Latest Ratios: P/E Ratio 65.5x · EV/EBITDA 15.2x · ROE 4.4%. (2012–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $207M | $229M | $279M | $316M | $310M | $392M | $325M | $283M | $208M | $183M | $174M |
| Enterprise Value | $341M | $363M | $395M | $422M | $414M | $492M | $422M | $390M | $310M | $293M | $268M |
| P/E Ratio → | 65.45 | 76.82 | 47.92 | 39.64 | 55.33 | 106.88 | 294.08 | 131.50 | 67.60 | 40.61 | — |
| P/S Ratio | 3.71 | 4.10 | 5.30 | 5.95 | 6.93 | 9.34 | 8.42 | 7.98 | 5.86 | 5.88 | 5.85 |
| P/B Ratio | 2.25 | 2.64 | 5.87 | 6.49 | 6.98 | 13.04 | 10.11 | 11.48 | 7.46 | 12.35 | 11.47 |
| P/FCF | — | — | — | 102.44 | — | 183.35 | 59.85 | 747.07 | — | — | — |
| P/OCF | 10.27 | 11.34 | 12.83 | 12.43 | 13.28 | 19.21 | 22.33 | 24.48 | 18.39 | 16.45 | 91.94 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 6.51 | 7.50 | 7.96 | 9.26 | 11.74 | 10.92 | 11.01 | 8.72 | 9.38 | 9.00 |
| EV / EBITDA | 15.16 | 16.12 | 17.59 | 17.55 | 23.15 | 29.87 | 25.78 | 25.49 | 18.51 | 20.53 | 23.21 |
| EV / EBIT | 47.70 | 50.73 | 28.31 | 26.82 | 39.54 | 49.39 | 58.18 | 56.09 | 33.42 | 39.84 | 46.12 |
| EV / FCF | — | — | — | 136.96 | — | 230.30 | 77.64 | 1030.10 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 44.9% | 44.9% | 74.0% | 76.1% | 75.7% | 75.4% | 75.3% | 74.9% | 76.8% | 75.8% | 73.0% |
| Operating Margin | 12.8% | 12.8% | 17.8% | 23.2% | 17.5% | 16.7% | 19.0% | 19.6% | 26.1% | 23.5% | 17.7% |
| Net Profit Margin | 5.3% | 5.3% | 11.0% | 15.1% | 12.3% | 8.6% | 2.9% | 6.3% | 8.7% | 14.6% | -9.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 4.4% | 4.4% | 12.0% | 17.2% | 14.8% | 11.6% | 3.9% | 8.5% | 14.5% | 30.3% | -16.2% |
| ROA | 0.7% | 0.7% | 1.5% | 2.3% | 1.8% | 1.2% | 0.4% | 0.8% | 1.2% | 1.9% | -1.2% |
| ROIC | 2.8% | 2.8% | 4.4% | 6.1% | 4.2% | 4.0% | 4.2% | 4.0% | 5.5% | 4.7% | 3.5% |
| ROCE | 1.7% | 1.7% | 2.6% | 3.8% | 2.7% | 2.5% | 2.8% | 2.7% | 3.8% | 3.2% | 2.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.60 | 1.60 | 2.62 | 2.25 | 2.50 | 3.76 | 3.56 | 4.65 | 4.11 | 7.70 | 7.53 |
| Debt / EBITDA | 6.14 | 6.14 | 5.55 | 4.55 | 6.20 | 6.86 | 7.01 | 7.50 | 6.84 | 8.02 | 9.90 |
| Net Debt / Equity | — | 1.55 | 2.43 | 2.19 | 2.35 | 3.34 | 3.00 | 4.35 | 3.65 | 7.34 | 6.18 |
| Net Debt / EBITDA | 5.96 | 5.96 | 5.15 | 4.42 | 5.83 | 6.09 | 5.91 | 7.00 | 6.08 | 7.66 | 8.13 |
| Debt / FCF | — | — | — | 34.53 | — | 46.94 | 17.78 | 283.03 | — | — | — |
| Interest Coverage | 1.20 | 1.20 | 2.29 | 3.22 | 2.20 | 1.92 | 1.35 | 1.29 | 1.76 | 1.43 | 0.49 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.76 | 0.76 | 0.87 | 0.82 | 0.87 | 1.12 | 1.89 | 1.22 | 1.81 | 1.08 | 2.27 |
| Quick Ratio | 0.76 | 0.76 | 0.87 | 0.82 | 0.87 | 1.12 | 1.89 | 1.22 | 1.81 | 1.08 | 2.27 |
| Cash Ratio | 0.21 | 0.21 | 0.41 | 0.22 | 0.40 | 0.75 | 1.46 | 0.74 | 1.33 | 0.58 | 1.88 |
| Asset Turnover | — | 0.12 | 0.13 | 0.15 | 0.14 | 0.14 | 0.14 | 0.13 | 0.14 | 0.13 | 0.12 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.2% | 3.6% | 2.6% | 2.3% | 2.2% | 1.7% | 2.0% | 2.2% | 2.8% | 2.9% | 2.9% |
| Payout Ratio | 277.3% | 277.3% | 126.1% | 90.0% | 125.1% | 183.1% | 591.8% | 277.2% | 186.6% | 118.6% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.5% | 1.3% | 2.1% | 2.5% | 1.8% | 0.9% | 0.3% | 0.8% | 1.5% | 2.5% | — |
| FCF Yield | — | — | — | 1.0% | — | 0.5% | 1.7% | 0.1% | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 4.2% | 3.6% | 2.6% | 2.3% | 2.2% | 1.7% | 2.0% | 2.3% | 2.8% | 2.9% | 2.9% |
| Shares Outstanding | — | $27M | $24M | $24M | $23M | $23M | $23M | $22M | $21M | $20M | $19M |
Regulatory lag and capital intensity
With a TTM P/E of 66.00 and a forward P/E of 121.00, GWRS trades at a significant premium to peers like MSEX and YORW, suggesting that market participants are pricing in aggressive long-term growth expectations that currently remain disconnected from the company's recent earnings volatility and regulatory lag.
The elevated valuation multiples appear to reflect the scarcity value of the company's Arizona-based water assets rather than immediate earnings power. Investors should monitor whether the current growth premium can be sustained if the regulatory commission continues to delay rate relief, which would further compress the already thin margins.
As reported in quarterly filings, the company's ROE has fluctuated from a peak of 6.1% in 2024Q3 to a negative 0.4% in 2026Q1, indicating a substantial and persistent gap between actual returns and the authorized ROE typically required to support a utility's cost of capital.
This performance gap suggests that the company is struggling to earn its allowed return, likely due to the high capital intensity of its infrastructure expansion outpacing the rate-setting process. The inability to consistently achieve authorized returns warrants further investigation into the effectiveness of the current regulatory recovery mechanisms.
Based on the provided quarterly data, the debt-to-capital ratio has oscillated between 0.60 and 0.73, a range that, while appearing manageable, obscures the underlying reliance on frequent equity issuance to fund the company's aggressive infrastructure investment cycle within the Phoenix metropolitan area.
The fluctuation in leverage ratios suggests that management is actively managing the balance sheet to maintain credit quality during periods of heavy capital expenditure. Investors should monitor whether this reliance on external financing continues to dilute shareholder value without a commensurate increase in regulated rate base growth.
According to historical cash flow statements, the dividend payout ratio has shown extreme volatility, reaching as high as 158.6% in 2023Q4, which indicates that the current dividend policy may be unsustainable without consistent, timely regulatory rate adjustments to support the company's cash flow generation.
The inconsistency in dividend coverage suggests that the payout is not currently supported by stable operating cash flows, but rather by the timing of regulatory outcomes and external financing. This reliance on non-operational cash sources to fund dividends may indicate a higher risk profile than the 4.2% yield initially suggests.
The P/E ratio is frequently misapplied to GWRS, as it fails to account for the non-cash nature of AFUDC and the distortive impact of regulatory assets, which can artificially inflate or deflate earnings relative to the actual cash-generating capacity of the regulated water utility business model.
Analysts should instead focus on the relationship between the rate base growth and the authorized ROE, as these are the primary drivers of long-term value for a regulated utility. Relying on P/E multiples obscures the reality that earnings are a function of regulatory accounting rather than purely operational efficiency.
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying GWRS stock.
Global Water Resources, Inc.'s current P/E ratio is 65.5x. The historical average is 70.8x. This places it at the 50th percentile of its historical range.
Global Water Resources, Inc.'s current EV/EBITDA is 15.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 21.8x.
Global Water Resources, Inc.'s return on equity (ROE) is 4.4%. The historical average is 35.4%.
Based on historical data, Global Water Resources, Inc. is trading at a P/E of 65.5x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Global Water Resources, Inc.'s current dividend yield is 4.21% with a payout ratio of 277.3%.
Global Water Resources, Inc. has 44.9% gross margin and 12.8% operating margin. Operating margin between 10-20% is typical for established companies.
Global Water Resources, Inc.'s Debt/EBITDA ratio is 6.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.