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CWT

California Water Service Group

CWT

California Water Service Group • NYSE
$45.37 ▼ -0.29% (-0.13)
Market Cap $2.70 B
52w High $51.63
52w Low $41.64
Dividend Yield 1.24%
P/E 19.9
Volume 168.34K
Outstanding Shares 59.59M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $311.235M ▲ $58.532M ▼ $61.23M ▲ 19.673% ▲ $1.03 ▲ $101.76M ▼
Q2-2025 $264.954M ▲ $118.599M ▲ $42.168M ▲ 15.915% ▲ $0.71 ▲ $103.826M ▲
Q1-2025 $203.973M ▼ $114.236M ▲ $13.331M ▼ 6.536% ▼ $0.22 ▼ $65.348M ▼
Q4-2024 $222.195M ▼ $99.241M ▼ $19.659M ▼ 8.848% ▼ $0.33 ▼ $66.159M ▼
Q3-2024 $299.563M $131.844M $60.68M 20.256% $1.03 $125.184M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $75.99M ▲ $5.519B ▲ $3.817B ▲ $1.7B ▲
Q2-2025 $50.539M ▲ $5.4B ▲ $3.743B ▲ $1.657B ▲
Q1-2025 $44.46M ▼ $5.258B ▲ $3.626B ▲ $1.632B ▼
Q4-2024 $50.121M ▼ $5.18B ▲ $3.542B ▲ $1.638B ▲
Q3-2024 $59.556M $5.015B $3.383B $1.629B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $61.116M ▲ $167.289M ▲ $-138.546M ▼ $-3.289M ▼ $25.454M ▲ $32.107M ▲
Q2-2025 $42.05M ▲ $48.946M ▲ $-119.417M ▼ $76.492M ▲ $6.021M ▲ $-70.471M ▲
Q1-2025 $13.202M ▼ $38.421M ▼ $-109.896M ▲ $65.923M ▲ $-5.552M ▲ $-71.682M ▼
Q4-2024 $19.063M ▼ $68.085M ▼ $-139.993M ▼ $62.398M ▲ $-9.51M ▼ $-70.551M ▼
Q3-2024 $60.554M $101.843M $-120.511M $41.19M $22.522M $-15.907M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Business
Business
 $80.00M ▲$40.00M ▼$50.00M ▲$60.00M ▲
Industrial
Industrial
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
NonRegulated Services
NonRegulated Services
 $10.00M ▲$10.00M ▲$0 ▼$10.00M ▲
Other NonRegulated Service
Other NonRegulated Service
 $0 ▲$0 ▲$0 ▲$0 ▲
Public Authorities
Public Authorities
 $20.00M ▲$10.00M ▼$10.00M ▲$20.00M ▲
Residential
Residential
 $230.00M ▲$110.00M ▼$140.00M ▲$190.00M ▲
Service Other
Service Other
 $0 ▲$0 ▲$30.00M ▲$20.00M ▼
Operating And Maintenance
Operating And Maintenance
 $10.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past five years, with a particularly strong step-up in the most recent year. Profitability has improved meaningfully as well: operating and net income both moved from fairly modest levels to much stronger results recently, suggesting that recent rate cases, cost recovery, or efficiency gains are flowing through to earnings. Earlier years show a pattern typical of regulated utilities: fairly stable revenue with only moderate profit swings. The latest year breaks from that pattern with much healthier margins, turning the company from being merely solidly profitable into being clearly more robust on the income statement. The key question going forward will be how sustainable this new, higher level of earnings is within the regulatory framework.

Balance Sheet

Balance Sheet The balance sheet has been expanding steadily, reflecting large and ongoing investment in infrastructure. Total assets have climbed consistently, and shareholder equity has also risen each year, which points to a business that is building its capital base over time rather than shrinking or standing still. Debt has increased, but at a measured pace relative to the growth in assets and equity. This is typical for a regulated utility that funds long-lived infrastructure with long-term borrowing. Cash on hand is quite low, but that is also common in this sector, where cash is quickly reinvested and the company relies on steady bill collections and access to capital markets. Overall, the company appears capital-intensive but not unusually aggressive in its use of leverage for a utility.

Cash Flow

Cash Flow Cash generated from operations has been consistently positive and has generally trended upward, in line with the gradual growth in earnings. However, free cash flow has been negative in every year shown, mainly because the company is spending heavily on capital projects such as pipelines, treatment plants, and other infrastructure. This pattern—solid operating cash inflows paired with large, ongoing capital spending—is very typical for a regulated water utility. It suggests that the business is healthy at its core but depends on external funding (debt or equity) to cover the gap created by its ambitious investment program. The main risk to monitor is whether future rate approvals and customer growth keep supporting these high investment levels without putting too much strain on the balance sheet.

Competitive Edge

Competitive Edge California Water Service Group operates in a regulated environment where it effectively has local monopolies in its service territories. That structure, combined with oversight from state regulators, gives it a stable customer base and a fairly predictable ability to earn a regulated return on the money it invests in its systems. The company’s large size in the western United States creates scale advantages: it can spread costs over many customers, invest in advanced technology, and manage complex regulatory processes more effectively than smaller competitors. Its track record of acquiring smaller systems further strengthens its regional presence. Overall, its competitive position is supported more by regulation and long-term infrastructure commitments than by traditional market competition.

Innovation and R&D

Innovation and R&D The company is notably active in applying technology to water management, which is not always the case in traditional utilities. It uses advanced leak detection systems to find and fix issues early, operates a high-end water quality laboratory that runs extensive testing, and relies on sophisticated control and monitoring systems to manage its network more efficiently. Looking ahead, CWT plans significant investment in system upgrades, water quality improvements, resilience to outages and wildfires, and expansion into wastewater and recycled water. It also emphasizes conservation programs, customer assistance tools, and sustainability goals such as reducing emissions and electrifying its fleet. While it does not have “R&D” in the tech-company sense, it is clearly investing in modernizing its infrastructure and operations, which can enhance reliability, regulatory standing, and long-term efficiency.

Summary

California Water Service Group shows the hallmarks of a mature, capital-intensive regulated utility that is currently in an investment-heavy, growth-supporting phase. Earnings have improved sharply in the most recent year after a period of more modest profitability, supported by gradual revenue growth and better margins. The balance sheet reflects ongoing expansion of the asset base, financed by a mix of rising equity and manageable increases in debt. Operational cash generation is solid, but free cash flow is negative because of substantial capital spending on infrastructure. Strategically, CWT benefits from a strong regulated position and significant scale in its core markets. It is leaning into technology, water quality, resilience, and sustainability initiatives, positioning itself as a more innovative player within the water utility space. The key watch-points are the sustainability of the recent profit uplift, continued regulatory support for large capital programs, and careful management of leverage as it pursues its long-term infrastructure and environmental commitments.

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