California Water Service Group, through its subsidiaries, provides water utility and other related services in California, Washington, New Mexico, Hawaii, and Texas. It is involved in the production, purchase, storage, treatment, testing, distribution, and sale of water for domestic, industrial, public, and irrigation uses, as well as for fire protection services. The company offers its services to approximately 500,000 customer connections in 20 separate districts; approximately 6,800 water and wastewater customer connections on the islands of Kauai, Maui, Oahu, and Hawaii; approximately 38,500 customer connections in the Tacoma, Olympia, Graham, Spanaway, Puyallup, Rainier, Yelm, and Gig Harbor areas; and approximately 11,800 water and wastewater customer connections in Rio Communities, Rio Del Oro, Meadow Lake, Indian Hills, Squaw Valley, Elephant Butte, Morningstar, Sandia Knolls, Juan Tomas, Monterey, and Cypress Gardens systems. The company also engages in the provision of non-regulated water-related services, including operating of municipally owned water systems, privately owned water, and recycled water distribution systems; water system operation, meter reading, and billing services to private companies and municipalities; leasing of communication antenna sites on its properties; and billing of optional third-party insurance programs to its residential customers. In addition, it provides wastewater collection and treatment services. California Water Service Group was founded in 1926 and is headquartered in San Jose, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $1.0B | $360M | $128M | $-214M | 7.6% | -3.5% | -32.8% |
| 2024 | $1.0B | $424M | $191M | $-180M | 11.7% | 30.5% | 267.6% |
| 2023 | $795M | $218M | $52M | $-166M | 3.6% | -6.1% | -45.9% |
| 2022 | $846M | $263M | $96M | $-84M | 7.3% | - | - |
| 2021 |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 846.43 | 794.63 | 1,036.81 | 1,000.14 |
| Operating Revenue | - | 846.43 | 794.63 | 1,036.81 | 1,000.14 |
| Cost Of Revenue | - | 316.08 | 318.77 | 343.87 | 356.68 |
| Gross Profit | - | 530.35 | 475.86 | 692.93 | 643.46 |
| Operating Expense | - | 398.58 | 412.22 | 430.45 | 460.36 |
| Selling General And Administration | - | 132.76 | 142.26 | 139.55 | 141.62 |
| Total Expenses | - | 714.65 | 731 | 774.32 | 817.05 |
| Operating Income | - | 131.78 | 63.63 | 262.48 | 183.09 |
| Total Operating Income As Reported | - | 127.66 | 77.14 | 225.05 | 170.37 |
| EBITDA | - | 263.34 | 217.54 | 424.26 | 360.17 |
| Normalized EBITDA | - | 259.22 | 211.99 | 417.36 | 352.46 |
| EBIT | - | 145.98 | 94.41 | 290.12 | 213.65 |
| Interest Income | - | 0.18 | 0.30 | 1.26 | 2.23 |
| Interest Expense | - | 44.34 | 49.82 | 57.55 | 66.70 |
| Net Interest Income | - | -44.16 | -49.52 | -56.29 | -64.46 |
| Other Non Operating Income Expenses | - | 9.90 | 24.93 | 19.48 | 20.62 |
| Other Income Expense | - | 14.03 | 30.48 | 26.38 | 28.33 |
| Interest Income Non Operating | - | 0.18 | 0.30 | 1.26 | 2.23 |
| Interest Expense Non Operating | - | 44.34 | 49.82 | 57.55 | 66.70 |
| Net Non Operating Interest Income Expense | - | -44.16 | -49.52 | -56.29 | -64.46 |
| Pretax Income | - | 101.64 | 44.60 | 232.57 | 146.95 |
| Tax Provision | - | 6.38 | -6.78 | 42.49 | 19.11 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0.26 | 1.17 | 1.26 | 1 |
| Net Income Continuous Operations | - | 95.26 | 51.38 | 190.08 | 127.85 |
| Net Income From Continuing And Discontinued Operation | - | 96.01 | 51.91 | 190.81 | 128.21 |
| Net Income From Continuing Operation Net Minority Interest | - | 96.01 | 51.91 | 190.81 | 128.21 |
| Net Income | - | 96.01 | 51.91 | 190.81 | 128.21 |
| Net Income Common Stockholders | - | 96.01 | 51.91 | 190.81 | 128.21 |
| Net Income Including Noncontrolling Interests | - | 95.26 | 51.38 | 190.08 | 127.85 |
| Normalized Income | - | 92.14 | 47.53 | 185.17 | 121.50 |
| Diluted NI Availto Com Stockholders | - | 96.01 | 51.91 | 190.81 | 128.21 |
| Basic Average Shares | - | 54.32 | 56.95 | 58.61 | 59.57 |
| Diluted Average Shares | - | 54.36 | 56.98 | 58.65 | 59.63 |
| Reconciled Depreciation | - | 117.36 | 123.12 | 134.14 | 146.52 |
| Reconciled Cost Of Revenue | - | 313.29 | 316.86 | 341.63 | 354.53 |
| Total Unusual Items | - | 4.13 | 5.55 | 6.90 | 7.71 |
| Total Unusual Items Excluding Goodwill | - | 4.13 | 5.55 | 6.90 | 7.71 |
| Minority Interests | - | 0.75 | 0.54 | 0.72 | 0.36 |
| Special Income Charges | - | 4.13 | 5.55 | 6.90 | 7.71 |
| Other Special Charges | - | -4.13 | -5.55 | -6.90 | -7.71 |
| Depreciation Amortization Depletion Income Statement | - | 114.58 | 121.21 | 131.90 | 144.36 |
| Depreciation And Amortization In Income Statement | - | 114.58 | 121.21 | 131.90 | 144.36 |
| General And Administrative Expense | - | 132.76 | 142.26 | 139.55 | 141.62 |
| Other Gand A | - | 132.72 | 142.24 | 139.51 | 141.57 |
| Gain On Sale Of Ppe | 0.09 | 0 | 0 | - | - |
| Rent Expense Supplemental | - | 0.05 | 0.03 | 0.04 | 0.05 |
| Other Operating Expenses | - | 116.17 | 112.48 | 118.46 | 130.11 |
| Rent And Landing Fees | - | 0.05 | 0.03 | 0.04 | 0.05 |
| Other Taxes | - | 35.06 | 36.27 | 40.54 | 44.28 |
Utilities sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| California Water Service Groupthis co. | CWT | $2.7B | 21.12 | 1.60 | 7.6% | 11.83 |
| MDU Resources Group, Inc. | MDU | $4.4B | 23.22 | 1.59 | 6.9% | 13.45 |
| Avista Corporation | AVA | $3.4B | 17.82 | 1.27 | 7.1% | 10.25 |
| American States Water Company | AWR | $3.0B | 23.22 | 2.89 | 12.4% | 14.84 |
| Chesapeake Utilities Corporation | CPK |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| $2.9B |
| 20.75 |
| 1.82 |
| 8.8% |
| 12.16 |
| MGE Energy, Inc. | MGEE | $2.8B | 20.52 | 2.14 | 10.4% | 12.11 |
| H2O America | HTO | $2.4B | 23.07 | 1.54 | 6.7% | 14.03 |
| Hawaiian Electric Industries, Inc. | HE | $2.3B | 18.37 | 1.44 | 7.9% | 8.28 |
| Northwest Natural Holding Company | NWN | $2.1B | 18.16 | 1.39 | 7.7% | 10.07 |
| Peer Median | - | 20.63 | 1.56 | 7.8% | 12.14 | |