California Water Service Group
CWTNYSEUSD
- — Source valuation snapshot. Not a live recalculation.
- — Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- — Diluted earnings per share from the latest filed annual.
- $50.16 Prior regular-session close from the quote source.
- $49.67–$50.25 Regular-session low and high so far today.
- 263.3K Regular-session shares traded · Nov 10, 4:00 PM ET.
- Feb 24 projected Projected for 2027-02-24 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $41.29–$53.82 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own CWT if Cal Water is a regulated, local-monopoly water utility whose value compounds when regulators allow timely recovery of capital and compliance costs — producing steady rate-base growth, cash flow and dividends — but that thesis.
CWT price history
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INVESTMENT THESIS
What must happen next
Timely regulatory cost recovery via General Rate Cases and regulatory accounting will continue to let Cal Water convert capex and compliance costs into allowed revenues, sustaining revenue growth.StrengtheningMateriality: High
Revenue increased from $790,334,000 (2023) to $905,623,000 (2024) and $963,695,000 (2025), showing that rate actions and recoveries have driven top-line growth. If regulators keep permitting recovery, revenue and cash flow will scale with rate-base investments; if not, margins and cash will be permanently damaged.
Watch: A major regulatory decision (e.g., the 2024 CA GRC or other state GRCs) disallowing significant categories of PFAS, wildfire or other compliance spending from rates or sharply reducing authorized ROE.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Revenue increased from $790,334,000 (2023) to $905,623,000 (2024) and $963,695,000 (2025), showing that rate actions and recoveries have driven top-line.
Open source ↗Continued capital investment and accretive acquisitions will expand the company’s rate base and convert into higher operating cash flow, funding dividends and debt service.StrengtheningMateriality: High
Operating cash flow rose from $243,772,000 (2022) to $290,867,000 (2024) and $302,561,000 (2025), concurrent with asset growth. If capex and acquisitions expand the rate base and are recoverable, operating_cash_flow will rise and support returns; if acquisitions are blocked or capex is non-recoverable, FCF and balance sheet metrics will suffer.
Watch: Regulators refuse to include acquisition-related assets in rate base or delay approvals for acquisitions (e.g., CPUC or state commissions blocking Nexus transaction benefits).
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Operating cash flow rose from $243,772,000 (2022) to $290,867,000 (2024) and $302,561,000 (2025), concurrent with asset growth.
Open source ↗Local monopoly service areas plus state commission ratemaking create a regulatory moat that limits competitive entry and preserves pricing power and allowed returns.StrengtheningMateriality: Medium
The company describes (Item 1 / MD&A) that commissions establish rates designed to permit recovery of cost of service and return on investment. A durable regulatory moat stabilizes cash flow and valuation multiples; if it erodes, price competition or regulatory repricing would reduce returns.
Watch: Policy changes at CPUC or other state commissions that move away from full cost recovery or materially lower authorized ROE.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
The company describes (Item 1 / MD&A) that commissions establish rates designed to permit recovery of cost of service and.
Open source ↗New PFAS regulations, droughts, wildfires and other climate-driven supply or compliance costs can materially raise capex/opex; if regulators do not permit full recovery, margins and EPS will fall.HoldingMateriality: Medium
MD&A and Item 1 explicitly call out PFAS regulations, wildfire/inverse condemnation, and climate impacts as material risks and note uncertainties in regulatory recovery. This is the principal downside pathway: higher treatment and supply costs plus non-recovery would compress operating_income and eps_diluted.
Watch: Regulatory approvals (GRC decisions) that explicitly allow amortization/recovery of PFAS-treatment and climate-related capital and costs.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
MD&A and Item 1 explicitly call out PFAS regulations, wildfire/inverse condemnation, and climate impacts as material risks and note uncertainties.
Open source ↗
Full investment case & evidence
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Original research
Timely regulatory cost recovery via General Rate Cases and regulatory accounting will continue to let Cal Water convert capex and compliance costs into allowed revenues, sustaining revenue growth. If regulators keep permitting recovery, revenue and cash flow will scale with rate-base investments; if not, margins and cash will be permanently damaged.
Continued capital investment and accretive acquisitions will expand the company’s rate base and convert into higher operating cash flow, funding dividends and debt service. If capex and acquisitions expand the rate base and are recoverable, operating_cash_flow will rise and support returns; if acquisitions are blocked or capex is non-recoverable, FCF and balance sheet metrics will suffer.
Local monopoly service areas plus state commission ratemaking create a regulatory moat that limits competitive entry and preserves pricing power and allowed returns. A durable regulatory moat stabilizes cash flow and valuation multiples; if it erodes, price competition or regulatory repricing would reduce returns.
New PFAS regulations, droughts, wildfires and other climate-driven supply or compliance costs can materially raise capex/opex; if regulators do not permit full recovery, margins and EPS will fall. This is the principal downside pathway: higher treatment and supply costs plus non-recovery would compress operating_income and eps_diluted.
All standing thesis claims
Original report summary
Cal Water is a regulated, local-monopoly water utility whose value compounds when regulators allow timely recovery of capital and compliance costs — producing steady rate-base growth, cash flow and dividends — but that thesis.
BULL CASE / BEAR CASE
Bull case and bear case for California Water Service Group
Where the evidence on California Water Service Group stands: Holding on the latest evidence (Nov 9, 2026). Of its 4 thesis points, 3 strengthening and 1 holding.
Bull case: what the evidence supports
Timely regulatory cost recovery via General Rate Cases and regulatory accounting will continue to let Cal Water convert capex and compliance costs into allowed revenues, sustaining revenue growth.
Continued capital investment and accretive acquisitions will expand the company’s rate base and convert into higher operating cash flow, funding dividends and debt service.
Local monopoly service areas plus state commission ratemaking create a regulatory moat that limits competitive entry and preserves pricing power and allowed returns.
New PFAS regulations, droughts, wildfires and other climate-driven supply or compliance costs can materially raise capex/opex; if regulators do not permit full recovery, margins and EPS will fall.
Bear case: what would count against it
A major regulatory decision (e.g., the 2024 CA GRC or other state GRCs) disallowing significant categories of PFAS, wildfire or other compliance spending from rates or sharply reducing authorized ROE.
Regulators refuse to include acquisition-related assets in rate base or delay approvals for acquisitions (e.g., CPUC or state commissions blocking Nexus transaction benefits).
Policy changes at CPUC or other state commissions that move away from full cost recovery or materially lower authorized ROE.
Thesis-Break Engine
Thesis-break watch · California Water Service Group
No break has crossed California Water Service Group’s thesis. Its break conditions are checked against every new filing as it lands.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MIXEDReported results of operations (earnings release).
California Water Service Group filed an SEC 8-K on 2026-10-29: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MIXEDOther material event.
California Water Service Group filed an SEC 8-K on 2026-10-28: Other material event. It is a dated development that tests the current thesis.
- MIXEDOther material event.
California Water Service Group filed an SEC 8-K on 2026-10-15: Other material event. It is a dated development that tests the current thesis.
RISKS / FALSIFIERS
What could break the thesis
- A major regulatory decision (e.g., the 2024 CA GRC or other state GRCs) disallowing significant categories of PFAS, wildfire or other compliance spending from rates or sharply reducing authorized ROE.
- Regulators refuse to include acquisition-related assets in rate base or delay approvals for acquisitions (e.g., CPUC or state commissions blocking Nexus transaction benefits).
- Policy changes at CPUC or other state commissions that move away from full cost recovery or materially lower authorized ROE.
- Regulatory approvals (GRC decisions) that explicitly allow amortization/recovery of PFAS-treatment and climate-related capital and costs.
CWT news
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FINANCIAL STATEMENTS
CWT income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
CWT: quick answers
- When does California Water Service Group (CWT) report earnings next?
- California Water Service Group's next results are projected for February 24, 2027, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on October 29, 2026. Earnings calendar
- What is CWT's short interest?
- As of October 30, 2026, 2.3M CWT shares were sold short, down 2.6% from the count before. At the stock's average daily volume that is 5.7 days to cover. FINRA publishes the count twice a month. CWT short interest history
- Have members of Congress traded CWT?
- Reports made public in the last 90 days disclose 1 trade in CWT by 1 filer: 1 purchase and 0 sales. They are filed under the STOCK Act by members of Congress, the President and senior officials. Every disclosed CWT trade