CWTCALIFORNIA WATER SERVICE GROUP
Water Supply
- Revenue
- $964M
- 6.4% YoY
- Operating margin
- 17.7%
- 29% YoY
- EBITDA
- $317M
- 12% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- 1.4×
- $434M net debt
- AI in 10-K
- —
Red flags 0 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear237% of net incomeCash flow under 80% of net income
- Dilutive SBCClear1% of revenueOver 10% of revenue
- Payouts exceed cash flowClear25% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear1% of assetsOver 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $766M | $773M | $790M | $906M | $964M | 6.4% |
| Operating income | $127M | $128M | $77M | $225M | $170M | 24% |
| Net income | $101M | $96M | $52M | $191M | $128M | 33% |
| Operating cash flow | $232M | $244M | $218M | $291M | $303M | 4.0% |
| Stock-based comp | $7M | $5M | $3M | $4M | $5M | 33% |
| Buybacks | $2M | $2M | $2M | $1M | $1M | 0.1% |
| Dividends | $47M | $54M | $59M | $65M | $74M | 13% |
Deal filings
None.
13D filers
None on file.
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $7M | $3M | 90 | 90 |
| FY2024 | $5M | $5M | 97 | 93 |
| FY2023 | $5M | $4M | 108 | 106 |
| FY2022 | $3M | $3M | 124 | 123 |
| FY2021 | $4M | $4M | 144 | 144 |