# Consolidated Water Co. Ltd. (CWCO)

> Source: Nexqual · https://nexqual.com/CWCO · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, Consolidated Water Co. Ltd. (CWCO), nexqual.com/CWCO" · informational, not investment advice.

**Price:** USD 27.79 (-0.93% on the day) · last close of Oct 23, 2026; US market after hours, not a live price. Prev close 28.05 · day 27.65–28.25 · 52w 27.05–39.12 · market cap $445M · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $128M, net income $16.2M (12.7% margin), free cash flow $30.2M (SEC filings).
- Valuation: P/E 27.5x (avg 21.5x at the last 3 fiscal year-ends), EV/EBITDA 16.0x, net cash $133M.
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $87K; 2 not under a Rule 10b5-1 plan ($87K); 2 by opportunistic insiders (2 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.00 on a 1–5 scale) (1 analysts), mean target USD 43 (range 43–43).
- Total return with dividends: 1Y -20.2% vs S&P 500 +13.4%; 5Y +174.9% vs S&P 500 +76.9%.
- Next earnings: 2026-11-09, EPS estimate USD 0.23, revenue estimate $32.1M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $66.9M | $94.1M | $180M | $134M | $132M | $128M |
| Gross profit | $23.5M | $30.4M | $61.9M | $45.6M | $48.4M | — |
| Operating income | $2.0M | $9.3M | $37.2M | $18.3M | $18.4M | $15.7M |
| Net income | $876K | $5.9M | $29.6M | $28.2M | $18.3M | $16.2M |
| EPS (diluted) | $0.06 | $0.38 | $1.86 | $1.77 | $1.14 | — |
| Free cash flow | $5.5M | $13.8M | $2.9M | $29.8M | $33.2M | $30.2M |
| Gross margin | 35.2% | 32.3% | 34.4% | 34.1% | 36.6% | — |
| Operating margin | 3.0% | 9.9% | 20.6% | 13.6% | 13.9% | 12.3% |
| Net margin | 1.3% | 6.2% | 16.4% | 21.1% | 13.9% | 12.7% |
| Revenue growth | -7.9% | +40.7% | +91.5% | -25.7% | -1.4% | — |
| Cash + short-term investments | $40.4M | $50.7M | $42.6M | $99.4M | $124M | — |
| Total debt | $215K | $331K | $383K | $197K | $74K | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 27.5x · P/S 3.5x · EV/EBITDA 16.0x · EV/Sales 2.5x · P/FCF 14.7x · P/B 2.0x · FCF yield 6.80% · Earnings yield 3.63% · Dividend yield (paid, TTM) 2.01% · Net cash $133M · EV $312M
P/E at fiscal year-ends: Dec 2025 30.8x, Dec 2024 14.6x, Dec 2023 19.1x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-03 | Whittaker Raymond | Director | 1,000 | $29K | 32.9% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-17 | Flowers Clarence B. | Director | 1,900 | $58K | 0.9% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 1 analysts; mean target USD 43 (low 43, high 43).

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -20.2% | +174.9% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | -20.2% | +22.4% |
| Volatility (annualized) | 29.4% | 34.8% |
| Max drawdown | -28.4% (Mar 2026→Oct 2026) | -35.7% (Nov 2023→Apr 2025) |

## Peers (Utilities - Regulated Water)
YORW (The York Water Company) USD 31.82 +0.41% · ARTNA (Artesian Resources Corporation) USD 34.1 +0.26% · MSEX (Middlesex Water Company) USD 56.03 +0.41% · HTO (H2O America) USD 58.9 +0.41% · CWT (California Water Service Group) USD 48.04 +1.05% · AWR (American States Water Company) USD 85.44 +0.46%

## More
Full page: https://nexqual.com/CWCO · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in CWCO's own 10-K filed 2026-03-16 (https://www.sec.gov/Archives/edgar/data/928340/000110465926028587/cwco-20251231x10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | BVI Electricity | "We purchase electrical power to operate this plant from the BVI Electricity Corporation." |
| Customer | PERC Water | "Construction revenue declined to $13,470,641 in 2025 as compared to $18,602,919 in 2024, as we recognized $8.2 million of additional revenue from PERC's contract with Liberty Utilities and $1.3 million in revenue from th…" |
| Customer | Aerex Industries | "Accordingly, in light of this new information from Aerex's former major customer, and the on-going weak economic conditions that we believed would continue through 2022, we updated our projections of future cash flows fo…" |
| Customer | DesalCo | "We design, construct, and sell desalination infrastructure through DesalCo, which serves customers in the Cayman Islands, The Bahamas, and the British Virgin Islands." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Services Revenues | $11.6M | 35.2% | +1.2% | — | — |
| Services | $11.6M | 35.2% | +1.2% | $424,436 | 3.7% |
| Bulk Revenues | $9.9M | 30.2% | +20.1% | — | — |
| Bulk | $9.9M | 30.2% | +20.1% | $2.9M | 28.9% |
| Retail Revenues | $8.7M | 26.3% | +0.3% | — | — |
| Segment Retail | $8.7M | 26.3% | +0.3% | $4.0M | 46.0% |
| Manufacturing Revenues | $2.7M | 8.2% | -48.6% | — | — |
| Manufacturing Units | $2.7M | 8.2% | -48.6% | $478,497 | 17.8% |
| Total revenue | $32.9M | 100% | — | $3.7M | 11.4% |
The lines above cover 200% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Operations & Maintenance | $6.0M | 18.4% | -26.8% |
| Construction Services | $5.3M | 16.2% | +88.9% |
| Design & Consulting Services | $203,528 | 0.6% | -44.5% |
| Total revenue | $32.9M | 100% | — |
The lines above cover 35.2% of total revenue.

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $64.4M | 48.8% | -3.4% |
| Cayman Islands | $37.8M | 28.7% | +1.9% |
| Bahamas | $29.3M | 22.2% | -1.3% |
| Water & Sewerage Corporation | $29.3M | 22.2% | -1.3% |
| British Virgin Islands | $512,646 | 0.4% | +4.4% |
| Total revenue | $132.1M | 100% | — |
The lines above cover 122.2% of total revenue.

## Company outlook (8-K filed 2026-08-10)

- "He brings to Consolidated Water more than 25 years of water industry leadership experience spanning public and private sector businesses, including a deep background in large-scale desalination projects, public utility operations and complex project development."
- "Both of these projects are scheduled to be completed this year. "In July, our client issued a limited notice to proceed for a $204 million project to design, construct, operate and maintain a 1.7-million gallon-per-day seawater desalination plant in Kalaeloa, Hawaii."
- "Procuring long-lead 2 ​ ​ equipment at this stage should help reduce potential scheduling pressure and enable the project to move forward more efficiently once all of the required permits are in place."
- "We continue to expect construction to start later this year and believe the project will significantly contribute to revenue and earnings growth in future periods. "Subsequent to the quarter, we announced the receipt of purchase orders totaling approximately $10.1 million for municipal water treatment equipment in Florida."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.23 | $0.26 | -11.5% | $32.1M | 1 |
| Next quarter (ends 2026-12-31) | $0.21 | $0.25 | -16.0% | $32.6M | 1 |
| Current fiscal year (ends 2026-12-31) | $0.92 | $0.94 | -2.1% | $127.5M | 1 |
| Next fiscal year (ends 2027-12-31) | $1.36 | $1.45 | -6.2% | $188.2M | 1 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-09): ±14.4%; last 8 reports averaged ±7.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 57.9% | ±14.4% |
| 2027-02-19 | 119 | 36.5% | ±20.0% |
| 2027-05-21 | 210 | 35.1% | ±22.3% |