California Water Service (CWT)


Market Price (9/27/2026): $46.17 | Market Cap: $2.8 BilSector: Utilities | Industry: Water Utilities

California Water Service (CWT)


Market Price (9/27/2026): $46.17
Market Cap: $2.8 Bil
Sector: Utilities
Industry: Water Utilities

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.5%, Dividend Yield is 2.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.6%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 31%

Low stock price volatility
Vol 12M is 25%

Megatrend and thematic drivers
Megatrends include Water Infrastructure, and Smart Grids & Grid Modernization. Themes include Water Treatment & Delivery, Wastewater Management, Show more.

Weak multi-year price returns
2Y Excs Rtn is -46%, 3Y Excs Rtn is -73%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 59%

Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -22%

Key risks
CWT key risks include [1] unfavorable regulatory decisions impacting cost recovery and rates, Show more.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.5%, Dividend Yield is 2.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.6%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 31%
2 Low stock price volatility
Vol 12M is 25%
3 Megatrend and thematic drivers
Megatrends include Water Infrastructure, and Smart Grids & Grid Modernization. Themes include Water Treatment & Delivery, Wastewater Management, Show more.
4 Weak multi-year price returns
2Y Excs Rtn is -46%, 3Y Excs Rtn is -73%
5 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 59%
6 Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -22%
7 Key risks
CWT key risks include [1] unfavorable regulatory decisions impacting cost recovery and rates, Show more.

CWT in ETFs

Weight = CWT's share of each fund

VTI0.00%
ITOT0.00%
IWM0.09%
IJR0.17%
VIG0.01%
VYM0.01%
VB0.04%
IJS0.18%
+15 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 9/18/2026

California Water Service (CWT) stock has gained about 5% since 5/31/2026 because of the following key factors:

1. Strong Fiscal Q2 2026 Earnings and Favorable California General Rate Case (GRC) Resolution. California Water Service Group reported robust fiscal Q2 2026 results on July 30, 2026, with net income rising to $56.5 million, or $0.93 per diluted share, a significant increase from $42.2 million, or $0.71 per diluted share, in fiscal Q2 2025. Revenue grew 16.5% year-over-year to $308.6 million. This strong performance was primarily driven by the implementation of the 2024 California GRC decision, which was received at the end of fiscal Q1 2026 and recognized retroactively to January 1, 2026. This contributed $15.3 million in Interim Rates Memorandum Account (IRMA) revenue in fiscal Q2 2026. The GRC decision is also expected to increase company-wide revenue by $90.5 million (10.9%) in 2026, $43.2 million (4.7%) in 2027, and $48.9 million (5.1%) in 2028. The reported diluted EPS of $0.93 surpassed analysts' consensus estimates of $0.80 by $0.13, and quarterly revenue exceeded estimates of $283.50 million.

2. Continued Strategic Infrastructure Investments and Rate Base Growth. The company maintained a high level of infrastructure investment, reporting record capital expenditures of $147.0 million in fiscal Q2 2026, representing a 23% increase from $119.4 million in fiscal Q2 2025. Year-to-date capital expenditures reached $270 million, marking a new record for the first half of a fiscal year. California Water Service plans to invest $627 million in 2026 to support further infrastructure upgrades and rate-base growth, a strategy bolstered by the 2024 California GRC's authorization of approximately $1.45 billion in pre-approved infrastructure investments through 2027.

Show more
Updated on 9/18/2026

California Water Service (CWT) stock has gained about 5% since 5/31/2026 because of the following key factors:

1. Strong Fiscal Q2 2026 Earnings and Favorable California General Rate Case (GRC) Resolution. California Water Service Group reported robust fiscal Q2 2026 results on July 30, 2026, with net income rising to $56.5 million, or $0.93 per diluted share, a significant increase from $42.2 million, or $0.71 per diluted share, in fiscal Q2 2025. Revenue grew 16.5% year-over-year to $308.6 million. This strong performance was primarily driven by the implementation of the 2024 California GRC decision, which was received at the end of fiscal Q1 2026 and recognized retroactively to January 1, 2026. This contributed $15.3 million in Interim Rates Memorandum Account (IRMA) revenue in fiscal Q2 2026. The GRC decision is also expected to increase company-wide revenue by $90.5 million (10.9%) in 2026, $43.2 million (4.7%) in 2027, and $48.9 million (5.1%) in 2028. The reported diluted EPS of $0.93 surpassed analysts' consensus estimates of $0.80 by $0.13, and quarterly revenue exceeded estimates of $283.50 million.

2. Continued Strategic Infrastructure Investments and Rate Base Growth. The company maintained a high level of infrastructure investment, reporting record capital expenditures of $147.0 million in fiscal Q2 2026, representing a 23% increase from $119.4 million in fiscal Q2 2025. Year-to-date capital expenditures reached $270 million, marking a new record for the first half of a fiscal year. California Water Service plans to invest $627 million in 2026 to support further infrastructure upgrades and rate-base growth, a strategy bolstered by the 2024 California GRC's authorization of approximately $1.45 billion in pre-approved infrastructure investments through 2027.

3. Positive Regulatory Developments and Acquisitions in Other Jurisdictions. California Water Service Group made progress in other regulated markets, including reaching a full settlement in its Washington GRC in May 2026. This led to a regulatory approval on September 10, 2026, allowing an annual revenue increase of $4.1 million for its Washington Water subsidiary, with new rates anticipated to take effect in October 2026. The company is also actively pursuing the acquisition of Nexus Water Group's Nevada and Oregon systems, an initiative projected to add approximately 36,000 customer-equivalent residential units and about $109 million to its rate base.

4. Consistent Dividend Growth. Demonstrating a commitment to shareholder returns, California Water Service Group announced an 8% increase in its annual dividend, which translates to an annualized dividend of $1.34 per common share. A quarterly dividend of $0.3350 per common share was paid on August 21, 2026. This payment marked the company's 326th consecutive quarterly dividend and its 59th annual dividend increase.

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Stock Movement Drivers

Fundamental Drivers

The 3.1% change in CWT stock from 5/31/2026 to 9/26/2026 was primarily driven by a 7.4% change in the company's Net Income Margin (%).
(LTM values as of)53120269262026Change
Stock Price ($)44.8046.173.1%
Change Contribution By: 
Total Revenues ($ Mil)1,0111,0544.3%
Net Income Margin (%)11.8%12.6%7.4%
P/E Multiple22.520.9-7.0%
Shares Outstanding (Mil)6060-1.1%
Cumulative Contribution3.1%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2026 to 9/26/2026
ReturnCorrelation
CWT3.1% 
Market (SPY)2.2%-14.4%
Sector (XLU)-10.5%58.9%

Fundamental Drivers

The 3.9% change in CWT stock from 2/28/2026 to 9/26/2026 was primarily driven by a 5.4% change in the company's Total Revenues ($ Mil).
(LTM values as of)22820269262026Change
Stock Price ($)44.4446.173.9%
Change Contribution By: 
Total Revenues ($ Mil)1,0001,0545.4%
Net Income Margin (%)12.8%12.6%-1.4%
P/E Multiple20.720.91.3%
Shares Outstanding (Mil)6060-1.2%
Cumulative Contribution3.9%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 9/26/2026
ReturnCorrelation
CWT3.9% 
Market (SPY)13.0%-15.5%
Sector (XLU)-16.1%35.7%

Fundamental Drivers

The 1.2% change in CWT stock from 8/31/2025 to 9/26/2026 was primarily driven by a 6.4% change in the company's Total Revenues ($ Mil).
(LTM values as of)83120259262026Change
Stock Price ($)45.6246.171.2%
Change Contribution By: 
Total Revenues ($ Mil)9911,0546.4%
Net Income Margin (%)13.7%12.6%-7.9%
P/E Multiple20.020.94.6%
Shares Outstanding (Mil)6060-1.3%
Cumulative Contribution1.2%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 9/26/2026
ReturnCorrelation
CWT1.2% 
Market (SPY)20.9%-12.8%
Sector (XLU)-3.7%31.1%

Fundamental Drivers

The -0.8% change in CWT stock from 8/31/2023 to 9/26/2026 was primarily driven by a -50.2% change in the company's P/E Multiple.
(LTM values as of)83120239262026Change
Stock Price ($)46.5646.17-0.8%
Change Contribution By: 
Total Revenues ($ Mil)7921,05433.1%
Net Income Margin (%)7.9%12.6%59.5%
P/E Multiple42.020.9-50.2%
Shares Outstanding (Mil)5760-6.1%
Cumulative Contribution-0.8%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2023 to 9/26/2026
ReturnCorrelation
CWT-0.8% 
Market (SPY)77.8%5.0%
Sector (XLU)37.4%45.9%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
CWT Return35%-14%-13%-11%-2%9%-4%
Peers Return23%-7%-15%-7%3%13%5%
S&P 500 Return27%-19%24%23%16%13%105%

Monthly Win Rates [3]
CWT Win Rate75%50%58%50%42%78% 
Peers Win Rate65%48%43%43%50%71% 
S&P 500 Win Rate75%42%67%75%67%56% 

Max Drawdowns [4]
CWT Max Drawdown-13%-32%-27%-18%-16%-12% 
Peers Max Drawdown-16%-28%-28%-17%-15%-11% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: AWK, WTRG, AWR, CWT, HTO.
[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 9/25/2026 (YTD)

How Low Can It Go

EventCWTS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-12.2%-9.5%
  % Gain to Breakeven13.9%10.5%
  Time to Breakeven32 days24 days
2020 COVID-19 Crash
  % Loss-22.8%-33.7%
  % Gain to Breakeven29.6%50.9%
  Time to Breakeven296 days140 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-11.0%-12.2%
  % Gain to Breakeven12.4%13.9%
  Time to Breakeven26 days62 days
2014-2016 Oil Price Collapse
  % Loss-16.9%-6.8%
  % Gain to Breakeven20.4%7.3%
  Time to Breakeven46 days15 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-11.0%-17.9%
  % Gain to Breakeven12.3%21.8%
  Time to Breakeven80 days123 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
  % Loss-10.7%-15.4%
  % Gain to Breakeven12.0%18.2%
  Time to Breakeven121 days125 days

Compare to AWK, WTRG, AWR, CWT, HTO

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.

EventCWTS&P 500
2020 COVID-19 Crash
  % Loss-22.8%-33.7%
  % Gain to Breakeven29.6%50.9%
  Time to Breakeven296 days140 days
2008-2009 Global Financial Crisis
  % Loss-22.2%-53.4%
  % Gain to Breakeven28.6%114.4%
  Time to Breakeven7 days1085 days

Compare to AWK, WTRG, AWR, CWT, HTO

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.

AI Analysis | Feedback

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.

AI Analysis | Feedback

  • 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.

AI Analysis | Feedback

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.

AI Analysis | Feedback

The key risks to California Water Service (CWT) are primarily driven by its nature as a regulated water utility and its dependence on natural resources.
  1. 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.
  2. 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.
  3. 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.

AI Analysis | Feedback

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AI Analysis | Feedback

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

AI Analysis | Feedback

California Water Service (CWT) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

  1. 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.
  2. 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.
  3. 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.
  4. 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.

Better Bets vs. California Water Service (CWT)

Peer Outperformance in Water Utilities

CWT has outperformed 50% of its 10 Water Utilities peers over 5Y. Among the peers that beat it is HTO. Water Utilities ranks 5th of 6 industries in Utilities by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Water Utilities constituents that CWT has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
60%
of 10 industry peers · 4.0% return
3Y
50%
of 10 industry peers · 6.8% return
5Y
50%
of 10 industry peers · -12.5% return
Water Utilities peers with revenue growth within 4pp of CWT's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
CWT California Water Service 10.4% 20.9x 4.0%6.8%-12.5% —
HTO H2O America 8.9% 24.4x 32.8%12.0%8.0% +21pp
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Utilities sector, ranked by 5Y. Water Utilities is CWT's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Independent Power Producers & Energy Traders 5 -23.1%106.1%170.6% HNRG 477% · OKLO 288% · NRG 171%
Gas Utilities 10 -2.3%44.5%39.4% ATO 103% · NJR 74% · NFG 70%
Electric Utilities 24 -0.7%40.2%38.6% VST 782% · GNE 161% · ETR 137%
Multi-Utilities 18 -1.0%39.4%38.4% NI 94% · MDU 94% · ED 69%
Water Utilities ← 11 3.7%6.8%-12.5% CWCO 165% · HTO 8% · AWR 6%
Renewable Electricity 5 -50.0%-67.7%-94.6% ORA 40% · CWEN 26% · AGIG -95%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

CWTAWKWTRGAWRHTOMedian
NameCaliforn.American.Essentia.American.H2O Amer. 
Mkt Price46.17130.9139.5382.8062.2762.27
Mkt Cap2.825.711.23.32.63.3
Rev LTM1,0545,2842,5696978291,054
Op Inc LTM2041,952901222178222
FCF LTM-236-1,223-45221-276-276
FCF 3Y Avg-195-1,083-464-24-216-216
CFO LTM3282,3341,028237245328
CFO 3Y Avg2962,057894198213296

Growth & Margins

CWTAWKWTRGAWRHTOMedian
NameCaliforn.American.Essentia.American.H2O Amer. 
Rev Chg LTM6.4%6.9%9.9%13.2%5.0%6.9%
Rev Chg 3Y Avg10.4%9.3%4.9%6.6%8.9%8.9%
Rev Chg Q16.5%6.2%3.1%11.2%6.2%6.2%
QoQ Delta Rev Chg LTM4.3%1.5%0.6%2.7%1.5%1.5%
Op Inc Chg LTM5.7%8.3%-0.6%16.7%-2.1%5.7%
Op Inc Chg 3Y Avg39.2%11.1%10.9%7.9%7.6%10.9%
Op Mgn LTM19.4%36.9%35.1%31.8%21.5%31.8%
Op Mgn 3Y Avg19.8%36.3%36.4%31.3%22.5%31.3%
QoQ Delta Op Mgn LTM1.8%0.5%0.1%1.1%-0.5%0.5%
CFO/Rev LTM31.1%44.2%40.0%33.9%29.6%33.9%
CFO/Rev 3Y Avg29.2%42.3%39.1%31.3%27.5%31.3%
FCF/Rev LTM-22.4%-23.1%-17.6%3.0%-33.3%-22.4%
FCF/Rev 3Y Avg-19.2%-22.3%-20.6%-4.4%-27.5%-20.6%

Valuation

CWTAWKWTRGAWRHTOMedian
NameCaliforn.American.Essentia.American.H2O Amer. 
Mkt Cap2.825.711.23.32.63.3
P/S2.64.94.44.73.14.4
P/Op Inc13.613.112.414.714.613.6
P/EBIT12.212.312.113.913.612.3
P/E20.922.720.222.824.422.7
P/CFO8.511.010.913.810.610.9
Total Yield7.5%7.0%8.4%6.8%6.6%7.0%
Dividend Yield2.7%2.6%3.5%2.4%2.5%2.6%
FCF Yield 3Y Avg-6.9%-4.2%-4.4%-0.9%-10.5%-4.4%
D/E0.60.60.80.30.70.6
Net D/E0.60.60.80.30.70.6

Returns

CWTAWKWTRGAWRHTOMedian
NameCaliforn.American.Essentia.American.H2O Amer. 
1M Rtn-7.8%-4.2%-2.5%-6.8%-1.3%-4.2%
3M Rtn-5.3%-0.7%3.2%0.9%3.3%0.9%
6M Rtn4.1%-3.0%-0.2%11.7%9.0%4.1%
12M Rtn4.0%-1.4%6.1%17.4%32.8%6.1%
3Y Rtn6.8%11.5%27.8%13.5%12.0%12.0%
1M Excs Rtn-9.0%-5.7%-3.9%-8.7%-3.1%-5.7%
3M Excs Rtn-10.6%-6.0%-2.1%-4.4%-2.0%-4.4%
6M Excs Rtn-15.6%-23.0%-20.9%-7.7%-10.4%-15.6%
12M Excs Rtn-12.9%-18.1%-8.2%1.7%16.0%-8.2%
3Y Excs Rtn-73.1%-73.3%-57.3%-66.9%-67.7%-67.7%

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Water and wastewater services1,0001,037795846791
Total1,0001,037795846791


Price Behavior

Price Behavior
Market Price$46.17 
Market Cap ($ Bil)2.8 
First Trading Date03/26/1990 
Distance from 52W High-11.4% 
   50 Days200 Days
DMA Price$49.53$45.79
DMA Trendupup
Distance from DMA-6.8%0.8%
 3M1YR
Volatility19.2%24.8%
Downside Capture13.81-29.22
Upside Capture-16.10-19.02
Correlation (SPY)-10.2%-13.1%
CWT Betas & Captures as of 8/31/2026

 1M2M3M6M1Y3Y
Beta0.20-0.30-0.38-0.36-0.270.07
Up Beta0.61-0.56-0.63-0.60-0.430.14
Down Beta-0.910.250.060.19-0.05-0.02
Up Capture10%-18%-16%-19%-12%2%
Bmk +ve Days10213268138427
Stock +ve Days10203267130366
Down Capture7%-54%-89%-88%-63%17%
Bmk -ve Days11213259113324
Stock -ve Days10213058119379

[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
CWT3.8%24.7%0.10-
Sector ETF (XLU)-6.5%15.3%-0.6432.3%
Equity (SPY)17.7%13.0%0.98-12.9%
Gold (GLD)14.7%29.3%0.46-13.6%
Commodities (DBC)44.3%20.7%1.66-20.3%
Real Estate (VNQ)4.5%13.6%0.0733.3%
Bitcoin (BTCUSD)-25.9%44.8%-0.54-14.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with CWT
CWT-2.5%24.3%-0.14-
Sector ETF (XLU)6.7%17.4%0.2454.3%
Equity (SPY)13.3%17.2%0.5922.4%
Gold (GLD)19.2%18.8%0.837.0%
Commodities (DBC)10.8%19.6%0.43-3.3%
Real Estate (VNQ)0.9%18.9%-0.0649.8%
Bitcoin (BTCUSD)12.2%52.6%0.417.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with CWT
CWT6.3%27.6%0.25-
Sector ETF (XLU)8.2%19.2%0.3661.0%
Equity (SPY)15.5%17.9%0.7337.4%
Gold (GLD)12.1%16.4%0.617.3%
Commodities (DBC)8.5%18.1%0.384.0%
Real Estate (VNQ)4.8%20.7%0.1952.9%
Bitcoin (BTCUSD)63.8%66.2%1.037.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date9152026
Short Interest: Shares Quantity2.4 Mil
Short Interest: % Change Since 8312026-0.6%
Average Daily Volume0.6 Mil
Days-to-Cover Short Interest4.3 days
Basic Shares Quantity60.4 Mil
Short % of Basic Shares4.0%

Earnings Returns History

Updated 9/1/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/30/2026-2.4%-3.8%-2.5%
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%
7/31/20251.3%3.0%5.1%
5/1/2025-0.8%-3.1%-6.1%
2/27/2025-2.2%1.5%1.2%
10/31/20241.3%2.0%0.3%
...
SUMMARY STATS   
# Positive121316
# Negative11107
Median Positive1.9%3.4%3.3%
Median Negative-2.2%-2.3%-3.3%
Max Positive5.0%12.5%15.8%
Max Negative-6.9%-5.2%-6.1%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/30/2026-2.4%-3.8%-2.5%
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%
7/31/20251.3%3.0%5.1%
5/1/2025-0.8%-3.1%-6.1%
2/27/2025-2.2%1.5%1.2%
10/31/20241.3%2.0%0.3%
8/1/20240.8%0.4%3.6%
4/25/20243.2%7.0%10.4%
2/29/2024-0.1%-0.7%1.2%
10/26/20235.0%7.0%10.9%
7/27/2023-3.6%-1.2%-3.1%
3/1/20231.5%0.8%3.0%
10/27/20223.0%3.4%15.8%
7/28/20221.8%5.1%5.7%
4/28/20222.1%-0.7%2.6%
2/24/2022-1.2%-1.1%1.3%
10/28/20212.8%6.3%6.3%
7/29/20211.9%5.0%2.6%
4/29/2021-1.4%-2.6%-4.0%
2/25/2021-1.1%-4.7%-0.8%
11/6/20201.9%12.5%8.8%
SUMMARY STATS   
# Positive121316
# Negative11107
Median Positive1.9%3.4%3.3%
Median Negative-2.2%-2.3%-3.3%
Max Positive5.0%12.5%15.8%
Max Negative-6.9%-5.2%-6.1%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202607/30/202610-Q
03/31/202604/30/202610-Q
12/31/202502/27/202610-K
09/30/202510/30/202510-Q
06/30/202507/31/202510-Q
03/31/202505/01/202510-Q
12/31/202402/27/202510-K
09/30/202410/31/202410-Q
06/30/202408/01/202410-Q
03/31/202404/25/202410-Q
12/31/202302/29/202410-K
09/30/202310/26/202310-Q
06/30/202307/27/202310-Q
03/31/202304/28/202310-Q
12/31/202203/01/202310-K
09/30/202210/27/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202607/30/202610-Q
03/31/202604/30/202610-Q
12/31/202502/27/202610-K
09/30/202510/30/202510-Q
06/30/202507/31/202510-Q
03/31/202505/01/202510-Q
12/31/202402/27/202510-K
09/30/202410/31/202410-Q
06/30/202408/01/202410-Q
03/31/202404/25/202410-Q
12/31/202302/29/202410-K
09/30/202310/26/202310-Q
06/30/202307/27/202310-Q
03/31/202304/28/202310-Q
12/31/202203/01/202310-K
09/30/202210/27/202210-Q
06/30/202207/28/202210-Q
03/31/202204/28/202210-Q
12/31/202102/24/202210-K
09/30/202110/28/202110-Q
06/30/202107/29/202110-Q
03/31/202104/29/202110-Q
12/31/202002/25/202110-K
09/30/202011/06/202010-Q
06/30/202007/30/202010-Q
03/31/202004/30/202010-Q
12/31/201902/27/202010-K
09/30/201910/31/201910-Q

Recent Forward Guidance

Updated 8/5/2026

Latest: Q2 2026 Earnings Reported 7/30/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 DividendsReported 1.34 0 AffirmedGuidance: 1.34 for 2026
2026 RevenueReported 90.50 Mil 0 AffirmedGuidance: 90.50 Mil for 2026
2026 Capital ExpendituresReported 627.00 Mil 0 AffirmedGuidance: 627.00 Mil for 2026
2027 RevenueReported 43.20 Mil 0 AffirmedGuidance: 43.20 Mil for 2027
2028 RevenueReported 48.90 Mil 0 AffirmedGuidance: 48.90 Mil for 2028


Prior: Q3 2025 Earnings Reported 10/30/2025

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2025 Annual Revenue IncreaseReported 4.90 Mil    

Insider Activity

Updated 9/8/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Snow, Lester ADirectSell901202650.2150025,105894,588Form
2Krummel, Thomas MDirectSell813202650.373,700186,3501,012,534Form
3Snow, Lester ADirectSell527202644.001,10048,400805,904Form
4Krummel, Thomas MDirectSell521202643.303,700160,2141,030,785Form
5Luu, Michael BSr. VP Corp Svcs & Chief RiskDirectSell324202644.5374032,9451,053,352Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Snow, Lester ADirectSell901202650.2150025,105894,588Form
2Krummel, Thomas MDirectSell813202650.373,700186,3501,012,534Form
3Snow, Lester ADirectSell527202644.001,10048,400805,904Form
4Krummel, Thomas MDirectSell521202643.303,700160,2141,030,785Form
5Luu, Michael BSr. VP Corp Svcs & Chief RiskDirectSell324202644.5374032,9451,053,352Form
6Mares, Michael S JRVice President, OperationsDirectSell324202644.003,892171,248375,082Form
7Mortensen, Michelle RVP, Corp Sec &Chief of StaffDirectSell1223202543.3492440,046498,921Form
8Lynch, James PatrickSVP CFO and TreasurerDirectBuy1211202542.8055023,540197,689Form

Investor Activity (13F)

Updated Sep 27, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Nuance Investments, LLC$72.7 Mil10.1%43TRIM -12.1%13F
Triodos Investment Management BV$18.8 Mil1.4%49Hold13F
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Nuance Investments, LLC$72.7 Mil10.1%43TRIM -12.1%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Nuance Investments, LLC$72.7 Mil10.1%43TRIM -12.1%13F
Triodos Investment Management BV$18.8 Mil1.4%49Hold13F
Core Cache Last Updated: 9/26/2026