# California Water Service Group (CWT)

> Source: Nexqual · https://nexqual.com/CWT · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, California Water Service Group (CWT), nexqual.com/CWT" · informational, not investment advice.

**Price:** USD 47.54 (+3.55% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 45.91 · day 46.2–47.61 · 52w 41.29–53.82 · market cap $2.94B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.00B, net income $133M (13.3% margin) (SEC filings).
- Valuation: P/E 22.1x (avg 30.3x at the last 3 fiscal year-ends), EV/EBITDA 13.3x, net debt $1.43B.
- Analysts: Buy (mean 2.25 on a 1–5 scale) (4 analysts), mean target USD 53.75 (range 49–57).
- Total return with dividends: 1Y -1.9% vs S&P 500 +14.9%; 5Y -10.2% vs S&P 500 +80.3%.
- Next earnings: 2026-10-28, EPS estimate USD 1.21, revenue estimate $316M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $766M | $773M | $790M | $906M | $964M | $1.00B |
| Operating income | $127M | $128M | $77.1M | $225M | $170M | $185M |
| Net income | $101M | $96.0M | $51.9M | $191M | $128M | $133M |
| EPS (diluted) | $1.96 | $1.77 | $0.91 | $3.25 | $2.15 | — |
| Operating margin | 16.6% | 16.5% | 9.8% | 24.9% | 17.7% | 18.5% |
| Net margin | 13.2% | 12.4% | 6.6% | 21.1% | 13.3% | 13.3% |
| Revenue growth | +9.8% | +0.9% | +2.3% | +14.6% | +6.4% | — |
| Cash + short-term investments | $78.4M | $62.1M | $39.6M | $50.1M | $51.8M | — |
| Total debt | $1.06B | $1.06B | $1.05B | $1.18B | $1.47B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 22.1x · P/S 2.9x · EV/EBITDA 13.3x · EV/Sales 4.4x · P/B 1.6x · Earnings yield 4.53% · Dividend yield (paid, TTM) 2.58% · Buyback yield (TTM) 0.04% · Net debt $1.43B · EV $4.37B
P/E at fiscal year-ends: Dec 2025 20.2x, Dec 2024 13.9x, Dec 2023 56.9x.

## Analysts
Consensus Buy (mean 2.25 on a 1–5 scale), 4 analysts; mean target USD 53.75 (low 49, high 57).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-23 | Freedom Broker | Initiated | Hold | $49 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -1.9% | -10.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -1.9% | -2.1% |
| Volatility (annualized) | 24.8% | 24.1% |
| Max drawdown | -14.6% (Oct 2025→Dec 2025) | -38.2% (Dec 2021→Jan 2025) |

## Peers (Utilities - Regulated Water)
AWR (American States Water Company) USD 85.05 +3.54% · HTO (H2O America) USD 58.66 +4.41% · MSEX (Middlesex Water Company) USD 55.8 +4.05% · WTRG (Essential Utilities, Inc.) USD 43.3 +6.28% · YORW (The York Water Company) USD 31.69 +3.70% · CWCO (Consolidated Water Co. Ltd.) USD 28.05 +3.31%

## More
Full page: https://nexqual.com/CWT · 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

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

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Residential | $153.4M | 55.2% | +8.1% |
| Business | $51.7M | 18.6% | +7.6% |
| — Other (part of Business) | $28.6M | 10.3% | +10.5% |
| — Public authorities (part of Business) | $15.2M | 5.5% | +17.0% |
| — Non-regulated revenue from contracts with customers (part of Business) | $5.6M | 2.0% | +30.2% |
| — Other non-regulated revenue (part of Business) | $2.2M | 0.8% | +99.7% |
| Multiple residential | $22.6M | 8.1% | +8.8% |
| Industrial | $6.5M | 2.3% | -0.6% |
| Contract operating and maintenance revenue | $3.5M | 1.2% | +6.8% |
| Total revenue | $278.0M | 100% | — |
The lines above cover 85.5% of total revenue.

## Company outlook (8-K filed 2026-07-30)

- "Second Quarter 2026 Results Reflect Resolution of the 2024 California General Rate Case (2024 CA GRC) The Company reported that second-quarter 2026 results were in line with expectations as the Company received a final decision on the 2024 CA GRC at the end of April."
- "Deferred revenue expected to be collected within the next 24 months related to prior year regulatory mechanisms added $9.3 million of revenue."
- "Deferred revenue expected to be collected within the next 24 months related to prior year regulatory mechanisms added $8.5 million of revenue."
- "The decision authorizes rate adjustments expected to increase company-wide revenue by $90.5 million, or 10.9%, in 2026; $43.2 million, or 4.7%, in 2027; and $48.9 million, or 5.1%, in 2028."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.21 | $1.07 | +13.1% | $316.2M | 1 |
| Next quarter (ends 2026-12-31) | $0.39 | $0.68 | -42.6% | $246.2M | 1 |
| Current fiscal year (ends 2026-12-31) | $2.61 | $2.45 | +6.4% | $1.09B | 3 |
| Next fiscal year (ends 2027-12-31) | $2.75 | $2.76 | -0.4% | $1.17B | 3 |

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

Expected move by 2026-11-20 (includes earnings 2026-10-28): ±7.6%; last 8 reports averaged ±3.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 46.4% | ±7.6% |
| 2026-12-18 | 56 | 24.8% | ±8.6% |
| 2027-03-19 | 147 | 26.9% | ±12.6% |