TickerCWT
SectorRegulated Water
Mkt cap$2.6B
EV / EBITDA13.0×
PostureHigh Velocity
Composite78/100
LensBuyer-side

SE-Cluster Research·Issuer Brief·Q2 2026CIK 1035201

California Water Service Group

CWTHIGH VELOCITYFILING INTENSITY

California Water Service Group reads as an High Velocity (composite 78/100); selective buyer deploying $0 across 0 disclosed transactions, running flat vs the prior cycle · primary market Waste.

Lens

Disclosed M&A capital (2023–2025)

N/A

flat

vs N/A in 2020–2022

Disclosed transactions

N/A

flat

0/3 active fiscal years in window

Buyer archetype

N/A

Insufficient acquisition disclosure for archetype classification.

Composite score

/100

High Velocity dominates · Filing Intensity

Financial snapshotRevenue$1B
EBITDA$324M
Enterprise value$4.2B
EV / Revenue4.2×
EV / EBITDA13.0×
P/EN/A
Cash$58M
Total debt$1.7B
as of 2026-05-10

§ I·SE-Cluster Issuer Brief

Behavioral posture, nine reads.

Each index scores the issuer 0–100 against an EDGAR-anchored definition. Scores ≥ threshold elevate the issuer into the index's constituent set; the dominant index drives the masthead label.

Active Acquirer

0/100

Companies actively deploying disclosed capital into M&A

Filed within 25d

Buyer Cadence

22/100

Buyer-side companies with recent filing activity

Filed within 25d
352 8-Ks

Target Probability

12/100

Issuers showing target-side patterns from filings

1 activism filings

Spin/Carve

0/100

Issuers showing spin-off, carve-out, or sum-of-parts posture

1 activism filings

Pressure Watch

17/100

Issuers facing activism, governance, or control pressure

1 activism filings
Latest activism 16y ago; heavily discounted

Distress Watch

5/100

Issuers showing financial-distress filing patterns

1 activism filings

Restatement Risk

0/100

Issuers with accounting-integrity flags from filings

2 auditor changes
Latest event 18y ago; heavily discounted

Capital Velocity

Dominant

78/100

Issuers with the highest filing-activity intensity

352 8-Ks
Filed within 25d
5 form types

Quiet Power

0/100

Large issuers with low signal volume and clean disclosure cadence

Enterprise value $4.2B
10-Q 26d ago
1 active signals

§ II·SE-Cluster Issuer Brief

Capital cadence.

No disclosed M&A capital in the 10-year window.

This issuer has not disclosed material acquisition spend or count in the last ten fiscal years.

§ V·SE-Cluster Issuer Brief

Market context.

Where this issuer sits inside its SE-Cluster rollup wedge, with disclosed-spend rank plus trading comparables against the public peer set.

Primary market

Waste

Market spend (2023–2025): $24.4B
Market spend (2020–2022): $21.3B
Recent vs prior: +15%
Issuer rank in market: N/A
Share of market capital: 0.0%

Valuation positioning

13.0×EV / EBITDA

CWT trades at a -1.4-turn discount to the Waste peer median of 14.4×.

EV / Revenue: 4.2×
Net debt / EBITDA: 5.1×
Peer median EV / EBITDA: 14.4×

Trading comparables

FMP market data · 2026-05-10

Company	EV / EBITDA	EV / Rev	Net debt / EBITDA	Revenue	M&A 2023–2025
American States Water CoAWR	15.3×	5.8×	3.0×	$679M	N/A
American Water Works Company, Inc.AWK	14.4×	7.7×	5.1×	$5.2B	N/A
Middlesex Water CompanyMSEX	14.4×	7.0×	3.9×	$199M	N/A
Essential Utilities, Inc.WTRG	14.1×	7.4×	6.2×	$2.6B	$103M
California Water Service GroupCWT	13.0×	4.2×	5.1×	$1B	N/A
H2o AmericaHTO	12.2×	4.6×	5.6×	$816M	$547M

Trading multiples from FMP market data; disclosed M&A spend from the SE-Cluster EDGAR 10-K corpus. Peer set = top disclosed buyers in Waste. Bars scaled to the highest EV/EBITDA in the set.

§ VI·SE-Cluster Issuer Brief

Target landscape.

Public-issuer targets that fit this buyer's archetype and target categories from filing-derived signal. Scores reflect cross-signal fit; reasons cite the EDGAR-anchored facts that drove the match.

No qualifying public-issuer targets surfaced from the current signal mix.

Stated target categories

No target categories enumerated in the audited corpus for this issuer.

§ VII·SE-Cluster Issuer Brief

Filing activity & signal stream.

Filing cadence and event-driven signals visible on EDGAR. The signal stream below is curated from restatement / spin-carve / activism categories, providing context for any near-term call.

Filing cadence

10-K (annual)282026-02-27
10-Q (quarterly)882026-04-30
8-K (event)3522026-05-01
Proxy / DEF 14A642026-04-17
Activism (13D / DFAN / PREC)12010-09-22

Signals on file

elevated
Auditor change
2008-04-14
2 Item 4.01 filings on file; certifying accountant change.
elevated
Activism on file
2010-09-22
1 activist filing on file (13D, DFAN14A, PREC14A series).
info
Signal
Restatement risk

§ VIII·SE-Cluster Issuer Brief

Audited corpus.

No audited record on file for this CIK in the current v6 corpus.

This issuer has not been extracted into the v6 audited acquirer corpus yet. The brief above pulls from ranking-level aggregates and issuer-index signal only.

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