H2O AMERICA financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data H2O AMERICA 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	340	389	398	448	565	574	621	678	748	806
General and administrative	41.5	48.9	48.9	66.3	79.7	87.3	95.4	98.7	106	126
Operating income	97.4	102	73.4	57.5	118	111	131	149	171	178
Interest expense	21.8	22.9	24.3	31.8	54.3	54.3	58.1	66.1	71.4	72.6
Other non-operating income	1.49	1.94	2.35	2.09	5.91	10.7	4.39	8.88	0.06	3.55
Pre-tax income	86.4	96.5	48.8	32.1	69.9	68.8	82.3	90.9	103	115
Income tax	33.5	35.4	10.1	8.45	8.38	8.37	8.5	5.96	8.97	12.4
Net income to minority interests	0	1.9	0	0.22	0	0
Net income	52.8	59.2	38.8	23.4	61.5	60.5	73.8	85	94	103
EBITDA	144	152	130	126	209	208	237	258	286	298
EPS, basic	2.59	2.89	1.83	0.82	2.16	2.04	2.44	2.69	2.87	2.93
EPS, diluted	2.57	2.86	1.82	0.82	2.14	2.03	2.43	2.68	2.87	2.92
Shares, basic (weighted)	20.4	20.5	21.2	28.4	28.5	29.6	30.3	31.6	32.7	35
Shares, diluted (weighted)	20.6	20.7	21.3	28.6	28.7	29.7	30.4	31.7	32.8	35.1
Dividend per share	0.81	1.04	1.12	1.20	1.28	1.36	1.44	1.52	1.60	1.68

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	6.35	7.8	421	12.9	5.27	10.9	12.3	9.72	11.1	20.7
Receivables	16.4	17.3	19.2	36.3	46.8	53.7	59.2	67.9	68.7	62.5
Other current assets	4.4	4.75	4.87	2.93	5.13	4.9	6.1	6.15	8.59	8.09
Total current assets	99.6	66.9	503	122	127	134	158	198	191	191
Property, plant and equipment	50.5	45.1	44	44.1					1.22	1.58
Goodwill			1.68	628	628	640	640	640	640	640
Intangible assets	16.3	6.32	7.06	20.2	21.3	20.7	16.4	15.1	42.1	41.1
Other non-current assets	7.84	2.71	2.44	760	806	819	925	963	978	1,023
Total assets	1,443	1,956	1,956	3,132	3,311	3,492	3,755	4,345	4,658	5,150
Accounts payable	18.7	23	24.9	34.9	34.2	30.4	29.6	46.1	56.3	75.4
Accrued liabilities	4.7	6.01	7.18	11.6	14	11.6	11.9	12.2	15.2	19.1
Short-term debt	0.13	0	0	22.3	76.2	39.1	4.36	49	3.65	23.5
Total current liabilities	63.6	85.1	164	235	351	203	268	343	261	273
Long-term debt	433	431	431	1,284	1,288	1,493	1,492	1,527	1,707	1,867
Other non-current liabilities	13.1	13	13.5	22.3	21.8	24	25.9	22.5	22.3	23.9
Total liabilities	1,022	995	1,067	2,242	2,394	2,458	2,644	3,112	3,291	3,609
Total debt	438	435	435	1,293	1,352	1,523	1,489	1,583	1,720	1,901
Paid-in capital	81.7	84.9	495	507	510	606	651	736	828	958
Retained earnings	338	376	394	383	408	428	458	495	537	581
Other comprehensive income	1.52	2.2	0	0.13	-1.06	-0.16	1.48	1.79	1.96	1.47
Shareholders' equity	422	463	889	890	917	1,035	1,111	1,233	1,367	1,541
Total equity	422	463	889	890	917	1,035	1,111	1,233	1,367	1,541
Total liabilities and equity	1,443	1,458	1,956	3,132	3,311	3,492	3,755	4,345	4,658	5,150
Shares outstanding	20.5	20.5	28.4	28.5	28.6	30.2	30.8	32	33.6	36.1

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	52.8	61.1	38.8	23.6	61.5	60.5	73.8	85	94	103
Depreciation and amortization	46.3	50.5	56.9	68.5	91.6	96.5	106	108	115	120
Stock-based compensation	1.69	2.64	2.12	3.41	3.55	4.25	4.79	4.65	5.62	6.44
Deferred income tax	4.8	-0.44	-9.49	-1.25	-5.5	-2.85	-3.24	-8.51	10.4	5.18
Change in receivables	-5.38	-1.7	-2	-3.86	-18.9	-5.93	-8.22	-10.9	-12.7	-3.23
Change in payables	-0.34	2.89	2.13	1.95	-0.36	4.84	-1.39	0.49	4.24	9.28
Cash from operations	115	101	91.3	130	104	130	166	191	196	245
Acquisitions				-835	0	-23.6	-0.43	-7.54	0	0
Sales and maturities of investments			4.51
Cash from investing	-122	-114	-147	-1,018	-214	-260	-244	-322	-340	-520
Debt issued	51	0	0	590	85	247	55	70	185	185
Debt repaid	-16.6	-2.72	0	-1.4	-28.9	-76.1	-89.2	-4.35	-49	-3.86
Stock issued	0	0	411	-0.01	0	91	39.1	80.7	85	123
Dividends paid	-16.6	-21.3	-23.1	-34.1	-36.5	-40.1	-43.6	-47.9	-52.1	-58.6
Cash from financing	27.7	-4.79	468	485	102	133	78.4	129	146	285
Net change in cash	20.1	-17.6	413	-403	-8.68	2.85	0.23	-2.62	1.39	9.57
Interest paid	24	25.3	27	32.1	60	58.2	59	64.6	69.7	72.1
Income taxes paid	27.5	34.1	13.8	16.4	10.4	8.47	6.85	23	-0.6	3.24

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $62.27 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	21.8%	Operating income / revenue.
EBITDA margin	37.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	14.3%	Pre-tax income / revenue.
Net margin	12.8%	Net income / revenue.
Operating cash flow margin	29.9%	Cash from operations / revenue.
Effective tax rate	10.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	5.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.0%	Net income / average total assets.
Return on invested capital (ROIC)	4.5%	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	0.8%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	15.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	7.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	9.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	7.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	4.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	10.7%	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	8.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	4.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	7.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	7.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	9.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	11.6%	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	10.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	1.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	6.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	6.4%	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	25.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	13.8%	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	18.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	5.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	5.3%	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	5.6%	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	12.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	11.5%	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	10.9%	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	10.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	11.1%	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	9.2%	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	7.1%	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	4.9%	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	4.1%	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	2.02x	Current assets / current liabilities.
Quick ratio	1.34x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.96x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.02x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	35.0%	Total debt / total assets.
Liabilities / assets	65.7%	Total liabilities / total assets.
Net debt	$1.72B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	5.67x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	2.45x	Operating income / interest expense.
Working capital	$163.4M	Current assets - current liabilities.
Goodwill and intangibles / assets	12.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.19B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.15x	Revenue / average total assets.
Fixed asset turnover	398x	Revenue / average property, plant and equipment.
Receivables turnover	13.2x	Revenue / average receivables.
Days sales outstanding	28 days	365 x average receivables / revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.72	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	$21.30	Revenue / diluted weighted shares.
Operating cash flow per share	$6.36	Cash from operations / diluted weighted shares.
Book value per share	$43.84	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$28.53	Tangible book value / shares outstanding.
Cash per share	$3.66	(Cash + short-term investments) / shares outstanding.
Payout ratio	57.5%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$2.61B	Share price x shares outstanding.
Enterprise value	$4.33B	Market cap + total debt - cash - short-term investments.
P/E	24.8x	Market cap / net income. Only when net income is positive.
P/S	3.17x	Market cap / revenue.
P/B	1.42x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.18x	Market cap / tangible book value, when positive.
P/OCF	10.6x	Market cap / cash from operations, when positive.
EV/Sales	5.27x	Enterprise value / revenue.
EV/EBIT	24.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	14.3x	Enterprise value / EBITDA, when both are positive.
Earnings yield	4.0%	Net income / market cap (the inverse of P/E).
Dividend yield	2.3%	Dividends paid over the period / market cap.
Shareholder yield	2.3%	(Dividends paid + share buybacks) / market cap.
PEG	3.93x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was H2O AMERICA's revenue in fiscal 2025?

H2O AMERICA reported revenue of $805.6M for fiscal 2025, 7.6% higher than the year before.

Was H2O AMERICA profitable in fiscal 2025?

Yes. Net income was $102.6M, a net margin of 12.7%.

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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