California Water Service Group (CWT) Balance Sheet
CWT balance sheet, 2025
December 31, 2025 · U.S. dollars$5.67B assets = $3.98B liabilities + $1.69B equity
Both columns are drawn to the same scale: what CWT owns equals what it owes plus shareholders’ equity. Hover a block for its value.
CWT financial health
Descriptive bands, not a rating. Fiscal 2025.
CWT balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $2.41B2016 | $5.67B2025 | +10.0%/yr | |
| Total liabilities | $1.75B2016 | $3.98B2025 | +9.5%/yr | |
| Shareholders’ equity | $659.5M2016 | $1.69B2025 | +11.0%/yr | |
| Cash & short-term investments | $25.5M2016 | $51.8M2025 | +8.2%/yr | |
| Total debt | $655.1M2016 | $1.62B2025 | +10.6%/yr | |
| Net cash (debt) | −$629.6M2016 | −$1.56B2025 | −$935.3M | |
| Working capital | −$108.2M2016 | −$63.7M2025 | +$44.4M | |
| Book value per share | $13.752016 | $28.372025 | +8.4%/yr | |
| Current ratio | 0.572016 | 0.852025 | +0.28 | |
| Debt / equity | 0.992016 | 0.962025 | −0.04 | |
| Shares outstanding | 48.0M2016 | 59.6M2025 | +2.5%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CWT assets
CWT liabilities and equity
CWT debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
CWT balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $51.8M | $50.1M | $85.0M | $85.0M | $78.4M | $44.6M | $43.3M | $47.2M | $94.8M | $25.5M |
| Cash & equivalents | $51.8M | $50.1M | $85.0M | $85.0M | $78.4M | $44.6M | $43.3M | $47.2M | $94.8M | $25.5M |
| Short-term investments | — | — | — | — | — | — | — | — | $600,000 | $400,000 |
| Receivables | $164.8M | $188.2M | $177.0M | $176.0M | $131.7M | $78.1M | $119.3M | $47.1M | $48.9M | $47.5M |
| Inventory | $19.8M | $20.5M | $16.2M | $12.6M | $9.5M | $8.8M | $7.7M | $6.6M | $6.5M | $6.3M |
| Other current assets | $118.1M | $65.3M | $18.1M | $22.0M | $80.9M | $134.5M | $14.3M | $87.8M | $77.7M | $62.8M |
| Total current assets | $354.4M | $324.1M | $296.3M | $295.5M | $300.5M | $266.0M | $184.7M | $188.7M | $227.9M | $142.1M |
| Property, plant & equipment (net) | $4.56B | $4.15B | $3.77B | $3.06B | $2.82B | $2.65B | $2.41B | $2.23B | $2.04B | $1.86B |
| Goodwill & intangible assets | $61.6M | $61.2M | $57.8M | $53.6M | $66.8M | $44.0M | $13.5M | $27.4M | $13.6M | $14.4M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $700.1M | $647.1M | $580.9M | $539.8M | $439.1M | $433.7M | $603.6M | $388.9M | $461.9M | $396.0M |
| Total assets | $5.67B | $5.18B | $4.70B | $3.95B | $3.62B | $3.39B | $3.21B | $2.84B | $2.74B | $2.41B |
| Liabilities | ||||||||||
| Accounts payable | $175.7M | $167.5M | $160.3M | $144.1M | $144.4M | $131.7M | $111.8M | $95.6M | $94.0M | $77.8M |
| Short-term debt | $133.5M | $278.6M | $181.6M | $74.4M | $42.0M | $376.9M | $198.4M | $170.0M | $291.0M | $123.3M |
| Deferred revenue | — | $22.0M | $13.5M | $8.1M | $3.9M | $2.2M | $2.0M | $4.2M | $46.7M | $44.4M |
| Total current liabilities | $418.2M | $538.4M | $430.3M | $294.6M | $271.9M | $588.7M | $358.7M | $321.2M | $491.0M | $250.2M |
| Long-term debt | $1.47B | $1.10B | $1.05B | $1.05B | $1.06B | $781.1M | $786.8M | $710.0M | $182.5M | $182.4M |
| Lease obligations | $1.2M | $1.2M | $962,000 | $1.1M | $1.8M | $1.8M | $1.5M | — | — | — |
| Other long-term liabilities | $2.09B | $1.90B | $1.79B | $1.28B | $1.12B | $1.10B | $1.29B | $1.08B | $1.37B | $1.32B |
| Total liabilities | $3.98B | $3.54B | $3.27B | $2.62B | $2.45B | $2.47B | $2.43B | $2.11B | $2.05B | $1.75B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $596,000 | $595,000 | $577,000 | $556,000 | $537,000 | $503,000 | $485,000 | $481,000 | $480,000 | $480,000 |
| Retained earnings (deficit) | $729.3M | $674.9M | $549.6M | $556.7M | $514.9M | $472.2M | $417.1M | $392.1M | $356.8M | $324.1M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | −$13.9M | −$7.2M | — | $0 | $0 | — | $0 | −$996.7M | −$911.0M | −$848.0M |
| Minority interest | $2.6M | $3.0M | $3.6M | $4.8M | $5.4M | — | — | — | $0 | $0 |
| Total shareholders' equity | $1.69B | $1.64B | $1.43B | $1.32B | $1.17B | $921.3M | $779.9M | $730.2M | $693.5M | $659.5M |
| Key figures | ||||||||||
| Total debt | $1.62B | $1.40B | $1.25B | $1.14B | $1.10B | $1.17B | $998.1M | $880.0M | $806.8M | $655.1M |
| Net cash (debt) | −$1.56B | −$1.35B | −$1.16B | −$1.06B | −$1.02B | −$1.13B | −$954.8M | −$832.9M | −$712.0M | −$629.6M |
| Working capital | −$63.7M | −$214.2M | −$134.1M | $885,000 | $28.5M | −$322.7M | −$174.0M | −$132.5M | −$263.1M | −$108.2M |
| Tangible book value | $1.63B | $1.58B | $1.37B | $1.26B | $1.10B | $877.4M | $766.4M | $702.8M | $679.9M | $645.0M |
| Book value per share | $28.37 | $27.93 | $25.04 | $24.24 | $22.59 | $18.70 | $16.19 | $15.19 | $14.44 | $13.75 |
| Shares outstanding | 59.6M | 58.6M | 57.0M | 54.4M | 51.6M | 49.3M | 48.2M | 48.1M | 48.0M | 48.0M |
| Current ratio | 0.85 | 0.60 | 0.69 | 1.00 | 1.10 | 0.45 | 0.51 | 0.59 | 0.46 | 0.57 |
| Quick ratio | 0.52 | 0.44 | 0.61 | 0.89 | 0.77 | 0.21 | 0.45 | 0.29 | 0.29 | 0.29 |
| Debt / equity | 0.96 | 0.85 | 0.87 | 0.87 | 0.94 | 1.27 | 1.28 | 1.21 | 1.16 | 0.99 |
| Equity / assets | 29.8% | 31.6% | 30.4% | 33.4% | 32.2% | 27.1% | 24.3% | 25.7% | 25.3% | 27.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $43.4M | $103.7M | $51.8M | $76.0M | $50.5M | $44.5M | $50.1M | $59.6M | $37.3M | $42.8M | $85.0M | $34.7M |
| Cash & equivalents | $43.4M | $103.7M | $51.8M | $76.0M | $50.5M | $44.5M | $50.1M | $59.6M | $37.3M | $42.8M | $85.0M | $34.7M |
| Receivables | $208.6M | $218.3M | $164.8M | $183.6M | $182.4M | $184.0M | $188.2M | $216.4M | $142.5M | $154.3M | $177.0M | $198.4M |
| Inventory | $18.3M | $19.6M | $19.8M | $20.1M | $19.9M | $20.3M | $20.5M | $19.9M | $17.6M | $16.9M | $16.2M | $15.5M |
| Other current assets | $136.8M | $33.5M | $118.1M | $119.6M | $108.8M | $70.5M | $65.3M | $67.1M | $69.4M | $69.1M | $18.1M | $53.7M |
| Total current assets | $407.2M | $375.2M | $354.4M | $399.3M | $361.6M | $319.2M | $324.1M | $363.0M | $266.8M | $283.1M | $296.3M | $302.3M |
| Property, plant & equipment (net) | $4.81B | $4.67B | $4.56B | $4.44B | $4.33B | $4.23B | $4.15B | $4.04B | $3.94B | $3.85B | $3.77B | $3.25B |
| Goodwill & intangible assets | $37.1M | $37.1M | $61.6M | $37.1M | $37.1M | $37.1M | $61.2M | $37.0M | $37.0M | $37.0M | $57.8M | $36.8M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $699.5M | $702.2M | $700.1M | $639.0M | $666.7M | $671.2M | $647.1M | $574.0M | $625.2M | $612.1M | $580.9M | $453.9M |
| Total assets | $5.95B | $5.78B | $5.67B | $5.52B | $5.40B | $5.26B | $5.18B | $5.01B | $4.87B | $4.78B | $4.70B | $4.04B |
| Liabilities | ||||||||||||
| Accounts payable | $201.4M | $164.8M | $175.7M | $188.2M | $167.0M | $141.3M | $167.5M | $171.5M | $143.5M | $119.8M | $160.3M | $152.9M |
| Short-term debt | $205.6M | $230.8M | $133.5M | $417.5M | $432.5M | $357.4M | $277.4M | $260.9M | $246.2M | $281.2M | $181.6M | $116.8M |
| Deferred revenue | — | — | — | — | — | — | $22.0M | — | — | — | $13.5M | $85.0M |
| Total current liabilities | $580.7M | $545.0M | $418.2M | $729.9M | $686.1M | $604.1M | $538.4M | $570.7M | $512.5M | $507.9M | $430.3M | $381.1M |
| Long-term debt | $1.47B | $1.47B | $1.47B | $1.10B | $1.10B | $1.10B | $1.10B | $1.05B | $1.05B | $1.05B | $1.05B | $1.05B |
| Lease obligations | — | — | $1.2M | — | — | — | $1.2M | — | — | — | $962,000 | — |
| Other long-term liabilities | $2.09B | $1.97B | $2.09B | $1.98B | $1.95B | $1.92B | $1.90B | $1.76B | $1.76B | $1.75B | $1.79B | $1.19B |
| Total liabilities | $4.14B | $3.99B | $3.98B | $3.82B | $3.74B | $3.63B | $3.54B | $3.38B | $3.32B | $3.31B | $3.27B | $2.63B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $618,000 | $599,000 | $596,000 | $596,000 | $596,000 | $596,000 | $595,000 | $595,000 | $588,000 | $578,000 | $577,000 | $577,000 |
| Retained earnings (deficit) | $749.7M | $713.3M | $729.3M | $735.7M | $692.3M | $668.0M | $674.9M | $671.9M | $627.7M | $603.3M | $549.6M | $534.5M |
| Accumulated other comprehensive income | −$13.2M | −$13.5M | −$13.9M | −$6.8M | −$6.9M | −$7.1M | −$7.2M | −$9.2M | −$13.1M | −$13.4M | — | $0 |
| Minority interest | $2.6M | $2.6M | $2.6M | $2.4M | $2.4M | — | — | — | — | — | — | — |
| Total shareholders' equity | $1.81B | $1.79B | $1.69B | $1.70B | $1.66B | $1.63B | $1.64B | $1.63B | $1.54B | $1.47B | $1.43B | $1.41B |
| Key figures | ||||||||||||
| Total debt | $1.68B | $1.70B | $1.62B | $1.52B | $1.54B | $1.46B | $1.40B | $1.31B | $1.30B | $1.33B | $1.25B | $1.17B |
| Net cash (debt) | −$1.63B | −$1.60B | −$1.56B | −$1.45B | −$1.49B | −$1.42B | −$1.35B | −$1.25B | −$1.26B | −$1.29B | −$1.16B | −$1.13B |
| Working capital | −$173.5M | −$169.8M | −$63.7M | −$330.6M | −$324.5M | −$284.9M | −$214.2M | −$207.8M | −$245.7M | −$224.8M | −$134.1M | −$78.9M |
| Tangible book value | $1.77B | $1.75B | $1.63B | $1.66B | $1.62B | $1.59B | $1.58B | $1.59B | $1.51B | $1.43B | $1.37B | $1.37B |
| Book value per share | $29.95 | $29.90 | $28.35 | $28.51 | $27.81 | $27.40 | $27.93 | $27.61 | $26.48 | $25.40 | $24.70 | $24.43 |
| Shares outstanding | 60.4M | 59.8M | 59.7M | 59.7M | 59.6M | 59.6M | 58.6M | 59.0M | 58.3M | 57.8M | 57.8M | 57.7M |
| Current ratio | 0.70 | 0.69 | 0.85 | 0.55 | 0.53 | 0.53 | 0.60 | 0.64 | 0.52 | 0.56 | 0.69 | 0.79 |
| Quick ratio | 0.43 | 0.59 | 0.52 | 0.36 | 0.34 | 0.38 | 0.44 | 0.48 | 0.35 | 0.39 | 0.61 | 0.61 |
| Debt / equity | 0.93 | 0.95 | 0.96 | 0.89 | 0.93 | 0.90 | 0.85 | 0.81 | 0.84 | 0.91 | 0.87 | 0.83 |
| Equity / assets | 30.4% | 30.9% | 29.8% | 30.8% | 30.7% | 31.0% | 31.6% | 32.5% | 31.7% | 30.7% | 30.4% | 34.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 27, 2026); data from EODHD.
CWT financial position
At the end of fiscal 2025 (December 31, 2025), California Water Service had total assets of $5.7 billion (up 9.5% from a year earlier), total liabilities of $4.0 billion and shareholders' equity of $1.7 billion. It held $51.8 million in cash and short-term investments against $1.6 billion of debt, net debt of $1.6 billion. Its current ratio was 0.85. In the latest quarter (ended June 30, 2026) total assets were $6.0 billion and equity $1.8 billion.
Related: CWT income statement, CWT cash flow statement, CWT key metrics. See the CWT stock overview for the latest quote and news.
CWT balance sheet FAQ
What are California Water Service's total assets?
California Water Service reported total assets of $5.7 billion at the end of fiscal 2025 (December 31, 2025), compared with $5.2 billion a year earlier.
How much debt does California Water Service have?
California Water Service had $1.6 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.96.
How much cash does California Water Service have?
California Water Service held $51.8 million in cash and short-term investments at the end of fiscal 2025; with $1.6 billion of debt that is net debt of $1.6 billion.
What is California Water Service's book value?
California Water Service's shareholders' equity (book value) was $1.7 billion at the end of fiscal 2025, or $28.37 per share.
What is California Water Service's current ratio?
California Water Service had current assets of $354.4 million and current liabilities of $418.2 million, a current ratio of 0.85 (current liabilities exceed current assets).
How much goodwill does California Water Service have?
California Water Service carried $61.6 million of goodwill and intangible assets, 1.1% of total assets, at the end of fiscal 2025.