CWT
California Water Service Group
CWT's fundamentals are strong: it turned 30% of its revenue into free cash flow and revenue grew 4.8%. At 22x earnings, it's trading below its usual 27x. Analysts expect earnings growth, though they disagree widely on how much.
CWT Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Strong | |
| Weak |
CWT's profitability and cash flow are currently healthy, and its revenue is stable, but its balance sheet is weak.
CWT PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 18x | $49.39 | — |
| Cheap | 20x | $44.62 | -9.7% |
| Current | 22x | $49.39 | — |
| Fair | 27x | $61.16 | +24% |
| Expensive | 43x | $95.83 | +94% |
Historical ranges are pointers, not guarantees.
CWT's PE is in its fair range at 22x. If earnings grow as analysts expect, today's price would be 18x next year's earnings, in its cheap range.
CWT Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Weakening | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for CWT, but weaker profitability. However, they disagree widely on these estimates.
CWT Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.68 | +20% |
| Q3 2026 | $2.24 | -1.3% |
| Q2 2026 | $2.22 | -2.2% |
| Q1 2026 | $2.00 | -12% |
| Q4 2025 | $2.15 | -34% |
| Q3 2025 | $2.27 | -35% |
| Q2 2025 | $2.27 | -26% |
| Q1 2025 | $2.26 | -10% |
| Q4 2024 | $3.25 | +257% |
CWT's earnings per share have fallen from their peak: $2.24 over the past year, against $3.48 in late 2024.
CWT Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $331.2M | +5.4% |
| Q2 2026 | $278M | +8.5% |
| Q1 2026 | $197.3M | +8% |
| Q4 2025 | $210.7M | -3.3% |
| Q3 2025 | $314.1M | +2.6% |
| Q2 2025 | $256.2M | +13% |
| Q1 2025 | $182.7M | +18% |
| Q4 2024 | $217.8M | +10% |
CWT's revenue is growing: $331M last quarter, up 5.4% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 25% | +2.5 points |
| Q2 2026 | 26% | +5.3 points |
| Q1 2026 | 9.2% | -3 points |
| Q4 2025 | 12% | -2.7 points |
| Q3 2025 | 22% | +0.7 points |
| Q2 2025 | 20% | -1 points |
| Q1 2025 | 12% | -38 points |
| Q4 2024 | 15% | -3 points |
CWT's operating margin was 25% last quarter, up 2.5 points from the same quarter a year ago.
CWT Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $149.3M | -11% |
| Q2 2026 | $63.6M | +30% |
| Q1 2026 | $49.4M | +29% |
| Q4 2025 | $47.9M | -30% |
| Q3 2025 | $167.3M | +64% |
| Q2 2025 | $48.9M | -48% |
| Q1 2025 | $38.4M | +45% |
| Q4 2024 | $68.1M | -8.4% |
CWT's free cash flow has been positive every quarter for seven years: $310M over the past year, down 3.9% from the year before.
CWT Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +3.4% | +2.1M shares |
| 1 year | +4.8% | +2.8M shares |
| 3 years | +8.2% | +4.8M shares |
| 5 years | +21% | +10.7M shares |
| Available history | +30% | +14.3M shares |
CWT has 63M diluted shares, up 4.8% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $141,000 |
| Q2 2026 | $128,000 |
| Q1 2026 | $823,000 |
| Q4 2025 | $107,000 |
| Q3 2025 | $112,000 |
| Q2 2025 | $105,000 |
| Q1 2025 | $1.1M |
| Q4 2024 | $96,000 |
CWT has spent almost nothing on buybacks in the past year.
CWT Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 4.7x | High |
| Q2 2026 | 5.0x | High |
| Q1 2026 | 5.2x | High |
| Q4 2025 | 4.9x | High |
| Q3 2025 | 4.5x | High |
| Q2 2025 | 4.7x | High |
| Q1 2025 | 4.6x | High |
| Q4 2024 | 3.7x | Elevated |
CWT's net debt is about 4.7 years of its operating earnings (EBITDA), up from 4.5 years a year ago.
CWT Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 55.2 | Neutral |
| Stochastic | 65.7 | Neutral |
CWT's weekly RSI is 55 (neutral) and its Stochastic is 66 (neutral).
CWT PE vs Utilities Sector
| Metric | CWT | Sector median | Relative |
|---|---|---|---|
| PE | 22x | 20x | 8% above |
| PE % | 36 | 44 | 8 pts below |
CWT is trading at 22x earnings, in line with the Utilities sector's median of 20x.
CWT Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $47.7 | 3.6% above |
| 20 week MA | $49.0 | 0.7% above |
| 50 week MA | $46.5 | 6.2% above |
| 100 week MA | $46.5 | 6.2% above |
| 200 week MA | $49.2 | 0.4% above |
CWT has climbed back above all five of its weekly moving averages, and it's now 0.4% above its 200-week average.
CWT Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $51.5 | $53.0 | +2.9% |
| 2021 | $53.0 | $69.4 | +31% |
| 2022 | $69.4 | $61.8 | -11% |
| 2023 | $61.8 | $51.9 | -16% |
| 2024 | $51.9 | $45.6 | -12% |
| 2025 | $45.6 | $43.4 | -4.9% |
| 2026 YTD | $43.4 | $49.4 | +14% |
CWT has finished four years in a row lower, and it's up 14% so far in 2026.