H2O AMERICA HTO

Utilities SIC 4941 - Water Supply NAICS Utilities › Water, Sewage and Other Systems › Water Supply and Irrigation Systems derived Nasdaq

H2O America, a Delaware corporation, was initially incorporated as SJW Corp. in the state of California in 1985. In May 2025, the company changed its corporate name from SJW Group to H2O America. We will not distinguish between our prior and current corporate name and will refer to our current corporate name throughout this Annual Report on Form 10-K. As such, unless expressly indicated or the context requires otherwise, the terms "H2O America," "company," "we," "us," and "our" in this document refer to H2O America, a Delaware corporation, and, where appropriate, its subsidiaries. H2O America is a holding company that conducts its business through the following wholly owned subsidiaries:

•San Jose Water Company ("SJWC"), with its headquarters located at 110 West Taylor Street in San Jose, California 95110, was originally incorporated under the laws of the State of California in 1866. As part of a reorganization in 1985, SJWC became a wholly owned subsidiary of H2O America. SJWC is a public utility in the business of providing water service in the metropolitan San Jose, California area.

Last close 58.90 2026-10-23
Market cap $2.46B 2026-03-31 share count
52-week range 43.75 - 67.09

Valuation FY2025 figures against the last close

P/S3.1x
P/E20.2x
P/FCF10.1x
EV/EBITDA14.5x
Dividend yield2.4%
Diluted EPS2.92

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $805.6M$736.3M$678.2M$586.9M$559.6M$549.3M$447.7M$389.3M$381.8M$328.2M
SG&A $126.0M$105.8M$98.7M$95.4M$87.3M$79.7M$66.3M$48.9M$48.9M$41.5M
Operating income $177.5M$170.5M$149.4M$131.0M$111.2M$117.7M$57.5M$73.4M$101.9M$97.4M
Interest expense ——$66.1M$58.1M$54.3M$54.3M$31.8M$24.3M$22.9M—
Pre-tax income $114.9M$102.9M$90.9M$82.3M$68.8M$69.9M$32.1M$48.8M$96.5M$86.4M
Income tax $12.4M$9.0M$6.0M$8.5M$8.4M$8.4M$8.5M$10.1M$35.4M$33.5M
Net income $102.6M$94.0M$85.0M$73.8M$60.5M$61.5M$23.4M$38.8M$59.2M$52.8M
EPS, basic 2.932.872.692.442.042.160.821.832.892.59
EPS, diluted 2.922.872.682.432.032.140.821.822.862.57
Shares, diluted (wtd. avg.) 35.1M32.8M31.7M30.4M29.7M28.7M28.6M21.3M20.7M20.6M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $20.7M$11.1M$9.7M$12.3M$12.1M$9.3M$17.9M$420.7M$7.8M$25.4M
Receivables $62.5M$68.7M$67.9M$59.2M$53.7M$46.8M$36.3M$19.2M$17.3M$16.4M
Total current assets $190.6M$190.7M$198.4M$158.4M$134.1M$127.3M$122.0M$502.7M$66.9M$99.6M
Property, plant and equipment $1.6M$1.2M————$44.1M$44.0M$45.1M$50.5M
Goodwill $640.3M$640.3M$640.3M$640.3M$640.5M$628.1M$628.3M$1.7M——
Other intangibles $41.1M$42.1M$15.1M$16.4M$20.6M$21.3M$20.2M$7.1M$6.3M$16.3M
Total assets $5.15B$4.66B$4.35B$3.76B$3.49B$3.31B$3.13B$1.96B$1.96B$1.44B
Accounts payable $75.4M$56.3M$46.1M$29.6M$30.4M$34.2M$34.9M$24.9M$23.0M$18.7M
Short-term debt $23.5M$3.6M$49.0M$4.4M$39.1M$76.2M$22.3M$0$0$125.0K
Total current liabilities $273.4M$261.2M$343.0M$268.3M$203.3M$350.8M$234.6M$164.0M$85.1M$63.6M
Long-term debt $1.87B$1.71B$1.53B$1.49B$1.49B$1.29B$1.28B$431.4M$431.1M$433.3M
Retained earnings $581.1M$537.2M$495.4M$458.4M$428.3M$408.0M$383.2M$393.9M$376.1M$338.4M
Total equity $1.54B$1.37B$1.23B$1.11B$1.03B$917.2M$890.0M$889.3M$463.2M$421.6M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $244.8M$195.5M$190.8M$166.2M$130.0M$104.1M$130.0M$91.3M$101.1M$114.6M
Depreciation and amortisation $120.5M$115.0M$108.1M$106.4M$96.5M$91.6M$68.5M$56.9M$50.5M$46.3M
Stock-based compensation $6.4M$5.6M$4.6M$4.8M$4.2M$3.6M$3.4M$2.1M$2.6M$1.7M
Investing cash flow -$520.1M-$340.1M-$322.3M-$244.3M-$260.0M-$214.3M-$1.02B-$146.8M-$113.9M-$122.1M
Financing cash flow $284.9M$146.0M$128.8M$78.4M$132.8M$101.5M$485.0M$468.4M-$4.8M$27.7M
Dividends paid $58.6M$52.1M$47.9M$43.6M$40.1M$36.5M$34.1M$23.1M$21.3M$16.6M

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 0001628280-26-012438.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 250M 500M 750M 1B Revenue, FY2016: 328.2M Net income, FY2016: 52.8M Revenue, FY2017: 381.8M Net income, FY2017: 59.2M Revenue, FY2018: 389.3M Net income, FY2018: 38.8M Revenue, FY2019: 447.7M Net income, FY2019: 23.4M Revenue, FY2020: 549.3M Net income, FY2020: 61.5M Revenue, FY2021: 559.6M Net income, FY2021: 60.5M Revenue, FY2022: 586.9M Net income, FY2022: 73.8M Revenue, FY2023: 678.2M Net income, FY2023: 85M Revenue, FY2024: 736.3M Net income, FY2024: 94M Revenue, FY2025: 805.6M Net income, FY2025: 102.6M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $328.2M $381.8M $389.3M $447.7M $549.3M $559.6M $586.9M $678.2M $736.3M $805.6M
Gross profit — — — — — — — — — —
Net income $52.8M $59.2M $38.8M $23.4M $61.5M $60.5M $73.8M $85.0M $94.0M $102.6M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Other event Item 8.01
  • Officer or director change Item 5.02
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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