What is H2O America's earnings per share (EPS)?

H2O America (HTO) reported diluted earnings per share of $2.92 for fiscal year 2025. This represents a 1.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

H2O America (HTO) Financials

HTO

Trailing 12 months to June 30, 2026

Revenue $828.5M +5.0% YoY

Net Income $107.0M +4.0% YoY

EPS (Diluted) $2.82 -7.8% YoY

Operating Cash Flow $245.2M +23.2% YoY

Market Cap $2.5B as of Oct 22, 2026

Price / Sales 3.0x on $828.5M revenue, trailing 12 months to June 30, 2026

Price / Earnings 23.0x on $107.0M net income, trailing 12 months to June 30, 2026

Price / Book 1.3x on $1.8B equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 22, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Jul 28, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Jul 28, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the HTO SEC filings page.

H2O America (HTO) reported $828.5M in revenue over the twelve months to Jun 30, 2026, up 5.0% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI HTO FY2025 2026-10-03

H2O America expands through debt-funded investment, while revenue growth increasingly produces less operating-margin improvement.

From FY2024 to FY2025, revenue rose to $800.6M while operating margin slipped to 22.2%, showing that incremental sales were not dropping through to operating profit as efficiently. Operating cash flow converted net income at 2.4x in FY2025 alongside $120.5M of depreciation and amortization, so cash generation reflects substantial non-cash expense rather than bottom-line profitability alone.

Assets increased from $4.66B to $5.15B between FY2024 and FY2025. Liabilities reached $3.61B while debt-to-equity remained 1.2x, showing that expansion is materially financed by creditors rather than only retained earnings.

Current assets of $190.6M remained below current liabilities of $273.4M in FY2025, leaving short-term obligations dependent on continued financing access. The pairing of $284.9M of financing inflow with $520.1M of investing outflow indicates that expansion was accompanied by substantial external funding.

Financial Health Signals

Financial Health Score (5 of 6 dimensions) 50/100

Scored as: Utilities peer group

Scored against utilities for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed: here 5 of 6, with the others left out rather than counted as zero. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of H2O America's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

H2O America has an operating margin of 22.2%, meaning the company retains $22 of operating profit per $100 of revenue. This strong profitability earns a score of 73/100, reflecting efficient cost management and pricing power. This is down from 22.8% the prior year.

Growth

H2O America's revenue grew 7.0% year-over-year to $800.6M, a solid pace of expansion. This earns a growth score of 79/100.

Leverage

H2O America has elevated debt relative to equity (D/E of 1.21), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 11/100, reflecting increased financial risk.

Liquidity

H2O America's current ratio of 0.70 indicates adequate short-term liquidity, earning a score of 36/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

n/a

Not available for H2O America, so it is left out of the overall score, which averages the 5 of 6 dimensions that can be computed.

Returns

H2O America's ROE of 6.7% shows moderate profitability relative to equity, earning a score of 51/100. This is down from 6.9% the prior year.

Altman Z-Score Distress

0.82

H2O America scores 0.82, below the 1.81 distress threshold. The score is pulled down most by current liabilities exceeding current assets by $82.8M against total assets of $5.1B. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

4/8

H2O America passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, the one computable operating efficiency signal (asset turnover improving) does not pass.

Earnings Quality Cash-Backed

2.39x

For every $1 of reported earnings, H2O America generates $2.39 in operating cash flow ($244.8M OCF vs $102.6M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Adequate

2.45x

H2O America earns $2.45 in operating income for every $1 of interest expense ($177.5M vs $72.6M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.

Key Financial Metrics

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Earnings & Revenue

Revenue

$210.5M

YoY+6.2%

QoQ+14.8%

5Y CAGR+6.7%

H2O America generated $210.5M in revenue in Q2 2026. This represents an increase of 6.2% from the same quarter a year earlier. Against the prior quarter it is up 14.8%.

EBITDA

$110.1M

YoY+49.1%

QoQ+54.7%

5Y CAGR+14.0%

10Y CAGR+10.3%

H2O America's EBITDA was $110.1M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 49.1% from the same quarter a year earlier. Against the prior quarter it is up 54.7%.

Net Income

$26.6M

YoY+7.8%

QoQ+39.8%

5Y CAGR+5.1%

10Y CAGR+4.7%

H2O America reported $26.6M in net income in Q2 2026. This represents an increase of 7.8% from the same quarter a year earlier. Against the prior quarter it is up 39.8%.

EPS (Diluted)

$0.62

YoY-12.7%

QoQ+26.5%

5Y CAGR-2.1%

10Y CAGR-2.8%

H2O America earned $0.62 per diluted share (EPS) in Q2 2026. This represents a decrease of 12.7% from the same quarter a year earlier. Against the prior quarter it is up 26.5%.

Cash & Balance Sheet

Cash & Debt

$104.1M

YoY+424.5%

QoQ-32.0%

5Y CAGR+32.6%

10Y CAGR+23.6%

H2O America held $104.1M in cash against $1.9B in long-term debt as of Q2 2026.

Dividends Per Share

$0.44

YoY+4.8%

QoQ0.0%

5Y CAGR+5.3%

10Y CAGR+8.2%

H2O America paid $0.44 per share in dividends in Q2 2026. This represents an increase of 4.8% from the same quarter a year earlier. It is unchanged from the prior quarter.

Shares Outstanding

42M

YoY+18.6%

QoQ0.0%

5Y CAGR+7.0%

10Y CAGR+7.4%

H2O America had 42M shares outstanding in Q2 2026. This represents an increase of 18.6% from the same quarter a year earlier. It is unchanged from the prior quarter.

Free Cash Flow

Not reported for Q2 2026.

Margins & Returns

Operating Margin

20.3%

YoY-1.8pp

QoQ-0.1pp

5Y change-1.1pp

H2O America's operating margin was 20.3% in Q2 2026, reflecting core business profitability. This is down 1.8 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.1 percentage points.

Net Margin

12.6%

YoY+0.2pp

QoQ+2.3pp

5Y change-1.0pp

H2O America's net profit margin was 12.6% in Q2 2026, showing the share of revenue converted to profit. This is up 0.2 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.3 percentage points.

Return on Equity

1.4%

YoY-0.2pp

QoQ+0.4pp

5Y change-0.7pp

10Y change-2.8pp

H2O America's quarterly ROE was 1.4% in Q2 2026: one quarter's net income over shareholder equity, not annualized. This is down 0.2 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.4 percentage points.

Gross Margin

Not reported for Q2 2026.

Capital Allocation

None of these metrics is reported for Q2 2026.

HTO Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

HTO quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$828.5M	$800.6M+7.0%	$748.4M+11.6%	$670.4M+8.0%	$620.7M+8.2%	$573.7M+1.6%	$564.5M+34.3%	$420.5M+5.7%	$397.7M+2.2%	$389.2M+14.6%	$339.7M	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$132.9M	$126.0M+19.1%	$105.8M+7.3%	$98.7M+3.4%	$95.4M+9.2%	$87.3M+9.5%	$79.7M+20.3%	$66.3M+35.5%	$48.9M0.0%	$48.9M+17.8%	$41.5M-11.9%	$47.1M+16.2%	$40.6M-7.2%	$43.7M+2.1%	$42.8M+9.4%	$39.1M
Operating Income	$177.9M	$177.5M+4.1%	$170.5M+14.1%	$149.4M+14.1%	$131.0M+17.8%	$111.2M-5.5%	$117.7M+104.7%	$57.5M-21.7%	$73.4M-27.9%	$101.9M+4.5%	$97.4M+21.9%	$80.0M-13.9%	$92.9M+73.9%	$53.4M-3.4%	$55.3M+1.7%	$54.4M
EBITDA	N/A	$298.0M+4.4%	$285.6M+10.9%	$257.6M+8.5%	$237.4M+14.3%	$207.6M-0.8%	$209.3M+66.1%	$126.0M-3.4%	$130.3M-14.4%	$152.4M+6.0%	$143.7M+17.5%	$122.3M-7.6%	$132.4M+47.1%	$90.0M+0.1%	$89.9M+3.2%	$87.1M
Interest Expense	$73.0M	$72.6M+1.7%	$71.4M+7.9%	$66.1M+13.9%	$58.1M+6.9%	$54.3M+0.2%	$54.3M+70.6%	$31.8M+30.7%	$24.3M+6.1%	$22.9M+5.0%	$21.8M+4.4%	$20.9M+7.7%	$19.4M+4.0%	$18.7M0.0%	$18.7M+4.8%	$17.8M
Income Tax	$11.6M	$12.4M+37.7%	$9.0M+50.6%	$6.0M-29.9%	$8.5M+1.5%	$8.4M-0.1%	$8.4M-0.9%	$8.5M-16.0%	$10.1M-71.6%	$35.4M+5.5%	$33.5M+44.1%	$23.3M-6.8%	$25.0M+76.7%	$14.1M-9.1%	$15.5M+6.7%	$14.6M
Net Income	$107.0M	$102.6M+9.2%	$94.0M+10.6%	$85.0M+15.1%	$73.8M+22.1%	$60.5M-1.7%	$61.5M+162.9%	$23.4M-39.6%	$38.8M-34.5%	$59.2M+12.0%	$52.8M+39.5%	$37.9M-26.9%	$51.8M+131.4%	$22.4M+0.3%	$22.3M+6.9%	$20.9M
EPS (Basic)	N/A	$2.93+2.1%	$2.87+6.7%	$2.69+10.2%	$2.44+19.6%	$2.04-5.6%	$2.16+163.4%	$0.82-55.2%	$1.83-36.7%	$2.89+11.6%	$2.59+39.2%	$1.86-27.3%	$2.56+126.5%	$1.13-5.8%	$1.20+7.1%	$1.12
EPS (Diluted)	$2.82	$2.92+1.7%	$2.87+7.1%	$2.68+10.3%	$2.43+19.7%	$2.03-5.1%	$2.14+161.0%	$0.82-54.9%	$1.82-36.4%	$2.86+11.3%	$2.57+38.9%	$1.85-27.2%	$2.54+126.8%	$1.12-5.1%	$1.18+6.3%	$1.11
Diluted Shares (Avg)	N/A	35M+7.1%	33M+3.5%	32M+4.1%	30M+2.3%	30M+3.6%	29M+0.5%	29M+33.9%	21M+3.1%	21M+0.5%	21M+0.4%	21M+0.5%	20M+2.2%	20M+6.0%	19M+0.2%	19M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$210.5M+6.2%	$183.3M+9.4%	$194.2M-1.8%	$240.6M+6.9%	$198.3M+12.5%	$167.6M+12.2%	$197.8M+15.5%	$225.1M+9.9%
SG&A Expenses	$33.6M+16.8%	$29.8M+7.4%	$38.1M+12.6%	$31.3M+21.8%	$28.8M+40.7%	$27.8M+7.6%	$33.9M+25.9%	$25.7M+7.6%
Operating Income	$42.8M-2.5%	$37.4M+4.3%	$33.1M-24.1%	$64.6M+10.8%	$43.9M+8.1%	$35.9M+28.6%	$43.7M+19.7%	$58.4M+3.1%
EBITDA	$110.1M+49.1%	$71.2M+8.6%	$64.0M-12.2%	$94.7M+9.7%	$73.8M+6.3%	$65.5M+15.3%	$72.9M+13.8%	$86.3M+3.2%
Interest Expense	$18.0M-0.9%	$18.8M+3.1%	$18.3M+1.6%	$17.9M+2.2%	$18.1M-0.9%	$18.3M+3.9%	$18.0M+4.4%	$17.5M+4.6%
Income Tax	$4.0M-14.8%	$3.4M-2.2%	-$1.6M-245.1%	$5.8M+200.4%	$4.7M+25.4%	$3.5M+55.6%	$1.1M-40.6%	$1.9M-57.7%
Net Income	$26.6M+7.8%	$19.0M+14.9%	$16.2M-29.2%	$45.1M+16.8%	$24.7M+19.2%	$16.6M+41.5%	$22.9M+21.0%	$38.7M+6.7%
EPS (Basic)	$0.64-9.9%	$0.50+2.0%	$0.44-35.3%	$1.27+8.5%	$0.71+10.9%	$0.49+36.1%	$0.68+15.3%	$1.17+2.6%
EPS (Diluted)	$0.62-12.7%	$0.490.0%	$0.44-36.2%	$1.27+8.5%	$0.71+10.9%	$0.49+36.1%	$0.69+16.9%	$1.17+3.5%
Diluted Shares (Avg)	43M+23.0%	39M+13.8%	N/A	36M+8.1%	35M+7.4%	34M+5.4%	N/A	33M+3.3%

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.

HTO Balance Sheet

HTO quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$5.1B+10.5%	$4.7B+7.2%	$4.3B+15.7%	$3.8B+7.5%	$3.5B+5.5%	$3.3B+5.7%	$3.1B+60.1%	$2.0B0.0%	$2.0B+35.5%	$1.4B+7.9%	$1.3B+5.4%	$1.3B+14.4%	$1.1B+2.1%	$1.1B+4.7%	$1.0B
Current Assets	$190.6M-0.1%	$190.7M-3.9%	$198.4M+25.3%	$158.4M+18.1%	$134.1M+5.3%	$127.3M+4.3%	$122.0M-75.7%	$502.7M+651.9%	$66.9M-32.9%	$99.6M+35.8%	$73.4M+7.8%	$68.1M+71.7%	$39.7M-7.6%	$42.9M-37.7%	$68.9M
Cash & Equivalents	$20.7M+86.1%	$11.1M+14.3%	$9.7M-21.2%	$12.3M+13.2%	$10.9M+107.0%	$5.3M-59.3%	$12.9M-96.9%	$420.7M+5294.6%	$7.8M+22.8%	$6.3M+21.2%	$5.2M+118.4%	$2.4M+4.3%	$2.3M-8.8%	$2.5M-90.6%	$26.7M
Short-Term Investments	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0
Accounts Receivable	$62.5M-9.0%	$68.7M+1.2%	$67.9M+14.7%	$59.2M+10.2%	$53.7M+14.7%	$46.8M+29.0%	$36.3M+89.5%	$19.2M+10.7%	$17.3M+5.8%	$16.4M-0.2%	$16.4M+9.3%	$15.0M+3.5%	$14.5M+17.7%	$12.3M-1.8%	$12.5M
Long-Term Investments	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0
Goodwill	$640.3M0.0%	$640.3M0.0%	$640.3M0.0%	$640.3M0.0%	$640.5M+2.0%	$628.1M0.0%	$628.3M+37298.0%	$1.7M	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$3.6B+9.6%	$3.3B+5.8%	$3.1B+17.7%	$2.6B+7.6%	$2.5B+2.7%	$2.4B+6.8%	$2.2B+110.2%	$1.1B-28.5%	$1.5B+46.1%	$1.0B+7.2%	$953.5M+4.9%	$909.1M+15.3%	$788.8M-3.0%	$812.9M+4.9%	$774.8M
Current Liabilities	$273.4M+4.7%	$261.2M-23.9%	$343.0M+27.8%	$268.3M+32.0%	$203.3M-42.1%	$350.8M+49.6%	$234.6M+43.0%	$164.0M+92.8%	$85.1M+33.8%	$63.6M-20.2%	$79.6M+78.2%	$44.7M-24.5%	$59.2M+20.5%	$49.1M+73.6%	$28.3M
Non-Current Liabilities	$3.3B+10.1%	$3.0B+9.4%	$2.8B+16.5%	$2.4B+5.4%	$2.3B+10.3%	$2.0B+1.8%	$2.0B+122.3%	$903.1M-35.9%	$1.4B+47.0%	$958.2M+9.6%	$873.9M+1.1%	$864.5M+18.5%	$729.6M-4.5%	$763.8M+2.3%	$746.5M
Long-Term Debt	$1.9B+9.4%	$1.7B+11.8%	$1.5B+2.3%	$1.5B-0.1%	$1.5B+15.9%	$1.3B+0.3%	$1.3B+197.5%	$431.4M+0.1%	$431.1M-0.5%	$433.3M+14.9%	$377.2M-1.9%	$384.4M+14.7%	$335.0M-0.2%	$335.6M-2.4%	$343.8M
Total Equity	$1.5B+12.7%	$1.4B+10.8%	$1.2B+11.0%	$1.1B+7.4%	$1.0B+12.8%	$917.2M+3.1%	$890.0M+0.1%	$889.3M+92.0%	$463.2M+9.9%	$421.6M+9.9%	$383.8M+6.6%	$360.2M+12.1%	$321.2M+17.0%	$274.6M+4.0%	$264.0M
Retained Earnings	$581.1M+8.2%	$537.2M+8.4%	$495.4M+8.1%	$458.4M+7.0%	$428.3M+5.0%	$408.0M+6.5%	$383.2M-2.7%	$393.9M+4.7%	$376.1M+11.2%	$338.4M+12.0%	$302.2M+7.6%	$280.8M+14.9%	$244.3M+3.3%	$236.5M+3.9%	$227.5M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$5.4B+12.2%	$5.4B+13.2%	$5.1B+10.5%	$5.0B+10.1%	$4.8B+9.2%	$4.7B+8.3%	$4.7B+7.2%	$4.6B+18.4%
Current Assets	$296.4M+47.9%	$323.4M+63.9%	$190.6M-0.1%	$207.2M+10.6%	$200.4M+15.7%	$197.3M+10.8%	$190.7M-3.9%	$187.3M-18.1%
Cash & Equivalents	$104.1M+424.5%	$153.0M+545.7%	$20.7M+86.1%	$11.3M+185.2%	$19.8M-13.0%	$23.7M+421.7%	$11.1M+14.3%	$4.0M-81.2%
Short-Term Investments	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m
Accounts Receivable	$71.0M-7.5%	$62.1M-5.7%	$62.5M-9.0%	$86.0M+13.4%	$76.8M+9.3%	$65.9M+5.1%	$68.7M+1.2%	$75.8M+7.8%
Long-Term Investments	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m
Goodwill	$640.3M0.0%	$640.3M0.0%	$640.3M0.0%	$640.3M0.0%	$640.3M0.0%	$640.3M0.0%	$640.3M0.0%	$640.3M0.0%
Total Liabilities	$3.6B+6.3%	$3.5B+5.6%	$3.6B+9.6%	$3.5B+8.3%	$3.4B+6.8%	$3.3B+6.5%	$3.3B+5.8%	$3.2B+22.7%
Current Liabilities	$177.8M-43.4%	$160.0M-46.1%	$273.4M+4.7%	$304.2M+24.6%	$314.2M-10.3%	$296.7M-8.2%	$261.2M-23.9%	$244.0M-20.8%
Non-Current Liabilities	$3.4B+11.4%	$3.4B+10.7%	$3.3B+10.1%	$3.2B+7.0%	$3.1B+9.0%	$3.0B+8.2%	$3.0B+9.4%	$3.0B+28.5%
Long-Term Debt	$1.9B+11.2%	$1.9B+10.3%	$1.9B+9.4%	$1.8B+5.0%	$1.7B+9.2%	$1.7B+9.1%	$1.7B+11.8%	$1.7B+9.1%
Total Equity	$1.8B+25.8%	$1.8B+31.3%	$1.5B+12.7%	$1.5B+14.2%	$1.5B+15.0%	$1.4B+12.7%	$1.4B+10.8%	$1.3B+9.3%
Retained Earnings	$592.3M+7.8%	$584.2M+8.3%	$581.1M+8.2%	$579.9M+9.9%	$549.6M+9.5%	$539.6M+9.2%	$537.2M+8.4%	$527.6M+8.0%

Not reported in any period shown, so not listed: Inventory.

HTO Cash Flow Statement

HTO quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$245.2M	$244.8M+25.2%	$195.5M+2.5%	$190.8M+14.8%	$166.2M+27.8%	$130.0M+25.0%	$104.1M-20.0%	$130.0M+42.3%	$91.3M-9.7%	$101.1M-11.7%	$114.6M+16.7%	$98.2M+48.9%	$65.9M+3.9%	$63.4M-14.7%	$74.4M+15.8%	$64.2M
Depreciation & Amortization	N/A	$120.5M+4.7%	$115.0M+6.4%	$108.1M+1.6%	$106.4M+10.3%	$96.5M+5.3%	$91.6M+33.8%	$68.5M+20.4%	$56.9M+12.7%	$50.5M+9.1%	$46.3M+9.4%	$42.3M+7.2%	$39.5M+7.9%	$36.6M+5.7%	$34.6M+5.9%	$32.7M
Stock-Based Compensation	N/A	$6.4M+14.6%	$5.6M+21.0%	$4.6M-3.0%	$4.8M+12.8%	$4.2M+19.5%	$3.6M+4.3%	$3.4M+60.9%	$2.1M-19.9%	$2.6M+56.3%	$1.7M+5.5%	$1.6M+55.5%	$1.0M+13.0%	$912K+61.7%	$564K-13.4%	$651K
Investing Cash Flow	-$518.4M	-$520.1Mn/m	-$340.1Mn/m	-$322.3Mn/m	-$244.3Mn/m	-$260.0Mn/m	-$214.3Mn/m	-$1.0Bn/m	-$146.8Mn/m	-$113.9Mn/m	-$122.1Mn/m	-$110.6Mn/m	-$97.6Mn/m	-$95.8Mn/m	-$104.2Mn/m	-$75.7M
Financing Cash Flow	$357.5M	$284.9M+95.2%	$146.0M+13.3%	$128.8M+64.4%	$78.4M-41.0%	$132.8M+30.8%	$101.5M-79.1%	$485.0M+3.5%	$468.4Mn/m	-$4.8M-117.3%	$27.7M+80.9%	$15.3M-51.9%	$31.8M-0.9%	$32.1M+471.8%	$5.6M-84.6%	$36.5M
Dividends Paid	$48.3M	$58.6M+12.5%	$52.1M+8.8%	$47.9M+9.9%	$43.6M+8.6%	$40.1M+9.9%	$36.5M+7.0%	$34.1M+47.9%	$23.1M+8.2%	$21.3M+28.8%	$16.6M+4.2%	$15.9M+4.7%	$15.2M+5.1%	$14.4M+9.2%	$13.2M+3.2%	$12.8M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$60.7M-0.2%	$43.7M+1.2%	$63.5M+53.2%	$77.3M+44.3%	$60.8M+23.4%	$43.2M-15.7%	$41.5M+31.5%	$53.5M-13.6%
Depreciation & Amortization	$67.4M+124.7%	$33.8M+14.0%	$30.9M+5.5%	$30.0M+7.4%	$30.0M+3.6%	$29.6M+2.4%	$29.2M+6.0%	$28.0M+3.4%
Stock-Based Compensation	$1.7M+17.1%	$1.2M+0.2%	N/A	$2.0M+26.9%	$1.5M+14.8%	$1.2M-21.3%	N/A	$1.6M+26.5%
Investing Cash Flow	-$123.3Mn/m	-$92.9Mn/m	-$150.6Mn/m	-$151.7Mn/m	-$133.1Mn/m	-$84.8Mn/m	-$107.4Mn/m	-$101.7Mn/m
Financing Cash Flow	$13.6M-80.1%	$181.5M+235.2%	$96.4M+31.9%	$65.9M+124.6%	$68.4M+166.7%	$54.2M+203.0%	$73.1M+94.1%	$29.3M-41.4%
Dividends Paid	$2.5M-82.9%	$15.9M+12.5%	$15.0M+13.1%	$14.9M+13.4%	$14.6M+13.2%	$14.1M+10.3%	$13.3M+9.5%	$13.1M+8.4%

Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Share Buybacks.

HTO Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

HTO quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Margin	22.2%-0.6pp	22.8%+0.5pp	22.3%+1.2pp	21.1%+1.7pp	19.4%-1.5pp	20.8%+7.2pp	13.7%-4.8pp	18.5%-7.7pp	26.2%-2.5pp	28.7%	N/A	N/A	N/A	N/A	N/A
Net Margin	12.8%+0.3pp	12.6%-0.1pp	12.7%+0.8pp	11.9%+1.4pp	10.5%-0.4pp	10.9%+5.3pp	5.6%-4.2pp	9.8%-5.5pp	15.2%-0.3pp	15.6%	N/A	N/A	N/A	N/A	N/A
Return on Equity	6.7%-0.2pp	6.9%0.0pp	6.9%+0.2pp	6.7%+0.8pp	5.9%-0.9pp	6.7%+4.1pp	2.6%-1.7pp	4.4%-8.4pp	12.8%+0.3pp	12.5%+2.7pp	9.9%-4.5pp	14.4%+7.4pp	7.0%-1.2pp	8.1%+0.2pp	7.9%
Return on Assets	2.0%0.0pp	2.0%+0.1pp	2.0%0.0pp	2.0%+0.2pp	1.7%-0.1pp	1.9%+1.1pp	0.8%-1.2pp	2.0%-1.0pp	3.0%-0.6pp	3.7%+0.8pp	2.8%-1.3pp	4.1%+2.1pp	2.0%0.0pp	2.1%0.0pp	2.0%
Current Ratio	0.700.0x	0.73+0.2x	0.580.0x	0.59-0.1x	0.66+0.3x	0.36-0.2x	0.52-2.5x	3.07+2.3x	0.79-0.8x	1.57+0.6x	0.92-0.6x	1.52+0.9x	0.67-0.2x	0.87-1.6x	2.44
Debt-to-Equity	1.210.0x	1.250.0x	1.24-0.1x	1.34-0.1x	1.440.0x	1.400.0x	1.44+1.0x	0.49-0.4x	0.93-0.1x	1.030.0x	0.98-0.1x	1.070.0x	1.04-0.2x	1.22-0.1x	1.30
Liabilities-to-Equity	2.34-0.1x	2.41-0.1x	2.52+0.1x	2.380.0x	2.38-0.2x	2.61+0.1x	2.52+1.3x	1.20-2.0x	3.22+0.8x	2.42-0.1x	2.480.0x	2.52+0.1x	2.46-0.5x	2.960.0x	2.93
Asset Turnover	0.160.0x	0.160.0x	0.150.0x	0.170.0x	0.160.0x	0.170.0x	0.13-0.1x	0.200.0x	0.200.0x	0.24	N/A	N/A	N/A	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Margin	20.3%-1.8pp	20.4%-1.0pp	17.1%-5.0pp	26.9%+0.9pp	22.1%-0.9pp	21.4%+2.7pp	22.1%+0.8pp	25.9%-1.7pp
Net Margin	12.6%+0.2pp	10.4%+0.5pp	8.3%-3.2pp	18.8%+1.6pp	12.4%+0.7pp	9.9%+2.1pp	11.6%+0.5pp	17.2%-0.5pp
Return on Equity	1.4%-0.2pp	1.0%-0.1pp	1.1%-0.6pp	3.0%+0.1pp	1.7%+0.1pp	1.2%+0.2pp	1.7%+0.1pp	2.9%-0.1pp
Return on Assets	0.5%0.0pp	0.4%0.0pp	0.3%-0.2pp	0.9%0.0pp	0.5%0.0pp	0.4%+0.1pp	0.5%0.0pp	0.9%-0.1pp
Current Ratio	1.67+1.0x	2.02+1.4x	0.700.0x	0.68-0.1x	0.64+0.1x	0.66+0.1x	0.73+0.2x	0.770.0x
Debt-to-Equity	1.02-0.1x	1.02-0.2x	1.210.0x	1.15-0.1x	1.15-0.1x	1.210.0x	1.250.0x	1.250.0x
Liabilities-to-Equity	1.95-0.4x	1.92-0.5x	2.34-0.1x	2.29-0.1x	2.31-0.2x	2.38-0.1x	2.41-0.1x	2.41+0.3x
Asset Turnover	0.040.0x	0.030.0x	0.040.0x	0.050.0x	0.040.0x	0.040.0x	0.040.0x	0.050.0x

Not reported in any period shown, so not listed: Gross Margin, FCF Margin.

Note: The current ratio is below 1.0 (0.70), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
H2O America HTO	FY2025	$800.6M	$102.6M	12.8%	$2.5B	50/100
Aris Mining Corporation ARIS	FY2025	$927.7M	$78.3M	8.5%	$3.2B	68/100
Middlesex Water Co MSEX	FY2025	$194.7M	$42.8M	22.0%	$1.1B	48/100
Consolidated Water Co Inc CWCO	FY2025	$132.1M	$18.3M	13.9%	$449.2M	67/100
York Water Co YORW	FY2025	$77.5M	$20.1M	25.9%	$514.3M	51/100
Artesian Resources Corp ARTNA	FY2025	$112.9M	$22.8M	20.2%	$351.2M	49/100

Where H2O America Ranks

Frequently Asked Questions

What is H2O America's annual revenue?

H2O America (HTO) reported $800.6M in total revenue for fiscal year 2025. This represents a 7.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is H2O America's revenue growing?

H2O America (HTO) revenue grew by 7.0% year-over-year, from $748.4M to $800.6M in fiscal year 2025.

Is H2O America profitable?

Yes, H2O America (HTO) reported a net income of $107.0M over the trailing 12 months to June 30, 2026. In fiscal year 2025 it reported a net income of $102.6M, with a net profit margin of 12.8%.

What is H2O America's EBITDA?

H2O America (HTO) had EBITDA of $298.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does H2O America have?

As of fiscal year 2025, H2O America (HTO) had $20.7M in cash and equivalents against $1.9B in long-term debt.

What is H2O America's operating margin?

H2O America (HTO) had an operating margin of 22.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is H2O America's net profit margin?

H2O America (HTO) had a net profit margin of 12.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does H2O America pay dividends?

Yes, H2O America (HTO) paid $1.68 per share in dividends during fiscal year 2025.

What is H2O America's return on equity (ROE)?

H2O America (HTO) has a return on equity of 6.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is H2O America's operating cash flow?

H2O America (HTO) generated $244.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are H2O America's total assets?

H2O America (HTO) had $5.1B in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does H2O America have outstanding?

H2O America (HTO) had 36M shares outstanding as of fiscal year 2025.

What is H2O America's current ratio?

H2O America (HTO) had a current ratio of 0.70 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is H2O America's debt-to-equity ratio?

H2O America (HTO) had a debt-to-equity ratio of 1.21 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.

What is H2O America's liabilities-to-equity ratio?

H2O America (HTO) had a liabilities-to-equity ratio of 2.34 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.

What is H2O America's return on assets (ROA)?

H2O America (HTO) had a return on assets of 2.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is H2O America's P/E ratio?

H2O America (HTO) trades at 23.0x earnings, its market capitalization divided by $107.0M net income, trailing 12 months to June 30, 2026. The market capitalization is $2.5B as of Oct 22, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is H2O America's price-to-sales ratio?

H2O America (HTO) trades at 3.0x sales, its market capitalization divided by $828.5M revenue, trailing 12 months to June 30, 2026. The market capitalization is $2.5B as of Oct 22, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is H2O America's Altman Z-Score?

H2O America (HTO) has an Altman Z-Score of 0.82, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is H2O America's Piotroski F-Score?

H2O America (HTO) has a Piotroski F-Score of 4 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are H2O America's earnings high quality?

H2O America (HTO) has an earnings quality ratio of 2.39x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can H2O America cover its interest payments?

H2O America (HTO) has an interest coverage ratio of 2.45x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is H2O America?

H2O America (HTO) scores 50 out of 100 on our Financial Health Score, indicating moderate standing within its utilities peer group. The score is the average of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. For H2O America it averages the 5 of 6 dimensions that can be computed; the others are left out rather than counted as zero. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.