H2O America (HTO)
H2O America, through its subsidiaries, provides water utility and other related services in the United States. The company engages in production, purchase, storage, purification, distribution, wholesale, and retail sale of water and wastewater services; and supplies groundwater from wells, surface water from watershed run-off and diversion, reclaimed water, and imported water purchased from Valley Water District. It also offers non-tariffed services, including water system operations, maintenance agreements, and antenna site leases; contracted services, sewer operations, and other water related services; and a Linebacker protection plan for public drinking water customers in Connecticut and Maine. In addition, the company provides water services; owns undeveloped land in California; and commercial properties and parcels of land in Connecticut. The company was formerly known as SJW Group and changed its name to H2O America in May 2025. H2O America was incorporated in 1985 and is headquartered in San Jose, California.
- Symbol
- HTO
- Exchange
- Nasdaq
- Sector
- Utilities
- Industry
- Utilities - Regulated Water
- Market cap
- $2.59B
- 52 week range
- 43.75 - 67.09
Valuation
- Share price
- $62.20 (close of 2026-09-23)
- P/E (TTM)
- 21.06x
- Price to book
- 1.41x
- Price to free cash flow
- 10.56x
- Enterprise value
- $4.31B
- Book value per share
- $43.84
Price performance
| Period | Change |
|---|
| 1 day | -0.65% |
| 5 days | -0.43% |
| 1 month | -2.02% |
| 3 months | +8.10% |
| 6 months | +10.07% |
| Year to date | +26.96% |
| 1 year | +27.51% |
| 3 years | +0.35% |
| 5 years | -5.57% |
| 10 years | +37.73% |
| All time | +4280.28% |
Profitability and growth
- Return on equity
- 6.66%
- Return on invested capital
- 4.72%
- Return on assets
- 1.99%
- Return on capital employed
- 3.64%
- Gross margin
- 37.68%
- Net margin
- 12.73%
- EBITDA margin
- 36.99%
- Revenue growth
- 9.41%
- Net income growth
- 9.16%
- Free cash flow growth
- 25.20%
Cash flow and balance sheet
- Free cash flow yield (TTM)
- 9.47%
- Current ratio
- 2.02x
- Net debt to EBITDA
- 6.13x
Latest reported year
- Period end
- 2025-12-31
- Fiscal year
- 2025
- Revenue
- $805.59M
- Cost of revenue
- $502.07M
- Gross profit
- $303.52M
- EBITDA
- $298.02M
- Net income
- $102.58M
- Earnings per share
- $2.93
- Shares outstanding
- 35.00M
Income statement by year
| Period end | Revenue | Gross profit | Net income | EPS |
|---|
| 2025-12-31 | $805.59M | $303.52M | $102.58M | $2.93 |
| 2024-12-31 | $736.33M | $276.33M | $93.97M | $2.87 |
| 2023-12-31 | $678.17M | $248.09M | $84.99M | $2.69 |
| 2022-12-31 | $586.92M | $226.38M | $73.83M | $2.44 |
| 2021-12-31 | $559.57M | $198.49M | $60.48M | $2.04 |
| 2020-12-31 | $549.27M | $197.41M | $61.52M | $2.16 |
| 2019-12-31 | $447.72M | $123.78M | $23.40M | $0.82 |
| 2018-12-31 | $389.30M | $122.37M | $38.77M | $1.83 |
| 2017-12-31 | $381.78M | $150.79M | $59.20M | $2.89 |
| 2016-12-31 | $328.25M | $138.97M | $52.84M | $2.59 |
Margins and returns by year
| Period end | Gross margin | Net margin | Return on equity | Return on capital |
|---|
| 2025-12-31 | 37.68% | 12.73% | 6.66% | 4.72% |
| 2024-12-31 | 37.53% | 12.76% | 6.87% | 5.07% |
| 2023-12-31 | 36.58% | 12.53% | 6.89% | 4.83% |
| 2022-12-31 | 38.57% | 12.58% | 6.65% | 4.45% |
| 2021-12-31 | 35.47% | 10.81% | 5.85% | 4.02% |
| 2020-12-31 | 35.94% | 11.20% | 6.71% | 4.80% |
| 2019-12-31 | 27.65% | 5.23% | 2.63% | 2.25% |
| 2018-12-31 | 31.43% | 9.96% | 4.36% | 7.04% |
| 2017-12-31 | 39.50% | 15.51% | 12.78% | 7.50% |
| 2016-12-31 | 42.34% | 16.10% | 12.53% | 7.53% |
Cash and debt by year
| Period end | Cash | Debt |
|---|
| 2025-12-31 | $20.69M | $1.87B |
| 2024-12-31 | $11.11M | $1.71B |
| 2023-12-31 | $9.72M | $1.53B |
| 2022-12-31 | $12.34M | $1.49B |
| 2021-12-31 | $10.91M | $1.49B |
| 2020-12-31 | $5.27M | $1.29B |
| 2019-12-31 | $12.94M | $1.28B |
| 2018-12-31 | $420.72M | $431.42M |
| 2017-12-31 | $7.80M | $431.09M |
| 2016-12-31 | $6.35M | $433.33M |
Free cash flow by year
| Period end | Free cash flow | Stock-based compensation |
|---|
| 2025-12-31 | $244.80M | $6.44M |
| 2024-12-31 | $195.53M | $5.62M |
| 2023-12-31 | $190.83M | $4.65M |
| 2022-12-31 | $166.20M | $4.79M |
| 2021-12-31 | $130.04M | $4.25M |
| 2020-12-31 | $104.05M | $3.55M |
| 2019-12-31 | $130.00M | $3.41M |
| 2018-12-31 | $91.34M | $2.12M |
| 2017-12-31 | $101.11M | $2.64M |
| 2016-12-31 | $114.57M | $1.69M |
Dividend history
- Most recent payment
- 2026-08-10
- Paid in the last twelve months
- $1.74
| Payment date | Dividend per share |
|---|
| 2026-08-10 | $0.44 |
| 2026-05-11 | $0.44 |
| 2026-02-09 | $0.44 |
| 2025-11-10 | $0.42 |
| 2025-08-11 | $0.42 |
| 2025-05-12 | $0.42 |
| 2025-02-10 | $0.42 |
| 2024-11-04 | $0.40 |
Investor relations
Next earnings report
- Next confirmed report
- 2026-10-26
Past earnings dates
| Reported | Fiscal period | EPS estimate |
|---|
| 2026-07-27 | Jun/2026 | $0.70 |
| 2026-04-28 | - | - |
| 2026-02-25 | - | - |
| 2025-10-27 | - | - |
| 2025-07-28 | - | - |
| 2025-04-28 | - | - |
| 2025-02-26 | - | - |
| 2024-10-28 | - | - |
Filings and sources
- Company website
- h2o-america.com
- SEC filings
- 10-K, 10-Q and 8-K on EDGAR
- Earnings calendar
- All upcoming reports
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