Global Water Resources, Inc. (GWRS) 10-Year Financial Performance & Capital Metrics

GWRS • • Utilities

UtilitiesWater UtilitiesIntegrated Water UtilitiesRegional Water Utilities

AboutGlobal Water Resources, Inc., a water resource management company, owns, operates, and manages regulated water, wastewater, and recycled water utilities primarily in metropolitan Phoenix, Arizona. As of December 31, 2020, it served approximately 74,048 people in approximately 27,630 homes. The company was founded in 2003 and is based in Phoenix, Arizona.Show more

Revenue $53M -0.6%
EBITDA $22M -6.6%
Net Income $6M -27.5%
Free Cash Flow -$11M -442.1%
EBITDA Margin 42.64% -6.0%
Net Margin 10.99% -27.0%
ROE 12.03% -29.9%
Interest Coverage 1.54 -39.0%
Debt/Equity 2.62 +16.4%
Net Debt/EBITDA 5.15 +16.4%
CapEx / Revenue 61.35% +45.8%
CapEx Coverage 0.67 -40.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 21.1%
✓Healthy dividend yield of 3.4%

✗Weaknesses

✗High debt to equity ratio of 2.6x
✗Weak momentum: RS Rating 19 (bottom 19%)
✗High leverage: 5.6x Debt/EBITDA
✗Dividend payout exceeds 100% of earnings

Price & Volume

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Growth Metrics

Revenue CAGR

10Y4.93%

5Y8.24%

3Y7.93%

TTM7.06%

Profit (Net Income) CAGR

10Y-21.47%

5Y21.09%

3Y17.06%

TTM-32.76%

EPS CAGR

10Y-23.62%

5Y19.14%

3Y14.47%

TTM-39.62%

ROCE

10Y Avg2.89%

5Y Avg2.87%

3Y Avg3%

Latest2.57%

Peer Comparison

Regional Water Utilities

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	Debt/Equity
GWRSGlobal Water Resources, Inc.	255.3M	8.88	37	-0.63%	7.87%	4.87%	2.62
AWRAmerican States Water Company	2.95B	76.23	24.05	-0.04%	20.43%	12.89%	1.02
YORWThe York Water Company	487.89M	33.80	23.80	5.53%	26.06%	8.42%	0.89
MSEXMiddlesex Water Company	1.01B	55.09	22.30	15.4%	22.08%	8.91%	0.86
ARTNAArtesian Resources Corporation	316.06M	33.51	16.92	9.2%	20.16%	9.05%	0.75

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	31.96M	29.8M	31.21M	35.52M	35.47M	38.63M	41.91M	44.73M	53.03M	52.69M
Revenue Growth %	-0.02%	-0.07%	0.05%	0.14%	-0%	0.09%	0.09%	0.07%	0.19%	-0.01%
Cost of Revenue	9.26M	8.04M	7.55M	8.23M	8.91M	9.54M	10.3M	10.89M	12.67M	13.73M
Gross Profit+	22.7M	21.76M	23.66M	27.29M	26.56M	29.09M	31.61M	33.84M	40.36M	38.97M
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	0.03%	-0.04%	0.09%	0.15%	-0.03%	0.1%	0.09%	0.07%	0.19%	-0.03%
Operating Expenses+	16.17M	16.49M	16.32M	18.02M	19.59M	21.75M	24.64M	26.02M	28.07M	29.6M
Other Operating Expenses	-	-	-	-	-	-	-	-	-	-
EBITDA+	14.74M	11.55M	14.25M	16.74M	15.31M	16.37M	16.47M	17.89M	24.05M	22.47M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
EBITDA Growth %	-0.77%	-0.22%	0.23%	0.17%	-0.09%	0.07%	0.01%	0.09%	0.34%	-0.07%
Depreciation & Amortization+	8.21M	6.28M	6.91M	7.47M	8.35M	9.03M	9.49M	10.07M	11.76M	13.1M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income (EBIT)+	6.53M	5.27M	7.34M	9.27M	6.96M	7.33M	6.98M	7.82M	12.29M	9.36M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-0.88%	-0.19%	0.39%	0.26%	-0.25%	0.05%	-0.05%	0.12%	0.57%	-0.24%
Interest Expense+	8.3M	11.87M	5.13M	5.25M	5.39M	5.38M	5.2M	4.76M	4.88M	6.1M
Interest Coverage	0.79x	0.44x	1.43x	1.76x	1.29x	1.36x	1.34x	1.64x	2.52x	1.54x
Interest / Revenue %	-	-	-	-	-	-	-	-	-	-
Non-Operating Income	1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Pretax Income+	41.99M	-4.34M	3.95M	4.88M	3.39M	1.88M	4.76M	6.44M	10.85M	7.86M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	20.62M	-1.49M	-601K	1.78M	1.16M	771K	1.15M	934K	2.87M	2.07M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	21.36M	-2.85M	4.55M	3.1M	2.22M	1.1M	3.61M	5.51M	7.98M	5.79M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.67%	-1.13%	2.6%	-0.32%	-0.28%	-0.5%	2.27%	0.53%	0.45%	-0.27%
EPS (Diluted)+	1.17	-0.15	0.23	0.15	0.10	0.05	0.16	0.24	0.33	0.24
EPS Growth %	-0.67%	-1.13%	2.53%	-0.35%	-0.33%	-0.51%	2.27%	0.5%	0.38%	-0.27%
EPS (Basic)	1.17	-0.15	0.23	0.15	0.10	0.05	0.16	0.24	0.33	0.24
Diluted Shares Outstanding	18.3M	19.15M	19.64M	20.51M	21.53M	22.57M	22.9M	23.33M	24.13M	24.3M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	237.97M	238.82M	238.57M	262.46M	266.11M	283.45M	294.07M	323.09M	361.1M	405.14M
Asset Growth %	-0.23%	0%	-0%	0.1%	0.01%	0.07%	0.04%	0.1%	0.12%	0.12%
PP&E (Net)+	194.15M	200.49M	213.46M	227.06M	233.55M	238.89M	255.87M	289.63M	325.06M	361.54M
PP&E / Total Assets %	-	-	-	-	-	-	-	-	-	-
Total Current Assets+	18.71M	24.74M	9.66M	17.33M	12.29M	23.45M	18.99M	14.16M	11.72M	19.47M
Cash & Equivalents	11.51M	20.5M	5.25M	12.76M	7.51M	18.03M	12.64M	6.56M	3.09M	9.05M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Inventory	2.84M	0	0	0	0	0	0	0	0	0
Other Current Assets	2.84M	0	0	0	0	0	0	0	451K	290K
Long-Term Investments	821K	480K	345K	79K	-4.92M	-3.65M	0	0	0	2.11M
Goodwill	0	0	0	2.64M	4.4M	4.6M	5.73M	4.96M	10.82M	9.49M
Intangible Assets	12.77M	12.77M	12.77M	12.97M	12.55M	11.19M	10.34M	10.14M	8.84M	8.43M
Other Assets	9.04M	-2.04M	-787K	-1.97M	3.31M	5.32M	3.15M	4.2M	4.65M	4.11M
Total Liabilities	217.91M	223.63M	223.71M	234.59M	241.44M	251.26M	264.05M	278.69M	312.48M	357.53M
Total Debt+	106.64M	114.34M	114.37M	114.55M	114.78M	114.69M	112.91M	110.9M	109.46M	124.77M
Net Debt	95.13M	93.84M	109.12M	101.8M	107.27M	96.66M	100.27M	104.34M	106.37M	115.72M
Long-Term Debt	102.24M	114.32M	114.36M	114.41M	114.41M	112.52M	108.73M	104.94M	103.66M	118.52M
Short-Term Borrowings	1000K	25K	8K	47K	117K	1000K	1000K	1000K	1000K	1000K
Capital Lease Obligations	287K	79K	0	134K	361K	251K	341K	2.12M	1.92M	2.32M
Total Current Liabilities+	10.66M	10.9M	8.98M	9.58M	10.1M	12.39M	16.93M	16.25M	14.22M	22.26M
Accounts Payable	1.32M	1.79M	321K	604K	992K	531K	2.12M	2.17M	1.03M	2.05M
Accrued Expenses	4.68M	1.92M	2.48M	2.31M	2.01M	6.66M	5.06M	4.17M	3.96M	9.55M
Deferred Revenue	1.72M	1.48M	1.4M	1.46M	1.45M	1.92M	2.08M	2.27M	2.51M	2.17M
Other Current Liabilities	2.66M	7.14M	2.6M	5.12M	5.43M	1.25M	1.91M	1.51M	239K	3.69M
Deferred Taxes	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Liabilities	78.7M	76.23M	77.51M	88.8M	94.39M	104.72M	115.88M	128.96M	165.29M	184.09M
Total Equity+	20.06M	15.19M	14.86M	27.87M	24.67M	32.19M	30.03M	44.4M	48.62M	47.6M
Equity Growth %	-0.28%	-0.24%	-0.02%	0.88%	-0.11%	0.3%	-0.07%	0.48%	0.1%	-0.02%
Shareholders Equity	20.06M	15.19M	14.86M	27.87M	24.67M	32.19M	30.03M	44.4M	48.62M	47.6M
Minority Interest	0	0	0	0	0	0	0	0	0	0
Common Stock	2K	196K	196K	215K	216K	227K	228K	239K	240K	240K
Additional Paid-in Capital	21.66M	18.97M	14.29M	27.66M	24.46M	31.96M	29.8M	44.16M	47.59M	47.37M
Retained Earnings	-1.6M	-4.51M	376K	0	0	0	0	0	797K	0
Accumulated OCI	-64.09M	-72.88M	-75.59M	-85.09M	0	0	0	0	0	0
Return on Assets (ROA)	0.08%	-0.01%	0.02%	0.01%	0.01%	0%	0.01%	0.02%	0.02%	0.02%
Return on Equity (ROE)	0.89%	-0.16%	0.3%	0.15%	0.08%	0.04%	0.12%	0.15%	0.17%	0.12%
Debt / Equity	5.32x	7.53x	7.70x	4.11x	4.65x	3.56x	3.76x	2.50x	2.25x	2.62x
Debt / Assets	0.45%	0.48%	0.48%	0.44%	0.43%	0.4%	0.38%	0.34%	0.3%	0.31%
Net Debt / EBITDA	6.45x	8.13x	7.66x	6.08x	7.00x	5.91x	6.09x	5.83x	4.42x	5.15x
Book Value per Share	1.1	0.79	0.76	1.36	1.15	1.43	1.31	1.9	2.01	1.96

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+	4.25M	1.9M	11.16M	11.31M	11.57M	14.57M	20.39M	23.34M	25.39M	21.79M
Operating CF Growth %	-0.64%	-0.55%	4.89%	0.01%	0.02%	0.26%	0.4%	0.14%	0.09%	-0.14%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	21.36M	-2.85M	4.55M	3.1M	2.22M	1.1M	3.61M	5.51M	7.98M	5.79M
Depreciation & Amortization	8.21M	6.28M	6.91M	7.47M	8.35M	9.03M	9.49M	10.07M	11.76M	13.1M
Deferred Taxes	20.56M	-1.61M	529K	1.24M	570K	-1.27M	-307K	1.37M	2.39M	1.47M
Other Non-Cash Items	-42.22M	2.08M	308K	432K	-778K	826K	3.08M	151K	49K	-458K
Working Capital Changes	-4.47M	-4.78M	-2.69M	-2.65M	-854K	1.59M	4.52M	4.71M	1.88M	848K
Capital Expenditures+	51.97M	-8.59M	-20.89M	-13.32M	-11.19M	-9.13M	-18.25M	-33.98M	-22.31M	-32.32M
CapEx / Revenue %	-	-	-	-	-	-	-	-	-	-
CapEx / D&A	-	-	-	-	-	-	-	-	-	-
CapEx Coverage (OCF/CapEx)	-	-	-	-	-	-	-	-	-	-
Cash from Investing+	51.97M	-6.17M	-21M	-13.32M	-10.06M	-9.44M	-20.32M	-34.19M	-28.6M	-32.48M
Acquisitions	55.4M	2.25M	0	-8.47M	1M	-302K	-2.07M	-180K	-6.25M	-150K
Purchase of Investments	-12.81M	0	-208K	-8.47M	0	0	0	0	0	0
Sale of Investments	1000K	154K	0	1K	0	0	0	0	0	0
Other Investing	-76K	167K	-113K	-63K	131K	-9K	-1K	-24K	-40K	-4K
Cash from Financing+	-51.28M	13.26M	-5.41M	9.53M	-5.61M	7.09M	-7.93M	4.97M	406K	17.09M
Dividends Paid	-27.61M	-5.04M	-5.4M	-5.79M	-6.17M	-6.54M	-6.61M	-6.89M	-7.18M	-7.3M
Dividend Payout Ratio %	1.29%	-	1.19%	1.87%	2.77%	5.92%	1.83%	1.25%	0.9%	1.26%
Debt Issuance (Net)	-1000K	1000K	-84K	104K	-68K	-131K	-1000K	-1000K	-1000K	1000K
Stock Issued	0	8.37M	375K	15.91M	414K	11.74M	4K	14.81M	2.75M	0
Share Repurchases	-464K	0	0	0	-414K	0	0	0	0	0
Other Financing	383K	1.99M	75K	-697K	621K	2.02M	744K	622K	6.63M	8.54M
Net Change in Cash+	4.94M	8.98M	-15.25M	7.51M	-4.1M	12.21M	-5.4M	-5.88M	-2.8M	6.39M
Exchange Rate Effect	0	0	0	0	0	0	1000K	0	0	0
Cash at Beginning	6.58M	11.51M	20.5M	5.25M	13.2M	9.1M	18.03M	13.44M	7.56M	4.76M
Cash at End	11.51M	20.5M	5.25M	12.76M	9.1M	21.3M	12.64M	7.56M	4.76M	11.16M
Free Cash Flow+	56.22M	-6.69M	-9.73M	-2.02M	379K	5.43M	2.14M	-10.65M	3.08M	-10.54M
FCF Growth %	4.63%	-1.12%	-0.45%	0.79%	1.19%	13.34%	-0.61%	-5.99%	1.29%	-4.42%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF / Net Income %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	89.49%	-16.18%	30.29%	14.52%	8.47%	3.89%	11.6%	14.8%	17.16%	12.03%
EBITDA Margin	46.13%	38.76%	45.67%	47.13%	43.17%	42.37%	39.29%	40%	45.35%	42.64%
Net Debt / EBITDA	6.45x	8.13x	7.66x	6.08x	7.00x	5.91x	6.09x	5.83x	4.42x	5.15x
Interest Coverage	0.79x	0.44x	1.43x	1.76x	1.29x	1.36x	1.34x	1.64x	2.52x	1.54x
CapEx / Revenue	162.64%	28.82%	66.92%	37.52%	31.54%	23.64%	43.54%	75.98%	42.08%	61.35%
Dividend Payout Ratio	129.23%	-	118.63%	186.63%	277.2%	591.76%	183.13%	125.12%	90.02%	126.07%
Debt / Equity	5.32x	7.53x	7.70x	4.11x	4.65x	3.56x	3.76x	2.50x	2.25x	2.62x
EPS Growth	-67.04%	-112.82%	253.33%	-34.78%	-33.33%	-51%	226.53%	50%	37.5%	-27.27%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024
Connection Fees	-	-	-	-	-	300K	300K	300K	300K
Connection Fees Growth	-	-	-	-	-	-	0.00%	0.00%	0.00%
Water	-	-	-	16.14M	18.07M	-	-	-	-
Water Growth	-	-	-	-	11.95%	-	-	-	-
connection fees	-	-	-	300K	-	-	-	-	-
connection fees Growth	-	-	-	-	-	-	-	-	-
Water Services	236K	307K	344K	-	-	-	-	-	-
Water Services Growth	-	30.08%	12.05%	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Global Water Resources, Inc. (GWRS) has a price-to-earnings (P/E) ratio of 37.0x. This suggests investors expect higher future growth.

Growth & Financials

Global Water Resources, Inc. (GWRS) reported $55.5M in revenue for fiscal year 2024. This represents a 65% increase from $33.5M in 2012.

Global Water Resources, Inc. (GWRS) saw revenue decline by 0.6% over the past year.

Yes, Global Water Resources, Inc. (GWRS) is profitable, generating $4.4M in net income for fiscal year 2024 (11.0% net margin).

Dividend & Returns

Yes, Global Water Resources, Inc. (GWRS) pays a dividend with a yield of 3.38%. This makes it attractive for income-focused investors.

Global Water Resources, Inc. (GWRS) has a return on equity (ROE) of 12.0%. This is reasonable for most industries.

Global Water Resources, Inc. (GWRS) had negative free cash flow of $47.4M in fiscal year 2024, likely due to heavy capital investments.

Industry Metrics

Global Water Resources, Inc. (GWRS) has a dividend payout ratio of 126%. The high payout ratio may limit dividend growth.

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