H2o America's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of H2o America (HTO) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: H2o America vs Its Competitors
- TTM: Trailing 12-month revenue of 816M vs 8,392M combined for tracked competitors (8.9% combined share).
- Trending: Latest-quarter revenue run-rate is decelerating (-10.2% annualized vs trailing 12 months), vs decelerating (-29.2%) for its tracked peer group.
- Growth: H2o America generated 9.4% revenue growth year over year in Q1 2026, vs 6.8% for its tracked competitors combined.
- Profitability: Its 10.4% net margin compares with 16.4% for the peer group.
- Scale: H2o America ranks #5 of 13 companies by market capitalization in the Water Supply industry, holding 4.9% of industry market cap.
- Peer revenue share: H2o America accounted for 11.0% of combined revenue among its tracked peer group, up from 10.8% a year earlier.
- Peer differentiation: Revenue per employee of $0.98M compares with $0.83M for the peer group (1.2x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
HTO Sales vs. its Competitors, Q1 2026
H2o America reported revenue growth of 9.36 % year on year in Q1 2026, above its competitors' combined revenue growth of 6.77 %.
With a net margin of 10.37 %, H2o America reported lower profitability than its competitors (16.42 %).
H2o America generated 10.99 % of the combined sales of its peer group, up from 10.76 % a year earlier.
H2o America vs. its Competitors, Q1 2026
Revenue growth, year on year
Net income growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in an SEC filing; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across H2o America and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| H2o America | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (9) | $12,345M | +12.3% · Accelerating |
| Similar Growth & Profitability (7) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across H2o America's competitor groups requires a Commercial License.
For context: the Water Supply industry grew revenue 26.7% year over year, combined, vs 9.4% for H2o America. H2o America's share of combined industry revenue moved from 1.77% to 1.53%, a loss of 0.24 percentage points.
H2o America's Competitor Quality Breadth
Share of each group, trailing 12 months: profitable (net margin > 0), expanding (revenue growth > 0), growing faster than the industry's own median, and financially distressed (Piotroski F-Score of 2 or below).
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| H2o America | Yes | Yes | No | No |
| Competitors combined (8) | ||||
| Similar-Size Competitors (9) | ||||
| Similar Growth & Profitability (8) | 100.00 % (8 of 8) | 87.50 % (7 of 8) | 37.50 % (3 of 8) | 37.50 % (3 of 8) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
HTO Stock Performance relative to its Competitors
HTO Stock Performance relative to Similar-Size Competitors
HTO Stock Performance relative to Similar Growth & Profitability Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | American States Water Co | 282.9% | Outperformed |
| 2 | York Water Co | 282.9% | Outperformed |
| 3 | Artesian Resources Corporation | 282.9% | Outperformed |
| 4 | California Water Service Group | 282.9% | Outperformed |
| 5 | Middlesex Water Company | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for H2o America's best-performing tracked competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Publicly Traded Peers of H2o America
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
| H2o America | 2,365.77 | 816.28 |
| American Water Works Company Inc | 25,270.28 | 6,634.00 |
| American States Water Co | 3,211.54 | 698.76 |
| California Water Service Group | 2,759.42 | 608.88 |
| Middlesex Water Company | 982.76 | 206.14 |
| York Water Co | 486.36 | 83.42 |
| SUBTOTAL | 35,981.22 | 9,208.06 |
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Sources: H2o America's official press releases and regulatory filings; CSIMarket.com's market research; and the financial filings and press releases of the other companies cited.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on H2o America versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
H2o America's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| H2o America | Water Utility Services 98.19 % |
| American Water Works Company Inc | Regulated Business 46.69 % |
| Middlesex Water Company | Regulated 93.98 % |
| Artesian Resources Corporation | Regulated Utility 92.75 % |
| Cadiz Inc | Water Treatment 78.06 % |
| Pure Cycle Corporation | Water and Wastewater Resource Development Segment 56.67 % |
Source: operating segment revenue as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
H2o America's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| H2o America | 2,366 | 975,250 | 125,496 |
| American Water Works Company Inc | 25,270 | 947,714 | 161,143 |
| American States Water Co | 3,212 | 776,399 | 158,841 |
| California Water Service Group | 2,759 | 455,746 | 99,615 |
| Middlesex Water Company | 983 | 521,876 | 121,357 |
| York Water Co | 486 | 646,682 | 184,473 |
| PEERS TOTAL | 33,615 | 830,129 | 146,068 |
H2o America's Position in Industry Market Structure
Market-capitalization share and concentration across all 13 companies in H2o America's industry classification, broader than the peer set above. Market cap in millions of $.H2o America ranks #5 of 13 companies by market capitalization in its industry, holding 4.95 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 3,441, indicating a highly concentrated market structure (U.S. antitrust guidance: below 1,500 unconcentrated, 1,500 to 2,500 moderately concentrated, above 2,500 highly concentrated).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | American Water Works Company Inc | 25,562 | 52.86 % |
| 2 | Essential Utilities Inc | 11,194 | 23.15 % |
| 3 | American States Water Co | 3,255 | 6.73 % |
| 4 | California Water Service Group | 2,778 | 5.75 % |
| 5 | H2o America | 2,392 | 4.95 % |
| 6 | Middlesex Water Company | 1,234 | 5.2% |
| 7 | York Water Co | 1,234 | 5.2% |
| 8 | Consolidated Water Co ltd | 1,234 | 5.2% |
| 9 | Artesian Resources Corporation | 1,234 | 5.2% |
| 10 | Cadiz Inc | 1,234 | 5.2% |
Market cap and industry share for the rest of H2o America's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-09-28.
H2o America's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 1 | American Water Works Company Inc | 25,562 | -3.46 % |
| 2 | Essential Utilities Inc | 11,194 | 4.27 % |
| 3 | American States Water Co | 3,255 | 15.29 % |
| 4 | California Water Service Group | 2,778 | 1.51 % |
| 5 | H2o America | 2,392 | 29.26 % |
| 6 | Middlesex Water Company | 1,234 | 12.3% |
| 7 | York Water Co | 1,234 | 12.3% |
| 8 | Consolidated Water Co ltd | 1,234 | 12.3% |
| 9 | Artesian Resources Corporation | 1,234 | 12.3% |
| 10 | Cadiz Inc | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of H2o America's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-09-28. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
H2o America's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Water Supply industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (14 companies).| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 58.20 % | 59.56 % (avg) | -1.4 pp |
| Operating Margin | 21.94 % | industry median | -6.2 pp |
| EBITDA Margin | 33.98 % | 43.23 % (avg) | -9.3 pp |
| Capital Intensity (Capex / Revenue) | 0.00 % | 46.00 % (avg) | -46.0 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
H2o America's Valuation vs Competitive Position
Valuation multiples vs the Water Supply industry average (14 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | 19.4x | 26.3x | -7.0x |
| EV / EBITDA | 14.2x | 14.7x | -0.5x |
| P/B | 1.4x | 3.5x | -2.1x |
| Return on Equity | 6.60 % | industry aggregate | -2.57 % |
| Return on Invested Capital | 3.34 % | 2.87 % (avg) | 0.47 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
H2o America's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in SEC filings.| Metric | 2016 | 2017 | 2018 | 2019 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | 11.35 % | 2.35 % | 11.65 % | 5.73 % | 3.48 % | 8.00 % | 11.65 % | 6.97 % |
| Operating Margin | 27.41 % | 21.93 % | 18.47 % | 13.67 % | 21.10 % | 22.29 % | 22.78 % | 22.17 % |
| Return on Invested Capital | 6.82 % | 4.10 % | 3.51 % | 1.86 % | 3.03 % | 3.48 % | 3.70 % | 3.48 % |
| P/E | - | 24.1x | 32.1x | 86.3x | - | - | 18.0x | 16.7x |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
H2o America's Strategic Group Map
Every company in H2o America's industry and named-competitor list, plotted by trailing 12-month revenue growth and operating margin. H2o America is shown in red; its closest peers by combined growth, margin and ROIC (the Similar Growth & Profitability group above) are labeled.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
H2o America's BCG Growth-Share Matrix
Relative market share (vs H2o America's largest competitor by market cap) against industry revenue growth, using the standard textbook thresholds (1.0x share, 10% growth) a common framework, not a precision instrument.
H2o America falls in the Dog quadrant: relative market share of 0.09x vs its largest competitor, in an industry growing revenue 9.7% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution. A caveat worth reading alongside this chart: American Water Works Company Inc alone holds 53% of this industry's market cap. In an industry this dominated by one leader, the framework will place nearly every OTHER company in "Dog" or "Question Mark" purely because relative share is measured against that leader, regardless of how strong those other companies actually are on their own fundamentals. Check the Profitability, Valuation and Financial Strength sections above before treating this quadrant label as a verdict.
H2o America's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | Low | Industry HHI of 3,441 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | Lower than typical for the industry | Capital intensity (capex / revenue) of 0.00 % vs industry average 46.00 % (see Profitability & Cost Structure above) |
| Supplier Power | Not covered on this page | See H2o America's dedicated suppliers page for concentration and dependency data |
| Buyer Power | Not covered on this page | See H2o America's dedicated customers page for concentration and dependency data |
| Threat of Substitutes | - | No systematic data source for cross-product substitution exists in this system; not estimated |
Note: this is a partial, data-grounded application of the framework, not a complete strategic assessment. Rivalry and barriers-to-entry readings are mechanical translations of the HHI and capital-intensity figures shown elsewhere on this page, not independent judgments.
H2o America's Industry Attractiveness & Competitive Strength
A CSIMarket composite, not a standard field: each axis is an equal-weighted average of three factors already shown elsewhere on this page (industry growth, industry profitability and rivalry for attractiveness; relative market share, profitability and growth vs industry for strength). Disclosed as a designed methodology, not a precision measurement.
H2o America falls in the High attractiveness / Low strength cell: Selective.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
H2o America's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Outperforming the U.S.A. 500 over the trailing 12 months.
Weaknesses
- Operating margin 6.2 points below the industry median.
- Latest-quarter revenue run-rate is decelerating (-10.2% annualized vs trailing 12 months).
- Low relative market share vs the industry leader (0.09x).
Opportunities
- Trades at a lower P/E than the industry average (19.4x vs 26.3x) despite a higher return on invested capital -- a possible re-rating opportunity.
- A meaningful share of tracked competitors (50.00 %) show financial-distress signals, a possible opening to gain share.
Threats
- Industry dominated by American Water Works Company Inc , holding 52.86 % of industry market cap.
- Tracked peer group's revenue run-rate is broadly decelerating (-29.2% annualized).
Methodology: mechanical, rule-based SWOT. Each bullet reuses a figure already sourced and cited elsewhere on this page; nothing here is generated narrative or independent analyst judgment.
H2o America's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| H2o America | 0.19 | 0.88 | 1.14 |
| American Water Works Company Inc | 0.04 | 0.44 | 1.40 |
| American States Water Co | 0.11 | 1.18 | 0.75 |
| California Water Service Group | 0.10 | 0.68 | 0.94 |
| Middlesex Water Company | 0.02 | 0.44 | 200.15 |
| York Water Co | 0.01 | 0.85 | 0.87 |
Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
H2o America's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| H2o America | Q1 2026 | +9.4 % | +14.9 % |
| American Water Works Company Inc | Q2 2026 | +112.0 % | +9.0 % |
| American States Water Co | Q2 2026 | +11.2 % | +28.4 % |
| California Water Service Group | Q2 2026 | +11,972.3 % | +34.3 % |
| Middlesex Water Company | Q2 2026 | +14.3 % | +37.0 % |
| York Water Co | Q2 2026 | +22.5 % | +50.7 % |
| PEERS TOTAL | +120.5 % | +14.4 % |
Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
H2o America's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| H2o America | Q1 2026 | +13.2 % | - |
| American Water Works Company Inc | Q2 2026 | +0.2 % | +17.3 % |
| American States Water Co | Q2 2026 | +6.5 % | -4.7 % |
| California Water Service Group | Q2 2026 | +7.4 % | +23.1 % |
| Middlesex Water Company | Q2 2026 | +18.5 % | - |
| York Water Co | Q2 2026 | +23.4 % | -12.6 % |
H2o America's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| H2o America | 2.06% | 2.78% | 6.60% |
| American Water Works Company Inc | 3.18% | 4.04% | 10.15% |
| American States Water Co | 5.26% | 6.88% | 13.49% |
| California Water Service Group | 2.32% | 3.33% | 7.73% |
| Middlesex Water Company | 3.48% | 4.29% | 2,300.19% |
| York Water Co | 3.47% | 4.36% | 9.38% |
ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
H2o America's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| H2o America | 20.95 | 2.90 |
| American Water Works Company Inc | 22.34 | 3.81 |
| American States Water Co | 22.29 | 4.60 |
| California Water Service Group | 20.57 | 4.53 |
| Middlesex Water Company | 209.80 | 4.77 |
| York Water Co | 19.04 | 5.83 |
| PEERS AVERAGE | 22.75 | 3.91 |
P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.