California Water Service (CWT)
Market Price (6/25/2026): $47.99 | Market Cap: $2.9 BilSector: Utilities | Industry: Water Utilities
California Water Service (CWT)
Market Price (6/25/2026): $47.99Market Cap: $2.9 BilSector: UtilitiesIndustry: Water Utilities
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.8%, Dividend Yield is 2.6% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 31% Low stock price volatilityVol 12M is 24% Megatrend and thematic driversMegatrends include Water Infrastructure, and Smart Grids & Grid Modernization. Themes include Water Treatment & Delivery, Wastewater Management, Show more. | Trading close to highsDist 52W High is -3.0% Weak multi-year price returns2Y Excs Rtn is -30%, 3Y Excs Rtn is -70% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 58% Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -22% Key risksCWT key risks include [1] unfavorable regulatory decisions impacting cost recovery and rates, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.8%, Dividend Yield is 2.6% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 31% |
| Low stock price volatilityVol 12M is 24% |
| Megatrend and thematic driversMegatrends include Water Infrastructure, and Smart Grids & Grid Modernization. Themes include Water Treatment & Delivery, Wastewater Management, Show more. |
| Trading close to highsDist 52W High is -3.0% |
| Weak multi-year price returns2Y Excs Rtn is -30%, 3Y Excs Rtn is -70% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 58% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -22% |
| Key risksCWT key risks include [1] unfavorable regulatory decisions impacting cost recovery and rates, Show more. |
Qualitative Assessment
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California Water Service (CWT) stock has gained about 5% since 2/28/2026 because of the following key factors:
1. Favorable Regulatory Decisions in California
California Water Service Group received a revised proposed decision on its 2024 California General Rate Case (GRC) on April 29, 2026, which is expected to authorize significant revenue increases. This decision projects additional revenue of $90.5 million in 2026 (a 10.9% increase), $43.2 million (4.7%) in 2027, and $48.9 million (5.1%) in 2028. Furthermore, interim rate adjustments, allowing for a 3% increase in most districts, were already implemented effective January 1, 2026, as the California Public Utilities Commission (CPUC) continued its review of the GRC. While the company's fiscal Q1 2026 results did not reflect these new GRC rates, the authorization to retroactively recognize rate increases to January 1, 2026, once a final decision is adopted, provided positive forward-looking sentiment.
2. Commitment to Shareholder Returns and Strategic Growth Initiatives
During fiscal Q1 2026, California Water Service Group announced its intent to increase the annual dividend by 8%, or $0.10 per common share, bringing the annualized dividend to $1.34 per share. This marks the company's 59th consecutive annual dividend increase, underscoring its financial stability and commitment to returning value to shareholders. Concurrently, the company pursued strategic growth, agreeing to acquire Nexus Water Group's systems in Nevada and Oregon for approximately $218 million, which is anticipated to add roughly 36,000 equivalent residential units and about $109 million to its rate base. Additionally, the company continued substantial capital expenditures, investing $129.4 million in infrastructure during fiscal Q1 2026, an increase from $110.1 million in fiscal Q1 2025, with planned 2026 utility capital expenditures ranging from $580.0 million to $640.0 million.
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California Water Service (CWT) stock has gained about 5% since 2/28/2026 because of the following key factors:
1. Favorable Regulatory Decisions in California
California Water Service Group received a revised proposed decision on its 2024 California General Rate Case (GRC) on April 29, 2026, which is expected to authorize significant revenue increases. This decision projects additional revenue of $90.5 million in 2026 (a 10.9% increase), $43.2 million (4.7%) in 2027, and $48.9 million (5.1%) in 2028. Furthermore, interim rate adjustments, allowing for a 3% increase in most districts, were already implemented effective January 1, 2026, as the California Public Utilities Commission (CPUC) continued its review of the GRC. While the company's fiscal Q1 2026 results did not reflect these new GRC rates, the authorization to retroactively recognize rate increases to January 1, 2026, once a final decision is adopted, provided positive forward-looking sentiment.
2. Commitment to Shareholder Returns and Strategic Growth Initiatives
During fiscal Q1 2026, California Water Service Group announced its intent to increase the annual dividend by 8%, or $0.10 per common share, bringing the annualized dividend to $1.34 per share. This marks the company's 59th consecutive annual dividend increase, underscoring its financial stability and commitment to returning value to shareholders. Concurrently, the company pursued strategic growth, agreeing to acquire Nexus Water Group's systems in Nevada and Oregon for approximately $218 million, which is anticipated to add roughly 36,000 equivalent residential units and about $109 million to its rate base. Additionally, the company continued substantial capital expenditures, investing $129.4 million in infrastructure during fiscal Q1 2026, an increase from $110.1 million in fiscal Q1 2025, with planned 2026 utility capital expenditures ranging from $580.0 million to $640.0 million.
3. Resilient Investor Reaction to Q1 2026 Earnings Amidst Sector Tailwinds
Despite reporting a net income of $4.0 million, or $0.07 per diluted share, for fiscal Q1 2026—a decrease from $13.3 million, or $0.22 per diluted share, in fiscal Q1 2025, and significantly missing consensus EPS estimates by 70.51%—the stock exhibited a positive reaction, edging up 1.71% in the subsequent trading session. This investor resilience suggests a focus on the company's long-term fundamentals and the broader positive macroeconomic environment for utilities. The S&P 500 Utilities Index gained 8.3% in fiscal Q1 2026, outperforming the broader market. The sector benefited from structural tailwinds such as increasing AI-driven power demand, accelerating electrification, and ongoing grid upgrades.
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Stock Movement Drivers
Fundamental Drivers
The 5.7% change in CWT stock from 2/28/2026 to 6/24/2026 was primarily driven by a 14.2% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 6242026 | Change |
|---|---|---|---|
| Stock Price ($) | 44.73 | 47.30 | 5.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,000 | 1,011 | 1.1% |
| Net Income Margin (%) | 12.8% | 11.8% | -8.2% |
| P/E Multiple | 20.8 | 23.7 | 14.2% |
| Shares Outstanding (Mil) | 60 | 60 | -0.2% |
| Cumulative Contribution | 5.7% |
Market Drivers
2/28/2026 to 6/24/2026| Return | Correlation | |
|---|---|---|
| CWT | 5.7% | |
| Market (SPY) | 7.2% | -18.1% |
| Sector (XLU) | -3.9% | 28.2% |
Fundamental Drivers
The 5.9% change in CWT stock from 11/30/2025 to 6/24/2026 was primarily driven by a 21.6% change in the company's P/E Multiple.| (LTM values as of) | 11302025 | 6242026 | Change |
|---|---|---|---|
| Stock Price ($) | 44.68 | 47.30 | 5.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,002 | 1,011 | 0.8% |
| Net Income Margin (%) | 13.6% | 11.8% | -13.5% |
| P/E Multiple | 19.5 | 23.7 | 21.6% |
| Shares Outstanding (Mil) | 60 | 60 | -0.2% |
| Cumulative Contribution | 5.9% |
Market Drivers
11/30/2025 to 6/24/2026| Return | Correlation | |
|---|---|---|
| CWT | 5.9% | |
| Market (SPY) | 7.9% | -16.3% |
| Sector (XLU) | 2.0% | 32.4% |
Fundamental Drivers
The 3.0% change in CWT stock from 5/31/2025 to 6/24/2026 was primarily driven by a 16.6% change in the company's P/E Multiple.| (LTM values as of) | 5312025 | 6242026 | Change |
|---|---|---|---|
| Stock Price ($) | 45.94 | 47.30 | 3.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 970 | 1,011 | 4.2% |
| Net Income Margin (%) | 13.8% | 11.8% | -15.0% |
| P/E Multiple | 20.4 | 23.7 | 16.6% |
| Shares Outstanding (Mil) | 60 | 60 | -0.3% |
| Cumulative Contribution | 3.0% |
Market Drivers
5/31/2025 to 6/24/2026| Return | Correlation | |
|---|---|---|
| CWT | 3.0% | |
| Market (SPY) | 25.8% | -10.7% |
| Sector (XLU) | 14.3% | 30.8% |
Fundamental Drivers
The -10.4% change in CWT stock from 5/31/2023 to 6/24/2026 was primarily driven by a -41.3% change in the company's P/E Multiple.| (LTM values as of) | 5312023 | 6242026 | Change |
|---|---|---|---|
| Stock Price ($) | 52.81 | 47.30 | -10.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 805 | 1,011 | 25.6% |
| Net Income Margin (%) | 9.0% | 11.8% | 30.2% |
| P/E Multiple | 40.4 | 23.7 | -41.3% |
| Shares Outstanding (Mil) | 56 | 60 | -6.8% |
| Cumulative Contribution | -10.4% |
Market Drivers
5/31/2023 to 6/24/2026| Return | Correlation | |
|---|---|---|
| CWT | -10.4% | |
| Market (SPY) | 82.4% | 6.9% |
| Sector (XLU) | 53.8% | 45.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CWT Return | 35% | -14% | -13% | -11% | -2% | 8% | -4% |
| Peers Return | 27% | -5% | 17% | -10% | 10% | -0% | 39% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 96% |
Monthly Win Rates [3] | |||||||
| CWT Win Rate | 75% | 50% | 58% | 50% | 42% | 83% | |
| Peers Win Rate | 62% | 47% | 48% | 40% | 50% | 57% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| CWT Max Drawdown | -13% | -32% | -27% | -18% | -16% | -11% | |
| Peers Max Drawdown | -20% | -31% | -27% | -22% | -17% | -14% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MSEX, CWCO, AWK, WTRG, AWR.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/24/2026 (YTD)
How Low Can It Go
| Event | CWT | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -12.2% | -9.5% |
| % Gain to Breakeven | 13.9% | 10.5% |
| Time to Breakeven | 32 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -22.8% | -33.7% |
| % Gain to Breakeven | 29.6% | 50.9% |
| Time to Breakeven | 296 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -11.0% | -12.2% |
| % Gain to Breakeven | 12.4% | 13.9% |
| Time to Breakeven | 26 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -16.9% | -6.8% |
| % Gain to Breakeven | 20.4% | 7.3% |
| Time to Breakeven | 46 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -11.0% | -17.9% |
| % Gain to Breakeven | 12.3% | 21.8% |
| Time to Breakeven | 80 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -10.7% | -15.4% |
| % Gain to Breakeven | 12.0% | 18.2% |
| Time to Breakeven | 121 days | 125 days |
In The Past
California Water Service's stock fell -1.1% during the 2025 US Tariff Shock. Such a loss loss requires a 1.1% gain to breakeven.
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| Event | CWT | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -22.8% | -33.7% |
| % Gain to Breakeven | 29.6% | 50.9% |
| Time to Breakeven | 296 days | 140 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -22.2% | -53.4% |
| % Gain to Breakeven | 28.6% | 114.4% |
| Time to Breakeven | 7 days | 1085 days |
In The Past
California Water Service's stock fell -1.1% during the 2025 US Tariff Shock. Such a loss loss requires a 1.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About California Water Service (CWT)
California Water Service Group (CWT) is a utility company primarily focused on providing regulated water and wastewater services. Its core business encompasses the entire water supply lifecycle, from the production, purchase, storage, and treatment of water to its rigorous testing, distribution, and eventual sale. The company supplies water for a wide range of essential uses, including domestic consumption, industrial operations, public services, agricultural irrigation, and vital fire protection systems.
CWT serves a substantial and geographically diverse customer base across several U.S. states. Its most significant presence is in California, where it manages nearly 494,500 customer connections across 100 communities. Beyond California, the company also operates regulated water and wastewater systems for tens of thousands of customer connections in Washington, New Mexico, and Hawaii, with a recent expansion into Texas. Primary customers include residential, industrial, public, and agricultural users.
Beyond its regulated utility operations, California Water Service Group offers a variety of non-regulated water-related services to diversify its business. These include operating water systems for municipalities and private companies, providing specialized water system management services such as meter reading and billing, and offering laboratory services. The company also generates revenue through other avenues, such as leasing communication antenna sites on its properties and facilitating optional third-party insurance programs for its residential customers.
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Analogies for California Water Service (CWT):
It's like your local electricity or natural gas utility, but for water services across California and other states.
Think of it as the PG&E or Con Edison of water, serving communities in multiple states.
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- Water Utility Services: Provides production, treatment, distribution, and sale of water for domestic, industrial, public, irrigation, and fire protection uses.
- Wastewater Utility Services: Offers wastewater collection and treatment services.
- Water System Operations & Management: Operates water systems for municipalities and private entities, including meter reading and billing services.
- Antenna Site Leasing: Leases communication antenna sites located on its properties to telecommunication companies.
- Third-Party Insurance Program Billing: Handles the billing of optional third-party insurance programs to residential customers.
- Laboratory Services: Provides specialized laboratory testing and analysis services.
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California Water Service (CWT) primarily sells water utility services directly to a wide range of end-users across residential, commercial, and public sectors in the communities it serves. Given its business model as a regulated water utility, it does not have a few major corporate customers but rather a large, diversified customer base. The company serves approximately 494,500 customer connections in California and thousands more in Washington, New Mexico, and Hawaii.
The company serves the following primary categories of customers:
- Residential Customers: This category includes individual households that use water for domestic purposes such as drinking, bathing, and household chores. The company explicitly mentions serving hundreds of thousands of "customer connections" and offering services to "residential customers."
- Commercial and Industrial Customers: This category encompasses businesses, factories, and other commercial enterprises that utilize water for their operations, manufacturing processes, or general business needs. The company description mentions serving "industrial uses."
- Public and Irrigation Customers: This category includes public entities such as schools, parks, and government facilities that use water for public services, as well as agricultural users for irrigation purposes. The company description specifically notes serving "public, and irrigation uses."
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Martin A. Kropelnicki, Chairman, President & CEO
Martin A. Kropelnicki was named Chairman, President & CEO of California Water Service Group in May 2023, after serving as President & CEO since September 2013. He joined the company in 2006 as Vice President, Chief Financial Officer (CFO) and Treasurer. Prior to joining California Water Service Group, he held executive positions at PowerLight Corporation, Hall Kinion & Associates, Deloitte & Touche Consulting Group, and Pacific Gas & Electric Company. Mr. Kropelnicki brings over 33 years of experience in finance and operations to his role, including more than 15 years as CFO at publicly listed companies, with expertise in corporate leadership, strategic planning, rate making, and operational and financial reporting. He has been instrumental in strategic acquisitions, with the company completing 12 acquisitions, including seven in the five years leading up to July 2022. He is a past president of the National Association of Water Companies (NAWC) and currently serves on its Board of Directors and Executive Committee. In 2009, he was recognized as the Bay Area CFO of the Year by the San Francisco Business Times.
James P. Lynch, Senior Vice President, Chief Financial Officer and Treasurer
James P. Lynch was appointed Senior Vice President, Chief Financial Officer (CFO) and Treasurer of California Water Service Group in January 2024. He has over 22 years of experience in the rate-regulated utility industry. This includes a 12-year tenure as CFO and Treasurer, and a one-year term as Chief Accounting Officer at SJW Group. Before his time at SJW Group, Mr. Lynch spent 14 years as an Audit Partner with KPMG, LLP, where he served as a lead audit partner for a portfolio of international and domestic publicly traded and privately held companies, including both SJW Group and California Water Service Group.
Michael B. Luu, Senior Vice President, Corporate Services and Chief Risk Officer
Michael B. Luu serves as California Water Service Group's Senior Vice President, Corporate Services and Chief Risk Officer. He is a senior executive known for his successful track record in enterprise risk management (ERM), utility operations, safety and physical security, information technology, customer service, engineering, water quality, and environmental affairs. Under his leadership, Cal Water developed a robust ERM model, its first cybersecurity practice, and an award-winning customer experience program. Mr. Luu is also an advisory board member for three start-ups and a Fortune 1000 organization.
Shannon C. Dean, Senior Vice President, Customer Service & Chief Sustainability Officer
Shannon C. Dean is the Senior Vice President, Customer Service and Chief Sustainability Officer at California Water Service Group. In this role, she is responsible for corporate communications, government and community relations, customer service, water resource sustainability, and the company's Environmental, Social, and Governance (ESG) strategy. Her career in the water industry spans 30 years, during which she also served as Vice President, Customer Service and Chief Citizenship Officer.
Shilen M. Patel, Chief Business Development Officer and Vice President, TWSC, Inc.
Shilen M. Patel holds the position of Chief Business Development Officer for California Water Service Group and also serves as the Vice President of the Group's Texas subsidiary. He has played a significant role in the execution of the company's business development strategy and its growth. Before joining the company in 2019, Mr. Patel was the Director, Strategy & Development at Veolia North America. He possesses nearly 20 years of progressive experience in business development and corporate strategy.
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- Regulatory and Political Uncertainty: California Water Service's financial performance is heavily influenced by regulatory decisions, particularly regarding its General Rate Cases (GRC) with state commissions like the California Public Utilities Commission (CPUC). Delays in these rate cases can significantly hinder the company's ability to recover escalating operating expenses and substantial capital investments for infrastructure improvements and compliance with new water quality standards, such as those for PFAS treatment. Unfavorable regulatory outcomes or shifts in policy can directly impact its revenue, profitability, and cost recovery, creating uncertainty around its earnings and growth prospects.
- Environmental and Climate Risks: The company is highly vulnerable to environmental factors, including droughts, climate change impacts, and natural disasters like wildfires, which can severely affect its water supply availability and quality. Fluctuations in water availability can lead to reduced water sales and increased operational challenges, as the company relies on natural water sources. Public health emergencies or other unforeseen environmental events could also disrupt operations and lead to increased expenses.
- Rising Operating Expenses and Capital Investment Needs: California Water Service faces increasing operating expenses, including significant costs for water production, power, and other operational activities, which can pressure profit margins. The company also has substantial and ongoing capital expenditure requirements for upgrading aging infrastructure (such as pipelines), expanding its systems, and complying with evolving water quality regulations. The challenge lies in ensuring that these rising costs and necessary investments are adequately and timely approved for recovery through customer rates, a process that is subject to regulatory review and potential delays.
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The addressable markets for California Water Service (CWT) for its main products and services in the regions where it operates are as follows:
- California:
- Water Utility Services: Approximately $37 billion annually (U.S. region, reflecting the state's spending on its water systems).
- Wastewater Treatment Services: $1.6 billion in 2026 (California region).
- Washington:
- Water Utility Services: null
- Wastewater Treatment Services: null
- New Mexico:
- Water Utility Services: null
- Wastewater Treatment Services: $496.1 million in 2026 (New Mexico region).
- Hawaii:
- Water Utility Services: $483.9 million in 2026 (Hawaii region, for Water Supply & Irrigation Systems).
- Wastewater Treatment Services: $97.0 million in 2026 (Hawaii region, for Waste Treatment & Disposal Services).
- Texas:
- Water Utility Services: $12.0 billion in 2026 (Texas region, for Water Supply & Irrigation Systems).
- Wastewater Treatment Services: null
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California Water Service (CWT) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:
- Rate Increases and Regulatory Activities: The company anticipates significant revenue increases stemming from ongoing regulatory processes. A decision on its 2024 California General Rate Case (GRC) is expected, with the company having requested revenue increases of 17.1% for 2026, 7.7% for 2027, and 8.1% for 2028. Additionally, inflation-based interim rate increases for California Water Service became effective January 1, 2026, pending a final decision on the GRC. Rate increases in Hawaii Water Service's five Waikoloa water and wastewater systems have also been approved, projected to increase annual revenues by $4.7 million.
- Capital Investments and Rate Base Growth: California Water Service is making substantial investments in its water system infrastructure. In 2025, the company invested a record $517 million in infrastructure. These investments are projected to drive a compounded annual rate base growth of nearly 12% through 2027, reaching over $3.3 billion. The 2024 California General Rate Case also proposes $1.6 billion in investments from 2025-2027, further contributing to rate base expansion.
- Strategic Acquisitions and Market Expansion: The company is expanding its geographical footprint and customer base through strategic acquisitions. This includes the acquisition of Nexus Water's operations in Nevada and Oregon. Furthermore, CWT has acquired the remaining minority interest in BVRT Holdings, gaining sole ownership of seven regulated water and wastewater utilities in the high-growth corridor between Austin and San Antonio, Texas, with over 19,000 total connected and committed customers in 2025.
- PFAS Treatment Investments: Significant capital expenditures are planned for Per- and Polyfluoroalkyl Substances (PFAS) treatment, with $160 million expected over the next two years and anticipated costs of $235 million over the next few years. These critical investments, necessary for water quality compliance, will be integrated into the company's rate base, thereby contributing to future revenue generation.
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Share Repurchases
- California Water Service repurchased $1.4 million of its own shares in 2025.
- Annual share repurchases amounted to $1.435 million in 2024.
- In 2023, the company's annual share repurchases were $1.844 million.
Share Issuance
- In 2025, the company announced the sale and issuance of $170.0 million in Senior Unsecured Notes by the Group and $200.0 million in First Mortgage Bonds by Cal Water through private placement transactions.
- An equity distribution agreement was established to sell up to $350 million of common stock via an at-the-market equity program over the next three years.
Outbound Investments
- In February 2026, California Water Service Group agreed to acquire Nexus Water Group's water and wastewater systems in Nevada and Oregon for approximately $218 million, expected to close by the end of 2026.
- The company announced its intention to acquire the remaining membership interests of BVRT Utility Holding Company LLC, which would make it the sole owner of seven subsidiary water and wastewater utilities in the south Austin-San Antonio corridor.
- California Water Service entered an agreement to own and operate wastewater and recycled water systems in a master-planned development in San Bernardino County, California, starting with 500 customer connections and potentially expanding to 15,000.
Capital Expenditures
- California Water Service invested a record $517.0 million in water system infrastructure in 2025, marking a 9.8% increase over 2024.
- The company plans to invest over $1.6 billion in infrastructure improvements from 2025 to 2027, focusing on replacing aging pipelines, improving water quality, and enhancing water supply reliability, including anticipated PFAS treatment and system upgrades.
- Expected capital expenditures for 2026 are estimated to be between $580 million and $640 million.
Latest Trefis Analyses
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 50.66 |
| Mkt Cap | 3.0 |
| Rev LTM | 845 |
| Op Inc LTM | 192 |
| FCF LTM | -130 |
| FCF 3Y Avg | -113 |
| CFO LTM | 285 |
| CFO 3Y Avg | 233 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.1% |
| Rev Chg 3Y Avg | 7.9% |
| Rev Chg Q | 7.8% |
| QoQ Delta Rev Chg LTM | 1.8% |
| Op Inc Chg LTM | 5.4% |
| Op Inc Chg 3Y Avg | 12.0% |
| Op Mgn LTM | 29.4% |
| Op Mgn 3Y Avg | 29.2% |
| QoQ Delta Op Mgn LTM | -0.3% |
| CFO/Rev LTM | 34.4% |
| CFO/Rev 3Y Avg | 29.8% |
| FCF/Rev LTM | -18.3% |
| FCF/Rev 3Y Avg | -17.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 3.0 |
| P/S | 4.4 |
| P/Op Inc | 15.5 |
| P/EBIT | 14.0 |
| P/E | 23.2 |
| P/CFO | 12.3 |
| Total Yield | 6.8% |
| Dividend Yield | 2.5% |
| FCF Yield 3Y Avg | -3.5% |
| D/E | 0.5 |
| Net D/E | 0.5 |
Price Behavior
| Market Price | $47.30 | |
| Market Cap ($ Bil) | 2.8 | |
| First Trading Date | 03/26/1990 | |
| Distance from 52W High | -3.0% | |
| 50 Days | 200 Days | |
| DMA Price | $44.54 | $44.63 |
| DMA Trend | indeterminate | indeterminate |
| Distance from DMA | 6.2% | 6.0% |
| 3M | 1YR | |
| Volatility | 29.0% | 24.3% |
| Downside Capture | -98.83 | -28.90 |
| Upside Capture | -31.18 | -16.91 |
| Correlation (SPY) | -25.0% | -12.0% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.06 | -0.49 | -0.33 | -0.30 | -0.19 | 0.12 |
| Up Beta | -0.53 | -0.71 | -0.58 | -0.68 | -0.26 | 0.19 |
| Down Beta | 2.89 | 2.06 | 0.34 | -0.10 | -0.18 | -0.04 |
| Up Capture | 37% | -28% | -26% | -13% | -9% | 2% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 11 | 24 | 35 | 65 | 127 | 365 |
| Down Capture | -160% | -151% | -61% | -32% | -25% | 42% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 9 | 17 | 28 | 59 | 122 | 381 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CWT | |
|---|---|---|---|---|
| CWT | 2.5% | 24.3% | 0.05 | - |
| Sector ETF (XLU) | 14.6% | 14.7% | 0.71 | 29.9% |
| Equity (SPY) | 23.3% | 12.5% | 1.40 | -12.1% |
| Gold (GLD) | 17.7% | 27.7% | 0.57 | -12.8% |
| Commodities (DBC) | 18.2% | 18.6% | 0.76 | -17.3% |
| Real Estate (VNQ) | 11.6% | 13.8% | 0.56 | 33.6% |
| Bitcoin (BTCUSD) | -40.6% | 42.4% | -1.11 | -13.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CWT | |
|---|---|---|---|---|
| CWT | -2.0% | 24.3% | -0.11 | - |
| Sector ETF (XLU) | 10.1% | 17.3% | 0.44 | 55.3% |
| Equity (SPY) | 13.2% | 17.1% | 0.60 | 23.8% |
| Gold (GLD) | 16.4% | 18.3% | 0.73 | 7.9% |
| Commodities (DBC) | 6.9% | 19.5% | 0.26 | -1.8% |
| Real Estate (VNQ) | 2.7% | 18.9% | 0.04 | 50.0% |
| Bitcoin (BTCUSD) | 10.4% | 54.1% | 0.39 | 7.2% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CWT | |
|---|---|---|---|---|
| CWT | 6.0% | 27.7% | 0.25 | - |
| Sector ETF (XLU) | 9.4% | 19.3% | 0.42 | 61.4% |
| Equity (SPY) | 15.3% | 18.0% | 0.73 | 37.5% |
| Gold (GLD) | 11.5% | 16.1% | 0.59 | 7.9% |
| Commodities (DBC) | 5.7% | 18.0% | 0.24 | 4.9% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.23 | 52.9% |
| Bitcoin (BTCUSD) | 57.2% | 66.5% | 0.97 | 8.3% |
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Returns Analyses
Earnings Returns History
Updated 6/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/30/2026 | -6.9% | -5.2% | 0.2% |
| 2/25/2026 | -4.4% | 0.8% | -3.3% |
| 10/30/2025 | -4.8% | -2.0% | -4.1% |
| 7/31/2025 | 1.3% | 3.0% | 5.1% |
| 5/1/2025 | -0.8% | -3.1% | -6.1% |
| 2/27/2025 | -2.2% | 1.5% | 1.2% |
| 10/31/2024 | 1.3% | 2.0% | 0.3% |
| 8/1/2024 | 0.8% | 0.4% | 3.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 13 | 16 |
| # Negative | 11 | 10 | 7 |
| Median Positive | 1.9% | 3.4% | 3.3% |
| Median Negative | -2.2% | -2.3% | -4.0% |
| Max Positive | 5.0% | 12.5% | 15.8% |
| Max Negative | -6.9% | -5.2% | -6.1% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/30/2026 | -6.9% | -5.2% | 0.2% |
| 2/25/2026 | -4.4% | 0.8% | -3.3% |
| 10/30/2025 | -4.8% | -2.0% | -4.1% |
| 7/31/2025 | 1.3% | 3.0% | 5.1% |
| 5/1/2025 | -0.8% | -3.1% | -6.1% |
| 2/27/2025 | -2.2% | 1.5% | 1.2% |
| 10/31/2024 | 1.3% | 2.0% | 0.3% |
| 8/1/2024 | 0.8% | 0.4% | 3.6% |
| 4/25/2024 | 3.2% | 7.0% | 10.4% |
| 2/29/2024 | -0.1% | -0.7% | 1.2% |
| 10/26/2023 | 5.0% | 7.0% | 10.9% |
| 7/27/2023 | -3.6% | -1.2% | -3.1% |
| 3/1/2023 | 1.5% | 0.8% | 3.0% |
| 10/27/2022 | 3.0% | 3.4% | 15.8% |
| 7/28/2022 | 1.8% | 5.1% | 5.7% |
| 4/28/2022 | 2.1% | -0.7% | 2.6% |
| 2/24/2022 | -1.2% | -1.1% | 1.3% |
| 10/28/2021 | 2.8% | 6.3% | 6.3% |
| 7/29/2021 | 1.9% | 5.0% | 2.6% |
| 4/29/2021 | -1.4% | -2.6% | -4.0% |
| 2/25/2021 | -1.1% | -4.7% | -0.8% |
| 11/6/2020 | 1.9% | 12.5% | 8.8% |
| 7/30/2020 | -2.7% | -5.0% | -5.0% |
| SUMMARY STATS | |||
| # Positive | 12 | 13 | 16 |
| # Negative | 11 | 10 | 7 |
| Median Positive | 1.9% | 3.4% | 3.3% |
| Median Negative | -2.2% | -2.3% | -4.0% |
| Max Positive | 5.0% | 12.5% | 15.8% |
| Max Negative | -6.9% | -5.2% | -6.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 04/25/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/28/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 10/27/2022 | 10-Q |
| 06/30/2022 | 07/28/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 04/25/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/28/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 10/27/2022 | 10-Q |
| 06/30/2022 | 07/28/2022 | 10-Q |
| 03/31/2022 | 04/28/2022 | 10-Q |
| 12/31/2021 | 02/24/2022 | 10-K |
| 09/30/2021 | 10/28/2021 | 10-Q |
| 06/30/2021 | 07/29/2021 | 10-Q |
| 03/31/2021 | 04/29/2021 | 10-Q |
| 12/31/2020 | 02/25/2021 | 10-K |
| 09/30/2020 | 11/06/2020 | 10-Q |
| 06/30/2020 | 07/30/2020 | 10-Q |
| 03/31/2020 | 04/30/2020 | 10-Q |
| 12/31/2019 | 02/27/2020 | 10-K |
| 09/30/2019 | 10/31/2019 | 10-Q |
| 06/30/2019 | 08/01/2019 | 10-Q |
Insider Activity
Updated 6/8/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Snow, Lester A | Direct | Sell | 5272026 | 44.00 | 1,100 | 48,400 | 805,904 | Form | |
| 2 | Krummel, Thomas M | Direct | Sell | 5212026 | 43.30 | 3,700 | 160,214 | 1,030,785 | Form | |
| 3 | Luu, Michael B | Sr. VP Corp Svcs & Chief Risk | Direct | Sell | 3242026 | 44.53 | 740 | 32,945 | 1,053,352 | Form |
| 4 | Mares, Michael S JR | Vice President, Operations | Direct | Sell | 3242026 | 44.00 | 3,892 | 171,248 | 375,082 | Form |
| 5 | Mortensen, Michelle R | VP, Corp Sec &Chief of Staff | Direct | Sell | 12232025 | 43.34 | 924 | 40,046 | 498,921 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Snow, Lester A | Direct | Sell | 5272026 | 44.00 | 1,100 | 48,400 | 805,904 | Form | |
| 2 | Krummel, Thomas M | Direct | Sell | 5212026 | 43.30 | 3,700 | 160,214 | 1,030,785 | Form | |
| 3 | Luu, Michael B | Sr. VP Corp Svcs & Chief Risk | Direct | Sell | 3242026 | 44.53 | 740 | 32,945 | 1,053,352 | Form |
| 4 | Mares, Michael S JR | Vice President, Operations | Direct | Sell | 3242026 | 44.00 | 3,892 | 171,248 | 375,082 | Form |
| 5 | Mortensen, Michelle R | VP, Corp Sec &Chief of Staff | Direct | Sell | 12232025 | 43.34 | 924 | 40,046 | 498,921 | Form |
| 6 | Lynch, James Patrick | SVP CFO and Treasurer | Direct | Buy | 12112025 | 42.80 | 550 | 23,540 | 197,689 | Form |
| 7 | Snow, Lester A | Direct | Sell | 6132025 | 46.51 | 1,200 | 55,812 | 1,225,492 | Form |
Industry Resources
| Utilities Resources |
| Data.gov Energy Infrastructure |
| Data.gov Energy Resources |
| Utility Dive |
| Water Utilities Resources |
| American Water Works Association (AWWA) |
| WaterWorld |
| Water & Wastes Digest (WWD) |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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