Utilities - Regulated water

6 companies · $10.0B combined revenue · $3.4B operating profit

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The typical US-listed utilities - regulated water company grew revenue 9.7% and earnings 4.6% in its latest year, at a 33.8% operating margin, and 1 of 6 earn a return on capital above 15%. Figures from each company's latest annual filing with the SEC, refreshed daily.

9.7%Median revenue growth
4.6%Median earnings growth
10.5%Median revenue growth, 3 yrs
11.1%Median earnings growth, 3 yrs
33.8%Median operating margin
5.5%Median ROCE
Fastest revenue growthEssential Utilities WTRG18.6%Fastest earnings growthAmerican States Water AWR9.4%Highest ROCECompanhia de Saneamento Basico DO Estado de Sao Paulo-Sabesp SBS18.2%Biggest margin gainEssential Utilities WTRG+0.9 pts

Growth engines: the 4 Cylinders

All four working: 0% of companies

A company's earnings per share can grow in only four ways: more sales, profits growing faster than sales (operating leverage), wider margins, and less debt. Each bar is the share of companies where that engine worked in their latest year.

  • Sales growth · Revenue up 10% or more50%
  • Operating leverage · Operating income growing faster than a growing revenue17%
  • Margin expansion · Operating margin up 1 point or more0%
  • Debt reduction · Debt down 5% or more, or net cash0%

Combined revenue · 5 companies reporting in US dollars

Revenue
$0$5B$10B$15BFY21FY22FY23FY24FY25

Combined operating margin

Operating margin
0%10%20%30%40%FY21FY22FY23FY24FY25

All 6 companies

Median–9.7%4.6%33.8%5.5%1.07x
AWKAmerican Water Works$5.1B10.1%▲5.7%▲36.7%▲6.1%▲1.33x▼
SBSCompanhia de Saneamento Basico DO Estado de Sao Paulo-SabespBRL 38.1B5.4%▼-11.7%▼41.8%▲18.2%▲0.95x▲
WTRGEssential Utilities$2.5B18.6%▲3.5%▼37.2%▲4.9%▼1.19x▼
AWRAmerican States Water$658M10.5%▲9.4%▲30.9%▼8%▲0.75x▲
CWTCalifornia Water Service$964M6.4%▼-32.8%▼17.7%▼3.2%▼0.87x▲
HTOH2O America$806M9.4%▼9.2%▲22%▼3.6%▼1.23x▼

▲ better than the median, ▼ worse. n/a: the ratio doesn't apply to that kind of business (e.g. a bank's operating margin). Sort by any column. Figures from each company's latest 10-K (or 20-F/40-F).