회사 개요
H2O America operates within the Utilities sector, specifically focusing on the Regulated Water industry, where it delivers essential water utility and related services across the United States. Through its extensive network of subsidiaries, the company manages the entire water lifecycle, including the production, purchase, storage, purification, distribution, wholesale, and retail sale of water and wastewater services, while also supplying groundwater from wells and surface water sources. The enterprise holds a market capitalization of $2.50B and generates annual revenue of $800.59M, supported by a workforce of 837 employees. These valuation and revenue figures indicate that the company maintains a significant presence in the regulated utility market, reflecting its established position as a mid-to-large-cap entity capable of sustaining operations despite challenging macroeconomic conditions.
재무 건전성
The company reported a trailing twelve-month revenue of $800.59M, with a corresponding net income of $102.58M and an EBITDA of $307.92M, highlighting a substantial gap between total revenue and net income that reveals a robust cost structure with significant non-operating expenses or taxes consuming nearly 87% of gross earnings. However, the free cash flow stands at -$256,558,496, indicating that the company's current capital expenditures and operating outflows exceed its cash generation, which limits immediate financial flexibility for internal reinvestment or debt reduction without external financing. The gross margin is 57.0%, demonstrating strong pricing power or low direct costs in the core water delivery business, while the operating margin of 19.7% and profit margin of 12.8% suggest that administrative and general expenses are effectively managed relative to total sales. Despite generating $20.69M in cash, the company carries $1.98B in debt, resulting in a debt-to-equity ratio of 128.32% that characterizes a highly leveraged balance sheet rather than a conservative one. The current ratio of 0.70 further signals potential short-term liquidity constraints, as current liabilities exceed current assets, requiring careful management of working capital. Return on Equity is 7.1% and Return on Assets is 2.4%, metrics that reveal moderate management effectiveness in generating returns on shareholder capital and utilizing the asset base, respectively, within the capital-intensive utility sector.
밸류에이션 평가
The trailing twelve-month P/E ratio is 20.50, while the forward P/E is projected to be 21.15, implying that the market expects a slight increase in earnings per share or maintains a similar earnings trajectory as the forward valuation is marginally higher than the historical average. The price-to-book ratio stands at 1.40, indicating that the market values the company at a 40% premium over its net book value, which reflects intangible assets, brand value, or regulated franchise advantages that are not fully captured on the balance sheet. Alternative valuation metrics such as the price-to-sales ratio of 3.13 and the EV/EBITDA of 13.38 provide additional context, suggesting that the company is priced conservatively relative to its sales volume and earnings before interest, taxes, depreciation, and amortization compared to broader utility peers. The 52-week high is $59.87 and the 52-week low is $43.75, and without the current price explicitly stated in the provided facts, the relative trading position cannot be calculated, but these bounds define the recent volatility range for the stock. The beta value of 0.41 indicates that the stock price exhibits significantly lower volatility than the broader market, behaving as a defensive asset that moves less than 40% as much as the overall market index during periods of fluctuation.
Growth & Income
Revenue growth year-over-year is -1.8%, while earnings growth year-over-year is -34.4%, showing that earnings are contracting at a much faster rate than revenue, which implies that cost pressures, regulatory adjustments, or one-time charges are disproportionately impacting profitability compared to top-line stability. As a dividend payer, the company offers a dividend yield of 2.9% with a payout ratio of 57.5%, a level that appears sustainable given the positive net income, though the negative free cash flow suggests that the dividend may rely on cash reserves or debt capacity rather than organic cash generation. The significant disparity between the negative free cash flow and the positive dividend yield requires scrutiny, as the payout ratio does not fully reflect the cash flow reality, potentially posing risks if cash outflows persist. Overall, the growth and income profile presents a mix of declining earnings and revenue coupled with a modest but cash-flow-sensitive dividend, characteristic of a mature utility facing transitional challenges.