HTO
H2O AMERICA
Utilities • CIK: 0000766829
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Market Cap
$1.71B
P/E (TTM)
16.8x
Rev Growth (TTM)
+7.0%
Net Margin (TTM)
12.8%
FCF Yield (TTM)
14.3%
FCF Margin (TTM)
30.6%
Cash Flow Health
Free Cash Flow8/8 positive
TTM$245M
Q4 '25
$64M-18%
Q3 '25
$77M+27%
FCF Margin
TTM30.6%
Q4 '2532.7%+2%
Sector: 0.0%Top 10%
OCF Margin30.6%
OCF/NI2.39x
CapEx Coverage–
FCF Yield14.3%
FCF Growth (2Y)+14%
Cash Conversion Cycle
34 days
DSO: 34+DIO: –−DPO: –
Capital Allocation & Returns
Balanced
Total Shareholder YieldEst.
Est.3.4%
Div Yield3.4%
+Est. Buyback6.5%
Balancing returns with reinvestment
Dividend & Payout Metrics
Dividend Yield (TTM)3.4%
FCF Payout Ratio24.0%
Free Cash Flow (TTM)$244.8M
Capital Return / FCF24.0%
Est. Dividends Paid (TTM)$58.8M
Estimated: Buyback data estimated from FCF. Actual repurchase data not available for this company.
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
4.9%
Stable
+0.0% YoY+3.0%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
19.8%
8Q: 19.2%
Asset Turnover
0.16x
8Q: 0.16x
Leverage (1+D/E)
2.23x
D/E: 1.23x
DuPont: 7.2% ≈ 4.9% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
635.26x
8Q:275.95x
+86360.0%
Invested Cap Turn
1.44x
8Q:0.72x
+180.1%
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $800.6M | $194.2M↓19.3% | $240.6M↑21.3% | $198.3M↑18.3% | $167.6M↓15.3% | $197.8M↓12.1% | $225.1M↑27.8% | $176.2M↑17.9% | $149.4M |
Operating Income | $177.5M | $33.1M↓48.7% | $64.6M↑47.3% | $43.9M↑22.2% | $35.9M↓17.8% | $43.7M↓25.2% | $58.4M↑43.8% | $40.6M↑45.3% | $27.9M |
Net Income | $102.6M | $16.2M↓64.1% | $45.1M↑82.9% | $24.7M↑49.1% | $16.6M↓27.8% | $22.9M↓40.7% | $38.7M↑86.8% | $20.7M↑76.9% | $11.7M |
Operating Cash Flow | $244.8M | $63.5M↓17.8% | $77.3M↑27.0% | $60.8M↑40.9% | $43.2M↑4.2% | $41.5M↓22.6% | $53.5M↑8.6% | $49.3M↓3.7% | $51.2M |
Free Cash Flow | $244.8M | $63.5M↓17.8% | $77.3M↑27.0% | $60.8M↑40.9% | $43.2M↑4.2% | $41.5M↓22.6% | $53.5M↑8.6% | $49.3M↓3.7% | $51.2M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
16.8x
Volatile
8Q: 96.2x-5536%
Valuation Lenses
Earnings
16.8x
vs – sector
Cash Flow
14.1x
EV/FCF vs –
Growth-Adj
2.4xPEG
Expensive for growth
Quality-Adj
3.4P/E per %ROIC
ROIC: 4.9%
Shareholder Returns
Dividend
3.4%
Buyback
–
Total Yield
3.4%
Market Cap$1.71B
EV$3.45B
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
70/100
High Quality
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Bottom 25%
7.0%
8Q:–
Return on Invested Capital (ROIC)Top 25%
4.9%
8Q:–
+3.0%
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 19.8%
Asset Turnover: 0.16x
Earnings Quality
Cash Conversion
2.39x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin–
Capital Efficiency
Invested Capital Turnover1.44x
Working Capital
Cash Conversion Cycle34 days
Growth Quality & Momentum
Moderate Growth
Growth Quality Score
64/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
7.0%
OpInc Growth YoY
-24.1%
EPS Growth YoY
1.7%
FCF 3Y CAGR
13.8%
Growth Quality Analysis
✓Efficient Growth: Free cash flow growing faster than revenue
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
—
Operating
22.2%
Above Avg in sector
Net
12.8%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+17.8 pts
FCF: 30.6% | Net: 12.8%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Leveraged
Net Debt / EBITDA
–Net Debt: $1.87B
Interest Coverage
–
Leverage Metrics
Debt-to-Equity
1.23x
Balance sheet risk & solvency analysis