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Regulated water utility (Cal Water) serving California, Washington, New Mexico and Hawaii customers.
Regulated water utility (Cal Water) serving California, Washington, New Mexico and Hawaii customers.
Earns a regulated return: state commissions set the rates it may charge in periodic rate cases so it can recover costs and earn a permitted return on its asset base. California supplies most of the business, and growth comes from investing in pipes and plants.
Moat: wide (regulatory licence, scale). Regulated monopoly franchises with state-approved rate bases protect stable, predictable returns.
Headquarters: San Jose, California · Founded: 1926 · Employees: 1,336
Size California Water Service (CWT) is a United States Utilities company (Water Utilities) with a market value of $3.21B, the 1498th largest of 3,117 United States companies the cockpit tracks. Shares closed at $51.04 on 6 Nov 2026.
Performance Over six months the shares gained 17.4%, against -8.2% for the median peer and -1.1% for the United States market (cap-weighted) — highest of 14 in its peer set.
Growth Revenue grew 7.3% over the last twelve months (peer median +4.2%); the operating margin is 20.6% (peer median 24.8%).
Valuation It trades at 19.0× forward earnings against a peer median of 10.8× (5th most expensive of 12).
Capital Return on invested capital runs 1.5 points below its cost of capital (6.6% WACC).
Short interest Short interest is 3.8% of the free float (15 Oct 2026).
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.08B | $1.00B | $1.04B | $795M | $846M |
| Revenue growth | — | -4% | +30% | -6% | — |
| Gross profit | $412M | $367M | $441M | $240M | $299M |
| EBITDA | $364M | $328M | $395M | $185M | $248M |
| Net income | $137M | $128M | $191M | $51.9M | $96.0M |
| Free cash flow | -$267M | -$214M | -$180M | -$166M | -$84.0M |
| Capital expenditure | $577M | $517M | $471M | $384M | $328M |
| Total debt | $1.65B | $1.62B | $1.40B | $1.25B | $1.14B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| California Water Service CWT | $3.21B | +17% | +7% | 21% | 19.0× | n/a |
| American States Water AWR | $3.57B | +17% | +13% | 32% | 23.9× | 9.3% |
| H2O America HTO | $3.04B | +9% | +4% | 21% | 22.5× | n/a |
| American Water Works AWK | $29.9B | +21% | +5% | 37% | 23.9× | n/a |
| Essential Utilities WTRG | $12.9B | +21% | +9% | 36% | 19.8× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CWT | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +11.9% | +1.1% | 2nd highest of 14 |
| 6-month return | +17.4% | -8.2% | highest of 14 |
| Distance from 52-week high | -5.2% | -17.4% | 4th highest of 14 |
| Revenue growth (TTM) | +7.3% | +4.2% | 6th highest of 14 |
| Operating margin | 20.6% | 24.8% | 4th lowest of 14 |
| Forward P/E | 19.0× | 10.8× | 5th most expensive of 12 |
| ROIC minus cost of capital | -1.5 pp | -0.6 pp | 6th lowest of 14 |
| EV / EBITDA | 13.1× | 14.1× | 3rd cheapest of 7 |
| Net debt / EBITDA | 4.3× | 4.7× | 3rd least indebted of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| California Water Service CWT | United States | $3.21B | +17% | +7% | 21% | 19.0× | n/a | n/a |
| Pennon PNN.L | United Kingdom | $3.18B | -35% | +23% | 25% | 13.3× | n/a | n/a |
| Chengdu Xingrong Environment 000598.SZ | China | $3.27B | +7% | +1% | 29% | 10.3× | -8.2% | +10.8% |
| Beijing Capital Eco-Environment Protection 600008.SS | China | $3.09B | -8% | -8% | 21% | 10.8× | 0.3% | -0.4% |
| H2O America HTO | United States | $3.04B | +9% | +4% | 21% | 22.5× | n/a | n/a |
| Chongqing Water 601158.SS | China | $3.01B | -6% | +1% | 14% | 22.6× | -5.0% | +3.5% |
| American States Water AWR | United States | $3.57B | +17% | +13% | 32% | 23.9× | 9.3% | +6.2% |
| Zhongshan Public Utilities 000685.SZ | China | $2.36B | -8% | -11% | 11% | 6.2× | 9.9% | +16.2% |
| Jiangxi Hongcheng Environment 600461.SS | China | $1.69B | -17% | -11% | 24% | 9.1× | -10.2% | +2.6% |
| Indium Target Advanced Materials (Harbin) 000711.SZ | China | $1.54B | -27% | +46% | -4% | n/a | n/a | n/a |
| Guangdong Investment 0270.HK | Hong Kong | $6.81B | 0% | +25% | 38% | 10.8× | -1.8% | -4.1% |
| Middlesex Water MSEX | United States | $1.15B | +16% | +9% | 31% | 21.7× | n/a | n/a |
| Guangdong Shunkong Development 003039.SZ | China | $1.12B | -16% | +6% | 25% | n/a | 4.3% | +12.5% |
| China Water Affairs 0855.HK | Hong Kong | $823M | -22% | -11% | 25% | 5.8× | -0.6% | 0.0% |