H2O America
Operates regulated water utilities across California, Connecticut, Maine, and Texas.
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Profile
Supplies regulated drinking water through local utilities in California, Connecticut, Maine, and Texas, with smaller wastewater and contract-service operations. Revenue comes primarily from state-approved customer rates, tying infrastructure returns to regulatory recovery.
Produces, purchases, treats, stores, and distributes drinking water through San Jose Water, Connecticut Water, Maine Water, and Texas Water. The regulated network serves communities in California, Connecticut, Maine, and Texas, with wastewater service in parts of Connecticut and Texas. Water Utility Services is the sole reportable segment.
Keeps regional utility brands and operations local while funding mains, treatment, storage, and supply systems. Contract operations, municipal water-service arrangements, protection plans, and property holdings form a small Other Services business. Customer revenue is set through state-approved rates, making infrastructure returns dependent on commission decisions and the timing of cost recovery. Water supply, weather-sensitive demand, drinking-water rules, and system reliability also shape operations.
Company facts
Categories
Key statistics
Year to date +29.0% · Average volume (30d) 372.0K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 12, 2026 | Seaport Global | Reiterate | Buy | $67 | |
| Jul 29, 2026 | BTIG | Target | $67 | $70 | |
| Jul 29, 2026 | Robert W. Baird | Target | $72 | ||
| Jul 23, 2026 | BTIG | Reiterate | Buy | $61 | $67 |
| Jul 15, 2026 | Barclays | Reiterate | Overweight | $63 | $67 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 27, 2026Q2 FY26 | $0.70 | $0.72 | +3.0% | $214.0M | $210.5M | −1.6% | +1.18% |
| Apr 28, 2026Q1 FY26 | $0.48 | $0.50 | +4.2% | $180.5M | $183.3M | +1.5% | −2.68% |
| Feb 25, 2026Q4 FY25 | $0.50 | $0.46 | −8.4% | $217.4M | $194.2M | −10.7% | −2.14% |
| Oct 27, 2025Q3 FY25 | $1.15 | $1.27 | +10.4% | $206.5M | $240.6M | +16.5% | −3.45% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $167.6M | $198.3M | $240.6M | $194.2M | $183.3M | $210.5M | |
| Gross profit | $101.1M | $109.9M | $134.2M | $91.7M | $116.9M | $125.0M | |
| Operating income | $35.9M | $43.9M | $64.6M | $33.6M | $37.4M | $42.8M | |
| Net income | $16.6M | $24.7M | $45.1M | $16.2M | $19.0M | $26.6M | |
| Diluted EPS | $0.49 | $0.71 | $1.27 | $0.45 | $0.49 | $0.63 | |
| Gross margin | 60.3% | 55.4% | 55.8% | 47.2% | 63.8% | 59.4% | |
| Operating margin | 21.4% | 22.1% | 26.9% | 17.3% | 20.4% | 20.3% |
Fiscal years (4-quarter sums)FY21 $573.7M · FY22 $620.7M · FY23 $670.4M · FY24 $748.4M · FY25 $800.6M
Balance sheet, Jun 30, 2026Cash & short-term investments $104.1M · Total debt $1.89B · Total assets $5.44B · Shareholders' equity $1.84B
Dividends
Raised for 45 straight years — most recently to $0.44 from $0.42 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 | Sep 1 | $0.44 | |
| May 11, 2026 | May 11 | Jun 1 | $0.44 | |
| Feb 9, 2026 | Feb 9 | Mar 2 | $0.44 | raised from $0.42 |
| Nov 10, 2025 | Nov 10 | Dec 1 | $0.42 | |
| Aug 11, 2025 | Aug 11 | Sep 2 | $0.42 | |
| May 12, 2025 | May 12 | Jun 2 | $0.42 | |
| Feb 10, 2025 | Feb 10 | Mar 3 | $0.42 | raised from $0.40 |
| Nov 4, 2024 | Nov 4 | Dec 2 | $0.40 |
Ownership
Shares outstanding 41.86M · Float 36.49M · 87.2% free float
A Form 4 total here can count shares the filer formally disclaims — an award voted by proxy, for instance — which the holder's own Schedule 13D/G excludes, so where the two disagree the schedule's smaller figure is used.
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 6.03M | 14.40% | 13G | Apr 27, 2026 |
| GIP ATLAS Holdings Ltd · 10 percent owner | 4.58M | 10.95% | Form 4 | Apr 22, 2026 |
| ATLAS Infrastructure Partners (UK) Ltd. · 10 percent owner | 4.53M | 10.83% | Form 4 | Jul 8, 2026 |
| Future Fund Board of Guardians | 2.60M | 6.20% | 13G | Mar 6, 2026 |
| Andrew F. Walters · director, officer: Chief Executive Officer | 26.5K | 0.06% | Form 4 | Jul 6, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jul 7, 2026 | ATLAS Infrastructure Partners (UK) Ltd. | 10 percent owner | +2,784 | $62.03 |
| Jul 1, 2026 | ATLAS Infrastructure Partners (UK) Ltd. | 10 percent owner | −1,686 | $60.74 |
| Jul 1, 2026 | ATLAS Infrastructure Partners (UK) Ltd. | 10 percent owner | +2,132 | $60.76 |
| May 29, 2026 | ATLAS Infrastructure Partners (UK) Ltd. | 10 percent owner | −1,435 | $57.52 |
| May 29, 2026 | ATLAS Infrastructure Partners (UK) Ltd. | 10 percent owner | +31,001 | $57.62 |
Peers
- American Water Works
Largest U.S. regulated water and wastewater benchmark
- Essential Utilities
Aqua water platform with gas diversification and M&A overlap
- California Water Service Group
Closest California and Texas water-utility peer
- American States Water
California water utility plus military-base services overlap
- Middlesex Water
Northeast regional water and wastewater utility peer
- York Water
Pennsylvania local-monopoly water and wastewater peer
- Artesian Resources
Delmarva water and wastewater utility peer
- Global Water Resources
Arizona growth-market water and recycled-water peer
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| H2O America | $63.02 | −0.83% | $2.66B | 22.4 | 23.2 | 3.2 | +6.2% |
| American Water Works | $134.88 | −2.46% | $27.48B | 23.9 | 22.6 | 5.2 | +6.2% |
| Essential Utilities | $41.25 | +0.39% | $11.66B | 21.0 | 17.8 | 4.5 | +3.1% |
| California Water Service Group | $50.48 | 0.00% | $3.12B | 22.8 | 19.4 | 3.0 | +16.5% |
| American States Water | $89.88 | +0.01% | $3.52B | 24.6 | 24.2 | 5.1 | +11.2% |
| Middlesex Water | $57.66 | −1.35% | $1.10B | 22.5 | 22.2 | 5.3 | +14.3% |
| York Water | $34.12 | +0.06% | $553.1M | 21.2 | 21.0 | 93.2 | +22.5% |
| Artesian Resources | $35.63 | +0.14% | $367.9M | 15.6 | 15.3 | 3.1 | +7.4% |
| Global Water Resources | $9.13 | −0.11% | $262.6M | 82.9 | 81.9 | 4.4 | +24.8% |
| Median | 22.6 | 21.6 | 4.8 | +12.7% |