CWT vs WTRG: California Water Service Group and Essential Utilities compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Essential Utilities is the larger company, worth $10.8B, about 4.0 times California Water Service Group.
- California Water Service Group grew revenue faster over the last year (+8.5% vs +3.1%).
- Essential Utilities keeps more of each dollar of revenue as operating profit (35.1% vs 18.5%).
- On earnings, Essential Utilities is the cheaper stock (19.5x 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 | WTRG |
|---|---|---|
| Market cap | $2.7B | $10.8B |
| Share price | $45.94 | $38.98 |
| Revenue (last fiscal year) | $964M | $2.5B |
| Free cash flow (last fiscal year) | — | — |
| Revenue growth, last year | +8.5% | +3.1% |
| Revenue growth per year, last 5 fiscal years | +5.9% | +7.1% |
| Operating margin | 18.5% | 35.1% |
| Net margin | 13.3% | 21.6% |
| Return on equity | 7.4% | 7.9% |
| P/E (trailing) | 22.5x | 19.5x |
| Price / free cash flow | — | — |
| EV / EBITDA | 11.9x | 14.0x |
| FCF growth the price implies | — | — |
| Dividend yield | 2.7% | 3.5% |
| Debt / equity | 2.29x | 1.84x |
| Fundamental grade | C | C |
| Superinvestors holding it | 2 | 4 |
| 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% |
Essential Utilities
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.9B | — | 32.1% |
| 2022 | $2.3B | — | 28.9% |
| 2023 | $2.1B | — | 33.7% |
| 2024 | $2.1B | — | 36.3% |
| 2025 | $2.5B | — | 37.2% |
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%
Essential Utilities · by segments, 2025
Regulated Water$1.3B54%
Regulated Natural Gas$1.1B45%
Other And Eliminations$33M1%
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 Essential Utilities?
Essential Utilities (WTRG), at $10.8B against $2.7B.
Is CWT or WTRG cheaper?
By trailing P/E, Essential Utilities (19.5x) 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 WTRG?
California Water Service Group: revenue grew +8.5% over the last year, against +3.1%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.