H2O America (HTO) 10-Year Financial Performance & Capital Metrics

HTO • • Utilities

UtilitiesWater UtilitiesIntegrated Water UtilitiesMulti-State Water Utilities

AboutH2O America, through its subsidiaries, provides water utility and other related services in the United States. The company engages in the production, purchase, storage, purification, distribution, wholesale, and retail sale of water and wastewater services; and supplies groundwater from wells, surface water from watershed run-off and diversion, reclaimed water, and imported water purchased from Santa Clara Valley Water District. It also offers non-tariffed services, including water system operations, maintenance agreements, and antenna site leases; contracted services, sewer operations, and other water related services; and a Linebacker protection plan for public drinking water customers in Connecticut and Maine. In addition, the company provides water services to approximately 232,000 connections that serve approximately one million people residing in portions of the cities of San Jose and Cupertino and in the cities of Campbell, Monte Sereno, Saratoga and the Town of Los Gatos, and adjacent unincorporated territories in the County of Santa Clara in the State of California; water service to approximately 142,000 service connections, which serve a population of approximately 463,000 people in 81 municipalities with a service area of approximately 275 square miles in Connecticut and Maine and approximately 3,000 wastewater connections in Southbury, Connecticut; approximately 29,000 service connections that serve approximately 88,000 people in a service area comprising more than 271 square miles in the region between San Antonio and Austin, Texas and approximately 1,000 wastewater connections. Further, it owns undeveloped land in California; and commercial properties and parcels of land in Connecticut. The company was formerly known as SJW Group and changed its name to H2O America in May 2025. H2O America was incorporated in 1985 and is headquartered in San Jose, California.Show more

Revenue $748M +11.6%
EBITDA $286M +10.9%
Net Income $94M +10.6%
Free Cash Flow -$185M -85.3%
EBITDA Margin 38.15% -0.7%
Net Margin 12.56% -1.0%
ROE 7.23% -0.3%
Interest Coverage 2.39 +5.7%
Debt/Equity 1.34 -5.5%
Net Debt/EBITDA 6.37 -5.6%
CapEx / Revenue 50.86% +17.3%
CapEx Coverage 0.51 -21.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 32.1%
✓21 years of consecutive dividend growth
✓21 consecutive years of dividend growth
✓Healthy dividend yield of 2.9%
✓Trading at only 1.3x book value

✗Weaknesses

✗High leverage: 6.4x Debt/EBITDA

Price & Volume

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Growth Metrics

Revenue CAGR

10Y8.88%

5Y12.22%

3Y9.27%

TTM11.39%

Profit (Net Income) CAGR

10Y6.14%

5Y32.05%

3Y15.82%

TTM21.43%

EPS CAGR

10Y0.94%

5Y27.75%

3Y11.18%

TTM14.13%

ROCE

10Y Avg4.78%

5Y Avg3.9%

3Y Avg3.97%

Latest4.06%

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+	305.08M	339.71M	389.23M	397.7M	420.48M	564.53M	573.69M	620.7M	670.36M	748.44M
Revenue Growth %	-0.05%	0.11%	0.15%	0.02%	0.06%	0.34%	0.02%	0.08%	0.08%	0.12%
Cost of Revenue	125.58M	143.99M	176.5M	187.14M	196.27M	247.95M	255.11M	263.52M	281.93M	323.32M
Gross Profit+	179.5M	195.71M	212.72M	210.56M	224.21M	316.58M	318.57M	357.17M	388.43M	425.12M
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	-0.02%	0.09%	0.09%	-0.01%	0.06%	0.41%	0.01%	0.12%	0.09%	0.09%
Operating Expenses+	99.54M	98.28M	110.87M	137.12M	166.73M	198.91M	207.41M	226.2M	239M	254.61M
Other Operating Expenses	-	-	-	-	-	-	-	-	-	-
EBITDA+	122.29M	143.73M	152.35M	130.35M	125.97M	209.29M	207.63M	237.42M	257.57M	285.55M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
EBITDA Growth %	-0.08%	0.18%	0.06%	-0.14%	-0.03%	0.66%	-0.01%	0.14%	0.08%	0.11%
Depreciation & Amortization+	42.33M	46.3M	50.5M	56.91M	68.49M	91.62M	96.47M	106.44M	108.14M	115.05M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income (EBIT)+	79.96M	97.44M	101.85M	73.44M	57.48M	117.67M	111.16M	130.98M	149.44M	170.5M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-0.14%	0.22%	0.05%	-0.28%	-0.22%	1.05%	-0.06%	0.18%	0.14%	0.14%
Interest Expense+	22.19M	21.84M	22.93M	24.33M	31.8M	54.26M	54.34M	58.06M	66.14M	71.39M
Interest Coverage	3.60x	4.46x	4.44x	3.02x	1.81x	2.17x	2.05x	2.26x	2.26x	2.39x
Interest / Revenue %	-	-	-	-	-	-	-	-	-	-
Non-Operating Income	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Pretax Income+	61.15M	86.38M	96.49M	48.83M	32.08M	69.89M	68.85M	82.32M	90.94M	102.94M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	23.27M	33.54M	35.39M	10.06M	8.45M	8.38M	8.37M	8.5M	5.96M	8.97M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	37.88M	52.84M	59.2M	38.77M	23.4M	61.52M	60.48M	73.83M	84.99M	93.97M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.27%	0.39%	0.12%	-0.35%	-0.4%	1.63%	-0.02%	0.22%	0.15%	0.11%
EPS (Diluted)+	1.85	2.57	2.86	1.82	0.82	2.14	2.03	2.43	2.68	2.79
EPS Growth %	-0.27%	0.39%	0.11%	-0.36%	-0.55%	1.61%	-0.05%	0.2%	0.1%	0.04%
EPS (Basic)	1.86	2.59	2.89	1.83	0.82	2.16	2.04	2.44	2.69	2.80
Diluted Shares Outstanding	20.52M	20.59M	20.68M	21.33M	28.56M	28.7M	29.74M	30.42M	31.66M	33.69M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	1.34B	1.44B	1.46B	1.96B	3.13B	3.31B	3.49B	3.76B	4.35B	4.66B
Asset Growth %	0.05%	0.08%	0.01%	0.34%	0.6%	0.06%	0.05%	0.08%	0.16%	0.07%
PP&E (Net)+	1.02B	1.12B	1.22B	1.31B	2.17B	2.3B	2.48B	2.59B	3.16B	3.45B
PP&E / Total Assets %	-	-	-	-	-	-	-	-	-	-
Total Current Assets+	73.38M	99.61M	66.86M	502.72M	122.05M	127.33M	134.09M	158.39M	198.39M	190.71M
Cash & Equivalents	5.24M	6.35M	7.8M	420.72M	12.94M	5.27M	10.91M	12.34M	9.72M	11.11M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Inventory	0	0	56.21M	0	0	0	0	0	0	0
Other Current Assets	21.29M	39.47M	-51.46M	31.78M	14.4M	10.87M	8.74M	25.84M	51.27M	26.77M
Long-Term Investments	6.03M	3.39M	4.54M	0	12.93M	14.37M	15.78M	14.82M	16.41M	18.09M
Goodwill	0	0	0	1.68M	628.29M	628.14M	640.47M	640.31M	640.31M	640.31M
Intangible Assets	15.56M	23.99M	14.41M	15.8M	33.42M	35.17M	20.65M	35.96M	43.44M	42.08M
Other Assets	221.16M	194.01M	147.34M	123.17M	162.72M	206.71M	204.56M	311.22M	290.92M	320.59M
Total Liabilities	953.54M	1.02B	994.79M	1.07B	2.24B	2.39B	2.46B	2.64B	3.11B	3.29B
Total Debt+	415.28M	447.66M	456.09M	531.42M	1.42B	1.54B	1.6B	1.66B	1.75B	1.83B
Net Debt	410.04M	441.31M	448.29M	110.7M	1.41B	1.53B	1.58B	1.64B	1.74B	1.82B
Long-Term Debt	377.19M	433.33M	431.09M	431.42M	1.28B	1.29B	1.49B	1.49B	1.53B	1.71B
Short-Term Borrowings	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0
Total Current Liabilities+	79.62M	63.57M	85.05M	163.99M	234.57M	350.8M	203.27M	268.32M	342.97M	261.17M
Accounts Payable	16.2M	18.74M	22.96M	24.94M	34.89M	34.2M	30.39M	29.58M	46.12M	56.26M
Accrued Expenses	17.56M	21.85M	27.26M	28.01M	41.92M	46.06M	42.96M	45.52M	52.52M	57.79M
Deferred Revenue	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	6.16M	6.98M	7.93M	9.12M	18.28M	19.2M	27.82M	26.59M	23.85M	24.36M
Deferred Taxes	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Liabilities	80.19M	83.23M	148.33M	143.16M	528.72M	564.51M	561.22M	665.75M	1B	1.05B
Total Equity+	383.78M	421.65M	463.21M	889.31M	889.98M	917.16M	1.03B	1.11B	1.23B	1.37B
Equity Growth %	0.07%	0.1%	0.1%	0.92%	0%	0.03%	0.13%	0.07%	0.11%	0.11%
Shareholders Equity	383.78M	421.65M	463.21M	889.31M	889.98M	917.16M	1.03B	1.11B	1.23B	1.37B
Minority Interest	0	0	0	0	0	0	0	0	0	0
Common Stock	21K	21K	21K	28K	28K	29K	30K	31K	32K	34K
Additional Paid-in Capital	79.23M	81.72M	84.87M	495.37M	506.64M	510.16M	606.39M	651M	736.19M	827.8M
Retained Earnings	302.22M	338.39M	376.12M	393.92M	383.19M	408.04M	428.26M	458.36M	495.38M	537.18M
Accumulated OCI	2.31M	1.52M	2.2M	0	126K	-1.06M	-163K	1.48M	1.79M	1.96M
Return on Assets (ROA)	0.03%	0.04%	0.04%	0.02%	0.01%	0.02%	0.02%	0.02%	0.02%	0.02%
Return on Equity (ROE)	0.1%	0.13%	0.13%	0.06%	0.03%	0.07%	0.06%	0.07%	0.07%	0.07%
Debt / Equity	1.08x	1.06x	0.98x	0.60x	1.60x	1.68x	1.54x	1.49x	1.42x	1.34x
Debt / Assets	0.31%	0.31%	0.31%	0.27%	0.45%	0.46%	0.46%	0.44%	0.4%	0.39%
Net Debt / EBITDA	3.35x	3.07x	2.94x	0.85x	11.19x	7.33x	7.63x	6.92x	6.75x	6.37x
Book Value per Share	18.71	20.48	22.39	41.69	31.16	31.96	34.79	36.51	38.95	40.57

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+	98.15M	114.57M	101.11M	91.34M	130M	104.05M	130.04M	166.2M	190.83M	195.53M
Operating CF Growth %	0.49%	0.17%	-0.12%	-0.1%	0.42%	-0.2%	0.25%	0.28%	0.15%	0.02%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	37.88M	52.84M	61.1M	38.77M	23.63M	61.52M	60.48M	73.83M	84.99M	93.97M
Depreciation & Amortization	42.33M	46.3M	50.5M	56.91M	68.49M	91.62M	96.47M	106.44M	108.14M	115.05M
Deferred Taxes	15.63M	4.8M	-436K	-9.49M	-1.25M	-5.5M	-2.85M	-3.24M	-8.51M	10.36M
Other Non-Cash Items	-1.89M	-13.62M	-19.4M	414K	-909K	-7.2M	-11.14M	-7.75M	-2.11M	-25.69M
Working Capital Changes	2.6M	22.56M	6.71M	2.62M	36.64M	-39.95M	-17.17M	-7.87M	3.68M	-3.78M
Capital Expenditures+	-110.45M	-145.58M	-152.41M	-148.34M	-1.02B	-214.97M	-253.81M	-244.24M	-290.72M	-380.64M
CapEx / Revenue %	-	-	-	-	-	-	-	-	-	-
CapEx / D&A	-	-	-	-	-	-	-	-	-	-
CapEx Coverage (OCF/CapEx)	-	-	-	-	-	-	-	-	-	-
Cash from Investing+	-110.61M	-122.13M	-113.87M	-146.84M	-1.02B	-214.26M	-260M	-244.33M	-322.27M	-340.1M
Acquisitions	-991K	-1.07M	-1.15M	1.62M	-834.72M	1.15M	-23.59M	-433K	-7.54M	0
Purchase of Investments	-1.1M	-328K	-116K	0	0	0	0	0	0	0
Sale of Investments	1000K	1000K	0	1000K	0	0	0	0	0	0
Other Investing	0	20.34M	39.8M	-4.24M	-137K	-435K	17.4M	344K	-24.01M	40.54M
Cash from Financing+	15.3M	27.67M	-4.79M	468.42M	484.99M	101.53M	132.81M	78.35M	128.82M	145.96M
Dividends Paid	-15.88M	-16.56M	-21.33M	-23.07M	-34.13M	-36.51M	-40.14M	-43.58M	-47.91M	-52.13M
Dividend Payout Ratio %	0.42%	0.31%	0.36%	0.6%	1.46%	0.59%	0.66%	0.59%	0.56%	0.55%
Debt Issuance (Net)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Stock Issued	0	0	0	411.38M	0	0	91.03M	39.09M	80.66M	85.01M
Share Repurchases	0	0	0	0	-10K	0	0	0	0	0
Other Financing	10.41M	30.23M	8.46M	5.11M	17.24M	24.09M	23.12M	20.45M	18.49M	29.99M
Net Change in Cash+	2.84M	20.11M	-17.55M	412.92M	-407.78M	-8.68M	1.64M	225K	-2.62M	1.39M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	2.4M	5.24M	25.35M	7.8M	420.72M	17.94M	9.27M	12.12M	12.34M	9.72M
Cash at End	5.24M	25.35M	7.8M	420.72M	12.94M	9.27M	10.91M	12.34M	9.72M	11.11M
Free Cash Flow+	-12.29M	-31.01M	-51.3M	-56.99M	-887.77M	-110.92M	-123.77M	-78.04M	-99.89M	-185.11M
FCF Growth %	0.67%	-1.52%	-0.65%	-0.11%	-14.58%	0.88%	-0.12%	0.37%	-0.28%	-0.85%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF / Net Income %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	10.18%	13.12%	13.38%	5.73%	2.63%	6.81%	6.2%	6.88%	7.25%	7.23%
EBITDA Margin	40.08%	42.31%	39.14%	32.78%	29.96%	37.07%	36.19%	38.25%	38.42%	38.15%
Net Debt / EBITDA	3.35x	3.07x	2.94x	0.85x	11.19x	7.33x	7.63x	6.92x	6.75x	6.37x
Interest Coverage	3.60x	4.46x	4.44x	3.02x	1.81x	2.17x	2.05x	2.26x	2.26x	2.39x
CapEx / Revenue	36.2%	42.85%	39.16%	37.3%	242.05%	38.08%	44.24%	39.35%	43.37%	50.86%
Dividend Payout Ratio	41.93%	31.34%	36.03%	59.52%	145.85%	59.35%	66.37%	59.03%	56.37%	55.48%
Debt / Equity	1.08x	1.06x	0.98x	0.60x	1.60x	1.68x	1.54x	1.49x	1.42x	1.34x
EPS Growth	-27.17%	38.92%	11.28%	-36.36%	-54.95%	160.98%	-5.14%	19.7%	10.29%	4.1%

Frequently Asked Questions

Valuation & Price

H2O America (HTO) has a price-to-earnings (P/E) ratio of 19.4x. This is roughly in line with market averages.

Growth & Financials

H2O America (HTO) reported $804.2M in revenue for fiscal year 2024. This represents a 237% increase from $239.0M in 2011.

H2O America (HTO) grew revenue by 11.6% over the past year. This is steady growth.

Yes, H2O America (HTO) is profitable, generating $109.3M in net income for fiscal year 2024 (12.6% net margin).

Dividend & Returns

Yes, H2O America (HTO) pays a dividend with a yield of 2.86%. This makes it attractive for income-focused investors.

H2O America (HTO) has a return on equity (ROE) of 7.2%. This is below average, suggesting room for improvement.

H2O America (HTO) generated $115.4M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

Industry Metrics

H2O America (HTO) has a dividend payout ratio of 55%. This suggests the dividend is well-covered and sustainable.

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