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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 |
| 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 |
| Operating Income | - | 124.78 | 149.44 | 170.50 | 177.53 |
| EBITDA | - | 246.82 | 265.23 | 289.38 | 308 |
| EBIT | - | 140.39 | 157.09 | 174.33 | 187.51 |
| Pretax Income | - | 82.32 | 90.94 | 102.94 | 114.93 |
| Tax Provision | - | 8.50 | 5.96 | 8.97 | 12.36 |
| Net Income | - | 73.83 | 84.99 | 93.97 | 102.58 |
| Net Income Common Stockholders | - | 73.83 | 84.99 | 93.97 | 102.58 |
| Total Expenses | - | 495.92 | 520.93 | 577.94 | 623.06 |
| Interest Expense | - | 58.06 | 66.14 | 71.39 | 72.58 |
| Interest Income | 0 | - | - | - | - |
| Selling General And Administration | - | 95.40 | 98.66 | 105.83 | 126 |
| Normalized EBITDA | - | 240.63 | 265.23 | 289.38 | 308 |
| Normalized Income | - | 68.27 | 84.99 | 93.97 | 102.58 |
| Market Cap | 2,498.66 | 2,498.66 | 2,498.66 | 2,498.66 | 2,498.66 |
Utilities sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| H2O Americathis co. | HTO | - | 24.36↑ premium | 1.62 | 6.7% | 14.46 |
| Clearway Energy, Inc. | CWEN | $4.7B | 28.32 | 2.49 | 8.8% | 12.91 |
| MDU Resources Group, Inc. | MDU | $4.5B | 23.43 | 1.61 | 6.9% | 13.53 |
| Avista Corporation | AVA | $3.3B | 17.59 | 1.25 | 7.1% | 10.19 |
| Chesapeake Utilities Corporation | CPK | $3.0B | 21.82 |
| - |
| - |
| - |
| - |
| 1.92 |
| 8.8% |
| 12.56 |
| MGE Energy, Inc. | MGEE | $2.9B | 21.69 | 2.26 | 10.4% | 12.63 |
| California Water Service Group | CWT | $2.8B | 21.65 | 1.64 | 7.6% | 12.02 |
| Hawaiian Electric Industries, Inc. | HE | $2.7B | 20.86 | 1.64 | 7.9% | 8.82 |
| Northwest Natural Holding Company | NWN | $2.2B | 19.81 | 1.52 | 7.7% | 10.48 |
| Peer Median | - | 21.67 | 1.64 | 7.8% | 12.29 | |