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H2o America key statistics and ratios

In fiscal 2025, H2o America had return on equity of 7.1%, an operating margin of 22.2%, debt equal to 129.0% of equity and a current ratio of 0.70. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Operating margin28.7%26.2%18.5%13.7%20.8%19.4%21.1%22.3%22.8%22.2%20.7%
Net margin15.6%15.2%9.7%5.6%10.9%10.5%11.9%12.7%12.6%12.8%12.5%
Return on equity12.5%13.4%5.7%2.6%6.8%6.2%6.9%7.3%7.2%7.1%5.6%
Return on assets3.7%3.5%2.0%0.9%1.9%1.8%2.0%2.1%2.1%2.1%1.9%
Asset turnover0.240.230.200.170.180.170.170.170.170.160.15
Current ratio1.570.793.070.520.360.660.590.580.730.701.90
Debt to equity107.2%99.3%60.2%159.9%167.8%154.2%149.1%142.3%134.5%129.0%94.9%
Interest cover (operating income ÷ interest)4.5x4.4x3.0x1.8x2.2x2.0x2.3x2.3x2.4x2.4x2.4x
Effective tax rate38.8%36.7%20.6%26.4%12.0%12.2%10.3%6.5%8.7%10.7%9.5%
Dividends ÷ net income31.3%36.0%59.5%145.9%59.3%66.4%59.0%56.4%55.5%57.2%64.6%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from H2o America's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to H2o America.