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CWCO

Consolidated Water Co. Ltd.

CWCO

Consolidated Water Co. Ltd. • NASDAQ
$34.23 ▼ -0.61% (-0.21)
Market Cap $545.33 M
52w High $38.36
52w Low $22.69
Dividend Yield 0.56%
P/E 31.69
Volume 26.88K
Outstanding Shares 15.93M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $35.119M ▲ $7.185M ▼ $5.532M ▲ 15.753% ▲ $0.35 ▲ $6.584M ▼
Q2-2025 $33.591M ▼ $7.548M ▼ $5.096M ▲ 15.171% ▲ $0.32 ▲ $7.972M ▲
Q1-2025 $33.715M ▲ $7.696M ▲ $4.791M ▲ 14.21% ▲ $0.3 ▲ $7.148M ▲
Q4-2024 $28.408M ▼ $7.412M ▲ $1.458M ▼ 5.134% ▼ $0.092 ▼ $2.752M ▼
Q3-2024 $33.391M $6.754M $4.454M 13.34% $0.28 $6.997M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $123.555M ▲ $257.235M ▼ $31.034M ▼ $220.381M ▲
Q2-2025 $112.247M ▲ $257.504M ▲ $35.296M ▲ $216.564M ▲
Q1-2025 $107.852M ▲ $250.369M ▲ $31.557M ▲ $213.297M ▲
Q4-2024 $99.35M ▼ $243.313M ▲ $28.004M ▲ $209.961M ▲
Q3-2024 $104.87M $238.368M $23.382M $209.766M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $0 ▼ $0 ▼ $0 ▲ $0 ▲ $0 ▼ $0 ▼
Q2-2025 $5.179M ▲ $8.763M ▼ $-2.609M ▼ $-1.778M ▲ $4.394M ▼ $6.146M ▼
Q1-2025 $4.924M ▲ $11.76M ▲ $-1.568M ▲ $-1.789M ▲ $8.502M ▲ $10.161M ▲
Q4-2024 $1.741M ▼ $-742.023K ▼ $-2.999M ▼ $-1.82M ▼ $-5.52M ▼ $-3.691M ▼
Q3-2024 $4.957M $10.352M $-1.579M $-1.759M $8.199M $8.33M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Bulk
Bulk
 $0 ▲$0 ▲$10.00M ▲$10.00M ▲
Manufacturing Units
Manufacturing Units
 $0 ▲$0 ▲$10.00M ▲$0 ▼
Retail
Retail
 $0 ▲$0 ▲$10.00M ▲$10.00M ▲
Services
Services
 $0 ▲$0 ▲$10.00M ▲$10.00M ▲
Bulk revenue
Bulk revenue
 $10.00M ▲$10.00M ▲$0 ▼$0 ▲
Manufacturing revenue
Manufacturing revenue
 $0 ▲$10.00M ▲$0 ▼$0 ▲
Operations and Maintenance
Operations and Maintenance
 $10.00M ▲$10.00M ▲$0 ▼$0 ▲
Retail revenue
Retail revenue
 $10.00M ▲$10.00M ▲$0 ▼$0 ▲
Services revenue
Services revenue
 $10.00M ▲$10.00M ▲$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown meaningfully over the last few years, and profitability has improved along with it. Gross and operating margins look healthier now than earlier in the period, suggesting better pricing, scale, or project mix. Net income has moved from roughly breakeven a few years ago to clearly profitable, and earnings per share have stepped up to a new, higher level in the last couple of years. One watchpoint: the recent jump in earnings may partly reflect especially strong projects or non‑recurring factors, so it’s worth considering whether this level is sustainable or may normalize over time.

Balance Sheet

Balance Sheet The balance sheet is a clear strength. Assets have grown steadily, and shareholder equity has risen alongside, showing retained value creation rather than balance‑sheet strain. Cash holdings have climbed significantly most recently, giving the company a solid liquidity cushion. Notably, there is essentially no financial debt, which lowers financial risk and gives management flexibility to fund projects, handle delays in payments from customers, or pursue acquisitions without immediate pressure to borrow heavily.

Cash Flow

Cash Flow Cash generation from the core business has improved over time, with operating cash flow now comfortably positive rather than marginal. Free cash flow has generally stayed in positive territory even after investment in new equipment and facilities. Capital spending has been present but not overwhelming, indicating a measured investment pace that still leaves room for surplus cash. Overall, the cash flow profile supports the story told by the income statement and balance sheet: a business that now converts earnings into cash reasonably well, with capacity to fund growth internally.

Competitive Edge

Competitive Edge CWCO operates in a specialized niche: desalination and advanced water treatment in water‑scarce regions, especially the Caribbean and now parts of the U.S. Its long history in reverse osmosis and plant operations, combined with exclusive rights and long‑term contracts in places like the Cayman Islands, create meaningful barriers to entry. Vertical integration through its manufacturing arm and its design‑build‑operate services arm further differentiates it from smaller competitors or pure engineering firms. The flip side is concentration risk: dependence on a limited set of geographies and government or quasi‑government customers, plus exposure to regulatory and political decisions in those regions. As CWCO expands into the U.S., it faces stronger competition but also a much larger opportunity set.

Innovation and R&D

Innovation and R&D Innovation at CWCO is rooted in applied engineering rather than traditional lab‑style R&D. The company has deep expertise in reverse osmosis desalination and has extended that into wastewater treatment and reuse through PERC. PERC’s structured design process and guaranteed‑price approach are important commercial innovations that help win and de‑risk projects for customers. The Aerex unit supports customized equipment and systems, letting CWCO tailor solutions and control quality and timelines. Current and planned projects in Hawaii, the Bahamas, and plant expansions in Cayman show an ongoing commitment to upgrading technology and capacity. The main question is execution: delivering large, complex projects on time and on budget while maintaining the quality and efficiency that underpin its moat.

Summary

Overall, CWCO looks like a niche utility with improving financial performance, a very conservative balance sheet, and a differentiated position in desalination and water reuse. Earnings and cash flow trends are positive, supported by long‑term contracts and exclusive franchises in core markets. Its strong cash position and lack of debt give it room to pursue growth projects and acquisitions without overleveraging. The key opportunities lie in expanding recurring operations and maintenance work, scaling U.S. desalination and reuse projects, and leveraging its manufacturing capabilities. The key risks include project execution, customer concentration in government‑linked entities, regulatory shifts in its core jurisdictions, and the possibility that recent strong profitability may be above mid‑cycle levels. For a reader, the story is of a small but specialized water company that has moved from foundation‑building into a period of more visible, cash‑backed growth, with both upside from U.S. expansion and the usual infrastructure and policy risks that come with its sector.

NEWS

November 21, 2025 · 8:31 AM UTC

Consolidated Water Declares First Quarter Cash Dividend

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November 10, 2025 · 4:10 PM UTC

Consolidated Water Reports Third Quarter 2025 Results

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November 3, 2025 · 8:31 AM UTC

Consolidated Water Sets Third Quarter 2025 Investor Conference Call for Tuesday, November 11, 2025 at 11:00 a.m. ET

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October 6, 2025 · 8:31 AM UTC

Consolidated Water Announces the Appointment of Three New Independent Directors

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