California Water Service Group
Operates regulated water and wastewater utilities across five western states.
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Profile
Supplies regulated water and wastewater services through local utilities in California, Hawaii, New Mexico, Washington, and Texas, alongside smaller contract operations and related services. California contributes most customer connections and revenue, while state commissions determine rates and recovery of infrastructure investment.
Supplies drinking water and, in selected communities, wastewater collection and treatment through Cal Water, Hawaii Water, New Mexico Water, Washington Water, and Texas Water. Regulated utilities produce, purchase, store, test, treat, and distribute water, while smaller non-regulated operations run third-party systems, meter accounts, and provide billing and laboratory services.
Serves communities across California, Hawaii, New Mexico, Washington, and Texas, with California accounting for most customer connections and revenue. The operating model centers on maintaining and replacing pipes, wells, storage, treatment, and other local utility infrastructure; system acquisitions extend the western footprint.
Rates and investment recovery require approval from state utility commissions, while operations depend on reliable purchased and groundwater supplies and compliance with drinking-water and wastewater standards.
Company facts
Categories
Key statistics
Year to date +17.5% · Average volume (30d) 461.5K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 12, 2026 | Seaport Global | Reiterate | Buy | $53 | ||
| May 1, 2026 | Robert W. Baird | Target | $55 | $54 | ||
| Oct 31, 2025 | Robert W. Baird | Target | $55 | |||
| Apr 11, 2025 | Seaport Global | Upgrade | Neutral | Buy | ||
| Jan 7, 2025 | Wells Fargo | Upgrade | Equal Weight | Overweight | $57 | $52 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 30, 2026Q2 FY26 | $0.80 | $0.93 | +16.3% | $283.5M | $308.6M | +8.9% | −0.77% |
| Apr 30, 2026Q1 FY26 | $0.25 | $0.07 | −72.0% | $210.3M | $214.6M | +2.0% | +0.28% |
| Feb 25, 2026Q4 FY25 | $0.36 | $0.19 | −47.2% | $239.1M | $220.0M | −8.0% | −4.40% |
| Oct 30, 2025Q3 FY25 | $1.20 | $1.03 | −14.2% | $235.6M | $311.2M | +32.1% | −1.79% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $204.0M | $265.0M | $311.2M | $220.0M | $214.6M | $308.6M | |
| Gross profit | $136.6M | $170.4M | $202.3M | $131.0M | $138.3M | $207.6M | |
| Operating income | $25.6M | $62.0M | $84.8M | $9.7M | $21.5M | $88.2M | |
| Net income | $13.3M | $42.2M | $61.2M | $11.5M | $4.0M | $56.5M | |
| Diluted EPS | $0.22 | $0.71 | $1.03 | $0.19 | $0.07 | $0.93 | |
| Gross margin | 67.0% | 64.3% | 65.0% | 59.5% | 64.4% | 67.3% | |
| Operating margin | 12.6% | 23.4% | 27.2% | 4.4% | 10.0% | 28.6% |
Fiscal years (4-quarter sums)FY21 $790.9M · FY22 $846.4M · FY23 $794.6M · FY24 $1.04B · FY25 $1.00B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $43.4M · Total debt $1.68B · Total assets $5.95B · Shareholders' equity $1.81B
Dividends
Raised for 27 straight years — most recently to $0.335 from $0.30 in Feb 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 10, 2026 | Aug 10 | Aug 21 | $0.335 | |
| May 11, 2026 | May 11 | May 22 | $0.335 | |
| Feb 9, 2026 | Feb 9 | Feb 20 | $0.335 | raised from $0.30 |
| Nov 10, 2025 | Nov 10 | Nov 21 | $0.30 | |
| Aug 11, 2025 | Aug 11 | Aug 22 | $0.30 | |
| May 12, 2025 | May 12 | May 23 | $0.30 | raised from $0.28 |
| Feb 10, 2025 | Feb 10 | Feb 21 | $0.34 | special dividend |
| Nov 12, 2024 | Nov 12 | Nov 22 | $0.28 |
Ownership
Shares outstanding 61.84M · Float 61.34M · 99.2% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 10.76M | 17.39% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 4.38M | 7.08% | 13F | Aug 13, 2026 |
| T. Rowe Price Investment Management, Inc. | 3.52M | 5.69% | 13F | Aug 14, 2026 |
| Amundi | 3.49M | 5.64% | 13F | Aug 11, 2026 |
| State Street Corp | 3.27M | 5.28% | 13F | Aug 7, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 13, 2026 | Thomas M. Krummel | director | −3,700 | $50.37 |
| May 27, 2026 | Lester A. Snow | director | −1,100 | $44.00 |
| May 21, 2026 | Thomas M. Krummel | director | −3,700 | $43.30 |
| Mar 20, 2026 | Michael S. JR Mares | officer: Vice President, Operations | −3,892 | $44.00 |
| Mar 20, 2026 | Michael B. Luu | officer: Sr. VP Corp Svcs & Chief Risk | −740 | $44.53 |
Peers
- American Water Works
Largest U.S. regulated water peer across utility scale and M&A
- American States Water
California water utility peer with CPUC-regulated overlap
- H2O America
Bay Area and Texas regulated water/wastewater peer
- Essential Utilities
Regulated water/wastewater peer through Aqua
- Middlesex Water
Regulated water peer with wastewater and contract-operations overlap
- Global Water Resources
Western water, wastewater, and recycled-water utility peer
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| California Water Service Group | $50.48 | 0.00% | $3.12B | 22.8 | 19.4 | 3.0 | +16.5% |
| American Water Works | $134.88 | −2.46% | $27.48B | 23.9 | 22.6 | 5.2 | +6.2% |
| American States Water | $89.88 | +0.01% | $3.52B | 24.6 | 24.2 | 5.1 | +11.2% |
| H2O America | $63.02 | −0.83% | $2.66B | 22.4 | 23.2 | 3.2 | +6.2% |
| Essential Utilities | $41.25 | +0.39% | $11.66B | 21.0 | 17.8 | 4.5 | +3.1% |
| Middlesex Water | $57.66 | −1.35% | $1.10B | 22.5 | 22.2 | 5.3 | +14.3% |
| Global Water Resources | $9.13 | −0.11% | $262.6M | 82.9 | 81.9 | 4.4 | +24.8% |
| Median | 23.2 | 22.9 | 4.8 | +8.7% |