California Water Service (CWT) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

California Water Service

NYSE•Utilities•Utilities - Regulated Water

$48.05+0.23(<0.01%)Pre-market

Market Cap

$2.89B

P/E

21.7x

P/S

2.9x

P/B

1.6x

California Water Service Group, through its subsidiaries, provides water utility and other related services in California, Washington, New Mexico, Hawaii, and Texas. It is involved in the production, purchase, storage, treatment, testing, distribution, and sale of water for domestic, industrial, public, and irrigation uses, as well as for fire protection services. The company offers its services to approximately 500,000 customer connections in 20 separate districts; approximately 6,800 water and wastewater customer connections on the islands of Kauai, Maui, Oahu, and Hawaii; approximately 38,500 customer connections in the Tacoma, Olympia, Graham, Spanaway, Puyallup, Rainier, Yelm, and Gig Harbor areas; and approximately 11,800 water and wastewater customer connections in Rio Communities, Rio Del Oro, Meadow Lake, Indian Hills, Squaw Valley, Elephant Butte, Morningstar, Sandia Knolls, Juan Tomas, Monterey, and Cypress Gardens systems. The company also engages in the provision of non-regulated water-related services, including operating of municipally owned water systems, privately owned water, and recycled water distribution systems; water system operation, meter reading, and billing services to private companies and municipalities; leasing of communication antenna sites on its properties; and billing of optional third-party insurance programs to its residential customers. In addition, it provides wastewater collection and treatment services. California Water Service Group was founded in 1926 and is headquartered in San Jose, California.

How this company scores

GoodMetricSide Score: 63/100

Strongest: Cash & Earnings Quality (25/25); weakest: Growth (11/25).

Profitability15/25

Growth11/25

Balance Sheet & Red Flags12/25

Cash & Earnings Quality25/25

Strengths

Rising free cash flowStrong marginsCash-backed earningsConsistent free cash flow

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 21.7x5y range 14.2x – 66.0x

Currently near its 20-quarter median.

P/S · 2.9x5y range 2.7x – 5.0x

Currently near its 20-quarter median.

P/B · 1.6x5y range 1.5x – 3.2x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

Some Concerns

Leverage Risk

Watch

Debt-to-equity has risen 22.1% recently — increasing financial risk even if the current ratio is manageable.

Share Dilution

Watch

Shares outstanding rose 2.4% — mild dilution. Compare to earnings growth to assess the net per-share impact.

Price & Volume

Market Cap $2.89B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $1.00B
Q. Revenue: $278.04M
TTM EBITDA: $329.05M
TTM Op. Income: $185.28M
Q. Op. Income: $70.90M
TTM Net Income: $133.21M
Q. Net Income: $56.47M
EPS: $0.94
Shares Out.: $60.36M

$1.00B in TTM revenue grew 3.9% YoY, reaching $278.04M last quarter. TTM EBITDA of $329.05M and TTM operating income of $185.28M show growth is flowing through to the bottom line. TTM net income of $133.21M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 2 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 36.3%
Op. Margin: 25.5%
Net Margin: 20.3%

Op. margin of 25.5% is up 5.3% YoY — cost efficiency is improving. Net margin at 20.3% Over the past year, operating margin is up 26% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 21.7x
P/S Ratio: 2.9x
P/B Ratio: 1.6x

At 21.7x P/E, the stock trades within typical market levels. P/S of 2.9x and P/B of 1.6x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Over the past year, P/E is up 9% — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $5.95B
Cash: $43.45M
Long-Term Debt: $1.47B
Book Value: $1.81B
D/E Ratio: 0.8
Debt/EBITDA: 14.6

With $5.95B in assets and $1.47B in long-term debt, D/E is 0.8and book value is $1.81B — a conservative capital structure with a cushion to weather downturns. Over the past year, debt/equity is up 22% — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $63.60M
TTM Free Cash Flow: $328.18M
FCF Margin: 32.8%
FCF / Net Income: 2.5

TTM FCF of $328.18M on $63.60M in operating cash flow. The FCF / Net Income ratio of 2.5x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has risen for 2 consecutive quarters — an improving trend.