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California Water Service Group (CWT) stock

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NYSE: CWT NYSE Water Utilities Next results ~January 28, 2027

C+ Fundamentals grade

California Water Service Group is a US-listed company in the water utilities industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$57

Cash-flow model

Base case. Range ~$36–$84 across our lower- and higher-growth cases (2.3%–12.3% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 13% below our base value.

Price used: $49.48, November 2, 2026

California Water Service Group valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 5 selling1 purchase and 7 sales by directors and officers, last 12 monthsInsider trades
  • Funds181 adding, 140 cuttingOf 40 active managers that changed their stake, 25 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter California Water Service Group files

10-Q filed October 29: California Water Service

California Water Service Group posted revenue of $1.02bn for the twelve months to September 2026, up 4.8% on a year earlier and an acceleration from the 3.9% pace recorded a quarter earlier. That growth rate ranks the company 9th of 11 water utilities in our coverage. Free-cash-flow margin, meanwhile, slipped to 16.5% from 18.5% a year ago. The fundamentals grade edges up from C to C+. Our model value is barely changed at $51.75 a share, versus a share price of $46.83, and the rating remains Hold. At the current price, the market appears to be pricing in cash-flow growth of about 5.7% a year over five years, not far off the 5.8% a year revenue growth the company has actually delivered.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where California Water Service stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $1.00bn, up 3.9% on a year earlier, slower than the 4.8% growth a quarter earlier. Free-cash-flow margin rose to 18.4% from 12.2% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 2 of our 6 financial-health checks. Our cash-flow model value is $51.75 a share, against a share price of $46.98. At that price, our model says the market is pricing in about 5.8% a year of cash-flow growth for five years, close to the 5.5% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 28, 2027 (estimated)

California Water Service Group's trailing-twelve-month revenue grew 4.8% year on year, with a free-cash-flow margin of 16.5%. Where it stands out: stock pay as % of revenue of 0.4% ranks 2 of 9 water utilities companies we cover. Where it lags: operating margin of 19.4% ranks 9 of 11 water utilities companies we cover.

Our discounted-cash-flow model values the business at ~$57 per share in the base case (~$36–$84 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Long-term debt rising: Long-term debt rose 33% year over year, to 24% of total assets.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

Nothing in California Water Service Group's latest figures clears our strength thresholds.

Things to watch

  • Below peers: operating margin. Operating margin of 19.4% ranks 9 of 11 water utilities companies we cover (median 30.5%).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 3 of the last four quarters.

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$1.05 against an average estimate of $1.21: missed by 13.2%
Revenue
$331m, up 5.4% on a year earlier
Share reaction
+2.9% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Next report
October 28, 2026; average EPS estimate $0.39

California Water Service Group's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.0%
  • 1 week+3.6%
  • 1 month+7.7%
  • This year+16.7%
  • 1 year+14.7%
  • 5 years-12.5%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1B
Operating margin
19.4%
Net margin
13.5%
EPS (TTM, diluted)
$2.27

Growth

Revenue growth
+4.8%
Change in growth rate
+0.9 pts
Share count change
+1.7%

Cash

Free cash flow (TTM)
$168M
FCF margin
16.5%
Stock pay % of revenue
0.4%

Earnings

Last results
October 29, 2026
Next results (est.)
January 28, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Announcement
  3. Announcement
  4. Results
  5. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

California Water Service Group valuation models and calculator

What the price is pricing in

The share price implies about 5.6% a year of cash-flow growth for five years.That is close to the 5.8% a year revenue growth California Water Service Group has delivered.

  • Priced in5.6%
  • Last 12 months4.8%
  • 3 years a year9.7%
  • 5 years a year5.8%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($49.42, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$57
Price used
$49.42close November 3, 2026
Implied change
▲ +15%
Uncertainty
High

How we got here: a discounted-cash-flow model of California Water Service Group's free cash flow after stock-based pay with after-tax interest added back ($234M, FY2026 Q3 TTM), growing 8.2% and 6.7% in the next two years (forecasts, guidance and its record), then back to 7.3% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$36–~$84 ; that spread sets a 35% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of California Water Service Group's free cash flow after stock-based pay ( $234M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value California Water Service Group as an utility or power producer, with every model that fits that kind of business. Cost of equity 7%: the 10-year Treasury yield (4.9%) plus a beta of 0.4 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$57 ~$36–$84 Primary model, counts double
Utility earnings model Net income growing 3% a year, discounted at 8%: for regulated investment that makes free cash flow negative. ~$45 ~$37–$57 Included
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. ~$38 ~$38–$52 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$36 ~$29–$48 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$34 ~$23–$51 Included
Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. ~$36 ~$29–$48 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$43 ~$34–$57 6 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare California Water Service Group with utilities and power producers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −40%
  • Revenue growth 5 points higher ▲ +52%
  • Free-cash-flow margin 1 point lower ▼ −7%
  • Last year's free-cash-flow margin change, if it persists ▼ −12%
  • Discount rate 1 point higher ▼ −23%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $27$46$72$105$149$206
8.5% $14$28$47$71$102$142
10% $7$18$32$50$74$104

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$27.93$38.09$40.78$44.80$47.79$64.54$55.42$48.31$43.17$42.39$49.48
Market value$1.3bn$1.8bn$2.0bn$2.2bn$2.4bn$3.3bn$3.0bn$2.8bn$2.5bn$2.5bn$3.0bn
+ Net debt (− = net cash)$629m$712m$833m$941m$1.1bn$1.0bn$1.1bn$1.2bn$1.3bn$1.6bn$1.6bn
Enterprise value$2.0bn$2.5bn$2.8bn$3.1bn$3.5bn$4.3bn$4.1bn$3.9bn$3.9bn$4.1bn$4.6bn
Multiples
Price / sales 2.3x2.9x2.9x3.2x3.4x4.4x3.9x3.5x2.8x2.6x2.9x
Price / earnings 27.5x25.1x29.9x34.2x24.3x33.0x31.4x53.0x13.3x19.7x21.8x
Price / free cash flow ———————————
EV / EBITDA 13.3x13.7x14.2x16.2x14.6x18.3x16.6x19.7x10.8x12.9x13.5x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

51 /100

Moderate moat

How hard California Water Service Group's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 1 / 20

    Net income has been a median 2.4% of total assets over 10 years.

  • Durability 12 / 20

    Operating margin has been a median 18.2%; its worst year was 8.9%.

  • Cash conversion 17 / 20

    Free cash flow was positive in 9 of 9 years, at a median 14.8% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 19.2% over five years; stock-based pay has been a median 0.6% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $2.61 +21% $1.1bn +11%
Next $2.73 +5% $1.2bn +4%

Next year's EPS estimate has moved −1.7% in 90 days, across 2 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +6.4% on 90 days ago. In the last 30 days, 1 analyst raised California Water Service Group's forecast and 0 cut it.

Consensus EPS forecast California Water Service Group, last 90 days
$2.40 $2.50 $2.60 $2.70 $2.80 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.45 Current fiscal year, 60 days ago: $2.61 Current fiscal year, 30 days ago: $2.61 Current fiscal year, 7 days ago: $2.61 Current fiscal year, Now: $2.61 $2.61 Next fiscal year, 90 days ago: $2.77 Next fiscal year, 60 days ago: $2.75 Next fiscal year, 30 days ago: $2.75 Next fiscal year, 7 days ago: $2.75 Next fiscal year, Now: $2.73 $2.73

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.45$2.77
60 days ago $2.61$2.75
30 days ago $2.61$2.75
7 days ago $2.61$2.75
Now $2.61$2.73

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $1.21 $1.05 −13.2%
Jun 2026 $0.63 $0.93 +47.6%
Mar 2026 $0.23 $0.07 −70.2%
Dec 2025 $0.33 $0.19 −42.4%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 29, 2026

No numeric guidance in California Water Service Group's latest earnings release (filed October 29, 2026). Some companies give their outlook only on the earnings call.

How our valuation uses these forecasts

Our cash-flow model grows California Water Service Group's revenue by +8.2% next year and +6.7% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+8.8%, weight 60%) and the company's own record (+7.3%, weight 40%) . How the weights are set.

Analyst recommendations

4 analysts, Oct 2026
Buy4100%
Hold00%
Sell00%

Monthly trend

  1. Oct 202644
  2. Sep 2026314
  3. Aug 202633
  4. Jul 202633

Counts of recommendations published by analysts covering California Water Service Group, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
5.1%
of tradable shares
Days to cover
5.36
at average volume
Short interest, 1 month
−4%
to October 15, 2026
Held by institutions
96%
of shares
Held by insiders
0.6%
of shares
Employees
1,336
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +14.7%

$43.14 on October 31, 2025 to $49.48

ThenNowEffect
Revenue (last 12 months) $963m $1.0bn +3.9%
Net margin 14.1% 13.3% −5.6%
P/E multiple 18.9x 22.2x +17.9%
Share count 59m 60m −0.8%

Biggest factor: p/e multiple.

Last 3 years +1.2%

$48.88 on November 3, 2023 to $49.48

ThenNowEffect
Revenue (last 12 months) $754m $1.0bn +32.6%
Net margin 8.3% 13.3% +60.1%
P/E multiple 43.2x 22.2x −48.5%
Share count 56m 60m −7.3%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
CWT+35%−14%−13%−11%−2%+17%
Industry peers (median)+21%−9%−12%−10%+3%+11%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
CWT75%50%58%50%42%82%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
CWT−13%−32%−27%−18%−16%−14%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 38% from January 3, 2022 to January 10, 2025. Getting back needed a 62% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$41.39 – $52.09
From 52-week high
−5.0%
vs 50-day average
+3.9%
vs 200-day average
+6.9%
Volatility (1 year)
24%
Beta vs S&P 500
-0.32

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 8 down
typical move ±3.4%
After a week
6 up, 5 down
typical move ±2.9%
After a month
5 up, 6 down
typical move ±3.9%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 +2.9% −2.1% — —
July 30, 2026 −3.1% +2.4% −4.4% −1.8%
April 30, 2026 −6.7% +1.3% −3.9% −2.6%
February 25, 2026 −3.8% +0.3% +1.3% −2.8%
October 30, 2025 −6.5% −0.8% −2.3% −4.1%
July 31, 2025 +3.6% −2.0% +4.4% +5.2%
May 1, 2025 −3.7% +2.2% −4.2% −7.1%
February 27, 2025 −1.1% −0.1% +1.7% +5.0%
October 31, 2024 −2.2% −1.5% +0.6% −0.9%
August 1, 2024 +3.1% −3.3% −0.4% +4.0%
April 25, 2024 +2.9% +0.6% +8.3% +8.6%
February 29, 2024 −0.8% +1.3% +0.7% +1.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How California Water Service Group’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

California Water Service Group in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) California Water Service Group
$700M $800M $900M $1B $1.1B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $790.3M Revenue (TTM), FY24 Q1: $800M Revenue (TTM), FY24 Q2: $832.5M Revenue (TTM), FY24 Q3: $885.4M Revenue (TTM), FY24 Q4: $905.6M Revenue (TTM), FY25 Q1: $933.4M Revenue (TTM), FY25 Q2: $963M Revenue (TTM), FY25 Q3: $970.8M Revenue (TTM), FY25 Q4: $963.7M Revenue (TTM), FY26 Q1: $978.3M Revenue (TTM), FY26 Q2: $1B Revenue (TTM), FY26 Q3: $1B $1B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $790.3M
FY24 Q1 $800M
FY24 Q2 $832.5M
FY24 Q3 $885.4M
FY24 Q4 $905.6M
FY25 Q1 $933.4M
FY25 Q2 $963M
FY25 Q3 $970.8M
FY25 Q4 $963.7M
FY26 Q1 $978.3M
FY26 Q2 $1B
FY26 Q3 $1B
Revenue growth, TTM YoY California Water Service Group
0% 5% 10% 15% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 2.3% Revenue growth, TTM YoY, FY24 Q1: 5.4% Revenue growth, TTM YoY, FY24 Q2: 10.3% Revenue growth, TTM YoY, FY24 Q3: 15.1% Revenue growth, TTM YoY, FY24 Q4: 14.6% Revenue growth, TTM YoY, FY25 Q1: 16.7% Revenue growth, TTM YoY, FY25 Q2: 15.7% Revenue growth, TTM YoY, FY25 Q3: 9.7% Revenue growth, TTM YoY, FY25 Q4: 6.4% Revenue growth, TTM YoY, FY26 Q1: 4.8% Revenue growth, TTM YoY, FY26 Q2: 3.9% Revenue growth, TTM YoY, FY26 Q3: 4.8% 4.8%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 2.3%
FY24 Q1 5.4%
FY24 Q2 10.3%
FY24 Q3 15.1%
FY24 Q4 14.6%
FY25 Q1 16.7%
FY25 Q2 15.7%
FY25 Q3 9.7%
FY25 Q4 6.4%
FY26 Q1 4.8%
FY26 Q2 3.9%
FY26 Q3 4.8%
Operating margin (TTM) California Water Service Group
5% 10% 15% 20% 25% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 9.8% Operating margin (TTM), FY24 Q1: 21.6% Operating margin (TTM), FY24 Q2: 24.6% Operating margin (TTM), FY24 Q3: 25.8% Operating margin (TTM), FY24 Q4: 24.9% Operating margin (TTM), FY25 Q1: 18.2% Operating margin (TTM), FY25 Q2: 18.0% Operating margin (TTM), FY25 Q3: 18.2% Operating margin (TTM), FY25 Q4: 17.7% Operating margin (TTM), FY26 Q1: 17.0% Operating margin (TTM), FY26 Q2: 18.5% Operating margin (TTM), FY26 Q3: 19.4% 19.4%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 9.8%
FY24 Q1 21.6%
FY24 Q2 24.6%
FY24 Q3 25.8%
FY24 Q4 24.9%
FY25 Q1 18.2%
FY25 Q2 18.0%
FY25 Q3 18.2%
FY25 Q4 17.7%
FY26 Q1 17.0%
FY26 Q2 18.5%
FY26 Q3 19.4%
FCF margin (TTM) California Water Service Group
10% 15% 20% 25% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 12.0% FCF margin (TTM), FY24 Q1: 12.2% FCF margin (TTM), FY24 Q2: 20.7% FCF margin (TTM), FY24 Q3: 18.6% FCF margin (TTM), FY24 Q4: 17.3% FCF margin (TTM), FY25 Q1: 17.7% FCF margin (TTM), FY25 Q2: 12.2% FCF margin (TTM), FY25 Q3: 18.5% FCF margin (TTM), FY25 Q4: 16.2% FCF margin (TTM), FY26 Q1: 16.7% FCF margin (TTM), FY26 Q2: 18.4% FCF margin (TTM), FY26 Q3: 16.5% 16.5%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 12.0%
FY24 Q1 12.2%
FY24 Q2 20.7%
FY24 Q3 18.6%
FY24 Q4 17.3%
FY25 Q1 17.7%
FY25 Q2 12.2%
FY25 Q3 18.5%
FY25 Q4 16.2%
FY26 Q1 16.7%
FY26 Q2 18.4%
FY26 Q3 16.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar California Water Service Group took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $964M
  2. Selling, general and admin $142M · 14.7%
  3. Other operating costs $652M · 67.6%
  4. Operating income $170M · 17.7%
  5. Income tax $19.1M · 2.0%
  6. Interest and other $23.1M · 2.4%
  7. Net income $128M · 13.3%

Shares of revenue. Source: California Water Service Group's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 590 622 675 664 698 766 773 790 906 964 1,017
EBITDA 148 186 196 191 238 238 245 200 359 317 340
Operating income 83 107 111 99 137 127 128 77 225 170 197
Net income 49 73 66 63 97 101 96 52 191 128 137
Diluted EPS $1.01 $1.52 $1.36 $1.31 $1.97 $1.96 $1.77 $0.91 $3.25 $2.15 $2.27
Growth (year on year)
Revenue — +5.6% +8.4% −1.5% +5.0% +9.8% +0.9% +2.3% +14.6% +6.4% +4.8%
EBITDA — +25.6% +5.7% −2.8% +24.6% +0.3% +2.8% −18.3% +79.4% −11.8% +6.1%
Operating income — +29.6% +3.2% −10.1% +37.5% −7.2% +0.7% −39.6% +191.8% −24.3% +11.5%
Net income — +49.9% −10.1% −3.8% +53.4% +4.4% −5.1% −45.9% +267.6% −32.8% +0.7%
Diluted EPS — +50.5% −10.5% −3.7% +50.4% −0.5% −9.7% −48.6% +257.1% −33.8% −0.9%
Margins
EBITDA margin 25.1% 29.8% 29.1% 28.7% 34.1% 31.1% 31.7% 25.3% 39.7% 32.9% 33.4%
Operating margin 14.0% 17.2% 16.4% 15.0% 19.6% 16.6% 16.5% 9.8% 24.9% 17.7% 19.4%
Net margin 8.3% 11.7% 9.7% 9.5% 13.9% 13.2% 12.4% 6.6% 21.1% 13.3% 13.5%
Cash flow
Cash from operations 160 148 179 169 118 232 244 218 291 303 310
Stock-based pay 3 3 3 7 5 7 5 3 4 5 4
Balance sheet
Cash 26 95 47 43 45 78 62 40 50 52 45
Total debt 655 807 880 984 1,156 1,096 1,126 1,233 1,382 1,604 1,647
Net debt (negative = net cash) 629 712 833 941 1,112 1,018 1,064 1,194 1,332 1,552 1,602
Diluted shares 48m 48m 48m 48m 49m 52m 54m 57m 59m 60m 61m
Returned to shareholders
Dividends 33 35 36 38 42 47 54 59 65 74 79
Buybacks 1 2 2 2 2 2 2 2 1 1 1
Total returned 34 36 38 41 43 49 56 61 67 75 80

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 6 checks passed · September 30, 2026
What it owns · $6.1bn
Short-term assets $408mLonger-term assets $5.7bn
What it owes, and who funded it · $2.5bn
Short-term liabilities $575mShareholders' equity $1.9bn
  • Short-term assets cover short-term liabilities $408m of assets due within a year against $575m of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $45m of cash against $1.5bn of debt.
  • Debt below 40% of shareholders' equity Debt is 77% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 91% to 77% over five years.
  • A year's operating cash flow covers at least 20% of debt $310m of operating cash flow against $1.5bn of debt.
  • Operating profit covers interest at least five times over Operating income of $197m against $79m of interest.

From California Water Service Group's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$1.2M
Dividends (TTM)
$78.9M
Returned to shareholders
48%
of free cash flow
Buybacks, last 3 fiscal years
$4.7M
Diluted share count
+1.7%
year over year
Total shareholder yield
2.6%
dividends 2.5% + buybacks 0.0% of market value
Dividend payout ratio
57%
of net income paid out
Days sales outstanding
29 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in water utilities
Last 12 months unless stated CWT HTO AWR WTRG MSEX AWK Median
Revenue, last 12 months $1.0bn $838m $697m $2.6bn $212m $5.3bn $455m
Revenue growth, last 12 months 4.8% 4.2% 13.2% 9.9% 8.9% 5.4% 7.4%
Revenue growth, 3-year average 9.7% 7.7% 6.4% 3.7% 8.4% 8.9% 8.4%
Revenue growth, latest quarter 5.4% 4.0% 11.2% 3.1% 11.3% 4.1% 7.4%
Operating margin 19.4% 20.7% 31.8% 35.1% 30.5% 37.0% 30.5%
Operating margin, 3-year average 21.1% 22.2% 31.3% 36.4% 28.6% 36.6% 28.6%
Net margin 13.5% 12.5% 20.5% 21.6% 24.5% 21.3% 20.9%
Cash from operations / revenue 30.5% 29.6% 33.9% 40.0% 32.7% 43.0% 33.3%
Free-cash-flow margin 16.5% 13.8% 3.0% 22.9% 18.4% −21.7% 8.4%
Free-cash-flow margin, 3-year average 17.8% 12.3% −4.4% 21.7% 9.3% −19.5% 2.5%
Stock pay / revenue 0.4% 0.8% 0.5% 0.5% 0.8% 0.4% 0.7%
Change in share count 1.7% 16.7% 2.3% 2.5% 3.8% 0.6% 2.4%

Median of all 12 companies we cover in water utilities. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

12 water utilities companies
Measure Company Peer median Rank
Revenue growth Growth 4.8% 8.9% 9 of 12
Change in growth rate Growth +0.9pp +0.9pp 6 of 12
Operating margin Profitability 19.4% 30.5% 9 of 11
Net margin Profitability 13.5% 21.3% 9 of 12
Free-cash-flow margin Cash generation 16.5% 13.8% 5 of 12
Stock pay as % of revenue Cash generation 0.4% 0.8% 2 of 9
Long-term debt as % of assets Balance sheet 24.2% 26.9% 3 of 12
Change in share count Balance sheet 1.7% 2.3% 5 of 11
Days sales outstanding Balance sheet 29 days 32 days 4 of 11

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
Residential $567M ▲ 5.4%
Business $193M ▲ 7.0%
Multiple Residential $84M ▲ 9.3%
Public Authorities $54.7M ▲ 11.2%
Other services $34.1M ▲ 10.2%
Industrial $31M ▲ 1.9%
Non Regulated Services $18.4M ▲ 1.2%
Operating and Maintenance $13.7M ▼ 0.6%
Other Non Regulated Service $4.7M ▲ 7.0%

These categories overlap or exclude eliminations, so shares aren't shown.

From California Water Service Group's 10-K filed February 27, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$2.7B
Institutions reporting
342
Shares held vs prior quarter
▲ 8.0%
Positions opened / closed
43 / 42

Top buyers and sellers, Q2 2026: 181 institutions bought and 140 sold ; the biggest buyer was Atlas Infrastructure Partners (UK) Ltd (+2.0M shares) and the biggest seller Cbre Investment Management Listed Real Assets LLC (−648K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $523M 10.8M 19.4% ▲ 4.3%
Vanguard Portfolio Management LLC $213M 4.4M 7.9% ▲ 2.1%
T. Rowe Price Investment Management, Inc. $171M 3.5M 6.4% ▲ 2.9%
Amundi $170M 3.5M 6.3% ▲ 0.5%
State Street Corp $159M 3.3M 5.9% ▲ 5.3%
Vanguard Capital Management LLC $131M 2.7M 4.9% ▲ 1.0%
Atlas Infrastructure Partners (UK) Ltd. $96.6M 2.0M 3.6% New
Geode Capital Management, LLC $75.7M 1.6M 2.8% ▲ 5.4%
First Trust Advisors LP $63.2M 1.3M 2.3% ▼ 4.0%
FMR LLC $62.3M 1.3M 2.3% ▼ 7.8%
Dimensional Fund Advisors LP $57.2M 1.2M 2.1% ▲ 1.4%
Nuance Investments, LLC $53.3M 1.1M 2.0% ▼ 31.7%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not California Water Service Group's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $23,540 1 trade by 1 insider, last 12 months Insider sales History → $664,310 7 trades by 5 insiders · 0% under pre-set plans
Net ▼ $640,770 net selling
Insider Date Trade Shares Price Value
Snow Lester A Director September 1, 2026 Sell 500 $50.21 $25,105
Krummel Thomas M Director August 13, 2026 Sell 3,700 $50.37 $186,350
Snow Lester A Director May 27, 2026 Sell 1,100 $44.00 $48,400
Krummel Thomas M Director May 21, 2026 Sell 3,700 $43.30 $160,214
Mares Michael S Jr Vice President, Operations March 20, 2026 Sell 3,892 $44.00 $171,248
Luu Michael B Sr. VP Corp Svcs & Chief Risk March 20, 2026 Sell 740 $44.53 $32,945
Mortensen Michelle R VP, Corp Sec &Chief of Staff December 23, 2025 Sell 924 $43.34 $40,046
Lynch James Patrick SVP CFO and Treasurer December 10, 2025 Buy 550 $42.80 $23,540

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around January 28, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 30, 2026
  • April 30, 2026
  • February 25, 2026
  • October 30, 2025
  • July 31, 2025

Recent SEC filings

Data status

When each part of this page on California Water Service Group was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

California Water Service Group in brief

What does California Water Service Group do?
California Water Service Group is a US-listed company in the water utilities industry. Its financial year ends in December.
What is California Water Service Group's stock ticker?
California Water Service Group trades under the ticker CWT on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is California Water Service Group's revenue, and how fast is it growing?
Over its most recent trailing twelve months, California Water Service Group reported revenue of $1B, 4.8% higher than a year earlier, according to its SEC filings.
What is California Water Service Group's free cash flow?
California Water Service Group's free-cash-flow margin is 16.5% of revenue over the trailing twelve months, ranking 5 of the 12 water utilities companies we cover.
What is California Water Service Group's fair value (intrinsic value) per share?
Our discounted-cash-flow model of California Water Service Group's free cash flow after stock-based pay gives ~$57 per share in the base case, and ~$36–$84 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are California Water Service Group's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and T. Rowe Price Investment Management, Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is California Water Service Group buying back stock, and does it pay a dividend?
California Water Service Group spent $1.2M on share repurchases over the trailing twelve months, and its diluted share count still rose 1.7% over the year.
What is California Water Service Group's market cap?
On November 2, 2026, California Water Service Group's market capitalisation was about $3B, with a price-to-earnings ratio of 21.8 and net debt of $1.6B. Market figures come from third-party market data and may be delayed.
Does California Water Service Group pay a dividend?
Yes: California Water Service Group paid $78.9M in dividends over the trailing twelve months, a dividend yield of 2.54% and a payout ratio of 57.4%.
How much debt does California Water Service Group have?
California Water Service Group's debt-to-equity ratio is 77.2%, from its latest balance sheet (91.1% five years earlier). The financial health section below sets out its other solvency checks.
Who are California Water Service Group's competitors?
In our Water Utilities peer group, the companies closest to California Water Service Group are H2o America, American States Water Co, Essential Utilities, Inc., Middlesex Water Co and American Water Works. The side-by-side comparison below sets their revenue, margins and growth against California Water Service Group's.
Are insiders buying or selling California Water Service Group stock?
Over the last 12 months, California Water Service Group's directors and officers reported 1 open-market purchases and 7 sales on Form 4. The insider trading page charts every trade.
When is California Water Service Group's next earnings date?
Around January 28, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — California Water Service Group announces its own schedule.