California Water Service vs H2o America
California Water Service is the larger business, with $964m of revenue in fiscal 2025 against $801m for H2o America (1.2 times as much). H2o America grew faster (7.0% against 6.4%). California Water Service kept more of each dollar of sales as profit: a net margin of 13.3% against 12.8%. California Water Service carries less debt relative to equity (94.8% against 129.0%).
| Latest fiscal year | California Water ServiceCWT, 2025 | H2o AmericaHTO, 2025 |
|---|---|---|
| Revenue | $964m | $801m |
| Revenue growth | 6.4% | 7.0% |
| Net income | $128m | $103m |
| Operating margin | 17.7% | 22.2% |
| Net margin | 13.3% | 12.8% |
| Return on equity | 7.7% | 7.1% |
| Free cash flow | — | — |
| Cash | $51.8m | $20.7m |
| Total debt | $1.60bn | $1.99bn |
| Debt to equity | 94.8% | 129.0% |
| Dividend per share | $1.24 | $1.68 |
| Dividend yield | 2.5% | 2.3% |
| Share buybacks | $1.4m | — |
| Employees | 1,336 | 837 |
| Market value | $3.09bn | $2.94bn |
| Price vs our value range | Within our value range | Above our value range |
| Moat score | 51 (Moderate) | 51 (Moderate) |
| Insider trades, 12 months | 1 buys, 7 sales | 6 buys, 3 sales |