H2O America - Public Comps and Valuation Multiples

H2O America Overview

About H2O America

H2O America is a national investor-owned network of local water and wastewater utilities united by one purpose: delivering clean, high-quality water to the communities it calls home. Across approximately 407,000 water and wastewater service connections, the company invests in critical infrastructure to strengthen the water supply for generations to come.

Founded

1985

HQ

Employees

822

Website

h2o-america.com

Sectors

Utilities

Financials

LTM Revenue $782M

LTM EBITDA $310M

EV

$3.5B

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H2O America Financials

As of September 2025, H2O America reported last 12-month revenue of $782M and EBITDA of $310M.

In the same period, H2O America generated $493M in LTM gross profit and $101M in net income.

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H2O America P&L

In the most recent fiscal year, H2O America reported revenue of $748M and EBITDA of $289M.

H2O America expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$782M	XXX	$748M	XXX	XXX	XXX
Gross Profit	$493M	XXX	$425M	XXX	XXX	XXX
Gross Margin	63%	XXX	57%	XXX	XXX	XXX
EBITDA	$310M	XXX	$289M	XXX	XXX	XXX
EBITDA Margin	40%	XXX	39%	XXX	XXX	XXX
EBIT	$189M	XXX	$171M	XXX	XXX	XXX
EBIT Margin	24%	XXX	23%	XXX	XXX	XXX
Net Profit	$101M	XXX	$94.0M	XXX	XXX	XXX
Net Margin	13%	XXX	13%	XXX	XXX	XXX
Net Debt	XXX	XXX	$1.8B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for H2O America including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $782M. EBITDA for the last twelve months was $310M. In the most recent fiscal year, H2O America achieved $748M in revenue and $289M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$782M	Analyst estimates available to subscribers	$748M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$493M	Analyst estimates available to subscribers	$425M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	63.0% gross margin	Analyst estimates available to subscribers	56.8% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$310M	Analyst estimates available to subscribers	$289M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	39.6% EBITDA margin	Analyst estimates available to subscribers	38.7% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$189M	Analyst estimates available to subscribers	$171M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	24.1% EBIT margin	Analyst estimates available to subscribers	22.8% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$101M	Analyst estimates available to subscribers	$94.0M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	12.9% net profit margin	Analyst estimates available to subscribers	12.6% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$1.8B	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for H2O America

This financial data table provides comprehensive performance metrics for H2O America, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

H2O America generated $782M in revenue over the last twelve months.
The company achieved $310M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $493M.
Net income over the last twelve months reached $101M.

Fiscal Year Performance

In the most recent fiscal year, H2O America reported $748M in total revenue.
Fiscal year EBITDA was $289M.
The company maintained a gross profit margin of 56.8% in the most recent fiscal year.
EBITDA margin for the fiscal year was 38.7%.
Net profit margin reached 12.6% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for H2O America. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

H2O America Stock Performance

H2O America has current market cap of $1.6B, and EV of $3.5B.

Market Cap Evolution

H2O America Stock Data

As of October 3, 2025, H2O America's stock price is $47.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$3.5B	$1.6B	XXX	XXX	XXX	XXX	$2.95

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H2O America Valuation Multiples

H2O America's trades at 4.7x EV/Revenue multiple, and 12.1x EV/EBITDA.

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H2O America Financial Valuation Multiples

As of October 3, 2025, H2O America has market cap of $1.6B and EV of $3.5B.

Equity research analysts estimate H2O America's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

H2O America has a P/E ratio of 16.4x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$1.6B	XXX	$1.6B	XXX	XXX	XXX
EV (current)	$3.5B	XXX	$3.5B	XXX	XXX	XXX
EV/Revenue	4.5x	XXX	4.7x	XXX	XXX	XXX
EV/EBITDA	11.3x	XXX	12.1x	XXX	XXX	XXX
EV/EBIT	18.6x	XXX	20.5x	XXX	XXX	XXX
EV/Gross Profit	7.1x	XXX	n/a	XXX	XXX	XXX
P/E	16.4x	XXX	17.5x	XXX	XXX	XXX
EV/FCF	-19.7x	XXX	-18.9x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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H2O America Margins & Growth Rates

H2O America's last 12 month revenue growth is 6%

H2O America's revenue per employee in the last FY averaged $0.9M, while opex per employee averaged $0.3M for the same period.

H2O America's rule of 40 is 45% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

H2O America's rule of X is 54% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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H2O America Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	6%	XXX	6%	XXX	XXX	XXX
EBITDA Margin	40%	XXX	39%	XXX	XXX	XXX
EBITDA Growth	11%	XXX	9%	XXX	XXX	XXX
Rule of 40	45%	XXX	44%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	54%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.9M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.3M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	34%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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