	3,652	3,712	3,843	4,368	4,439	4,552	4,729	4,847
Total Liabilities	2,555	2,500	2,529	2,623	3,127	3,165	3,218	3,331	3,381
Total Current Liabilities	319	213	238	308	323	350	244	297	314
Short-Term Debt	204	117	128	172	220	227	101	171	180
Accounts Payable	30	26	36	36	34	38	44	47	48
Accrued Expenses	28	12	23	33	17	33	38	23	38
Current Employee Benefit Liabilities	12	9.08	10	11	8.82	11	12	9.82	12
Other Current Liabilities	24	26	21	25	24	25	28	25	20
Other Current Nonoperating Liabilities	18	19	16	19	19	16	20	20	16
Total Noncurrent Liabilities	2,237	2,287	2,291	2,315	2,804	2,815	2,974	3,035	3,067
Long-Term Debt	1,454	1,520	1,519	1,534	1,550	1,550	1,674	1,691	1,692
Asset Retirement Reserve & Litigation Obligation	-	-	-	-	470	475	474	494	509
Noncurrent Deferred Revenue	141	138	140	144	141	144	151	162	173
Noncurrent Deferred & Payable Income Tax Liabilities	208	220	229	235	240	241	268	280	286
Noncurrent Employee Benefit Liabilities	90	56	53	51	47	48	48	44	44
Other Noncurrent Operating Liabilities	344	353	350	352	355	357	360	363	363
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,049	1,152	1,183	1,220	1,240	1,275	1,334	1,397	1,466
Total Preferred & Common Equity	1,049	1,152	1,183	1,220	1,240	1,275	1,334	1,397	1,466
Total Common Equity	1,049	1,152	1,183	1,220	1,240	1,275	1,334	1,397	1,466
Common Stock	614	693	717	730	745	771	805	856	914
Retained Earnings	436	458	464	489	494	502	528	540	550
Accumulated Other Comprehensive Income / (Loss)	-0.77	1.57	1.58	1.90	1.35	1.35	1.35	1.96	1.96

This table displays calculated financial ratios and metrics derived from H2O America's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	15.46%	-4.56%	11.35%	14.58%	2.18%	5.73%	34.26%	1.62%	8.19%	8.00%	11.65%
EBITDA Growth	47.50%	-8.31%	23.12%	1.88%	-15.71%	-2.79%	67.28%	1.19%	10.75%	9.69%	9.11%
EBIT Growth	73.28%	-14.59%	30.12%	-1.20%	-29.12%	-20.17%	105.21%	-1.85%	11.08%	16.05%	10.97%
NOPAT Growth	91.45%	-20.97%	20.33%	8.21%	-9.60%	-27.39%	144.64%	-5.71%	20.29%	18.89%	11.46%
Net Income Growth	131.44%	-26.88%	39.48%	15.63%	-36.55%	-39.05%	160.36%	-1.69%	22.07%	15.11%	10.57%
EPS Growth	126.79%	-27.17%	38.92%	11.28%	-36.36%	-54.95%	160.98%	-5.14%	19.70%	10.29%	7.09%
Operating Cash Flow Growth	3.92%	48.92%	16.73%	-11.75%	-9.66%	42.33%	-19.96%	24.98%	27.81%	14.82%	2.46%
Free Cash Flow Firm Growth	-5.56%	142.32%	7.97%	-136.77%	-1,318.28%	-3,534.63%	100.71%	-1,393.35%	83.63%	-308.48%	22.85%
Invested Capital Growth	11.49%	5.77%	6.66%	7.91%	10.21%	130.54%	4.07%	8.91%	5.20%	7.89%	7.24%
Revenue Q/Q Growth	0.64%	6.39%	-2.39%	3.79%	1.32%	6.89%	1.78%	0.71%	5.37%	-0.01%	3.67%
EBITDA Q/Q Growth	4.43%	14.63%	-2.41%	-4.56%	2.28%	-6.14%	12.46%	4.16%	8.17%	-5.80%	1.94%
EBIT Q/Q Growth	5.46%	22.52%	-4.23%	-7.43%	1.77%	-20.19%	21.65%	6.18%	13.64%	-9.94%	2.27%
NOPAT Q/Q Growth	0.76%	29.46%	-9.15%	0.35%	3.82%	-20.35%	25.83%	1.37%	16.95%	-6.80%	5.58%
Net Income Q/Q Growth	1.99%	38.37%	-4.46%	6.22%	-48.93%	154.68%	43.91%	3.56%	32.56%	-14.62%	4.41%
EPS Q/Q Growth	1.60%	39.10%	-4.81%	6.32%	-20.18%	-41.01%	43.62%	7.98%	25.91%	-15.99%	3.61%
Operating Cash Flow Q/Q Growth	6.11%	6.28%	11.52%	-19.50%	5.17%	19.37%	-4.84%	-2.73%	4.44%	-2.71%	5.35%
Free Cash Flow Firm Q/Q Growth	42.68%	-48.96%	6,451.78%	-130.40%	-25.59%	-5,043.53%	100.71%	-58.86%	22.03%	-25.16%	-14.56%
Invested Capital Q/Q Growth	0.84%	3.05%	1.28%	2.41%	3.15%	120.24%	0.02%	1.76%	2.10%	2.14%	2.52%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	96.53%	96.18%	96.43%	96.50%	96.23%	95.47%	94.71%	94.60%	94.75%	94.86%	95.20%
EBITDA Margin	42.82%	41.14%	45.48%	40.45%	33.37%	30.68%	38.22%	38.06%	38.96%	39.56%	38.66%
Operating Margin	29.05%	26.21%	28.68%	26.17%	18.47%	13.67%	20.84%	19.38%	21.10%	22.29%	22.78%
EBIT Margin	30.46%	27.26%	31.86%	27.47%	19.06%	14.39%	21.99%	21.24%	21.81%	23.43%	23.29%
Profit (Net Income) Margin	16.21%	12.42%	15.55%	15.70%	9.75%	5.62%	10.90%	10.54%	11.89%	12.68%	12.56%
Tax Burden Percent	67.48%	61.95%	61.17%	63.32%	79.39%	73.65%	88.01%	87.84%	89.68%	93.45%	91.29%
Interest Burden Percent	78.85%	73.53%	79.82%	90.25%	64.43%	53.03%	56.30%	56.50%	60.82%	57.89%	59.05%
Effective Tax Rate	32.52%	38.05%	38.83%	36.68%	20.61%	26.35%	11.99%	12.16%	10.32%	6.55%	8.71%
Return on Invested Capital (ROIC)	8.80%	6.41%	7.26%	7.33%	6.07%	2.54%	4.37%	3.87%	4.35%	4.85%	5.03%
ROIC Less NNEP Spread (ROIC-NNEP)	5.88%	3.50%	5.65%	6.55%	-0.80%	0.13%	1.50%	1.47%	1.67%	1.65%	1.59%
Return on Net Nonoperating Assets (RNNOA)	6.41%	3.77%	5.86%	6.48%	-0.34%	0.11%	2.44%	2.33%	2.53%	2.40%	2.20%
Return on Equity (ROE)	15.21%	10.18%	13.12%	13.81%	5.73%	2.66%	6.81%	6.20%	6.88%	7.25%	7.23%
Cash Return on Invested Capital (CROIC)	-2.06%	0.80%	0.82%	-0.28%	-3.64%	-76.44%	0.38%	-4.66%	-0.71%	-2.73%	-1.96%
Operating Return on Assets (OROA)	8.19%	6.38%	7.78%	7.37%	4.44%	2.38%	3.85%	3.58%	3.74%	3.88%	3.87%
Return on Assets (ROA)	4.35%	2.91%	3.80%	4.21%	2.27%	0.93%	1.91%	1.78%	2.04%	2.10%	2.09%
Return on Common Equity (ROCE)	15.21%	10.18%	13.12%	13.81%	5.73%	2.66%	6.81%	6.20%	6.88%	7.25%	7.23%
Return on Equity Simple (ROE_SIMPLE)	14.38%	9.87%	12.53%	13.19%	4.36%	2.65%	6.71%	5.85%	6.65%	6.89%	6.87%
Net Operating Profit after Tax (NOPAT)	63	50	60	64	58	42	104	98	117	140	156
NOPAT Margin	19.60%	16.24%	17.55%	16.57%	14.66%	10.07%	18.35%	17.02%	18.92%	20.83%	20.80%
Net Nonoperating Expense Percent (NNEP)	2.93%	2.91%	1.62%	0.77%	6.87%	2.41%	2.87%	2.40%	2.68%	3.21%	3.44%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	4.25%	4.69%	4.87%
Cost of Revenue to Revenue	3.47%	3.82%	3.57%	3.50%	3.77%	4.53%	5.29%	5.40%	5.25%	5.14%	4.80%
SG&A Expenses to Revenue	12.69%	15.45%	12.23%	12.57%	12.30%	15.77%	14.13%	15.22%	15.37%	14.72%	14.14%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	67.48%	69.97%	67.75%	70.33%	77.77%	81.80%	73.86%	75.23%	73.65%	72.57%	72.42%
Earnings before Interest and Taxes (EBIT)	97	83	108	107	76	60	124	122	135	157	174
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	137	125	155	157	133	129	216	218	242	265	289
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.47	1.31	2.31	2.45	1.14	2.05	1.99	1.98	2.09	1.63	1.19
Price to Tangible Book Value (P/TBV)	1.47	1.31	2.31	2.45	1.14	6.97	6.30	5.20	4.94	3.56	2.23
Price to Revenue (P/Rev)	1.65	1.65	2.87	2.92	2.55	4.34	3.23	3.57	3.75	3.00	2.17
Price to Earnings (P/E)	10.20	13.30	18.46	19.21	26.19	77.89	29.61	33.87	31.49	23.69	17.27
Dividend Yield	2.87%	3.16%	1.70%	1.88%	2.62%	1.87%	2.01%	1.98%	1.88%	2.41%	3.28%
Earnings Yield	9.81%	7.52%	5.42%	5.21%	3.82%	1.28%	3.38%	2.95%	3.18%	4.22%	5.79%
Enterprise Value to Invested Capital (EV/IC)	1.22	1.14	1.65	1.73	1.12	1.39	1.39	1.38	1.43	1.25	1.07
Enterprise Value to Revenue (EV/Rev)	2.87	2.98	4.10	4.06	2.83	7.68	5.94	6.33	6.39	5.57	4.60
Enterprise Value to EBITDA (EV/EBITDA)	6.71	7.23	9.02	10.04	8.48	25.03	15.53	16.63	16.41	14.09	11.89
Enterprise Value to EBIT (EV/EBIT)	9.42	10.92	12.88	14.79	14.86	53.36	26.99	29.80	29.32	23.79	19.74
Enterprise Value to NOPAT (EV/NOPAT)	14.64	18.33	23.39	24.51	19.31	76.26	32.36	37.19	33.78	26.76	22.10
Enterprise Value to Operating Cash Flow (EV/OCF)	13.92	9.25	12.17	15.64	12.33	24.83	32.21	27.92	23.88	19.58	17.60
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	146.05	207.74	0.00	0.00	0.00	368.42	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.11	1.08	1.06	0.98	0.60	1.60	1.68	1.54	1.49	1.42	1.34
Long-Term Debt to Equity	1.07	0.98	1.03	0.93	0.49	1.44	1.40	1.44	1.34	1.24	1.25
Financial Leverage	1.09	1.08	1.04	0.99	0.42	0.87	1.62	1.59	1.52	1.45	1.38
Leverage Ratio	3.49	3.50	3.45	3.28	2.52	2.86	3.57	3.49	3.38	3.46	3.46
Compound Leverage Factor	2.75	2.58	2.76	2.96	1.63	1.52	2.01	1.97	2.05	2.00	2.04
Debt to Total Capital	52.51%	51.97%	51.50%	49.61%	37.40%	61.52%	62.66%	60.66%	59.85%	58.62%	57.24%
Short-Term Debt to Total Capital	1.82%	4.77%	1.65%	2.72%	7.04%	6.03%	10.23%	3.88%	5.93%	7.40%	3.84%
Long-Term Debt to Total Capital	50.69%	47.20%	49.85%	46.89%	30.37%	55.49%	52.42%	56.78%	53.92%	51.22%	53.40%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	47.49%	48.03%	48.50%	50.39%	62.60%	38.48%	37.34%	39.34%	40.15%	41.38%	42.76%
Debt to EBITDA	2.91	3.31	2.90	2.90	4.00	11.03	7.13	7.31	6.85	6.59	6.32
Net Debt to EBITDA	2.84	3.22	2.71	2.82	0.83	10.89	7.09	7.25	6.80	6.50	6.28
Long-Term Debt to EBITDA	2.81	3.01	2.80	2.74	3.25	9.95	5.97	6.84	6.17	5.76	5.90
Debt to NOPAT	6.35	8.38	7.51	7.07	9.11	33.62	14.86	16.33	14.10	12.51	11.76
Net Debt to NOPAT	6.21	8.16	7.03	6.88	1.90	33.19	14.77	16.21	13.99	12.35	11.68
Long-Term Debt to NOPAT	6.13	7.62	7.27	6.68	7.40	30.32	12.43	15.29	12.70	10.93	10.97
Altman Z-Score	1.19	1.06	1.41	1.54	1.39	0.81	0.84	0.93	0.95	0.78	0.72
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.52	0.92	1.57	0.79	3.07	0.52	0.36	0.66	0.59	0.58	0.73
Quick Ratio	0.87	0.52	0.79	0.64	2.86	0.39	0.29	0.56	0.46	0.38	0.57
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-15	6.22	6.71	-2.47	-35	-1,272	9.10	-118	-19	-79	-61
Operating Cash Flow to CapEx	75.51%	103.12%	104.99%	99.59%	67.12%	94,894.16%	23,919.77%	15,743.34%	26,338.99%	787.13%	674,227.59%
Free Cash Flow to Firm to Interest Expense	-0.71	0.28	0.31	-0.11	-1.31	-36.40	0.17	-2.22	-0.36	-1.19	-0.85
Operating Cash Flow to Interest Expense	3.17	4.42	5.25	4.41	3.42	3.72	1.92	2.45	3.13	2.89	2.74
Operating Cash Flow Less CapEx to Interest Expense	-1.03	0.13	0.25	-0.02	-1.68	3.72	1.91	2.44	3.12	2.52	2.74
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.27	0.23	0.24	0.27	0.23	0.17	0.18	0.17	0.17	0.17	0.17
Accounts Receivable Turnover	21.68	19.44	20.74	23.12	21.82	15.16	13.58	11.41	11.00	10.55	10.96
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.32	0.29	0.30	0.31	0.30	0.24	0.25	0.24	0.24	0.23	0.22
Accounts Payable Turnover	1.13	1.01	0.69	0.65	0.63	0.64	0.87	0.96	1.09	0.91	0.70
Days Sales Outstanding (DSO)	16.84	18.78	17.59	15.79	16.73	24.07	26.88	31.98	33.19	34.59	33.30
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	322.46	362.86	525.91	557.84	583.72	572.57	421.88	380.70	336.02	400.74	520.03
Cash Conversion Cycle (CCC)	-305.62	-344.08	-508.32	-542.06	-566.99	-548.50	-395.00	-348.71	-302.83	-366.16	-486.74
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	751	794	847	914	1,007	2,322	2,416	2,632	2,768	2,987	3,203
Invested Capital Turnover	0.45	0.40	0.41	0.44	0.41	0.25	0.24	0.23	0.23	0.23	0.24
Increase / (Decrease) in Invested Capital	77	43	53	67	93	1,315	94	215	137	218	216
Enterprise Value (EV)	918	908	1,394	1,581	1,126	3,228	3,351	3,631	3,968	3,737	3,440
Market Capitalization	528	504	975	1,137	1,015	1,823	1,822	2,048	2,325	2,013	1,623
Book Value per Share	$17.80	$18.83	$20.61	$22.57	$43.11	$31.28	$32.12	$34.68	$36.64	$38.62	$41.11
Tangible Book Value per Share	$17.80	$18.83	$20.61	$22.57	$43.02	$9.20	$10.12	$13.21	$15.52	$17.68	$21.85
Total Capital	758	799	869	919	1,421	2,313	2,456	2,630	2,767	2,981	3,197
Total Debt	398	415	448	456	531	1,423	1,539	1,595	1,656	1,747	1,830
Total Long-Term Debt	384	377	433	431	431	1,284	1,288	1,493	1,492	1,527	1,707
Net Debt	389	404	419	444	111	1,405	1,530	1,583	1,644	1,724	1,817
Capital Expenditures (CapEx)	87	95	109	102	136	0.14	0.44	0.83	0.63	24	0.03
Debt-free, Cash-free Net Working Capital (DFCFNWC)	35	27	25	-0.99	18	9.02	19	21	42	66	41
Debt-free Net Working Capital (DFNWC)	37	32	50	6.81	439	27	28	33	54	76	52
Net Working Capital (NWC)	23	-6.25	36	-18	339	-113	-223	-69	-110	-145	-70
Net Nonoperating Expense (NNE)	11	12	6.76	3.39	20	19	42	37	44	55	62
Net Nonoperating Obligations (NNO)	391	410	425	451	118	1,432	1,499	1,597	1,657	1,753	1,836
Total Depreciation and Amortization (D&A)	39	42	46	51	57	68	92	96	106	108	115
Debt-free, Cash-free Net Working Capital to Revenue	10.88%	8.72%	7.36%	-0.26%	4.53%	2.14%	3.30%	3.63%	6.71%	9.87%	5.50%
Debt-free Net Working Capital to Revenue	11.63%	10.44%	14.83%	1.75%	110.32%	6.41%	4.94%	5.74%	8.70%	11.32%	6.99%
Net Working Capital to Revenue	7.32%	-2.05%	10.61%	-4.67%	85.17%	-26.76%	-39.58%	-12.06%	-17.71%	-21.57%	-9.41%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.56	$1.86	$2.59	$2.89	$1.83	$0.82	$2.16	$2.04	$2.44	$2.69	$2.87
Adjusted Weighted Average Basic Shares Outstanding	20.23M	20.36M	20.44M	20.51M	21.21M	28.44M	28.52M	29.60M	30.30M	31.58M	32.70M
Adjusted Diluted Earnings per Share	$2.54	$1.85	$2.57	$2.86	$1.82	$0.82	$2.14	$2.03	$2.43	$2.68	$2.87
Adjusted Weighted Average Diluted Shares Outstanding	20.42M	20.52M	20.59M	20.69M	21.33M	28.56M	28.69M	29.74M	30.42M	31.66M	32.78M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.82	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	20.34M	20.42M	20.49M	20.56M	28.43M	28.49M	28.60M	30.23M	30.85M	32.06M	33.67M
Normalized Net Operating Profit after Tax (NOPAT)	63	50	60	64	73	54	104	93	112	140	156
Normalized NOPAT Margin	19.60%	16.24%	17.55%	16.57%	18.38%	12.83%	18.35%	16.21%	18.03%	20.83%	20.80%
Pre Tax Income Margin	24.02%	20.05%	25.43%	24.79%	12.28%	7.63%	12.38%	12.00%	13.26%	13.57%	13.75%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.68	3.75	4.96	4.66	2.84	1.73	2.29	2.30	2.55	2.37	2.44
NOPAT to Interest Expense	3.01	2.23	2.73	2.81	2.18	1.21	1.91	1.84	2.21	2.11	2.18
EBIT Less CapEx to Interest Expense	0.49	-0.54	-0.04	0.24	-2.26	1.73	2.28	2.28	2.54	2.01	2.44
NOPAT Less CapEx to Interest Expense	-1.18	-2.06	-2.27	-1.62	-2.91	1.21	1.90	1.83	2.20	1.74	2.18
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	29.30%	41.93%	31.34%	34.91%	59.52%	144.47%	59.35%	66.37%	59.03%	56.37%	55.48%
Augmented Payout Ratio	29.30%	41.93%	31.34%	34.91%	59.52%	144.47%	59.35%	66.37%	59.03%	56.37%	55.48%

This table displays calculated financial ratios and metrics derived from H2O America's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	22.64%	10.45%	5.26%	16.40%	-0.02%	8.80%	12.29%	9.87%	15.46%	12.19%	12.53%
EBITDA Growth	31.22%	21.07%	11.17%	29.14%	-14.73%	9.32%	19.51%	0.66%	10.31%	9.74%	5.84%
EBIT Growth	47.88%	61.76%	18.13%	45.83%	-24.56%	10.79%	28.37%	-0.64%	13.48%	16.43%	7.33%
NOPAT Growth	63.80%	78.43%	55.01%	34.90%	-24.41%	1.81%	1.23%	10.55%	25.27%	26.58%	7.27%
Net Income Growth	118.02%	208.54%	58.21%	44.69%	-43.43%	1.47%	13.18%	6.71%	20.96%	41.47%	19.23%
EPS Growth	81.97%	208.33%	52.63%	37.80%	-45.95%	-2.70%	10.34%	3.54%	16.67%	36.11%	10.94%
Operating Cash Flow Growth	23.72%	11.73%	22.07%	35.38%	-14.44%	1.20%	5.47%	-13.57%	31.50%	-15.69%	23.36%
Free Cash Flow Firm Growth	50.80%	-1.08%	0.79%	-84.84%	-99.63%	-70.19%	-60.32%	10.83%	5.62%	6.46%	-34.12%
Invested Capital Growth	5.20%	5.69%	5.70%	7.84%	7.89%	8.60%	7.93%	6.85%	7.24%	7.66%	9.55%
Revenue Q/Q Growth	-2.62%	-19.89%	14.27%	30.57%	-16.36%	-12.81%	17.94%	27.75%	-12.10%	-15.28%	18.29%
EBITDA Q/Q Growth	17.20%	-32.38%	8.42%	41.07%	-22.62%	-8.33%	18.53%	18.82%	-15.20%	-8.12%	14.32%
EBIT Q/Q Growth	27.17%	-48.46%	16.98%	72.89%	-34.22%	-17.79%	35.54%	33.81%	-24.87%	-14.56%	24.95%
NOPAT Q/Q Growth	18.13%	-47.70%	47.52%	48.01%	-33.80%	-29.56%	46.67%	61.65%	-24.99%	-28.82%	24.30%
Net Income Q/Q Growth	33.81%	-65.58%	58.60%	98.09%	-47.69%	-38.26%	76.90%	86.76%	-40.70%	-27.79%	49.08%
EPS Q/Q Growth	35.37%	-66.67%	56.76%	94.83%	-46.90%	-40.00%	77.78%	82.81%	-40.17%	-30.00%	44.90%
Operating Cash Flow Q/Q Growth	-19.46%	37.33%	-7.61%	32.47%	-49.10%	62.45%	-3.71%	8.55%	-22.55%	4.15%	40.89%
Free Cash Flow Firm Q/Q Growth	-5.49%	-36.97%	7.02%	-37.58%	-13.93%	-16.77%	12.41%	23.48%	-20.60%	-15.72%	-25.60%
Invested Capital Q/Q Growth	2.10%	0.61%	1.24%	3.69%	2.14%	1.28%	0.62%	2.66%	2.52%	1.67%	2.38%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	95.14%	93.88%	94.97%	95.71%	94.52%	94.09%	95.22%	95.84%	95.29%	94.51%	95.71%
EBITDA Margin	44.78%	40.27%	38.21%	41.28%	38.19%	40.46%	40.66%	37.82%	36.49%	39.57%	38.24%
Operating Margin	29.40%	18.34%	19.86%	27.63%	21.30%	18.69%	23.03%	25.93%	22.07%	21.42%	22.13%
EBIT Margin	29.27%	20.72%	21.21%	28.08%	22.09%	21.10%	24.25%	25.40%	21.71%	21.89%	23.13%
Profit (Net Income) Margin	19.55%	8.40%	11.66%	17.68%	11.06%	7.83%	11.75%	17.17%	11.59%	9.88%	12.45%
Tax Burden Percent	87.38%	91.45%	109.01%	88.82%	91.20%	83.98%	84.75%	95.25%	95.47%	82.66%	84.09%
Interest Burden Percent	76.42%	44.33%	50.41%	70.89%	54.91%	44.20%	57.17%	71.00%	55.90%	54.57%	64.01%
Effective Tax Rate	12.62%	8.55%	-9.01%	11.18%	8.80%	16.02%	15.25%	4.75%	4.53%	17.34%	15.91%
Return on Invested Capital (ROIC)	5.91%	3.92%	5.06%	5.84%	4.53%	3.69%	4.67%	5.90%	5.10%	4.32%	4.60%
ROIC Less NNEP Spread (ROIC-NNEP)	5.26%	3.21%	4.10%	5.00%	3.68%	3.00%	3.87%	4.93%	4.05%	3.60%	3.93%
Return on Net Nonoperating Assets (RNNOA)	7.98%	4.77%	6.08%	7.42%	5.36%	4.28%	5.36%	6.74%	5.59%	4.98%	5.22%
Return on Equity (ROE)	13.88%	8.69%	11.14%	13.26%	9.89%	7.97%	10.03%	12.64%	10.69%	9.30%	9.82%
Cash Return on Invested Capital (CROIC)	-0.71%	-0.87%	-0.54%	-2.23%	-2.73%	-3.41%	-2.80%	-1.75%	-1.96%	-2.23%	-3.97%
Operating Return on Assets (OROA)	5.01%	3.66%	3.75%	5.06%	3.66%	3.59%	4.17%	4.37%	3.61%	3.69%	3.93%
Return on Assets (ROA)	3.35%	1.49%	2.06%	3.18%	1.83%	1.33%	2.02%	2.95%	1.93%	1.66%	2.11%
Return on Common Equity (ROCE)	13.88%	8.69%	11.14%	13.26%	9.89%	7.97%	10.03%	12.64%	10.69%	9.30%	9.82%
Return on Equity Simple (ROE_SIMPLE)	0.00%	7.08%	7.47%	8.16%	0.00%	6.87%	6.87%	6.75%	0.00%	7.07%	0.00%
Net Operating Profit after Tax (NOPAT)	44	23	34	50	33	23	34	56	42	30	37
NOPAT Margin	25.69%	16.77%	21.65%	24.54%	19.42%	15.69%	19.52%	24.70%	21.07%	17.70%	18.60%
Net Nonoperating Expense Percent (NNEP)	0.65%	0.71%	0.96%	0.84%	0.84%	0.69%	0.80%	0.97%	1.05%	0.72%	0.67%
Return On Investment Capital (ROIC_SIMPLE)	1.59%	-	-	-	1.12%	-	-	-	1.30%	0.91%	1.11%
Cost of Revenue to Revenue	4.86%	6.12%	5.03%	4.29%	5.48%	5.91%	4.78%	4.16%	4.71%	5.49%	4.29%
SG&A Expenses to Revenue	14.02%	17.73%	15.00%	11.66%	15.70%	17.26%	11.62%	11.42%	17.12%	16.56%	14.52%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	65.74%	75.54%	75.11%	68.07%	73.22%	75.40%	72.19%	69.91%	73.22%	73.10%	73.58%
Earnings before Interest and Taxes (EBIT)	50	28	33	58	38	32	43	57	43	37	46
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	77	55	60	85	65	60	72	85	72	66	76
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.09	1.96	1.80	1.52	1.63	1.44	1.36	1.43	1.19	1.32	1.21
Price to Tangible Book Value (P/TBV)	4.94	4.42	3.93	3.37	3.56	3.12	2.87	2.74	2.23	2.43	2.15
Price to Revenue (P/Rev)	3.75	3.57	3.33	2.77	3.00	2.61	2.47	2.63	2.17	2.40	2.25
Price to Earnings (P/E)	31.49	27.73	24.16	18.69	23.69	20.93	19.83	21.12	17.27	18.63	17.28
Dividend Yield	1.88%	1.99%	2.18%	2.56%	2.41%	2.76%	2.90%	2.72%	3.28%	2.96%	3.16%
Earnings Yield	3.18%	3.61%	4.14%	5.35%	4.22%	4.78%	5.04%	4.73%	5.79%	5.37%	5.79%
Enterprise Value to Invested Capital (EV/IC)	1.43	1.39	1.33	1.21	1.25	1.17	1.14	1.17	1.07	1.13	1.09
Enterprise Value to Revenue (EV/Rev)	6.39	6.12	5.85	5.27	5.57	5.18	4.95	5.08	4.60	4.80	4.60
Enterprise Value to EBITDA (EV/EBITDA)	16.41	15.12	14.31	12.54	14.09	13.01	12.27	12.93	11.89	12.47	12.12
Enterprise Value to EBIT (EV/EBIT)	29.32	25.63	24.02	20.25	23.79	21.90	20.35	21.53	19.74	20.50	19.87
Enterprise Value to NOPAT (EV/NOPAT)	33.78	30.67	27.38	23.57	26.76	25.17	24.55	24.90	22.10	22.75	22.13
Enterprise Value to Operating Cash Flow (EV/OCF)	23.88	22.60	20.87	18.00	19.58	18.46	17.92	19.78	17.60	19.63	18.23
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.49	1.42	1.39	1.40	1.42	1.43	1.39	1.33	1.34	1.33	1.28
Long-Term Debt to Equity	1.34	1.32	1.28	1.26	1.24	1.25	1.22	1.25	1.25	1.21	1.15
Financial Leverage	1.52	1.49	1.48	1.48	1.45	1.43	1.39	1.37	1.38	1.38	1.33
Leverage Ratio	3.38	3.29	3.28	3.28	3.46	3.35	3.32	3.29	3.46	3.45	3.39
Compound Leverage Factor	2.58	1.46	1.65	2.33	1.90	1.48	1.90	2.33	1.94	1.88	2.17
Debt to Total Capital	59.85%	58.69%	58.20%	58.30%	58.62%	58.80%	58.22%	57.10%	57.24%	57.14%	56.08%
Short-Term Debt to Total Capital	5.93%	4.18%	4.51%	5.88%	7.40%	7.30%	7.43%	3.26%	3.84%	5.25%	5.39%
Long-Term Debt to Total Capital	53.92%	54.50%	53.69%	52.42%	51.22%	51.50%	50.79%	53.84%	53.40%	51.88%	50.70%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	40.15%	41.31%	41.80%	41.70%	41.38%	41.20%	41.78%	42.90%	42.76%	42.86%	43.92%
Debt to EBITDA	6.85	6.38	6.27	6.06	6.59	6.52	6.27	6.25	6.32	6.31	6.25
Net Debt to EBITDA	6.80	6.29	6.18	5.94	6.50	6.45	6.14	6.23	6.28	6.23	6.19
Long-Term Debt to EBITDA	6.17	5.93	5.79	5.45	5.76	5.71	5.47	5.90	5.90	5.73	5.65
Debt to NOPAT	14.10	12.95	12.01	11.38	12.51	12.60	12.54	12.04	11.76	11.51	11.42
Net Debt to NOPAT	13.99	12.77	11.82	11.16	12.35	12.48	12.29	12.00	11.68	11.37	11.29
Long-Term Debt to NOPAT	12.70	12.03	11.08	10.24	10.93	11.04	10.94	11.35	10.97	10.46	10.32
Altman Z-Score	0.87	0.91	0.87	0.80	0.69	0.64	0.63	0.70	0.63	0.65	0.64
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.59	0.91	0.85	0.74	0.58	0.55	0.49	0.77	0.73	0.66	0.64
Quick Ratio	0.46	0.59	0.59	0.51	0.38	0.35	0.45	0.63	0.57	0.52	0.55
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-93	-127	-118	-162	-185	-216	-189	-145	-175	-202	-254
Operating Cash Flow to CapEx	175,476.19%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	142,965.52%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	-7.84	-8.02	-7.16	-9.70	-10.84	-12.29	-10.35	-8.74	-9.22	-12.13	-15.38
Operating Cash Flow to Interest Expense	3.12	3.20	2.83	3.70	1.85	2.91	2.70	3.23	2.19	2.59	3.69
Operating Cash Flow Less CapEx to Interest Expense	3.11	3.20	2.83	3.70	1.85	2.91	2.70	3.23	2.19	2.59	3.69
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.17	0.18	0.18	0.18	0.17	0.17	0.17	0.17	0.17	0.17	0.17
Accounts Receivable Turnover	11.00	11.48	10.93	10.00	10.55	11.46	10.90	9.87	10.96	11.93	10.73
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.24	0.24	0.24	0.25	0.23	0.23	0.23	0.23	0.22	0.23	0.23
Accounts Payable Turnover	1.09	1.20	1.05	1.02	0.91	1.16	0.95	0.90	0.70	0.90	0.84
Days Sales Outstanding (DSO)	33.19	31.80	33.39	36.51	34.59	31.85	33.49	36.96	33.30	30.59	34.01
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	336.02	303.61	348.75	358.70	400.74	315.66	383.15	407.69	520.03	407.57	432.24
Cash Conversion Cycle (CCC)	-302.83	-271.82	-315.37	-322.19	-366.16	-283.80	-349.66	-370.73	-486.74	-376.98	-398.22
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,768	2,785	2,820	2,924	2,987	3,025	3,043	3,124	3,203	3,257	3,334
Invested Capital Turnover	0.23	0.23	0.23	0.24	0.23	0.23	0.24	0.24	0.24	0.24	0.25
Increase / (Decrease) in Invested Capital	137	150	152	213	218	240	224	200	216	232	291
Enterprise Value (EV)	3,968	3,877	3,756	3,531	3,737	3,535	3,476	3,671	3,440	3,681	3,629
Market Capitalization	2,325	2,263	2,134	1,860	2,013	1,782	1,736	1,901	1,623	1,841	1,776
Book Value per Share	$36.64	$37.36	$37.63	$38.41	$38.62	$38.67	$39.54	$40.77	$41.11	$41.50	$42.89
Tangible Book Value per Share	$15.52	$16.60	$17.26	$17.36	$17.68	$17.82	$18.80	$21.20	$21.85	$22.48	$24.15
Total Capital	2,767	2,790	2,830	2,926	2,981	3,010	3,051	3,109	3,197	3,260	3,338
Total Debt	1,656	1,637	1,647	1,706	1,747	1,770	1,776	1,775	1,830	1,863	1,872
Total Long-Term Debt	1,492	1,520	1,519	1,534	1,527	1,550	1,550	1,674	1,707	1,691	1,692
Net Debt	1,644	1,614	1,621	1,672	1,724	1,752	1,740	1,770	1,817	1,839	1,852
Capital Expenditures (CapEx)	0.02	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.03	0.00	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	42	74	66	71	66	70	27	41	41	48	46
Debt-free Net Working Capital (DFNWC)	54	98	91	93	76	75	50	45	52	72	66
Net Working Capital (NWC)	-110	-19	-37	-79	-145	-145	-177	-57	-70	-99	-114
Net Nonoperating Expense (NNE)	11	11	16	14	14	12	14	17	19	13	12
Net Nonoperating Obligations (NNO)	1,657	1,633	1,637	1,704	1,753	1,785	1,769	1,791	1,836	1,859	1,868
Total Depreciation and Amortization (D&A)	27	27	27	27	28	29	29	28	29	30	30
Debt-free, Cash-free Net Working Capital to Revenue	6.71%	11.72%	10.23%	10.66%	9.87%	10.26%	3.81%	5.62%	5.50%	6.28%	5.85%
Debt-free Net Working Capital to Revenue	8.70%	15.40%	14.20%	13.81%	11.32%	10.93%	7.06%	6.17%	6.99%	9.37%	8.37%
Net Working Capital to Revenue	-17.71%	-3.02%	-5.69%	-11.84%	-21.57%	-21.27%	-25.22%	-7.86%	-9.41%	-12.97%	-14.43%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.11	$0.37	$0.58	$1.14	$0.60	$0.36	$0.64	$1.17	$0.70	$0.49	$0.71
Adjusted Weighted Average Basic Shares Outstanding	30.30M	30.94M	31.50M	31.86M	31.58M	32.08M	32.40M	32.90M	32.70M	33.78M	34.78M
Adjusted Diluted Earnings per Share	$1.11	$0.37	$0.58	$1.13	$0.60	$0.36	$0.64	$1.17	$0.70	$0.49	$0.71
Adjusted Weighted Average Diluted Shares Outstanding	30.42M	31.04M	31.59M	31.93M	31.66M	32.14M	32.46M	32.98M	32.78M	33.87M	34.86M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	30.85M	31.43M	31.77M	31.93M	32.06M	32.23M	32.71M	33.25M	33.67M	34.18M	35.29M
Normalized Net Operating Profit after Tax (NOPAT)	43	23	22	50	33	23	34	56	42	30	37
Normalized NOPAT Margin	25.35%	16.77%	13.90%	24.54%	19.42%	15.69%	19.52%	24.70%	21.07%	17.70%	18.60%
Pre Tax Income Margin	22.37%	9.18%	10.69%	19.91%	12.13%	9.33%	13.86%	18.03%	12.14%	11.95%	14.80%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.24	1.80	2.02	3.44	2.22	1.79	2.33	3.45	2.27	2.20	2.78
NOPAT to Interest Expense	3.72	1.45	2.06	3.00	1.95	1.33	1.88	3.35	2.20	1.78	2.24
EBIT Less CapEx to Interest Expense	4.24	1.80	2.02	3.44	2.22	1.79	2.33	3.45	2.27	2.20	2.78
NOPAT Less CapEx to Interest Expense	3.72	1.45	2.06	3.00	1.95	1.33	1.88	3.35	2.20	1.78	2.24
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	59.03%	54.42%	51.48%	46.89%	56.37%	57.55%	57.05%	56.64%	55.48%	54.09%	53.65%
Augmented Payout Ratio	59.03%	54.42%	51.48%	46.89%	56.37%	57.55%	57.05%	56.64%	55.48%	54.09%	53.65%

Key Financial Trends

H2O America (NASDAQ: HTO), also known as SJW Group, demonstrates a stable financial profile over the last four years, showing growth in revenue, net income, and operational cash flows despite some fluctuations in expenses and capital activities.

Key Positive Highlights:

Consistent increase in operating revenue from $137 million in Q1 2023 to nearly $198 million in Q2 2025, indicating steady top-line growth.
Net income has improved substantially over the period, reaching $24.7 million in Q2 2025 up from $11.5 million in Q1 2023, reflecting improved profitability.
Strong operating cash flow figures, with net cash from operating activities increasing from approximately $51.2 million in Q1 2023 to $60.8 million in Q2 2025, supporting operational efficiency.
The company maintains a solid asset base, with total assets rising from around $3.65 billion in Q1 2023 to $4.85 billion by Q2 2025, driven by investments in plant, property & equipment and goodwill.
Equity growth is healthy; total common equity increased from about $1.15 billion in Q1 2023 to $1.47 billion in Q2 2025, boosting shareholder value.
Regular dividend payments have been maintained, with a slight increase in dividends per share from $0.36 in early 2023 to $0.42 by mid-2025, reflecting stable returns to shareholders.
Issuance of common equity and debt financing have supported growth and capital expenditures, with equity issuances increasing to nearly $57 million in Q2 2025 compared to $7-40 million in prior quarters.

Neutral Observations:

Depreciation expense remains significant at around $28-30 million each quarter reflecting ongoing investment in fixed assets but consistent over time.
Cash interest paid is substantial, around $32-46 million quarterly, which is a regular financial obligation associated with the company’s debt levels.
Other operating expenses, including various adjustments, are large and fluctuate quarterly, indicating variability in operational costs outside of direct revenue and depreciation.

Areas of Concern / Negative Trends:

Net cash used in investing activities remains high, around $56 to $133 million per quarter, suggesting significant capital expenditures or acquisitions which might pressure cash balances.
Long-term and short-term debt levels are high and slightly increasing, with total liabilities rising from approximately $2.5 billion in early 2023 to over $3.3 billion by mid-2025, which could increase financial risk.
Total operating expenses, especially other operating expenses, have increased steadily, reaching $145.9 million in Q2 2025 compared to around $103 million in early 2023, which may pressure margins if revenue growth slows.
The net change in cash and equivalents fluctuates, including periods of negative cash flow, reflecting variability in cash management and financing activities that investors should monitor.

Overall, SJW Group (HTO) displays strong revenue and earnings growth along with solid operating cash flow generation, backed by substantial investments in infrastructure. However, elevated debt and intensive capital spending highlight some financial risk that requires ongoing monitoring. The steady dividend increases and equity growth represent positive signals for shareholders.

08/30/25 12:57 AM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About H2O America's Financials

When does H2O America's fiscal year end?

According to the most recent income statement we have on file, H2O America's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has H2O America's net income changed over the last 10 years?

H2O America's net income appears to be on an upward trend, with a most recent value of $93.97 million in 2024, rising from $51.81 million in 2014. The previous period was $84.99 million in 2023. See H2O America's forecast for analyst expectations on what’s next for the company.

What is H2O America's operating income?

H2O America's total operating income in 2024 was $170.50 million, based on the following breakdown:

Total Gross Profit: $712.51 million
Total Operating Expenses: $542.01 million

How has H2O America's revenue changed over the last 10 years?

Over the last 10 years, H2O America's total revenue changed from $319.67 million in 2014 to $748.44 million in 2024, a change of 134.1%.

How much debt does H2O America have?

H2O America's total liabilities were at $3.29 billion at the end of 2024, a 5.8% increase from 2023, and a 262.0% increase since 2014.

How much cash does H2O America have?

In the past 10 years, H2O America's cash and equivalents has ranged from $2.40 million in 2014 to $420.72 million in 2018, and is currently $11.11 million as of their latest financial filing in 2024.

How has H2O America's book value per share changed over the last 10 years?

Over the last 10 years, H2O America's book value per share changed from 17.80 in 2014 to 41.11 in 2024, a change of 131.0%.

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This page (NASDAQ:HTO) was last updated on 8/30/2025 by MarketBeat.com Staff

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H2O America (HTO) Financials

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