California Water Service Group (CWT) 10-Year Financial Performance & Capital Metrics

CWT • • Utilities

UtilitiesWater UtilitiesIntegrated Water UtilitiesMulti-State Water Utilities

AboutCalifornia Water Service Group, through its subsidiaries, provides water utility and other related services in California, Washington, New Mexico, Hawaii, and Texas. The company is involved in the production, purchase, storage, treatment, testing, distribution, and sale of water for domestic, industrial, public, and irrigation uses, as well as for fire protection. It offers its services to approximately 494,500 customer connections in 100 California communities; approximately 6,200 water and wastewater customer connections on the islands of Maui and Hawaii; approximately 36,400 customer connections in the Tacoma, Olympia, Graham, Spanaway, Puyallup, and Gig Harbor areas; and approximately 8,600 water and wastewater customer connections in the Belen, Los Lunas, Indian Hills, and Elephant Butte areas in New Mexico. The company also engages in the provision of non-regulated water-related services, including operating of municipally owned water systems, privately owned water, and recycled water distribution systems; water system operation, meter reading, and billing services to private companies and municipalities; leasing of communication antenna sites on its properties to telecommunication companies; and billing of optional third-party insurance programs to its residential customers, as well as provides lab services. In addition, it offers wastewater collection and treatment services. The company was founded in 1926 and is headquartered in San Jose, California.Show more

Revenue $1.04B +30.5%
EBITDA $359M +79.4%
Net Income $191M +267.6%
Free Cash Flow -$180M -8.4%
EBITDA Margin 34.64% +37.5%
Net Margin 18.4% +181.7%
ROE 12.42% +229.4%
Interest Coverage 3.91 +152.6%
Debt/Equity 0.85 -2.5%
Net Debt/EBITDA 3.75 -35.5%
CapEx / Revenue 45.41% -6.0%
CapEx Coverage 0.62 +8.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 24.8%
✓21 years of consecutive dividend growth
✓21 consecutive years of dividend growth
✓Strong interest coverage of 3.9x
✓Healthy dividend yield of 2.4%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y5.67%

5Y7.73%

3Y9.44%

TTM-2.6%

Profit (Net Income) CAGR

10Y12.89%

5Y24.76%

3Y23.57%

TTM-32.24%

EPS CAGR

10Y10.57%

5Y19.93%

3Y18.36%

TTM-33.81%

ROCE

10Y Avg3.93%

5Y Avg3.92%

3Y Avg3.55%

Latest5.05%

Peer Comparison

Multi-State Water Utilities

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	Debt/Equity
AWKAmerican Water Works Company, Inc.	26.03B	133.35	24.74	10.63%	21.93%	10.2%	1.37
HTOH2O America	1.93B	54.03	19.37	11.65%	13.59%	7.17%	1.34
WTRGEssential Utilities, Inc.	11.32B	40.00	18.43	1.57%	28.09%	9.81%	1.25
CWTCalifornia Water Service Group	2.75B	46.23	14.22	30.48%	13.61%	8.01%	0.85
SBSCompanhia de Saneamento Básico do Estado de São Paulo - SABESP	16.16B	23.08	1.65	41.35%	19.5%	18.81%	0.68

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	588.37M	609.37M	666.89M	698.2M	714.56M	794.31M	790.91M	846.43M	794.63M	1.04B
Revenue Growth %	-0.02%	0.04%	0.09%	0.05%	0.02%	0.11%	-0%	0.07%	-0.06%	0.3%
Cost of Revenue	229.39M	242.99M	264.4M	277.34M	373.37M	402.68M	307.13M	316.08M	431.25M	47.69M
Gross Profit+	358.98M	366.38M	402.49M	420.86M	341.19M	391.62M	483.77M	530.35M	363.38M	989.12M
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	0.01%	0.02%	0.1%	0.05%	-0.19%	0.15%	0.24%	0.1%	-0.31%	1.72%
Operating Expenses+	263.3M	265.39M	278.94M	291.73M	241.77M	254.96M	357M	402.69M	286.24M	764.06M
Other Operating Expenses	-	-	-	-	-	-	-	-	-	-
EBITDA+	132.53M	141.4M	173.22M	196.25M	190.7M	237.6M	238.35M	245.02M	200.26M	359.19M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
EBITDA Growth %	-0.07%	0.07%	0.23%	0.13%	-0.03%	0.25%	0%	0.03%	-0.18%	0.79%
Depreciation & Amortization+	61.38M	65.2M	78.59M	85.71M	91.29M	100.94M	111.58M	117.36M	123.12M	134.14M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income (EBIT)+	71.15M	76.19M	94.62M	110.54M	99.41M	136.67M	126.77M	127.66M	77.14M	225.05M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-0.13%	0.07%	0.24%	0.17%	-0.1%	0.37%	-0.07%	0.01%	-0.4%	1.92%
Interest Expense+	27.27M	30.5M	33.93M	37.85M	41.22M	41.86M	43.21M	44.34M	49.82M	57.55M
Interest Coverage	2.61x	2.50x	2.79x	2.92x	2.41x	3.26x	2.93x	2.88x	1.55x	3.91x
Interest / Revenue %	-	-	-	-	-	-	-	-	-	-
Non-Operating Income	-847K	-1000K	1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	1000K
Pretax Income+	70.31M	75.49M	100.54M	81.46M	80.79M	108.85M	105.07M	101.64M	44.59M	232.57M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	25.29M	26.82M	33.36M	15.87M	17.67M	12.02M	4.09M	6.38M	-6.78M	42.49M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	45.02M	48.67M	67.18M	65.58M	63.12M	96.83M	101.13M	96.01M	51.91M	190.81M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.21%	0.08%	0.38%	-0.02%	-0.04%	0.53%	0.04%	-0.05%	-0.46%	2.68%
EPS (Diluted)+	0.94	1.01	1.52	1.36	1.31	1.97	1.96	1.77	0.91	3.25
EPS Growth %	-0.21%	0.07%	0.5%	-0.11%	-0.04%	0.5%	-0.01%	-0.1%	-0.49%	2.57%
EPS (Basic)	0.94	1.02	1.52	1.36	1.31	1.97	1.96	1.77	0.91	3.26
Diluted Shares Outstanding	47.88M	47.96M	48.01M	48.06M	48.17M	49.27M	51.63M	54.36M	56.98M	58.65M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	2.25B	2.41B	2.74B	2.84B	3.21B	3.39B	3.62B	3.95B	4.7B	5.18B
Asset Growth %	0.03%	0.07%	0.14%	0.04%	0.13%	0.06%	0.07%	0.09%	0.19%	0.1%
PP&E (Net)+	1.7B	1.86B	2.04B	2.23B	2.41B	2.65B	2.82B	3.06B	3.77B	4.15B
PP&E / Total Assets %	-	-	-	-	-	-	-	-	-	-
Total Current Assets+	127.58M	142.07M	227.87M	188.7M	184.71M	266.02M	300.46M	295.54M	296.29M	324.14M
Cash & Equivalents	8.84M	25.49M	94.78M	47.18M	43.3M	44.55M	78.38M	85.03M	84.97M	50.12M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Inventory	6.34M	6.29M	6.46M	6.59M	7.75M	8.83M	9.51M	12.56M	16.17M	20.51M
Other Current Assets	57.71M	54.75M	64.43M	71.48M	14.32M	134.54M	80.87M	21.97M	18.13M	65.31M
Long-Term Investments	97M	57.01M	208.2M	140.54M	0	-276.03M	0	0	0	0
Goodwill	2.62M	2.62M	2.62M	2.62M	2.62M	31.84M	36.81M	36.81M	37.04M	37.06M
Intangible Assets	12.52M	11.82M	10.99M	24.74M	10.9M	12.12M	29.95M	16.81M	20.73M	24.1M
Other Assets	52.24M	51.85M	60.77M	60.09M	503.21M	433.71M	439.14M	444.77M	475.57M	647.08M
Total Liabilities	1.6B	1.75B	2.05B	2.11B	2.43B	2.47B	2.45B	2.62B	3.27B	3.54B
Total Debt+	552.5M	655.05M	806.81M	880.04M	998.1M	1.17B	1.1B	1.14B	1.25B	1.4B
Net Debt	543.66M	629.56M	712.04M	832.86M	954.8M	1.13B	1.02B	1.06B	1.16B	1.35B
Long-Term Debt	508M	531.75M	515.79M	710.03M	781.55M	776.62M	1.06B	1.05B	1.05B	1.1B
Short-Term Borrowings	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Capital Lease Obligations	0	0	6.4M	5.8M	18.13M	1.76M	1.8M	16.51M	15.66M	1.22M
Total Current Liabilities+	148.46M	250.23M	490.96M	321.17M	358.72M	588.71M	271.94M	294.65M	430.34M	538.36M
Accounts Payable	62.96M	77.81M	93.95M	95.58M	111.79M	131.72M	144.37M	144.09M	160.3M	167.53M
Accrued Expenses	36.22M	40.72M	42.79M	26.13M	28.78M	25.21M	15.21M	30.14M	30.79M	31.99M
Deferred Revenue	39.63M	44.35M	46.68M	4.18M	2.02M	2.17M	3.94M	8.14M	13.49M	22.05M
Other Current Liabilities	5.64M	8.39M	63.19M	25.27M	13.26M	44.94M	58M	29.3M	39.54M	28.62M
Deferred Taxes	1000K	1000K	1000K	1000K	1000K	0	1000K	1000K	1000K	1000K
Other Liabilities	943.2M	970.3M	1.03B	1.07B	950.41M	1.09B	630.89M	837.13M	1.32B	1.48B
Total Equity+	642.15M	659.47M	693.46M	730.16M	779.91M	921.34M	1.17B	1.32B	1.43B	1.64B
Equity Growth %	0.02%	0.03%	0.05%	0.05%	0.07%	0.18%	0.27%	0.13%	0.08%	0.15%
Shareholders Equity	642.15M	659.47M	693.46M	730.16M	779.91M	921.34M	1.17B	1.32B	1.43B	1.64B
Minority Interest	0	0	0	0	0	0	5.39M	4.8M	3.58M	3.02M
Common Stock	479K	480K	480K	481K	485K	503K	537K	556K	577K	595K
Additional Paid-in Capital	333.13M	334.86M	336.23M	337.62M	362.27M	448.63M	651.12M	760.34M	876.58M	966.98M
Retained Earnings	308.54M	324.13M	356.75M	392.05M	417.15M	472.21M	514.87M	556.7M	549.57M	674.92M
Accumulated OCI	-796.48M	-847.95M	-911M	-996.72M	0	0	0	0	0	-7.22M
Return on Assets (ROA)	0.02%	0.02%	0.03%	0.02%	0.02%	0.03%	0.03%	0.03%	0.01%	0.04%
Return on Equity (ROE)	0.07%	0.07%	0.1%	0.09%	0.08%	0.11%	0.1%	0.08%	0.04%	0.12%
Debt / Equity	0.86x	0.99x	1.16x	1.21x	1.28x	1.27x	0.94x	0.86x	0.87x	0.85x
Debt / Assets	0.25%	0.27%	0.29%	0.31%	0.31%	0.35%	0.3%	0.29%	0.27%	0.27%
Net Debt / EBITDA	4.10x	4.45x	4.11x	4.24x	5.01x	4.74x	4.28x	4.31x	5.80x	3.75x
Book Value per Share	13.41	13.75	14.44	15.19	16.19	18.7	22.7	24.33	25.1	27.99

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	144.63M	159.7M	147.84M	179.02M	168.79M	117.92M	231.72M	243.77M	217.82M	290.87M
Operating CF Growth %	0.13%	0.1%	-0.07%	0.21%	-0.06%	-0.3%	0.96%	0.05%	-0.11%	0.34%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	45.02M	48.67M	67.18M	65.58M	63.12M	96.83M	100.98M	95.26M	51.91M	190.09M
Depreciation & Amortization	63.18M	65.2M	78.59M	85.71M	91.29M	100.94M	111.58M	117.36M	123.12M	134.14M
Deferred Taxes	24.39M	26.82M	21.09M	20.91M	15.35M	34.44M	25.2M	26.88M	35.63M	40.45M
Other Non-Cash Items	728K	3.21M	-5.26M	-161K	-10.38M	-8.86M	-6.19M	21.33M	-11.28M	48.95M
Working Capital Changes	8.73M	12.94M	-16.88M	3.84M	2.69M	-110.02M	-6.66M	-22.23M	15.44M	-126.49M
Capital Expenditures+	-176.83M	-228.94M	-259.19M	-271.71M	-273.77M	-298.65M	-293.19M	-327.76M	-383.75M	-470.8M
CapEx / Revenue %	-	-	-	-	-	-	-	-	-	-
CapEx / D&A	-	-	-	-	-	-	-	-	-	-
CapEx Coverage (OCF/CapEx)	-	-	-	-	-	-	-	-	-	-
Cash from Investing+	-178.26M	-230.84M	-206.65M	-273.08M	-275.96M	-346.07M	-300.87M	-335.52M	-389.42M	-474.87M
Acquisitions	319K	2.76M	4.71M	1.49M	0	-40.48M	-6.45M	0	-175K	-1.61M
Purchase of Investments	-2.03M	-2.86M	-5.61M	-4.92M	-2.22M	-4.6M	0	0	0	0
Sale of Investments	0	495K	1000K	1000K	0	0	1000K	0	0	0
Other Investing	607K	-2.3M	51.88M	-1.43M	28K	-2.33M	-2.23M	-7.77M	-5.5M	-2.46M
Cash from Financing+	22.88M	87.79M	128.09M	46.48M	102.75M	229.98M	104.68M	96.12M	171.54M	194.72M
Dividends Paid	-32.07M	-33.08M	-34.56M	-36.04M	-38.02M	-41.77M	-47.4M	-54.19M	-59.04M	-65.46M
Dividend Payout Ratio %	0.71%	0.68%	0.51%	0.55%	0.6%	0.43%	0.47%	0.56%	1.14%	0.34%
Debt Issuance (Net)	1000K	1000K	1000K	1000K	1000K	1000K	-1000K	1000K	1000K	1000K
Stock Issued	0	0	0	0	20.42M	83.58M	197.72M	106.74M	115.11M	89.03M
Share Repurchases	-338K	-744K	-1.5M	-1.65M	-2.5M	-1.68M	-1.77M	-2.01M	-1.84M	-1.44M
Other Financing	9.64M	78.61M	12.99M	11.31M	40.63M	100.66M	17.54M	122.75M	126.44M	23.66M
Net Change in Cash+	-10.75M	16.66M	69.28M	-47.59M	-4.42M	1.83M	35.52M	4.37M	-59K	10.72M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	19.59M	8.84M	25.49M	95.3M	47.72M	43.3M	45.13M	80.65M	85.03M	84.97M
Cash at End	8.84M	25.49M	94.78M	47.72M	43.3M	45.13M	80.65M	85.03M	84.97M	95.69M
Free Cash Flow+	-32.2M	-69.24M	-111.35M	-92.69M	-104.98M	-180.73M	-61.48M	-83.98M	-165.93M	-179.93M
FCF Growth %	-7.3%	-1.15%	-0.61%	0.17%	-0.13%	-0.72%	0.66%	-0.37%	-0.98%	-0.08%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF / Net Income %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	7.1%	7.48%	9.93%	9.21%	8.36%	11.38%	9.66%	7.7%	3.77%	12.42%
EBITDA Margin	22.53%	23.2%	25.97%	28.11%	26.69%	29.91%	30.14%	28.95%	25.2%	34.64%
Net Debt / EBITDA	4.10x	4.45x	4.11x	4.24x	5.01x	4.74x	4.28x	4.31x	5.80x	3.75x
Interest Coverage	2.61x	2.50x	2.79x	2.92x	2.41x	3.26x	2.93x	2.88x	1.55x	3.91x
CapEx / Revenue	30.05%	37.57%	38.87%	38.92%	38.31%	37.6%	37.07%	38.72%	48.29%	45.41%
Dividend Payout Ratio	71.23%	67.96%	51.45%	54.96%	60.24%	43.13%	46.87%	56.44%	113.73%	34.31%
Debt / Equity	0.86x	0.99x	1.16x	1.21x	1.28x	1.27x	0.94x	0.86x	0.87x	0.85x
EPS Growth	-21.01%	7.45%	50.5%	-10.53%	-3.68%	50.38%	-0.51%	-9.69%	-48.59%	257.14%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Residential	450.06M	446.32M	486.06M	528.84M	-	463.42M	538.23M
Residential Growth	-	-0.83%	8.90%	8.80%	-	-	16.14%
Business	130.04M	129.22M	125.82M	144.56M	-	159.05M	180.03M
Business Growth	-	-0.63%	-2.63%	14.90%	-	-	13.19%
Public Authorities	34.51M	33.86M	35.78M	40.5M	-	40.81M	49.16M
Public Authorities Growth	-	-1.88%	5.65%	13.21%	-	-	20.46%
Service, Other	25.89M	23.09M	20.83M	25.23M	-	31.3M	30.96M
Service, Other Growth	-	-10.79%	-9.80%	21.11%	-	-	-1.08%
Industrial	34.24M	31.86M	29.09M	26.57M	-	28.05M	30.4M
Industrial Growth	-	-6.95%	-8.69%	-8.66%	-	-	8.36%
Non-Regulated Services	18.27M	19.2M	16.92M	22.76M	21.28M	18.51M	20.63M
Non-Regulated Services Growth	-	5.11%	-11.89%	34.51%	-6.52%	-13.01%	11.45%
Operating And Maintenance	10.26M	12.65M	11.48M	16.28M	-	12.5M	13.82M
Operating And Maintenance Growth	-	23.37%	-9.28%	41.76%	-	-	10.55%
Other Non-Regulated Service	5.55M	4.27M	3.04M	3.74M	-	3.51M	4.4M
Other Non-Regulated Service Growth	-	-23.00%	-28.75%	22.94%	-	-	25.50%
Regulated Water and WasteWater Services	674.74M	-	-	-	-	-	-
Regulated Water and WasteWater Services Growth	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

California Water Service Group (CWT) has a price-to-earnings (P/E) ratio of 14.2x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

California Water Service Group (CWT) reported $1.00B in revenue for fiscal year 2024. This represents a 100% increase from $501.8M in 2011.

California Water Service Group (CWT) grew revenue by 30.5% over the past year. This is strong growth.

Yes, California Water Service Group (CWT) is profitable, generating $136.4M in net income for fiscal year 2024 (18.4% net margin).

Dividend & Returns

Yes, California Water Service Group (CWT) pays a dividend with a yield of 2.41%. This makes it attractive for income-focused investors.

California Water Service Group (CWT) has a return on equity (ROE) of 12.4%. This is reasonable for most industries.

California Water Service Group (CWT) had negative free cash flow of $180.6M in fiscal year 2024, likely due to heavy capital investments.

Industry Metrics

California Water Service Group (CWT) has a dividend payout ratio of 34%. This suggests the dividend is well-covered and sustainable.

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