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California Water Service vs H2O America: CWT and HTO compared
California Water Service is the larger company: $331M of revenue in its latest quarter (Q3 2026) against $250M for H2O America (Q3 2026). California Water Service is growing faster (+5% against +4% a year earlier). California Water Service is more profitable, with an operating margin of 25.0% against 24.2%.
Where the money goes: CWT and HTO
California Water Service (CWT) · Q3 2026
California Water Service, Q3 2026: revenue $331M (+5% year over year), operating margin 25.0%, net earnings $65.4M, operating cash flow $149M. The chart follows the revenue to costs, profit and cash.
H2O America (HTO) · Q3 2026
H2O America, Q3 2026: revenue $250M (+4% year over year), operating margin 24.2%, net earnings $43.0M, operating cash flow $80.2M. The chart follows the revenue to costs, profit and cash.
| California Water Service (CWT) | H2O America (HTO) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $331M | $250M |
| Revenue growth, Y/Y | +5% | +4% |
| Operating margin | 25.0% | 24.2% |
| Net earnings | $65.4M | $43.0M |
| Net margin | 19.7% | 17.2% |
| Operating cash flow | $149M | $80.2M |
| Market value | $3.0B | — |
| P/E | 21.7× | — |
| Analysts’ mean target | $54.75 | — |
Where the revenue comes from
California Water Service
- Residential: $197M (59%)
- Business: $61.3M (19%)
- Multiple residential: $24.8M (8%)
- Public authorities: $20.4M (6%)
Questions
Which is bigger, California Water Service or H2O America?
California Water Service is the larger company: $331M of revenue in its latest quarter (Q3 2026) against $250M for H2O America (Q3 2026).
Is California Water Service or H2O America growing faster?
California Water Service is growing faster (+5% against +4% a year earlier).
Which is more profitable, California Water Service or H2O America?
California Water Service is more profitable, with an operating margin of 25.0% against 24.2%.
More: California Water Service earnings · how California Water Service makes money · H2O America earnings · how H2O America makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 29, 2026; 10-Q filed Oct 26, 2026). Fiscal quarters can end on different dates. Not investment advice.