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H2O America(HTO)Earnings, Financials & Key Ratios
HTO•NASDAQ•Utilities
$61.21
21.0× P/E·Price updated Jul 6, 2026
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$801M+7.0%
- EBITDA$296M+3.8%
- Net Income$103M+9.2%
- Free Cash Flow-$278M-50.2%
- EBITDA Margin37.01%-3.0%
- Net Margin12.81%+2.1%
- ROE7.06%-2.4%
- Interest Coverage2.26-7.4%
- Debt/Equity1.28-4.1%
HTO Price & Volume
H2O America (HTO) stock price & volume — 10-year historical chart
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Capital Intensity Pressures HTO Earnings Quality Outlook
Investment Thesis • Updated 2026Q1
VerdictNeutral
Growth:Mixed
Profitability:Moderate
Financial:Vulnerable
Cash Flow:Burning
Primary Risk:Regulatory lag and dilution
Key Thesis Takeaways
- H2O America is navigating a complex transition as it aggressively expands its $4.0 billion net property, plant, and equipment base to capture growth in the Texas corridor.
- While this infrastructure investment is designed to drive long-term rate base expansion, the company's reliance on external equity markets—evidenced by significant stock issuances like the $57.2 million in 2025Q2—creates persistent dilution risks for shareholders.
- Investors should monitor whether the current 20.78 P/E ratio can be sustained as the company balances high capital expenditure requirements against the volatility of its regulatory rate recovery cycles.
Verdict Logic
while the company maintains a 2.7% dividend yield, the high capital intensity and reliance on external financing to support a 22.10 forward P/E ratio suggest that investors should wait for more consistent free cash flow generation before increasing exposure.
HTO Growth Metrics
H2O America (HTO) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years10.13%
5 Years7.24%
3 Years8.85%
TTM6.47%
Profit CAGR
10 Years10.47%
5 Years10.77%
3 Years11.59%
TTM6.3%
EPS CAGR
10 Years4.67%
5 Years6.41%
3 Years6.31%
TTM-2.01%
Return on Capital
10 Years4.53%
5 Years3.88%
3 Years3.98%
Last Year3.9%
HTO Recent Earnings
H2O America (HTO) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 5/7 qtrs (71%)●Beat Revenue 3/7 qtrs (60%)
Q2 2026Latest
Apr 28, 2026Metric
Actual
Est
EPS
$0.50+4.2%
$0.48
Rev
$183M+1.5%
$181M
Q1 2026
Feb 25, 2026Metric
Actual
Est
EPS
$0.46-8.4%
$0.50
Rev
$194M-10.7%
$217M
Q4 2025
Oct 27, 2025Metric
Actual
Est
EPS
$1.27+10.4%
$1.15
Rev
$241M+16.5%
$206M
Q3 2025
Jul 28, 2025Metric
Actual
Est
EPS
$0.75+5.6%
$0.71
Rev
$198M-16.0%
$236M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | Apr 28, 2026 | $0.50vs $0.48+4.2% | $183Mvs $181M+1.5% |
| Q1 2026 | Feb 25, 2026 | $0.46vs $0.50-8.4% | $194Mvs $217M-10.7% |
| Q4 2025 | Oct 27, 2025 | $1.27vs $1.15+10.4% | $241Mvs $206M+16.5% |
| Q3 2025 | Jul 28, 2025 | $0.75vs $0.71+5.6% | $198Mvs $236M-16.0% |
Based on last 7 quarters of dataView full earnings history →
Peers Comparison
Key metrics vs top competitors for H2O America (HTO)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $61.21 | $2.14B | 20.96 | 6.97% | 12.81% | 7.06% | 2.66% | |
| $83.14 | $3.26B | 24.67 | 10.52% | 19.66% | 13.06% | — | |
| $56.63 | $1.05B | 24.00 | 1.47% | 22.07% | 9.07% | — | |
| $30.79 | $443.75M | 22.15 | 3.37% | — | 8.89% | — | |
| $34.17 | $352.79M | 15.46 | 4.62% | 20.31% | 9.36% | — | |
| $29.25 | $468.01M | 25.66 | -1.41% | 13.5% | 7.67% | — |
Compare HTO vs Peers
H2O America (HTO) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
HTO SEC Filings & Documents
H2O America (HTO) SEC filings — annual & quarterly reports (10-K, 10-Q)
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HTO Frequently Asked Questions
H2O America (HTO) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
What is H2O America's revenue?
H2O America (HTO) reported $816.3M in revenue for fiscal year 2025. This represents a 696% increase from $102.6M in 1996.
How fast is H2O America growing?
H2O America (HTO) grew revenue by 7.0% over the past year. This is steady growth.
Is HTO profitable?
Yes, H2O America (HTO) is profitable, generating $105.0M in net income for fiscal year 2025 (12.8% net margin).
Dividend & Returns
Does HTO pay dividends?
Yes, H2O America (HTO) pays a dividend with a yield of 2.66%. This makes it attractive for income-focused investors.
What is HTO's return on equity?
H2O America (HTO) has a return on equity (ROE) of 7.1%. This is below average, suggesting room for improvement.
What is H2O America's free cash flow?
H2O America (HTO) generated $27.5M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.
Industry Metrics
Is HTO's dividend sustainable?
H2O America (HTO) has a dividend payout ratio of 57%. This suggests the dividend is well-covered and sustainable.