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Consolidated Water Co. Ltd., together with its subsidiaries, supplies potable water, treats wastewater and water for reuse, and provides water-related products and services in the Cayman Islands, the Bahamas, the United States, and the British Virgin Islands. It operates through Retail, Bulk, Services, and Manufacturing segments. The company produces potable water from seawater utilizing reverse osmosis technology and supplies water to end-users, including residential, commercial, and government customers, as well as government-owned utilities. It is also involved in design, construction, and sale of water production and treatment plants, as well as management and operation of water production plants, and treatment and reuse infrastructure for third parties; provision of water related consulting services; and production and supply of bulk water. In addition, the company manufactures and services a range of specialized and custom water-related products and systems applicable to commercial, municipal, and industrial water production, supply, and treatment; reverse osmosis desalination, membrane separation, and filtration equipment; and piping systems, vessels, and custom-fabricated components. Consolidated Water Co. Ltd. was incorporated in 1973 and is headquartered in Grand Cayman, the Cayman Islands.
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 | $132M | $29M | $18M | $33M | 8.1% | -1.4% | -35.1% |
| 2024 | $134M | $28M | $28M | $30M | 13.1% | -25.7% | -4.6% |
| 2023 | $180M | $46M | $30M | $3M | 15.4% | 91.5% | 405.2% |
| 2022 | $94M | $16M | $6M | $14M | 3.5% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 94.10 | 180.21 | 133.97 | 132.07 |
| Cost Of Revenue | 63.75 | 118.28 | 88.34 | 83.69 |
| Gross Profit | 30.36 | 61.93 | 45.62 | 48.38 |
| Operating Expense | 21.07 | 24.75 | 27.54 | 30.12 |
| Operating Income | 9.28 | 37.17 | 18.09 | 18.26 |
| EBITDA | 15.97 | 45.59 | 28.09 | 29.01 |
| EBIT | 9.78 | 38.14 | 20.78 | 21.39 |
| Pretax Income | 9.74 | 38 | 20.68 | 21.39 |
| Tax Provision | 0.40 | 6.75 | 2.22 | 2.16 |
| Net Income | 5.86 | 29.59 | 28.24 | 18.34 |
| Net Income Common Stockholders | 5.84 | 29.57 | 28.22 | 18.31 |
| Total Expenses | 84.82 | 143.04 | 115.88 | 113.81 |
| Interest Expense | 0.05 | 0.15 | 0.10 | 0 |
| Interest Income | 0.45 | 0.70 | 2.09 | 2.67 |
| Research And Development | 0.40 | 0.58 | 0 | 0 |
| Selling General And Administration | 20.32 | 23.99 | 26.67 | 29.30 |
| Normalized EBITDA | 16.11 | 45.59 | 27.89 | 28.91 |
| Normalized Income | 8.36 | 30.68 | 17.71 | 18.54 |
| Basic EPS | 0.38 | 1.88 | 1.78 | 1.15 |
| Diluted EPS | 0.38 | 1.86 | 1.77 | 1.14 |
| Tax Effect Of Unusual Items | -0.01 | 0 | 0.02 | 0.01 |
| Tax Rate For Calcs | 0.04 | 0.18 | 0.11 | 0.10 |
| Total Unusual Items | -0.14 | -0.01 | 0.20 | 0.10 |
| Total Unusual Items Excluding Goodwill | -0.14 | -0.01 | 0.20 | 0.10 |
| Net Income From Continuing Operation Net Minority Interest | 8.23 | 30.67 | 17.88 | 18.63 |
| Reconciled Depreciation | 6.19 | 7.44 | 7.31 | 7.62 |
| Reconciled Cost Of Revenue | 58.31 | 111.60 | 81.90 | 76.89 |
| Net Interest Income | 0.40 | 0.55 | 1.99 | 2.67 |
| Net Income From Continuing And Discontinued Operation | 5.86 | 29.59 | 28.24 | 18.34 |
| Rent Expense Supplemental | 0.79 | 0.88 | 0 | 0 |
| Total Operating Income As Reported | 9.27 | 37.17 | 18.28 | 18.36 |
| Diluted Average Shares | 15.40 | 15.87 | 15.94 | 16.01 |
| Basic Average Shares | 15.29 | 15.74 | 15.83 | 15.92 |
| Diluted NI Availto Com Stockholders | 5.84 | 29.57 | 28.22 | 18.31 |
| Preferred Stock Dividends | 0.01 | 0.02 | 0.02 | 0.02 |
| Minority Interests | -1.11 | -0.57 | -0.58 | -0.59 |
| Net Income Including Noncontrolling Interests | 6.97 | 30.16 | 28.82 | 18.93 |
| Net Income Discontinuous Operations | -2.37 | -1.09 | 10.36 | -0.29 |
| Net Income Continuous Operations | 9.34 | 31.25 | 18.46 | 19.22 |
| Other Income Expense | 0.05 | 0.27 | 0.60 | 0.46 |
| Other Non Operating Income Expenses | 0.09 | 0.11 | 0.13 | 0.13 |
| Special Income Charges | -0.01 | -0.01 | 0.20 | 0.10 |
| Gain On Sale Of Ppe | -0.01 | -0.01 | 0.20 | 0.10 |
| Earnings From Equity Interest | 0.10 | 0.17 | 0.27 | 0.23 |
| Gain On Sale Of Security | -0.13 | 0 | 0 | 0 |
| Net Non Operating Interest Income Expense | 0.40 | 0.55 | 1.99 | 2.67 |
| Total Other Finance Cost | 0.49 | 0.34 | 0 | 0 |
| Interest Expense Non Operating | 0.05 | 0.15 | 0.10 | 0 |
| Interest Income Non Operating | 0.45 | 0.70 | 2.09 | 2.67 |
| Provision For Doubtful Accounts | 0 | 0.41 | 0 | 0 |
| Depreciation Amortization Depletion Income Statement | 0.75 | 0.76 | 0.87 | 0.81 |
| Depreciation And Amortization In Income Statement | 0.75 | 0.76 | 0.87 | 0.81 |
| Amortization | 0.58 | 0.57 | 0 | 0 |
| Amortization Of Intangibles Income Statement | 0.58 | 0.57 | 0 | 0 |
| Depreciation Income Statement | 0.16 | 0.19 | 0 | 0 |
| General And Administrative Expense | 20.32 | 23.99 | 26.67 | 29.30 |
| Other Gand A | 7.35 | 8.39 | 9.91 | 11.23 |
| Insurance And Claims | 1.76 | 1.90 | 2.07 | 2.12 |
| Rent And Landing Fees | 0.79 | 0.88 | 0 | 0 |
| Salaries And Wages | 11.21 | 13.69 | 14.69 | 15.96 |
| Operating Revenue | 94.10 | 180.21 | 133.97 | 132.07 |
Utilities sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Consolidated Water Co. Ltd.this co. | CWCO | $519M | 27.95↑ premium | 2.33 | 8.1% | 15.97 |
| The York Water Company | YORW | $471M | 20.94 | 1.75 | 8.3% | 15.38 |
| Genie Energy Ltd. | GNE | $365M | 47.17 | 1.83 | 7.0% | 7.37 |
| OPAL Fuels Inc. | OPAL | $363M | 13.87 | -4.66 | 3.0% | 39.72 |
| Cadiz Inc. | CDZI | $350M |
| - |
| 15.02 |
| -146.8% |
| -18.29 |
| Pure Cycle Corporation | PCYO | $271M | 19.75 | 1.83 | 9.2% | 19.34 |
| Global Water Resources, Inc. | GWRS | $207M | 65.45 | 2.39 | 3.4% | 15.40 |
| XCF Global, Inc. | SAFX | $109M | 0.71 | 2.03 | 196.5% | - |
| Verde Clean Fuels, Inc. | VGAS | $85M | - | 1.20 | -12.0% | -0.57 |
| Peer Median | - | 20.34 | 1.83 | 5.2% | 15.38 | |