HTO Financials H2o America

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Oct 29, 2026, 11:12 UTC Overview →

Growth & profitability

Revenue has grown 8.0% per year over the past 5 years.
Net income has grown faster than revenue (10.8% vs 8.0% per year).
Operating margin has been roughly flat, at 22.0% in the latest year.

Financial health

Total debt ($1.9B) exceeds cash ($21M); net debt is $1.9B.
Total debt has grown in line with revenue (7.1% vs 8.0% per year).
Total debt is 6.4× EBITDA.

Shareholder returns

Dividends have been paid for 15 consecutive years, consuming 57.2% of earnings.
The dividend has grown 9.9% 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	$806M	$103M	0.0%	22.0%	6.7%	2.0%	—	$1.9B	$21M
2024	$736M	$94M	0.0%	23.2%	6.9%	2.0%	—	$1.7B	$11M
2023	$678M	$85M	0.0%	22.0%	6.9%	2.0%	—	$1.6B	$10M
2022	$587M	$74M	0.0%	22.3%	6.6%	2.0%	—	$1.5B	$12M
2021	$560M	$60M	0.0%	19.9%	5.8%	1.7%	—	$1.5B	$11M
2020	$549M	$62M	0.0%	21.4%	6.7%	1.9%	—	$1.4B	$5M
2019	$448M	$23M	0.0%	12.8%	2.6%	0.7%	—	$1.3B	$13M
2018	$389M	$39M	0.0%	18.9%	4.4%	2.0%	—	$435M	$421M
2017	$382M	$59M	0.0%	26.7%	12.8%	3.0%	—	$435M	$8M
2016	$328M	$53M	0.0%	29.7%	12.5%	3.7%	—	$438M	$6M
2015	—	$38M	—	—	9.9%	2.8%	—	$384M	$5M
2014	—	$52M	—	—	14.4%	4.1%	—	$385M	$2M
2013	—	$22M	—	—	7.0%	2.0%	—	$336M	$2M
2012	—	$22M	—	—	8.1%	2.1%	—	$341M	$3M
2011	—	$21M	—	—	7.9%	2.0%	—	$345M	$27M

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	$253M	$43M	0.0%	23.9%	2.0%	0.7%	—	$1.9B	$573M
Jun '26	$208M	$27M	0.0%	20.6%	1.4%	0.5%	—	$1.9B	$104M
Mar '26	$179M	$19M	0.0%	20.9%	1.0%	0.4%	—	$1.9B	$153M
Dec '25	$199M	$16M	0.0%	16.6%	1.1%	0.3%	—	$1.9B	$21M
Sep '25	$244M	$45M	0.0%	26.5%	3.0%	0.9%	—	$1.8B	$11M
Jun '25	$198M	$25M	0.0%	22.2%	1.7%	0.5%	—	$1.7B	$20M
Mar '25	$165M	$17M	0.0%	21.8%	1.2%	0.4%	—	$1.7B	$24M
Dec '24	$197M	$23M	0.0%	22.2%	1.7%	0.5%	—	$1.7B	$11M
Sep '24	$217M	$39M	0.0%	26.9%	2.9%	0.8%	—	$1.7B	$4M
Jun '24	$173M	$21M	0.0%	23.4%	1.6%	0.5%	—	$1.6B	$23M
Mar '24	$150M	$12M	0.0%	18.6%	0.9%	0.3%	—	$1.6B	$5M
Dec '23	$171M	$19M	0.0%	21.4%	1.5%	0.4%	—	$1.6B	$10M
Sep '23	$212M	$36M	0.0%	26.7%	3.0%	0.9%	—	$1.6B	$21M
Jun '23	$160M	$18M	0.0%	19.5%	1.5%	0.5%	—	$1.6B	$25M
Mar '23	$136M	$12M	0.0%	18.5%	1.0%	0.3%	—	$1.6B	$23M
Dec '22	$147M	$33M	0.0%	34.4%	3.0%	0.9%	—	$1.5B	$12M
Sep '22	$170M	$25M	0.0%	22.1%	2.4%	0.7%	—	$1.5B	$13M
Jun '22	$149M	$12M	0.0%	17.8%	1.1%	0.3%	—	$1.5B	$12M
Mar '22	$122M	$4M	0.0%	13.6%	0.4%	0.1%	—	$1.5B	$17M
Dec '21	$137M	$18M	0.0%	23.1%	1.7%	0.5%	—	$1.5B	$11M

Valuation over time

How the market has priced HTO against its own fundamentals since 2025-05 — 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 risen from 27.0× (May '25) to 28.8× (Nov '26).
The price-to-sales ratio has risen from 3.4× (May '25) to 3.7× (Nov '26).
The dividend yield has fallen from 2.1% (May '25) to 2.0% (Nov '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is HTO growing its revenue and profit?

Over the past 5 years, H2o America's revenue has grown 8.0% per year, and net income grown 10.8% per year. These are computed facts, not advice.

How much debt does HTO have?

As of FY2025, H2o America reported $1.9B of total debt against $21M of cash.

What is HTO's profit margin?

In FY2025, gross margin was —, operating margin 22.0%, and net margin 12.7%.

What is HTO's P/E ratio?

H2o America's P/E (TTM) is 28.19 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 HTO stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 28.8× 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.