H2O America (HTO) Key Metrics
HTO valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $2.41B
- Enterprise value
- $4.39B
- P/E (TTM)
- 20.4 10-yr median 27.5
- Forward P/E
- 22.9
- PEG ratio
- 2.68
- Price / sales
- 2.9 10-yr median 3.4
- Price / book
- 1.4 10-yr median 2.1
- EV / EBITDA
- 13.7 10-yr median 13.2
- Dividend yield
- 3.05% $1.76 a year
- Beta
- 0.32
HTO key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsHTO valuation Price multiples at each fiscal year-end price.
HTO returns How much profit the business earns on the capital it uses.
HTO per-share figures Results divided by the shares outstanding at year-end.
HTO financial health Debt, liquidity and how easily interest is covered.
HTO efficiency & capital use Working capital cycle and where the cash goes.
HTO valuation history
HTO returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
HTO debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
HTO cash returned to shareholders
HTO price vs earnings per share
HTO key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $1.76B | $1.66B | $2.07B | $2.47B | $2.18B | $1.99B | $2.03B | $1.19B | $1.32B | $1.15B |
| Enterprise value | $3.72B | $3.48B | $3.81B | $4.11B | $3.76B | $3.52B | $3.44B | $1.30B | $1.77B | $1.59B |
| P/E ratio | 17.2 | 17.6 | 24.3 | 33.5 | 36.0 | 32.4 | 86.7 | 30.6 | 22.3 | 21.8 |
| Price / sales | 2.2 | 2.2 | 3.1 | 4.0 | 3.8 | 3.5 | 4.8 | 3.0 | 3.4 | 3.4 |
| Price / book | 1.1 | 1.2 | 1.7 | 2.2 | 2.1 | 2.2 | 2.3 | 1.3 | 2.9 | 2.7 |
| Price / operating cash flow | 7.2 | 8.5 | 10.8 | 14.9 | 16.7 | 19.1 | 15.6 | 13.0 | 13.1 | 10.1 |
| EV / sales | 4.6 | 4.6 | 5.7 | 6.6 | 6.6 | 6.2 | 8.2 | 3.3 | 4.5 | 4.7 |
| EV / EBITDA | 11.4 | 12.0 | 14.4 | 16.7 | 17.1 | 16.3 | 26.0 | 10.0 | 10.4 | 10.3 |
| Earnings yield | 5.8% | 5.7% | 4.1% | 3.0% | 2.8% | 3.1% | 1.2% | 3.3% | 4.5% | 4.6% |
| Free cash flow yield | −15.8% | −11.2% | −4.8% | −3.2% | −5.7% | −5.6% | −2.6% | −4.8% | −3.9% | −2.7% |
| Dividend yield | 3.3% | 3.1% | 2.3% | 1.8% | 1.8% | 1.8% | 1.7% | 1.9% | 1.6% | 1.4% |
| Shareholder yield (dividends + buybacks) | 3.3% | 3.1% | 2.3% | 1.8% | 1.8% | 1.8% | 1.7% | 1.9% | 1.6% | 1.4% |
| Share price at fiscal year-end | $48.99 | $49.22 | $65.35 | $81.19 | $73.20 | $69.36 | $71.06 | $55.62 | $63.83 | $55.98 |
| Per share | ||||||||||
| Revenue per share | $22.23 | $22.21 | $21.17 | $20.40 | $19.29 | $19.67 | $14.72 | $18.64 | $18.82 | $16.50 |
| Earnings per share | $2.85 | $2.79 | $2.68 | $2.43 | $2.03 | $2.14 | $0.82 | $1.82 | $2.86 | $2.57 |
| Operating cash flow per share | $6.80 | $5.80 | $6.03 | $5.46 | $4.37 | $3.63 | $4.55 | $4.28 | $4.89 | $5.56 |
| Free cash flow per share | −$7.72 | −$5.49 | −$3.15 | −$2.57 | −$4.16 | −$3.87 | −$1.85 | −$2.67 | −$2.48 | −$1.51 |
| Cash per share | $0.57 | $0.33 | $0.31 | $0.41 | $0.37 | $0.18 | $0.45 | $19.72 | $0.38 | $0.31 |
| Book value per share | $42.79 | $40.57 | $38.95 | $36.51 | $34.79 | $31.96 | $31.16 | $41.69 | $22.39 | $20.48 |
| Tangible book value per share | $23.87 | $20.32 | $17.36 | $14.28 | $12.56 | $8.85 | $7.99 | $40.87 | $21.70 | $19.31 |
| Dividends per share | $1.63 | $1.55 | $1.51 | $1.43 | $1.35 | $1.27 | $1.20 | $1.08 | $1.03 | $0.80 |
| Capex per share | $14.52 | $11.30 | $9.18 | $8.03 | $8.54 | $7.49 | $6.40 | $6.95 | $7.37 | $7.07 |
| Debt per share | $54.91 | $54.30 | $55.18 | $54.43 | $53.64 | $53.63 | $49.82 | $24.91 | $22.05 | $21.74 |
| Shares outstanding | 36.0M | 33.7M | 31.7M | 30.4M | 29.7M | 28.7M | 28.6M | 21.3M | 20.7M | 20.6M |
| Change in shares outstanding | +6.9% | +6.4% | +4.1% | +2.3% | +3.6% | +0.5% | +33.9% | +3.1% | +0.5% | +0.4% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 7.1% | 7.2% | 7.3% | 6.9% | 6.2% | 6.8% | 2.6% | 5.7% | 13.4% | 13.1% |
| Return on invested capital (ROIC) | 4.8% | 5.1% | 4.9% | 4.4% | 3.9% | 4.4% | 2.6% | 6.1% | 7.3% | 7.2% |
| Return on assets (ROA) | 2.1% | 2.1% | 2.1% | 2.0% | 1.8% | 1.9% | 0.9% | 2.3% | 4.1% | 3.8% |
| Return on tangible assets | 2.3% | 2.4% | 2.3% | 2.4% | 2.1% | 2.3% | 0.9% | 2.0% | 4.1% | 3.7% |
| Free cash flow margin | −34.7% | −24.7% | −14.9% | −12.6% | −21.6% | −19.6% | −12.6% | −14.3% | −13.2% | −9.1% |
| Income quality (OCF / net income) | 2.39 | 2.08 | 2.25 | 2.25 | 2.15 | 1.69 | 5.56 | 2.36 | 1.71 | 2.17 |
| Financial health | ||||||||||
| Total debt | $1.98B | $1.83B | $1.75B | $1.66B | $1.60B | $1.54B | $1.42B | $531.4M | $456.1M | $447.7M |
| Cash & short-term investments | $20.7M | $11.1M | $9.7M | $12.3M | $10.9M | $5.3M | $12.9M | $420.7M | $7.8M | $6.3M |
| Net debt | $1.96B | $1.82B | $1.74B | $1.64B | $1.58B | $1.53B | $1.41B | $110.7M | $448.3M | $441.3M |
| Debt / equity | 1.28 | 1.34 | 1.42 | 1.49 | 1.54 | 1.68 | 1.60 | 0.60 | 0.98 | 1.06 |
| Debt / assets | 0.38 | 0.39 | 0.40 | 0.44 | 0.46 | 0.46 | 0.45 | 0.27 | 0.31 | 0.31 |
| Net debt / EBITDA | 5.99 | 6.28 | 6.55 | 6.66 | 7.21 | 7.11 | 10.65 | 0.85 | 2.64 | 2.86 |
| Current ratio | 0.70 | 0.73 | 0.58 | 0.59 | 0.66 | 0.36 | 0.52 | 3.07 | 0.79 | 1.57 |
| Quick ratio | 0.70 | 0.73 | 0.58 | 0.59 | 0.66 | 0.36 | 0.52 | 3.07 | 0.13 | 1.57 |
| Interest coverage | 2.0 | 2.4 | 2.3 | 2.3 | 2.0 | 2.2 | 1.8 | 3.0 | 4.4 | 4.5 |
| Working capital | −$82.8M | −$70.5M | −$144.6M | −$109.9M | −$69.2M | −$223.5M | −$112.5M | $338.7M | −$18.2M | $36.0M |
| Invested capital | $3.50B | $3.19B | $2.97B | $2.75B | $2.62B | $2.45B | $2.30B | $1.00B | $911.5M | $863.0M |
| Tangible asset value | $859.4M | $684.6M | $549.6M | $434.6M | $373.4M | $253.8M | $228.3M | $871.8M | $448.8M | $397.7M |
| Net current asset value | −$3.42B | −$3.10B | −$2.91B | −$2.49B | −$2.32B | −$2.27B | −$2.12B | −$564.4M | −$927.9M | −$922.1M |
| Graham number | $52.37 | $50.46 | $48.50 | $44.65 | $39.90 | $39.26 | $23.97 | $41.29 | $37.98 | $34.39 |
| Graham net-net per share | −$96.69 | −$94.18 | −$94.98 | −$83.78 | −$79.65 | −$80.56 | −$75.74 | −$28.53 | −$44.39 | −$47.36 |
| Capital allocation | ||||||||||
| Dividends paid | $58.6M | $52.1M | $47.9M | $43.6M | $40.1M | $36.5M | $34.1M | $23.1M | $21.3M | $16.6M |
| Share buybacks (net) | — | — | — | — | — | — | $10,000 | — | — | — |
| Dividend payout ratio | 57.2% | 55.5% | 56.4% | 59.0% | 66.4% | 59.3% | 145.9% | 59.5% | 36.0% | 31.3% |
| Capex / revenue | 65.3% | 50.9% | 43.4% | 39.3% | 44.2% | 38.1% | 43.5% | 37.3% | 39.2% | 42.9% |
| Capex / operating cash flow | 213.6% | 194.7% | 152.3% | 147.0% | 195.2% | 206.6% | 140.7% | 162.4% | 150.7% | 127.1% |
| Capex / depreciation | 4.34 | 3.31 | 2.69 | 2.29 | 2.63 | 2.35 | 2.67 | 2.61 | 3.02 | 3.14 |
| Stock-based compensation / revenue | 0.8% | 0.8% | 0.7% | 0.8% | 0.7% | 0.6% | 0.8% | 0.5% | 0.7% | 0.5% |
| SG&A / revenue | 18.9% | 14.1% | 14.7% | 15.4% | 15.2% | 14.1% | 15.8% | 12.3% | 12.6% | 12.2% |
| Efficiency | ||||||||||
| Days sales outstanding | 64.8 | 65.5 | 64.4 | 63.3 | 66.1 | 61.8 | 60.0 | 48.0 | 50.7 | 54.1 |
| Days of inventory on hand | — | — | — | — | — | — | — | — | 116.2 | — |
| Days payables outstanding | 56.3 | 57.8 | 49.0 | 41.5 | 46.2 | 50.8 | 55.6 | 46.7 | 43.1 | 44.3 |
| Cash conversion cycle (days) | 8.5 | 7.8 | 15.4 | 21.7 | 19.9 | 11.0 | 4.4 | 1.3 | 123.8 | 9.8 |
| Receivables turnover | 5.63 | 5.57 | 5.66 | 5.77 | 5.52 | 5.91 | 6.08 | 7.61 | 7.20 | 6.75 |
| Payables turnover | 6.48 | 6.32 | 7.45 | 8.79 | 7.90 | 7.18 | 6.56 | 7.81 | 8.47 | 8.24 |
| Inventory turnover | — | — | — | — | — | — | — | — | 3.14 | — |
| Asset turnover | 0.16 | 0.17 | 0.17 | 0.17 | 0.17 | 0.18 | 0.17 | 0.23 | 0.27 | 0.24 |
| Average receivables | $142.2M | $134.4M | $118.4M | $107.6M | $103.9M | $95.6M | $69.1M | $52.3M | $54.1M | $50.3M |
| Average payables | $65.8M | $51.2M | $37.9M | $30.0M | $32.3M | $34.5M | $29.9M | $23.9M | $20.8M | $17.5M |
| Average inventory | — | — | — | — | — | — | — | — | $56.2M | — |
| Intangibles / total assets | 13.2% | 14.6% | 15.7% | 18.0% | 18.9% | 20.0% | 21.1% | 0.9% | 1.0% | 1.7% |
Computed from HTO's annual financial statements (latest annual report filed February 26, 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.
HTO valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), H2O America traded at 17.2 times earnings, against a 10-year median of 27.5. Based on the latest twelve months, the trailing P/E is 20.4 and the forward P/E is 22.9. H2O America earned a return on equity of 7.1% and a return on invested capital of 4.8% in fiscal 2025. It ended the year with $2.0 billion of debt and $20.7 million in cash and short-term investments, net debt of $2.0 billion. It returned $58.6 million to shareholders: $58.6 million in dividends and $0 in share buybacks. The share count rose 74.9% from 20.6M to 36.0M over 9 years.
See the HTO income statement, the HTO chart for price history, or the HTO stock overview for the latest quote and news.
HTO key metrics FAQ
What is H2O America's P/E ratio?
H2O America's trailing P/E ratio is 20.4 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 22.9. At the end of fiscal 2025 it was 17.2, compared with a 10-year median of 27.5.
What is H2O America's EV/EBITDA?
H2O America's enterprise value was 11.4 times EBITDA at the end of fiscal 2025 (enterprise value $3.7 billion, EBITDA $326.5 million); the current EV/EBITDA is 13.7.
What is H2O America's return on equity?
H2O America's return on equity (ROE) was 7.1% in fiscal 2025: net income of $102.6 million on average shareholders' equity of $1.5 billion.
What is H2O America's ROIC?
H2O America's return on invested capital was 4.8% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does H2O America have?
H2O America had total debt of $2.0 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.28 and $2.0 billion of net debt (5.99 times EBITDA).
What is H2O America's dividend yield?
H2O America's forward dividend yield is 3.05%. H2O America paid $58.6 million in dividends in fiscal 2025 ($1.63 per share), a payout ratio of 57.2%.
What is H2O America's free cash flow yield?
H2O America generated -$278.1 million of free cash flow in fiscal 2025, a free cash flow yield of −15.8% on its market value at year-end ($1.8 billion).
What is H2O America's current ratio?
H2O America's current ratio was 0.70 at the end of fiscal 2025: current assets were 0.70 times current liabilities.