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MARKETS / NASDAQ / HTO
NASDAQ · WATER SUPPLY · LARGE CAP

H2O America HTO

17 fiscal years on record · USD · FY2025 reported · SEC filings only
16 YEARS OF DIVIDEND GROWTH
$805.6M
▲ 9.4% YoY
$102.6M
▲ 9.2% YoY
In brief

What this company does

The principal business of H2O America consists of the production, purchase, storage, purification, distribution, wholesale and retail sale of water and wastewater services. As of December 31, 2025, it had 837 full-time employees, of whom 396 were SJWC employees, 248 were CWC employees, 109 were TWC employees and 84 were MWC employees. Together, SJWC, CWC, MWC, TWC and Acequia are referred to as Water Utility Services, its single reportable segment. SJWC provides water service to approximately 232,000 connections that serve approximately one million people over 140 square miles in the County of Santa Clara in the State of California. The CTWS companies provide water service to approximately 143,000 service connections that serve a population of approximately 465,000 people in 81 municipalities across a service area of approximately 275 square miles throughout Connecticut and Maine, plus approximately 3,000 wastewater connections in Southbury, Connecticut. TWC provides water service to approximately 30,000 service connections that serve approximately 90,000 people in a service area of more than 271 square miles between San Antonio and Austin, Texas, plus approximately 1,000 wastewater connections. H2O America, a Delaware corporation, was initially incorporated as SJW Corp. in the State of California in 1985.

Written from the business description in H2O AMERICA's annual report to the U.S. Securities and Exchange Commission, filed 26 February 2026. Every sentence was checked against that document before publication.

Growth
USD 805.6M
Revenue, FY2025 · full 17-year series below
Revenue $M Net income $M
FY2025 · Revenue 805.6 · Net income 102.6
400M800M200920112013201520172019202120232025
Compound annual growth
+11.1%
+8.0%
+11.6%
+10.8%
+10.5%
+10.0%
+6.3%
+6.4%
+4.7%
+5.5%
+5.3%
+5.6%
+8.0%
+6.2%
+10.4%
+9.9%
+14.0%
+10.8%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +8.0% a year over five years — but profit grew faster: net income at +10.8%, earnings per share at +6.4%.

The share count rose from 0.03B to 0.04B over the period.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
13 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 22.0% · Net 12.7%
10%20%200920112013201520172019202120232025
ROE
FY2025 · ROE 7.1%
5%10%15%200920112013201520172019202120232025

Each USD of equity produced 7 cents of profit this year.

Cash & shareholders
USD 58.6M
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2022 · FCF 165.6
80M160M200920112013201520172019202120232025
Net buybacks $M Dividends $M
FY2025 · Dividends 58.6 · Net buybacks —
20M40M200920112013201520172019202120232025

USD 58.6M in dividends — 57% of the year's profit went back to shareholders.

Total assetsUSD 5.1B
EquityUSD 1.5B
CashUSD 20.7M
Gross debtUSD 1.9B
Net debtUSD 1.9B
Current ratio0.70×

Net debt stands at 121% of equity.

The 17-year record
17 fiscal years
Every figure from documents filed with the SEC · USD
row low → row highnegative
Metric 20252024202320222021202020192018201720162015201420132012201120102009
Revenue $B0.80.70.70.60.60.50.40.40.40.3·······
Operating income $B0.20.20.10.10.10.10.10.10.10.10.10.10.10.10.10.00.0
EBITDA $B0.30.30.30.20.20.20.10.10.20.10.10.10.10.10.10.10.1
Income tax $B0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Net income $B0.10.10.10.10.10.10.00.00.10.10.00.10.00.00.00.00.0
Free cash flow $B···0.20.10.10.10.10.10.10.10.10.10.10.10.00.1
EPS, diluted $2.922.872.682.432.032.140.821.822.862.571.852.541.121.181.111.300.81
Dividend / sh $1.681.601.521.441.361.281.201.121.040.810.780.750.730.710.690.680.66
Payout %57555659665914660363142296559615280
ROE %7.17.27.36.96.26.82.65.713.413.110.215.27.58.38.09.66.0
Shares out B0.040.030.030.030.030.030.030.030.020.020.020.020.020.020.020.02·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

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Provenance
Company facts, as filed
How we verify · 0 failures in 66 reconciliationsAUDITED

Reconciled in 17 of 19 fiscal years. 10 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityWater Supply
Listed onNASDAQ
Incorporated inDelaware
Fiscal year endsDecember 31
Data on record since2009

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