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H2O America, through its subsidiaries, provides water utility and other related services in the United States. The company engages in production, purchase, storage, purification, distribution, wholesale, and retail sale of water and wastewater services; and supplies groundwater from wells, surface water from watershed run-off and diversion, reclaimed water, and imported water purchased from Valley Water District. It also offers non-tariffed services, including water system operations, maintenance agreements, and antenna site leases; contracted services, sewer operations, and other water related services; and a Linebacker protection plan for public drinking water customers in Connecticut and Maine. In addition, the company provides water services; owns undeveloped land in California; and commercial properties and parcels of land in Connecticut. The company was formerly known as SJW Group and changed its name to H2O America in May 2025. H2O America was incorporated in 1985 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 | $801M | $308M | $103M | $-278M | 6.7% | 7.0% | 9.2% |
| 2024 | $748M | $289M | $94M | $-185M | 6.9% | 11.6% | 10.6% |
| 2023 | $670M | $265M | $85M | $-100M | 6.9% | 8.0% | 15.1% |
| 2022 | $621M | $247M | $74M | $-78M | 6.6% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 620.70 | 670.36 | 748.44 | 800.59 |
| Operating Revenue | - | 620.70 | 670.36 | 748.44 | 800.59 |
| Cost Of Revenue | - | 263.52 | 281.93 | 323.32 | 344.06 |
| Gross Profit | - | 357.17 | 388.43 | 425.12 | 456.53 |
| Operating Expense | - | 232.39 | 239 | 254.61 | 279.01 |
| Selling General And Administration | - | 95.40 | 98.66 | 105.83 | 126 |
| Total Expenses | - | 495.92 | 520.93 | 577.94 | 623.06 |
| Operating Income | - | 124.78 | 149.44 | 170.50 | 177.53 |
| Total Operating Income As Reported | - | 130.98 | 149.44 | 170.50 | 177.53 |
| EBITDA | - | 246.82 | 265.23 | 289.38 | 308 |
| Normalized EBITDA | - | 240.63 | 265.23 | 289.38 | 308 |
| EBIT | - | 140.39 | 157.09 | 174.33 | 187.51 |
| Interest Income | 0 | - | - | - | - |
| Interest Expense | - | 58.06 | 66.14 | 71.39 | 72.58 |
| Net Interest Income | - | -58.06 | -66.14 | -71.39 | -72.58 |
| Other Non Operating Income Expenses | - | 9.41 | 7.65 | 3.82 | 9.98 |
| Other Income Expense | - | 15.60 | 7.65 | 3.82 | 9.98 |
| Interest Income Non Operating | 0 | - | - | - | - |
| Interest Expense Non Operating | - | 58.06 | 66.14 | 71.39 | 72.58 |
| Net Non Operating Interest Income Expense | - | -58.06 | -66.14 | -71.39 | -72.58 |
| Pretax Income | - | 82.32 | 90.94 | 102.94 | 114.93 |
| Tax Provision | - | 8.50 | 5.96 | 8.97 | 12.36 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0.64 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | 73.83 | 84.99 | 93.97 | 102.58 |
| Net Income From Continuing And Discontinued Operation | - | 73.83 | 84.99 | 93.97 | 102.58 |
| Net Income From Continuing Operation Net Minority Interest | - | 73.83 | 84.99 | 93.97 | 102.58 |
| Net Income | - | 73.83 | 84.99 | 93.97 | 102.58 |
| Net Income Common Stockholders | - | 73.83 | 84.99 | 93.97 | 102.58 |
| Net Income Including Noncontrolling Interests | - | 73.83 | 84.99 | 93.97 | 102.58 |
| Normalized Income | - | 68.27 | 84.99 | 93.97 | 102.58 |
| Diluted NI Availto Com Stockholders | - | 73.83 | 84.99 | 93.97 | 102.58 |
| Basic Average Shares | - | 30.30 | 31.58 | 32.70 | 35 |
| Diluted Average Shares | - | 30.42 | 31.66 | 32.78 | 35.10 |
| Reconciled Depreciation | - | 106.44 | 108.14 | 115.05 | 120.49 |
| Reconciled Cost Of Revenue | - | 261.50 | 279.66 | 321.13 | 338.89 |
| Total Unusual Items | 5.28 | 6.20 | 0 | - | - |
| Total Unusual Items Excluding Goodwill | 5.28 | 6.20 | 0 | - | - |
| Minority Interests | 0 | - | - | - | - |
| Special Income Charges | -2.21 | 0 | 0 | - | - |
| Gain On Sale Of Business | 3 | 0 | - | - | - |
| Impairment Of Capital Assets | 2.21 | 0 | 0 | - | - |
| Restructuring And Mergern Acquisition | 0 | - | - | - | - |
| Gain On Sale Of Security | 7.49 | 6.20 | - | - | - |
| Depreciation Amortization Depletion Income Statement | - | 104.42 | 105.87 | 112.86 | 115.32 |
| Depreciation And Amortization In Income Statement | - | 104.42 | 105.87 | 112.86 | 115.32 |
| General And Administrative Expense | - | 95.40 | 98.66 | 105.83 | 126 |
| Other Gand A | - | 95.40 | 98.66 | 105.83 | 126 |
| Other Taxes | - | 32.57 | 34.48 | 35.93 | 37.69 |
Utilities sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| H2O Americathis co. | HTO | $2.4B | 23.07↑ premium | 1.54 | 6.7% | 14.03 |
| 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 |
| California Water Service Group | CWT | $2.7B | 21.12 | 1.60 | 7.6% | 11.83 |
| 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 | 1.60 | 7.8% | 11.97 | |