📈 Price History

Ratio Health

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By Category

📊 Sector Averages

About

California Water Service Group, through its subsidiaries, provides water utility and other related services in California, Washington, New Mexico, Hawaii, and Texas.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding CWT

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Manager	Shares	Value	% of Fund	Period
Jim Simons Renaissance Technologies LLC	100.4K	$4.6M	0.01%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management repeatedly highlighted 'strong performance' (15% non-GAAP EPS growth), 'good shape' of balance sheet, and 'on schedule' rate case. Use of concrete figures and detailed progress updates on PFOS settlements and capital investments supports a confident, specific tone.

Q3 2025

Confident Specific

Management repeatedly used positive language such as 'strong financial performance,' 'very pleased,' 'all good news,' and 'continue to maintain a strong liquidity profile,' while providing specific numerical updates on capital investment, financing, and PFAS recoveries. The tone remains optimistic despite acknowledging the rate case delay, emphasizing proactive interim relief measures.

Q4 2025

Confident Specific

Management used specific figures ($517M capex record, 10.7% dividend increase, 10.27% ROE extension) and repeated timeline phrases like 'very soon' and 'active' for rate cases, conveying conviction in their strategy and execution.

Q1 2026 latest

Confident Specific

Management expresses explicit satisfaction with the revised proposed decision ('very happy') and provides precise figures for expected revenue increases ($91M in 2026) and capital investment ($129.5M in Q1, $627M planned). No evasive language or hedging.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis appears stronger after this call. The revised proposed decision for the 2024 GRC provides multi-year revenue clarity and includes mechanisms (e.g., Sales Reconciliation Mechanism, cost balancing accounts) that improve earnings stability despite the lack of decoupling. Capital investment momentum is robust with 11% rate base growth, and M&A progress (Nexus, BVRT) is diversifying operations geographically and into wastewater. The only caution is the delayed rate case impact on Q1 earnings, but the retroactive memo account mitigates that. Key items to watch next quarter: final GRC approval and implementation (billing new tariffs by July 1), closure of Nexus and BVRT acquisitions, and continued PFAS cost recovery and capital deployment.

AI-generated concall tone analysis · Updated 2026-06-09 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED CWT Q1 EPS $0.07, plans $627M capex, 59th dividend hike, GRC approved.

Revenue & Profitability

Q1 2026 revenue was $214.6 million, up from $204 million in Q1 2025. Net income was $4 million ($0.07 per diluted share), compared to $13.3 million ($0.22) in the prior year. Earnings drivers included rate increases adding $0.11 per share and accrued/unbilled revenue adding $0.06, offset by consumption declines, higher depreciation and interest, and a reduced tax credit. Capital investments for the quarter were $129.5 million, up 17.6% year-over-year.

Outlook

Management sees a constructive regulatory environment with the revised Proposed Decision on the 2024 GRC providing revenue growth of $91 million in 2026, $43 million in 2027, and $49 million in 2028. Industry tailwinds include increasing infrastructure investment needs, PFAS treatment mandates, and potential microplastics regulation. Headwinds include variability in customer consumption due to weather and the delayed rate case decision, which is now expected to be approved.

Growth Drivers

Growth is driven by a 17% increase in capital investment in Q1, a planned $627 million in 2026, and a compounded annual rate base growth of over 11%. M&A provides significant expansion: the Nexus acquisition will add nearly 100,000 connections in Nevada and Oregon, and the BVRT buyout in Texas will add wastewater operations. The company is also expanding its wastewater portfolio from 1-2 plants to over 24 plants post-acquisitions.

Balance Sheet & CapEx

Planned capital investments for 2026 total $627 million, with $129.5 million spent in Q1 (up 17.6% year-over-year). The PFAS treatment program involves well replacement ($60 million) and treatment costs, with recovery from polluters offsetting costs. The company has strong liquidity with $58.1 million unrestricted cash and $470 million available on credit lines.

Margins

Not discussed in this earnings call. The transcript noted that increased depreciation and interest expense, along with a higher effective income tax rate due to reduced tax credits, negatively impacted earnings per share. No explicit margin metrics or guidance were provided.

Key Risks

Key risks mentioned include the delayed California GRC (now resolved with expected approval), variability in customer consumption and weather, and future regulation of microplastics which may require additional capital investment. The company manages these through regulatory mechanisms and cost recovery. During Q&A, analysts inquired about PFAS costs and the balance sheet impact of M&A, though management expressed confidence in recovery and financing.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-07-30

Q2 2026 delivered strong financial results with net income and revenue up year-over-year, driven by regulatory decisions and record capital investment. Strategic acquisitions and infrastructure growth remain priorities, with robust liquidity and credit ratings supporting future expansion.

Q1 2026 Q1 2026 2026-04-30

Q1 2026 results met expectations, with revenue up 5% year-over-year and infrastructure investment rising 17.6%. The revised rate case decision is expected to drive significant revenue growth and support continued expansion outside California, while strong liquidity and credit ratings underpin ongoing capital plans.

Q4 2025 Q4 2025 2026-02-26

2025 saw record infrastructure investment, strategic acquisitions in Nevada, Oregon, and Texas, and stable financial performance despite weather impacts. Regulatory progress, strong liquidity, and continued dividend growth position the company for further expansion and resilience.

Q3 2025 Q3 2025 2025-10-30

Q3 2025 saw strong financial and operational results, with revenue up 3.9% and continued infrastructure investment. Regulatory progress, PFAS settlements, and a robust dividend increase support growth, while the company manages inflation and interest rate risks.

Q2 2025 Q2 2025 2025-07-31

Q2 2025 saw 15% non-GAAP EPS growth year-over-year, strong capital investment, and continued expansion in California and Texas. The rate case remains on track for a year-end decision, and PFOS compliance investments are progressing, supported by initial settlement proceeds.

📊 Analysis Methodology

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