Consolidated Water Co. Ltd. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Consolidated Water Co. Ltd. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	57.9	59.4	65.7	68.8	72.6	66.9	94.1	180	134	132
Cost of revenue	33.6	35.4	39	40.5	45.9	43.4	63.7	118	88.3	83.7
Gross profit	24.3	24	26.7	28.3	26.8	23.5	30.4	61.9	45.6	48.4
General and administrative	18.7	18.7	18.7	17	18.4	18.4	21.1	24.8	27.5	30.1
Operating income	2.14	2.28	7.98	11.7	8.35	2.01	9.27	37.2	18.3	18.4
Interest expense	0.1	0.01	0.01	0	0.01	0.01	0.05	0.15	0.1	0
Interest income	0.61	0.38	0.66	0.59	0.54	0.68	0.45	0.7	2.09	2.67
Other non-operating income	0.1	1.53	2.74	0.79	1.08	1.62	0.46	0.83	2.39	3.02
Pre-tax income	2.24	3.8	10.7	12.5	9.43	3.63	9.74	38	20.7	21.4
Income tax	-0.54	-0.89	-0.16	0.07	0.09	-0.45	0.4	6.75	2.22	2.16
Income from continuing operations		5.1	10.2	10.9	8.61	3.45	8.23	30.7	17.9	18.6
Net income to minority interests	-1.18	-0.41			-0.73	0.63	1.11	-0.57	-0.58	-0.59
Net income	3.96	6.14	11.3	12.2	3.71	0.88	5.86	29.6	28.2	18.3
EBITDA	9.56	9.57	15	18.9	15.8	8.93	15.5	43.7	25	25.3
EPS, basic	0.27	0.41	0.75	0.81	0.24	0.06	0.38	1.88	1.78	1.15
EPS, diluted	0.27	0.41	0.75	0.80	0.24	0.06	0.38	1.86	1.77	1.14
Shares, basic (weighted)	14.8	14.9	15	15	15.1	15.2	15.3	15.7	15.8	15.9
Shares, diluted (weighted)	14.9	15	15.1	15.1	15.2	15.3	15.4	15.9	15.9	16
Dividend per share	0.30	0.31	0.34	0.34	0.34	0.34	0.34	0.36	0.41	0.53

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	37.6	45.5	31.3	42.1	43.8	40.4	50.7	42.6	99.4	124
Receivables	16.5	14.7	22.5	23	21.5	27.3	27	38.2	39.6	32.8
Inventory	2.31	1.58	2.23	3.29	3.21	2.5	5.73	6.04	8.96	3.74
Other current assets	1.1	1.07	2.8	1.56	2.41	2.56	5.64	4.06	5.11	5.93
Total current assets	60.9	66.7	62.4	73.2	72.9	77.1	92.6	113	158	170
Property, plant and equipment	53.1	49.7	58.9	61.2	57.7	52.9	52.5	55.9	52.4	55.2
Lease right-of-use assets			0	1.81	1.33	2.68	2.06	2.14	3.23	2.93
Goodwill	9.78	8	8	13.3	13.3	10.4	10.4	12.9	12.9	12.9
Intangible assets	5.2	3.23	1.89	5.04	4.15	3.4	2.82	3.35	2.7	2.1
Other non-current assets	2.39	4.49	2.12	2.12	1.93	1.53	1.67	3.41	2.36	1.44
Total assets	164	165	173	192	180	176	193	218	243	258
Accounts payable		3.55	4.57	3.5	2.74	2.83	0.4	0	9.06	9.62
Deferred revenue	0	0	0.11	0.34	0.46	0.51	8.8	6.24	9.13	11.5
Short-term debt			0	0.02	0.04	0.06	0.11	0.19	0.13	0.05
Total current liabilities	6.68	7.63	7.9	7.9	6.94	7.69	22.7	23.9	24.9	27.7
Long-term debt			0	0.06	0.13	0.15	0.22	0.19	0.07	0.03
Lease liabilities			0	1.16	0.98	2.14	1.59	1.83	2.63	2.3
Other non-current liabilities	0.9	0.8	0.2	0.08	0.36	0.14	0.22	0.15	0.15	0.15
Total liabilities	9.5	9.46	8.76	14.1	10.5	10.7	25.2	26.6	28	30.9
Total debt	0.49		0	0.08	0.17	0.21	0.33	0.38	0.2	0.07
Paid-in capital	85.6	86.4	87.2	88.4	86.9	87.8	89.2	92.2	93.6	95.3
Retained earnings	51.6	53.1	59.3	66.4	64.9	60.6	61.2	85.1	107	117
Shareholders' equity	146	148	155	164	161	158	160	187	210	222
Minority interests	8.5	8.09	8.78	14.2	8.1	8.09	8.1	5	5.35	5.03
Total equity	154	156	164	178	169	166	168	192	215	227
Total liabilities and equity	164	165	173	192	180	176	193	218	243	258
Shares outstanding										15.9

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	2.78	5.73	12	13.7	4.44	1.51	6.97	30.2	28.8	18.9
Depreciation and amortization	7.42	7.29	7.03	7.2	7.41	6.92	6.19	6.58	6.69	6.9
Stock-based compensation	0.52	0.8	0.85	1.19	1.16	0.98	1.42	1.93	1.4	1.7
Deferred income tax	-0.54	-0.89	-0.37	-0.24	-0.22	-0.65	-0	-0.52	-0.32	0.5
Change in inventory	-0.62	-0.21	-1.13	-1.36	-0.1	0.29	-3.39	-0.89	-3.75	4.24
Cash from operations	7.82	15.1	9.05	15.2	17.3	6.97	21.3	7.97	36.5	41.7
Capital expenditures	-3.46	-4.55	-16.2	-3.53	-1.73	-1.49	-7.54	-5.05	-6.7	-8.54
Acquisitions	-7.74	0		-3.15	0			-3.42
Cash from investing	-2.78	-2.92	-17.4	1.49	-11.1	-3.94	-4.98	-10.9	27	-8.44
Debt repaid	0			0	-0.03	-0.05	-0.07	-0.14	-0.19	-0.12
Stock issued	0.57	0.02	0.01	0.02	0.01	0.02	0.03	0.1	0.02	0.07
Dividends paid	-4.43	-4.46	-5.08	-5.1	-5.13	-5.15	-5.15	-5.47	-6.28	-7.94
Cash from financing	-10.6	-4.27	-5.79	-5.12	-5.17	-5.86	-6.3	-5.52	-6.71	-8.95
Exchange rate effect	0	0
Net change in cash	-5.54	7.93	-14.1	11.6	1.05	-2.84	10	-8.44	56.8	24.3
Free cash flow	4.36	10.6	-7.16	11.7	15.6	5.48	13.8	2.92	29.8	33.2
Interest paid	0.07	0.01	0.01	0	0.01	0.01	0.01	0.02	0.01	0
Income taxes paid						0.16	0.21	4.92	3.15	2.37

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $27.86 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	35.4%	Gross profit / revenue.
Operating margin	12.3%	Operating income / revenue.
EBITDA margin	15.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	14.6%	Pre-tax income / revenue.
Net margin	12.7%	Net income / revenue.
FCF margin	23.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	31.2%	Cash from operations / revenue.
Effective tax rate	8.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	7.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	6.1%	Net income / average total assets.
Return on invested capital (ROIC)	15.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	1.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	7.5%	Capital expenditures / revenue.
D&A / revenue	3.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-1.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	12.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	12.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	6.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	16.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	12.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	0.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	25.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	17.1%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	1.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	17.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	9.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-35.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	46.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	37.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-35.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	44.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	36.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	14.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	25.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	19.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	11.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	34.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	16.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	29.3%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	15.9%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	9.3%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	5.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	11.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	6.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	5.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	10.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	7.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	5.95x	Current assets / current liabilities.
Quick ratio	5.52x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	4.54x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.00x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	0.0%	Total debt / total assets.
Liabilities / assets	12.1%	Total liabilities / total assets.
Net debt	-$132.6M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-6.80x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	3,180x	Operating income / interest expense.
Working capital	$144.6M	Current assets - current liabilities.
Goodwill and intangibles / assets	5.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	$210.8M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.49x	Revenue / average total assets.
Fixed asset turnover	2.15x	Revenue / average property, plant and equipment.
Inventory turnover	20.9x	Cost of revenue / average inventory.
Days inventory	17 days	365 x average inventory / cost of revenue.
Receivables turnover	4.46x	Revenue / average receivables.
Days sales outstanding	82 days	365 x average receivables / revenue.
Days payables	47 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	52 days	Days inventory + days sales outstanding - days payables.
FCF conversion	187.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	23.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.00	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$7.92	Revenue / diluted weighted shares.
FCF per share	$1.88	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.47	Cash from operations / diluted weighted shares.
Book value per share	$14.10	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$13.18	Tangible book value / shares outstanding.
Cash per share	$8.29	(Cash + short-term investments) / shares outstanding.
Payout ratio	55.2%	Dividends paid / net income, when net income is positive.
Dividends / FCF	29.5%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$446.1M	Share price x shares outstanding.
Enterprise value	$313.5M	Market cap + total debt - cash - short-term investments.
P/E	27.6x	Market cap / net income. Only when net income is positive.
P/S	3.50x	Market cap / revenue.
P/B	1.98x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.12x	Market cap / tangible book value, when positive.
P/FCF	14.8x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	11.2x	Market cap / cash from operations, when positive.
EV/Sales	2.46x	Enterprise value / revenue.
EV/EBIT	20.0x	Enterprise value / operating income, when both are positive.
EV/EBITDA	16.1x	Enterprise value / EBITDA, when both are positive.
EV/FCF	10.4x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.8%	Free cash flow / market cap.
Earnings yield	3.6%	Net income / market cap (the inverse of P/E).
Dividend yield	2.0%	Dividends paid over the period / market cap.
Shareholder yield	2.0%	(Dividends paid + share buybacks) / market cap.
PEG	0.62x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Consolidated Water Co. Ltd.'s revenue in fiscal 2025?

Consolidated Water Co. Ltd. reported revenue of $132.1M for fiscal 2025, 1.4% lower than the year before.

Was Consolidated Water Co. Ltd. profitable in fiscal 2025?

Yes. Net income was $18.3M, a net margin of 13.9%.

How much free cash flow did Consolidated Water Co. Ltd. generate in fiscal 2025?

Cash from operations of $41.7M minus capital expenditures of $8.5M left free cash flow of $33.2M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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