NASDAQ : HTO
H2O America — Financial statements
Utilities · Utilities - Regulated Water · United States
Last price 58.57 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 2.83B
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Financial statements
H2O America (HTO) reported revenue of 838.18M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 838.18M | 800.59M | 748.44M | 670.36M | 620.70M | 573.69M |
| Fuel & Purchased Power | 18.73M | 21.77M | 11.46M | 9.60M | 8.89M | 13.51M |
| Operations & Maintenance | 34.09M | 32.90M | 31.30M | 25.73M | 30.73M | 26.03M |
| Selling, General & Admin | 133.55M | 122.53M | 102.44M | 98.66M | 95.40M | 87.33M |
| Depreciation & Amortization | 126.44M | 115.32M | 112.86M | 105.87M | 104.42M | 94.40M |
| Other Operating Expenses | 340.56M | 320.64M | 312.72M | 282.30M | 251.45M | 245.21M |
| Total Operating Expenses | 653.38M | 613.16M | 570.77M | 522.16M | 490.89M | 466.48M |
| Operating Income | 184.80M | 187.43M | 177.66M | 148.21M | 129.80M | 107.21M |
| Interest Expense | -73.23M | -72.58M | -71.39M | -66.14M | -58.06M | -54.34M |
| Net Interest Expense | -73.23M | -72.58M | -71.39M | -66.14M | -58.06M | -54.34M |
| Other Non-Operating Income (Expenses) | 7.48M | 3.27M | 627.00K | 7.41M | 4.38M | 10.70M |
| EBT Excluding Unusual Items | 119.05M | 118.12M | 106.90M | 89.47M | 76.13M | 63.56M |
| Total Merger & Restructuring Charges | -3.46M | -3.46M | -3.39M | |||
| Gain (Loss) on Sale of Assets | 273.00K | 273.00K | -572.00K | 1.47M | 6.20M | 7.49M |
| Asset Writedown | -2.21M | |||||
| Pretax Income | 115.86M | 114.93M | 102.94M | 90.94M | 82.32M | 68.85M |
| Income Tax Expense | 11.00M | 12.36M | 8.97M | 5.96M | 8.50M | 8.37M |
| Earnings From Continuing Ops. | 104.87M | 102.58M | 93.97M | 84.99M | 73.83M | 60.48M |
| Net Income | 104.87M | 102.58M | 93.97M | 84.99M | 73.83M | 60.48M |
| Net Income to Common | 104.87M | 102.58M | 93.97M | 84.99M | 73.83M | 60.48M |
| Shares Outstanding (Basic) | 39.42M | 35.00M | 32.70M | 31.58M | 30.30M | 29.60M |
| Shares Outstanding (Diluted) | 40.24M | 35.10M | 32.78M | 31.66M | 30.42M | 29.74M |
| EPS (Basic) | 2.66 | 2.93 | 2.87 | 2.69 | 2.44 | 2.04 |
| EPS (Diluted) | 2.61 | 2.92 | 2.87 | 2.68 | 2.43 | 2.03 |
| Free Cash Flow | -194.41M | -244.80M | -157.50M | -80.94M | -52.59M | -103.89M |
| Free Cash Flow Per Share | -4.83 | -6.97 | -4.80 | -2.56 | -1.73 | -3.49 |
| Dividend Per Share | 1.74 | 1.68 | 1.60 | 1.52 | 1.44 | 1.36 |
| Profit Margin | 12.51% | 12.81% | 12.55% | 12.68% | 11.89% | 10.54% |
| Free Cash Flow Margin | -23.20% | -30.58% | -21.04% | -12.07% | -8.47% | -18.11% |
| EBITDA | 316.95M | 307.92M | 292.71M | 256.34M | 236.24M | 203.68M |
| EBITDA Margin | 37.81% | 38.46% | 39.11% | 38.24% | 38.06% | 35.50% |
| D&A For EBITDA | 132.15M | 120.49M | 115.05M | 108.14M | 106.44M | 96.47M |
| EBIT | 184.80M | 187.43M | 177.66M | 148.21M | 129.80M | 107.21M |
| EBIT Margin | 22.05% | 23.41% | 23.74% | 22.11% | 20.91% | 18.69% |
| Effective Tax Rate | 9.49% | 10.75% | 8.71% | 6.55% | 10.32% | 12.16% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 572.96M | 20.69M | 11.11M | 9.72M | 12.34M | 10.91M |
| Accounts Receivable | 159.70M | 131.44M | 129.53M | 117.41M | 104.89M | 97.72M |
| Other Receivables | 7.74M | 10.43M | 13.01M | 8.87M | 5.56M | 7.04M |
| Prepaid Expenses | 15.98M | 11.63M | 10.30M | 11.11M | 9.75M | 9.67M |
| Restricted Cash | 1.21M | |||||
| Other Current Assets | 21.76M | 16.40M | 26.77M | 51.27M | 25.84M | 7.53M |
| Total Current Assets | 778.14M | 190.59M | 190.71M | 198.39M | 158.39M | 134.09M |
| Property, Plant & Equipment | 4.22B | 3.89B | 3.45B | 3.17B | 2.65B | 2.52B |
| Regulatory Assets | 254.73M | 246.55M | 224.06M | 235.91M | 246.03M | 151.99M |
| Goodwill | 640.31M | 640.31M | 640.31M | 640.31M | 640.31M | 640.47M |
| Other Intangible Assets | 41.06M | 42.08M | 43.44M | 16.37M | 20.65M | |
| Long-Term Investments | 20.37M | 19.71M | 18.09M | 16.41M | 14.82M | 15.78M |
| Other Long-Term Assets | 140.27M | 116.86M | 95.31M | 41.85M | 24.31M | 10.88M |
| Total Assets | 6.05B | 5.15B | 4.66B | 4.35B | 3.76B | 3.49B |
| Accounts Payable | 87.91M | 75.43M | 56.26M | 46.12M | 29.58M | 30.39M |
| Accrued Expenses | 82.62M | 66.67M | 57.79M | 52.52M | 45.52M | 42.96M |
| Short-Term Debt | 200.28M | 86.83M | 119.12M | 171.50M | 159.58M | 63.00M |
| Current Portion of Long-Term Debt | 7.88M | 23.50M | 3.65M | 48.98M | 4.36M | 39.11M |
| Current Income Taxes Payable | 2.70M | |||||
| Other Current Liabilities | 31.65M | 20.94M | 24.36M | 23.85M | 26.59M | 27.82M |
| Total Current Liabilities | 410.35M | 273.38M | 261.17M | 342.97M | 268.32M | 203.27M |
| Long-Term Debt | 1.88B | 1.87B | 1.71B | 1.53B | 1.49B | 1.49B |
| Long-Term Unearned Revenue | 354.55M | 342.70M | 340.74M | 326.45M | 323.67M | 316.48M |
| Pension & Post-Retirement Benefits | 47.39M | 45.88M | 45.06M | 46.84M | 59.74M | 90.00M |
| Long-Term Deferred Tax Liabilities | 332.87M | 307.89M | 276.04M | 238.53M | 218.16M | 200.45M |
| Other Long-Term Liabilities | 824.37M | 772.13M | 661.41M | 630.18M | 282.34M | 154.74M |
| Total Liabilities | 3.85B | 3.61B | 3.29B | 3.11B | 2.64B | 2.46B |
| Common Stock | 48.00K | 36.00K | 34.00K | 32.00K | 31.00K | 30.00K |
| Additional Paid-In Capital | 1.58B | 958.19M | 827.80M | 736.19M | 651.00M | 606.39M |
| Retained Earnings | 616.96M | 581.08M | 537.18M | 495.38M | 458.36M | 428.26M |
| Comprehensive Income & Other | 1.47M | 1.47M | 1.96M | 1.79M | 1.48M | -163.00K |
| Shareholders' Equity | 2.20B | 1.54B | 1.37B | 1.23B | 1.11B | 1.03B |
| Total Liabilities & Equity | 6.05B | 5.15B | 4.66B | 4.35B | 3.76B | 3.49B |
| Total Debt | 2.09B | 1.98B | 1.83B | 1.75B | 1.66B | 1.60B |
| Net Cash (Debt) | -1.52B | -1.96B | -1.82B | -1.74B | -1.64B | -1.58B |
| Net Cash Per Share | -37.69 | -55.74 | -55.48 | -54.87 | -54.02 | -53.27 |
| Filing Date Shares Outstanding | 48.32M | 36.16M | 33.67M | 32.06M | 30.85M | 30.23M |
| Total Common Shares Outstanding | 48.32M | 36.12M | 33.63M | 32.02M | 30.80M | 30.18M |
| Working Capital | 367.79M | -82.78M | -70.46M | -144.59M | -109.94M | -69.19M |
| Book Value Per Share | 45.56 | 42.66 | 40.65 | 38.52 | 36.06 | 34.28 |
| Tangible Book Value | 1.56B | 859.40M | 684.58M | 549.64M | 454.19M | 373.40M |
| Tangible Book Value Per Share | 32.30 | 23.79 | 20.36 | 17.16 | 14.75 | 12.37 |
| Land | 45.48M | 45.51M | 45.57M | 45.55M | 52.60M | 51.62M |
| Buildings | 1.32M | 769.00K | 399.00K | 748.00K | 45.42M | 1.03B |
| Machinery | 4.96B | 4.45B | 4.02B | 3.76B | 3.47B | 2.40B |
| Construction In Progress | 347.66M | 269.27M | 179.49M | 106.98M | 116.85M | 176.43M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 104.87M | 102.58M | 93.97M | 84.99M | 73.83M | 60.48M |
| Depreciation & Amortization | 132.15M | 120.49M | 115.05M | 108.14M | 106.44M | 96.47M |
| Loss (Gain) on Sale of Assets | 572.00K | -6.20M | -11.42M | |||
| Asset Writedown | 2.21M | |||||
| Stock-Based Compensation | 6.46M | 6.44M | 5.62M | 4.65M | 4.79M | 4.25M |
| Change in Accounts Receivable | -1.37M | -3.23M | -12.66M | -10.87M | -8.22M | -5.93M |
| Change in Accounts Payable | 16.21M | 9.28M | 4.24M | 492.00K | -1.39M | 4.84M |
| Change in Income Taxes | -20.42M | -18.28M | -18.36M | -22.41M | -11.95M | -6.42M |
| Change in Other Net Operating Assets | 16.71M | 28.58M | -902.00K | 36.48M | 13.70M | -9.67M |
| Other Operating Activities | -6.40M | -1.05M | 7.99M | -10.62M | -4.79M | -4.78M |
| Operating Cash Flow | 248.21M | 244.80M | 195.53M | 190.83M | 166.20M | 130.04M |
| Capital Expenditures | -442.63M | -489.61M | -353.03M | -271.77M | -218.78M | -233.93M |
| Sale of Property, Plant & Equipment | 975.00K | 18.23M | ||||
| Cash Acquisitions | -7.54M | -433.00K | -23.59M | |||
| Contributions to Nuclear Demissioning Trust | -2.71M | -3.15M | -3.43M | -2.10M | -2.52M | -2.78M |
| Other Investing Activities | -52.32M | -30.15M | -24.18M | -16.86M | -22.93M | -17.10M |
| Investing Cash Flow | -496.57M | -520.10M | -340.10M | -322.27M | -244.33M | -260.00M |
| Short-Term Debt Issued | 436.53M | 242.00M | 146.41M | 158.78M | 96.62M | |
| Long-Term Debt Issued | 185.17M | 185.33M | 70.00M | 55.00M | 247.00M | |
| Total Debt Issued | 474.55M | 621.70M | 427.33M | 216.41M | 213.78M | 343.62M |
| Short-Term Debt Repaid | -468.82M | -295.26M | -134.49M | -62.20M | -208.72M | |
| Long-Term Debt Repaid | -3.86M | -48.98M | -4.35M | -89.18M | -76.11M | |
| Total Debt Repaid | -281.71M | -472.68M | -344.24M | -138.84M | -151.37M | -284.83M |
| Net Debt Issued (Repaid) | 192.84M | 149.01M | 83.09M | 77.58M | 62.41M | 58.79M |
| Issuance of Common Stock | 633.28M | 122.81M | 85.01M | 80.66M | 39.09M | 91.03M |
| Common Dividends Paid | -67.79M | -58.65M | -52.13M | -47.91M | -43.58M | -40.14M |
| Other Financing Activities | 51.66M | 71.69M | 29.99M | 18.49M | 20.45M | 23.12M |
| Financing Cash Flow | 810.00M | 284.87M | 145.96M | 128.82M | 78.35M | 132.81M |
| Net Cash Flow | 561.64M | 9.57M | 1.39M | -2.62M | 225.00K | 2.85M |
| Free Cash Flow | -194.41M | -244.80M | -157.50M | -80.94M | -52.59M | -103.89M |
| Free Cash Flow Margin | -23.20% | -30.58% | -21.04% | -12.07% | -8.47% | -18.11% |
| Free Cash Flow Per Share | -4.83 | -6.97 | -4.80 | -2.56 | -1.73 | -3.49 |
| Levered Free Cash Flow | -201.17M | -256.56M | -140.97M | -132.21M | -82.37M | -99.57M |
| Unlevered Free Cash Flow | -155.40M | -211.20M | -96.35M | -90.87M | -46.08M | -65.61M |
| Cash Interest Paid | 56.53M | 72.09M | 69.74M | 64.61M | 58.97M | 58.17M |
| Cash Income Tax Paid | 5.69M | 3.24M | -598.00K | 23.02M | 6.85M | 8.47M |
| Change in Working Capital | 11.13M | 16.34M | -27.68M | 3.68M | -7.87M | -17.17M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 2.89B | 1.75B | 1.64B | 2.09B | 2.46B | 2.18B |
| Enterprise Value | 4.40B | 3.64B | 3.41B | 3.77B | 4.11B | 3.74B |
| PE Ratio | 22.91 | 17.10 | 17.42 | 24.55 | 33.34 | 36.10 |
| PS Ratio | 3.44 | 2.19 | 2.19 | 3.11 | 3.97 | 3.81 |
| PB Ratio | 1.31 | 1.14 | 1.20 | 1.69 | 2.22 | 2.11 |
| P/OCF Ratio | 11.63 | 7.17 | 8.37 | 10.94 | 14.81 | 16.79 |
| EV/Sales Ratio | 5.25 | 4.55 | 4.55 | 5.63 | 6.62 | 6.51 |
| EV/EBITDA Ratio | 13.89 | 11.84 | 11.64 | 14.71 | 17.38 | 18.35 |
| EV/EBIT Ratio | 23.83 | 19.44 | 19.18 | 25.45 | 31.63 | 34.86 |
| Debt / Equity Ratio | 0.95 | 1.28 | 1.34 | 1.42 | 1.49 | 1.54 |
| Debt / EBITDA Ratio | 6.59 | 6.42 | 6.25 | 6.82 | 7.01 | 7.83 |
| Net Debt / Equity Ratio | 0.69 | 1.27 | 1.33 | 1.41 | 1.48 | 1.53 |
| Net Debt / EBITDA Ratio | 4.79 | 6.35 | 6.21 | 6.78 | 6.96 | 7.78 |
| Net Debt / FCF Ratio | -7.80 | -7.99 | -11.55 | -21.47 | -31.25 | -15.25 |
| Quick Ratio | 1.80 | 0.59 | 0.59 | 0.40 | 0.46 | 0.57 |
| Current Ratio | 1.90 | 0.70 | 0.73 | 0.58 | 0.59 | 0.66 |
| Asset Turnover | 0.15 | 0.16 | 0.17 | 0.17 | 0.17 | 0.17 |
| Return on Equity (ROE) | 5.63% | 7.06% | 7.23% | 7.25% | 6.88% | 6.20% |
| Return on Assets (ROA) | 2.09% | 2.39% | 2.47% | 2.29% | 2.24% | 1.97% |
| Return on Capital Employed (ROCE) | 3.30% | 3.80% | 4.00% | 3.70% | 3.70% | 3.30% |
| Earnings Yield | 4.36% | 5.85% | 5.74% | 4.07% | 3.00% | 2.77% |
| FCF Yield | -6.74% | -13.96% | -9.62% | -3.88% | -2.14% | -4.76% |
| Dividend Yield | 2.95% | 3.46% | 3.29% | 2.33% | 1.80% | 1.88% |
| Payout Ratio | 67.51% | 57.17% | 55.48% | 56.37% | 59.03% | 66.37% |
| Buyback Yield / Dilution | -16.70% | -7.09% | -3.53% | -4.07% | -2.31% | -3.63% |
| Total Shareholder Return | -13.76% | -3.63% | -0.24% | -1.74% | -0.51% | -1.75% |