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Utilities - Regulated water · Utilities · Fiscal year ends Dec 31
H2O America reported revenue of $806M in the fiscal year ended Dec 2025, up 9.4% from the year before. Operating income was $178M, an operating margin of 22.0%, and net income was $103M. Net debt was $1.9B.
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 | 560 | 587 | 678 | 736 | 806 |
| Operating income | 111 | 131 | 149 | 171 | 178 |
| Interest expense | 54.3 | 58.1 | 66.1 | 71.4 | 72.6 |
| Pre-tax income | 68.8 | 82.3 | 90.9 | 103 | 115 |
| Income tax | 8.4 | 8.5 | 6.0 | 9.0 | 12.4 |
| Net income | 60.5 | 73.8 | 85.0 | 94.0 | 103 |
| Diluted EPS | 2.03 | 2.43 | 2.68 | 2.87 | 2.92 |
| Diluted shares | 29.7 | 30.4 | 31.7 | 32.8 | 35.1 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 10.9 | 12.3 | 9.7 | 11.1 | 20.7 |
| Receivables | 53.7 | 59.2 | 67.9 | 68.7 | 62.5 |
| Current assets | 134 | 158 | 198 | 191 | 191 |
| Net PP&E | – | – | – | 1.2 | 1.6 |
| Goodwill | 640 | 640 | 640 | 640 | 640 |
| Total assets | 3,492 | 3,755 | 4,345 | 4,658 | 5,150 |
| Payables | 30.4 | 29.6 | 46.1 | 56.3 | 75.4 |
| Current liabilities | 203 | 268 | 343 | 261 | 273 |
| Short-term debt | 39.1 | 4.4 | 49.0 | 3.6 | 23.5 |
| Long-term debt | 1,493 | 1,492 | 1,527 | 1,707 | 1,867 |
| Total liabilities | 2,458 | 2,644 | 3,112 | 3,291 | 3,609 |
| Shareholders' equity | 1,035 | 1,111 | 1,233 | 1,367 | 1,541 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 130 | 166 | 191 | 196 | 245 |
| Depreciation & amortisation | 96.5 | 106 | 108 | 115 | 120 |
| Stock-based compensation | 4.2 | 4.8 | 4.6 | 5.6 | 6.4 |
| Acquisitions | – | 0.4 | 7.5 | 0.0 | 0.0 |
| Dividends paid | 40.1 | 43.6 | 47.9 | 52.1 | 58.6 |
| Dividend per share | 1.36 | 1.44 | 1.52 | 1.60 | 1.68 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 4.9% | 15.5% | 8.6% | 9.4% |
| Operating income growth (YoY) | – | 17.8% | 14.1% | 14.1% | 4.1% |
| EPS growth (YoY) | – | 19.7% | 10.3% | 7.1% | 1.7% |
| Operating margin | 19.9% | 22.3% | 22.0% | 23.2% | 22.0% |
| Net margin | 10.8% | 12.6% | 12.5% | 12.8% | 12.7% |
| Return on equityBlank when equity is negative | 5.8% | 6.6% | 6.9% | 6.9% | 6.7% |
| ROCEEBIT ÷ (assets − current liabilities) | 3.4% | 3.8% | 3.7% | 3.9% | 3.6% |
| Cash conversion (CFO ÷ net income) | 2.15x | 2.25x | 2.25x | 2.08x | 2.39x |
| Receivable days | 35 | 37 | 37 | 34 | 28 |
| Interest cover | 2.05x | 2.26x | 2.26x | 2.39x | 2.45x |
| Debt ÷ equity | 1.48x | 1.35x | 1.28x | 1.25x | 1.23x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,521 | 1,484 | 1,566 | 1,699 | 1,870 |
| Current ratio | 0.66x | 0.59x | 0.58x | 0.73x | 0.70x |
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.