H2O AMERICA HTO

Utilities SIC 4941 - Water Supply 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 64.32 2026-09-04
Market cap $2.69B 2026-03-31 share count
52-week range 43.75 - 67.09

Valuation FY2025 figures against the last close

P/S3.3x
P/E22.0x
P/FCF11.0x
EV/EBITDA15.3x
Dividend yield2.2%
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.) $35.1M$32.8M$31.7M$30.4M$29.7M$28.7M$28.6M$21.3M$20.7M$20.6M

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.

Others in SIC 4941

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AWR AMERICAN STATES WATER CO $3.51B 26.3x 8.2%
CWT CALIFORNIA WATER SERVICE GROUP $3.09B 23.3x 6.4%
MSEX MIDDLESEX WATER CO $1.10B 24.7x 1.5%
YORW YORK WATER CO $552.6M 24.5x 3.4%
CWCO Consolidated Water Co. Ltd. $468.9M 25.7x 11.0%
ARTNA ARTESIAN RESOURCES CORP $373.7M 16.4x 4.6%