California Water Service Group
CWT · Water Utilities
$48.04
1.1%H2O America
HTO · Water Utilities
$58.90
0.4%The short version
- California Water Service Group is the larger business, with $964M of revenue in fiscal 2025 against $801M for H2O America.
- H2O America grew revenue faster (7.0%, against 6.4%).
- H2O America kept more of each dollar of sales as operating profit (22.2% operating margin, against 17.7% operating margin).
- Investors pay more for each dollar of California Water Service Group’s earnings: a P/E of 21.6x against 20.2x for H2O America.
| Latest fiscal year | CWT · FY25 | HTO · FY25 |
|---|---|---|
| Size | ||
| Market cap | $2.9B | $2.3B |
| Revenue | $964M | $801M |
| Free cash flow | — | — |
| Net income | $128M | $103M |
| Growth | ||
| Revenue growth | 6.4% | 7.0% |
| 5-year growth | 6.7% | 7.2% |
| Share count change | 1.7% | 7.1% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 17.7% | 22.2% |
| Net margin | 13.3% | 12.8% |
| FCF margin | — | — |
| Return on capital | 4.8% | 4.9% |
| Return on equity | 7.7% | 7.1% |
| Balance sheet | ||
| Net debt | $1.6B | $1.9B |
| Net debt / EBITDA | 4.9x | 6.3x |
| Dividends and buybacks | $75.3M | $58.6M |
| Valuation & quality | ||
| P/E | 21.6x | 20.2x |
| Piotroski F-score | 4 | 4 |
FY16
CWT $590M
HTO $340M
FY17
CWT $623M
HTO $389M
FY18
CWT $675M
HTO $398M
FY19
CWT $664M
HTO $421M
FY20
CWT $698M
HTO $565M
FY21
CWT $766M
HTO $574M
FY22
CWT $773M
HTO $621M
FY23
CWT $790M
HTO $670M
FY24
CWT $906M
HTO $748M
FY25
CWT $964M
HTO $801M
CWT
HTO
FY16
CWT 14.0%
HTO 28.7%
FY17
CWT 17.2%
HTO 26.2%
FY18
CWT 16.4%
HTO 18.5%
FY19
CWT 15.0%
HTO 13.7%
FY20
CWT 19.6%
HTO 20.8%
FY21
CWT 16.6%
HTO 19.4%
FY22
CWT 16.5%
HTO 21.1%
FY23
CWT 9.8%
HTO 22.3%
FY24
CWT 24.9%
HTO 22.8%
FY25
CWT 17.7%
HTO 22.2%
CWT
HTO
FY16
CWT —
HTO —
FY17
CWT —
HTO —
FY18
CWT —
HTO —
FY19
CWT —
HTO —
FY20
CWT —
HTO —
FY21
CWT —
HTO —
FY22
CWT —
HTO —
FY23
CWT —
HTO —
FY24
CWT —
HTO —
FY25
CWT —
HTO —
CWT
HTO
FY16
CWT 4.3%
HTO 7.4%
FY17
CWT 5.3%
HTO 7.4%
FY18
CWT 6.0%
HTO 6.5%
FY19
CWT 4.7%
HTO 2.8%
FY20
CWT 6.5%
HTO 4.7%
FY21
CWT 5.8%
HTO 4.1%
FY22
CWT 5.2%
HTO 4.6%
FY23
CWT 3.1%
HTO 5.2%
FY24
CWT 6.6%
HTO 5.3%
FY25
CWT 4.8%
HTO 4.9%
CWT
HTO
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.