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 March 31, 2026

Revenue $816.3M +6.5% YoY

Net Income $105.0M +6.3% YoY

EPS (Diluted) $2.91 -2.7% YoY

Operating Cash Flow $245.3M +30.8% YoY

Market Cap $2.7B as of Sep 4, 2026

Price / Sales 3.3x on $816.3M revenue, trailing 12 months to March 31, 2026

Price / Earnings 25.7x on $105.0M net income, trailing 12 months to March 31, 2026

Price / Book 1.5x on $1.8B equity, Q1 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 Sep 4, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q1 FY2026, ended Mar 31, 2026 Reported Apr 29, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q1 FY2026, filed Apr 29, 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 $816.3M in revenue over the twelve months to Mar 31, 2026, up 6.5% 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 2026-08-29

H2O America’s expansion is increasingly financed by debt and operating cash while operating margins remain broadly stable.

Operating cash flow nearly doubled from FY2021 to FY2025, while net income rose by a smaller proportion; that widening gap indicates cash conversion improved beyond what accounting profit alone suggests. But FY2025 investment outflows of $520M exceeded operating cash flow, while financing supplied $285M, revealing that the company’s investment pace still depends partly on outside capital rather than retained cash.

Operating margin rose from 19.4% in FY2021 to 22.2% in FY2025 while revenue expanded, pointing to some operating leverage rather than growth that simply tracks costs. The retreat from 22.8% in FY2024 suggests those scale benefits are not automatic.

Long-term debt increased from $1.49B in FY2021 to $1.87B in FY2025, so expansion has required substantial external financing. Debt-to-equity declined over the period as equity grew, but the latest current ratio of 0.7x means current liabilities still exceeded current assets, leaving short-term liquidity structurally tight.

Financial Health Signals

Financial Health Score 41/100

Scored as: Utilities peer group

Scored against utilities for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. 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 80/100.

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 34/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

Not available for H2O America, and counted as zero in the overall score.

Returns

H2O America's ROE of 6.7% shows moderate profitability relative to equity, earning a score of 48/100. This is down from 6.9% the prior year.

Altman Z-Score Distress

0.86

H2O America scores 0.86, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($2.7B) relative to total liabilities ($3.6B). 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, neither operating efficiency signal passes.

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

Export CSV

Earnings & Revenue

Revenue

$183.3M

YoY+9.4%

QoQ-5.6%

5Y CAGR+9.8%

H2O America generated $183.3M in revenue in Q1 2026. This represents an increase of 9.4% from the same quarter a year earlier. Against the prior quarter it is down 5.6%.

EBITDA

$71.2M

YoY+8.6%

QoQ+11.3%

5Y CAGR+14.0%

10Y CAGR+12.4%

H2O America's EBITDA was $71.2M in Q1 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 8.6% from the same quarter a year earlier. Against the prior quarter it is up 11.3%.

Net Income

$19.0M

YoY+14.9%

QoQ+17.2%

5Y CAGR+48.7%

10Y CAGR+18.9%

H2O America reported $19.0M in net income in Q1 2026. This represents an increase of 14.9% from the same quarter a year earlier. Against the prior quarter it is up 17.2%.

EPS (Diluted)

$0.49

YoY0.0%

QoQ+11.4%

5Y CAGR+40.3%

10Y CAGR+11.8%

H2O America earned $0.49 per diluted share (EPS) in Q1 2026. That is unchanged from the same quarter a year earlier. Against the prior quarter it is up 11.4%.

Cash & Balance Sheet

Cash & Debt

$153.0M

YoY+545.7%

QoQ+639.7%

5Y CAGR+68.1%

10Y CAGR+33.2%

H2O America held $153.0M in cash against $1.9B in long-term debt as of Q1 2026.

Dividends Per Share

$0.44

YoY+4.8%

QoQ+4.8%

5Y CAGR+5.3%

10Y CAGR+8.2%

H2O America paid $0.44 per share in dividends in Q1 2026. This represents an increase of 4.8% from the same quarter a year earlier. Against the prior quarter it is up 4.8%.

Shares Outstanding

42M

YoY+22.4%

QoQ+15.7%

5Y CAGR+7.0%

10Y CAGR+7.4%

H2O America had 42M shares outstanding in Q1 2026. This represents an increase of 22.4% from the same quarter a year earlier. Against the prior quarter it is up 15.7%.

Free Cash Flow

Not reported for Q1 2026.

Margins & Returns

Operating Margin

20.4%

YoY-1.0pp

QoQ+3.4pp

5Y CAGR+9.0pp

H2O America's operating margin was 20.4% in Q1 2026, reflecting core business profitability. This is down 1.0 percentage points from the same quarter a year earlier. Against the prior quarter it is up 3.4 percentage points.

Net Margin

10.4%

YoY+0.5pp

QoQ+2.0pp

5Y CAGR+8.1pp

H2O America's net profit margin was 10.4% in Q1 2026, showing the share of revenue converted to profit. This is up 0.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.0 percentage points.

Return on Equity

1.0%

YoY-0.1pp

QoQ0.0pp

5Y CAGR+0.8pp

10Y CAGR+0.2pp

H2O America's ROE was 1.0% in Q1 2026, measuring profit generated per dollar of shareholder equity. This is down 0.1 percentage points from the same quarter a year earlier. It is unchanged from the prior quarter.

Gross Margin

Not reported for Q1 2026.

Capital Allocation

None of these metrics is reported for Q1 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	$816.3M	$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	$128.0M	$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	$179.1M	$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	$73.1M	$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	$12.3M	$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	$105.0M	$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)	$2.91	$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	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'2410-Q
Revenue	$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%	$176.2M+12.3%
SG&A Expenses	$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%	$20.5M-13.0%
Operating Income	$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%	$40.6M+30.2%
EBITDA	$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%	$69.5M+20.2%
Interest Expense	$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%	$18.3M+11.6%
Income Tax	$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%	$3.7M+346.3%
Net Income	$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%	$20.7M+13.2%
EPS (Basic)	$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%	$0.64+10.3%
EPS (Diluted)	$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%	$0.64+10.3%
Diluted Shares (Avg)	39M+13.8%	N/A	36M+8.1%	35M+7.4%	34M+5.4%	N/A	33M+3.3%	32M+2.7%

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	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$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	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$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	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'2410-Q
Total Assets	$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%	$4.4B+19.6%
Current Assets	$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%	$173.2M-14.0%
Cash & Equivalents	$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%	$22.8M-10.5%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Accounts Receivable	$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%	$70.2M+20.0%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
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	$3.5B+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%	$3.2B+25.1%
Current Liabilities	$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%	$350.1M+47.1%
Non-Current Liabilities	$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%	$2.8B+22.8%
Long-Term Debt	$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%	$1.5B+2.0%
Total Equity	$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%	$1.3B+7.8%
Retained Earnings	$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%	$502.0M+8.1%

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	$245.3M	$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	-$528.3M	-$520.1M-52.9%	-$340.1M-5.5%	-$322.3M-31.9%	-$244.3M+6.0%	-$260.0M-21.3%	-$214.3M+78.9%	-$1.0B-593.1%	-$146.8M-29.0%	-$113.9M+6.8%	-$122.1M-10.4%	-$110.6M-13.3%	-$97.6M-2.0%	-$95.8M+8.1%	-$104.2M-37.6%	-$75.7M
Financing Cash Flow	$412.3M	$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%	$468.4M+9881.2%	-$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	$60.4M	$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+203.2%	-$12.8M

Metric	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'2410-Q
Operating Cash Flow	$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%	$49.3M+5.5%
Depreciation & Amortization	$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%	$28.9M+8.5%
Stock-Based Compensation	$1.2M+0.2%	N/A	$2.0M+26.9%	$1.5M+14.8%	$1.2M-21.3%	N/A	$1.6M+26.5%	$1.3M+11.9%
Investing Cash Flow	-$92.9M-9.6%	-$150.6M-40.2%	-$151.7M-49.1%	-$133.1M-134.7%	-$84.8M-14.1%	-$107.4M-33.4%	-$101.7M+12.6%	-$56.7M+19.4%
Financing Cash Flow	$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%	$25.7M-0.3%
Dividends Paid	$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%	$12.9M+8.0%

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
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	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'2410-Q
Operating Margin	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	23.0%+3.2pp
Net Margin	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	11.8%+0.1pp
Return on Equity	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	1.6%+0.1pp
Return on Assets	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	0.5%0.0pp
Current Ratio	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	0.49-0.4x
Debt-to-Equity	1.02-0.2x	1.210.0x	1.15-0.1x	1.15-0.1x	1.210.0x	1.250.0x	1.250.0x	1.22-0.1x
Asset Turnover	0.030.0x	0.040.0x	0.050.0x	0.040.0x	0.040.0x	0.040.0x	0.050.0x	0.040.0x

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%	$2.7B	41/100
Aris Mining Corp ARIS	FY2025	$927.7M	$79.4M	8.6%	$4.2B	46/100
Middlesex Watr MSEX	FY2025	$194.7M	$43	0.0%	$1.1B	48/100
Consolidated Water CWCO	FY2025	$132.1M	$18.3M	13.9%	$464.1M	66/100
York Water YORW	FY2025	$77.5M	$20.1M	25.9%	$557.3M	42/100
Artesian Res Corp ARTNA	FY2025	$112.9M	$22.8M	20.2%	$374.9M	48/100

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 $102.6M in fiscal year 2025, 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, measuring the company's financial leverage by comparing total debt to shareholder 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 25.7x earnings, its market capitalization divided by net income of $105.0M net income, trailing 12 months to March 31, 2026. The market capitalization is $2.7B as of Sep 4, 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 3.3x sales, its market capitalization divided by revenue of $816.3M revenue, trailing 12 months to March 31, 2026. The market capitalization is $2.7B as of Sep 4, 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 0.86, 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 41 out of 100 on our Financial Health Score, indicating moderate standing within its utilities peer group. The score is a 0-100 composite 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. 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.