CWT Utilities

California Water Service Group

$49.11-0.75%

Price as of close on Nov 3, 2026 · Financials updated Oct 8, 2026

Basics

Sector: Utilities
Industry: Utilities - Regulated Water
Country: United States
Market cap: 3.0B USD
Enterprise value: 4.5B USD
Full-time employees: 1,336

Overall health

Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: less short-term liquidity (current ratio 0.70 vs a peer median of 1.03)less liquidity (current ratio 0.70 vs peers 1.03)
About average: risk (debt, liquidity and share-price swings)risk

Ranks #218 of 348 utilities companies (bottom 38%)

See how it ranks against its peers

Worth knowing

Profitable, but burning cash. Reports a profit, but free cash flow is negative.
California Water Service reports a profit but its free cash flow is negative: it spent more on investment and running the business than it brought in. That's common for companies building capacity, but it means the profit isn't yet turning into cash.
Shareholders being diluted. Shares outstanding up 11% from December 2022 to July 2026.
California Water Service had 11% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.California Water Service had 11% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Stock pay outran buybacks. Stock-based pay expense $12M vs $5M spent repurchasing shares over the 3 fiscal years to 2025.
Over three fiscal years California Water Service recorded $12M of stock-based pay expense and spent $5M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years California Water Service recorded $12M of stock-based pay expense and spent $5M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.
Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $698M in 2020 to $964M in 2025.
California Water Service's fiscal-year revenue rose in each of the five years to 2025, from $698M to $964M.

StockQuotient Score

44/ 100▼ 1 since Oct 27 close

Oct 5 45 → Nov 4 44 (-1)

Valuation

Is the price right?

34/100

Weak▼ 1 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: ▼ Weaker

Share count up 3.3% (existing holders diluted)

Valuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 35 → 34

Share price +2.7%-1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield4.4%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score -0.15Sector median: 0.0485 · MAD: 0.0319

EBITDA yield7.0%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score -0.62Sector median: 0.0859 · MAD: 0.0250

Free cash flow yield-7.8%

Yahoo Finance fallback · SEC cash flow or share count unavailable · trailing 12 months · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield59.6%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.6310 · MAD: 0.2684

Growth

Is it growing?

63/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 2.2%

Why

Stronger than most peers on:

▲ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth-5.8%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.42Sector median: 0.0172 · MAD: 0.1791

3-year revenue growth9.9%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 1.51Sector median: 0.0196 · MAD: 0.0523

Revenue growth3.9%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.19Sector median: 0.0254 · MAD: 0.0681

Profitability

Does it earn well?

36/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ ROIC
▼ ROA

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin18.5%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.01Sector median: 0.1864 · MAD: 0.0865

Return on assets2.2%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.34Sector median: 0.0266 · MAD: 0.0124

Return on invested capital4.2%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.42Sector median: 0.0524 · MAD: 0.0237

Other data (not scored)

Gross margin53.3%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.3581 · MAD: 0.1545

Return on equity7.3%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0807 · MAD: 0.0381

Risk

Debt, liquidity, price swings

Moderate

Moderate relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why it changed since the Oct 27, 2026 close: Safety percentile 44 → 45

Peer companies moved+1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Mixed versus peers:

▲ Debt / equity
▼ Current ratio

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.48

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -0.10Sector median: 0.4590 · MAD: 0.1730

Current ratio0.70×

SEC filings · latest balance sheetReported value33% base weight · Z-score -0.92Sector median: 1.0330 · MAD: 0.3620

Debt / equity0.93×

SEC filings · latest balance sheetReported value33% base weight · Z-score 0.50Sector median: 1.1925 · MAD: 0.5265

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about California Water Service

Is California Water Service getting weaker?: Its latest SEC filing (Jul 30, 2026) got weaker in some ways: share count up 3.3%. Its overall score is 44/100, down 1 since Oct 28, 2026.
How is California Water Service valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 34/100 against 360 utilities peers. EBITDA yield 7.0% vs a peer median of 8.6% (weaker than 70% of peers).EBITDA yield 7.0% vs peers 8.6% (weaker than 70% of peers).
Is California Water Service growing?: Yes, faster than most of its peers. Growth scores 63/100 against 360 utilities peers. 3-year revenue growth 9.9% vs a peer median of 2.0% (stronger than 85% of peers).3-year revenue growth 9.9% vs peers 2.0% (stronger than 85% of peers). Earnings per share growth -5.8% vs a peer median of 1.7% (weaker than 62% of peers).Earnings per share growth -5.8% vs peers 1.7% (weaker than 62% of peers).
How profitable is California Water Service?: Less profitable than most of its peers. Profitability scores 36/100 against 360 utilities peers. Return on invested capital 4.2% vs a peer median of 5.2% (weaker than 64% of peers).Return on invested capital 4.2% vs peers 5.2% (weaker than 64% of peers).
How risky is California Water Service?: Moderate risk relative to 360 utilities peers, judged on debt, liquidity and share-price swings. Debt / equity 0.93× vs a peer median of 1.19× (stronger than 63% of peers).Debt / equity 0.93× vs peers 1.19× (stronger than 63% of peers). Current ratio 0.70× vs a peer median of 1.03× (weaker than 77% of peers).Current ratio 0.70× vs peers 1.03× (weaker than 77% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Jul 30, 2026 · compared with the quarter ended Mar 31, 2026

Got weaker

Share count up 3.3% (existing holders diluted)

	Previous quarter	Latest quarter	Change
Revenue (12 months)	978.3M USD	1.0B USD	+2.2%
Net income (12 months)	118.5M USD	132.8M USD	+12.1%
Operating margin	17.0%	18.5%	+1.5 pts
Debt	1.7B USD	1.7B USD	−1.5%
Cash	58.1M USD	43.4M USD	−25.2%
Shares outstanding	59.9M	61.8M	+3.3%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Utilities · 59 companies

Valuations in Utilities are above their usual range since 2016.

61% of months since 2016 were valued lower than now.
20% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +18% and earnings +20% (medians): prices and earnings moved broadly together.
Median price-to-sales is +2% vs the whole market, against a usual +0%.

2016Shaded: most expensive fifth of its range2026

Shown for Utilities: too few Utilities - Regulated Water companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Operating margin	16.6%	16.5%	9.8%	24.9%	17.7%	▼ 7.2 pts
Net margin	13.2%	12.4%	6.6%	21.1%	13.3%	▼ 7.8 pts
Return on assets (ROA)	2.8%	2.3%	1.1%	3.7%	2.3%	▼ 1.4 pts
Return on equity (ROE)	8.6%	7.3%	3.6%	11.6%	7.6%	▼ 4.1 pts
Current ratio	1.10×	1.00×	0.69×	0.60×	0.85×	▲ 41%
Debt to equity	0.94×	0.85×	0.86×	0.84×	0.95×	▲ 12%
Interest coverage	2.82×	2.73×	1.46×	3.71×	2.42×	▼ 35%

CWT price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: less short-term liquidity (current ratio 0.70 vs a peer median of 1.03)less liquidity (current ratio 0.70 vs peers 1.03)

About average: risk (debt, liquidity and share-price swings)risk

Ranks #218 of 348 utilities companies (bottom 38%)

See how it ranks against its peers

Worth knowing

Profitable, but burning cash. Reports a profit, but free cash flow is negative.

California Water Service reports a profit but its free cash flow is negative: it spent more on investment and running the business than it brought in. That's common for companies building capacity, but it means the profit isn't yet turning into cash.

Shareholders being diluted. Shares outstanding up 11% from December 2022 to July 2026.

California Water Service had 11% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.California Water Service had 11% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Stock pay outran buybacks. Stock-based pay expense $12M vs $5M spent repurchasing shares over the 3 fiscal years to 2025.

Over three fiscal years California Water Service recorded $12M of stock-based pay expense and spent $5M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years California Water Service recorded $12M of stock-based pay expense and spent $5M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.

Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $698M in 2020 to $964M in 2025.

California Water Service's fiscal-year revenue rose in each of the five years to 2025, from $698M to $964M.

Questions investors ask about California Water Service

Is California Water Service getting weaker?

Its latest SEC filing (Jul 30, 2026) got weaker in some ways: share count up 3.3%. Its overall score is 44/100, down 1 since Oct 28, 2026.

How is California Water Service valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 34/100 against 360 utilities peers. EBITDA yield 7.0% vs a peer median of 8.6% (weaker than 70% of peers).EBITDA yield 7.0% vs peers 8.6% (weaker than 70% of peers).

Is California Water Service growing?

Yes, faster than most of its peers. Growth scores 63/100 against 360 utilities peers. 3-year revenue growth 9.9% vs a peer median of 2.0% (stronger than 85% of peers).3-year revenue growth 9.9% vs peers 2.0% (stronger than 85% of peers). Earnings per share growth -5.8% vs a peer median of 1.7% (weaker than 62% of peers).Earnings per share growth -5.8% vs peers 1.7% (weaker than 62% of peers).

How profitable is California Water Service?

Less profitable than most of its peers. Profitability scores 36/100 against 360 utilities peers. Return on invested capital 4.2% vs a peer median of 5.2% (weaker than 64% of peers).Return on invested capital 4.2% vs peers 5.2% (weaker than 64% of peers).

How risky is California Water Service?

Moderate risk relative to 360 utilities peers, judged on debt, liquidity and share-price swings. Debt / equity 0.93× vs a peer median of 1.19× (stronger than 63% of peers).Debt / equity 0.93× vs peers 1.19× (stronger than 63% of peers). Current ratio 0.70× vs a peer median of 1.03× (weaker than 77% of peers).Current ratio 0.70× vs peers 1.03× (weaker than 77% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

978.3M USD

1.0B USD

+2.2%

Net income (12 months)

118.5M USD

132.8M USD

+12.1%

Operating margin

17.0%

18.5%

+1.5 pts

Debt

1.7B USD

1.7B USD

−1.5%

Cash

58.1M USD

43.4M USD

−25.2%

Shares outstanding

59.9M

61.8M

+3.3%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Operating margin

16.6%

16.5%

9.8%

24.9%

17.7%

▼ 7.2 pts

Net margin

13.2%

12.4%

6.6%

21.1%

13.3%

▼ 7.8 pts

Return on assets (ROA)

2.8%

2.3%

1.1%

3.7%

2.3%

▼ 1.4 pts

Return on equity (ROE)

8.6%

7.3%

3.6%

11.6%

7.6%

▼ 4.1 pts

Current ratio

1.10×

1.00×

0.69×

0.60×

0.85×

▲ 41%

Debt to equity

0.94×

0.85×

0.86×

0.84×

0.95×

▲ 12%

Interest coverage

2.82×

2.73×

1.46×

3.71×

2.42×

▼ 35%