Consolidated Water Co. Ltd. (CWCO) 10-Year Financial Performance & Capital Metrics

CWCO • • Utilities

UtilitiesWater UtilitiesSpecialized Water InfrastructureDesalination & Water Treatment

AboutConsolidated Water Co. Ltd., together with its subsidiaries, designs, constructs, manages, and operates water production and water treatment plants primarily in the Cayman Islands, the Bahamas, and the United States. The company operates through four segments: Retail, Bulk, Services, and Manufacturing. It uses reverse osmosis technology to produce potable water from seawater. The company produces and supplies water to end-users, including residential, commercial, and government customers, as well as government-owned distributors. It also provides design, engineering, construction, procurement, and management services for desalination projects and water treatment plants, as well as management and engineering services relating to municipal water distribution and treatment. In addition, the company manufactures and services a range of water-related products, including reverse osmosis desalination equipment, membrane separation equipment, filtration equipment, piping systems, vessels, and custom fabricated components; and provides design, engineering, consulting, management, inspection, training, and equipment maintenance services for commercial, municipal, and industrial water production, supply, and treatment, as well as desalination and wastewater treatment. Consolidated Water Co. Ltd. was incorporated in 1973 and is headquartered in Grand Cayman, the Cayman Islands.Show more

Revenue $134M -25.7%
EBITDA $25M -42.9%
Net Income $28M -4.6%
Free Cash Flow $63M +2276.7%
EBITDA Margin 18.64% -23.2%
Net Margin 21.08% +28.4%
ROE 13.87% -15.7%
Interest Coverage 179.53 -29.8%
Debt/Equity 0.02 +15.6%
Net Debt/EBITDA -3.84 -320.3%
CapEx / Revenue 20.13% +233.1%
CapEx Coverage 1.35 +85.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong 5Y profit CAGR of 18.3%
✓Strong interest coverage of 179.5x
✓Trading near 52-week high

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y7.41%

5Y14.26%

3Y26.07%

TTM-17.62%

Profit (Net Income) CAGR

10Y16.25%

5Y18.32%

3Y218.31%

TTM-53.91%

EPS CAGR

10Y15.47%

5Y25.88%

3Y208.99%

TTM-54.07%

ROCE

10Y Avg6.08%

5Y Avg8.11%

3Y Avg11.57%

Latest8.86%

Peer Comparison

Desalination & Water Treatment

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CWCOConsolidated Water Co. Ltd.	598.38M	37.56	21.22	-25.66%	12.9%	7.46%	10.61%	0.02

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	57.12M	57.88M	62.31M	65.72M	68.79M	72.63M	66.86M	94.1M	180.21M	133.97M
Revenue Growth %	-0.13%	0.01%	0.08%	0.05%	0.05%	0.06%	-0.08%	0.41%	0.92%	-0.26%
Cost of Revenue	34.19M	33.62M	36.87M	38.98M	40.52M	45.86M	43.36M	63.75M	118.28M	88.34M
Gross Profit+	22.93M	24.25M	25.43M	26.74M	28.27M	26.77M	23.51M	30.36M	61.93M	45.62M
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	-0.01%	0.06%	0.05%	0.05%	0.06%	-0.05%	-0.12%	0.29%	1.04%	-0.26%
Operating Expenses+	14.87M	22.11M	21.72M	18.77M	16.56M	18.42M	21.5M	21.08M	24.76M	27.34M
Other Operating Expenses	-	-	-	-	-	-	-	-	-	-
EBITDA+	14.12M	9.38M	9.57M	15.01M	18.92M	15.75M	8.93M	15.46M	43.74M	24.98M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
EBITDA Growth %	0.18%	-0.34%	0.02%	0.57%	0.26%	-0.17%	-0.43%	0.73%	1.83%	-0.43%
Depreciation & Amortization+	5.68M	7.24M	7.29M	7.03M	7.2M	7.41M	6.92M	6.19M	6.58M	6.69M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income (EBIT)+	8.44M	2.14M	2.28M	7.98M	11.72M	8.35M	2.01M	9.27M	37.17M	18.28M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.31%	-0.75%	0.06%	2.5%	0.47%	-0.29%	-0.76%	3.61%	3.01%	-0.51%
Interest Expense+	269.09K	104.05K	6.81K	8.43K	1.33K	9.67K	10.25K	46.55K	145.28K	101.85K
Interest Coverage	31.35x	20.55x	334.41x	946.49x	8797.47x	863.33x	196.23x	199.21x	255.83x	179.53x
Interest / Revenue %	-	-	-	-	-	-	-	-	-	-
Non-Operating Income	-510K	103.57K	1000K	1000K	786.55K	1000K	1000K	464.81K	828.31K	1000K
Pretax Income+	7.93M	2.24M	4.84M	10.72M	12.5M	9.43M	3.63M	9.74M	38M	20.68M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	449.15K	-536.06K	-888.98K	-157.29K	66.62K	86.72K	-447.98K	396.74K	6.75M	2.22M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	7.52M	3.96M	6.14M	11.29M	12.18M	3.71M	875.58K	5.86M	29.59M	28.24M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.2%	-0.47%	0.55%	0.84%	0.08%	-0.7%	-0.76%	5.69%	4.05%	-0.05%
EPS (Diluted)+	0.51	0.27	0.41	0.75	0.56	0.61	0.06	0.61	1.86	1.77
EPS Growth %	0.21%	-0.47%	0.52%	0.83%	-0.25%	0.09%	-0.9%	9.17%	2.05%	-0.05%
EPS (Basic)	0.51	0.27	0.41	0.75	0.57	0.62	0.06	0.61	1.88	1.78
Diluted Shares Outstanding	14.83M	14.94M	15.01M	15.07M	15.14M	15.22M	15.31M	15.4M	15.87M	15.94M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	161.62M	163.6M	165.48M	172.52M	192.29M	179.56M	176.35M	193.01M	218.44M	243.31M
Asset Growth %	0.01%	0.01%	0.01%	0.04%	0.11%	-0.07%	-0.02%	0.09%	0.13%	0.11%
PP&E (Net)+	55.67M	53.97M	52.35M	64.9M	67.02M	59.46M	56.34M	58.29M	58.51M	60.77M
PP&E / Total Assets %	-	-	-	-	-	-	-	-	-	-
Total Current Assets+	65.43M	60.88M	66.69M	62.36M	73.44M	72.93M	77.06M	92.57M	112.71M	157.79M
Cash & Equivalents	44.79M	39.25M	47.18M	31.34M	42.9M	43.79M	40.36M	50.71M	42.62M	99.35M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Inventory	1.92M	2.31M	1.74M	2.23M	3.29M	3.21M	2.5M	5.73M	6.04M	8.96M
Other Current Assets	428.2K	0	2.23M	1.96M	1.62M	1.51M	1.3M	6.17M	4.27M	5.43M
Long-Term Investments	4.55M	4.09M	2.78M	2.58M	1.9M	2.09M	1.72M	1.55M	1.41M	1.5M
Goodwill	3.5M	9.78M	8.38M	8M	13.33M	13.33M	10.43M	10.43M	12.86M	12.86M
Intangible Assets	771.81K	5.2M	3.77M	1.89M	5.04M	4.15M	3.4M	2.82M	3.35M	2.7M
Other Assets	7.37M	7M	10.21M	8.61M	7.39M	27.37M	27.41M	26.38M	29.58M	7.7M
Total Liabilities	13.42M	9.5M	9.46M	8.76M	14.34M	10.54M	10.69M	25.24M	26.61M	28M
Total Debt+	7M	490K	686K	0	4.67M	1.61M	2.94M	2.47M	2.67M	3.46M
Net Debt	-37.79M	-38.76M	-46.5M	-31.34M	-38.23M	-42.19M	-37.41M	-48.24M	-39.95M	-95.89M
Long-Term Debt	0	0	0	0	61.15K	126.34K	152.04K	216.12K	191.19K	70.32K
Short-Term Borrowings	1000K	490K	686K	0	17.75K	42.21K	62.49K	114.96K	192.03K	126.32K
Capital Lease Obligations	0	0	0	0	4.59M	1.44M	2.73M	2.14M	2.28M	3.27M
Total Current Liabilities+	13.16M	6.68M	7.63M	7.9M	7.9M	6.94M	7.69M	22.66M	23.9M	24.94M
Accounts Payable	4.83M	4.9M	2.09M	4.57M	3.5M	2.74M	2.83M	8.44M	11.6M	9.06M
Accrued Expenses	0	0	0	0	0	0	0	0	0	0
Deferred Revenue	189.99K	102.97K	1.26K	109.94K	339.62K	577.81K	1.1M	9.12M	6.55M	9.49M
Other Current Liabilities	0	0	2.11M	1.93M	2M	1.62M	1.62M	2.66M	3.52M	3.85M
Deferred Taxes	0	1000K	1000K	659.87K	1000K	1000K	564.53K	560.31K	530.78K	210.89K
Other Liabilities	224.83K	904.83K	803.31K	199.83K	3.42M	1.05M	148.82K	219.11K	153K	153K
Total Equity+	148.2M	154.11M	156.02M	163.76M	177.95M	169.01M	165.67M	167.76M	191.83M	215.31M
Equity Growth %	0.03%	0.04%	0.01%	0.05%	0.09%	-0.05%	-0.02%	0.01%	0.14%	0.12%
Shareholders Equity	145.04M	145.6M	147.93M	154.97M	163.76M	160.91M	157.58M	159.67M	186.83M	209.96M
Minority Interest	3.15M	8.5M	8.09M	8.78M	14.19M	8.1M	8.09M	8.1M	5M	5.35M
Common Stock	8.87M	8.92M	8.95M	8.99M	9.03M	9.09M	9.15M	9.19M	9.46M	9.51M
Additional Paid-in Capital	84.6M	85.62M	86.41M	87.21M	88.36M	86.89M	87.81M	89.21M	92.19M	93.55M
Retained Earnings	52.08M	51.59M	53.11M	59.3M	66.35M	64.91M	60.6M	61.25M	85.15M	106.88M
Accumulated OCI	-533.37K	-549.55K	-549.55K	-549.55K	0	0	0	0	0	0
Return on Assets (ROA)	0.05%	0.02%	0.04%	0.07%	0.07%	0.02%	0%	0.03%	0.14%	0.12%
Return on Equity (ROE)	0.05%	0.03%	0.04%	0.07%	0.07%	0.02%	0.01%	0.04%	0.16%	0.14%
Debt / Equity	0.05x	0.00x	0.00x	-	0.03x	0.01x	0.02x	0.01x	0.01x	0.02x
Debt / Assets	0.04%	0%	0%	-	0.02%	0.01%	0.02%	0.01%	0.01%	0.01%
Net Debt / EBITDA	-2.68x	-4.13x	-4.86x	-2.09x	-2.02x	-2.68x	-4.19x	-3.12x	-0.91x	-3.84x
Book Value per Share	9.99	10.31	10.4	10.86	11.76	11.1	10.82	10.89	12.09	13.51

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+	17.32M	7.82M	13.64M	9.05M	15.2M	17.34M	6.97M	21.33M	7.97M	36.52M
Operating CF Growth %	-0.1%	-0.55%	0.74%	-0.34%	0.68%	0.14%	-0.6%	2.06%	-0.63%	3.58%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	7.93M	2.78M	5.73M	10.87M	13.73M	8.61M	3.45M	8.23M	30.67M	17.88M
Depreciation & Amortization	5.68M	7.26M	7.47M	7.03M	7.21M	7.41M	6.92M	6.19M	6.58M	6.69M
Deferred Taxes	1.11M	-536.06K	-888.98K	-365.02K	-239.85K	-221.83K	-649.53K	-4.22K	-525K	-319.89K
Other Non-Cash Items	179.35K	4.29M	2.05M	1.57M	-3.55M	210.19K	2.69M	1.02M	1.91M	521.51K
Working Capital Changes	2.01M	-6.49M	-1.52M	-10.92M	-3.14M	1.33M	-5.45M	5.9M	-30.67M	11.74M
Capital Expenditures+	-3.11M	-3.46M	-4.58M	-18.86M	-3.53M	-11.13M	-3.94M	-7.54M	-10.89M	26.96M
CapEx / Revenue %	-	-	-	-	-	-	-	-	-	-
CapEx / D&A	-	-	-	-	-	-	-	-	-	-
CapEx Coverage (OCF/CapEx)	-	-	-	-	-	-	-	-	-	-
Cash from Investing+	-2.06M	-2.78M	-1.44M	-17.41M	1.49M	-11.12M	-3.94M	-4.98M	-10.89M	26.96M
Acquisitions	10.16K	-7.74M	-7.74T	51.59K	3.82M	8.64K	45.56K	61.73K	-5.84M	446.34K
Purchase of Investments	-5.64M	0	0	-2.66M	0	0	0	0	0	-50K
Sale of Investments	1000K	1000K	0	0	0	0	0	0	0	0
Other Investing	1.69M	2.79M	7.74T	1.45M	1.19M	0	-2.5M	2.5M	0	33.26M
Cash from Financing+	-6.18M	-10.58M	-4.27M	-5.79M	-5.12M	-5.17M	-5.86M	-6.3M	-5.52M	-6.71M
Dividends Paid	-4.43M	-4.45M	-4.48M	-5.1M	-5.12M	-5.15M	-5.8M	-5.16M	-5.49M	-6.3M
Dividend Payout Ratio %	0.59%	1.12%	0.73%	0.45%	0.42%	1.38%	5.88%	0.88%	0.18%	0.22%
Debt Issuance (Net)	-1000K	-1000K	196K	-686K	0	-32.64K	-49.73K	-72.09K	-135.48K	-186.59K
Stock Issued	0	0	0	0	0	10.16K	17.06K	26.74K	99.76K	23.75K
Share Repurchases	0	0	0	0	0	-1.73K	-16.8K	-226	-1.83K	-14.61K
Other Financing	255.29K	386.19K	0	12.98K	15.82K	0	-11.02K	-1.1M	0	-232.1K
Net Change in Cash+	9.08M	-5.54M	7.93M	-14.15M	11.57M	1.72M	-3.44M	10.35M	-8.09M	56.73M
Exchange Rate Effect	-3.25K	806	1000K	0	0	677.46K	-595.92K	307.8K	350.97K	-36.58K
Cash at Beginning	35.71M	44.79M	39.25M	45.48M	31.34M	42.07M	43.79M	40.36M	50.71M	42.62M
Cash at End	44.79M	39.25M	47.18M	31.34M	42.9M	43.79M	40.36M	50.71M	42.62M	99.35M
Free Cash Flow+	14.21M	4.36M	9.07M	-9.81M	11.68M	6.21M	3.02M	13.79M	-2.92M	63.48M
FCF Growth %	5.95%	-0.69%	1.08%	-2.08%	2.19%	-0.47%	-0.51%	3.56%	-1.21%	22.77%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF / Net Income %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	5.14%	2.62%	3.96%	7.06%	7.13%	2.14%	0.52%	3.51%	16.45%	13.87%
EBITDA Margin	24.71%	16.21%	15.35%	22.84%	27.5%	21.69%	13.36%	16.43%	24.27%	18.64%
Net Debt / EBITDA	-2.68x	-4.13x	-4.86x	-2.09x	-2.02x	-2.68x	-4.19x	-3.12x	-0.91x	-3.84x
Interest Coverage	31.35x	20.55x	334.41x	946.49x	8797.47x	863.33x	196.23x	199.21x	255.83x	179.53x
CapEx / Revenue	5.45%	5.98%	7.35%	28.69%	5.13%	15.32%	5.9%	8.02%	6.04%	20.13%
Dividend Payout Ratio	58.75%	111.94%	72.67%	45.09%	41.87%	138.32%	588.37%	87.87%	18.5%	22.26%
Debt / Equity	0.05x	0.00x	0.00x	-	0.03x	0.01x	0.02x	0.01x	0.01x	0.02x
EPS Growth	21.43%	-47.06%	51.85%	82.93%	-25.33%	8.93%	-90.16%	916.67%	204.92%	-4.84%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Services revenue	-	-	-	-	-	-	-	-	97.97M	50.96M
Services revenue Growth	-	-	-	-	-	-	-	-	-	-47.99%
Bulk revenue	-	-	-	-	-	-	26.8M	-	34.6M	33.67M
Bulk revenue Growth	-	-	-	-	-	-	-	-	-	-2.66%
Retail revenue	-	-	-	-	-	-	-	-	30.16M	31.74M
Retail revenue Growth	-	-	-	-	-	-	-	-	-	5.25%
Operations and Maintenance	-	-	-	-	-	-	-	-	19.37M	29.31M
Operations and Maintenance Growth	-	-	-	-	-	-	-	-	-	51.32%
Manufacturing revenue	-	-	-	-	-	-	-	-	17.49M	17.6M
Manufacturing revenue Growth	-	-	-	-	-	-	-	-	-	0.59%
Bulk	53.49M	49.14M	52.69M	31.03M	26.99M	24.31M	26.8M	32.99M	-	-
Bulk Growth	-	-8.14%	7.23%	-41.10%	-13.04%	-9.91%	10.23%	23.10%	-	-
Services	3.64M	8.57M	939.14K	1.81M	1.76M	12.94M	13.88M	28.84M	-	-
Services Growth	-	135.54%	-89.04%	92.87%	-2.87%	635.34%	7.32%	107.68%	-	-
Retail	34.18M	33.8M	33.6M	25.62M	26.46M	-	22.1M	25.95M	-	-
Retail Growth	-	-1.11%	-0.60%	-23.74%	3.26%	-	-	17.41%	-	-
Manufacturing Units	-	-	11.95M	7.26M	13.59M	12.43M	4.07M	6.32M	-	-
Manufacturing Units Growth	-	-	-	-39.30%	87.32%	-8.58%	-67.22%	55.28%	-	-
Segment Retail	-	-	-	-	-	22.95M	-	-	-	-
Segment Retail Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
United States	-	-	-	-	-	-	17.49M	33.34M	106.77M	66.66M
United States Growth	-	-	-	-	-	-	-	90.62%	220.26%	-37.56%
Cayman Islands	-	-	-	-	-	-	24.94M	30.38M	41.73M	37.14M
Cayman Islands Growth	-	-	-	-	-	-	-	21.82%	37.37%	-11.00%
K	-	-	-	-	30.33M	25.64M	-	-	-	-
K Growth	-	-	-	-	-	-15.45%	-	-	-	-
U	-	-	-	-	14.97M	24.92M	-	-	-	-
U Growth	-	-	-	-	-	66.47%	-	-	-	-
V	-	-	-	-	382.65K	415.28K	-	-	-	-
V Growth	-	-	-	-	-	8.53%	-	-	-	-
I	-	-	-	-	131	-	-	-	-	-
I Growth	-	-	-	-	-	-	-	-	-	-
KENTUCKY	-	-	-	34.62M	-	-	-	-	-	-
KENTUCKY Growth	-	-	-	-	-	-	-	-	-	-
UNITED STATES	-	-	-	7.26M	-	-	-	-	-	-
UNITED STATES Growth	-	-	-	-	-	-	-	-	-	-
VIRGIN ISLANDS, BRITISH	-	-	-	445.19K	-	-	-	-	-	-
VIRGIN ISLANDS, BRITISH Growth	-	-	-	-	-	-	-	-	-	-
INDONESIA	-	-	-	153.23K	-	-	-	-	-	-
INDONESIA Growth	-	-	-	-	-	-	-	-	-	-
BELIZE	2.42M	2.61M	2.94M	-	-	-	-	-	-	-
BELIZE Growth	-	7.94%	12.42%	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Consolidated Water Co. Ltd. (CWCO) has a price-to-earnings (P/E) ratio of 21.2x. This is roughly in line with market averages.

Growth & Financials

Consolidated Water Co. Ltd. (CWCO) reported $130.8M in revenue for fiscal year 2024. This represents a 137% increase from $55.2M in 2011.

Consolidated Water Co. Ltd. (CWCO) saw revenue decline by 25.7% over the past year.

Yes, Consolidated Water Co. Ltd. (CWCO) is profitable, generating $16.9M in net income for fiscal year 2024 (21.1% net margin).

Dividend & Returns

Yes, Consolidated Water Co. Ltd. (CWCO) pays a dividend with a yield of 1.05%. This makes it attractive for income-focused investors.

Consolidated Water Co. Ltd. (CWCO) has a return on equity (ROE) of 13.9%. This is reasonable for most industries.

Consolidated Water Co. Ltd. (CWCO) generated $12.6M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

Industry Metrics

Consolidated Water Co. Ltd. (CWCO) has a dividend payout ratio of 22%. This suggests the dividend is well-covered and sustainable.

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