California Water Service Group (CWT) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$0.63	$0.93	+47.6%	—	—	—
Q4 26	$0.24	$0.07	-70.8%	—	—	—
Q3 26	$0.33	$0.19	-42.4%	—	—	—
Q2 26	$0.94	$1.03	+9.6%	—	—	—
Q1 26	$0.56	$0.71	+26.8%	—	—	—
Q4 25	$0.16	$0.22	+37.5%	—	—	—
Q3 25	$0.16	$0.33	+106.3%	—	—	—
Q2 25	$1.02	$1.03	+1.0%	—	—	—
Q1 25	$0.41	$0.7	+70.7%	—	—	—
Q4 24	$0.36	$1.21	+236.1%	—	—	—
Q3 24	$1.53	$0.52	-66.0%	—	—	—
Q2 24	$0.72	$0.6	-16.7%	—	—	—
Q1 24	$0.49	$0.17	-65.3%	—	—	—
Q4 23	-$0.08	-$0.4	-400.0%	—	—	—
Q3 23	$0.31	$0.35	+12.9%	—	—	—
Q2 23	$1.07	$1.03	-3.7%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$2.15	—	—	$1B	—
FY24	—	$3.26	—	—	$1B	—
FY23	—	$0.91	—	—	$794.6M	—
FY22	—	$1.77	—	—	$846.4M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$609.4M	$676.1M	$698.2M	$714.6M	$794.3M	$790.9M	$846.4M	$794.6M	$1B	$1B
YoY change	+3.57%	+11%	+3.27%	+2.34%	+11.2%	-0.43%	+7.02%	-6.12%	+30.5%	-3.54%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	609.4M	676.1M	698.2M	714.6M	794.3M	790.9M	846.4M	794.6M	1B	1B
Cost of revenue	323.1M	338.8M	357.2M	373.4M	402.7M	393.5M	432.3M	431.3M	343.9M	356.7M
Gross profit	286.3M	337.3M	341M	341.2M	391.6M	397.4M	414.2M	363.4M	692.9M	643.5M
Gross margin	47%	49.9%	48.8%	47.7%	49.3%	50.2%	48.9%	45.7%	66.8%	64.3%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	87.6M	93.3M	100.8M	108.7M	117.1M	126.9M	132.8M	142.3M	139.6M	141.6M
Operating expenses	167.7M	89.6M	96.8M	102M	112.1M	123.7M	128.6M	136.7M	258M	271.7M
Operating income	111.9M	142.4M	129.1M	114.5M	146M	129.3M	131.8M	63.6M	262.5M	183.1M
Operating margin	18.4%	21.1%	18.5%	16%	18.4%	16.3%	15.6%	8.01%	25.3%	18.3%
Non-operating income, net	-5.9M	1.3M	-9.8M	7.4M	4.7M	18.8M	14M	30.5M	26.4M	28.3M
Pretax income	75.5M	109.8M	81.5M	80.8M	108.8M	105.1M	101.6M	44.6M	232.6M	147M
Income tax	26.8M	36.8M	15.9M	17.7M	12M	4.1M	6.4M	-6.8M	42.5M	19.1M
Net income	48.7M	72.9M	65.6M	63.1M	96.8M	101M	95.3M	51.4M	190.1M	127.8M
Net margin	7.99%	10.8%	9.39%	8.83%	12.2%	12.8%	11.3%	6.47%	18.3%	12.8%
EBITDA	171.3M	217.9M	201M	201.5M	246.7M	256.6M	259.2M	212M	417.4M	352.5M
EPS	1.02	1.52	1.36	1.31	1.97	1.96	1.77	0.91	3.26	2.15
Diluted EPS	1.01	1.52	1.36	1.31	1.97	1.96	1.77	0.91	3.25	2.15

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	255M	214.5M	270.7M	244.3M	299.6M	222.2M	204M	265M	311.2M	220M	214.6M	308.6M
Cost of revenue	130.7M	123.4M	68.9M	83.2M	101M	90.7M	67.4M	94.5M	109M	89M	76.3M	101M
Gross profit	124.3M	91.1M	201.8M	161.1M	198.6M	131.5M	136.6M	170.4M	202.3M	131M	138.3M	207.6M
Gross margin	48.7%	42.5%	74.5%	65.9%	66.3%	59.2%	67%	64.3%	65%	59.5%	64.4%	67.3%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	34.2M	37.1M	35.6M	32M	35.5M	36.5M	34.2M	33.3M	36.2M	37.9M	33.7M	36.2M
Operating expenses	32.8M	35.7M	78.1M	66.4M	69.1M	68.8M	64M	65M	69.7M	74M	65M	77.9M
Operating income	50.3M	13.9M	81.1M	51.4M	85.6M	20.1M	25.6M	58.7M	84.8M	9.7M	21.5M	88.2M
Operating margin	19.7%	6.47%	30%	21%	28.6%	9.07%	12.6%	22.2%	27.2%	4.4%	10%	28.6%
Non-operating income, net	1.8M	18.4M	3.6M	3.1M	6M	11.2M	3.2M	8.5M	6M	12.1M	1M	3.6M
Pretax income	39.3M	20.2M	69.7M	40.4M	78M	17.7M	13.2M	50.7M	73.7M	6.6M	4M	72M
Income tax	5M	-9.7M	—	—	17.4M	-1.8M	—	8.7M	12.6M	-4.9M	—	15.6M
Net income	34.3M	29.9M	69.7M	40.4M	60.6M	19.5M	13.2M	42M	61.1M	11.5M	4M	56.5M
Net margin	13.5%	14%	25.7%	16.5%	20.2%	8.76%	6.47%	15.9%	19.6%	5.22%	1.88%	18.3%
EBITDA	81.1M	63.2M	116.4M	86.1M	123.5M	64.5M	63.6M	101.9M	125.4M	58.9M	60.8M	119.8M
EPS	0.6	—	1.21	0.7	1.03	0.33	0.22	0.71	1.03	0.19	0.07	0.94
Diluted EPS	0.6	—	1.21	0.7	1.03	0.33	0.22	0.71	1.03	0.19	0.07	0.93

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	1.6B	2.2B	2.3B	2.5B	2.7B	3.7B	3.3B	3B	2.7B	2.6B	2.8B
Enterprise value	2.3B	2.9B	3.1B	3.4B	3.8B	4.7B	4.4B	4.1B	4B	4.1B	4.5B
Shares outstanding	48M	48M	48.1M	48.2M	49.3M	51.6M	54.3M	57M	58.6M	59.6M	59.6M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	33.4	29.8	34.9	39.3	27.5	36.7	34.6	57.5	14	20.2	20.7
P/S	2.67	3.22	3.28	3.48	3.35	4.69	3.89	3.72	2.56	2.58	2.71
P/B	2.47	3.11	3.14	3.18	2.89	3.17	2.49	2.07	1.62	1.53	1.58
EV/EBITDA	13.2	13.3	15.5	17	15.3	18.4	16.8	19.6	9.56	11.7	12.4
EV/Sales	3.7	4.27	4.47	4.79	4.75	5.98	5.15	5.22	3.85	4.13	4.26
Earnings yield	2.99%	3.35%	2.86%	2.54%	3.64%	2.72%	2.89%	1.74%	7.15%	4.95%	4.83%
FCF yield	-4.21%	-5.11%	-4.05%	-4.23%	-6.79%	-1.66%	-2.55%	-5.62%	-6.77%	-8.31%	-9.16%
PEG	—	—	—	—	—	—	—	—	—	—	0.64

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	47%	49.9%	48.8%	47.7%	49.3%	50.2%	48.9%	45.7%	66.8%	64.3%	67.3%
Operating margin	18.4%	21.1%	18.5%	16%	18.4%	16.3%	15.6%	8.01%	25.3%	18.3%	28.2%
Net margin	7.99%	10.8%	9.39%	8.83%	12.2%	12.8%	11.3%	6.47%	18.3%	12.8%	12.6%
ROE	7.38%	10.4%	8.98%	8.09%	10.5%	8.62%	7.2%	3.59%	11.6%	7.56%	7.68%
ROA	2.02%	2.66%	2.31%	2.03%	2.85%	2.79%	2.23%	1.12%	3.67%	2.25%	2.4%
ROIC	5.6%	6.7%	6.65%	5.19%	6.38%	5.67%	5.17%	2.42%	7.22%	4.91%	4.91%
Return on tangible assets	2.04%	2.71%	2.36%	2.07%	2.96%	2.89%	2.29%	1.15%	3.76%	2.3%	2.26%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.57	0.46	0.59	0.51	0.45	1.1	1	0.69	0.6	0.85	0.7
Quick ratio	0.54	0.45	0.57	0.49	0.44	1.07	0.96	0.65	0.56	0.8	0.67
Debt / equity	0.99	1.15	1.21	1.26	1.26	0.94	0.85	0.86	0.84	0.95	0.93
Debt / assets	0.27	0.29	0.31	0.32	0.34	0.3	0.26	0.27	0.27	0.28	0.28
Net debt / EBITDA	3.67	3.27	4.14	4.68	4.51	3.97	4.11	5.64	3.19	4.41	4.48
Interest coverage	3.48	4.24	3.15	2.96	3.6	3.43	3.29	1.9	5.04	3.2	3.15
Effective tax rate	35.5%	33.6%	19.5%	21.9%	11%	3.89%	6.27%	0%	18.3%	13%	13%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	12.7	14.1	14.5	14.8	16.1	15.3	15.6	14	17.7	16.8	17.6
EPS (basic)	1.02	1.52	1.36	1.31	1.97	1.96	1.77	0.91	3.26	2.15	2.15
EPS (diluted)	1.01	1.52	1.36	1.31	1.97	1.96	1.77	0.91	3.25	2.15	2.23
Book value per share	13.8	14.6	15.2	16.2	18.7	22.7	24.3	25.1	28	28.4	29.2
FCF per share	-1.43	-2.32	-1.93	-2.18	-3.67	-1.19	-1.55	-2.91	-3.07	-3.6	-3.9
Cash per share	0.53	1.97	0.98	0.89	0.9	1.52	1.14	0.7	0.86	0.87	0.7
Capex per share	0.01	0.01	0	0	0	0	0	0	—	8.68	9.33

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.06%	0.1%	0.01%	0%	0%	0.01%	0%	0%	—	51.7%	53.5%
Capex / operating cash flow	0.25%	0.45%	0.03%	0.02%	0%	0.05%	0%	0%	—	170.9%	171.8%
Payout ratio	68%	47.4%	55%	60.2%	43.1%	46.9%	56.9%	114.9%	34.4%	57.8%	57%
Dividend yield	2.03%	1.59%	1.57%	1.53%	1.57%	1.28%	1.65%	2%	2.46%	2.86%	2.94%

Yield

2.94%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.335

ex-dividend Aug 10, 2026

Payout ratio

57%

of earnings

Dividend growth

6 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 10, 2026	$0.335
May 11, 2026	$0.335
Feb 9, 2026	$0.335

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$255M	$214.5M	$270.7M	$244.3M	$299.6M	$222.2M	$204M	$265M	$311.2M	$220M	$214.6M	$308.6M
YoY change	-4.25%	+6.76%	+106.5%	+25.9%	+17.5%	+3.58%	-24.7%	+8.45%	+3.9%	-1%	+5.2%	+16.5%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	25.5M	94.8M	47.2M	42.7M	44.6M	78.4M	62.1M	39.6M	50.1M	51.8M
Receivables	30.3M	32.5M	30M	32.1M	53.1M	67.7M	62.5M	65.7M	63.8M	63.7M
Inventory	6.3M	6.5M	6.6M	7.7M	8.8M	9.5M	12.6M	16.2M	20.5M	19.8M
Total current assets	142.1M	227.9M	188.7M	184.7M	266M	300.5M	295.5M	296.3M	324.1M	354.4M
Property, plant & equipment	105.9M	1.8B	1.9B	154M	68.6M	70.1M	495.5M	525.9M	578.5M	689.1M
Goodwill & intangibles	28.9M	49.7M	54.7M	54.9M	118.8M	133.5M	107.3M	115.5M	122.3M	123.3M
Total assets	2.4B	2.7B	2.8B	3.1B	3.4B	3.6B	4.3B	4.6B	5.2B	5.7B
Accounts payable	77.8M	94M	95.6M	108.5M	131.7M	144.4M	141M	157.3M	167.5M	175.7M
Short-term debt	123.3M	291M	170M	198.4M	376.9M	42M	74.4M	181.6M	278.6M	133.5M
Total current liabilities	250.2M	491M	321.2M	358.7M	588.7M	271.9M	294.6M	430.3M	538.4M	418.2M
Long-term debt	531.7M	515.8M	710M	786.8M	781.1M	1.1B	1.1B	1.1B	1.1B	1.5B
Total liabilities	1.8B	2B	2.1B	2.3B	2.5B	2.5B	2.9B	3.2B	3.5B	4B
Shareholders' equity	659.5M	699.2M	730.2M	779.9M	921.3M	1.2B	1.3B	1.4B	1.6B	1.7B
Total debt	655.1M	806.8M	880M	985.2M	1.2B	1.1B	1.1B	1.2B	1.4B	1.6B
Net debt	629.6M	712M	832.9M	942.5M	1.1B	1B	1.1B	1.2B	1.3B	1.6B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	34.7M	39.6M	42.8M	37.3M	59.6M	50.1M	44.5M	50.5M	76M	51.8M	58.1M	43.4M
Receivables	78.6M	65.7M	51.3M	71.1M	81.1M	63.8M	53.9M	75.4M	80M	63.7M	52.6M	72.3M
Inventory	15.5M	16.2M	16.9M	17.6M	19.9M	20.5M	20.3M	19.9M	20.1M	19.8M	19.6M	18.3M
Total current assets	302.3M	296.3M	283.1M	266.8M	363M	324.1M	319.2M	361.6M	399.3M	354.4M	375.2M	407.2M
Property, plant & equipment	-1.6B	525.9M	-1.2B	-1.2B	-1.2B	578.5M	-1.3B	-1.3B	-1.3B	689.1M	-1.3B	-1.4B
Goodwill & intangibles	73.6M	115.5M	74.1M	74.1M	74.1M	122.3M	74.1M	74.1M	74.1M	123.3M	74.1M	74.1M
Total assets	4B	4.6B	4.8B	4.9B	5B	5.2B	5.3B	5.4B	5.5B	5.7B	5.8B	6B
Accounts payable	152.9M	157.3M	119.8M	143.5M	171.5M	167.5M	141.3M	167M	188.2M	175.7M	164.8M	201.4M
Short-term debt	116.8M	181.6M	281.2M	246.2M	260.9M	278.6M	357.4M	432.5M	417.5M	133.5M	230.8M	205.6M
Total current liabilities	381.1M	430.3M	507.9M	512.5M	570.7M	538.4M	604.1M	686.1M	729.9M	418.2M	545M	580.7M
Long-term debt	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.5B	1.5B	1.5B
Total liabilities	2.6B	3.2B	3.3B	3.3B	3.4B	3.5B	3.6B	3.7B	3.8B	4B	4.1B	4.1B
Shareholders' equity	1.4B	1.4B	1.5B	1.5B	1.6B	1.6B	1.6B	1.7B	1.7B	1.7B	1.7B	1.8B
Total debt	1.2B	1.2B	1.3B	1.3B	1.3B	1.4B	1.5B	1.5B	1.5B	1.6B	1.7B	1.7B
Net debt	1.1B	1.2B	1.3B	1.3B	1.3B	1.3B	1.4B	1.5B	1.4B	1.6B	1.6B	1.6B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	48.7M	72.9M	65.6M	63.1M	96.8M	101M	95.3M	51.4M	190.1M	127.8M
Depreciation & amortization	65.2M	78.6M	85.7M	91.3M	100.9M	111.6M	117.4M	123.1M	134.1M	146.5M
Stock-based compensation	2.8M	3.1M	3.1M	6.7M	4.6M	6.8M	5.2M	3M	3.7M	5M
Change in working capital	13.7M	-22.6M	3.8M	2.7M	-110M	-6.7M	-22.2M	15.4M	-126.5M	-3.6M
Operating cash flow	157.1M	147.2M	178.7M	168.1M	117.9M	231.3M	243.1M	218.4M	289.6M	302.6M
Capital expenditure	395K	666K	59K	28K	0	108K	0	0	—	-517M
Investing cash flow	-4.3M	48.6M	2.1M	-2.2M	-47.4M	-7.7M	-7.8M	-5.7M	-4.1M	-520.1M
Dividends paid	-33.1M	-34.6M	-36M	-38M	-41.8M	-47.4M	-54.2M	-59M	-65.5M	-73.9M
Share repurchases	-744K	-1.5M	-1.6M	-2.5M	-1.7M	-1.8M	-2M	-1.8M	-1.4M	-1.4M
Financing cash flow	5.4M	41.1M	-314.5M	-47.3M	89.9M	-430.3M	-18.9M	51.5M	-285.3M	-405.7M
Net change in cash	158.2M	236.9M	-133.7M	118.7M	160.4M	-206.7M	216.4M	264.2M	208K	-623.3M
Free cash flow	-68.5M	-111.4M	-92.7M	-105M	-180.7M	-61.5M	-84M	-165.9M	-179.9M	-214.4M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	34.3M	29.9M	69.7M	40.4M	60.6M	19.5M	13.2M	42M	61.1M	11.5M	4M	56.5M
Depreciation & amortization	30.4M	32M	33.4M	33.5M	33.6M	33.6M	36.5M	36.6M	36.7M	36.8M	40.3M	30M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	40.8M	-20.7M	-73.2M	-60.6M	37.7M	-36.7M	-9.1M	-26.9M	73.5M	-43.2M	6.8M	-18.4M
Operating cash flow	106M	35.9M	26.5M	94.4M	101.8M	16.3M	38.4M	48.9M	167.3M	47.9M	49.4M	63.6M
Capital expenditure	—	—	—	—	—	—	—	—	-135.2M	-152.3M	-129.5M	-147M
Investing cash flow	-5.4M	0	—	—	-2.8M	252K	207K	0	-138.5M	-152.3M	-129.5M	-147M
Dividends paid	-15M	-15M	-16.2M	-16.2M	-16.5M	-16.7M	-20.2M	-17.9M	-17.9M	-17.9M	-20M	-20.1M
Share repurchases	-90K	-104K	-1.1M	-93K	-104K	-96K	-1.1M	-105K	-112K	-107K	-823K	-128K
Financing cash flow	-54.3M	51.4M	16.6M	-155.5M	-18.8M	-252.4M	-24.1M	-88.5M	-28.3M	-633.1M	26.4M	-351.2M
Net change in cash	46.3M	87.3M	43.1M	-61M	80.3M	-235.9M	14.6M	-39.6M	454K	-737.5M	-53.6M	-434.6M
Free cash flow	9M	-35.3M	-83.3M	-10.2M	-15.9M	-70.6M	-71.7M	-70.5M	32.1M	-104.4M	-80.1M	-83.4M

Date	Ratio
Jun 13, 2011	2:1
Jan 26, 1998	2:1
Nov 2, 1987	2:1
May 3, 1984	2:1

California Water Service Group Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history