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CIK 1035201 · Water Utilities
N/A
Market data as of N/A
Financials: LTM / latest available company filings
Sources: FMP, CWT filings, SEC EDGAR
$2,602
Market cap ($MM)
$4,201
Enterprise value ($MM)
$1,011
Revenue · LTM ($MM)
$324
EBITDA · LTM ($MM)
32%
EBITDA margin
4.2x
EV / revenue
13.0x
EV / EBITDA
5.1x
Net debt / EBITDA
Coverage
The analytical read on the name and the balance-sheet capacity behind the program.
Key points
Balance sheet & capacity
Indicative capacity read: 5.1x net debt / EBITDA with EBITDA of $324MM.
$58
Cash & equiv. ($MM)
$1,702
Total debt ($MM)
$1,644
Net debt ($MM)
5.1x
Net debt / EBITDA
Valuation
CWT versus the scaled public Water Utilities comparables.
Indexed share-price performance
CWT versus available Water Utilities peers and SPY.
-24%
CWT
N/A
Peer med.
+79%
SPY
Indexed to 100 from May 28, 2021 through May 26, 2026. Source: FMP month-end close history.
| Company | Ticker | Revenue ($MM) | EBITDA ($MM) | Margin | Market cap ($MM) | EV ($MM) | EV / rev | EV / EBITDA | Net debt / EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| California Water Service Group | CWT | $1,011 | $324 | 32% | $2,602 | $4,201 | 4.2x | 13.0x | 5.1x |
Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.
M&A program
CWT's disclosed acquisition footprint and the deals behind it.
Disclosed acquisitions
40
Active years
17
Named deals
8
Avg / active year
2.4
Acq. cash outflow ($MM)
N/A
Banker read
Annual acquisition count
CWT cadence shown by annual acquisition count because verified spend is N/A.
Program diagnostics
Recent / prior
6 / 2
Last three years is up 200% vs prior three.
Peak count year
FY07
3 disclosed acquisitions in the peak visible year.
Spend check
N/A
Disclosed spend is not clean enough for the chart.
Named evidence
8 rows
20% selected source-cited transaction coverage.
Selected transactions
| Date | Target | Segment | Consideration ($MM) | Strategic rationale | Source |
|---|---|---|---|---|---|
| Jan 1, 2008 | Acquisition of Waikoloa Resort Utilities, Inc., Waikoloa Water Company, Inc., Waikoloa Sewer Company, Inc. | Water utilities | $20,581 | In 2008, after receiving regulatory approval, the Company’s wholly-owned subsidiary, Hawaii Water Service Company, Inc. acquired in two separate transactions, business on the Is... | 10-K† |
| Jan 1, 2008 | Acquisition of water and wastewater assets of Kukio Utility Company and WB Maninowali | Water utilities | $10,610 | The second acquisition was for the water and wastewater assets of two other companies, (Kukio Utility Company and WB Maninowali) for a cash price of $10,610. No liabilities were... | 10-K† |
| Jan 1, 2007 | Five water systems acquired by Washington Water | Water utilities | $1,091 | In addition, the Company’s wholly-owned subsidiary, Washington Water, acquired five water systems for $1,091 in cash, which was the approximate value of rate base of the systems. | 10-K† |
| Jan 1, 2005 | Three water systems acquired by subsidiaries | Water utilities | $807 | In 2005, after receiving regulatory approval, the Company’s subsidiaries acquired three water systems for a combined purchase price of $807, including liabilities assumed of $33... | 10-K† |
| Jan 1, 2006 | Water system acquired by New Mexico Water | Water utilities | $500 | In 2006, after receiving regulatory approval, the Company’s wholly-owned subsidiary, New Mexico Water, acquired a water system by purchasing the assets of the system for a purch... | 10-K† |
| Jan 1, 2007 | Water system acquisition by Cal Water | Water utilities | $388 | In 2007, after receiving regulatory approval, the Company’s wholly owned subsidiary, Cal Water, acquired a water system with allowed rate base of approximately $425 for $388 in... | 10-K† |
| Jan 1, 2007 | Water system acquired by Cal Water | Water utilities | $388 | In 2007, after receiving regulatory approval, the Company’s wholly-owned subsidiary, Cal Water, acquired a water system with allowed rate base of approximately $425 for $388 in... | 10-K† |
| Dec 31, 2026 | Nexus Water Group | Water utilities | $218 | In February of 2026, we entered into an agreement to purchase Nexus’ Nevada and Oregon water and wastewater systems (the Systems) for approximately $218.0 million, subject to th... | 10-K† |
Acquisitions disclosed/extracted from SEC filings; not necessarily full M&A history. Disclosed acquisition cash outflow is cumulative "payments for acquisitions, net of cash acquired" from the 10-K cash-flow statements (a cash outflow, not deal value). Built on 14 SEC-backed facts across 3 cited filings.
Evidence
A collapsed investigation trail for the SEC filings behind the financials, annual M&A cadence, named transactions, and management language.
Annual 10-Ks
23
Named deal filings
3
Recent SEC filings
0
Evidence clips
6
| Fiscal year | Filing date | Form | Status | Count | Cash spend | Purchase consideration | Source |
|---|---|---|---|---|---|---|---|
| FY2025 | Feb 27, 2026 | Annual M&A 10-K | accepted | 1 | N/A | $45.0MM | SEC filing |
| FY2024 | Feb 27, 2025 | Annual M&A 10-K | accepted | 1 | $1.6MM | $1.6MM | SEC filing |
| FY2023 | Feb 29, 2024 | Annual M&A 10-K | warning (1 warn) | 1 | $0.2MM | N/A | SEC filing |
| FY2022 | Mar 1, 2023 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2021 | Feb 24, 2022 | Annual M&A 10-K | warning (1 warn) | N/A | $6.5MM | N/A | SEC filing |
| FY2020 | Feb 25, 2021 | Annual M&A 10-K | warning (1 warn) | N/A | $40.5MM | N/A | SEC filing |
| FY2019 | Feb 27, 2020 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2018 | Feb 28, 2019 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2017 | Mar 1, 2018 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2016 | Feb 23, 2017 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2015 | Feb 25, 2016 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2014 | Feb 26, 2015 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2013 | Feb 27, 2014 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2012 | Feb 28, 2013 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2011 | Feb 29, 2012 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2010 | Mar 1, 2011 | Annual M&A 10-K | accepted | 0 | N/A | N/A | SEC filing |
| FY2009 | Mar 1, 2010 | Annual M&A 10-K | accepted | 2 | N/A | N/A | SEC filing |
| FY2008 | Mar 2, 2009 | Annual M&A 10-K | accepted | 1 | N/A | $1.3MM | SEC filing |
| FY2007 | Feb 28, 2008 | Annual M&A 10-K | accepted | 6 | $1.5MM | $1.5MM | SEC filing |
| FY2006 | Mar 14, 2007 | Annual M&A 10-K | warning (1 warn) | 1 | $0.5MM | N/A | SEC filing |
| FY2005 | Mar 13, 2006 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2004 | Mar 15, 2005 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2003 | Mar 15, 2004 | Annual M&A 10-K | quarantined (1 warn, 1 issue) | 3 | $0.1MM | N/A | SEC filing |
| Filing date | Form | Targets / topics | Support | Source |
|---|---|---|---|---|
| Feb 27, 2026 | 10-K | Nexus Water Group | Annual M&ANamed deals | SEC filing |
| Mar 1, 2010 | 10-K | Acquisition of Waikoloa Resort Utilities, Inc., Waikoloa Water Company, Inc., Waikoloa Sewer Company, Inc.; Acquisition of water and wastewater assets of Kukio Utility Company and WB Maninowali; Water system acquisition by Cal Water | Annual M&ANamed deals | SEC filing |
| Feb 28, 2008 | 10-K | Five water systems acquired by Washington Water; Three water systems acquired by subsidiaries; Water system acquired by New Mexico Water; Water system acquired by Cal Water | Annual M&ANamed deals | SEC filing |
Acquisition of Waikoloa Resort Utilities, Inc., Waikoloa Water Company, Inc., Waikoloa Sewer Company, Inc.
10-K - Mar 1, 2010
In 2008, after receiving regulatory approval, the Company’s wholly-owned subsidiary, Hawaii Water Service Company, Inc. acquired in two separate transactions, business on the Island of Hawaii. The ...
Acquisition of water and wastewater assets of Kukio Utility Company and WB Maninowali
10-K - Mar 1, 2010
The second acquisition was for the water and wastewater assets of two other companies, (Kukio Utility Company and WB Maninowali) for a cash price of $10,610. No liabilities were assumed.
Five water systems acquired by Washington Water
10-K - Feb 28, 2008
In addition, the Company’s wholly-owned subsidiary, Washington Water, acquired five water systems for $1,091 in cash, which was the approximate value of rate base of the systems.
Three water systems acquired by subsidiaries
10-K - Feb 28, 2008
In 2005, after receiving regulatory approval, the Company’s subsidiaries acquired three water systems for a combined purchase price of $807, including liabilities assumed of $336, which was the app...
Water system acquired by New Mexico Water
10-K - Feb 28, 2008
In 2006, after receiving regulatory approval, the Company’s wholly-owned subsidiary, New Mexico Water, acquired a water system by purchasing the assets of the system for a purchase price of approxi...
Water system acquisition by Cal Water
10-K - Mar 1, 2010
In 2007, after receiving regulatory approval, the Company’s wholly owned subsidiary, Cal Water, acquired a water system with allowed rate base of approximately $425 for $388 in cash.
Annual M&A counts and disclosed spend are extracted from SEC acquisition disclosures and cash-flow statements; named-deal rows carry direct filing links where the filing identifies the target or consideration.