CWT Financials California Water Service

14 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Nov 1, 2026, 10:31 UTC Overview →

Growth & profitability

Revenue has grown 6.7% per year over the past 5 years.
Net income has grown slower than revenue (5.7% vs 6.7% per year).
Operating margin has contracted, at 17.7% in the latest year.

Financial health

Total debt ($1.6B) exceeds cash ($52M); net debt is $1.6B.
Total debt has grown in line with revenue (6.8% vs 6.7% per year).
Operating income covered interest expense 2.4× in the latest year.
Total debt is 5.1× EBITDA.

Shareholder returns

Dividends have been paid for 14 consecutive years, consuming 57.8% of earnings.
The dividend has grown 12.1% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2025	$964M	$128M	0.0%	17.7%	7.6%	2.3%	—	$1.6B	$52M
2024	$906M	$191M	0.0%	24.9%	11.6%	3.7%	—	$1.4B	$50M
2023	$790M	$52M	0.0%	9.8%	3.6%	1.1%	—	$1.2B	$40M
2022	$773M	$96M	0.0%	16.5%	7.3%	2.3%	—	$1.1B	$62M
2021	$766M	$101M	0.0%	16.6%	8.6%	2.8%	—	$1.1B	$78M
2020	$698M	$97M	0.0%	19.6%	10.6%	2.9%	—	$1.2B	$45M
2019	$664M	$63M	0.0%	15.0%	8.2%	2.0%	—	$984M	$43M
2018	$675M	$66M	0.0%	16.4%	9.0%	2.3%	—	$880M	$47M
2017	$622M	$73M	0.0%	17.2%	—	2.7%	—	$807M	$95M
2016	$590M	—	0.0%	14.0%	—	0.0%	—	$655M	$26M
2011	—	$38M	—	—	—	2.0%	—	$488M	$27M
2010	—	$38M	—	—	—	2.2%	—	$505M	$42M
2009	—	$41M	—	—	—	2.7%	—	$399M	$10M
2008	—	$40M	—	—	—	—	—	—	$14M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Sep '26	$331M	$65M	0.0%	25.0%	3.4%	1.1%	—	—	$45M
Jun '26	$278M	$56M	0.0%	25.5%	3.1%	0.9%	—	—	$43M
Mar '26	$197M	$4M	0.0%	9.2%	0.2%	0.1%	—	—	$58M
Dec '25	$211M	$11M	0.0%	12.2%	0.7%	0.2%	—	$1.6B	$52M
Sep '25	$314M	$61M	0.0%	22.5%	3.6%	1.1%	—	—	$76M
Jun '25	$256M	$42M	0.0%	20.2%	2.5%	0.8%	—	—	$51M
Mar '25	$183M	$13M	0.0%	12.2%	0.8%	0.3%	—	—	$44M
Dec '24	$218M	$20M	0.0%	14.8%	1.2%	0.4%	—	$1.4B	$50M
Sep '24	$306M	$61M	0.0%	21.8%	3.7%	1.2%	—	$1.3B	$60M
Jun '24	$227M	$41M	0.0%	21.2%	2.6%	0.8%	—	$1.3B	$37M
Mar '24	$155M	$70M	0.0%	50.3%	4.8%	1.5%	—	$1.3B	$43M
Dec '23	$198M	$30M	0.0%	17.8%	2.1%	0.7%	—	$1.2B	$40M
Sep '23	$253M	$34M	0.0%	17.2%	2.4%	0.9%	—	$1.2B	$35M
Jun '23	$194M	$10M	0.0%	8.2%	0.7%	0.2%	—	$1.2B	$56M
Mar '23	$145M	-$22M	0.0%	-12.1%	-1.7%	-0.6%	—	$1.2B	$52M
Dec '22	$177M	$20M	0.0%	14.9%	1.5%	0.5%	—	$1.1B	$62M
Sep '22	$238M	$56M	0.0%	27.3%	4.4%	1.5%	—	$1.1B	$90M
Jun '22	$199M	$19M	0.0%	13.7%	1.6%	0.5%	—	$1.1B	$62M
Mar '22	$159M	$1M	0.0%	5.7%	0.1%	0.0%	—	$1.1B	$68M
Dec '21	$168M	$4M	0.0%	6.2%	0.3%	0.1%	—	$1.1B	$78M

Valuation over time

How the market has priced CWT against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has fallen from 38.1× (Mar '23) to 24.3× (Nov '26).
The price-to-sales ratio has fallen from 4.7× (Mar '23) to 3.2× (Nov '26).
The dividend yield has risen from 1.5% (Mar '23) to 2.4% (Nov '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is CWT growing its revenue and profit?

Over the past 5 years, California Water Service's revenue has grown 6.7% per year, and net income grown 5.7% per year. These are computed facts, not advice.

How much debt does CWT have?

As of FY2025, California Water Service reported $1.6B of total debt against $52M of cash; operating income covered interest expense 2.4×.

What is CWT's profit margin?

In FY2025, gross margin was —, operating margin 17.7%, and net margin 13.3%.

What is CWT's P/E ratio?

California Water Service's P/E (TTM) is 22.65 as of the 2026-11-02 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the CWT stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 24.3× as of Nov '26) can differ. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.