H2O America (HTO) Financials

$57.98 +0.66 (+1.15%)

Closing price 04:00 PM Eastern

Extended Trading

$57.98 +0.01 (+0.01%)

As of 04:10 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	38	53	59	39	23	62	60	74	85	94	103
Consolidated Net Income / (Loss)	38	53	61	39	24	62	60	74	85	94	103
Net Income / (Loss) Continuing Operations	38	53	61	39	24	62	60	74	85	94	103
Total Pre-Tax Income	61	86	96	49	32	70	69	82	91	103	115
Total Operating Income	80	97	102	73	57	118	111	131	149	171	178
Total Gross Profit	293	328	376	383	401	535	543	588	636	713	763
Total Revenue	305	340	389	398	420	565	574	621	670	748	801
Operating Revenue	305	340	389	398	420	565	574	621	670	748	801
Total Cost of Revenue	12	12	14	15	19	30	31	33	34	36	38
Other Cost of Revenue	12	12	14	15	19	30	31	33	34	36	38
Total Operating Expenses	213	230	274	309	344	417	432	457	486	542	585
Selling, General & Admin Expense	47	42	49	49	66	80	87	95	99	106	126
Depreciation Expense	41	45	48	55	66	89	94	104	106	113	115
Other Operating Expenses / (Income)	126	144	177	187	196	248	255	264	282	323	344
Total Other Income / (Expense), net	-19	-11	-5.36	-25	-25	-48	-42	-49	-58	-68	-63
Interest Expense	22	22	23	27	35	54	53	53	67	68	66
Other Income / (Expense), net	3.21	11	5.07	2.35	3.02	6.48	11	4.39	8.88	0.06	3.55
Income Tax Expense	23	34	35	10	8.45	8.38	8.37	8.50	5.96	8.97	12
Basic Earnings per Share	$1.86	$2.59	$2.89	$1.83	$0.82	$2.16	$2.04	$2.44	$2.69	$2.87	$2.93
Weighted Average Basic Shares Outstanding	20.36M	20.44M	20.51M	21.21M	28.44M	28.52M	29.60M	30.30M	31.58M	32.70M	35.00M
Diluted Earnings per Share	$1.85	$2.57	$2.86	$1.82	$0.82	$2.14	$2.03	$2.43	$2.68	$2.87	$2.92
Weighted Average Diluted Shares Outstanding	20.52M	20.59M	20.69M	21.33M	28.56M	28.69M	29.74M	30.42M	31.66M	32.78M	35.10M
Weighted Average Basic & Diluted Shares Outstanding	20.40M	20.40M	20.50M	21.20M	28.50M	28.60M	30.23M	30.85M	32.06M	33.67M	36.16M
Cash Dividends to Common per Share	$0.78	$0.81	$1.04	$1.12	$1.20	$1.28	$1.36	$1.44	$1.52	$1.60	$1.68

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	36	19	12	21	39	23	17	25	45	16	19
Consolidated Net Income / (Loss)	36	19	12	21	39	23	17	25	45	16	19
Net Income / (Loss) Continuing Operations	36	19	12	21	39	23	17	25	45	16	19
Total Pre-Tax Income	41	21	14	24	41	24	20	29	51	15	22
Total Operating Income	57	36	28	41	58	44	36	44	65	33	37
Total Gross Profit	196	162	141	168	216	189	158	190	231	184	174
Total Revenue	205	171	149	176	225	198	168	198	241	194	183
Operating Revenue	205	171	149	176	225	198	168	198	241	194	183
Total Cost of Revenue	8.80	9.38	8.83	8.42	9.36	9.32	9.20	8.51	9.52	10	8.95
Other Cost of Revenue	8.80	9.38	8.83	8.42	9.36	9.32	9.20	8.51	9.52	10	8.95
Total Operating Expenses	139	125	113	127	157	145	123	146	166	151	137
Selling, General & Admin Expense	24	27	26	20	26	34	28	29	31	38	30
Depreciation Expense	26	27	28	28	27	29	28	29	29	30	32
Other Operating Expenses / (Income)	89	72	58	78	104	82	66	88	106	83	75
Total Other Income / (Expense), net	-16	-16	-14	-16	-18	-20	-16	-15	-14	-18	-15
Interest Expense	17	17	18	18	18	19	17	17	16	17	17
Other Income / (Expense), net	0.92	1.35	3.60	2.14	-0.26	-0.72	0.80	1.98	2.61	-1.84	1.88
Income Tax Expense	4.56	1.83	2.23	3.72	1.93	1.09	3.47	4.67	5.79	-1.58	3.39
Basic Earnings per Share	$1.14	$0.60	$0.36	$0.64	$1.17	$0.70	$0.49	$0.71	$1.27	$0.46	$0.50
Weighted Average Basic Shares Outstanding	31.86M	31.58M	32.08M	32.40M	32.90M	32.70M	33.78M	34.78M	35.54M	35.00M	37.93M
Diluted Earnings per Share	$1.13	$0.60	$0.36	$0.64	$1.17	$0.70	$0.49	$0.71	$1.27	$0.45	$0.49
Weighted Average Diluted Shares Outstanding	31.93M	31.66M	32.14M	32.46M	32.98M	32.78M	33.87M	34.86M	35.64M	35.10M	38.55M
Weighted Average Basic & Diluted Shares Outstanding	31.93M	32.06M	32.23M	32.71M	33.25M	33.67M	34.18M	35.29M	35.81M	36.16M	41.84M
Cash Dividends to Common per Share	$0.38	-	$0.40	$0.40	$0.40	-	$0.42	$0.42	$0.42	-	$0.44

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Net Change in Cash & Equivalents	2.84	20	-18	413	-403	-8.68	2.85	0.23	-2.62	1.39	9.57
Net Cash From Operating Activities	98	115	101	91	130	104	130	166	191	196	245
Net Cash From Continuing Operating Activities	98	115	101	91	130	104	130	166	191	196	245
Net Income / (Loss) Continuing Operations	38	53	61	39	24	62	60	74	85	94	103
Consolidated Net Income / (Loss)	38	53	61	39	24	62	60	74	85	94	103
Depreciation Expense	42	46	51	57	68	92	96	106	108	115	120
Non-Cash Adjustments To Reconcile Net Income	2.28	11	-14	-4.65	5.35	-1.67	-8.87	-0.45	7.31	-19	12
Changes in Operating Assets and Liabilities, net	16	4.38	3.71	0.31	33	-47	-18	-14	-9.60	5.94	9.50
Net Cash From Investing Activities	-111	-122	-114	-147	-1,018	-214	-260	-244	-322	-340	-520
Net Cash From Continuing Investing Activities	-111	-122	-114	-147	-1,018	-214	-260	-244	-322	-340	-520
Purchase of Property, Plant & Equipment	-97	-129	-141	-136	-0.14	-0.44	-0.83	-0.63	-24	-0.03	0.00
Acquisitions	-	-	-	-	-835	0.00	-24	-0.43	-7.54	0.00	0.00
Sale and/or Maturity of Investments	0.00	4.51	0.00	4.11	0.75	1.15	-	-	0.23	41	2.80
Other Investing Activities, net	-15	-18	-12	-15	-183	-215	-236	-243	-291	-381	-523
Net Cash From Financing Activities	15	28	-4.79	468	485	102	133	78	129	146	285
Net Cash From Continuing Financing Activities	15	28	-4.79	468	485	102	133	78	129	146	285
Repayment of Debt	-79	-102	-53	-6.78	-195	-244	-285	-152	-140	-344	-473
Payment of Dividends	-16	-17	-21	-23	-34	-37	-40	-44	-48	-52	-59
Issuance of Debt	98	132	57	76	695	361	344	214	216	427	622
Issuance of Common Equity	-	0.00	0.00	411	-0.01	0.00	91	39	81	85	123
Other Financing Activities, net	12	14	13	11	19	21	24	21	20	30	72
Cash Interest Paid	24	24	25	27	32	60	58	123	132	143	152
Cash Income Taxes Paid	9.72	28	34	14	16	10	8.47	6.85	23	-0.60	3.24

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-4.41	-11	-5.18	18	-19	7.15	13	-3.85	-8.54	9.37	132
Net Cash From Operating Activities	62	32	51	49	54	41	43	61	77	64	44
Net Cash From Continuing Operating Activities	62	32	51	49	54	41	43	61	77	64	44
Net Income / (Loss) Continuing Operations	36	19	12	21	39	23	17	25	45	16	19
Consolidated Net Income / (Loss)	36	19	12	21	39	23	17	25	45	16	19
Depreciation Expense	27	28	29	29	28	29	30	30	30	31	34
Non-Cash Adjustments To Reconcile Net Income	11	-8.09	-6.26	16	6.81	-36	-1.43	16	12	-15	-1.78
Changes in Operating Assets and Liabilities, net	-12	-6.93	17	-16	-20	25	-1.57	-10	-10.00	31	-7.30
Net Cash From Investing Activities	-116	-81	-74	-57	-102	-107	-85	-133	-152	-151	-93
Net Cash From Continuing Investing Activities	-116	-81	-74	-57	-102	-107	-85	-133	-152	-151	-93
Purchase of Property, Plant & Equipment	-	-	-	-	-	-0.03	-77	-	-	-	-82
Other Investing Activities, net	-85	-80	-74	-97	-102	-67	-7.30	-133	-154	-151	-11
Net Cash From Financing Activities	50	38	18	26	29	73	54	68	66	96	182
Net Cash From Continuing Financing Activities	50	38	18	26	29	73	54	68	66	96	182
Repayment of Debt	-19	-2.25	-91	-58	-130	-66	-35	-40	-285	-114	-170
Payment of Dividends	-12	-12	-13	-13	-13	-13	-14	-15	-15	-15	-16
Issuance of Debt	63	44	113	64	130	121	67	48	314	192	67
Issuance of Common Equity	12	5.38	7.01	25	31	22	27	57	24	15	289
Other Financing Activities, net	7.04	2.92	1.67	7.04	11	9.92	9.16	18	27	18	11
Cash Interest Paid	55	46	31	22	64	41	32	46	33	40	29
Cash Income Taxes Paid	0.16	22	0.18	0.53	0.59	-1.89	-0.68	-1.69	0.08	5.52	0.17

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Total Assets	1,337	1,443	1,458	1,956	3,132	3,311	3,492	3,755	4,345	4,658	5,150
Total Current Assets	73	100	67	503	122	127	134	158	198	191	191
Cash & Equivalents	5.24	6.35	7.80	421	13	5.27	11	12	9.72	11	21
Note & Lease Receivable	20	28	29	29	43	49	49	51	53	68	77
Accounts Receivable	16	16	17	19	36	47	54	59	68	69	62
Prepaid Expenses	-	-	-	-	6.63	8.10	9.67	9.75	11	10	12
Current Deferred & Refundable Income Taxes	11	9.80	7.98	1.89	8.84	7.04	2.31	0.00	5.19	5.95	2.72
Other Current Assets	21	20	4.75	32	9.40	6.87	7.53	26	51	27	16
Plant, Property, & Equipment, net	1,098	1,197	1,284	1,373	2,206	2,335	2,539	2,671	3,171	3,490	3,936
Plant, Property & Equipment, gross	1,599	1,729	1,849	1,992	3,169	3,438	3,691	3,912	4,152	4,526	5,056
Accumulated Depreciation	501	532	564	619	976	1,060	1,152	1,241	982	1,037	1,120
Total Noncurrent Assets	166	147	107	81	818	806	819	925	989	978	1,023
Goodwill	-	-	-	1.68	628	628	640	640	640	640	640
Employee Benefit Assets	-	-	-	-	-	-	-	17	34	66	81
Other Noncurrent Operating Assets	160	144	102	79	189	178	179	268	274	271	302
Total Liabilities & Shareholders' Equity	1,337	1,443	1,458	1,956	3,132	3,311	3,492	3,755	4,345	4,658	5,150
Total Liabilities	954	1,022	995	1,067	2,242	2,394	2,458	2,644	3,112	3,291	3,609
Total Current Liabilities	80	64	85	164	235	351	203	268	343	261	273
Short-Term Debt	38	14	25	100	139	251	102	164	220	123	110
Accounts Payable	16	19	23	25	35	34	30	30	46	56	75
Accrued Expenses	7.16	11	14	14	17	19	17	20	24	25	29
Current Employee Benefit Liabilities	4.20	4.70	6.01	7.18	12	14	12	12	12	15	19
Other Current Liabilities	6.16	6.98	7.93	9.12	18	19	28	27	24	24	21
Other Current Nonoperating Liabilities	6.19	6.31	6.87	7.13	13	13	14	14	16	17	18
Total Noncurrent Liabilities	874	958	910	903	2,008	2,044	2,255	2,376	2,769	3,030	3,335
Long-Term Debt	377	433	431	431	1,284	1,288	1,493	1,492	1,527	1,707	1,867
Asset Retirement Reserve & Litigation Obligation	-	0.00	62	59	-	-	-	119	461	484	547
Noncurrent Deferred Revenue	77	85	84	81	112	125	131	138	147	155	201
Noncurrent Deferred & Payable Income Tax Liabilities	199	205	86	80	196	191	200	218	239	276	308
Noncurrent Employee Benefit Liabilities	70	70	73	70	108	122	90	60	47	45	46
Other Noncurrent Operating Liabilities	151	165	174	182	308	318	341	350	349	363	367
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	384	422	463	889	890	917	1,035	1,111	1,233	1,367	1,541
Total Preferred & Common Equity	384	422	463	889	890	917	1,035	1,111	1,233	1,367	1,541
Total Common Equity	384	422	463	889	890	917	1,035	1,111	1,233	1,367	1,541
Common Stock	79	82	85	495	507	510	606	651	736	828	958
Retained Earnings	302	338	376	394	383	408	428	458	495	537	581
Accumulated Other Comprehensive Income / (Loss)	2.31	1.52	2.20	0.00	0.13	-1.06	-0.16	1.48	1.79	1.96	1.47

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	Q3 2025	Q1 2026
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	9/30/2025	3/31/2026
Total Assets	3,605	3,652	3,712	3,843	4,368	4,439	4,552	4,729	4,847	5,011	5,353
Total Current Assets	158	194	201	229	178	173	187	197	200	207	323
Cash & Equivalents	13	23	25	21	4.54	23	3.97	24	20	11	153
Note & Lease Receivable	61	46	55	67	47	63	75	65	76	80	76
Accounts Receivable	64	56	59	70	63	70	76	66	77	86	62
Prepaid Expenses	13	11	9.15	15	13	9.86	15	13	8.43	16	15
Current Deferred & Refundable Income Taxes	0.00	-	-	-	2.91	0.00	11	4.51	0.00	0.00	1.52
Other Current Assets	7.00	57	53	56	49	6.88	6.16	24	20	14	16
Plant, Property, & Equipment, net	2,634	2,655	2,704	2,765	3,222	3,297	3,407	3,549	3,656	3,799	4,001
Plant, Property & Equipment, gross	3,858	3,906	3,982	4,070	4,216	4,313	4,454	4,609	4,735	4,902	5,141
Accumulated Depreciation	1,224	1,250	1,277	1,305	1,007	1,030	1,048	1,059	1,080	1,102	1,140
Total Noncurrent Assets	813	803	806	863	981	983	959	982	991	1,004	1,029
Goodwill	640	640	640	640	640	640	640	640	640	640	640
Employee Benefit Assets	-	-	-	-	34	37	39	68	69	70	82
Other Noncurrent Operating Assets	172	163	166	181	264	264	278	274	282	294	306
Total Liabilities & Shareholders' Equity	3,605	3,652	3,712	3,843	4,368	4,439	4,552	4,729	4,847	5,011	5,353
Total Liabilities	2,555	2,500	2,529	2,623	3,127	3,165	3,218	3,331	3,381	3,487	3,519
Total Current Liabilities	319	213	238	308	323	350	244	297	314	304	160
Short-Term Debt	204	117	128	172	220	227	101	171	180	144	8.63
Accounts Payable	30	26	36	36	34	38	44	47	48	61	63
Accrued Expenses	28	12	23	33	17	33	38	23	38	42	28
Current Employee Benefit Liabilities	12	9.08	10	11	8.82	11	12	9.82	12	14	12
Other Current Liabilities	24	26	21	25	24	25	28	25	20	24	26
Other Current Nonoperating Liabilities	18	19	16	19	19	16	20	20	16	18	23
Total Noncurrent Liabilities	2,237	2,287	2,291	2,315	2,804	2,815	2,974	3,035	3,067	3,183	3,359
Long-Term Debt	1,454	1,520	1,519	1,534	1,550	1,550	1,674	1,691	1,692	1,757	1,866
Asset Retirement Reserve & Litigation Obligation	-	-	-	-	470	475	474	494	509	528	556
Noncurrent Deferred Revenue	141	138	140	144	141	144	151	162	173	184	211
Noncurrent Deferred & Payable Income Tax Liabilities	208	220	229	235	240	241	268	280	286	303	312
Noncurrent Employee Benefit Liabilities	90	56	53	51	47	48	48	44	44	44	46
Other Noncurrent Operating Liabilities	344	353	350	352	355	357	360	363	363	367	369
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	1,049	1,152	1,183	1,220	1,240	1,275	1,334	1,397	1,466	1,524	1,834
Total Preferred & Common Equity	1,049	1,152	1,183	1,220	1,240	1,275	1,334	1,397	1,466	1,524	1,834
Total Common Equity	1,049	1,152	1,183	1,220	1,240	1,275	1,334	1,397	1,466	1,524	1,834
Common Stock	614	693	717	730	745	771	805	856	914	942	1,248
Retained Earnings	436	458	464	489	494	502	528	540	550	580	584
Accumulated Other Comprehensive Income / (Loss)	-0.77	1.57	1.58	1.90	1.35	1.35	1.35	1.96	1.96	1.96	1.47

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-4.56%	11.35%	14.58%	2.18%	5.73%	34.26%	1.62%	8.19%	8.00%	11.65%	6.97%
EBITDA Growth	-8.31%	23.12%	1.88%	-15.71%	-2.79%	67.28%	1.19%	10.75%	9.69%	9.11%	5.59%
EBIT Growth	-14.59%	30.12%	-1.20%	-29.12%	-20.17%	105.21%	-1.85%	11.08%	16.05%	10.97%	6.16%
NOPAT Growth	-20.97%	20.33%	8.21%	-9.60%	-27.39%	144.64%	-5.71%	20.29%	18.89%	11.46%	1.80%
Net Income Growth	-26.88%	39.48%	15.63%	-36.55%	-39.05%	160.36%	-1.69%	22.07%	15.11%	10.57%	9.16%
EPS Growth	-27.17%	38.92%	11.28%	-36.36%	-54.95%	160.98%	-5.14%	19.70%	10.29%	7.09%	1.74%
Operating Cash Flow Growth	48.92%	16.73%	-11.75%	-9.66%	42.33%	-19.96%	24.98%	27.81%	14.82%	2.46%	25.20%
Free Cash Flow Firm Growth	142.32%	7.97%	-136.77%	-1,318.28%	-3,534.63%	100.71%	-1,393.35%	83.63%	-308.48%	22.85%	-153.74%
Invested Capital Growth	5.77%	6.66%	7.91%	10.21%	130.54%	4.07%	8.91%	5.20%	7.89%	7.24%	9.76%
Revenue Q/Q Growth	6.39%	-2.39%	3.79%	1.32%	6.89%	1.78%	0.71%	5.37%	-0.01%	3.67%	-0.45%
EBITDA Q/Q Growth	14.63%	-2.41%	-4.56%	2.28%	-6.14%	12.46%	4.16%	8.17%	-5.80%	1.94%	-2.93%
EBIT Q/Q Growth	22.52%	-4.23%	-7.43%	1.77%	-20.19%	21.65%	6.18%	13.64%	-9.94%	2.27%	-5.58%
NOPAT Q/Q Growth	29.46%	-9.15%	0.35%	3.82%	-20.35%	25.83%	1.37%	16.95%	-6.80%	5.58%	-4.17%
Net Income Q/Q Growth	38.37%	-4.46%	6.22%	-48.93%	154.68%	43.91%	3.56%	32.56%	-14.62%	4.41%	-6.13%
EPS Q/Q Growth	39.10%	-4.81%	6.32%	-20.18%	-41.01%	43.62%	7.98%	25.91%	-15.99%	3.61%	-7.89%
Operating Cash Flow Q/Q Growth	6.28%	11.52%	-19.50%	5.17%	19.37%	-4.84%	-2.73%	4.44%	-2.71%	5.35%	9.90%
Free Cash Flow Firm Q/Q Growth	-48.96%	6,451.78%	-130.40%	-25.59%	-5,043.53%	100.71%	-58.86%	22.03%	-25.16%	-14.56%	-8.28%
Invested Capital Q/Q Growth	3.05%	1.28%	2.41%	3.15%	120.24%	0.02%	1.76%	2.10%	2.14%	2.52%	2.43%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	96.18%	96.43%	96.50%	96.23%	95.47%	94.71%	94.60%	94.75%	94.86%	95.20%	95.29%
EBITDA Margin	41.14%	45.48%	40.45%	33.37%	30.68%	38.22%	38.06%	38.96%	39.56%	38.66%	37.67%
Operating Margin	26.21%	28.68%	26.17%	18.47%	13.67%	20.84%	19.38%	21.10%	22.29%	22.78%	22.17%
EBIT Margin	27.26%	31.86%	27.47%	19.06%	14.39%	21.99%	21.24%	21.81%	23.43%	23.29%	22.62%
Profit (Net Income) Margin	12.42%	15.55%	15.70%	9.75%	5.62%	10.90%	10.54%	11.89%	12.68%	12.56%	12.81%
Tax Burden Percent	61.95%	61.17%	63.32%	79.39%	73.65%	88.01%	87.84%	89.68%	93.45%	91.29%	89.25%
Interest Burden Percent	73.53%	79.82%	90.25%	64.43%	53.03%	56.30%	56.50%	60.82%	57.89%	59.05%	63.47%
Effective Tax Rate	38.05%	38.83%	36.68%	20.61%	26.35%	11.99%	12.16%	10.32%	6.55%	8.71%	10.75%
Return on Invested Capital (ROIC)	6.41%	7.26%	7.33%	6.07%	2.54%	4.37%	3.87%	4.35%	4.85%	5.03%	4.72%
ROIC Less NNEP Spread (ROIC-NNEP)	3.50%	5.65%	6.55%	-0.80%	0.13%	1.50%	1.47%	1.67%	1.65%	1.59%	1.78%
Return on Net Nonoperating Assets (RNNOA)	3.77%	5.86%	6.48%	-0.34%	0.11%	2.44%	2.33%	2.53%	2.40%	2.20%	2.34%
Return on Equity (ROE)	10.18%	13.12%	13.81%	5.73%	2.66%	6.81%	6.20%	6.88%	7.25%	7.23%	7.06%
Cash Return on Invested Capital (CROIC)	0.80%	0.82%	-0.28%	-3.64%	-76.44%	0.38%	-4.66%	-0.71%	-2.73%	-1.96%	-4.59%
Operating Return on Assets (OROA)	6.38%	7.78%	7.37%	4.44%	2.38%	3.85%	3.58%	3.74%	3.88%	3.87%	3.69%
Return on Assets (ROA)	2.91%	3.80%	4.21%	2.27%	0.93%	1.91%	1.78%	2.04%	2.10%	2.09%	2.09%
Return on Common Equity (ROCE)	10.18%	13.12%	13.81%	5.73%	2.66%	6.81%	6.20%	6.88%	7.25%	7.23%	7.06%
Return on Equity Simple (ROE_SIMPLE)	9.87%	12.53%	13.19%	4.36%	2.65%	6.71%	5.85%	6.65%	6.89%	6.87%	0.00%
Net Operating Profit after Tax (NOPAT)	50	60	64	58	42	104	98	117	140	156	158
NOPAT Margin	16.24%	17.55%	16.57%	14.66%	10.07%	18.35%	17.02%	18.92%	20.83%	20.80%	19.79%
Net Nonoperating Expense Percent (NNEP)	2.91%	1.62%	0.77%	6.87%	2.41%	2.87%	2.40%	2.68%	3.21%	3.44%	2.93%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	4.25%	4.69%	4.87%	4.50%
Cost of Revenue to Revenue	3.82%	3.57%	3.50%	3.77%	4.53%	5.29%	5.40%	5.25%	5.14%	4.80%	4.71%
SG&A Expenses to Revenue	15.45%	12.23%	12.57%	12.30%	15.77%	14.13%	15.22%	15.37%	14.72%	14.14%	15.74%
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	69.97%	67.75%	70.33%	77.77%	81.80%	73.86%	75.23%	73.65%	72.57%	72.42%	73.12%
Earnings before Interest and Taxes (EBIT)	83	108	107	76	60	124	122	135	157	174	181
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	125	155	157	133	129	216	218	242	265	289	302
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.31	2.31	2.45	1.14	2.05	1.99	1.98	2.09	1.63	1.19	1.13
Price to Tangible Book Value (P/TBV)	1.31	2.31	2.45	1.14	6.97	6.30	5.20	4.94	3.56	2.23	1.93
Price to Revenue (P/Rev)	1.65	2.87	2.92	2.55	4.34	3.23	3.57	3.75	3.00	2.17	2.17
Price to Earnings (P/E)	13.30	18.46	19.21	26.19	77.89	29.61	33.87	31.49	23.69	17.27	16.96
Dividend Yield	3.16%	1.70%	1.88%	2.62%	1.87%	2.01%	1.98%	1.88%	2.41%	3.28%	3.46%
Earnings Yield	7.52%	5.42%	5.21%	3.82%	1.28%	3.38%	2.95%	3.18%	4.22%	5.79%	5.90%
Enterprise Value to Invested Capital (EV/IC)	1.14	1.65	1.73	1.12	1.39	1.39	1.38	1.43	1.25	1.07	1.05
Enterprise Value to Revenue (EV/Rev)	2.98	4.10	4.06	2.83	7.68	5.94	6.33	6.39	5.57	4.60	4.62
Enterprise Value to EBITDA (EV/EBITDA)	7.23	9.02	10.04	8.48	25.03	15.53	16.63	16.41	14.09	11.89	12.26
Enterprise Value to EBIT (EV/EBIT)	10.92	12.88	14.79	14.86	53.36	26.99	29.80	29.32	23.79	19.74	20.41
Enterprise Value to NOPAT (EV/NOPAT)	18.33	23.39	24.51	19.31	76.26	32.36	37.19	33.78	26.76	22.10	23.33
Enterprise Value to Operating Cash Flow (EV/OCF)	9.25	12.17	15.64	12.33	24.83	32.21	27.92	23.88	19.58	17.60	15.10
Enterprise Value to Free Cash Flow (EV/FCFF)	146.05	207.74	0.00	0.00	0.00	368.42	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.08	1.06	0.98	0.60	1.60	1.68	1.54	1.49	1.42	1.34	1.28
Long-Term Debt to Equity	0.98	1.03	0.93	0.49	1.44	1.40	1.44	1.34	1.24	1.25	1.21
Financial Leverage	1.08	1.04	0.99	0.42	0.87	1.62	1.59	1.52	1.45	1.38	1.31
Leverage Ratio	3.50	3.45	3.28	2.52	2.86	3.57	3.49	3.38	3.46	3.46	3.37
Compound Leverage Factor	2.58	2.76	2.96	1.63	1.52	2.01	1.97	2.05	2.00	2.04	2.14
Debt to Total Capital	51.97%	51.50%	49.61%	37.40%	61.52%	62.66%	60.66%	59.85%	58.62%	57.24%	56.20%
Short-Term Debt to Total Capital	4.77%	1.65%	2.72%	7.04%	6.03%	10.23%	3.88%	5.93%	7.40%	3.84%	3.14%
Long-Term Debt to Total Capital	47.20%	49.85%	46.89%	30.37%	55.49%	52.42%	56.78%	53.92%	51.22%	53.40%	53.07%
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	48.03%	48.50%	50.39%	62.60%	38.48%	37.34%	39.34%	40.15%	41.38%	42.76%	43.80%
Debt to EBITDA	3.31	2.90	2.90	4.00	11.03	7.13	7.31	6.85	6.59	6.32	6.56
Net Debt to EBITDA	3.22	2.71	2.82	0.83	10.89	7.09	7.25	6.80	6.50	6.28	6.49
Long-Term Debt to EBITDA	3.01	2.80	2.74	3.25	9.95	5.97	6.84	6.17	5.76	5.90	6.19
Debt to NOPAT	8.38	7.51	7.07	9.11	33.62	14.86	16.33	14.10	12.51	11.76	12.48
Net Debt to NOPAT	8.16	7.03	6.88	1.90	33.19	14.77	16.21	13.99	12.35	11.68	12.35
Long-Term Debt to NOPAT	7.62	7.27	6.68	7.40	30.32	12.43	15.29	12.70	10.93	10.97	11.78
Altman Z-Score	1.06	1.41	1.54	1.39	0.81	0.84	0.93	0.95	0.78	0.72	0.70
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	0.92	1.57	0.79	3.07	0.52	0.36	0.66	0.59	0.58	0.73	0.70
Quick Ratio	0.52	0.79	0.64	2.86	0.39	0.29	0.56	0.46	0.38	0.57	0.58
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	6.22	6.71	-2.47	-35	-1,272	9.10	-118	-19	-79	-61	-154
Operating Cash Flow to CapEx	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%	0.00%
Free Cash Flow to Firm to Interest Expense	0.28	0.31	-0.11	-1.31	-36.40	0.17	-2.22	-0.36	-1.19	-0.85	-2.33
Operating Cash Flow to Interest Expense	4.42	5.25	4.41	3.42	3.72	1.92	2.45	3.13	2.89	2.74	3.70
Operating Cash Flow Less CapEx to Interest Expense	0.13	0.25	-0.02	-1.68	3.72	1.91	2.44	3.12	2.52	2.74	3.70
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.23	0.24	0.27	0.23	0.17	0.18	0.17	0.17	0.17	0.17	0.16
Accounts Receivable Turnover	19.44	20.74	23.12	21.82	15.16	13.58	11.41	11.00	10.55	10.96	12.21
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	0.29	0.30	0.31	0.30	0.24	0.25	0.24	0.24	0.23	0.22	0.22
Accounts Payable Turnover	1.01	0.69	0.65	0.63	0.64	0.87	0.96	1.09	0.91	0.70	0.57
Days Sales Outstanding (DSO)	18.78	17.59	15.79	16.73	24.07	26.88	31.98	33.19	34.59	33.30	29.90
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)	362.86	525.91	557.84	583.72	572.57	421.88	380.70	336.02	400.74	520.03	637.69
Cash Conversion Cycle (CCC)	-344.08	-508.32	-542.06	-566.99	-548.50	-395.00	-348.71	-302.83	-366.16	-486.74	-607.80
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	794	847	914	1,007	2,322	2,416	2,632	2,768	2,987	3,203	3,515
Invested Capital Turnover	0.40	0.41	0.44	0.41	0.25	0.24	0.23	0.23	0.23	0.24	0.24
Increase / (Decrease) in Invested Capital	43	53	67	93	1,315	94	215	137	218	216	312
Enterprise Value (EV)	908	1,394	1,581	1,126	3,228	3,351	3,631	3,968	3,737	3,440	3,696
Market Capitalization	504	975	1,137	1,015	1,823	1,822	2,048	2,325	2,013	1,623	1,739
Book Value per Share	$18.83	$20.61	$22.57	$43.11	$31.28	$32.12	$34.68	$36.64	$38.62	$41.11	$43.03
Tangible Book Value per Share	$18.83	$20.61	$22.57	$43.02	$9.20	$10.12	$13.21	$15.52	$17.68	$21.85	$25.15
Total Capital	799	869	919	1,421	2,313	2,456	2,630	2,767	2,981	3,197	3,518
Total Debt	415	448	456	531	1,423	1,539	1,595	1,656	1,747	1,830	1,977
Total Long-Term Debt	377	433	431	431	1,284	1,288	1,493	1,492	1,527	1,707	1,867
Net Debt	404	419	444	111	1,405	1,530	1,583	1,644	1,724	1,817	1,956
Capital Expenditures (CapEx)	95	109	102	136	0.14	0.44	0.83	0.63	24	0.03	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	27	25	-0.99	18	9.02	19	21	42	66	41	6.87
Debt-free Net Working Capital (DFNWC)	32	50	6.81	439	27	28	33	54	76	52	28
Net Working Capital (NWC)	-6.25	36	-18	339	-113	-223	-69	-110	-145	-70	-83
Net Nonoperating Expense (NNE)	12	6.76	3.39	20	19	42	37	44	55	62	56
Net Nonoperating Obligations (NNO)	410	425	451	118	1,432	1,499	1,597	1,657	1,753	1,836	1,975
Total Depreciation and Amortization (D&A)	42	46	51	57	68	92	96	106	108	115	120
Debt-free, Cash-free Net Working Capital to Revenue	8.72%	7.36%	-0.26%	4.53%	2.14%	3.30%	3.63%	6.71%	9.87%	5.50%	0.86%
Debt-free Net Working Capital to Revenue	10.44%	14.83%	1.75%	110.32%	6.41%	4.94%	5.74%	8.70%	11.32%	6.99%	3.44%
Net Working Capital to Revenue	-2.05%	10.61%	-4.67%	85.17%	-26.76%	-39.58%	-12.06%	-17.71%	-21.57%	-9.41%	-10.34%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.86	$2.59	$2.89	$1.83	$0.82	$2.16	$2.04	$2.44	$2.69	$2.87	$2.93
Adjusted Weighted Average Basic Shares Outstanding	20.36M	20.44M	20.51M	21.21M	28.44M	28.52M	29.60M	30.30M	31.58M	32.70M	35.00M
Adjusted Diluted Earnings per Share	$1.85	$2.57	$2.86	$1.82	$0.82	$2.14	$2.03	$2.43	$2.68	$2.87	$2.92
Adjusted Weighted Average Diluted Shares Outstanding	20.52M	20.59M	20.69M	21.33M	28.56M	28.69M	29.74M	30.42M	31.66M	32.78M	35.10M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.82	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	20.42M	20.49M	20.56M	28.43M	28.49M	28.60M	30.23M	30.85M	32.06M	33.67M	36.16M
Normalized Net Operating Profit after Tax (NOPAT)	50	60	64	73	54	104	93	112	140	156	158
Normalized NOPAT Margin	16.24%	17.55%	16.57%	18.38%	12.83%	18.35%	16.21%	18.03%	20.83%	20.80%	19.79%
Pre Tax Income Margin	20.05%	25.43%	24.79%	12.28%	7.63%	12.38%	12.00%	13.26%	13.57%	13.75%	14.36%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.75	4.96	4.66	2.84	1.73	2.29	2.30	2.55	2.37	2.44	2.74
NOPAT to Interest Expense	2.23	2.73	2.81	2.18	1.21	1.91	1.84	2.21	2.11	2.18	2.40
EBIT Less CapEx to Interest Expense	-0.54	-0.04	0.24	-2.26	1.73	2.28	2.28	2.54	2.01	2.44	2.74
NOPAT Less CapEx to Interest Expense	-2.06	-2.27	-1.62	-2.91	1.21	1.90	1.83	2.20	1.74	2.18	2.40
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	41.93%	31.34%	34.91%	59.52%	144.47%	59.35%	66.37%	59.03%	56.37%	55.48%	57.17%
Augmented Payout Ratio	41.93%	31.34%	34.91%	59.52%	144.47%	59.35%	66.37%	59.03%	56.37%	55.48%	57.17%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	36,164,486.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	36,164,486.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.53
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	16.40%	-0.02%	8.80%	12.29%	9.87%	15.46%	12.19%	12.53%	6.88%	-1.84%	9.36%
EBITDA Growth	29.14%	-14.73%	9.32%	19.51%	0.66%	10.31%	9.74%	5.84%	13.02%	-7.89%	10.18%
EBIT Growth	45.83%	-24.56%	10.79%	28.37%	-0.64%	13.48%	16.43%	7.33%	15.73%	-18.14%	7.12%
NOPAT Growth	34.90%	-24.41%	1.81%	1.23%	10.55%	25.27%	26.58%	7.27%	3.05%	-11.95%	7.03%
Net Income Growth	44.69%	-43.43%	1.47%	13.18%	6.71%	20.96%	41.47%	19.23%	16.77%	-29.23%	14.88%
EPS Growth	37.80%	-45.95%	-2.70%	10.34%	3.54%	16.67%	36.11%	10.94%	8.55%	-35.71%	0.00%
Operating Cash Flow Growth	35.38%	-14.44%	1.20%	5.47%	-13.57%	31.50%	-15.69%	23.36%	44.33%	53.21%	1.22%
Free Cash Flow Firm Growth	-84.84%	-99.63%	-70.19%	-60.32%	10.83%	5.62%	6.46%	-34.12%	-72.83%	-57.89%	-43.37%
Invested Capital Growth	7.84%	7.89%	8.60%	7.93%	6.85%	7.24%	7.66%	9.55%	9.84%	9.76%	9.87%
Revenue Q/Q Growth	30.57%	-16.36%	-12.81%	17.94%	27.75%	-12.10%	-15.28%	18.29%	21.33%	-19.27%	-5.61%
EBITDA Q/Q Growth	41.07%	-22.62%	-8.33%	18.53%	18.82%	-15.20%	-8.12%	14.32%	28.28%	-36.10%	17.57%
EBIT Q/Q Growth	72.89%	-34.22%	-17.79%	35.54%	33.81%	-24.87%	-14.56%	24.95%	46.65%	-53.45%	25.58%
NOPAT Q/Q Growth	48.01%	-33.80%	-29.56%	46.67%	61.65%	-24.99%	-28.82%	24.30%	55.29%	-35.91%	-13.48%
Net Income Q/Q Growth	98.09%	-47.69%	-38.26%	76.90%	86.76%	-40.70%	-27.79%	49.08%	82.91%	-64.06%	17.22%
EPS Q/Q Growth	94.83%	-46.90%	-40.00%	77.78%	82.81%	-40.17%	-30.00%	44.90%	78.87%	-64.57%	8.89%
Operating Cash Flow Q/Q Growth	32.47%	-49.10%	62.45%	-3.71%	8.55%	-22.55%	4.15%	40.89%	27.01%	-17.79%	-31.19%
Free Cash Flow Firm Q/Q Growth	-37.58%	-13.93%	-16.77%	12.41%	23.48%	-20.60%	-15.72%	-25.60%	1.40%	-10.17%	-5.08%
Invested Capital Q/Q Growth	3.69%	2.14%	1.28%	0.62%	2.66%	2.52%	1.67%	2.38%	2.93%	2.43%	1.78%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	95.71%	94.52%	94.09%	95.22%	95.84%	95.29%	94.51%	95.71%	96.04%	94.61%	95.11%
EBITDA Margin	41.28%	38.19%	40.46%	40.66%	37.82%	36.49%	39.57%	38.24%	40.43%	32.01%	39.87%
Operating Margin	27.63%	21.30%	18.69%	23.03%	25.93%	22.07%	21.42%	22.13%	26.87%	17.07%	20.42%
EBIT Margin	28.08%	22.09%	21.10%	24.25%	25.40%	21.71%	21.89%	23.13%	27.95%	16.12%	21.44%
Profit (Net Income) Margin	17.68%	11.06%	7.83%	11.75%	17.17%	11.59%	9.88%	12.45%	18.76%	8.35%	10.37%
Tax Burden Percent	88.82%	91.20%	83.98%	84.75%	95.25%	95.47%	82.66%	84.09%	88.63%	110.77%	84.86%
Interest Burden Percent	70.89%	54.91%	44.20%	57.17%	71.00%	55.90%	54.57%	64.01%	75.74%	46.78%	57.01%
Effective Tax Rate	11.18%	8.80%	16.02%	15.25%	4.75%	4.53%	17.34%	15.91%	11.37%	-10.77%	15.14%
Return on Invested Capital (ROIC)	5.84%	4.53%	3.69%	4.67%	5.90%	5.10%	4.32%	4.60%	5.84%	4.51%	4.14%
ROIC Less NNEP Spread (ROIC-NNEP)	5.00%	3.68%	3.00%	3.87%	4.93%	4.05%	3.60%	3.93%	5.18%	3.43%	3.43%
Return on Net Nonoperating Assets (RNNOA)	7.42%	5.36%	4.28%	5.36%	6.74%	5.59%	4.98%	5.22%	6.71%	4.50%	3.83%
Return on Equity (ROE)	13.26%	9.89%	7.97%	10.03%	12.64%	10.69%	9.30%	9.82%	12.55%	9.00%	7.96%
Cash Return on Invested Capital (CROIC)	-2.23%	-2.73%	-3.41%	-2.80%	-1.75%	-1.96%	-2.23%	-3.97%	-4.34%	-4.59%	-4.72%
Operating Return on Assets (OROA)	5.06%	3.66%	3.59%	4.17%	4.37%	3.61%	3.69%	3.93%	4.70%	2.63%	3.47%
Return on Assets (ROA)	3.18%	1.83%	1.33%	2.02%	2.95%	1.93%	1.66%	2.11%	3.16%	1.36%	1.68%
Return on Common Equity (ROCE)	13.26%	9.89%	7.97%	10.03%	12.64%	10.69%	9.30%	9.82%	12.55%	9.00%	7.96%
Return on Equity Simple (ROE_SIMPLE)	8.16%	0.00%	6.87%	6.87%	6.75%	0.00%	7.07%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	50	33	23	34	56	42	30	37	57	37	32
NOPAT Margin	24.54%	19.42%	15.69%	19.52%	24.70%	21.07%	17.70%	18.60%	23.81%	18.90%	17.33%
Net Nonoperating Expense Percent (NNEP)	0.84%	0.84%	0.69%	0.80%	0.97%	1.05%	0.72%	0.67%	0.66%	1.08%	0.71%
Return On Investment Capital (ROIC_SIMPLE)	-	1.12%	-	-	-	1.30%	0.91%	1.11%	1.67%	1.04%	0.86%
Cost of Revenue to Revenue	4.29%	5.48%	5.91%	4.78%	4.16%	4.71%	5.49%	4.29%	3.96%	5.39%	4.89%
SG&A Expenses to Revenue	11.66%	15.70%	17.26%	11.62%	11.42%	17.12%	16.56%	14.52%	13.01%	19.64%	16.26%
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	68.07%	73.22%	75.40%	72.19%	69.91%	73.22%	73.10%	73.58%	69.18%	77.54%	74.70%
Earnings before Interest and Taxes (EBIT)	58	38	32	43	57	43	37	46	67	31	39
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	85	65	60	72	85	72	66	76	97	62	73
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.52	1.63	1.44	1.36	1.43	1.19	1.32	1.21	1.13	1.13	1.16
Price to Tangible Book Value (P/TBV)	3.37	3.56	3.12	2.87	2.74	2.23	2.43	2.15	1.95	1.93	1.78
Price to Revenue (P/Rev)	2.77	3.00	2.61	2.47	2.63	2.17	2.40	2.25	2.14	2.17	2.60
Price to Earnings (P/E)	18.69	23.69	20.93	19.83	21.12	17.27	18.63	17.28	15.73	16.96	20.20
Dividend Yield	2.56%	2.41%	2.76%	2.90%	2.72%	3.28%	2.96%	3.16%	3.41%	3.46%	2.90%
Earnings Yield	5.35%	4.22%	4.78%	5.04%	4.73%	5.79%	5.37%	5.79%	6.36%	5.90%	4.95%
Enterprise Value to Invested Capital (EV/IC)	1.21	1.25	1.17	1.14	1.17	1.07	1.13	1.09	1.05	1.05	1.07
Enterprise Value to Revenue (EV/Rev)	5.27	5.57	5.18	4.95	5.08	4.60	4.80	4.60	4.49	4.62	4.71
Enterprise Value to EBITDA (EV/EBITDA)	12.54	14.09	13.01	12.27	12.93	11.89	12.47	12.12	11.62	12.26	12.46
Enterprise Value to EBIT (EV/EBIT)	20.25	23.79	21.90	20.35	21.53	19.74	20.50	19.87	18.82	20.41	20.92
Enterprise Value to NOPAT (EV/NOPAT)	23.57	26.76	25.17	24.55	24.90	22.10	22.75	22.13	21.83	23.33	23.97
Enterprise Value to Operating Cash Flow (EV/OCF)	18.00	19.58	18.46	17.92	19.78	17.60	19.63	18.23	16.20	15.10	15.66
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	1.40	1.42	1.43	1.39	1.33	1.34	1.33	1.28	1.25	1.28	1.02
Long-Term Debt to Equity	1.26	1.24	1.25	1.22	1.25	1.25	1.21	1.15	1.15	1.21	1.02
Financial Leverage	1.48	1.45	1.43	1.39	1.37	1.38	1.38	1.33	1.29	1.31	1.12
Leverage Ratio	3.28	3.46	3.35	3.32	3.29	3.46	3.45	3.39	3.35	3.37	3.12
Compound Leverage Factor	2.33	1.90	1.48	1.90	2.33	1.94	1.88	2.17	2.53	1.58	1.78
Debt to Total Capital	58.30%	58.62%	58.80%	58.22%	57.10%	57.24%	57.14%	56.08%	55.51%	56.20%	50.54%
Short-Term Debt to Total Capital	5.88%	7.40%	7.30%	7.43%	3.26%	3.84%	5.25%	5.39%	4.22%	3.14%	0.23%
Long-Term Debt to Total Capital	52.42%	51.22%	51.50%	50.79%	53.84%	53.40%	51.88%	50.70%	51.30%	53.07%	50.31%
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	41.70%	41.38%	41.20%	41.78%	42.90%	42.76%	42.86%	43.92%	44.49%	43.80%	49.46%
Debt to EBITDA	6.06	6.59	6.52	6.27	6.25	6.32	6.31	6.25	6.12	6.56	6.08
Net Debt to EBITDA	5.94	6.50	6.45	6.14	6.23	6.28	6.23	6.19	6.08	6.49	5.58
Long-Term Debt to EBITDA	5.45	5.76	5.71	5.47	5.90	5.90	5.73	5.65	5.66	6.19	6.05
Debt to NOPAT	11.38	12.51	12.60	12.54	12.04	11.76	11.51	11.42	11.50	12.48	11.69
Net Debt to NOPAT	11.16	12.35	12.48	12.29	12.00	11.68	11.37	11.29	11.43	12.35	10.74
Long-Term Debt to NOPAT	10.24	10.93	11.04	10.94	11.35	10.97	10.46	10.32	10.63	11.78	11.64
Altman Z-Score	0.80	0.69	0.64	0.63	0.70	0.63	0.65	0.64	0.64	0.60	0.73
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	0.74	0.58	0.55	0.49	0.77	0.73	0.66	0.64	0.68	0.70	2.02
Quick Ratio	0.51	0.38	0.35	0.45	0.63	0.57	0.52	0.55	0.58	0.58	1.82
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-162	-185	-216	-189	-145	-175	-202	-254	-250	-276	-290
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	142,965.52%	0.00%	0.00%	0.00%	0.00%	53.21%
Free Cash Flow to Firm to Interest Expense	-9.70	-10.84	-12.29	-10.35	-8.74	-9.22	-12.13	-15.38	-15.35	-16.56	-17.15
Operating Cash Flow to Interest Expense	3.70	1.85	2.91	2.70	3.23	2.19	2.59	3.69	4.74	3.81	2.59
Operating Cash Flow Less CapEx to Interest Expense	3.70	1.85	2.91	2.70	3.23	2.19	2.59	3.69	4.74	3.81	-2.27
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.18	0.17	0.17	0.17	0.17	0.17	0.17	0.17	0.17	0.16	0.16
Accounts Receivable Turnover	10.00	10.55	11.46	10.90	9.87	10.96	11.93	10.73	9.94	12.21	12.76
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	0.25	0.23	0.23	0.23	0.23	0.22	0.23	0.23	0.22	0.22	0.22
Accounts Payable Turnover	1.02	0.91	1.16	0.95	0.90	0.70	0.90	0.84	0.69	0.57	0.68
Days Sales Outstanding (DSO)	36.51	34.59	31.85	33.49	36.96	33.30	30.59	34.01	36.73	29.90	28.60
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)	358.70	400.74	315.66	383.15	407.69	520.03	407.57	432.24	528.08	637.69	533.85
Cash Conversion Cycle (CCC)	-322.19	-366.16	-283.80	-349.66	-370.73	-486.74	-376.98	-398.22	-491.35	-607.80	-505.25
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,924	2,987	3,025	3,043	3,124	3,203	3,257	3,334	3,432	3,515	3,578
Invested Capital Turnover	0.24	0.23	0.23	0.24	0.24	0.24	0.24	0.25	0.25	0.24	0.24
Increase / (Decrease) in Invested Capital	213	218	240	224	200	216	232	291	308	312	322
Enterprise Value (EV)	3,531	3,737	3,535	3,476	3,671	3,440	3,681	3,629	3,608	3,696	3,843
Market Capitalization	1,860	2,013	1,782	1,736	1,901	1,623	1,841	1,776	1,718	1,739	2,122
Book Value per Share	$38.41	$38.62	$38.67	$39.54	$40.77	$41.11	$41.50	$42.89	$43.18	$43.03	$50.72
Tangible Book Value per Share	$17.36	$17.68	$17.82	$18.80	$21.20	$21.85	$22.48	$24.15	$25.03	$25.15	$33.01
Total Capital	2,926	2,981	3,010	3,051	3,109	3,197	3,260	3,338	3,425	3,518	3,708
Total Debt	1,706	1,747	1,770	1,776	1,775	1,830	1,863	1,872	1,901	1,977	1,874
Total Long-Term Debt	1,534	1,527	1,550	1,550	1,674	1,707	1,691	1,692	1,757	1,867	1,866
Net Debt	1,672	1,724	1,752	1,740	1,770	1,817	1,839	1,852	1,890	1,956	1,721
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.03	0.00	0.00	0.00	0.00	82
Debt-free, Cash-free Net Working Capital (DFCFNWC)	71	66	70	27	41	41	48	46	36	6.87	19
Debt-free Net Working Capital (DFNWC)	93	76	75	50	45	52	72	66	47	28	172
Net Working Capital (NWC)	-79	-145	-145	-177	-57	-70	-99	-114	-97	-83	163
Net Nonoperating Expense (NNE)	14	14	12	14	17	19	13	12	12	20	13
Net Nonoperating Obligations (NNO)	1,704	1,753	1,785	1,769	1,791	1,836	1,859	1,868	1,908	1,975	1,744
Total Depreciation and Amortization (D&A)	27	28	29	29	28	29	30	30	30	31	34
Debt-free, Cash-free Net Working Capital to Revenue	10.66%	9.87%	10.26%	3.81%	5.62%	5.50%	6.28%	5.85%	4.49%	0.86%	2.33%
Debt-free Net Working Capital to Revenue	13.81%	11.32%	10.93%	7.06%	6.17%	6.99%	9.37%	8.37%	5.90%	3.44%	21.07%
Net Working Capital to Revenue	-11.84%	-21.57%	-21.27%	-25.22%	-7.86%	-9.41%	-12.97%	-14.43%	-12.06%	-10.34%	20.01%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.14	$0.60	$0.36	$0.64	$1.17	$0.70	$0.49	$0.71	$1.27	$0.46	$0.50
Adjusted Weighted Average Basic Shares Outstanding	31.86M	31.58M	32.08M	32.40M	32.90M	32.70M	33.78M	34.78M	35.54M	35.00M	37.93M
Adjusted Diluted Earnings per Share	$1.13	$0.60	$0.36	$0.64	$1.17	$0.70	$0.49	$0.71	$1.27	$0.45	$0.49
Adjusted Weighted Average Diluted Shares Outstanding	31.93M	31.66M	32.14M	32.46M	32.98M	32.78M	33.87M	34.86M	35.64M	35.10M	38.55M
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	31.93M	32.06M	32.23M	32.71M	33.25M	33.67M	34.18M	35.29M	35.81M	36.16M	41.84M
Normalized Net Operating Profit after Tax (NOPAT)	50	33	23	34	56	42	30	37	57	23	32
Normalized NOPAT Margin	24.54%	19.42%	15.69%	19.52%	24.70%	21.07%	17.70%	18.60%	23.81%	11.95%	17.33%
Pre Tax Income Margin	19.91%	12.13%	9.33%	13.86%	18.03%	12.14%	11.95%	14.80%	21.17%	7.54%	12.22%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.44	2.22	1.79	2.33	3.45	2.27	2.20	2.78	4.12	1.88	2.33
NOPAT to Interest Expense	3.00	1.95	1.33	1.88	3.35	2.20	1.78	2.24	3.51	2.20	1.88
EBIT Less CapEx to Interest Expense	3.44	2.22	1.79	2.33	3.45	2.27	2.20	2.78	4.12	1.88	-2.53
NOPAT Less CapEx to Interest Expense	3.00	1.95	1.33	1.88	3.35	2.20	1.78	2.24	3.51	2.20	-2.98
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	46.89%	56.37%	57.55%	57.05%	56.64%	55.48%	54.09%	53.65%	52.08%	57.17%	57.52%
Augmented Payout Ratio	46.89%	56.37%	57.55%	57.05%	56.64%	55.48%	54.09%	53.65%	52.08%	57.17%	57.52%

Financials Breakdown Chart

Key Financial Trends

Here are the key trends for HTO (SJW Group) based on the quarterly statements provided for the last four years. The bullets focus on factors that may influence retail investors' view of the stock. Positive items come first, followed by neutral items, then negative items.

Net income remained positive in 2025, with Q3 2025 net income around $45.1 million on $240.6 million in revenue, signaling an improvement in profitability versus earlier years.
Operating cash flow was strong in 2025, with net cash from continuing operating activities around $77.3 million in Q3 2025, highlighting solid cash generation from core operations.
Financing activities provided meaningful liquidity in mid-2025, with net cash from continuing financing activities near $96.4 million in Q3 2025, helping support growth initiatives and dividends.
The company continued a regular dividend policy, with cash dividends per share typically around $0.42, offering an ongoing income stream for investors.
Equity on the balance sheet grew to roughly $1.52 billion by 2025 Q3, reflecting retained earnings growth and positive equity contributions over time.
Revenue shows seasonality, with Q3 2025 posting a peak revenue of about $240.6 million, while other quarters are lower, suggesting cyclic patterns in the business cycle.
Cash and cash equivalents remain relatively modest (low tens of millions) compared with the size of the asset base and debt load, which could constrain liquidity in high-capex periods.
Investing activities are consistently negative across quarters, indicating ongoing capital expenditures or acquisitions that reduce cash in the near term.
Debt levels and interest expenses rose over the period, reflecting higher leverage and financing costs, though the company also uses debt financing to fund growth opportunities.
Net cash from investing activities tends to be large and negative (for example, substantial outflows in Q3 2025), contributing to negative free cash flow in several quarters.\u00A0This can increase reliance on external financing and impact balance-sheet liquidity during heavy investment cycles.

05/05/26 05:25 PM ETAI Generated. May Contain Errors.

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 2025 ended on December 31, 2025.

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 $102.58 million in 2025, rising from $37.88 million in 2015. The previous period was $93.97 million in 2024. View H2O America's forecast to see where analysts expect H2O America to go next.

What is H2O America's operating income?

H2O America's total operating income in 2025 was $177.53 million, based on the following breakdown:

Total Gross Profit: $762.90 million
Total Operating Expenses: $585.38 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 $305.08 million in 2015 to $800.59 million in 2025, a change of 162.4%.

How much debt does H2O America have?

H2O America's total liabilities were at $3.61 billion at the end of 2025, a 9.6% increase from 2024, and a 278.5% increase since 2015.

How much cash does H2O America have?

In the past 10 years, H2O America's cash and equivalents has ranged from $5.24 million in 2015 to $420.72 million in 2018, and is currently $20.69 million as of their latest financial filing in 2025.

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 18.83 in 2015 to 43.03 in 2025, a change of 128.5%.

Related Companies

Financial statements for NASDAQ:HTO last updated on 5/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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H2O America (HTO) Financials

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