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Utilities - Regulated water · Utilities · Fiscal year ends Dec 31
California Water Service reported revenue of $964M in the fiscal year ended Dec 2025, up 6.4% from the year before. Operating income was $170M, an operating margin of 17.7%, and net income was $128M. Net debt was $1.4B.
Ranks among the 6 utilities - regulated water companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 766 | 773 | 790 | 906 | 964 |
| Operating income | 127 | 128 | 77.1 | 225 | 170 |
| Interest expense | 45.0 | 46.7 | 52.8 | 60.7 | 70.4 |
| Income tax | 4.1 | 6.4 | −6.8 | 42.5 | 19.1 |
| Net income | 101 | 96.0 | 51.9 | 191 | 128 |
| Diluted EPS | 1.96 | 1.77 | 0.91 | 3.25 | 2.15 |
| Diluted shares | 51.6 | 54.4 | 57.0 | 58.6 | 59.6 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 78.4 | 62.1 | 39.6 | 50.1 | 51.8 |
| Receivables | 60.8 | 55.1 | 59.3 | 58.6 | 56.3 |
| Current assets | 300 | 296 | 296 | 324 | 354 |
| Net PP&E | 7.1 | 5.8 | 4.7 | 2.7 | 2.1 |
| Goodwill | 36.8 | 36.8 | 37.0 | 37.1 | 37.1 |
| Total assets | 3,623 | 4,265 | 4,596 | 5,180 | 5,671 |
| Payables | 144 | 141 | 157 | 168 | 176 |
| Deferred revenue | 3.1 | 3.1 | 3.0 | 3.4 | 3.2 |
| Current liabilities | 272 | 295 | 430 | 538 | 418 |
| Short-term debt | 5.2 | 3.3 | 0.7 | 72.4 | 2.3 |
| Long-term debt | 1,056 | 1,052 | 1,053 | 1,105 | 1,472 |
| Total liabilities | 2,451 | 2,942 | 3,165 | 3,542 | 3,979 |
| Shareholders' equity | 1,172 | 1,322 | 1,430 | 1,638 | 1,692 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 232 | 244 | 218 | 291 | 303 |
| Depreciation & amortisation | 112 | 117 | 123 | 134 | 147 |
| Stock-based compensation | 6.8 | 5.2 | 3.0 | 3.7 | 5.0 |
| Acquisitions | 6.5 | 0.0 | 0.2 | 1.6 | 0.0 |
| Share buybacks | 1.8 | 2.0 | 1.8 | 1.4 | 1.4 |
| Dividends paid | 47.4 | 54.2 | 59.0 | 65.5 | 73.9 |
| Dividend per share | 0.92 | 1.00 | 1.04 | 1.12 | 1.24 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 0.9% | 2.3% | 14.6% | 6.4% |
| Operating income growth (YoY) | – | 0.7% | −39.6% | 191.8% | −24.3% |
| EPS growth (YoY) | – | −9.7% | −48.6% | 257.1% | −33.8% |
| Operating margin | 16.6% | 16.5% | 9.8% | 24.9% | 17.7% |
| Net margin | 13.2% | 12.4% | 6.6% | 21.1% | 13.3% |
| Return on equityBlank when equity is negative | 8.6% | 7.3% | 3.6% | 11.6% | 7.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 3.8% | 3.2% | 1.9% | 4.8% | 3.2% |
| Cash conversion (CFO ÷ net income) | 2.29x | 2.54x | 4.20x | 1.52x | 2.36x |
| Receivable days | 29 | 26 | 27 | 24 | 21 |
| Interest cover | 2.82x | 2.73x | 1.46x | 3.71x | 2.42x |
| Debt ÷ equity | 0.91x | 0.80x | 0.74x | 0.72x | 0.87x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 983 | 994 | 1,014 | 1,127 | 1,422 |
| Current ratio | 1.10x | 1.00x | 0.69x | 0.60x | 0.85x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.