Operating cash flow exhibits significant quarterly variance, ranging from a negative $742,000 in 2024Q4 to a peak of $21.0 million in 2024Q2, reflecting the episodic nature of infrastructure project deployments.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 36.5M | 41.71M | 36.52M | 7.97M | 21.33M | 6.97M | 17.34M | 15.2M | 9.05M | 13.64M | 7.82M | 17.32M | 19.28M | 8.74M | 11.54M | 8.45M | 6.1M | 15.47M | 7.86M | 9.21M | 11.57M | 7.82M | 7.83M | 6.51M | 4.33M | 4.19M | 3.92M | 2.53M | 2.3M | 1.8M | 1.8M |
| Operating CF Growth % | 825.37% | 14.24% | 358.12% | -62.63% | 206.21% | -59.81% | 14.02% | 68.06% | -33.7% | 74.4% | -54.83% | -10.16% | 120.48% | -24.24% | 36.63% | 38.46% | -60.57% | 96.83% | -14.68% | -20.4% | 47.92% | -0.12% | 20.4% | 50.29% | 3.24% | 6.91% | 55.11% | 9.95% | 27.78% | 0% | 28.57% |
| Operating CF / Revenue % | 28.44% | 31.58% | 27.26% | 4.42% | 22.67% | 10.42% | 23.87% | 22.1% | 13.77% | 21.9% | 13.52% | 30.32% | 29.41% | 13.7% | 17.63% | 15.31% | 12.03% | 26.67% | 11.97% | 18.74% | 30.28% | 29.88% | 33.65% | 34.15% | 36.35% | 38.03% | 40.96% | 30.65% | 29.11% | 24.32% | 28.13% |
| Net Income | 17.32M | 18.93M | 17.88M | 30.67M | 8.23M | 3.45M | 8.61M | 13.73M | 10.87M | 5.73M | 2.78M | 7.93M | 6.76M | 9.15M | 9.62M | 6.55M | 6.44M | 6.6M | 7.21M | 11.39M | 7.76M | 5.51M | 6.2M | 4.18M | 2.58M | 2.76M | 2.4M | 1.95M | 1.7M | 1.2M | 1.1M |
| Depreciation & Amortization | 5.78M | 7.62M | 6.69M | 6.58M | 6.19M | 6.92M | 7.41M | 7.21M | 7.03M | 7.47M | 7.26M | 5.68M | 5.52M | 5.47M | 7.73M | 6M | 6.28M | 6.4M | 6.58M | -5.92M | 4.78M | 2.16M | 2.08M | 1.7M | 1.46M | -1.31M | -1.14M | -818.65K | -700K | -700K | -700K |
| Deferred Taxes | 296.22K | 496.55K | -319.89K | -525K | -4.22K | -649.53K | -221.83K | -239.85K | -365.02K | -888.98K | -536.06K | 1.11M | 630.58K | -1.43M | -2.93M | 0 | -1.46M | 549.16K | 2.41M | -128.45M | -373.91M | -1.87M | -155.57M | -139.65M | -175.33M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 9.64M | 377.25K | 521.51K | 1.91M | 1.02M | 2.69M | 210.19K | -3.55M | 1.57M | 2.05M | 4.29M | 179.35K | 179.35K | 564.84K | 901.16K | -569.51K | 310.31K | 5.16M | 445.29K | 11.97M | 372.43K | 2.96M | -915.7K | 1.32M | 175.33K | 3.01M | 2.48M | 1.65M | 1.4M | 1.6M | 1.4M |
| Working Capital Changes | 8.22M | 12.59M | 11.74M | -30.67M | 5.9M | -5.45M | 1.33M | -3.14M | -10.92M | -1.52M | -6.49M | 2.01M | 5.98M | -5.4M | -4.24M | -4.1M | -5.78M | -3.73M | -9.23M | -5.62M | 148.4K | -1.2M | 652.24K | 213.62K | 113.94K | -271.34K | 177.12K | -249.01K | -100K | -300K | 0 |
| Capital Expenditures | -8.63M | -8.54M | 26.96M | -10.89M | -7.54M | -3.94M | -11.13M | -3.53M | -18.86M | -4.58M | -3.46M | -3.11M | -22.15M | -6.44M | -4.57M | -13.96M | 2.92M | -2.56M | -6.64M | -7.76M | -25.89M | -18.17M | -2.72M | -29.65M | -3.11M | -1.89M | -6.27M | -1.55M | -2.2M | -1.1M | -1.1M |
| CapEx / Revenue % | 5.22% | 6.47% | 20.13% | 6.04% | 8.02% | 5.9% | 15.32% | 5.13% | 28.69% | 7.35% | 5.98% | 5.45% | 33.79% | 10.09% | 6.99% | 25.31% | 5.77% | 4.41% | 10.11% | 15.78% | 67.72% | 69.4% | 11.67% | 155.59% | 26.09% | 17.16% | 65.46% | 18.73% | 27.85% | 14.86% | 17.19% |
| CapEx / D&A | 1.16x | 1.12x | 4.03x | 1.66x | 1.22x | 0.57x | 1.50x | 0.49x | 2.68x | 0.61x | 0.48x | 0.55x | 4.01x | 1.18x | 0.59x | 2.33x | 0.47x | 0.40x | 1.01x | -1.31x | 5.42x | 8.43x | 1.31x | 17.45x | 2.12x | -1.45x | -5.52x | -1.89x | -3.14x | -1.57x | -1.57x |
| CapEx Coverage (OCF/CapEx) | 5.45x | 4.88x | 1.35x | 0.73x | 2.83x | 1.77x | 1.56x | 4.31x | 0.48x | 2.98x | 2.26x | 5.56x | 0.87x | 1.36x | 2.52x | 0.61x | 2.09x | 6.04x | 1.18x | 1.19x | 0.45x | 0.43x | 2.88x | 0.22x | 1.39x | 2.22x | 0.63x | 1.64x | 1.05x | 1.64x | 1.64x |
| Cash from Investing | -8.55M | -8.44M | 26.96M | -10.89M | -4.98M | -3.94M | -11.12M | 1.49M | -17.41M | -1.44M | -2.78M | -2.06M | -16.34M | -3.18M | 6.67M | -18.07M | 2.92M | -951.93K | -5.07M | -6.51M | -25.91M | -16.46M | -915.4K | -29.65M | -3.57M | -1.9M | -6.27M | -1.54M | -3.2M | -1.5M | -1.5M |
| Acquisitions | 11.76K | 0 | 446.34K | -5.84M | 61.73K | 45.56K | 8.64K | 3.82M | 51.59K | -7.74T | -7.74M | 10.16K | 969.6K | 0 | 833.88K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -19.5M | 0 | 0 | -3.97M | 0 | 0 | 0 | 0 |
| Purchase of Investments | 0 | 0 | -50K | 0 | 0 | 0 | 0 | 0 | -2.66M | 0 | 0 | -5.64M | -5M | -2.13M | -300K | 0 | 0 | 0 | 0 | 0 | 0 | -1.63M | -681.75K | -8.96M | 0 | -12.45K | 0 | 0 | 0 | 0 | 0 |
| Sale of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.64M | 5M | 8.59M | 0 | 1.75M | 0 | 0 | 0 | 0 | 222.47K | 757.5K | 887.79K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -1.86M | 102.14K | 33.26M | 0 | 2.5M | -2.5M | 0 | 1.19M | 1.45M | 7.74T | 2.79M | 1.69M | 1.25M | 5.39M | 8.95M | -4.11M | 4.19M | 1.61M | 1.57M | 1.02M | -776.97K | 2.46M | 2.48M | 970.49K | -460.89K | 360 | 0 | 3.84K | -1M | -400K | -400K |
| Cash from Financing | -9.47M | -8.95M | -6.71M | -5.52M | -6.3M | -5.86M | -5.17M | -5.12M | -5.79M | -4.27M | -10.58M | -6.18M | -845.03K | -5.47M | -21.94M | 1.12M | -7.32M | -6.35M | -5.06M | -1.48M | 39.69M | 11.37M | -5.94M | 30.81M | -709.03K | -2.02M | 2.57M | -2M | 300K | -400K | 1.1M |
| Dividends Paid | -8.46M | -7.96M | -6.3M | -5.49M | -5.16M | -5.8M | -5.15M | -5.12M | -5.1M | -4.48M | -4.45M | -4.43M | -4.42M | -4.4M | -4.45M | -4.85M | -4.37M | -5M | -3.78M | -3.72M | -3.11M | -2.75M | -2.56M | -1.92M | -1.67M | -1.48M | -1.13M | -505.19K | -500K | -400K | -300K |
| Dividend Payout Ratio % | - | 43.28% | 22.26% | 18.5% | 87.87% | 588.37% | 138.32% | 41.87% | 45.09% | 72.67% | 111.94% | 58.75% | 70.34% | 51.06% | 47.77% | 79.35% | 69.42% | 81.98% | 52.4% | 32.68% | 41.36% | - | 41.37% | 46.06% | 64.79% | 53.46% | 46.88% | 32.18% | 27.64% | 33.33% | 27.27% |
| Debt Issuance (Net) | -133.09K | -123.14K | -186.59K | -135.48K | -72.09K | -49.73K | -32.64K | 0 | -686K | 196K | -1000K | -1000K | 1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | -1000K | 1000K | 1000K | -281.92K | -852.42K | 591.36K | -27.57K | -200K | -1000K |
| Stock Issued | 60.66K | 74.11K | 23.75K | 99.76K | 26.74K | 17.06K | 10.16K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 41.38M | 6.72M | 432.42K | 19.04M | 615.02K | 210.6K | 5.37M | 591.36K | 0 | 200K | 2.5M |
| Share Repurchases | -26.81K | -29.09K | -14.61K | -1.83K | -226 | -16.8K | -1.73K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -36.71K | -271.6K | -494.38K | -758.93K | -62.38K | 0 | 0 |
| Other Financing | -913.31K | -913.31K | -232.1K | 0 | -1.1M | -11.02K | 0 | 15.82K | 12.98K | 0 | 386.19K | 255.29K | -111.84K | 642.61K | 135K | 7.5M | 0 | 9.46K | 0 | 0 | 0 | 1.32M | 0 | 0 | -494.44M | -203.33K | -320.14K | -1.32M | -177.15K | 0 | 100K |
| Net Change in Cash | 18.48M | 24.44M | 56.73M | -8.09M | 10.35M | -3.44M | 1.72M | 11.57M | -14.15M | 7.93M | -5.54M | 9.08M | 2.09M | -266.14K | -3.73M | -8.51M | 1.7M | 8.17M | -2.27M | 1.22M | 25.36M | 2.74M | 979.98K | 7.67M | 51.86K | 265.61K | 228.69K | -1.01M | 300K | -400K | 1.1M |
| Exchange Rate Effect | 9.23K | 114.08K | -36.58K | 350.97K | 307.8K | -595.92K | 677.46K | 0 | 0 | 806M | 806 | -3.25K | -1.56K | -363.05K | -16.21K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 900K | -300K | -300K |
| Cash at Beginning | 123.79M | 99.35M | 42.62M | 50.71M | 40.36M | 43.79M | 42.07M | 31.34M | 45.48M | 39.25M | 44.79M | 35.71M | 33.63M | 33.89M | 37.62M | 46.13M | 44.43M | 36.26M | 38.53M | 37.31M | 11.96M | 9.22M | 8.24M | 568.3K | 516.45K | 250.84K | 22.15K | 378.79K | 1M | 1.1M | -300K |
| Cash at End | 126.33M | 123.79M | 99.35M | 42.62M | 50.71M | 40.36M | 43.79M | 42.9M | 31.34M | 47.18M | 39.25M | 44.79M | 35.71M | 33.63M | 33.89M | 37.62M | 46.13M | 44.43M | 36.26M | 38.53M | 37.31M | 11.96M | 9.22M | 8.24M | 568.3K | 516.45K | 250.84K | -629.46K | 1.3M | 700K | 800K |
| Free Cash Flow | 27.87M | 33.17M | 63.48M | -2.92M | 13.79M | 3.02M | 6.21M | 11.68M | -9.81M | 9.07M | 4.36M | 14.21M | -2.87M | 2.3M | 6.97M | -5.51M | 9.02M | 12.91M | 1.22M | 1.46M | -14.31M | -10.35M | 5.12M | -23.14M | 1.22M | 2.3M | -2.35M | 983.63K | 100K | 700K | 700K |
| FCF Growth % | -58.91% | -47.74% | 2276.66% | -121.15% | 356.31% | -51.31% | -46.85% | 219.01% | -208.2% | 107.91% | -69.3% | 594.65% | -224.73% | -66.95% | 226.41% | -161.07% | -30.11% | 958.31% | -16.22% | 110.17% | -38.32% | -302.18% | 122.12% | -1993.91% | -46.92% | 198.11% | -338.51% | 883.63% | -85.71% | 0% | 163.64% |
| FCF Margin % | 21.72% | 25.12% | 47.38% | -1.62% | 14.65% | 4.52% | 8.55% | 16.97% | -14.93% | 14.55% | 7.54% | 24.87% | -4.38% | 3.61% | 10.64% | -9.99% | 17.8% | 22.25% | 1.86% | 2.96% | -37.44% | -39.52% | 21.98% | -121.44% | 10.26% | 20.87% | -24.5% | 11.92% | 1.27% | 9.46% | 10.94% |
| FCF / Net Income % | 160.88% | 180.91% | 224.8% | -9.86% | 235.46% | 345.13% | 167.23% | 95.9% | -86.88% | 147.58% | 110.12% | 188.95% | -45.84% | 26.79% | 74.78% | -90.15% | 143.42% | 211.7% | 16.92% | 12.79% | -190.31% | -187.66% | 82.59% | -553.96% | 47.42% | 83.26% | -97.56% | 62.66% | 6.04% | 58.33% | 63.64% |
Regulatory license renewal uncertainty
As reported in recent financial statements, CWCO's operating cash flow exhibits significant quarterly variance, ranging from a negative $742,000 in 2024Q4 to a peak of $21.0 million in 2024Q2, which suggests that the core utility business is frequently obscured by lumpy project-based service and manufacturing revenue streams.
The inconsistency in operating cash flow suggests that the company's reliance on non-utility segments may be undermining the predictability typically expected from a regulated water provider. Investors should monitor whether the retail segment can maintain consistent cash generation independent of the volatile project-based service contracts.
Based on reported figures, the company's CapEx-to-OCF ratio has fluctuated significantly, reaching as high as 153% in 2024Q2, which indicates that capital deployment is not strictly tied to recurring maintenance but rather to episodic infrastructure projects that may not immediately contribute to the regulated rate base.
The erratic nature of capital spending appears to reflect the company's dual role as both a utility operator and a project-based service provider. This lack of a steady, predictable investment cycle may complicate long-term cash flow forecasting for institutional investors.
According to recent SEC filings, the company maintains a near-zero debt profile with interest paid consistently at $0, suggesting that CWCO possesses substantial financing capacity that remains largely untapped due to a conservative capital allocation strategy that prioritizes cash preservation over aggressive infrastructure expansion or leverage.
While the fortress balance sheet provides a significant buffer against interest rate volatility, it may also indicate a lack of immediate, high-return capital projects. This suggests that the company is currently operating in a state of capital under-utilization, which may weigh on long-term return on equity metrics.
As indicated by the OCF-to-dividend coverage ratio, which hit a low of -0.4 in 2024Q4, the company's ability to fund shareholder distributions from operating cash flow appears periodically strained, despite the overall stability of the retail water business in the Cayman Islands.
The dividend appears safe given the massive cash reserves, but the reliance on cash balances rather than operating cash flow to fund payouts warrants further investigation. Investors should monitor whether future regulatory resets in the Cayman Islands could necessitate a more conservative approach to dividend growth.
Quick answers to the most common questions about buying CWCO stock.
Consolidated Water Co. Ltd. (CWCO) generated $41.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Consolidated Water Co. Ltd. (CWCO) generated $33.2M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Consolidated Water Co. Ltd. (CWCO) spent $8.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Consolidated Water Co. Ltd. (CWCO) returned $8.0M to shareholders via cash dividends and spent $0.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.