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H2O America

HTO Nasdaq Water Utilities Financials FY2016–FY2025

H2O America's revenue rose 7.0% to $801 million in fiscal 2025. Its operating margin was 22.2%, down from 22.8% a year earlier. It paid out $59 million in dividends and buybacks. The diluted share count rose 7.1%.

Last close · Oct 23, 2026

$58.90

0.4%
Value it Compare
Revenue Total sales reported in the income statement.
$801M
7.0% vs prior year
Operating margin Operating income as a share of revenue.
22.2%
0.6 pts
Net income Profit after all expenses, interest and tax.
$103M
9.1%
Free cash flow Cash from operations minus capital spending.
—
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
4.9%
0.4 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$2.3B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
20.2x
On $2.91 EPS (TTM)

What H2O America does

No business description yet.

Legal name
H2O AMERICA
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001628280-26-012438
0000766829

Revenue and margins

H2O America had $801M of revenue in fiscal 2025, up 7.0% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 1.4% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.

Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

H2O America returned $58.6M to shareholders in fiscal 2025. The diluted share count rose 7.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value H2O America yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$1.9B and divides by 35.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 20.2x · peers 21.8x · sector 20.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably H2O America can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $10.9M$12.3M$9.7M$11.1M$20.7M
Debt incl. finance leases $1.5B$1.5B$1.6B$1.7B$1.9B
Net debt / EBITDA 7.3x6.2x6.1x6.0x6.3x
Debt / equity 1.5x1.3x1.3x1.3x1.2x
Interest coverage 2.1x2.3x2.3x2.4x2.5x
Current ratio 0.7x0.6x0.6x0.7x0.7x
Quick ratio 0.7x0.6x0.6x0.7x0.7x
Total assets $3.5B$3.8B$4.3B$4.7B$5.1B
Total liabilities $2.5B$2.6B$3.1B$3.3B$3.6B
Shareholders' equity $1.0B$1.1B$1.2B$1.4B$1.5B
Net debt (− = net cash) $1.5B$1.5B$1.6B$1.7B$1.9B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$3.3M

1 insider

Sold, 12 months

$0.2M

2 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Jul 7, 2026 ATLAS Infrastructure Partners (UK) Ltd.10% owner Bought 2,784 $62.03 $0.2M Form 4
Jul 1, 2026 ATLAS Infrastructure Partners (UK) Ltd.10% owner Bought 2,132 $60.76 $0.1M Form 4
Jul 1, 2026 ATLAS Infrastructure Partners (UK) Ltd.10% owner Sold 1,686 $60.74 $0.1M Form 4
Apr 10, 2026 ATLAS Infrastructure Partners (UK) Ltd.10% owner Bought 50,385 $59.06 $3.0M Form 4
Nov 13, 2025 Andrew F WaltersChief Executive Officer, Director Sold 2,100 $47.22 $0.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✕
Current ratio rose ✕ ✓ ✕
Share count didn't rise ✕ ✕ ✕
Gross margin rose — — —
Revenue rose relative to assets ✓ ✕ ✕
F-score 6 / 85 / 84 / 8
Accruals ratio −2.6%−2.3%−2.9%
Altman Z'' 0.800.960.94

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
H2O America HTO $2.3B 7.0% 22.2% — 4.9% 20.2x 4
California Water Service Group CWT $2.9B 6.4% 17.7% — 4.8% 21.6x 4 Compare →
American States Water AWR $3.4B 10.5% 30.9% −1.1% 9.3% 23.4x 4 Compare →
Essential Utilities WTRG $12.2B 18.6% 37.2% −17.0% 6.4% 22.0x 5 Compare →
Middlesex Water MSEX $1.0B 1.5% 27.9% — — 21.6x — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $340M $389M $398M $421M $565M $574M $621M $670M $748M $801M
Operating income $97.4M $102M $73.4M $57.5M $118M $111M $131M $149M $171M $178M
Interest expense $21.8M $22.9M $24.3M $31.8M $54.3M $54.3M $58.1M $66.1M $71.4M $72.6M
Pretax income $86.4M $96.5M $48.8M $32.1M $69.9M $68.8M $82.3M $90.9M $103M $115M
Income tax $33.5M $35.4M $10.1M $8.5M $8.4M $8.4M $8.5M $6.0M $9.0M $12.4M
Net income $52.8M $59.2M $38.8M $23.4M $61.5M $60.5M $73.8M $85.0M $94.0M $103M
Diluted EPS $2.57 $2.86 $1.82 $0.82 $2.14 $2.03 $2.43 $2.68 $2.87 $2.92
Diluted shares 0.02B 0.02B 0.02B 0.03B 0.03B 0.03B 0.03B 0.03B 0.03B 0.04B
Cash flow
Cash from operations $115M $101M $91.3M $130M $104M $130M $166M $191M $196M $245M
Depreciation and amortization $46.3M $50.5M $56.9M $68.5M $91.6M $96.5M $106M $108M $115M $121M
Stock-based compensation $1.7M $2.6M $2.1M $3.4M $3.6M $4.2M $4.8M $4.6M $5.6M $6.4M
Acquisitions $0.0M $0.0M $0.0M $836M $0.0M $23.6M $0.4M $7.5M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $16.6M $21.3M $23.1M $34.1M $36.5M $40.1M $43.6M $47.9M $52.1M $58.6M
Dividends and buybacks $16.6M $21.3M $23.1M $34.1M $36.5M $40.1M $43.6M $47.9M $52.1M $58.6M
Balance sheet
Cash and short-term investments $6.3M $7.8M $421M $12.9M $5.3M $10.9M $12.3M $9.7M $11.1M $20.7M
Total debt $438M $435M $435M $1.3B $1.4B $1.5B $1.5B $1.6B $1.7B $1.9B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $99.6M $66.9M $503M $122M $127M $134M $158M $198M $191M $191M
Current liabilities $63.6M $85.1M $164M $235M $351M $203M $268M $343M $261M $273M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $50.5M $45.1M $44.0M $44.1M — — — — $1.2M $1.6M
Total assets $1.4B $2.0B $2.0B $3.1B $3.3B $3.5B $3.8B $4.3B $4.7B $5.1B
Total liabilities $1.0B $995M $1.1B $2.2B $2.4B $2.5B $2.6B $3.1B $3.3B $3.6B
Shareholders' equity $422M $463M $889M $890M $917M $1.0B $1.1B $1.2B $1.4B $1.5B
Margins
Operating margin 28.7% 26.2% 18.5% 13.7% 20.8% 19.4% 21.1% 22.3% 22.8% 22.2%
EBITDA margin 42.3% 39.1% 32.8% 30.0% 37.1% 36.2% 38.3% 38.4% 38.2% 37.2%
Net margin 15.6% 15.2% 9.8% 5.6% 10.9% 10.5% 11.9% 12.7% 12.6% 12.8%
Returns
Return on capital 7.4% 7.4% 6.5% 2.8% 4.7% 4.1% 4.6% 5.2% 5.3% 4.9%
Return on capital employed 7.4% 6.3% 4.0% 2.5% 4.0% 3.6% 3.9% 4.0% 4.1% 3.8%
Return on equity 13.1% 13.4% 5.7% 2.6% 6.8% 6.2% 6.9% 7.3% 7.2% 7.1%
Return on assets 3.8% 3.5% 2.0% 0.9% 1.9% 1.8% 2.0% 2.1% 2.1% 2.1%
Growth
Revenue growth — 14.6% 2.2% 5.7% 34.3% 1.6% 8.2% 8.0% 11.7% 7.0%
Net income growth 39.5% 12.1% −34.5% −39.6% 162.9% −1.7% 22.1% 15.1% 10.6% 9.2%
EPS growth 38.9% 11.3% −36.4% −55.0% 161.0% −5.1% 19.7% 10.3% 7.1% 1.7%
Share count change 0.4% 0.5% 3.1% 33.9% 0.5% 3.6% 2.3% 4.1% 3.5% 7.1%
Financial health
Net debt / EBITDA 3.0x 2.8x 0.1x 10.2x 6.4x 7.3x 6.2x 6.1x 6.0x 6.3x
Debt / equity 1.0x 0.9x 0.5x 1.5x 1.5x 1.5x 1.3x 1.3x 1.3x 1.2x
Interest coverage 4.5x 4.4x 3.0x 1.8x 2.2x 2.1x 2.3x 2.3x 2.4x 2.5x
Current ratio 1.6x 0.8x 3.1x 0.5x 0.4x 0.7x 0.6x 0.6x 0.7x 0.7x
Quick ratio 1.6x 0.8x 3.1x 0.5x 0.4x 0.7x 0.6x 0.6x 0.7x 0.7x
Capital allocation
Stock comp / revenue 0.5% 0.7% 0.5% 0.8% 0.6% 0.7% 0.8% 0.7% 0.8% 0.8%
Quality scores
Piotroski F-score — 6.0 5.0 4.0 5.0 4.0 6.0 6.0 5.0 4.0
Altman Z'' 1.8 1.4 2.9 0.7 0.6 0.9 0.9 0.8 1.0 0.9
Accruals ratio −4.4% −2.5% −2.7% −4.2% −1.3% −2.0% −2.6% −2.6% −2.3% −2.9%

Source: SEC EDGAR XBRL filings (CIK 0000766829). Data updated October 22, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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