H2O AMERICA HTO
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.
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 | $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 | 2.93 | 2.87 | 2.69 | 2.44 | 2.04 | 2.16 | 0.82 | 1.83 | 2.89 | 2.59 |
| EPS, diluted | 2.92 | 2.87 | 2.68 | 2.43 | 2.03 | 2.14 | 0.82 | 1.82 | 2.86 | 2.57 |
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| AWK | American Water Works Company, Inc. | $27.96B | 24.7x | 10.1% |
| WTRG | Essential Utilities, Inc. | $11.83B | 7.3x | 10.1% |
| 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% |