HTO
H2O America
HTO's fundamentals are mixed: it turned 30% of its revenue into free cash flow, but its operating margin fell 3 points to 21%. At 24x earnings, it's trading below its usual 28x. Analysts expect earnings to hold roughly steady.
HTO Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Strong | |
| Weak |
HTO's profitability and cash flow are currently healthy, and its revenue is stable, but its balance sheet is weak.
HTO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 19x | $47.90 | -21% |
| Forward | 22x | $60.92 | — |
| Current | 24x | $60.92 | — |
| Fair | 28x | $70.38 | +16% |
| Expensive | 44x | $112 | +85% |
Historical ranges are pointers, not guarantees.
HTO's PE is in its fair range at 24x. On analysts' estimates for next year's earnings, today's price would be 22x.
HTO Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Stable | |
| Growth | |
| Weakening | |
| Limited | |
| Moderate |
Analysts expect HTO's revenue to grow, but its profitability to weaken.
HTO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.80 | +9.7% |
| Q3 2026 | $2.55 | -20% |
| Q2 2026 | $2.83 | -7.8% |
| Q1 2026 | $2.92 | -2.7% |
| Q4 2025 | $2.92 | +1.7% |
| Q3 2025 | $3.17 | +14% |
| Q2 2025 | $3.07 | +12% |
| Q1 2025 | $3.00 | +12% |
| Q4 2024 | $2.87 | +7.1% |
HTO earned $2.55 per share over the past year, down 20% from the year before.
HTO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $250.2M | +4% |
| Q2 2026 | $210.5M | +6.2% |
| Q1 2026 | $183.3M | +9.4% |
| Q4 2025 | $194.2M | -1.8% |
| Q3 2025 | $240.6M | +6.9% |
| Q2 2025 | $198.3M | +13% |
| Q1 2025 | $167.6M | +12% |
| Q4 2024 | $197.8M | +15% |
HTO's revenue is growing: $250M last quarter, up 4% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 24% | -2.7 points |
| Q2 2026 | 20% | -1.8 points |
| Q1 2026 | 20% | -1 points |
| Q4 2025 | 17% | -5 points |
| Q3 2025 | 27% | +0.9 points |
| Q2 2025 | 22% | -0.9 points |
| Q1 2025 | 21% | +2.7 points |
| Q4 2024 | 22% | +0.8 points |
HTO's operating margin was 24% last quarter, down 2.7 points from the same quarter a year ago.
HTO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $80.2M | +3.9% |
| Q2 2026 | $60.7M | -0.2% |
| Q1 2026 | $43.7M | +1.2% |
| Q4 2025 | $63.5M | +53% |
| Q3 2025 | $77.3M | +44% |
| Q2 2025 | $60.8M | +23% |
| Q1 2025 | $43.2M | -16% |
| Q4 2024 | $41.5M | +32% |
HTO's free cash flow has been positive every quarter for six years: $248M over the past year, up 11% from the year before.
HTO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +1.4% | +613K shares |
| 1 year | +22% | +7.8M shares |
| 3 years | +36% | +11.5M shares |
| 5 years | +45% | +13.5M shares |
| Available history | +52% | +14.9M shares |
HTO has 43M diluted shares, up 22% from a year ago.
HTO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 4.3x | High |
| Q2 2026 | 5.8x | High |
| Q1 2026 | 5.7x | High |
| Q4 2025 | 6.3x | High |
| Q3 2025 | 5.8x | High |
| Q2 2025 | 5.7x | High |
| Q1 2025 | 5.7x | High |
| Q4 2024 | 6.0x | High |
HTO's net debt is about 4.3 years of its operating earnings (EBITDA), down from 5.8 years a year ago.
HTO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 51.9 | Neutral |
| Stochastic | 57.9 | Neutral |
HTO's weekly RSI is 52 (neutral) and its Stochastic is 58 (neutral).
HTO PE vs Utilities Sector
| Metric | HTO | Sector median | Relative |
|---|---|---|---|
| PE | 24x | 20x | 17% above |
| PE % | 46 | 44 | 2 pts above |
HTO is trading at 24x earnings, a 17% premium to the Utilities sector's median of 20x.
HTO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $60.1 | 1.3% above |
| 20 week MA | $61.9 | 1.6% below |
| 50 week MA | $57.9 | 5.2% above |
| 100 week MA | $54.3 | 12% above |
| 200 week MA | $59.0 | 3.3% above |
HTO's trend is mixed: it's above four of its five weekly moving averages, and 3.3% above its 200-week average.
HTO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $71.6 | $67.1 | -6.3% |
| 2021 | $67.1 | $70.3 | +4.7% |
| 2022 | $70.3 | $81.0 | +15% |
| 2023 | $81.0 | $65.4 | -19% |
| 2024 | $65.4 | $49.4 | -24% |
| 2025 | $49.4 | $48.8 | -1.1% |
| 2026 YTD | $48.8 | $60.9 | +25% |
HTO has finished three years in a row lower, and it's up 25% so far in 2026.