Consolidated Water Co. Ltd. CWCO
Through our subsidiaries and affiliate, we provide the following products and services to our customers in the Cayman Islands, The Bahamas, the United States and the British Virgin Islands:
● Retail Water Operations. We produce potable water from seawater utilizing reverse osmosis technology and supply this water to end-users, including residential, commercial and government customers in the Cayman Islands under an exclusive retail license issued by the Cayman Islands government to provide water in two of the three most populated areas on Grand Cayman. In 2025, our retail water operations generated approximately 26% of our consolidated revenue.
● Bulk Water Operations. We produce potable water from seawater utilizing reverse osmosis technology and supply this water to government-owned utilities in the Cayman Islands and The Bahamas. In 2025, our bulk water operations generated approximately 25% of our consolidated revenue.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $127.2M | $114.6M | $180.2M | $94.1M | $6.1M | $17.5M | $16.1M | $65.7M | $469.3K | $57.9M |
| Cost of revenue | $83.7M | $88.3M | $118.3M | $63.7M | $43.4M | $45.9M | $40.5M | $39.0M | $35.4M | $33.6M |
| Gross profit | $48.4M | $45.6M | $61.9M | $30.4M | $23.5M | $26.8M | $28.3M | $26.7M | $24.0M | $24.3M |
| SG&A | $30.1M | $27.5M | $24.8M | $21.1M | $18.4M | $18.4M | $17.0M | $18.7M | $18.7M | $18.7M |
| Operating income | $18.4M | $18.3M | $37.2M | $9.3M | $2.0M | $8.3M | $11.7M | $8.0M | $2.3M | $2.1M |
| Interest expense | $4.4K | $101.8K | $145.3K | $46.5K | $10.2K | $9.7K | $1.3K | $8.4K | $5.7K | $104.0K |
| Pre-tax income | $21.4M | $20.7M | $38.0M | $9.7M | $3.6M | $9.4M | $12.5M | $10.7M | $3.8M | $2.2M |
| Income tax | $2.2M | $2.2M | $6.8M | $396.7K | $448.0K | $86.7K | $66.6K | $157.3K | $889.0K | $536.1K |
| Net income | $18.3M | $28.2M | $29.6M | $5.9M | $875.6K | $3.7M | $12.2M | $11.3M | $6.1M | $4.0M |
| EPS, basic | 1.15 | 1.78 | 1.88 | 0.38 | 0.06 | 0.24 | 0.81 | 0.75 | 0.41 | 0.27 |
| EPS, diluted | 1.14 | 1.77 | 1.86 | 0.38 | 0.06 | 0.24 | 0.80 | 0.75 | 0.41 | 0.27 |
| Shares, diluted (wtd. avg.) | $16.0M | $15.9M | $15.9M | $15.4M | $15.3M | $15.2M | $15.1M | $15.1M | $15.0M | $14.9M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $123.8M | $99.4M | $42.6M | $50.7M | $40.4M | $43.8M | $42.1M | $31.1M | $45.5M | $37.6M |
| Receivables | $32.8M | $39.6M | $38.2M | $27.0M | $27.3M | $21.5M | $23.0M | $22.5M | $14.7M | $16.5M |
| Inventory | $3.7M | $9.0M | $6.0M | $5.7M | $2.5M | $3.2M | $3.3M | $2.2M | $1.6M | $2.3M |
| Total current assets | $169.6M | $157.7M | $112.7M | $92.6M | $77.1M | $72.9M | $73.2M | $62.4M | $66.7M | $60.9M |
| Property, plant and equipment | $55.2M | $52.4M | $55.9M | $52.5M | $52.9M | $57.7M | $61.2M | $58.9M | $49.7M | $53.1M |
| Goodwill | $12.9M | $12.9M | $12.9M | $10.4M | $10.4M | $13.3M | $13.3M | $8.0M | $8.0M | $9.8M |
| Other intangibles | $2.1M | $2.7M | $3.4M | $2.8M | $3.4M | $4.1M | $5.0M | $1.9M | $3.2M | $5.2M |
| Total assets | $257.6M | $243.3M | $218.4M | $193.0M | $176.4M | $179.6M | $192.0M | $172.5M | $165.5M | $163.6M |
| Accounts payable | $9.6M | $9.1M | $0 | $403.8K | $2.8M | $2.7M | $3.5M | $4.6M | $3.5M | — |
| Short-term debt | $47.5K | $126.3K | $192.0K | $115.0K | $62.5K | $42.2K | $17.8K | $0 | — | — |
| Total current liabilities | $27.7M | $24.9M | $23.9M | $22.7M | $7.7M | $6.9M | $7.9M | $7.9M | $7.6M | $6.7M |
| Long-term debt | $26.0K | $70.3K | $191.2K | $216.1K | $152.0K | $126.3K | $61.1K | $0 | — | $490.0K |
| Total liabilities | $30.9M | $28.0M | $26.6M | $25.2M | $10.7M | $10.5M | $14.1M | $8.8M | $9.5M | $9.5M |
| Retained earnings | $116.7M | $106.9M | $85.1M | $61.2M | $60.6M | $64.9M | $66.4M | $59.3M | $53.1M | $51.6M |
| Total equity | $221.7M | $210.0M | $191.8M | $167.8M | $165.7M | $169.0M | $178.0M | $163.8M | $156.0M | $154.1M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $41.7M | $36.5M | $8.0M | $21.3M | $7.0M | $17.3M | $15.2M | $9.0M | $15.1M | $7.8M |
| Depreciation and amortisation | $6.9M | $6.7M | $6.6M | $6.2M | $6.0M | $6.3M | $5.5M | $5.5M | $5.7M | $5.8M |
| Stock-based compensation | $1.7M | $1.4M | $1.9M | $1.4M | $977.2K | $1.2M | $1.2M | $850.1K | $803.6K | $521.0K |
| Capital expenditure | $8.5M | $6.7M | $5.0M | $7.5M | $1.5M | $1.7M | $3.5M | $16.2M | $4.5M | $3.5M |
| Investing cash flow | -$8.4M | $27.0M | -$10.9M | -$5.0M | -$3.9M | -$11.1M | $1.5M | -$17.4M | -$2.9M | -$2.8M |
| Financing cash flow | -$9.0M | -$6.7M | -$5.5M | -$6.3M | -$5.9M | -$5.2M | -$5.1M | -$5.8M | -$4.3M | -$10.6M |
| Dividends paid | $7.9M | $6.3M | $5.5M | $5.1M | $5.2M | $5.1M | $5.1M | $5.1M | $4.5M | $4.4M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-046528.
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