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H2O America (HTO) Financials

H2O America logo
$63.45 -0.35 (-0.55%)
Closing price 09/2/2026 04:00 PM Eastern
Extended Trading
$63.45 0.00 (0.00%)
As of 04:05 AM Eastern
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Annual Income Statements for H2O America

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

Quarterly Income Statements for H2O America

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 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 19 12 21 39 23 17 25 45 16 19 27
Consolidated Net Income / (Loss)		 19 12 21 39 23 17 25 45 16 19 27
Net Income / (Loss) Continuing Operations		 19 12 21 39 23 17 25 45 16 19 27
Total Pre-Tax Income 		21 14 24 41 24 20 29 51 15 22 31
Total Operating Income		 36 28 41 58 44 36 44 65 33 37 43
Total Gross Profit		 162 141 168 216 189 158 190 231 184 174 201
Total Revenue		 171 149 176 225 198 168 198 241 194 183 210
Operating Revenue		 171 149 176 225 198 168 198 241 194 183 210
Total Cost of Revenue		 9.38 8.83 8.42 9.36 9.32 9.20 8.51 9.52 10 8.95 9.02
Other Cost of Revenue		 9.38 8.83 8.42 9.36 9.32 9.20 8.51 9.52 10 8.95 9.02
Total Operating Expenses		 125 113 127 157 145 123 146 166 151 137 159
Selling, General & Admin Expense		 27 26 20 26 34 28 29 31 38 30 34
Depreciation Expense		 27 28 28 27 29 28 29 29 30 32 32
Other Operating Expenses / (Income)		 72 58 78 104 82 66 88 106 83 75 93
Total Other Income / (Expense), net		 -16 -14 -16 -18 -20 -16 -15 -14 -18 -15 -12
Interest Expense		 17 18 18 18 19 17 18 16 17 17 16
Other Income / (Expense), net		 1.35 3.60 2.14 -0.26 -0.72 0.80 3.60 2.61 -1.84 1.88 3.77
Income Tax Expense		 1.83 2.23 3.72 1.93 1.09 3.47 4.67 5.79 -1.58 3.39 3.98
Basic Earnings per Share		 $0.60 $0.36 $0.64 $1.17 $0.70 $0.49 $0.71 $1.27 $0.46 $0.50 $0.64
Weighted Average Basic Shares Outstanding		 31.58M 32.08M 32.40M 32.90M 32.70M 33.78M 34.78M 35.54M 35.00M 37.93M 41.85M
Diluted Earnings per Share		 $0.60 $0.36 $0.64 $1.17 $0.70 $0.49 $0.71 $1.27 $0.45 $0.49 $0.62
Weighted Average Diluted Shares Outstanding		 31.66M 32.14M 32.46M 32.98M 32.78M 33.87M 34.86M 35.64M 35.10M 38.55M 42.87M
Weighted Average Basic & Diluted Shares Outstanding		 32.06M 32.23M 32.71M 33.25M 33.67M 34.18M 35.29M 35.81M 36.16M 41.84M 41.86M
Cash Dividends to Common per Share		 - $0.40 $0.40 $0.40 - $0.42 $0.42 $0.42 - $0.44 $0.44

Annual Cash Flow Statements for H2O America

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

Quarterly Cash Flow Statements for H2O America

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 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
Net Change in Cash & Equivalents		 -11 -5.18 18 -19 7.15 13 -3.85 -8.54 9.37 132 -49
Net Cash From Operating Activities		 32 51 49 54 41 43 61 77 64 44 61
Net Cash From Continuing Operating Activities		 32 51 49 54 41 43 61 77 64 44 61
Net Income / (Loss) Continuing Operations		 19 12 21 39 23 17 25 45 16 19 27
Consolidated Net Income / (Loss)		 19 12 21 39 23 17 25 45 16 19 27
Depreciation Expense		 28 29 29 28 29 30 30 30 31 34 34
Non-Cash Adjustments To Reconcile Net Income		 -8.09 -6.26 16 6.81 -36 -1.43 16 12 -15 -1.78 16
Changes in Operating Assets and Liabilities, net		 -6.93 17 -16 -20 25 -1.57 -10 -10.00 31 -7.30 -15
Net Cash From Investing Activities		 -81 -74 -57 -102 -107 -85 -133 -152 -151 -93 -123
Net Cash From Continuing Investing Activities		 -81 -74 -57 -102 -107 -85 -133 -152 -151 -93 -123
Purchase of Property, Plant & Equipment		 - - - - -0.03 -77 - - - -82 -112
Other Investing Activities, net		 -80 -74 -97 -102 -67 -7.30 -133 -154 -151 -11 -11
Net Cash From Financing Activities		 38 18 26 29 73 54 68 66 96 182 14
Net Cash From Continuing Financing Activities		 38 18 26 29 73 54 68 66 96 182 14
Repayment of Debt		 -2.25 -91 -58 -130 -66 -35 -40 -285 -114 -170 0.68
Payment of Dividends		 -12 -13 -13 -13 -13 -14 -15 -15 -15 -16 -18
Issuance of Debt		 44 113 64 130 121 67 48 314 192 67 17
Issuance of Common Equity		 5.38 7.01 25 31 22 27 57 24 15 289 -0.00
Other Financing Activities, net		 2.92 1.67 7.04 11 9.92 9.16 18 27 18 11 15
Cash Interest Paid		 46 31 22 64 41 32 46 33 40 29 38

Annual Balance Sheets for H2O America

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

Quarterly Balance Sheets for H2O America

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 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
Total Assets		 3,652 3,712 3,843 4,368 4,439 4,552 4,729 4,847 5,011 5,353 5,437
Total Current Assets		 194 201 229 178 173 187 197 200 207 323 296
Cash & Equivalents		 23 25 21 4.54 23 3.97 24 20 11 153 104
Note & Lease Receivable		 46 55 67 47 63 75 65 76 80 76 82
Accounts Receivable		 56 59 70 63 70 76 66 77 86 62 71
Prepaid Expenses		 11 9.15 15 13 9.86 15 13 8.43 16 15 12
Current Deferred & Refundable Income Taxes		 - - - 2.91 0.00 11 4.51 0.00 0.00 1.52 0.00
Other Current Assets		 57 53 56 49 6.88 6.16 24 20 14 16 27
Plant, Property, & Equipment, net		 2,655 2,704 2,765 3,222 3,297 3,407 3,549 3,656 3,799 4,001 4,106
Plant, Property & Equipment, gross		 3,906 3,982 4,070 4,216 4,313 4,454 4,609 4,735 4,902 5,141 5,270
Accumulated Depreciation		 1,250 1,277 1,305 1,007 1,030 1,048 1,059 1,080 1,102 1,140 1,165
Total Noncurrent Assets		 803 806 863 981 983 959 982 991 1,004 1,029 1,035
Goodwill		 640 640 640 640 640 640 640 640 640 640 640
Employee Benefit Assets		 - - - 34 37 39 68 69 70 82 84
Other Noncurrent Operating Assets		 163 166 181 264 264 278 274 282 294 306 311
Total Liabilities & Shareholders' Equity		 3,652 3,712 3,843 4,368 4,439 4,552 4,729 4,847 5,011 5,353 5,437
Total Liabilities		 2,500 2,529 2,623 3,127 3,165 3,218 3,331 3,381 3,487 3,519 3,593
Total Current Liabilities		 213 238 308 323 350 244 297 314 304 160 178
Short-Term Debt		 117 128 172 220 227 101 171 180 144 8.63 10
Accounts Payable		 26 36 36 34 38 44 47 48 61 63 70
Accrued Expenses		 12 23 33 17 33 38 23 38 42 28 40
Current Employee Benefit Liabilities		 9.08 10 11 8.82 11 12 9.82 12 14 12 12
Other Current Liabilities		 26 21 25 24 25 28 25 20 24 26 26
Other Current Nonoperating Liabilities		 19 16 19 19 16 20 20 16 18 23 19
Total Noncurrent Liabilities		 2,287 2,291 2,315 2,804 2,815 2,974 3,035 3,067 3,183 3,359 3,416
Long-Term Debt		 1,520 1,519 1,534 1,550 1,550 1,674 1,691 1,692 1,757 1,866 1,881
Asset Retirement Reserve & Litigation Obligation		 - - - 470 475 474 494 509 528 556 578
Noncurrent Deferred Revenue		 138 140 144 141 144 151 162 173 184 211 207
Noncurrent Deferred & Payable Income Tax Liabilities		 220 229 235 240 241 268 280 286 303 312 318
Noncurrent Employee Benefit Liabilities		 56 53 51 47 48 48 44 44 44 46 47
Other Noncurrent Operating Liabilities		 353 350 352 355 357 360 363 363 367 369 384
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		 1,152 1,183 1,220 1,240 1,275 1,334 1,397 1,466 1,524 1,834 1,844
Total Preferred & Common Equity		 1,152 1,183 1,220 1,240 1,275 1,334 1,397 1,466 1,524 1,834 1,844
Total Common Equity		 1,152 1,183 1,220 1,240 1,275 1,334 1,397 1,466 1,524 1,834 1,844
Common Stock		 693 717 730 745 771 805 856 914 942 1,248 1,250
Retained Earnings		 458 464 489 494 502 528 540 550 580 584 592
Accumulated Other Comprehensive Income / (Loss)		 1.57 1.58 1.90 1.35 1.35 1.35 1.96 1.96 1.96 1.47 1.47

Annual Metrics And Ratios for H2O America

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%

Quarterly Metrics And Ratios for H2O America

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

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
DEI Shares Outstanding		 - - - - - - - - - 36,164,486.00 41,840,247.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 36,164,486.00 41,840,247.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 0.53 0.64
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -0.02% 8.80% 12.29% 9.87% 15.46% 12.19% 12.53% 6.88% -1.84% 9.36% 6.16%
EBITDA Growth		 -14.73% 9.32% 19.51% 0.66% 10.31% 9.74% 5.84% 13.02% -7.89% 10.18% 3.46%
EBIT Growth		 -24.56% 10.79% 28.37% -0.64% 13.48% 16.43% 7.33% 15.73% -18.14% 7.12% -1.98%
NOPAT Growth		 -24.41% 1.81% 1.23% 10.55% 25.27% 26.58% 7.27% 3.05% -11.95% 7.03% 0.83%
Net Income Growth		 -43.43% 1.47% 13.18% 6.71% 20.96% 41.47% 19.23% 16.77% -29.23% 14.88% 7.76%
EPS Growth		 -45.95% -2.70% 10.34% 3.54% 16.67% 36.11% 10.94% 8.55% -35.71% 0.00% -12.68%
Operating Cash Flow Growth		 -14.44% 1.20% 5.47% -13.57% 31.50% -15.69% 23.36% 44.33% 53.21% 1.22% -0.16%
Free Cash Flow Firm Growth		 -99.63% -70.19% -60.32% 10.83% 5.62% 6.46% -34.12% -72.83% -57.89% -43.37% -9.88%
Invested Capital Growth		 7.89% 8.60% 7.93% 6.85% 7.24% 7.66% 9.55% 9.84% 9.76% 9.87% 9.48%
Revenue Q/Q Growth		 -16.36% -12.81% 17.94% 27.75% -12.10% -15.28% 18.29% 21.33% -19.27% -5.61% 14.83%
EBITDA Q/Q Growth		 -22.62% -8.33% 18.53% 18.82% -15.20% -8.12% 14.32% 28.28% -36.10% 17.57% 9.65%
EBIT Q/Q Growth		 -34.22% -17.79% 35.54% 33.81% -24.87% -14.56% 24.95% 46.65% -53.45% 25.58% 18.37%
NOPAT Q/Q Growth		 -33.80% -29.56% 46.67% 61.65% -24.99% -28.82% 24.30% 55.29% -35.91% -13.48% 17.10%
Net Income Q/Q Growth		 -47.69% -38.26% 76.90% 86.76% -40.70% -27.79% 49.08% 82.91% -64.06% 17.22% 39.85%
EPS Q/Q Growth		 -46.90% -40.00% 77.78% 82.81% -40.17% -30.00% 44.90% 78.87% -64.57% 8.89% 26.53%
Operating Cash Flow Q/Q Growth		 -49.10% 62.45% -3.71% 8.55% -22.55% 4.15% 40.89% 27.01% -17.79% -31.19% 38.97%
Free Cash Flow Firm Q/Q Growth		 -13.93% -16.77% 12.41% 23.48% -20.60% -15.72% -25.60% 1.40% -10.17% -5.08% 3.74%
Invested Capital Q/Q Growth		 2.14% 1.28% 0.62% 2.66% 2.52% 1.67% 2.38% 2.93% 2.43% 1.78% 2.02%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 94.52% 94.09% 95.22% 95.84% 95.29% 94.51% 95.71% 96.04% 94.61% 95.11% 95.71%
EBITDA Margin		 38.19% 40.46% 40.66% 37.82% 36.49% 39.57% 38.24% 40.43% 32.01% 39.87% 38.07%
Operating Margin		 21.30% 18.69% 23.03% 25.93% 22.07% 21.42% 22.13% 26.87% 17.07% 20.42% 20.31%
EBIT Margin		 22.09% 21.10% 24.25% 25.40% 21.71% 21.89% 23.13% 27.95% 16.12% 21.44% 22.11%
Profit (Net Income) Margin		 11.06% 7.83% 11.75% 17.17% 11.59% 9.88% 12.45% 18.76% 8.35% 10.37% 12.63%
Tax Burden Percent		 91.20% 83.98% 84.75% 95.25% 95.47% 82.66% 84.09% 88.63% 110.77% 84.86% 86.99%
Interest Burden Percent		 54.91% 44.20% 57.17% 71.00% 55.90% 54.57% 64.01% 75.74% 46.78% 57.01% 65.70%
Effective Tax Rate		 8.80% 16.02% 15.25% 4.75% 4.53% 17.34% 15.91% 11.37% -10.77% 15.14% 13.01%
Return on Invested Capital (ROIC)		 4.53% 3.69% 4.67% 5.90% 5.10% 4.32% 4.60% 5.84% 4.51% 4.14% 4.19%
ROIC Less NNEP Spread (ROIC-NNEP)		 3.68% 3.00% 3.87% 4.93% 4.05% 3.60% 3.93% 5.18% 3.43% 3.43% 3.61%
Return on Net Nonoperating Assets (RNNOA)		 5.36% 4.28% 5.36% 6.74% 5.59% 4.98% 5.22% 6.71% 4.50% 3.83% 4.01%
Return on Equity (ROE)		 9.89% 7.97% 10.03% 12.64% 10.69% 9.30% 9.82% 12.55% 9.00% 7.96% 8.21%
Cash Return on Invested Capital (CROIC)		 -2.73% -3.41% -2.80% -1.75% -1.96% -2.23% -3.97% -4.34% -4.59% -4.72% -4.45%
Operating Return on Assets (OROA)		 3.66% 3.59% 4.17% 4.37% 3.61% 3.69% 3.93% 4.70% 2.63% 3.47% 3.56%
Return on Assets (ROA)		 1.83% 1.33% 2.02% 2.95% 1.93% 1.66% 2.11% 3.16% 1.36% 1.68% 2.04%
Return on Common Equity (ROCE)		 9.89% 7.97% 10.03% 12.64% 10.69% 9.30% 9.82% 12.55% 9.00% 7.96% 8.21%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 6.87% 6.87% 6.75% 0.00% 7.07% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 33 23 34 56 42 30 37 57 37 32 37
NOPAT Margin		 19.42% 15.69% 19.52% 24.70% 21.07% 17.70% 18.60% 23.81% 18.90% 17.33% 17.67%
Net Nonoperating Expense Percent (NNEP)		 0.84% 0.69% 0.80% 0.97% 1.05% 0.72% 0.67% 0.66% 1.08% 0.71% 0.58%
Return On Investment Capital (ROIC_SIMPLE)		 1.12% - - - 1.30% 0.91% 1.11% 1.67% 1.04% 0.86% 1.00%
Cost of Revenue to Revenue		 5.48% 5.91% 4.78% 4.16% 4.71% 5.49% 4.29% 3.96% 5.39% 4.89% 4.29%
SG&A Expenses to Revenue		 15.70% 17.26% 11.62% 11.42% 17.12% 16.56% 14.52% 13.01% 19.64% 16.26% 15.98%
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		 73.22% 75.40% 72.19% 69.91% 73.22% 73.10% 73.58% 69.18% 77.54% 74.70% 75.40%
Earnings before Interest and Taxes (EBIT)		 38 32 43 57 43 37 46 67 31 39 47
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 65 60 72 85 72 66 76 97 62 73 80
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.63 1.44 1.36 1.43 1.19 1.32 1.21 1.13 1.13 1.16 1.38
Price to Tangible Book Value (P/TBV)		 3.56 3.12 2.87 2.74 2.23 2.43 2.15 1.95 1.93 1.78 2.11
Price to Revenue (P/Rev)		 3.00 2.61 2.47 2.63 2.17 2.40 2.25 2.14 2.17 2.60 3.07
Price to Earnings (P/E)		 23.69 20.93 19.83 21.12 17.27 18.63 17.28 15.73 16.96 20.20 23.77
Dividend Yield		 2.41% 2.76% 2.90% 2.72% 3.28% 2.96% 3.16% 3.41% 3.46% 2.90% 2.83%
Earnings Yield		 4.22% 4.78% 5.04% 4.73% 5.79% 5.37% 5.79% 6.36% 5.90% 4.95% 4.21%
Enterprise Value to Invested Capital (EV/IC)		 1.25 1.17 1.14 1.17 1.07 1.13 1.09 1.05 1.05 1.07 1.19
Enterprise Value to Revenue (EV/Rev)		 5.57 5.18 4.95 5.08 4.60 4.80 4.60 4.49 4.62 4.71 5.23
Enterprise Value to EBITDA (EV/EBITDA)		 14.09 13.01 12.27 12.93 11.89 12.47 12.12 11.62 12.26 12.46 13.92
Enterprise Value to EBIT (EV/EBIT)		 23.79 21.90 20.35 21.53 19.74 20.50 19.87 18.82 20.41 20.92 23.69
Enterprise Value to NOPAT (EV/NOPAT)		 26.76 25.17 24.55 24.90 22.10 22.75 22.13 21.83 23.33 23.97 26.97
Enterprise Value to Operating Cash Flow (EV/OCF)		 19.58 18.46 17.92 19.78 17.60 19.63 18.23 16.20 15.10 15.66 17.66
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		 1.42 1.43 1.39 1.33 1.34 1.33 1.28 1.25 1.28 1.02 1.03
Long-Term Debt to Equity		 1.24 1.25 1.22 1.25 1.25 1.21 1.15 1.15 1.21 1.02 1.02
Financial Leverage		 1.45 1.43 1.39 1.37 1.38 1.38 1.33 1.29 1.31 1.12 1.11
Leverage Ratio		 3.46 3.35 3.32 3.29 3.46 3.45 3.39 3.35 3.37 3.12 3.11
Compound Leverage Factor		 1.90 1.48 1.90 2.33 1.94 1.88 2.17 2.53 1.58 1.78 2.04
Debt to Total Capital		 58.62% 58.80% 58.22% 57.10% 57.24% 57.14% 56.08% 55.51% 56.20% 50.54% 50.64%
Short-Term Debt to Total Capital		 7.40% 7.30% 7.43% 3.26% 3.84% 5.25% 5.39% 4.22% 3.14% 0.23% 0.27%
Long-Term Debt to Total Capital		 51.22% 51.50% 50.79% 53.84% 53.40% 51.88% 50.70% 51.30% 53.07% 50.31% 50.37%
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		 41.38% 41.20% 41.78% 42.90% 42.76% 42.86% 43.92% 44.49% 43.80% 49.46% 49.36%
Debt to EBITDA		 6.59 6.52 6.27 6.25 6.32 6.31 6.25 6.12 6.56 6.08 6.08
Net Debt to EBITDA		 6.50 6.45 6.14 6.23 6.28 6.23 6.19 6.08 6.49 5.58 5.75
Long-Term Debt to EBITDA		 5.76 5.71 5.47 5.90 5.90 5.73 5.65 5.66 6.19 6.05 6.05
Debt to NOPAT		 12.51 12.60 12.54 12.04 11.76 11.51 11.42 11.50 12.48 11.69 11.78
Net Debt to NOPAT		 12.35 12.48 12.29 12.00 11.68 11.37 11.29 11.43 12.35 10.74 11.13
Long-Term Debt to NOPAT		 10.93 11.04 10.94 11.35 10.97 10.46 10.32 10.63 11.78 11.64 11.72
Altman Z-Score		 0.69 0.64 0.63 0.70 0.63 0.65 0.64 0.64 0.60 0.73 0.78
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		 0.58 0.55 0.49 0.77 0.73 0.66 0.64 0.68 0.70 2.02 1.67
Quick Ratio		 0.38 0.35 0.45 0.63 0.57 0.52 0.55 0.58 0.58 1.82 1.45
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -185 -216 -189 -145 -175 -202 -254 -250 -276 -290 -279
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 0.00% 142,965.52% 0.00% 0.00% 0.00% 0.00% 53.21% 54.16%
Free Cash Flow to Firm to Interest Expense		 -10.84 -12.29 -10.35 -8.74 -9.22 -12.13 -15.38 -15.35 -16.56 -17.15 -17.48
Operating Cash Flow to Interest Expense		 1.85 2.91 2.70 3.23 2.19 2.59 3.69 4.74 3.81 2.59 3.81
Operating Cash Flow Less CapEx to Interest Expense		 1.85 2.91 2.70 3.23 2.19 2.59 3.69 4.74 3.81 -2.27 -3.22
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.16 0.16 0.16
Accounts Receivable Turnover		 10.55 11.46 10.90 9.87 10.96 11.93 10.73 9.94 12.21 12.76 11.21
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		 0.23 0.23 0.23 0.23 0.22 0.23 0.23 0.22 0.22 0.22 0.21
Accounts Payable Turnover		 0.91 1.16 0.95 0.90 0.70 0.90 0.84 0.69 0.57 0.68 0.64
Days Sales Outstanding (DSO)		 34.59 31.85 33.49 36.96 33.30 30.59 34.01 36.73 29.90 28.60 32.55
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)		 400.74 315.66 383.15 407.69 520.03 407.57 432.24 528.08 637.69 533.85 570.51
Cash Conversion Cycle (CCC)		 -366.16 -283.80 -349.66 -370.73 -486.74 -376.98 -398.22 -491.35 -607.80 -505.25 -537.96
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 2,987 3,025 3,043 3,124 3,203 3,257 3,334 3,432 3,515 3,578 3,650
Invested Capital Turnover		 0.23 0.23 0.24 0.24 0.24 0.24 0.25 0.25 0.24 0.24 0.24
Increase / (Decrease) in Invested Capital		 218 240 224 200 216 232 291 308 312 322 316
Enterprise Value (EV)		 3,737 3,535 3,476 3,671 3,440 3,681 3,629 3,608 3,696 3,843 4,330
Market Capitalization		 2,013 1,782 1,736 1,901 1,623 1,841 1,776 1,718 1,739 2,122 2,543
Book Value per Share		 $38.62 $38.67 $39.54 $40.77 $41.11 $41.50 $42.89 $43.18 $43.03 $50.72 $44.07
Tangible Book Value per Share		 $17.68 $17.82 $18.80 $21.20 $21.85 $22.48 $24.15 $25.03 $25.15 $33.01 $28.77
Total Capital		 2,981 3,010 3,051 3,109 3,197 3,260 3,338 3,425 3,518 3,708 3,735
Total Debt		 1,747 1,770 1,776 1,775 1,830 1,863 1,872 1,901 1,977 1,874 1,891
Total Long-Term Debt		 1,527 1,550 1,550 1,674 1,707 1,691 1,692 1,757 1,867 1,866 1,881
Net Debt		 1,724 1,752 1,740 1,770 1,817 1,839 1,852 1,890 1,956 1,721 1,787
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.00 0.03 0.00 0.00 0.00 0.00 82 112
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 66 70 27 41 41 48 46 36 6.87 19 24
Debt-free Net Working Capital (DFNWC)		 76 75 50 45 52 72 66 47 28 172 129
Net Working Capital (NWC)		 -145 -145 -177 -57 -70 -99 -114 -97 -83 163 119
Net Nonoperating Expense (NNE)		 14 12 14 17 19 13 12 12 20 13 11
Net Nonoperating Obligations (NNO)		 1,753 1,785 1,769 1,791 1,836 1,859 1,868 1,908 1,975 1,744 1,806
Total Depreciation and Amortization (D&A)		 28 29 29 28 29 30 30 30 31 34 34
Debt-free, Cash-free Net Working Capital to Revenue		 9.87% 10.26% 3.81% 5.62% 5.50% 6.28% 5.85% 4.49% 0.86% 2.33% 2.95%
Debt-free Net Working Capital to Revenue		 11.32% 10.93% 7.06% 6.17% 6.99% 9.37% 8.37% 5.90% 3.44% 21.07% 15.52%
Net Working Capital to Revenue		 -21.57% -21.27% -25.22% -7.86% -9.41% -12.97% -14.43% -12.06% -10.34% 20.01% 14.31%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.60 $0.36 $0.64 $1.17 $0.70 $0.49 $0.71 $1.27 $0.46 $0.50 $0.64
Adjusted Weighted Average Basic Shares Outstanding		 31.58M 32.08M 32.40M 32.90M 32.70M 33.78M 34.78M 35.54M 35.00M 37.93M 41.85M
Adjusted Diluted Earnings per Share		 $0.60 $0.36 $0.64 $1.17 $0.70 $0.49 $0.71 $1.27 $0.45 $0.49 $0.62
Adjusted Weighted Average Diluted Shares Outstanding		 31.66M 32.14M 32.46M 32.98M 32.78M 33.87M 34.86M 35.64M 35.10M 38.55M 42.87M
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		 32.06M 32.23M 32.71M 33.25M 33.67M 34.18M 35.29M 35.81M 36.16M 41.84M 41.86M
Normalized Net Operating Profit after Tax (NOPAT)		 33 23 34 56 42 30 37 57 23 32 37
Normalized NOPAT Margin		 19.42% 15.69% 19.52% 24.70% 21.07% 17.70% 18.60% 23.81% 11.95% 17.33% 17.67%
Pre Tax Income Margin		 12.13% 9.33% 13.86% 18.03% 12.14% 11.95% 14.80% 21.17% 7.54% 12.22% 14.52%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 2.22 1.79 2.33 3.45 2.27 2.20 2.78 4.12 1.88 2.33 2.92
NOPAT to Interest Expense		 1.95 1.33 1.88 3.35 2.20 1.78 2.24 3.51 2.20 1.88 2.33
EBIT Less CapEx to Interest Expense		 2.22 1.79 2.33 3.45 2.27 2.20 2.78 4.12 1.88 -2.53 -4.11
NOPAT Less CapEx to Interest Expense		 1.95 1.33 1.88 3.35 2.20 1.78 2.24 3.51 2.20 -2.98 -4.70
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 56.37% 57.55% 57.05% 56.64% 55.48% 54.09% 53.65% 52.08% 57.17% 57.52% 60.05%
Augmented Payout Ratio		 56.37% 57.55% 57.05% 56.64% 55.48% 54.09% 53.65% 52.08% 57.17% 57.52% 60.05%

Financials Breakdown Chart

Key Financial Trends

Data note: The supplied filings identify the company as SJW Group, while the request refers to H2O America (NASDAQ:HTO). Investors should verify the ticker and company identity before relying on this analysis. The data also includes selected quarters rather than a complete four-year quarterly series, and several earlier periods are marked as restated.

Revenue and earnings have generally improved over the available period. Second-quarter revenue increased from $156.9 million in 2023 to $176.2 million in 2024, $198.3 million in 2025 and $210.5 million in 2026. Second-quarter net income rose from $18.3 million in 2023 to $26.6 million in 2026. First-quarter results show a similar pattern, with revenue increasing from $137.3 million in 2023 to $183.3 million in 2026 and net income rising from $11.5 million to $19.0 million.

However, the improvement is not consistent across every quarter. Fourth-quarter revenue declined from $197.8 million in 2024 to $194.2 million in 2025, while net income fell from $22.9 million to $16.2 million. This suggests that seasonality, operating costs or other factors can materially affect quarterly results.

Cash generation remains positive, but heavy investment and financing needs are important risks. Operating cash flow was $60.7 million in Q2 2026, roughly in line with $60.8 million in Q2 2025 and above the $49.3 million generated in Q2 2024. At the same time, the company spent $112.2 million on property, plant and equipment in Q2 2026, producing estimated negative free cash flow of approximately $51.4 million for the quarter.

Liquidity improved substantially from the low-cash periods seen in 2023 and 2024. Cash and equivalents stood at $104.1 million at June 30, 2026, compared with $19.8 million at June 30, 2025. Nevertheless, cash declined by $48.9 million during Q2 2026, and the company has frequently relied on debt issuance, equity issuance or both to support investment and liquidity.

  • Revenue has expanded across comparable first- and second-quarter periods, with Q2 revenue reaching $210.5 million in 2026 versus $156.9 million in 2023.
  • Net income has generally trended higher in the first and second quarters, reaching $26.6 million in Q2 2026 and $19.0 million in Q1 2026.
  • Operating cash flow remains consistently positive, totaling $60.7 million in Q2 2026 and $104.4 million across the first half of 2026.
  • Interest expense declined to $16.0 million in Q2 2026 from $18.3 million in Q2 2024 and $18.1 million in Q2 2025, providing some earnings support.
  • Cash and equivalents increased to $104.1 million at June 30, 2026, while total current assets of $296.4 million exceeded current liabilities of $177.8 million.
  • Gross profit margins have remained unusually stable at approximately 95.7% in the comparable Q2 periods, but the data does not explain whether this reflects regulated pricing, accounting presentation or business mix.
  • Plant, property and equipment has grown substantially, with net PP&E increasing to $4.1 billion at June 30, 2026 from $3.3 billion at June 30, 2024, indicating continued infrastructure investment.
  • Q2 2026 operating income declined to $42.8 million from $43.9 million in Q2 2025 despite higher revenue, reducing the operating margin from approximately 22.1% to 20.3%.
  • Capital spending exceeded operating cash flow in Q2 2026, creating estimated negative free cash flow of about $51.4 million; the same pattern occurred in Q1 2026.
  • Leverage remains significant: total debt was approximately $1.90 billion at June 30, 2026, compared with common equity of $1.84 billion, while Q2 cash interest paid reached $37.9 million.

Overall, the statements show a company with improving revenue, earnings and operating cash flow, but with substantial capital requirements and leverage. The key investor question is whether infrastructure spending will generate enough future operating cash flow to offset recurring capital expenditures without continued reliance on new borrowing or equity issuance. The large $288.6 million common-equity issuance in Q1 2026 also raises dilution concerns, even though it materially strengthened liquidity.

09/03/26 04:25 AM ETAI Generated. May Contain Errors.

H2O America Financials - Frequently Asked Questions

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.

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. See H2O America's forecast for analyst expectations on what's next for the company.

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

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%.

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.

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.

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%.


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Financial statements for NASDAQ:HTO last updated on 7/28/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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