NYSE : CWT
California Water Service Group — Financial statements
Utilities · Utilities - Regulated Water · United States
Last price 48.5 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 3.05B
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Financial statements
California Water Service Group (CWT) reported revenue of 1.08B 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 | 1.08B | 1.00B | 1.04B | 794.63M | 846.43M | 790.91M |
| Fuel & Purchased Power | 298.00M | 298.00M | 288.89M | 269.49M | 269.10M | 262.13M |
| Operations & Maintenance | 186.43M | 166.11M | 153.21M | 144.46M | 147.89M | 115.98M |
| Selling, General & Admin | 142.81M | 141.62M | 139.55M | 142.26M | 132.76M | 126.92M |
| Depreciation & Amortization | 140.47M | 144.37M | 131.90M | 121.21M | 114.58M | 108.72M |
| Other Operating Expenses | 72.45M | 50.28M | 46.49M | 35.08M | 36.76M | 37.91M |
| Total Operating Expenses | 840.16M | 800.37M | 760.05M | 712.50M | 701.08M | 651.66M |
| Operating Income | 235.16M | 199.77M | 276.76M | 82.14M | 145.35M | 139.25M |
| Interest Expense | -78.90M | -70.39M | -60.70M | -52.81M | -46.69M | -44.98M |
| Interest Income | 2.23M | 2.23M | 1.26M | 303.00K | 177.00K | 171.00K |
| Net Interest Expense | -76.67M | -68.16M | -59.44M | -52.51M | -46.51M | -44.81M |
| Allowance for Equity Funds for Construction | 8.51M | 7.71M | 6.90M | 5.55M | 4.13M | 3.19M |
| Allowance for Borrowed Funds for Construction | 4.25M | 3.69M | 3.15M | 2.99M | 2.34M | 1.77M |
| Other Non-Operating Income (Expenses) | -3.39M | 3.94M | 5.21M | 6.42M | -3.68M | 5.59M |
| EBT Excluding Unusual Items | 167.86M | 146.95M | 232.57M | 44.59M | 101.64M | 104.98M |
| Gain (Loss) on Sale of Assets | 94.00K | |||||
| Pretax Income | 167.86M | 146.95M | 232.57M | 44.59M | 101.64M | 105.07M |
| Income Tax Expense | 30.49M | 19.11M | 42.49M | -6.78M | 6.38M | 4.09M |
| Earnings From Continuing Ops. | 137.37M | 127.85M | 190.09M | 51.38M | 95.26M | 100.98M |
| Minority Interest in Earnings | 26.00K | 363.00K | 722.00K | 535.00K | 748.00K | 146.00K |
| Net Income | 137.39M | 128.21M | 190.81M | 51.91M | 96.01M | 101.12M |
| Net Income to Common | 137.39M | 128.21M | 190.81M | 51.91M | 96.01M | 101.12M |
| Shares Outstanding (Basic) | 60.52M | 59.57M | 58.61M | 56.95M | 54.32M | 51.63M |
| Shares Outstanding (Diluted) | 60.61M | 59.63M | 58.65M | 56.98M | 54.36M | 51.63M |
| EPS (Basic) | 2.27 | 2.15 | 3.26 | 0.91 | 1.77 | 1.96 |
| EPS (Diluted) | 2.27 | 2.15 | 3.25 | 0.91 | 1.77 | 1.96 |
| Free Cash Flow | -266.92M | -214.43M | -179.93M | -168.75M | -91.75M | -61.48M |
| Free Cash Flow Per Share | -4.40 | -3.60 | -3.07 | -2.96 | -1.69 | -1.19 |
| Dividend Per Share | 1.30 | 1.20 | 1.12 | 1.04 | 1.00 | 0.92 |
| Profit Margin | 12.78% | 12.82% | 18.40% | 6.53% | 11.34% | 12.79% |
| Free Cash Flow Margin | -24.82% | -21.44% | -17.36% | -21.24% | -10.84% | -7.77% |
| EBITDA | 377.69M | 346.29M | 410.90M | 205.26M | 262.72M | 250.83M |
| EBITDA Margin | 35.12% | 34.62% | 39.63% | 25.83% | 31.04% | 31.71% |
| D&A For EBITDA | 142.53M | 146.52M | 134.14M | 123.12M | 117.36M | 111.58M |
| EBIT | 235.16M | 199.77M | 276.76M | 82.14M | 145.35M | 139.25M |
| EBIT Margin | 21.87% | 19.97% | 26.69% | 10.34% | 17.17% | 17.61% |
| Effective Tax Rate | 18.17% | 13.00% | 18.27% | 6.27% | 3.90% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 45.12M | 51.82M | 50.12M | 39.59M | 62.10M | 78.38M |
| Accounts Receivable | 144.86M | 96.00M | 98.30M | 96.35M | 88.22M | 93.55M |
| Other Receivables | 66.90M | 68.76M | 53.72M | 34.56M | 42.90M | 38.15M |
| Inventory | 18.36M | 19.78M | 20.51M | 16.17M | 12.56M | 9.51M |
| Restricted Cash | 45.83M | 45.55M | 45.57M | 45.38M | 22.93M | 2.27M |
| Other Current Assets | 86.51M | 72.51M | 55.92M | 64.24M | 66.83M | 78.60M |
| Total Current Assets | 407.58M | 354.43M | 324.14M | 296.29M | 295.54M | 300.46M |
| Property, Plant & Equipment | 4.93B | 4.57B | 4.15B | 3.77B | 3.47B | 2.85B |
| Regulatory Assets | 320.12M | 339.87M | 357.41M | 257.62M | 283.62M | 285.69M |
| Goodwill | 37.06M | 37.06M | 37.06M | 37.04M | 36.81M | 36.81M |
| Other Intangible Assets | 24.57M | 24.10M | 20.73M | 16.81M | 13.12M | |
| Other Long-Term Assets | 379.37M | 348.00M | 289.67M | 217.95M | 161.15M | 138.13M |
| Total Assets | 6.07B | 5.67B | 5.18B | 4.60B | 4.26B | 3.62B |
| Accounts Payable | 207.63M | 175.73M | 167.53M | 157.31M | 140.99M | 144.37M |
| Accrued Expenses | 89.38M | 54.26M | 45.09M | 42.84M | 41.88M | 36.80M |
| Short-Term Debt | 175.00M | 130.00M | 205.00M | 180.00M | 70.00M | 35.00M |
| Current Portion of Long-Term Debt | 316.00K | 357.00K | 70.32M | 755.00K | 4.38M | |
| Current Unearned Revenue | 17.76M | 12.52M | 13.49M | 8.14M | 3.94M | |
| Current Portion of Leases | 3.13M | 3.32M | 1.63M | 3.62M | 2.61M | |
| Current Income Taxes Payable | 12.63M | 6.05M | 6.08M | 4.59M | 8.61M | 5.38M |
| Other Current Liabilities | 89.89M | 30.89M | 28.50M | 30.49M | 20.66M | 39.46M |
| Total Current Liabilities | 574.85M | 418.16M | 538.36M | 430.34M | 294.65M | 271.94M |
| Long-Term Debt | 1.47B | 1.47B | 1.10B | 1.05B | 1.05B | 1.05B |
| Long-Term Leases | 11.25M | 12.97M | 15.83M | 16.51M | 18.52M | |
| Long-Term Unearned Revenue | 307.95M | 297.02M | 294.97M | 286.49M | 285.40M | 285.67M |
| Pension & Post-Retirement Benefits | 312.65M | 313.36M | 256.37M | 171.65M | 137.12M | 119.58M |
| Long-Term Deferred Tax Liabilities | 473.40M | 450.95M | 411.08M | 352.76M | 330.25M | 294.65M |
| Other Long-Term Liabilities | 1.03B | 1.02B | 924.35M | 858.61M | 828.67M | 410.13M |
| Total Liabilities | 4.17B | 3.98B | 3.54B | 3.17B | 2.94B | 2.45B |
| Common Stock | 629.00K | 596.00K | 595.00K | 577.00K | 556.00K | 537.00K |
| Additional Paid-In Capital | 1.12B | 973.45M | 966.98M | 876.58M | 760.34M | 651.12M |
| Retained Earnings | 794.18M | 729.28M | 674.92M | 549.57M | 556.70M | 514.87M |
| Comprehensive Income & Other | -12.77M | -13.92M | -7.22M | |||
| Total Common Equity | 1.90B | 1.69B | 1.64B | 1.43B | 1.32B | 1.17B |
| Minority Interest | 2.64M | 2.57M | 3.02M | 3.58M | 4.80M | 5.39M |
| Shareholders' Equity | 1.91B | 1.69B | 1.64B | 1.43B | 1.32B | 1.17B |
| Total Liabilities & Equity | 6.07B | 5.67B | 5.18B | 4.60B | 4.26B | 3.62B |
| Total Debt | 1.65B | 1.62B | 1.40B | 1.25B | 1.14B | 1.11B |
| Net Cash (Debt) | -1.60B | -1.56B | -1.35B | -1.21B | -1.08B | -1.03B |
| Net Cash Per Share | -26.44 | -26.24 | -22.94 | -21.19 | -19.84 | -20.01 |
| Filing Date Shares Outstanding | 62.88M | 59.64M | 59.49M | 57.68M | 55.60M | 53.71M |
| Total Common Shares Outstanding | 62.88M | 59.64M | 59.48M | 57.72M | 55.60M | 53.72M |
| Working Capital | -167.27M | -63.74M | -214.23M | -134.05M | 885.00K | 28.52M |
| Book Value Per Share | 30.28 | 28.33 | 27.49 | 24.72 | 23.70 | 21.72 |
| Tangible Book Value | 1.87B | 1.63B | 1.57B | 1.37B | 1.26B | 1.12B |
| Tangible Book Value Per Share | 29.69 | 27.29 | 26.46 | 23.72 | 22.73 | 20.79 |
| Land | 64.38M | 56.62M | 47.00M | 45.86M | 45.05M | |
| Buildings | 423.48M | 382.03M | 354.63M | 339.68M | 319.53M | |
| Machinery | 5.81B | 5.05B | 4.60B | 4.20B | 3.88B | 3.58B |
| Construction In Progress | 486.90M | 333.82M | 329.44M | 287.60M | 247.01M | 222.71M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 137.39M | 128.21M | 190.81M | 51.91M | 96.01M | 101.12M |
| Depreciation & Amortization | 142.53M | 146.52M | 134.14M | 123.12M | 117.36M | 111.58M |
| Loss (Gain) on Sale of Assets | -94.00K | |||||
| Asset Writedown | 702.00K | 524.00K | ||||
| Stock-Based Compensation | 4.98M | 4.98M | 3.75M | 2.99M | 5.16M | 6.80M |
| Change in Accounts Receivable | -17.54M | -20.78M | -44.99M | 38.85M | -41.07M | -11.52M |
| Change in Accounts Payable | -13.61M | -19.83M | 1.74M | 9.90M | -7.63M | -2.94M |
| Change in Income Taxes | 672.00K | 672.00K | -5.39M | 654.00K | -5.10M | -2.75M |
| Change in Other Net Operating Assets | 26.64M | 36.26M | -18.67M | -34.50M | 48.80M | 10.55M |
| Other Operating Activities | 29.08M | 26.52M | 29.49M | 24.88M | 29.54M | 18.43M |
| Operating Cash Flow | 310.14M | 302.56M | 290.87M | 217.82M | 243.77M | 231.72M |
| Capital Expenditures | -577.06M | -516.99M | -470.80M | -386.56M | -335.52M | -293.19M |
| Sale of Property, Plant & Equipment | 108.00K | |||||
| Cash Acquisitions | -1.61M | -175.00K | -6.45M | |||
| Investment in Securities | 1.00M | |||||
| Other Investing Activities | -1.72M | -3.15M | -2.46M | -2.68M | -2.33M | |
| Investing Cash Flow | -578.78M | -520.14M | -474.87M | -389.42M | -335.52M | -300.87M |
| Short-Term Debt Issued | 550.00M | 505.00M | 227.79M | 150.00M | 200.00M | |
| Long-Term Debt Issued | 370.00M | 125.00M | 280.00M | |||
| Total Debt Issued | 1.16B | 920.00M | 630.00M | 227.79M | 150.00M | 480.00M |
| Short-Term Debt Repaid | -625.00M | -480.00M | -120.00M | -115.00M | -535.00M | |
| Long-Term Debt Repaid | -70.90M | -889.00K | -1.81M | -5.42M | -5.35M | |
| Total Debt Repaid | -1.03B | -695.90M | -480.89M | -121.81M | -120.42M | -540.35M |
| Net Debt Issued (Repaid) | 129.75M | 224.10M | 149.11M | 105.98M | 29.58M | -60.35M |
| Issuance of Common Stock | 148.05M | 4.04M | 89.03M | 115.11M | 106.74M | 197.72M |
| Repurchase of Common Stock | -1.20M | -1.43M | -1.44M | -1.84M | -2.01M | -1.77M |
| Common Dividends Paid | -81.37M | -73.85M | -65.46M | -59.04M | -54.19M | -47.40M |
| Other Financing Activities | 40.26M | 66.41M | 23.48M | 11.34M | 16.01M | 16.47M |
| Financing Cash Flow | 237.98M | 219.26M | 194.72M | 171.54M | 96.12M | 104.68M |
| Net Cash Flow | -30.66M | 1.69M | 10.72M | -59.00K | 4.37M | 35.52M |
| Free Cash Flow | -266.92M | -214.43M | -179.93M | -168.75M | -91.75M | -61.48M |
| Free Cash Flow Margin | -24.82% | -21.44% | -17.36% | -21.24% | -10.84% | -7.77% |
| Free Cash Flow Per Share | -4.40 | -3.60 | -3.07 | -2.96 | -1.69 | -1.19 |
| Levered Free Cash Flow | -285.02M | -288.26M | -204.18M | -236.95M | -172.36M | -98.39M |
| Unlevered Free Cash Flow | -235.71M | -244.27M | -166.24M | -203.94M | -143.18M | -70.27M |
| Cash Interest Paid | 68.50M | 61.14M | 55.66M | 49.15M | 43.77M | 41.62M |
| Cash Income Tax Paid | 12.50M | 12.50M | 27.00M | -3.50M | 3.66M | |
| Change in Working Capital | -3.84M | -3.68M | -67.31M | 14.90M | -5.00M | -6.66M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 3.07B | 2.58B | 2.70B | 2.99B | 3.32B | 3.78B |
| Enterprise Value | 4.67B | 4.03B | 3.95B | 4.13B | 4.37B | 4.83B |
| PE Ratio | 21.53 | 20.14 | 14.13 | 57.66 | 34.63 | 37.38 |
| PS Ratio | 2.84 | 2.58 | 2.60 | 3.77 | 3.93 | 4.78 |
| PB Ratio | 1.60 | 1.53 | 1.65 | 2.09 | 2.51 | 3.23 |
| P/OCF Ratio | 9.83 | 8.53 | 9.27 | 13.74 | 13.64 | 16.32 |
| EV/Sales Ratio | 4.33 | 4.03 | 3.81 | 5.20 | 5.16 | 6.11 |
| EV/EBITDA Ratio | 12.32 | 11.64 | 9.62 | 20.13 | 16.63 | 19.25 |
| EV/EBIT Ratio | 19.78 | 20.17 | 14.28 | 50.30 | 30.06 | 34.68 |
| Debt / Equity Ratio | 0.86 | 0.96 | 0.85 | 0.87 | 0.86 | 0.95 |
| Debt / EBITDA Ratio | 4.31 | 4.60 | 3.36 | 6.07 | 4.34 | 4.43 |
| Net Debt / Equity Ratio | 0.84 | 0.93 | 0.82 | 0.84 | 0.82 | 0.88 |
| Net Debt / EBITDA Ratio | 4.24 | 4.52 | 3.27 | 5.88 | 4.11 | 4.12 |
| Net Debt / FCF Ratio | -6.00 | -7.30 | -7.48 | -7.16 | -11.76 | -16.80 |
| Quick Ratio | 0.45 | 0.52 | 0.38 | 0.40 | 0.66 | 0.77 |
| Current Ratio | 0.71 | 0.85 | 0.60 | 0.69 | 1.00 | 1.10 |
| Asset Turnover | 0.18 | 0.18 | 0.21 | 0.18 | 0.21 | 0.23 |
| Return on Equity (ROE) | 7.61% | 7.68% | 12.39% | 3.73% | 7.64% | 9.65% |
| Return on Assets (ROA) | 2.54% | 2.30% | 3.54% | 1.16% | 2.30% | 2.48% |
| Return on Capital Employed (ROCE) | 4.30% | 3.80% | 6.00% | 2.00% | 3.70% | 4.20% |
| Earnings Yield | 4.65% | 4.96% | 7.08% | 1.73% | 2.89% | 2.67% |
| FCF Yield | -8.75% | -8.30% | -6.67% | -5.64% | -2.76% | -1.63% |
| Dividend Yield | 2.74% | 2.77% | 2.47% | 2.00% | 1.67% | 1.31% |
| Payout Ratio | 59.08% | 57.60% | 34.31% | 113.73% | 56.44% | 46.87% |
| Buyback Yield / Dilution | -1.71% | -1.68% | -2.92% | -4.82% | -5.29% | -4.79% |
| Total Shareholder Return | 1.06% | 1.09% | -0.45% | -2.81% | -3.62% | -3.48% |