CWT vs HTO: California Water Service Group and H2O America compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- California Water Service Group is the larger company, worth $2.7B, close to H2O America's $2.5B.
- H2O America grew revenue faster over the last year (+9.4% vs +8.5%).
- H2O America keeps more of each dollar of revenue as operating profit (21.9% vs 18.5%).
- On earnings, H2O America is the cheaper stock (20.2x vs 22.5x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | CWT | HTO |
|---|---|---|
| Market cap | $2.7B | $2.5B |
| Share price | $45.94 | $58.48 |
| Revenue (last fiscal year) | $964M | $801M |
| Free cash flow (last fiscal year) | — | — |
| Revenue growth, last year | +8.5% | +9.4% |
| Revenue growth per year, last 5 fiscal years | +5.9% | +8.7% |
| Operating margin | 18.5% | 21.9% |
| Net margin | 13.3% | 12.9% |
| Return on equity | 7.4% | 5.7% |
| P/E (trailing) | 22.5x | 20.2x |
| Price / free cash flow | — | — |
| EV / EBITDA | 11.9x | 13.3x |
| FCF growth the price implies | — | — |
| Dividend yield | 2.7% | 2.9% |
| Debt / equity | 2.29x | 1.92x |
| Fundamental grade | C | C |
| Superinvestors holding it | 2 | 0 |
| Insider purchases, last 12 months | 0 | 2 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
California Water Service Group
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $766M | — | 16.6% |
| 2022 | $773M | — | 16.5% |
| 2023 | $790M | — | 9.8% |
| 2024 | $906M | — | 24.9% |
| 2025 | $964M | — | 17.7% |
H2O America
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $574M | — | 19.4% |
| 2022 | $621M | — | 21.1% |
| 2023 | $670M | — | 22.3% |
| 2024 | $748M | — | 22.8% |
| 2025 | $801M | — | 22.2% |
Where the revenue comes from
California Water Service Group · by products, 2025
Residential$567M59%
Business$193M20%
Multiple residential$84M9%
Public authorities$55M6%
Other$34M4%
Non-regulated revenue from contracts with customers$18M2%
H2O America
No segment breakdown reported.
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open CWT in InvestinglyQuestions
Which is bigger, California Water Service Group or H2O America?
California Water Service Group (CWT), at $2.7B against $2.5B.
Is CWT or HTO cheaper?
By trailing P/E, H2O America (20.2x) is cheaper than California Water Service Group (22.5x). A lower multiple can also mean the market expects less growth.
Which grows faster, CWT or HTO?
H2O America: revenue grew +9.4% over the last year, against +8.5%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.