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Water utility holding company (formerly SJW Group); San Jose Water and Connecticut Water supply regulated service.
Water utility holding company (formerly SJW Group); San Jose Water and Connecticut Water supply regulated service.
Rates are set by state regulators, such as the California Public Utilities Commission, to cover costs and allow a return on the net investment in pipes and plants, so earnings grow as it invests and wins rate cases. It joined with Connecticut Water in 2019 to add a second regulatory jurisdiction beyond California.
Moat: wide (regulatory licence, scale). Regulated monopoly service territories with state-approved rate bases protect stable returns.
Headquarters: San Jose, California · Founded: 1866 · Employees: 837
Size H2O America (HTO) is a United States Utilities company (Water Utilities) with a market value of $3.04B, the 1543rd largest of 3,117 United States companies the cockpit tracks. Shares closed at $62.95 on 6 Nov 2026.
Performance Over six months the shares gained 8.6%, against -6.9% for the median peer and -1.1% for the United States market (cap-weighted) — 4th highest of 15 in its peer set.
Growth Revenue grew 4.2% over the last twelve months (peer median +3.7%); the operating margin is 20.8% (peer median 24.2%).
Valuation It trades at 22.5× forward earnings against a peer median of 10.8× (3rd most expensive of 12).
Capital Return on invested capital runs 2.4 points below its cost of capital (6.1% WACC).
Short interest Short interest is 4.7% of the free float (15 Oct 2026).
Next results Next results expected around 18 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $838M | $801M | $748M | $670M | $621M |
| Revenue growth | — | +7% | +12% | +8% | — |
| Gross profit | $378M | $369M | $341M | $306M | $281M |
| EBITDA | $306M | $302M | $286M | $259M | $233M |
| Net income | $105M | $103M | $94.0M | $85.0M | $73.8M |
| Free cash flow | -$249M | -$278M | -$185M | -$99.9M | -$78.0M |
| Capital expenditure | $498M | $523M | $381M | $291M | $244M |
| Total debt | $2.09B | $1.98B | $1.83B | $1.75B | $1.66B |
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 |
|---|---|---|---|---|---|---|
| H2O America HTO | $3.04B | +9% | +4% | 21% | 22.5× | n/a |
| American States Water AWR | $3.57B | +17% | +13% | 32% | 23.9× | 9.3% |
| California Water Service CWT | $3.21B | +17% | +7% | 21% | 19.0× | 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 | HTO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +8.4% | -1.3% | 4th highest of 15 |
| 6-month return | +8.6% | -6.9% | 4th highest of 15 |
| Distance from 52-week high | -6.2% | -18.2% | 5th highest of 15 |
| Revenue growth (TTM) | +4.2% | +3.7% | 8th highest of 15 |
| Operating margin | 20.8% | 24.2% | 6th lowest of 15 |
| Forward P/E | 22.5× | 10.8× | 3rd most expensive of 12 |
| ROIC minus cost of capital | -2.4 pp | -0.3 pp | 4th lowest of 15 |
| EV / EBITDA | 14.9× | 13.2× | 3rd most expensive of 7 |
| Net debt / EBITDA | 5.0× | 4.4× | 3rd most indebted of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| 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% |
| Beijing Capital Eco-Environment Protection 600008.SS | China | $3.09B | -8% | -8% | 21% | 10.8× | 0.3% | -0.4% |
| Pennon PNN.L | United Kingdom | $3.18B | -35% | +23% | 25% | 13.3× | n/a | n/a |
| California Water Service CWT | United States | $3.21B | +17% | +7% | 21% | 19.0× | n/a | n/a |
| Chengdu Xingrong Environment 000598.SZ | China | $3.27B | +7% | +1% | 29% | 10.3× | -8.2% | +10.8% |
| 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% |
| Jiangsu Jiangnan Water 601199.SS | China | $763M | +2% | -4% | 12% | n/a | -1.5% | +8.9% |