📈 Price History

Ratio Health

— Excellent

— Good

— Average

— Poor

By Category

📊 Sector Averages

About

H2O America, through its subsidiaries, provides water utility and other related services in the United States.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding HTO

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Manager	Shares	Value	% of Fund	Period
Steve Cohen Point72 Asset Management	371.1K	$21.8M	0.03%	Mar 2026
Jim Simons Renaissance Technologies LLC	157.9K	$9.3M	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 consistently used positive language like 'strong financial results', 'very pleased', and 'reaffirming guidance' with precise numbers (e.g., adjusted EPS $0.75, 14% increase). Detailed achievements (legislation, Quadvest) were presented with conviction.

Q3 2025

Confident Specific

Management repeatedly highlighted 'strong financial results', specific EPS growth figures (8% YoY adjusted EPS to $1.27), upwardly revised CapEx, and narrowing guidance to the upper half of the range. Language was direct and fact-based, with no defensive or evasive wording.

Q4 2025

Confident Specific

Management repeatedly used positive language like 'strong year', 'pleased to share', 'excited', and 'record execution'. They gave specific figures: adjusted EPS $2.99 near top of guidance, $501M CapEx (41% increase), $2.7B five-year plan, 13% rate base CAGR, and raised long-term EPS growth target to 6-8%.

Q1 2026 latest

Confident Specific

Management used emphatic language such as 'strong first quarter results', 'overwhelmingly positive response' for the equity raise, and 'consistent with internal expectations'. They repeatedly highlighted specific metrics like $0.49 GAAP EPS and $0.50 adjusted EPS, and reaffirmed precise 2026 EPS guidance of $3.08–$3.18.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis appears stronger after this call. The equity overhang is removed through the oversubscribed $700M raise, which also funds 2027 capex. Regulatory milestones are being achieved—Quadvest STM deemed complete, PFAS recovery filed, and rate cases progressing. However, Quadvest closing slipped from mid-2026 to H2 2026, and the eventual rate case outcome remains uncertain. Next quarter, watch for closing of Quadvest and Cibolo Valley, the actual rate case filings in CT and ME, and any updates on the Texas SIC mechanism. The key risk is regulatory lag in recognizing the substantial Texas investments.

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 Q1 GAAP EPS $0.49; organic 6-8% CAGR; 16% total CAGR target.

Revenue & Profitability

First quarter 2026 GAAP diluted EPS was $0.49, and adjusted diluted EPS was $0.50. Revenue increased $0.41 per share, driven by $0.20 from rate relief, $0.11 from pass-through water supply costs, and $0.05 from higher usage. This was partly offset by $0.20 higher water production expenses and $0.18 higher other operating expenses, plus $0.07 dilution from a higher share count. The effective tax rate was 15% versus 17% in the prior-year quarter.

Outlook

Management is confident in the 2026 standalone EPS guidance of $3.08–$3.18 and a long-term organic EPS CAGR of 6%–8%. They expect to deliver growth at or above that range due to line-of-sight capital spending, Quadvest accretion from 2028, and constructive regulatory outcomes. The company sees continued strong growth in Texas (the second-fastest-growing metro area in the U.S.) and expects the FFO-to-debt ratio to remain in the 11%–12% range through 2027 before improving.

Growth Drivers

Key growth drivers include a $2.7 billion five-year capital investment plan (2026–2030) targeting a 13% rate base CAGR, the pending Quadvest acquisition (57,200 active connections with 5% growth in Q1 2026), and the Cibolo Valley wastewater acquisition. Rate relief from general rate case filings in Connecticut and Maine, infrastructure surcharges, and the planned Texas combined rate case (expected early 2028) are also important growth levers.

Balance Sheet & CapEx

First quarter 2026 infrastructure investments totaled $85 million, representing 18% of the full-year CapEx budget of $483 million. The five-year capital plan is $2.7 billion, with roughly 80% qualifying for timely regulatory recovery through mechanisms in California, Connecticut, Maine, and Texas. Specific projects include a $176 million PFAS remediation project in California and over $300 million of investments in Texas water supply reliability from 2024 through 2026.

Margins

Not discussed in detail. The call highlighted higher water production expenses ($0.20 per share impact) and increased depreciation and maintenance costs, but no explicit margin metrics or guidance were provided.

Key Risks

Key risks include potential delays in the Quadvest closing due to the PUCT's 120-day review process being extended by hearings or timeline adjustments. Regulatory lag, rising inflationary expectations, and the need to balance customer affordability with large capital investments were also noted. The forward-looking statements caution about factors that could cause actual results to differ materially.

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 2026-07-28

Q2 2026 adjusted EPS was $0.72, with YTD adjusted EPS at $1.23, both supporting full-year guidance. Major infrastructure investments and regulatory progress continue, with Quadvest and Cibolo Valley acquisitions on track. Water supply cost pressures and affordability remain key focus areas.

Q1 2026 Q1 2026 2026-04-29

Q1 2026 EPS met guidance, with net income up 15% year-over-year but flat EPS due to higher share count. A $700M equity raise funds acquisitions and CapEx through 2027, while robust infrastructure investment and regulatory progress support long-term growth and affordability.

Q4 2025 Q4 2025 2026-02-26

2025 saw record CapEx, strong EPS growth, and a major Texas acquisition, with a 5-year plan targeting $2.7 billion in investments and a 6%-8% EPS CAGR. Regulatory wins and expanded customer assistance support growth, while Quadvest is expected to be accretive from 2028.

Q3 2025 Q3 2025 2025-10-28

Q3 2025 saw 8% EPS growth and 7% revenue increase, driven by rate hikes and usage. CapEx was raised to $486M, with major Texas acquisitions progressing. Guidance was narrowed to the upper half of the range, and sustainability milestones were achieved.

Q2 2025 Q2 2025 2025-07-29

Q2 2025 saw a 14% year-over-year increase in adjusted EPS, strong revenue growth, and reaffirmed guidance. The Quadvest acquisition will expand Texas operations, with regulatory and legislative wins supporting future growth and capital recovery.

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