Stocks · Utilities · Regulated Water

H2O America HTO

$58.44 -2.81% Close, Oct 5, 2026 · NASDAQ · Market cap $2.52B

Strong trendExpensive vs sector

Next earnings report: Oct 26, 2026

Scroll or pinch to zoom, drag to move. Daily prices adjusted for splits. Markers: E = earnings (green beat, red miss), S = split, D = dividend.

Three things to know

  1. The diluted share count rose 17.3% in a year.
  2. Net debt is 5.7× EBITDA, a high level of leverage.
  3. The stock is in an uptrend: above its 200-day average for 188 trading days, with the 50-day average above the 200-day.

PromtFinance scores

Each score is a percentile within the Utilities sector (0–100). Under each score: how the stock ranks in its sector on every component. As of Oct 6, 2026.

Growth34Weak

How fast revenue, earnings and cash flow are growing.

  • Revenue growth (TTM, YoY)Bottom 28%
  • EPS growth (TTM, YoY)Bottom 24%
  • Revenue growth, 3-year CAGRTop 18%
  • Revenue growth accelerationBottom 48%
Quality32Weak

Returns on capital, margins, earnings quality and balance-sheet strength.

  • Return on invested capitalBottom 15%
  • Gross marginTop 28%
  • Operating marginBottom 48%
  • Cash conversion (OCF / net income)Top 38%
  • Accruals (lower is better)Bottom 28%
  • Net debt / EBITDA (lower is better)Bottom 32%
  • Interest coverTop 40%
Value13Very weak

How cheap the shares are relative to earnings, cash flow and their own history.

  • Earnings yieldBottom 35%
  • Free-cash-flow yieldBottom 14%
  • EBITDA / enterprise valueBottom 22%
  • Sales / enterprise valueBottom 36%
  • P/E vs own 5-year history (lower is better)Bottom 33%
Momentum97Exceptional

Strength and persistence of the price trend, including versus the S&P 500.

  • 12-month return excluding last monthTop 1%
  • 6-month returnTop 14%
  • 1-year return vs S&P 500Top 1%
  • Distance from 52-week highTop 20%
  • Trend checklist (0–4)Top 8%
Revisions48Neutral

Earnings surprises and analyst sentiment (estimate-revision history is being collected).

  • Average EPS surprise, last 4 quartersBottom 31%
  • Consecutive EPS beatsTop 35%
  • Share of analysts rating BuyTop 5%
  • Upside to consensus price targetBottom 21%
Stability35Weak

Low volatility, shallow drawdowns, low market sensitivity and modest leverage.

  • Volatility, 60 days (lower is better)Bottom 39%
  • Maximum drawdown, 3 yearsBottom 26%
  • Beta vs S&P 500 (lower is better)Top 17%
  • Net debt / EBITDA (lower is better)Bottom 32%

What changed

Latest four quarters versus the same period a year earlier (growth: versus one quarter earlier).

MeasureBeforeNow
Revenue growth (YoY)6.5%5.0%↓
EPS growth (YoY)-2.0%-6.9%↓
Gross margin56.7%56.5%↓
Operating margin23.0%21.5%↓
FCF margin-28.9%-51.7%↓

Fundamental momentum

MeasureNow (TTM)Year / quarter beforeSector rank
Revenue growth (TTM, YoY)5.0%6.5%↓Bottom 28%
EPS growth (TTM, YoY)-6.9%-2.0%↓Bottom 24%
Gross margin56.5%56.7%↓Top 28%
Operating margin21.5%23.0%↓Bottom 48%
Net margin12.9%13.0%↓—
Free-cash-flow margin-51.7%-28.9%↓—
Return on invested capital3.0%—Bottom 15%
Revenue growth, 3-year CAGR8.9%—Top 18%

Quality of earnings and balance sheet

Cash conversion (OCF / net income)Above 1× means profits are backed by cash.
2.29×
Accruals (net income − OCF) / assetsLower is better; high accruals can signal weaker earnings quality.
-2.5%
Stock-based compensation / revenueA cost to shareholders through dilution.
0.8%
Receivables growth vs revenue growthReceivables growing much faster than sales can be a warning.
-4.3 pp
Net debt / EBITDABelow 1× is conservative; above 3× is high leverage.
5.69×
Interest cover (operating income / interest)How many times operating profit covers interest.
2.4×

Shareholder returns

Dividend yield (dividends paid, TTM)
2.55%
Net buyback yield (TTM)
-13.02%
Shareholder yield
-10.47%
Share count change, 1 year
+17.3%
Share count change, 3-year CAGR
+9.0%

Shareholder yield = dividends + net buybacks over the last four quarters, divided by market cap.

Based on the four quarters through Jun 30, 2026 (filed Jul 28, 2026).

Earnings and expectations

Earnings momentum

Consecutive EPS beats
2
Beats in the last 8 reports
6 of 8
Average EPS surprise, last 4
+2.3%
Average 2-day reaction, last 8
-0.2%
Positive 20 days after report
2 of 8

Analysts

Consensus price target
$66.50
Target vs current price
+13.8%
Analysts with a rating
6
Share rating Buy or Strong Buy
83%
Consensus rating
Buy

How the stock reacted to recent reports

Report dateEPS surprise2 days5 days20 days60 days
Jul 27, 2026+3.0%-0.5%-3.9%-0.6%—
Apr 28, 2026+4.2%-0.5%-3.8%-3.3%+7.3%
Feb 25, 2026-8.4%+0.6%+3.2%+2.9%+3.8%
Oct 27, 2025+10.4%+0.7%-8.7%-11.7%+3.7%
Jul 28, 2025+5.6%-1.7%+1.8%+4.9%+5.1%
Apr 28, 2025+37.8%-0.5%+2.7%-2.5%-6.2%
Feb 26, 2025+22.1%-1.8%+0.4%-5.7%-2.9%
Oct 28, 2024+0.0%+2.4%-2.7%-1.2%-18.3%

Returns from the close before each report. Past reactions do not determine future ones.

Earnings history

Report dateEPSEstimateSurpriseRevenue
Jul 27, 2026$0.72$0.70+3.0%$210.5M
Apr 28, 2026$0.50$0.48+4.2%$183.3M
Feb 25, 2026$0.46$0.50-8.4%$194.2M
Oct 27, 2025$1.27$1.15+10.4%$240.6M
Jul 28, 2025$0.75$0.71+5.6%$198.3M
Apr 28, 2025$0.49$0.36+37.8%$167.6M
Feb 26, 2025$0.68$0.56+22.1%$197.8M
Oct 28, 2024$1.17$1.17+0.0%$225.1M

Valuation in context

MultipleNow5-year median5-year percentileSector rank (cheapness)
P/E (trailing)20.6×22.6×38thBottom 35%
P/E (forward)20.6×———
EV / EBITDA13.7×——Bottom 22%
EV / Sales5.20×——Bottom 36%
Free-cash-flow yield-17.01%——Bottom 14%
Earnings yield4.86%——Bottom 35%

P/E over the past five years

Range 15.7× – 36.2× since Jun 30, 2021. Each point: price on the filing date divided by trailing-twelve-month EPS known then.

What moved the stock over the past year

Price return, 1 year
+25.1%
Earnings per share growth (TTM)
-6.9%
Change in P/E multiple
+41.6%

Most of the move came from a change in the valuation multiple.

Technical state

Trend checklist

  • ✗ Price above 20-day average
  • ✗ Price above 50-day average
  • ✓ Price above 200-day average
  • ✓ 50-day average above 200-day
  • ✗ MACD histogram positive

Trend quality

Days above the 50-day average
0
Days above the 200-day average
188
50-day average slope (20 days)
-0.2%
200-day average slope (20 days)
+2.7%
Distance from 50-day average
-6.9%
Distance from 200-day average
+0.6%
RSI (14)
24.4
Relative volume
1.52×

Risk and drawdowns

Volatility, 60 days (annualized)
18.6%
Volatility vs own 5-year history
4th percentile · Low for this stock
Beta vs S&P 500 (2 years, weekly)
-0.01
Correlation with S&P 500
-0.01
Current drawdown from 1-year high
-10.7%
Maximum drawdown, 3 years
-35.8%

Largest declines in the past six years

From peakTo lowDeclineLengthRecovery
Dec 27, 2022Nov 19, 2025-46.8%727 daysNot yet recovered
Dec 31, 2021Jun 16, 2022-22.7%115 days102 days (Nov 10, 2022)
Feb 10, 2021Mar 15, 2021-17.4%22 days165 days (Nov 5, 2021)

Declines of 10% or more from a closing high, measured on daily closes.

Financial statements

Market cap
$2.52B
P/E (TTM)
20.6
EPS, diluted (TTM)
$2.84
Revenue (TTM)
$828.5M
Dividend yield
2.98%
52-week range
$43.75 – $67.09
FY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$573.7M$620.7M$670.4M$748.4M$800.6M
Gross profit$318.6M$357.2M$388.4M$425.1M$374.1M
Operating income$111.2M$131.0M$149.4M$170.5M$181.0M
Net income$60.5M$73.8M$85.0M$94.0M$102.6M
EPS (diluted)$2.03$2.43$2.68$2.79$2.92
Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026
Revenue$225.1M$197.8M$167.6M$198.3M$240.6M$194.2M$183.3M$210.5M
Net income$38.7M$22.9M$16.6M$24.7M$45.1M$16.2M$19.0M$26.6M
EPS (diluted)$1.17$0.68$0.49$0.71$1.27$0.45$0.49$0.63
FY 2021FY 2022FY 2023FY 2024FY 2025
Operating cash flow$130.0M$166.2M$190.8M$195.5M$244.8M
Capital expenditure-$253.8M-$244.2M-$290.7M-$380.6M-$522.9M
Free cash flow-$123.8M-$78.0M-$99.9M-$185.1M-$278.1M
Dividends paid-$40.1M-$43.6M-$47.9M-$52.1M-$58.6M
Net share buybacks$91.0M$39.1M$80.7M$85.0M$122.8M

Cash outflows are shown as negative numbers.

Cash and short-term investments
$104.1M
Total assets
$5.44B
Total liabilities
$3.59B
Total debt
$1.89B
Net debt
$1.79B
Shareholders’ equity
$1.84B

As of Jun 30, 2026 (filed Jul 28, 2026).

Dividends

Ex-dateAmountPaid
Aug 10, 2026$0.44Sep 1, 2026
May 11, 2026$0.44Jun 1, 2026
Feb 9, 2026$0.44Mar 2, 2026
Nov 10, 2025$0.42Dec 1, 2025
Aug 11, 2025$0.42Sep 2, 2025
May 12, 2025$0.42Jun 2, 2025
Feb 10, 2025$0.42Mar 3, 2025
Nov 4, 2024$0.40Dec 2, 2024

Short interest

Shares sold short
5,158,832
Days to cover
12.87
Change vs previous report
-0.5%

FINRA short interest, settlement date Sep 15, 2026.

Stock splits

Mar 17, 2006
2-for-1
Mar 2, 2004
3-for-1
Jul 24, 1985
2-for-1
Apr 6, 1977
2-for-1