California Water Service Group (CWT) Key Metrics
CWT valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $2.87B
- Enterprise value
- $4.48B
- P/E (TTM)
- 20.8 10-yr median 33.9
- Forward P/E
- 17.5
- PEG ratio
- 2.22
- Price / sales
- 2.7 10-yr median 3.3
- Price / book
- 1.6 10-yr median 2.7
- EV / EBITDA
- 12.2 10-yr median 15.1
- Dividend yield
- 2.89% $1.34 a year
- Beta
- 0.48
CWT key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsCWT valuation Price multiples at each fiscal year-end price.
CWT returns How much profit the business earns on the capital it uses.
CWT per-share figures Results divided by the shares outstanding at year-end.
CWT financial health Debt, liquidity and how easily interest is covered.
CWT efficiency & capital use Working capital cycle and where the cash goes.
CWT valuation history
CWT returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
CWT debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
CWT cash returned to shareholders
CWT price vs earnings per share
CWT key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $2.58B | $2.66B | $2.96B | $3.30B | $3.71B | $2.66B | $2.48B | $2.29B | $2.18B | $1.63B |
| Enterprise value | $4.15B | $4.00B | $4.12B | $4.35B | $4.73B | $3.79B | $3.44B | $3.12B | $2.89B | $2.26B |
| P/E ratio | 20.2 | 13.9 | 56.9 | 34.3 | 36.7 | 27.5 | 39.3 | 34.9 | 32.4 | 33.4 |
| Price / sales | 2.6 | 2.6 | 3.7 | 3.9 | 4.7 | 3.4 | 3.5 | 3.3 | 3.3 | 2.7 |
| Price / book | 1.5 | 1.6 | 2.1 | 2.5 | 3.2 | 2.9 | 3.2 | 3.1 | 3.1 | 2.5 |
| Price / operating cash flow | 8.5 | 9.1 | 13.6 | 13.5 | 16.0 | 22.6 | 14.7 | 12.8 | 14.7 | 10.2 |
| EV / sales | 4.1 | 3.9 | 5.2 | 5.1 | 6.0 | 4.8 | 4.8 | 4.5 | 4.3 | 3.7 |
| EV / EBITDA | 11.5 | 9.4 | 18.9 | 16.5 | 18.2 | 15.1 | 16.1 | 15.2 | 13.7 | 13.3 |
| Earnings yield | 5.0% | 7.2% | 1.8% | 2.9% | 2.7% | 3.6% | 2.5% | 2.9% | 3.1% | 3.0% |
| Free cash flow yield | −8.3% | −6.8% | −5.6% | −2.5% | −1.7% | −6.8% | −4.2% | −4.0% | −5.1% | −4.3% |
| Dividend yield | 2.9% | 2.5% | 2.0% | 1.6% | 1.3% | 1.6% | 1.5% | 1.6% | 1.6% | 2.0% |
| Shareholder yield (dividends + buybacks) | 2.9% | 2.5% | 2.1% | 1.7% | 1.3% | 1.6% | 1.6% | 1.6% | 1.7% | 2.1% |
| Share price at fiscal year-end | $43.33 | $45.33 | $51.87 | $60.64 | $71.86 | $54.03 | $51.56 | $47.66 | $45.35 | $33.90 |
| Per share | ||||||||||
| Revenue per share | $16.77 | $17.68 | $13.95 | $15.57 | $15.32 | $16.12 | $14.83 | $14.53 | $13.89 | $12.71 |
| Earnings per share | $2.15 | $3.25 | $0.91 | $1.77 | $1.96 | $1.97 | $1.31 | $1.36 | $1.40 | $1.01 |
| Operating cash flow per share | $5.07 | $4.96 | $3.82 | $4.48 | $4.49 | $2.39 | $3.50 | $3.72 | $3.08 | $3.33 |
| Free cash flow per share | −$3.60 | −$3.07 | −$2.91 | −$1.54 | −$1.19 | −$3.67 | −$2.18 | −$1.93 | −$2.32 | −$1.44 |
| Cash per share | $0.87 | $0.85 | $1.49 | $1.56 | $1.52 | $0.90 | $0.90 | $0.98 | $1.97 | $0.53 |
| Book value per share | $28.37 | $27.93 | $25.04 | $24.24 | $22.59 | $18.70 | $16.19 | $15.19 | $14.44 | $13.75 |
| Tangible book value per share | $27.34 | $26.89 | $24.02 | $23.25 | $21.30 | $17.81 | $15.91 | $14.62 | $14.16 | $13.45 |
| Dividends per share | $1.24 | $1.12 | $1.04 | $1.00 | $0.92 | $0.85 | $0.79 | $0.75 | $0.72 | $0.69 |
| Capex per share | $8.67 | $8.03 | $6.73 | $6.03 | $5.68 | $6.06 | $5.68 | $5.65 | $5.40 | $4.77 |
| Debt per share | $27.11 | $23.79 | $21.88 | $20.98 | $21.26 | $23.78 | $20.72 | $18.31 | $16.81 | $13.66 |
| Shares outstanding | 59.6M | 58.6M | 57.0M | 54.4M | 51.6M | 49.3M | 48.2M | 48.1M | 48.0M | 48.0M |
| Change in shares outstanding | +1.7% | +2.9% | +4.8% | +5.3% | +4.8% | +2.3% | +0.2% | +0.1% | +0.1% | +0.2% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 7.7% | 12.5% | 3.8% | 7.7% | 9.7% | 11.4% | 8.4% | 9.2% | 9.9% | 7.5% |
| Return on invested capital (ROIC) | 5.1% | 6.6% | 3.1% | 5.2% | 5.8% | 6.4% | 4.7% | 6.0% | 4.7% | 4.0% |
| Return on assets (ROA) | 2.4% | 3.9% | 1.2% | 2.5% | 2.9% | 2.9% | 2.1% | 2.4% | 2.6% | 2.1% |
| Return on tangible assets | 2.3% | 3.7% | 1.1% | 2.5% | 2.8% | 2.9% | 2.0% | 2.3% | 2.5% | 2.0% |
| Free cash flow margin | −21.4% | −17.4% | −20.9% | −9.9% | −7.8% | −22.8% | −14.7% | −13.3% | −16.7% | −11.4% |
| Income quality (OCF / net income) | 2.36 | 1.52 | 4.20 | 2.54 | 2.29 | 1.22 | 2.67 | 2.73 | 2.20 | 3.28 |
| Financial health | ||||||||||
| Total debt | $1.62B | $1.40B | $1.25B | $1.14B | $1.10B | $1.17B | $998.1M | $880.0M | $806.8M | $655.1M |
| Cash & short-term investments | $51.8M | $50.1M | $85.0M | $85.0M | $78.4M | $44.6M | $43.3M | $47.2M | $94.8M | $25.5M |
| Net debt | $1.56B | $1.35B | $1.16B | $1.06B | $1.02B | $1.13B | $954.8M | $832.9M | $712.0M | $629.6M |
| Debt / equity | 0.96 | 0.85 | 0.87 | 0.87 | 0.94 | 1.27 | 1.28 | 1.21 | 1.16 | 0.99 |
| Debt / assets | 0.29 | 0.27 | 0.27 | 0.29 | 0.30 | 0.35 | 0.31 | 0.31 | 0.29 | 0.27 |
| Net debt / EBITDA | 4.34 | 3.17 | 5.34 | 4.01 | 3.92 | 4.48 | 4.48 | 4.05 | 3.37 | 3.72 |
| Current ratio | 0.85 | 0.60 | 0.69 | 1.00 | 1.10 | 0.45 | 0.51 | 0.59 | 0.46 | 0.57 |
| Quick ratio | 0.80 | 0.56 | 0.65 | 0.96 | 1.07 | 0.44 | 0.49 | 0.57 | 0.45 | 0.54 |
| Interest coverage | 2.7 | 3.9 | 1.5 | 2.9 | 2.9 | 3.3 | 2.4 | 2.9 | 2.8 | 2.5 |
| Working capital | −$63.7M | −$214.2M | −$134.1M | $885,000 | $28.5M | −$322.7M | −$174.0M | −$132.5M | −$263.1M | −$108.2M |
| Invested capital | $3.26B | $2.98B | $2.59B | $2.37B | $2.19B | $2.05B | $1.73B | $1.56B | $1.41B | $1.29B |
| Tangible asset value | $1.63B | $1.58B | $1.37B | $1.27B | $1.11B | $877.4M | $766.4M | $702.8M | $679.9M | $645.0M |
| Net current asset value | −$3.62B | −$3.22B | −$2.97B | −$2.33B | −$2.15B | −$2.21B | −$2.25B | −$1.92B | −$1.82B | −$1.61B |
| Graham number | $37.05 | $45.22 | $22.65 | $31.03 | $31.55 | $28.75 | $21.85 | $21.60 | $21.33 | $17.72 |
| Graham net-net per share | −$63.62 | −$56.96 | −$53.43 | −$44.15 | −$43.95 | −$48.00 | −$47.65 | −$42.07 | −$39.83 | −$35.20 |
| Capital allocation | ||||||||||
| Dividends paid | $73.9M | $65.5M | $59.0M | $54.2M | $47.4M | $41.8M | $38.0M | $36.0M | $34.6M | $33.1M |
| Share buybacks (net) | $1.4M | $1.4M | $1.8M | $2.0M | $1.8M | $1.7M | $2.5M | $1.6M | $1.5M | $744,000 |
| Dividend payout ratio | 57.6% | 34.3% | 113.7% | 56.4% | 46.9% | 43.1% | 60.2% | 55.0% | 51.4% | 68.0% |
| Capex / revenue | 51.7% | 45.4% | 48.3% | 38.7% | 37.1% | 37.6% | 38.3% | 38.9% | 38.9% | 37.6% |
| Capex / operating cash flow | 170.9% | 161.9% | 176.2% | 134.5% | 126.5% | 253.3% | 162.2% | 151.8% | 175.3% | 143.4% |
| Capex / depreciation | 3.53 | 3.51 | 3.12 | 2.79 | 2.63 | 2.96 | 3.00 | 3.17 | 3.30 | 3.51 |
| Stock-based compensation / revenue | 0.5% | 0.4% | 0.4% | 0.6% | 0.9% | 0.6% | 0.9% | 0.4% | 0.5% | 0.5% |
| SG&A / revenue | 14.2% | 13.5% | 17.9% | 15.7% | 16.0% | 14.7% | 15.2% | 14.4% | 15.4% | 16.2% |
| Efficiency | ||||||||||
| Days sales outstanding | 64.4 | 64.3 | 81.1 | 66.3 | 48.4 | 45.4 | 42.5 | 25.1 | 26.4 | 28.1 |
| Days of inventory on hand | 20.6 | 140.4 | 12.2 | 12.7 | 10.9 | 7.5 | 7.0 | 8.6 | 8.8 | 9.5 |
| Days payables outstanding | 175.6 | 1,254.5 | 128.8 | 166.6 | 164.1 | 110.4 | 101.4 | 124.7 | 118.6 | 105.7 |
| Cash conversion cycle (days) | -90.6 | -1,049.9 | -35.6 | -87.5 | -104.7 | -57.5 | -51.8 | -91.0 | -83.4 | -68.2 |
| Receivables turnover | 5.67 | 5.68 | 4.50 | 5.50 | 7.54 | 8.05 | 8.58 | 14.54 | 13.84 | 13.00 |
| Payables turnover | 2.08 | 0.29 | 2.83 | 2.19 | 2.22 | 3.31 | 3.60 | 2.93 | 3.08 | 3.45 |
| Inventory turnover | 17.70 | 2.60 | 30.02 | 28.64 | 33.49 | 48.59 | 52.11 | 42.51 | 41.46 | 38.47 |
| Asset turnover | 0.18 | 0.21 | 0.18 | 0.22 | 0.23 | 0.24 | 0.24 | 0.25 | 0.26 | 0.26 |
| Average receivables | $176.5M | $182.6M | $176.5M | $153.8M | $104.9M | $98.7M | $83.2M | $48.0M | $48.2M | $46.9M |
| Average payables | $171.6M | $163.9M | $152.2M | $144.2M | $138.0M | $121.8M | $103.7M | $94.8M | $85.9M | $70.4M |
| Average inventory | $20.1M | $18.3M | $14.4M | $11.0M | $9.2M | $8.3M | $7.2M | $6.5M | $6.4M | $6.3M |
| Intangibles / total assets | 1.1% | 1.2% | 1.2% | 1.4% | 1.8% | 1.3% | 0.4% | 1.0% | 0.5% | 0.6% |
Computed from CWT's annual financial statements (latest annual report filed February 27, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
CWT valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), California Water Service traded at 20.2 times earnings, against a 10-year median of 33.9. Based on the latest twelve months, the trailing P/E is 20.8 and the forward P/E is 17.5. California Water Service earned a return on equity of 7.7% and a return on invested capital of 5.1% in fiscal 2025. It ended the year with $1.6 billion of debt and $51.8 million in cash and short-term investments, net debt of $1.6 billion. It returned $75.3 million to shareholders: $73.9 million in dividends and $1.4 million in share buybacks. The share count rose 24.3% from 48.0M to 59.6M over 9 years.
See the CWT income statement, the CWT chart for price history, or the CWT stock overview for the latest quote and news.
CWT key metrics FAQ
What is California Water Service's P/E ratio?
California Water Service's trailing P/E ratio is 20.8 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 17.5. At the end of fiscal 2025 it was 20.2, compared with a 10-year median of 33.9.
What is California Water Service's EV/EBITDA?
California Water Service's enterprise value was 11.5 times EBITDA at the end of fiscal 2025 (enterprise value $4.1 billion, EBITDA $360.2 million); the current EV/EBITDA is 12.2.
What is California Water Service's return on equity?
California Water Service's return on equity (ROE) was 7.7% in fiscal 2025: net income of $128.2 million on average shareholders' equity of $1.7 billion.
What is California Water Service's ROIC?
California Water Service's return on invested capital was 5.1% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does California Water Service have?
California Water Service had total debt of $1.6 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.96 and $1.6 billion of net debt (4.34 times EBITDA).
What is California Water Service's dividend yield?
California Water Service's forward dividend yield is 2.89%. California Water Service paid $73.9 million in dividends in fiscal 2025 ($1.24 per share), a payout ratio of 57.6%.
Does California Water Service buy back its shares?
Yes. California Water Service spent $1.4 million on net share repurchases in fiscal 2025 Shares outstanding changed +1.7% over the year, to 59.6M..
What is California Water Service's free cash flow yield?
California Water Service generated -$214.4 million of free cash flow in fiscal 2025, a free cash flow yield of −8.3% on its market value at year-end ($2.6 billion).
What is California Water Service's current ratio?
California Water Service's current ratio was 0.85 at the end of fiscal 2025: current assets were 0.85 times current liabilities.