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H2o America (HTO) stock

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NASDAQ: HTO Nasdaq Water Utilities Next results ~January 25, 2027

D Fundamentals grade

H2o America 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

Under review: after-tax interest is 58% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy.

Price vs value

Under review: after-tax interest is 58% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy. We'll show the comparison once resolved.

H2o America 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.

  • Insiders2 buying, 2 selling6 purchases and 3 sales by directors and officers, last 12 monthsInsider trades
  • Funds166 adding, 131 cuttingOf 48 active managers that changed their stake, 24 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter H2o America files

Where H2o America stands after its latest 10-Q

Revenue for the twelve months to September 2026 was $838m, up 4.2% on a year earlier, slower than the 5.0% growth a quarter earlier. Free-cash-flow margin held at 13.8%. Operating margin narrowed to 20.7% from 23.4%. The diluted share count is up 16.7% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades E. It passes 2 of our 6 financial-health checks.

Our model value for H2o America is under review, so past values are not shown until it is resolved.

Source: 10-Q filed October 26, 2026 on SEC EDGAR · Financials · Valuation

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 25, 2027 (estimated)

H2o America's trailing-twelve-month revenue grew 4.2% year on year, with a free-cash-flow margin of 13.8%. Where it lags: change in share count of 16.7% ranks 11 of 11 water utilities companies we cover.

Our discounted-cash-flow model values the business at ~$38 per share in the base case (~$20–$60 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 11.7% while net income fell 4.0%: a 16pp divergence.

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 H2o America's latest figures clears our strength thresholds.

Things to watch

  • Share dilution. Diluted shares rose 16.7% in a year.
  • High debt. Long-term debt exceeds cash by $1.3bn, more than 1.5 times annual revenue.
  • Below peers: revenue growth. Revenue growth of 4.2% ranks 10 of 12 water utilities companies we cover (median 8.9%).
  • Below peers: net margin. Net margin of 12.5% ranks 10 of 12 water utilities companies we cover (median 21.3%).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.
  • Earnings expected to fall. The consensus expects earnings per share to fall 2% next year.

Latest results: FY2026 Q3

Filed October 26, 2026
Earnings per share
$1.04 against an average estimate of $1.08: missed by 3.8%
Revenue
$250m, up 4.0% on a year earlier
Share reaction
+3.6% in the first session after the results on October 26, 2026, against +1.3% for the S&P 500
Guidance given
adjusted diluted EPS guidance $3.1 to $3.16 (2026); adjusted diluted EPS guidance $2.91 to $2.97 (2026)
Next report
October 26, 2026; average EPS estimate $0.53

H2o America's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.4%
  • 1 week+4.6%
  • 1 month+1.8%
  • This year+27.8%
  • 1 year+36.6%
  • 5 years-0.8%
  • 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)
$838M
Operating margin
20.7%
Net margin
12.5%
EPS (TTM, diluted)
$2.61

Growth

Revenue growth
+4.2%
Change in growth rate
−0.8 pts
Share count change
+16.7%

Cash

Free cash flow (TTM)
$116M
FCF margin
13.8%
Stock pay % of revenue
0.8%

Earnings

Last results
October 26, 2026
Next results (est.)
January 25, 2027

News & updates

Updated October 31, 2026

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

  1. Results
  2. Guidance
  3. Deal
  4. Results

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

H2o America valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: after-tax interest is 58% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value H2o America 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 0.43 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. — Does not apply: This model is withheld pending its input or assumption review.
Utility earnings model Net income growing 3% a year, discounted at 8%: for regulated investment that makes free cash flow negative. ~$45 ~$37–$56 Included
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$43 ~$43–$54 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$45 ~$36–$60 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$45 ~$31–$69 Included
Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. ~$45 ~$35–$60 Included
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare H2o America 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.

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$44.73$51.98$46.16$60.10$59.84$64.43$73.06$60.07$46.51$47.87$61.19
Market value$921m$1.1bn$985m$1.7bn$1.7bn$1.9bn$2.2bn$1.9bn$1.5bn$1.7bn$2.5bn
+ Net debt (− = net cash)$446m$452m$114m$1.4bn$1.5bn$1.6bn$1.6bn$1.7bn$1.8bn$2.0bn$1.5bn
Enterprise value$1.4bn$1.5bn$1.1bn$3.1bn$3.3bn$3.5bn$3.9bn$3.6bn$3.4bn$3.6bn$4.0bn
Multiples
Price / sales 2.7x2.8x2.5x4.1x3.0x3.3x3.6x2.8x2.0x2.1x2.9x
Price / earnings 17.4x18.2x25.4x73.3x27.9x31.7x30.1x22.4x16.2x16.4x23.5x
Price / free cash flow ———————————
EV / EBITDA 9.5x10.0x8.4x24.8x15.5x16.9x16.3x14.2x11.7x12.2x13.0x

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 H2o America'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 0 / 20

    Net income has been a median 1.9% of total assets over 10 years.

  • Durability 16 / 20

    Operating margin has been a median 19.1%; its worst year was 17.5%.

  • Cash conversion 15 / 20

    Free cash flow was positive in 9 of 9 years, at a median 10.0% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 36.9% over five years; stock-based pay has been a median 0.8% 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 $2.84 −5% $866m +8%
Next $2.79 −2% $931m +8%

Next year's EPS estimate has moved +1.7% in 90 days, across 5 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +3.8% on 90 days ago. In the last 30 days, 1 analyst raised H2o America's forecast and 0 cut it.

Consensus EPS forecast H2o America, last 90 days
$2.70 $2.75 $2.80 $2.85 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.74 Current fiscal year, 60 days ago: $2.73 Current fiscal year, 30 days ago: $2.73 Current fiscal year, 7 days ago: $2.75 Current fiscal year, Now: $2.84 $2.84 Next fiscal year, 90 days ago: $2.74 Next fiscal year, 60 days ago: $2.71 Next fiscal year, 30 days ago: $2.71 Next fiscal year, 7 days ago: $2.77 Next fiscal year, Now: $2.79 $2.79

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

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.74$2.74
60 days ago $2.73$2.71
30 days ago $2.73$2.71
7 days ago $2.75$2.77
Now $2.84$2.79

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $1.08 $1.04 −3.8%
Jun 2026 $0.70 $0.72 +2.2%
Mar 2026 $0.49 $0.50 +1.4%
Dec 2025 $0.50 $0.46 −8.0%

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

Management guidance

Earnings release, October 26, 2026
  • adjusted diluted EPS guidance 2026 $3.10 to $3.16 Non-GAAP Narrowed
    “The company is narrowing standalone 2026 adjusted diluted EPS guidance to $3.10-$3.16, preserving the $3.13 midpoint of the original $3.08-$3.18 1 range.” source
  • adjusted diluted EPS guidance 2026 $2.91 to $2.97 Non-GAAP New
    “With the close of the Quadvest acquisition on October 1, we are providing 2026 adjusted diluted EPS guidance of $2.91-$2.97, which incorporates the anticipated impacts of Quadvest and the pending Cibolo Valley acquisitions, including the financings thereof.” source
  • adjusted diluted EPS CAGR target 2026-30 period 6% growth to 8% growth Non-GAAP Maintained
    “Further, we continue to expect to deliver a non-linear adjusted diluted EPS CAGR at or above the top end of the 6-8% range over the 2026-30 period.” source
  • full year company-funded capital investment plan full year 2026 about $465m Lowered
    “We are adjusting our full year 2026 company-funded capital investment plan to approximately $465 million from $483 million due primarily to increased levels of developer-funded capital at our Texas subsidiary partially offset by the inclusion of planned Quadvest capex following the October 1 close of the acquisition.” source
  • total capital plan 2026-30 period about $2.7bn Maintained
    “We continue to plan to invest a total of $2.7 billion 2 over the 2026-30 period (including the impacts of Quadvest and Cibolo Valley) to build and maintain our water and wastewater operations, subject to regulatory approvals and availability of funding.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

7 analysts, Oct 2026
Buy571%
Hold229%
Sell00%

Monthly trend

  1. Oct 20261427
  2. Sep 20261427
  3. Aug 20261427
  4. Jul 20261427

Counts of recommendations published by analysts covering H2o America, 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
3.79
at average volume
Short interest, 1 month
−62%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
15.2%
of shares
Employees
837
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 +36.6%

$44.80 on October 31, 2025 to $61.19

ThenNowEffect
Revenue (last 12 months) $789m $829m +5.0%
Net margin 13.0% 12.9% −1.0%
P/E multiple 14.7x 21.9x +48.6%
Share count 34m 38m −11.7%

Biggest factor: p/e multiple.

Last 3 years +2.4%

$59.74 on November 3, 2023 to $61.19

ThenNowEffect
Revenue (last 12 months) $642m $829m +29.1%
Net margin 13.8% 12.9% −6.3%
P/E multiple 20.9x 21.9x +4.8%
Share count 31m 38m −19.2%

Biggest factor: revenue.

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
HTO+8%+13%−18%−23%+3%+28%
Industry peers (median)+25%−14%−12%−10%+0%+11%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
HTO50%58%33%33%58%73%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
HTO−17%−22%−30%−23%−20%−14%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 43% from December 27, 2022 to January 10, 2025. Getting back needed a 75% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$43.43 – $64.97
From 52-week high
−5.8%
vs 50-day average
+0.3%
vs 200-day average
+4.8%
Volatility (1 year)
23%
Beta vs S&P 500
-0.29

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
5 up, 7 down
typical move ±3.0%
After a week
7 up, 5 down
typical move ±3.9%
After a month
4 up, 7 down
typical move ±3.4%
Results releasedNext dayS&P 500 next day5 days21 days
October 26, 2026 +3.6% +1.3% +3.9% —
July 27, 2026 +0.6% +0.3% −4.3% +0.8%
April 28, 2026 −3.2% −0.5% −2.7% −3.1%
February 25, 2026 −1.5% +0.3% +5.6% +5.6%
October 28, 2025 −8.8% +0.3% −6.9% −8.4%
July 29, 2025 +2.0% −0.4% +3.7% +7.5%
April 28, 2025 +5.6% +0.7% +2.0% −2.3%
February 27, 2025 −1.2% −0.1% +2.1% +0.6%
October 28, 2024 −0.4% +0.5% −2.7% −1.6%
July 25, 2024 +2.9% +0.6% +2.7% −0.8%
April 26, 2024 −1.9% +1.3% +2.1% −0.2%
February 22, 2024 −4.3% +2.1% −7.8% −6.5%

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.

H2o America in five measures

Fundamentals grade D
Growth Profitability Cash Balance sheet

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) H2o America
$650M $700M $750M $800M $850M FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $670.4M Revenue (TTM), FY24 Q1: $682.4M Revenue (TTM), FY24 Q2: $701.7M Revenue (TTM), FY24 Q3: $722M Revenue (TTM), FY24 Q4: $748.4M Revenue (TTM), FY25 Q1: $766.7M Revenue (TTM), FY25 Q2: $788.7M Revenue (TTM), FY25 Q3: $804.2M Revenue (TTM), FY25 Q4: $800.6M Revenue (TTM), FY26 Q1: $816.3M Revenue (TTM), FY26 Q2: $828.5M Revenue (TTM), FY26 Q3: $838.2M $838.2M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $670.4M
FY24 Q1 $682.4M
FY24 Q2 $701.7M
FY24 Q3 $722M
FY24 Q4 $748.4M
FY25 Q1 $766.7M
FY25 Q2 $788.7M
FY25 Q3 $804.2M
FY25 Q4 $800.6M
FY26 Q1 $816.3M
FY26 Q2 $828.5M
FY26 Q3 $838.2M
Revenue growth, TTM YoY H2o America
0% 5% 10% 15% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 8.0% Revenue growth, TTM YoY, FY24 Q1: 7.7% Revenue growth, TTM YoY, FY24 Q2: 9.4% Revenue growth, TTM YoY, FY24 Q3: 7.7% Revenue growth, TTM YoY, FY24 Q4: 11.6% Revenue growth, TTM YoY, FY25 Q1: 12.3% Revenue growth, TTM YoY, FY25 Q2: 12.4% Revenue growth, TTM YoY, FY25 Q3: 11.4% Revenue growth, TTM YoY, FY25 Q4: 7.0% Revenue growth, TTM YoY, FY26 Q1: 6.5% Revenue growth, TTM YoY, FY26 Q2: 5.0% Revenue growth, TTM YoY, FY26 Q3: 4.2% 4.2%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 8.0%
FY24 Q1 7.7%
FY24 Q2 9.4%
FY24 Q3 7.7%
FY24 Q4 11.6%
FY25 Q1 12.3%
FY25 Q2 12.4%
FY25 Q3 11.4%
FY25 Q4 7.0%
FY26 Q1 6.5%
FY26 Q2 5.0%
FY26 Q3 4.2%
Operating margin (TTM) H2o America
20% 21% 22% 23% 24% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 22.3% Operating margin (TTM), FY24 Q1: 22.3% Operating margin (TTM), FY24 Q2: 23.0% Operating margin (TTM), FY24 Q3: 22.6% Operating margin (TTM), FY24 Q4: 22.8% Operating margin (TTM), FY25 Q1: 23.3% Operating margin (TTM), FY25 Q2: 23.0% Operating margin (TTM), FY25 Q3: 23.4% Operating margin (TTM), FY25 Q4: 22.2% Operating margin (TTM), FY26 Q1: 21.9% Operating margin (TTM), FY26 Q2: 21.5% Operating margin (TTM), FY26 Q3: 20.7% 20.7%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 22.3%
FY24 Q1 22.3%
FY24 Q2 23.0%
FY24 Q3 22.6%
FY24 Q4 22.8%
FY25 Q1 23.3%
FY25 Q2 23.0%
FY25 Q3 23.4%
FY25 Q4 22.2%
FY26 Q1 21.9%
FY26 Q2 21.5%
FY26 Q3 20.7%
FCF margin (TTM) H2o America
8% 10% 12% 14% 16% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 12.3% FCF margin (TTM), FY24 Q1: 11.9% FCF margin (TTM), FY24 Q2: 11.6% FCF margin (TTM), FY24 Q3: 10.0% FCF margin (TTM), FY24 Q4: 10.8% FCF margin (TTM), FY25 Q1: 9.4% FCF margin (TTM), FY25 Q2: 10.4% FCF margin (TTM), FY25 Q3: 12.9% FCF margin (TTM), FY25 Q4: 15.5% FCF margin (TTM), FY26 Q1: 14.8% FCF margin (TTM), FY26 Q2: 14.1% FCF margin (TTM), FY26 Q3: 13.8% 13.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 12.3%
FY24 Q1 11.9%
FY24 Q2 11.6%
FY24 Q3 10.0%
FY24 Q4 10.8%
FY25 Q1 9.4%
FY25 Q2 10.4%
FY25 Q3 12.9%
FY25 Q4 15.5%
FY26 Q1 14.8%
FY26 Q2 14.1%
FY26 Q3 13.8%

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

Where the money goes

FY2025, from the 10-K

Each dollar H2o America 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 $801M
  2. Selling, general and admin $126M · 15.7%
  3. Other operating costs $497M · 62.1%
  4. Operating income $178M · 22.2%
  5. Income tax $12.4M · 1.5%
  6. Interest and other $62.6M · 7.8%
  7. Net income $103M · 12.8%

Shares of revenue. Source: H2o America'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 340 389 398 420 565 574 621 670 748 801 838
EBITDA 144 152 130 126 209 208 237 258 286 298 306
Operating income 97 102 73 57 118 111 131 149 171 178 174
Net income 53 59 39 23 62 60 74 85 94 103 105
Diluted EPS $2.57 $2.86 $1.82 $0.82 $2.14 $2.03 $2.43 $2.68 $2.87 $2.92 $2.61
Growth (year on year)
Revenue — +14.6% +2.2% +5.7% +34.3% +1.6% +8.2% +8.0% +11.6% +7.0% +4.2%
EBITDA — +6.0% −14.4% −3.4% +66.1% −0.8% +14.3% +8.5% +10.9% +4.4% −0.3%
Operating income — +4.5% −27.9% −21.7% +104.7% −5.5% +17.8% +14.1% +14.1% +4.1% −7.6%
Net income — +12.0% −34.5% −39.6% +162.9% −1.7% +22.1% +15.1% +10.6% +9.2% −4.0%
Diluted EPS — +11.3% −36.4% −54.9% +161.0% −5.1% +19.7% +10.3% +7.1% +1.7% −17.8%
Margins
EBITDA margin 42.3% 39.1% 32.8% 30.0% 37.1% 36.2% 38.3% 38.4% 38.2% 37.2% 36.5%
Operating margin 28.7% 26.2% 18.5% 13.7% 20.8% 19.4% 21.1% 22.3% 22.8% 22.2% 20.7%
Net margin 15.6% 15.2% 9.7% 5.6% 10.9% 10.5% 11.9% 12.7% 12.6% 12.8% 12.5%
Cash flow
Cash from operations 115 101 91 130 104 130 166 191 196 245 248
Stock-based pay 2 3 2 3 4 4 5 5 6 6 6
Balance sheet
Cash 6 8 421 13 5 11 12 10 11 21 573
Total debt 452 460 535 1,423 1,539 1,595 1,656 1,755 1,839 1,988 2,090
Net debt (negative = net cash) 446 452 114 1,410 1,534 1,584 1,644 1,745 1,828 1,967 1,517
Diluted shares 21m 21m 21m 29m 29m 30m 30m 32m 33m 35m 40m
Returned to shareholders
Dividends 17 21 23 34 37 40 44 48 52 59 68
Total returned 17 21 23 34 37 40 44 48 52 59 68

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 $778mLonger-term assets $5.3bn
What it owes, and who funded it · $2.6bn
Short-term liabilities $410mShareholders' equity $2.2bn
  • Short-term assets cover short-term liabilities $778m of assets due within a year against $410m 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 $573m of cash against $1.9bn of debt.
  • Debt below 40% of shareholders' equity Debt is 86% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 145% to 86% over five years.
  • A year's operating cash flow covers at least 20% of debt $248m of operating cash flow against $1.9bn of debt.
  • Operating profit covers interest at least five times over Operating income of $174m against $73m of interest.

From H2o America'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

Dividends (TTM)
$67.8M
Returned to shareholders
58%
of free cash flow
Diluted share count
+16.7%
year over year
Total shareholder yield
2.3%
dividends 2.3% + buybacks 0.0% of market value
Dividend payout ratio
65%
of net income paid out
Days sales outstanding
38 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in water utilities
Last 12 months unless stated HTO AWR CWT WTRG MSEX AWK Median
Revenue, last 12 months $838m $697m $1.0bn $2.6bn $212m $5.3bn $455m
Revenue growth, last 12 months 4.2% 13.2% 4.8% 9.9% 8.9% 5.4% 7.4%
Revenue growth, 3-year average 7.7% 6.4% 9.7% 3.7% 8.4% 8.9% 8.4%
Revenue growth, latest quarter 4.0% 11.2% 5.4% 3.1% 11.3% 4.1% 7.4%
Operating margin 20.7% 31.8% 19.4% 35.1% 30.5% 37.0% 30.5%
Operating margin, 3-year average 22.2% 31.3% 21.1% 36.4% 28.6% 36.6% 28.6%
Net margin 12.5% 20.5% 13.5% 21.6% 24.5% 21.3% 20.9%
Cash from operations / revenue 29.6% 33.9% 30.5% 40.0% 32.7% 43.0% 33.3%
Free-cash-flow margin 13.8% 3.0% 16.5% 22.9% 18.4% −21.7% 8.4%
Free-cash-flow margin, 3-year average 12.3% −4.4% 17.8% 21.7% 9.3% −19.5% 2.5%
Stock pay / revenue 0.8% 0.5% 0.4% 0.5% 0.8% 0.4% 0.7%
Change in share count 16.7% 2.3% 1.7% 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 4.2% 8.9% 10 of 12
Change in growth rate Growth -0.8pp +0.9pp 8 of 12
Operating margin Profitability 20.7% 30.5% 8 of 11
Net margin Profitability 12.5% 21.3% 10 of 12
Free-cash-flow margin Cash generation 13.8% 13.8% 6 of 12
Stock pay as % of revenue Cash generation 0.8% 0.8% 6 of 9
Long-term debt as % of assets Balance sheet 31.1% 26.9% 8 of 12
Change in share count Balance sheet 16.7% 2.3% 11 of 11
Days sales outstanding Balance sheet 38 days 32 days 9 of 11

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

Who owns it

Funds buying and selling
Reported value
$2.7B
Institutions reporting
312
Shares held vs prior quarter
▼ 1.1%
Positions opened / closed
38 / 39

Top buyers and sellers, Q2 2026: 166 institutions bought and 131 sold ; the biggest buyer was Blackrock, Inc (+689K shares) and the biggest seller Cohen & Steers, Inc (−1.3M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $432M 7.1M 16.1% ▲ 10.7%
Atlas Infrastructure Partners (UK) Ltd. $280M 4.6M 10.4% ▲ 1.8%
Wellington Management Group LLP $121M 2.0M 4.5% ▲ 23.7%
Antipodes Partners Ltd $107M 1.8M 4.0% ▼ 21.8%
Vanguard Capital Management LLC $95.7M 1.6M 3.6% ▼ 6.7%
State Street Corp $94.5M 1.6M 3.5% ▲ 8.6%
Cerity Partners LLC $79.4M 1.3M 3.0% ▼ 0.2%
Vanguard Portfolio Management LLC $76.8M 1.3M 2.9% ▲ 8.1%
Soros Fund Management LLC $76.2M 1.3M 2.8% ▲ 2.1%
Victory Capital Management Inc $71M 1.2M 2.6% ▲ 28.2%
Amundi $67.2M 1.1M 2.5% ▼ 4.5%
Geode Capital Management, LLC $60.3M 992K 2.2% ▲ 10.6%

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 H2o America's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $8.2M 6 trades by 2 insiders, last 12 months Insider sales History → $284,105 3 trades by 2 insiders · 0% under pre-set plans
Net ▲ $7.9M net buying
Insider Date Trade Shares Price Value
Atlas Infrastructure Partners (Uk) Ltd. 10% owner July 7, 2026 Buy 2,784 $62.03 $172,692
Atlas Infrastructure Partners (Uk) Ltd. 10% owner July 7, 2026 Buy 2,784 $62.03 $172,692
Atlas Infrastructure Partners (Uk) Ltd. 10% owner July 1, 2026 Buy 2,132 $60.76 $129,535
Atlas Infrastructure Partners (Uk) Ltd. 10% owner July 1, 2026 Sell 1,686 $60.73 $102,399
Atlas Infrastructure Partners (Uk) Ltd. 10% owner May 29, 2026 Buy 31,001 $57.62 $1.8M
Atlas Infrastructure Partners (Uk) Ltd. 10% owner May 29, 2026 Sell 1,435 $57.52 $82,544
Atlas Infrastructure Partners (Uk) Ltd. 10% owner April 10, 2026 Buy 50,385 $59.06 $3M
Gip Atlas Holdings Ltd 10% owner April 10, 2026 Buy 50,385 $59.06 $3M
Walters Andrew F Chief Executive Officer November 13, 2025 Sell 2,100 $47.22 $99,162

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 25, 2027 estimated from the company's past filing pattern, not announced

  • October 26, 2026
  • July 27, 2026
  • April 28, 2026
  • February 25, 2026
  • October 28, 2025
  • July 29, 2025

Recent SEC filings

Data status

When each part of this page on H2o America 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.

H2o America in brief

What does H2o America do?
H2o America is a US-listed company in the water utilities industry. Its financial year ends in December.
What is H2o America's stock ticker?
H2o America trades under the ticker HTO on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is H2o America's revenue, and how fast is it growing?
Over its most recent trailing twelve months, H2o America reported revenue of $838M, 4.2% higher than a year earlier, according to its SEC filings.
What is H2o America's free cash flow?
H2o America's free-cash-flow margin is 13.8% of revenue over the trailing twelve months, ranking 6 of the 12 water utilities companies we cover.
Who are H2o America's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Atlas Infrastructure Partners (UK) Ltd. and Wellington Management Group LLP. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is H2o America's market cap?
On November 2, 2026, H2o America's market capitalisation was about $2.5B, with a price-to-earnings ratio of 23.5 and net debt of $1.5B. Market figures come from third-party market data and may be delayed.
Does H2o America pay a dividend?
Yes: H2o America paid $67.8M in dividends over the trailing twelve months, a dividend yield of 2.29% and a payout ratio of 64.6%.
How much debt does H2o America have?
H2o America's debt-to-equity ratio is 85.8%, from its latest balance sheet (145.0% five years earlier). The financial health section below sets out its other solvency checks.
Who are H2o America's competitors?
In our Water Utilities peer group, the companies closest to H2o America are American States Water Co, California Water Service Group, Essential Utilities, Inc., Middlesex Water Co and American Water Works. The side-by-side comparison below sets their revenue, margins and growth against H2o America's.
Are insiders buying or selling H2o America stock?
Over the last 12 months, H2o America's directors and officers reported 6 open-market purchases and 3 sales on Form 4. The insider trading page charts every trade.
When is H2o America's next earnings date?
Around January 25, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — H2o America announces its own schedule.