Global Water Resources (GWRS)
Market Price (8/7/2026): $7.45 | Market Cap: $214.2 MilSector: Utilities | Industry: Water Utilities
Global Water Resources (GWRS)
Market Price (8/7/2026): $7.45Market Cap: $214.2 MilSector: UtilitiesIndustry: Water Utilities
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 30% Attractive yieldDividend Yield is 4.0% Low stock price volatilityVol 12M is 34% Megatrend and thematic driversMegatrends include Water Infrastructure, and Sustainable Resource Management. Themes include Water Treatment & Delivery, Wastewater Management, Show more. | Weak multi-year price returns2Y Excs Rtn is -80%, 3Y Excs Rtn is -103% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 64% Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 24x, P/EPrice/Earnings or Price/(Net Income) is 107x Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -73% Key risksGWRS key risks include [1] unfavorable rate case outcomes with Arizona regulators, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 30% |
| Attractive yieldDividend Yield is 4.0% |
| Low stock price volatilityVol 12M is 34% |
| Megatrend and thematic driversMegatrends include Water Infrastructure, and Sustainable Resource Management. Themes include Water Treatment & Delivery, Wastewater Management, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -80%, 3Y Excs Rtn is -103% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 64% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 24x, P/EPrice/Earnings or Price/(Net Income) is 107x |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -73% |
| Key risksGWRS key risks include [1] unfavorable rate case outcomes with Arizona regulators, Show more. |
Qualitative Assessment
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Global Water Resources (GWRS) stock has gained about 5% since 4/30/2026 because of the following key factors:
1. Mixed Fiscal Q1 2026 Performance and Anticipation for Q2 Results: Global Water Resources reported mixed financial results for fiscal Q1 2026 (ended March 31, 2026) on May 13, 2026. While the company's EPS of -$0.01 surpassed the consensus estimate of -$0.02 by $0.01, its quarterly revenue of $13.29 million fell short of the $14.09 million consensus. Furthermore, operating income significantly decreased by 69% compared to fiscal Q1 2025. With the fiscal Q2 2026 results (ended June 30, 2026) anticipated to be released around August 12-13, 2026, the market likely maintained a cautious stance, awaiting further financial clarity, contributing to the stock's stable trend.
2. Ongoing Regulatory Rate Case Uncertainty: The company's stock movement was influenced by ongoing regulatory processes, including the filing of settlement agreements for GW Santa Cruz and GW-Palo Verde rate cases in April 2026 and DAWS applications in June 2026. The uncertainty surrounding the timing and magnitude of potential rate increases, which are crucial for revenue growth in a regulated utility, likely kept investors on the sidelines, preventing a clear upward or downward trend.
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Global Water Resources (GWRS) stock has gained about 5% since 4/30/2026 because of the following key factors:
1. Mixed Fiscal Q1 2026 Performance and Anticipation for Q2 Results: Global Water Resources reported mixed financial results for fiscal Q1 2026 (ended March 31, 2026) on May 13, 2026. While the company's EPS of -$0.01 surpassed the consensus estimate of -$0.02 by $0.01, its quarterly revenue of $13.29 million fell short of the $14.09 million consensus. Furthermore, operating income significantly decreased by 69% compared to fiscal Q1 2025. With the fiscal Q2 2026 results (ended June 30, 2026) anticipated to be released around August 12-13, 2026, the market likely maintained a cautious stance, awaiting further financial clarity, contributing to the stock's stable trend.
2. Ongoing Regulatory Rate Case Uncertainty: The company's stock movement was influenced by ongoing regulatory processes, including the filing of settlement agreements for GW Santa Cruz and GW-Palo Verde rate cases in April 2026 and DAWS applications in June 2026. The uncertainty surrounding the timing and magnitude of potential rate increases, which are crucial for revenue growth in a regulated utility, likely kept investors on the sidelines, preventing a clear upward or downward trend.
3. Consistent Dividend Payouts Offset by Sustainability Concerns: Global Water Resources consistently declared a monthly cash dividend of $0.02533 per common share throughout the specified period, translating to an annual dividend yield of approximately 4.2% to 4.25%. While these regular payouts offered a stable return and acted as a potential floor for the stock price by attracting income-focused investors, concerns regarding the dividend's sustainability (evidenced by a 422% earnings payout ratio and a lack of free cash flow coverage) likely tempered significant upward momentum.
4. Divergent Analyst Outlook and Absence of High-Impact News: There was an absence of major, high-impact company-specific news (such as large acquisitions or unexpected operational shifts) during the period that would typically drive substantial stock fluctuations. Concurrently, analyst sentiment was mixed, with ratings ranging from "Hold" to "Reduce" to "Buy" and average price targets varying between $9.20 and $15.00. This balanced, somewhat conflicting, outlook among market participants contributed to the stock remaining largely range-bound.
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Stock Movement Drivers
Fundamental Drivers
The 6.1% change in GWRS stock from 4/30/2026 to 8/6/2026 was primarily driven by a 56.7% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 8062026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.03 | 7.46 | 6.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 56 | 57 | 1.5% |
| Net Income Margin (%) | 5.3% | 3.5% | -33.4% |
| P/E Multiple | 68.4 | 107.3 | 56.7% |
| Shares Outstanding (Mil) | 29 | 29 | 0.0% |
| Cumulative Contribution | 6.1% |
Market Drivers
4/30/2026 to 8/6/2026| Return | Correlation | |
|---|---|---|
| GWRS | 6.1% | |
| Market (SPY) | 6.9% | -1.2% |
| Sector (XLU) | -7.4% | 22.7% |
Fundamental Drivers
The -12.2% change in GWRS stock from 1/31/2026 to 8/6/2026 was primarily driven by a -55.1% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 8062026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.50 | 7.46 | -12.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 55 | 57 | 2.0% |
| Net Income Margin (%) | 7.9% | 3.5% | -55.1% |
| P/E Multiple | 53.5 | 107.3 | 100.5% |
| Shares Outstanding (Mil) | 27 | 29 | -4.5% |
| Cumulative Contribution | -12.2% |
Market Drivers
1/31/2026 to 8/6/2026| Return | Correlation | |
|---|---|---|
| GWRS | -12.2% | |
| Market (SPY) | 11.4% | 5.5% |
| Sector (XLU) | 1.0% | 28.9% |
Fundamental Drivers
The -19.0% change in GWRS stock from 7/31/2025 to 8/6/2026 was primarily driven by a -66.7% change in the company's Net Income Margin (%).| (LTM values as of) | 7312025 | 8062026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.21 | 7.46 | -19.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 54 | 57 | 5.7% |
| Net Income Margin (%) | 10.6% | 3.5% | -66.7% |
| P/E Multiple | 39.5 | 107.3 | 171.8% |
| Shares Outstanding (Mil) | 24 | 29 | -15.3% |
| Cumulative Contribution | -19.0% |
Market Drivers
7/31/2025 to 8/6/2026| Return | Correlation | |
|---|---|---|
| GWRS | -19.0% | |
| Market (SPY) | 22.6% | 19.5% |
| Sector (XLU) | 3.4% | 28.0% |
Fundamental Drivers
The -35.9% change in GWRS stock from 7/31/2023 to 8/6/2026 was primarily driven by a -76.1% change in the company's Net Income Margin (%).| (LTM values as of) | 7312023 | 8062026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.64 | 7.46 | -35.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 48 | 57 | 18.3% |
| Net Income Margin (%) | 14.8% | 3.5% | -76.1% |
| P/E Multiple | 39.2 | 107.3 | 173.5% |
| Shares Outstanding (Mil) | 24 | 29 | -17.0% |
| Cumulative Contribution | -35.9% |
Market Drivers
7/31/2023 to 8/6/2026| Return | Correlation | |
|---|---|---|
| GWRS | -35.9% | |
| Market (SPY) | 73.8% | 24.5% |
| Sector (XLU) | 40.7% | 29.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| GWRS Return | 21% | -21% | 1% | -10% | -24% | -11% | -42% |
| Peers Return | 35% | -17% | -14% | -7% | 2% | 12% | 3% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| GWRS Win Rate | 67% | 58% | 58% | 33% | 50% | 50% | |
| Peers Win Rate | 68% | 45% | 45% | 45% | 45% | 68% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| GWRS Max Drawdown | -22% | -36% | -35% | -16% | -30% | -27% | |
| Peers Max Drawdown | -16% | -31% | -28% | -19% | -16% | -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, MSEX.
[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 8/6/2026 (YTD)
How Low Can It Go
| Event | GWRS | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -25.6% | -9.5% |
| % Gain to Breakeven | 34.4% | 10.5% |
| Time to Breakeven | 51 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -31.9% | -33.7% |
| % Gain to Breakeven | 46.7% | 50.9% |
| Time to Breakeven | 259 days | 140 days |
In The Past
Global Water Resources's stock fell -2.5% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 2.5% gain to breakeven.
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| Event | GWRS | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -25.6% | -9.5% |
| % Gain to Breakeven | 34.4% | 10.5% |
| Time to Breakeven | 51 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -31.9% | -33.7% |
| % Gain to Breakeven | 46.7% | 50.9% |
| Time to Breakeven | 259 days | 140 days |
In The Past
Global Water Resources's stock fell -2.5% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 2.5% 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 Global Water Resources (GWRS)
Global Water Resources (GWRS) is a water resource management company that operates as a regulated utility. The company's core business involves owning, operating, and managing critical infrastructure for water, wastewater, and recycled water services.
GWRS provides essential utility services, including delivering potable water to homes, collecting and treating wastewater, and supplying recycled water for various approved uses. The company primarily serves residential customers within the metropolitan Phoenix, Arizona area. As of December 2020, Global Water Resources served approximately 74,048 people in about 27,630 homes across this region.
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- American Water Works (AWK) for the Phoenix metropolitan area.
- Like a local electric utility such as PG&E (PCG) or Con Edison (ED) but for water and wastewater services.
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- Water Utility Services: Provides regulated drinking water to residential and commercial customers.
- Wastewater Utility Services: Collects and treats wastewater from customers.
- Recycled Water Utility Services: Delivers treated wastewater for non-potable uses such as irrigation.
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Global Water Resources (GWRS) primarily sells its water, wastewater, and recycled water utility services directly to end-users rather than to other companies as major customers. Based on the company's description, it serves approximately 74,048 people in approximately 27,630 homes.
The categories of customers that Global Water Resources serves include:
- Residential Customers: These are individual households and families living in single-family homes, apartments, and other residential dwellings that utilize the company's water, wastewater, and recycled water services for daily living.
- Commercial Customers: This category includes businesses, retail establishments, offices, and other non-residential entities that require water and wastewater services for their operations within the metropolitan Phoenix area.
- Institutional/Governmental Customers: Global Water Resources may also serve various public and private institutions such as schools, hospitals, municipal buildings, and other governmental facilities that fall within its service territories.
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Ron L. Fleming Chairman, President & CEO
Mr. Fleming has served as President and Chief Executive Officer of Global Water Resources since January 2015 and was appointed Chairman of the Board of Directors in November 2018. He joined Global Water in 2004 and, from 2007 to 2014, served in various roles including Interim Chief Executive Officer, Chief Operating Officer, and Vice President and General Manager. Prior to joining Global Water, Mr. Fleming worked in the construction industry on numerous large-scale heavy civil infrastructure projects throughout Arizona.
Mike Liebman Senior Vice President & CFO
Mr. Liebman has served as Senior Vice President, Chief Financial Officer, and Corporate Secretary of Global Water Resources since May 2014. Before joining Global Water, he was a Senior Director at Alvarez and Marsal, a turnaround and restructuring firm, from 2002 to 2014. While at Alvarez and Marsal, Mr. Liebman provided strategic planning and interim management services to companies across various industries, including homebuilding, retail, rental/leasing, and manufacturing. During his tenure, he successfully negotiated the restructuring of over $3 billion in capital and raised $750 million of new capital for clients. He is a Certified Public Accountant and a Certified Insolvency and Restructuring Advisor.
Christopher Krygier Chief Operating Officer
Mr. Krygier serves as Chief Operating Officer for Global Water. He brings over 15 years of experience in operations management, regulatory strategy, and capital deployment for large projects and transactions, along with multi-state experience and industry knowledge. Mr. Krygier previously served as director of operations for a water and wastewater utility division of an investor-owned, publicly-traded, multi-national renewable energy and regulated utility conglomerate.
Robert J. Kuta Executive Vice President, Engineering & Environmental Resources
Mr. Kuta is the Executive Vice President of Engineering and Environmental Resources for Global Water Resources, Inc., where he is responsible for the planning and directing of all aspects of the Company's engineering and construction functions as well as direct oversight of environmental compliance activities. An experienced water utility executive, he previously served in a C-level position at the 3rd largest investor-owned water utility in the United States and began his career in the water industry as a field operator in Arizona.
Jon Corwin Vice President and General Manager
Mr. Corwin has served as the General Manager of Global Water Resources since September 2013, having previously held roles as the Maricopa-Casa Grande Regional Manager and the Operations Program Manager. He joined Global Water in 2011 after serving eight years as a Civil Engineering Officer in the United States Air Force, where his primary duties included managing infrastructure construction and maintenance at multiple Air Force bases.
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Key Risks to Global Water Resources (GWRS)
- Regulatory Environment and Rate Case Delays: Global Water Resources operates in a highly regulated industry, primarily overseen by the Arizona Corporation Commission (ACC) and various environmental agencies. Significant risks include changes in regulations, such as new water quality standards (e.g., PFAS and lead-and-copper), and delays or unfavorable outcomes in rate case approvals. These regulatory factors can directly impact the company's ability to increase revenue, manage costs, and execute expansion plans, leading to regulatory lag where investments are made but recovery through rates is delayed.
- Increasing Operating Expenses and Margin Compression: The company faces persistent challenges from rising operating expenses, including personnel, utility, depreciation, and interest costs. Despite revenue growth, these escalating expenses, often associated with capital improvement programs and strategic acquisitions, have led to a decrease in net income and thinner profit margins. This margin compression indicates that a larger portion of new revenue is being absorbed by costs rather than contributing to the bottom line.
- Water Supply Constraints and Climate Variability: Operating predominantly in arid regions of Arizona, Global Water Resources is significantly exposed to risks related to water supply limitations, climate change, and drought-related policy changes. Insufficient water supply or wastewater capacity could impede customer growth and necessitate increased capital expenditures for water resource management solutions, thereby impacting long-term growth and operational costs.
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Global Water Resources (GWRS) operates regulated water, wastewater, and recycled water utilities primarily in metropolitan Phoenix, Arizona. Based on available market data for these services in Arizona, the addressable market sizes are as follows:
- Regulated Water Utilities: The market size for the Water Supply & Irrigation Systems industry in Arizona is projected to be $4.0 billion in 2026. This market includes operations for water-treatment plants, pumping stations, aqueducts, and water-distribution mains.
- Wastewater Utilities: The market size for the Sewage Treatment Facilities industry in Arizona is projected to be $666.6 million in 2026.
- Recycled Water Utilities: null
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Global Water Resources (NASDAQ: GWRS) is poised for future revenue growth over the next 2-3 years, driven by several key factors:
- Organic Customer Connection Growth: The company anticipates continued growth in active water and wastewater connections, fueled by the ongoing population and economic expansion within its service areas in metropolitan Phoenix and Tucson, Arizona. In 2025, Global Water Resources achieved a 3.2% organic connection growth rate, excluding acquisitions.
- Strategic Acquisitions: Global Water Resources actively pursues strategic acquisitions of water and wastewater systems. The acquisition of seven water systems from Tucson Water in July 2025 significantly contributed to 2025 revenue and is projected to generate approximately $1.5 million in annual revenue. This strategy aims to expand its rate base and achieve economies of scale.
- Approved Rate Increases and Pending Rate Cases: As a regulated utility, revenue growth is significantly influenced by rate adjustments approved by the Arizona Corporation Commission (ACC). The company secured $1.1 million in new revenues for its Farmers utility and the recently acquired Tucson water systems. Additionally, a critical rate case is pending for its two largest utilities, Santa Cruz Water Company and Palo Verde Utilities Company, seeking an annual revenue increase of approximately $4.3 million, with a hearing scheduled for August 2026.
- Increased Water Consumption: Growth in the customer base, combined with higher per-customer usage, contributes to increased water consumption, which directly translates into higher revenue.
- Residential and Commercial Development in Service Areas: The company benefits from robust residential and commercial development in its service territories. Management has expressed confidence in Arizona's long-term economic and population growth. Initiatives like Arizona's new 'Ag-to-Urban' program and infrastructure projects such as the fully funded Highway 347 expansion in Maricopa are expected to drive further development and demand for water services in the company's operational regions.
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Share Issuance
- In 2025, Global Water Resources' capital program was partially funded by $44.1 million of equity issuance.
- The company reported a $32 million equity raise in or around Q1 2025, contributing to $51.5 million in liquidity.
Inbound Investments
- On December 10, 2025, Global Water Resources secured a $15 million term loan at a fixed interest rate of 5.49%.
- In Q2 2025, the company extended its revolving credit facility's maturity date to May 18, 2027, and increased the principal available for borrowing from $15 million to $20 million.
Outbound Investments
- In July 2025, the company acquired seven water systems from Tucson Water for approximately $7.7 million, anticipated to generate an additional $1.5 million in annual revenue.
- In early 2022, Global Water Resources completed two small water utility "tuck-in" acquisitions to expand its regional footprint.
Capital Expenditures
- Global Water Resources invested $67.3 million in infrastructure projects in 2025, marking a near-record year for capital investments.
- A significant portion of the 2025 capital investments were directed towards post-test year projects in Santa Cruz Water Company and Palo Verde Utilities Company, their two largest utilities in Pinal County.
- The company's 2025 capital improvement plan led to increased depreciation, net interest expense, and a $1.3 million loss on asset disposals primarily associated with the recommissioning of the Southwest Plant.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Global Water Resources Earnings Notes | 12/16/2025 | |
| How Low Can Global Water Resources Stock Really Go? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 53.40 |
| Mkt Cap | 3.2 |
| Rev LTM | 876 |
| Op Inc LTM | 213 |
| FCF LTM | -138 |
| FCF 3Y Avg | -113 |
| CFO LTM | 282 |
| CFO 3Y Avg | 247 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.7% |
| Rev Chg 3Y Avg | 6.9% |
| Rev Chg Q | 8.9% |
| QoQ Delta Rev Chg LTM | 2.1% |
| Op Inc Chg LTM | 7.0% |
| Op Inc Chg 3Y Avg | 11.0% |
| Op Mgn LTM | 30.5% |
| Op Mgn 3Y Avg | 29.5% |
| QoQ Delta Op Mgn LTM | 0.8% |
| CFO/Rev LTM | 32.5% |
| CFO/Rev 3Y Avg | 35.2% |
| FCF/Rev LTM | -21.0% |
| FCF/Rev 3Y Avg | -19.9% |
Price Behavior
| Market Price | $7.46 | |
| Market Cap ($ Bil) | 0.2 | |
| First Trading Date | 04/28/2016 | |
| Distance from 52W High | -30.0% | |
| 50 Days | 200 Days | |
| DMA Price | $7.13 | $7.95 |
| DMA Trend | down | indeterminate |
| Distance from DMA | 4.6% | -6.1% |
| 3M | 1YR | |
| Volatility | 35.4% | 33.8% |
| Downside Capture | -0.17 | 77.21 |
| Upside Capture | 21.88 | 33.49 |
| Correlation (SPY) | -0.3% | 19.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.40 | -0.39 | -0.09 | 0.11 | 0.50 | 0.50 |
| Up Beta | -3.10 | -1.50 | -0.98 | -0.39 | 0.16 | 0.35 |
| Down Beta | 0.38 | 0.06 | 0.19 | 0.15 | 0.65 | 0.56 |
| Up Capture | 7% | -27% | 8% | 6% | 25% | 15% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 10 | 19 | 27 | 59 | 125 | 357 |
| Down Capture | 19% | -22% | 2% | 57% | 87% | 90% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 11 | 22 | 33 | 62 | 118 | 377 |
[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 GWRS | |
|---|---|---|---|---|
| GWRS | -19.5% | 33.7% | -0.60 | - |
| Sector ETF (XLU) | 2.6% | 14.9% | -0.04 | 27.1% |
| Equity (SPY) | 23.5% | 12.9% | 1.37 | 19.1% |
| Gold (GLD) | 25.3% | 28.3% | 0.79 | 10.9% |
| Commodities (DBC) | 32.4% | 19.8% | 1.30 | -10.1% |
| Real Estate (VNQ) | 12.9% | 13.8% | 0.64 | 37.9% |
| Bitcoin (BTCUSD) | -43.6% | 43.0% | -1.21 | 11.8% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GWRS | |
|---|---|---|---|---|
| GWRS | -13.7% | 32.2% | -0.41 | - |
| Sector ETF (XLU) | 8.5% | 17.3% | 0.35 | 29.8% |
| Equity (SPY) | 13.2% | 17.2% | 0.59 | 30.0% |
| Gold (GLD) | 17.9% | 18.5% | 0.78 | 11.3% |
| Commodities (DBC) | 8.0% | 19.6% | 0.31 | 3.0% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 36.2% |
| Bitcoin (BTCUSD) | 10.0% | 53.0% | 0.38 | 16.9% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GWRS | |
|---|---|---|---|---|
| GWRS | 1.4% | 33.6% | 0.12 | - |
| Sector ETF (XLU) | 8.7% | 19.3% | 0.38 | 35.0% |
| Equity (SPY) | 15.3% | 17.9% | 0.73 | 39.4% |
| Gold (GLD) | 11.8% | 16.2% | 0.59 | 8.2% |
| Commodities (DBC) | 7.4% | 18.0% | 0.33 | 9.7% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 41.4% |
| Bitcoin (BTCUSD) | 58.3% | 66.2% | 0.98 | 14.8% |
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Returns Analyses
Earnings Returns History
Updated 6/16/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/13/2026 | 4.5% | 5.0% | 5.9% |
| 3/4/2026 | -13.9% | -17.5% | -13.5% |
| 8/13/2025 | -3.3% | -5.4% | -3.8% |
| 5/14/2025 | 0.6% | 1.4% | 3.1% |
| 3/6/2025 | -0.7% | -3.2% | -15.7% |
| 8/8/2024 | -2.0% | -2.1% | 3.3% |
| 11/9/2023 | 1.1% | 7.9% | 17.0% |
| 8/10/2023 | -3.4% | -10.9% | -11.5% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 7 | 7 | 10 |
| # Negative | 11 | 11 | 8 |
| Median Positive | 1.1% | 5.0% | 5.3% |
| Median Negative | -2.0% | -3.2% | -5.8% |
| Max Positive | 5.0% | 11.3% | 32.7% |
| Max Negative | -13.9% | -17.5% | -15.7% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/13/2026 | 4.5% | 5.0% | 5.9% |
| 3/4/2026 | -13.9% | -17.5% | -13.5% |
| 8/13/2025 | -3.3% | -5.4% | -3.8% |
| 5/14/2025 | 0.6% | 1.4% | 3.1% |
| 3/6/2025 | -0.7% | -3.2% | -15.7% |
| 8/8/2024 | -2.0% | -2.1% | 3.3% |
| 11/9/2023 | 1.1% | 7.9% | 17.0% |
| 8/10/2023 | -3.4% | -10.9% | -11.5% |
| 3/9/2023 | -2.2% | 1.2% | -0.4% |
| 11/10/2022 | -0.7% | -1.4% | 4.0% |
| 8/10/2022 | -2.2% | -2.8% | -4.5% |
| 5/4/2022 | -1.4% | -5.1% | -1.7% |
| 3/10/2022 | -1.9% | -1.2% | 2.3% |
| 11/9/2021 | 0.5% | -2.1% | -7.2% |
| 8/5/2021 | 0.5% | 3.0% | 15.8% |
| 5/6/2021 | -0.5% | -4.7% | 6.3% |
| 11/5/2020 | 2.5% | 9.5% | 32.7% |
| 8/6/2020 | 5.0% | 11.3% | 4.8% |
| SUMMARY STATS | |||
| # Positive | 7 | 7 | 10 |
| # Negative | 11 | 11 | 8 |
| Median Positive | 1.1% | 5.0% | 5.3% |
| Median Negative | -2.0% | -3.2% | -5.8% |
| Max Positive | 5.0% | 11.3% | 32.7% |
| Max Negative | -13.9% | -17.5% | -15.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/13/2026 | 10-Q |
| 12/31/2025 | 03/04/2026 | 10-K |
| 09/30/2025 | 11/12/2025 | 10-Q |
| 06/30/2025 | 08/13/2025 | 10-Q |
| 03/31/2025 | 05/14/2025 | 10-Q |
| 12/31/2024 | 03/05/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 03/07/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/10/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 03/09/2023 | 10-K |
| 09/30/2022 | 11/10/2022 | 10-Q |
| 06/30/2022 | 08/10/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/13/2026 | 10-Q |
| 12/31/2025 | 03/04/2026 | 10-K |
| 09/30/2025 | 11/12/2025 | 10-Q |
| 06/30/2025 | 08/13/2025 | 10-Q |
| 03/31/2025 | 05/14/2025 | 10-Q |
| 12/31/2024 | 03/05/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 03/07/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/10/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 03/09/2023 | 10-K |
| 09/30/2022 | 11/10/2022 | 10-Q |
| 06/30/2022 | 08/10/2022 | 10-Q |
| 03/31/2022 | 05/04/2022 | 10-Q |
| 12/31/2021 | 03/10/2022 | 10-K |
| 09/30/2021 | 11/09/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 03/04/2021 | 10-K |
| 09/30/2020 | 11/06/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 03/05/2020 | 10-K |
| 09/30/2019 | 11/07/2019 | 10-Q |
| 06/30/2019 | 08/08/2019 | 10-Q |
Recent Forward Guidance
Updated 7/27/2026Latest: Q1 2026 Earnings Reported 5/13/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Rate Increase | 0.05 | ||||||
Prior: Q4 2025 Earnings Reported 3/4/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net Annual Revenue Increase | 4.30 Mil | -33.8% | Lowered | Guidance: 6.50 Mil for 2026 | |||
Insider Activity
Updated 8/4/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Liebman, Michael J | CFO and Corporate Secretary | Spouse IRA | Buy | 5222026 | 6.89 | 7,000 | 48,260 | 48,260 | Form |
| 2 | Krygier, Christopher D | Chief Operating Officer | self as Trustee for The CKTJ Living Trust | Buy | 5202026 | 6.87 | 5,389 | 37,000 | 71,986 | Form |
| 3 | Lenderking, John Carroll | SVP, Water Resources | Direct | Buy | 5192026 | 6.84 | 700 | 4,792 | 64,042 | Form |
| 4 | Cohn, Andrew M | Direct | Buy | 3132026 | 7.20 | 18,305 | 131,796 | 18,439,088 | Form | |
| 5 | Cohn, Andrew M | Direct | Buy | 10072025 | 10.30 | 154,026 | 1,586,468 | 26,171,357 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Liebman, Michael J | CFO and Corporate Secretary | Spouse IRA | Buy | 5222026 | 6.89 | 7,000 | 48,260 | 48,260 | Form |
| 2 | Krygier, Christopher D | Chief Operating Officer | self as Trustee for The CKTJ Living Trust | Buy | 5202026 | 6.87 | 5,389 | 37,000 | 71,986 | Form |
| 3 | Lenderking, John Carroll | SVP, Water Resources | Direct | Buy | 5192026 | 6.84 | 700 | 4,792 | 64,042 | Form |
| 4 | Cohn, Andrew M | Direct | Buy | 3132026 | 7.20 | 18,305 | 131,796 | 18,439,088 | Form | |
| 5 | Cohn, Andrew M | Direct | Buy | 10072025 | 10.30 | 154,026 | 1,586,468 | 26,171,357 | Form | |
| 6 | Levine, Jonathan L | Levine Investments Limited Partnership | Buy | 10072025 | 10.30 | 728,197 | 7,500,429 | 124,919,657 | Form |
Investor Activity (13F)
Updated Aug 7, 2026Active 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 Manager |
|---|
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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