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HTO on Nasdaq

SJW Group

Logo: SJW Group, Public domain, via Wikimedia Commons4

American water utility holding company founded in 19851

H2O America (formerly known as SJW Group) ("SJW") is a water utility processing, distribution, wholesale and retail company based in San Jose, California. It serves 228,000 connections that serves over 1 million residents in regions of California, and approximately 17,000 connections, which serves about 60,000 people in Texas. The enterprise value (as of December 2021) is $3.76 billion.3 Its shares trade on Nasdaq under the symbol HTO.1 Wikipedia text CC BY-SA 4.0

Price unavailable

Last updated Oct 21, 2026.

Overview

1985Founded1

Compare with California Water Service Group, American States Water or Essential Utilities, or pick any stock.

  • TickerHTO on Nasdaq1
  • Industrywater collection, treatment and supply1
  • HeadquartersSan Jose1
  • Websitewww.sjwgroup.com
  • Legal formLimited Liability Company, Delaware corporation1
  • Incorporated inDE5
  • Business address110 W. Taylor Street, San Jose, Ca 951105
  • Filer categoryLarge accelerated filer5

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H2O America (formerly known as SJW Group) ("SJW") is a water utility processing, distribution, wholesale and retail company based in San Jose, California. It serves 228,000 connections that serves over 1 million residents in regions of California, and approximately 17,000 connections, which serves about 60,000 people in Texas. The enterprise value (as of December 2021) is $3.76 billion.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

22.0%Operating margin8
12.7%Net margin8
9.4%Revenue growth, 20258
6.7%Return on equity8
1.21×Debt to equity8

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs86¢$690.7M
  • Income tax2¢$12.4M
  • Profit13¢$102.6M

Out of $805.6M in revenue.8

Where each dollar of operating cash went, fiscal 2025

  • Dividends paid24¢$58.6M
  • Kept or used elsewhere76¢$186.2M

Out of $244.8M of cash from operations.8

Financial statements

Revenue91011128$805.6M in 2025+80% since 2019
0$250.0M$500.0M$750.0M$1.0B2019: $447.7M$447.7M20192020: $549.3M$549.3M2020+23%2021: $559.6M$559.6M2021+2%2022: $586.9M$586.9M2022+5%2023: $678.2M$678.2M2023+16%2024: $736.3M$736.3M2024+9%2025: $805.6M$805.6M2025+9%
Operating income91011128$177.5M in 2025+209% since 2019
0$50.0M$100.0M$150.0M$200.0M2019: $57.5M$57.5M20192020: $117.7M$117.7M2020+105%2021: $111.2M$111.2M2021−6%2022: $131.0M$131.0M2022+18%2023: $149.4M$149.4M2023+14%2024: $170.5M$170.5M2024+14%2025: $177.5M$177.5M2025+4%
Net income91011128$102.6M in 2025+338% since 2019
0$50.0M$100.0M$150.0M2019: $23.4M$23.4M20192020: $61.5M$61.5M2020+163%2021: $60.5M$60.5M2021−2%2022: $73.8M$73.8M2022+22%2023: $85.0M$85.0M2023+15%2024: $94.0M$94.0M2024+11%2025: $102.6M$102.6M2025+9%

Every line of the income statement as filed: the last 3 fiscal years, latest first.8

Period ending2025-12-312024-12-312023-12-31
Operating revenue$800.6M$748.4M$670.4M
Purchased water$126.3M$158.6M$136.0M
Power$21.8M$11.5M$9.6M
Groundwater extraction charges$112.1M$73.1M$63.0M
Other production expenses$51.0M$48.9M$47.6M
Total production expenses$311.2M$292.0M$256.2M
Administrative and general$126.0M$105.8M$98.7M
Maintenance$32.9M$31.3M$25.7M
Property taxes and other non-income taxes$37.7M$35.9M$34.5M
Depreciation and amortization$115.3M$112.9M$105.9M
Total operating expense$623.1M$577.9M$520.9M
Operating income$177.5M$170.5M$149.4M
Interest on long-term debt and other interest expense-$72.6M-$71.4M-$66.1M
Pension non-service credit (cost)$6.4M$3.8M-$1.2M
Other, net$3.5M$55.0K$8.9M
Income before income taxes$114.9M$102.9M$90.9M
Provision for income taxes$12.4M$9.0M$6.0M
Net income$102.6M$94.0M$85.0M
Unrealized (loss) gain on investment, net of taxes of $0 in 2025, $(163) in 2024 and $166 in 2023$0-$442.0K$530.0K
Adjustment to pension benefit plans, net of taxes of $0 in 2025, $0 in 2024 and $80 in 2023-$493.0K$611.0K-$216.0K
Comprehensive income$102.1M$94.1M$85.3M
Basic (in dollars per share)$2.93$2.87$2.69
Diluted (in dollars per share)$2.92$2.87$2.68
Basic (shares)35.0M shares32.7M shares31.6M shares
Diluted (shares)35.1M shares32.8M shares31.7M shares
Unrealized gain (loss) on investment, tax expense (benefit)$0-$163.0K$166.0K
Adjustment to pension benefit plans, tax benefit$0$0$80.0K

Compare SJW Group with another company

Corporate structure

SJW Group sits at the top of its group. 16 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of SJW Group

  • SJW Group San Jose
    • Texas Water Company Subsidiary · Canyon Lake, United States
    • Chester Realty, Inc. Subsidiary · Connecticut, United States
    • Connecticut Water Service, Inc. Subsidiary · Connecticut, United States
    • H2O America Land Company Subsidiary · California, United States
    • H2O America NE LLC Subsidiary · Delaware, United States
    • H2O America Risk Solutions, Inc. Subsidiary · Utah, United States
    • H2O America TX Holdings, Inc Subsidiary · Texas, United States
    • National Water Utility Service, LLC Subsidiary · Delaware, United States
    • New England Water Utility Services, Inc. Subsidiary · Connecticut, United States
    • San Jose Water Company Subsidiary · California, United States
    • SJW Land Company Subsidiary · United States
    • SJWTX, Inc., dba The Texas Water Company Subsidiary · Texas, United States
    • Texas Water Operation Services LLC Subsidiary · Texas, United States
    • The Connecticut Water Company Subsidiary · Connecticut, United States
    • The Maine Water Company Subsidiary · Maine, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; subsidiaries, stakes and holdings from Wikidata (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What SJW Group reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Land$914.0K8 Dec 31, 2025$915.0K8 Dec 31, 2024−0.1%
Property and equipment, before depreciation$1.7M8 Dec 31, 2025$1.3M8 Dec 31, 2024+28.1%
Accumulated depreciation$103.0K8 Dec 31, 2025$98.0K8 Dec 31, 2024+5.1%
Property and equipment, net$1.6M8 Dec 31, 2025$1.2M8 Dec 31, 2024+29.9%

Real estate and locations

ItemLatestA year beforeChange
Real estate investments, net$1.2M12 Dec 31, 2024$13.2M12 Dec 31, 2023−90.8%
Real estate investments, at cost$1.3M12 Dec 31, 2024$13.3M12 Dec 31, 2023−90.2%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$20.7M8 Dec 31, 2025$11.1M8 Dec 31, 2024+86.1%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$640.3M8 Dec 31, 2025$640.3M8 Dec 31, 20240%
Intangible assets, net (excluding goodwill)$41.1M8 Dec 31, 2025$42.1M8 Dec 31, 2024−2.4%
Finite-lived intangibles, gross$51.7M8 Dec 31, 2025$51.6M8 Dec 31, 2024+0.2%

Properties, in its own words

The properties of SJWC consist of a unified water production system located in the County of Santa Clara in the State of California. In general, the property is comprised of franchise rights, water rights, necessary rights-of-way, approximately 6,400 acres of land held in fee (which is primarily non-developable watershed), impounding reservoirs with a capacity of approximately 2,256 million gallons, 2,481 miles of transmission and distribution mains, distribution storage of approximately 192 million gallons, wells, boosting facilities, diversions, surface water treatment plants, equipment, office buildings and other property necessary to provide water service to its customers.

SJWC maintains all of its properties in proper operating condition in accordance with customary practices for water utilities. SJWC’s groundwater pumping stations have a production capacity of approximately 261 million gallons per day and the present capacity for taking purchased water is approximately 84 million gallons per day. The surface water collection system has a physical delivery capacity of approximately 35 million gallons per day. During 2025, a maximum and average of 128 million gallons and 91 million gallons of water per day, respectively, were delivered to the system.

The rest of Item 2

The properties of CTWS consist of land, easements, rights (including water rights), buildings, reservoirs with a capacity of approximately 9,400 million gallons, standpipes, dams, wells, supply lines, water treatment plants, pumping plants, 2,340 miles of transmission and distribution mains and other facilities and equipment used for the collection, purification, storage and distribution of water throughout Connecticut and Maine. In certain cases, CWC and MWC are or may be a party to limited contractual arrangements for the provision of water supply from neighboring utilities.

Sources of water supply owned, maintained and operated by CTWS include 25 surface water reservoirs and 108 well fields. In addition, CWC and MWC have agreements with various neighboring water utilities to provide water, at negotiated rates, to our water systems. Collectively, these sources have the capacity to deliver approximately 80 million gallons of potable water daily to the 27 major operating systems. CTWS also owns, maintains and operates 50 small, non-interconnected satellite and consecutive water systems, that combined, have the ability to deliver approximately 3.5 million gallons of additional water per day to their respective systems. CTWS’s 30 water treatment plants have a combined treatment capacity of approximately 50 million gallons per day. In addition, CTWS owns and operates one wastewater treatment plant with a capacity of 0.78 million gallons per day.

The properties of TWC consist of land, easements, rights (including water rights), buildings, reservoirs, standpipes, wells, supply lines, water treatment plants, pumping plants, 844 miles of transmission and distribution mains and other facilities and equipment used for the collection, purification, storage and distribution of water throughout its service area. TWC maintains a service area that covers approximately 271 square miles located in the southern region of the Texas hill country in Bandera, Blanco, Comal, Hays, Kendall, Medina and Travis counties. The majority of the service area surrounds an 8,200-surface acre reservoir, Canyon Lake. TWC production wells and all sources of supply have the ability to pump a combined 5,400 million gallons annually. TWC has contracts for 2,000 million gallons of untreated surface water and 480 million gallons of treated surface water from the GBRA annually, and 114 million gallons of treated surface water from LCRA. TWC owns and operates three surface water treatment plants with a combined production capacity of 9 million gallons per day. TWC maintains 90 storage tanks with a total storage capacity of 17 million gallons. TWC owns and operates four wastewater treatment plants with a combined capacity of 337,000 gallons per day. In August 2023, TWR acquired eight wells and the water rights of KTR. During the third quarter of 2024, TWC purchased these assets from TWR for use in utility operations. These wells have been projected to yield an additional 6,000 acre-feet per year or more.

Water Utility Services holds all of its principal properties in fee simple, subject to current tax and assessment liens, rights-of-way, easements, and certain minor defects in title which do not materially affect their use. A substantial portion of treatment, storage and distribution properties owned by MWC are subject to indentures that secure bonds, notes and other evidence of long-term indebtedness.

As of December 31, 2025, H2O America Land Company and Chester Realty, Inc. own approximately 101 acres of property in the State of California and 23 acres of property in State of Connecticut.

Item 2 of the 10-K filed Feb 26, 2026.17

Leadership

Who has led SJW Group, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. W. Richard Roth2006–2017
  2. Eric W. Thornburg2017–2025
  3. Andrew F. Walters2025–now

President

  1. W. Richard Roth2006–2017
  2. Andrew Gere2016–2023
  3. Eric W. Thornburg2017–2019
  4. David C. Benoit2019
  5. Maureen P. Westbrook2019–2022
  6. Craig J. Patla2023–2024
  7. Tanya Moniz-Witten2024–2025
  8. Bruce A. Hauk2025–now

Chief financial officer

  1. Angela Yip2006–2008
  2. Andrew F. Walters2022–2025
  3. Ann P. Kelly2025–now

Chief operating officer

  1. R. Scott Yoo2006–2013
  2. Andrew Gere2015–2023
  3. Bruce A. Hauk2023–now
1990200020102020
Board members and other officers (36)

Products and brands

The company has four subsidiaries, comprising San Jose Water Company, SJWTX, Inc., SJW Land Company as well as Texas Water Alliance Limited (TWA). TWA is engaged in operating the essential water supply activities in Texas. The company's diverse utility property include land held in fee, impounding reservoirs, diversion facilities, wells, distribution storage, and all water facilities, equipment, office buildings, etc. In 2012, the revenue generated by purchased water made up about 40% to 45% of the company’s annual revenue.

The company attended the industry’s conference, Water Utility Conference of 2013, as one of the largest water utility companies in the U.S.

In October 2018, it was announced that SJW was acquiring Connecticut Water Service, a water utility company serving communities in Connecticut and Maine, pending federal approval. The acquisition was completed in October 2019.

From Wikipedia’s article on H2O America, shared under CC BY-SA 4.0.6

Subsidiaries and ownership

Subsidiaries

Subsidiaries (Exhibit 21)

  • Chester Realty, Inc. Connecticut7
  • Connecticut Water Service, Inc. Connecticut7
  • H2O America Land Company California7
  • H2O America NE LLC Delaware7
  • H2O America Risk Solutions, Inc. Utah7
  • H2O America TX Holdings, Inc Texas7
  • National Water Utility Service, LLC Delaware7
  • New England Water Utility Services, Inc. Connecticut7
  • SJWTX, Inc., dba The Texas Water Company Texas7
  • San Jose Water Company California7
  • Texas Water Operation Services LLC Texas7
  • The Connecticut Water Company Connecticut7
  • The Maine Water Company Maine7

From Wikidata.1 The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Acquisitions

  1. Oct 2019Connecticut Water Service, Inc. became a subsidiary1
  2. 1985Acquired San Jose Water Company1

Former names

  • SJW CORPNov 14, 1994 to Nov 2, 20165
  • SJW Corp.1985 to 20161

Timeline

  1. Oct 1, 20268-K Completed an acquisition or sale; Regulation FD disclosure66
  2. Jul 27, 20268-K Results of operations67
  3. Jun 12, 20268-K Executive or director change68
  4. May 19, 20268-K Shareholder vote69
  5. Apr 28, 20268-K Results of operations70
  6. Mar 4, 20268-K Entered a material agreement; Regulation FD disclosure; Other events71
  7. Mar 2, 20268-K Financial statements and exhibits72
  8. Feb 25, 20268-K Results of operations73
  9. Dec 29, 20258-K Other events74
  10. Dec 15, 20258-K Executive or director change75
  11. Oct 28, 20258-K Results of operations76
  12. Sep 16, 20258-K Entered a material agreement77
  13. Jul 3, 2025New chief executive Andrew F. Walters becomes CEO18
  14. Nov 6, 2017New chief executive Eric W. Thornburg becomes CEO19
  15. 2016Renamed Name changed to SJW Group1
  16. Jan 4, 2006New chief executive W. Richard Roth becomes CEO20
  17. 1985Founded Founded1

Calendar

Coming up

  1. Oct 26, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $1.27 a share, on Oct 27, 2025.78

When it reported results

  1. Jul 27, 2026Reported quarterly or annual results67
  2. Apr 28, 2026Reported quarterly or annual results70
  3. Feb 25, 2026Reported quarterly or annual results73
  4. Oct 28, 2025Reported quarterly or annual results76
  5. Jul 29, 2025Reported quarterly or annual results79
  6. Apr 28, 2025Reported quarterly or annual results80
  7. Feb 27, 2025Reported quarterly or annual results81
  8. Oct 28, 2024Reported quarterly or annual results82

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

401 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 60 major events, 252 insider forms, 33 large holders, 36 other. The latest 20:

  1. Oct 1, 20268-K EDGAR
  2. Sep 22, 2026SCHEDULE 13G/A EDGAR
  3. Aug 19, 20264/A PRIMARY DOCUMENT EDGAR
  4. Aug 19, 20264/A PRIMARY DOCUMENT EDGAR
  5. Aug 19, 20264/A PRIMARY DOCUMENT EDGAR
  6. Aug 19, 20264/A PRIMARY DOCUMENT EDGAR
  7. Aug 19, 20263/A PRIMARY DOCUMENT EDGAR
  8. Aug 19, 2026SCHEDULE 13G/A EDGAR
  9. Aug 3, 20264 EDGAR
  10. Jul 28, 2026SCHEDULE 13G/A EDGAR
  11. Jul 28, 202610-Q EDGAR
  12. Jul 27, 20268-K EDGAR
  13. Jul 13, 20264/A PRIMARY DOCUMENT EDGAR
  14. Jul 8, 20264 PRIMARY DOCUMENT EDGAR
  15. Jul 6, 20264 EDGAR
  16. Jul 6, 20264 EDGAR
  17. Jul 2, 20264 PRIMARY DOCUMENT EDGAR
  18. Jun 12, 20268-K EDGAR
  19. Jun 5, 20264 EDGAR
  20. Jun 3, 20264 EDGAR

The 401 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

21 open-market trades by officers, directors and large owners since October 2021: 6 buys and 15 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jul 7, 2026GIP ATLAS Holdings LtdBuy2,784$62.03$172.7KForm 4
Jul 7, 2026ATLAS Infrastructure Partners (UK) Ltd.Buy2,784$62.03$172.7KForm 4
Jul 1, 2026ATLAS Infrastructure Partners (UK) Ltd.Buy2,132$60.76$129.5KForm 4
Jul 1, 2026ATLAS Infrastructure Partners (UK) Ltd.Sale1,686$60.74$102.4KForm 4
May 29, 2026ATLAS Infrastructure Partners (UK) Ltd.Buy31,001$57.62$1.8MForm 4
May 29, 2026ATLAS Infrastructure Partners (UK) Ltd.Sale1,435$57.52$82.5KForm 4
Apr 10, 2026GIP ATLAS Holdings LtdBuy50,385$59.06$3.0MForm 4
Apr 10, 2026ATLAS Infrastructure Partners (UK) Ltd.Buy50,385$59.06$3.0MForm 4
Nov 13, 2025Walters Andrew FChief Executive OfficerSale2,100$47.22$99.2KForm 4
Aug 22, 2024Hauk Bruce APresident and COOSale115$57.77$6.6KForm 4
May 7, 2024Patla Craig JPresident of CTWSSale1,400$55.62$77.9KForm 4
May 3, 2023Guardino CarlDirectorSale777$76.03$59.1KForm 4
Mar 27, 2023Patla Craig JPresident of CTWSSale725$76.09$55.2KForm 4
Nov 23, 2022Gere AndrewPresident of SJWCSale830$74.72$62.0KForm 4
Nov 3, 2022Lynch James PatrickChief Accounting OfficerSale709$67.27$47.7KForm 4
Oct 20, 2022Lynch James PatrickChief Accounting OfficerSale803$63.47$51.0KForm 4
Oct 6, 2022Lynch James PatrickChief Accounting OfficerSale620$61.00$37.8KForm 4
Sep 22, 2022Lynch James PatrickChief Accounting OfficerSale533$62.35$33.2KForm 4
Sep 20, 2022Guardino CarlDirectorSale1,175$64.32$75.6KForm 4
Dec 7, 2021ARMSTRONG KATHARINEDirectorSale2,303$69.58$160.2KForm 4

All 21 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Eric W. ThornburgFormer President, Chief Executive Officer and Chairman of the Board$461.6K$3.1M94
2025Andrew F. WaltersChief Executive Officer and Chairman of the Board$619.3K$2.9M94
2025Kristen A. JohnsonPresident of Shared Services, Senior Vice President and Chief Administrative Officer$543.8K$1.7M94
2025Bruce A. HaukPresident and Chief Operating Officer$543.6K$1.4M94
2025Willie BrownVice President and General Counsel$460.0K$1.1M94
2025Ann P. KellyChief Financial Officer and Treasurer$451.2K$1.1M94
2024Eric W. ThornburgFormer President, Chief Executive Officer and Chairman of the Board$909.0K$4.0M94
2024Kristen A. JohnsonPresident of Shared Services, Senior Vice President and Chief Administrative Officer$510.0K$1.5M94
2024Andrew F. WaltersChief Executive Officer and Chairman of the Board$520.0K$1.3M94
2024Bruce A. HaukPresident and Chief Operating Officer$520.0K$1.2M94
2024Willie BrownVice President and General Counsel$445.0K$1.0M94
2023Eric W. ThornburgFormer President, Chief Executive Officer and Chairman of the Board$874.0K$4.2M94
2023Kristen A. JohnsonPresident of Shared Services, Senior Vice President and Chief Administrative Officer$490.0K$1.9M94
2023Andrew F. WaltersChief Executive Officer and Chairman of the Board$495.0K$1.3M94
2023Bruce A. HaukPresident and Chief Operating Officer$500.0K$1.2M94
2023Willie BrownVice President and General Counsel$406.0K$924.6K94

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.7,106,413$431.9M0.0%+688,680
ATLAS Infrastructure Partners (UK) Ltd.4,612,035$280.3M8.5%+79,951
Wellington Management Group Llp1,995,839$121.3M0.0%+382,268
ANTIPODES PARTNERS Ltd1,759,602$106.9M2.0%−489,427
Vanguard Capital Management LLC1,574,377$95.7M0.0%−112,876
State Street Corp1,554,683$94.5M0.0%+123,532
Cerity Partners LLC1,307,227$79.4M0.1%−2,452
Vanguard Portfolio Management LLC1,263,898$76.8M0.0%+94,820
Soros Fund Management LLC1,254,368$76.2M1.3%+25,621
Victory Capital Management Inc1,168,734$71.0M0.0%+256,839
Amundi1,105,367$67.2M0.0%−51,585
Geode Capital Management, LLC992,465$60.3M0.0%+95,389
Yaupon Capital Management LP851,846$51.8M1.7%−43,589
Two Sigma Investments, LP806,493$49.0M0.0%+556,161
Invesco Ltd.776,317$47.2M0.0%+75,722
Dimensional Fund Advisors LP714,601$43.4M0.0%+9,256
Morgan Stanley589,652$35.8M0.0%−191,549
Legal & General Group Plc571,546$34.8M0.0%+28,064
Resolution Capital Ltd515,795$31.3M0.6%+33,335
Zimmer Partners, LP513,500$31.2M0.7%−487,500
Barrow Hanley Mewhinney & Strauss LLC504,368$30.7M0.1%+94,718
Charles Schwab Investment Management Inc503,037$30.6M0.0%+20,867
Schroder Investment Management Group494,524$30.2M0.0%−92,416
First Trust Advisors LP490,833$29.8M0.0%−41,154
Goldman Sachs Group Inc436,328$26.5M0.0%+94,285

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How SJW Group is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARH2O AMERICA2
  • CIK0000766829
  • Employer ID (EIN)77-006662817
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company17
  • Incorporated inDelaware17
  • Fiscal year endsDecember 312
  • Industry code (SIC)4941 Water Supply2
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance2
  • Business address110 W. Taylor Street, San Jose, CA 951102
  • Phone650 60570292
  • Shares outstanding41,840,247 as of Apr 23, 202615
  • Public float$1.8B as of Jun 30, 202517
  • AuditorDeloitte & Touche LLP, San Jose, California PCAOB ID 34; it also attests to the company’s internal control over financial reporting17
  • On EDGAR sinceMar 1, 19942
  • Filings1,616 in all: 4 (859), 8-K (245), 10-Q (98), 425 (54), 3 (38), DEF 14A (33), 10-K (31), SC 13D/A (27)2
    All 54 form types

    SC 13G/A (27), UPLOAD (24), 4/A (23), DFAN14A (19), ARS (14), DEFA14A (11), 424B5 (10), SC 13G (10), SCHEDULE 13G/A (10), CORRESP (8), S-8 (5), SC TO-T/A (5), SCHEDULE 13G (5), S-8 POS (4), 10-Q/A (3), 144 (3), 5 (3), EFFECT (3), PRE 14A (3), S-3ASR (3), SC 13D (3), SC 14D9/A (3), 10-K/A (2), 10-K405 (2), 3/A (2), 8-A12B (2), 8-K/A (2), DEFR14A (2), S-3 (2), S-4/A (2), 25 (1), 424B2 (1), 8-A12B/A (1), ARS/A (1), CERT (1), CERTNYS (1), DEFC14A (1), POS AM (1), PREC14A (1), PRRN14A (1), REGDEX (1), RW (1), S-3/A (1), S-4 (1), SC 14D9 (1), SC TO-T (1)

  • Latest filingsAnnual report (10-K) Feb 26, 2026
    Quarterly report (10-Q) Jul 28, 2026
    Proxy statement (DEF 14A) Apr 3, 2026
    Latest 8-K (8-K) Oct 1, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.001 per shareHTONasdaq Global Select Market

From the cover page of the 10-K filed Feb 26, 2026 (Section 12(b) of the Exchange Act).17

Risk factors and legal proceedings

The risks SJW Group names in Item 1A of its 10-K filed Feb 26, 2026: 42 risks under these headings, as written.17

  • Risks Relating To Quadvest Acquisition
  • Our proposed transactions with Quadvest are subject to the receipt of consents and clearances from regulatory authorities that may impose conditions that could have an adverse effect on H2O America or, if not obtained, could prevent completion of the proposed transactions.
  • The length of the regulatory approval process required by the PUCT, which may be extended beyond its current estimates, may reduce or eliminate the benefits to be achieved under the proposed transactions.
  • We may be unable to successfully integrate Quadvest’s business with ours and realize the anticipated benefits of the acquisition, which could negatively impact the future business and financial results of H2O America.
  • Failure to complete the proposed transactions as currently contemplated or at all could negatively impact the stock price, business operations and financial results of H2O America.
  • The asset purchase agreements with Quadvest may be terminated in certain circumstances, which would result in the benefits of the proposed transactions not being realized, and under certain circumstances, we may be required to pay a termination fee.
  • Failure to obtain financing for the proposed transactions on favorable terms or at all could negatively impact the operating results and financial condition of H2O America.
  • Risks Relating To Regulatory and Legal Matters
  • Our business is regulated and may be adversely affected by changes to the regulatory environment.
  • Recovery of regulatory assets is subject to adjustment by regulatory agencies and could impact the operating results of Water Utility Services.
  • Water Utility Services is subject to litigation risks concerning water quality and contamination.
  • Water Utility Services is subject to possible litigation or regulatory enforcement action concerning water discharges to Waters of the United States (“WOTUS”).
The other 32 risks
  • Streamflow regulations in Connecticut could potentially impact our ability to serve our customers.
  • New or more stringent environmental regulations could increase Water Utility Services’ operating costs and affect its business.
  • The impact of climate change and climate change laws and regulations have been passed and are being proposed that require compliance with greenhouse gas emissions standards, as well as other climate change initiatives, which could increase Water Utility Services’ operating costs and affect our business.
  • We may be at risk for litigation under the principle of inverse condemnation for activities in the normal course of business that have a damaging effect on private property.
  • Our water utility property and systems are subject to condemnation and other proceedings through eminent domain.
  • Regulatory agencies may disagree with our valuation and characterization of certain of our assets.
  • Risks Relating To Business Operations
  • The adequacy of our water supplies depends upon a variety of factors beyond our control. Interruption in the water supply may adversely affect our reputation and earnings.
  • The concentration of our business in California, Texas and Connecticut makes us susceptible to adverse developments affecting these states.
  • We face competition from other utilities and service providers which might hinder our growth opportunities and mitigate our future profitability.
  • Fluctuations in customer demand for water due to seasonality, restrictions of use, weather, and lifestyle can adversely affect operating results.
  • A contamination event or other decline in source water quality could affect the water supply of Water Utility Services and therefore adversely affect our business and operating results.
  • Operating under contract water and waste systems subject us to risks.
  • The necessity for ongoing physical and technological security has resulted, and may continue to result, in increased operating costs.
  • Water Utility Services rely on information technology and systems that are key to business operations. A system malfunction, security breach, cyber-attacks, or other disruption that compromises our information could expose us to liability and adversely affect business operations. In addition, noncompliance could expose us to liability and adversely affect business operations.
  • A failure of our reservoirs, storage tanks, mains or distribution networks could result in losses and damages that may adversely affect our financial condition and reputation.
  • Our business and financial performance may be adversely affected by high inflation.
  • Work stoppages and other labor relations matters could adversely affect our business and operating results.
  • If we fail to maintain safe work sites, we can be exposed to not only people impacts but also to financial losses such as penalties and other liabilities.
  • Risks Relating To Our Finances and Corporate Matters
  • We may not have sufficient cash flow or capital resources to fund capital expenditures of our business, and our access to liquidity through the capital markets may be limited.
  • We have incurred substantial additional indebtedness that may reduce our business and operational flexibility and increase our borrowing costs.
  • H2O America has committed to certain “ring-fencing” measures which will enhance CTWS’s separateness from H2O America, which may limit H2O America’s ability to influence the management and policies of CTWS (beyond the limitations included in other existing governance mechanisms).
  • Our business strategy, which includes acquiring water systems and expanding non-tariffed services, will expose us to new risks which could have a material adverse effect on our business.
  • An impairment in the carrying value of our goodwill could negatively impact our consolidated results of operations and financial condition.
  • Adverse investment returns and other factors may increase our pension costs and pension plan funding requirements.
  • H2O America’s dividend policy is subject to the discretion of our board of directors and may be limited by legal and contractual requirements.
  • H2O America is a holding company that depends on cash flow from its subsidiaries to meet its financial obligations and pay dividends on its common stock.
  • Our charter documents and Delaware law could prevent a takeover that stockholders consider favorable and could also make it more difficult for stockholders to influence our policies or may reduce the rights of stockholders.
  • We may not be able to maintain adequate insurance coverage at reasonable costs, or at all, to cover all losses incurred in our operations.
  • General Risk Factors
  • We operate in areas subject to natural disasters, and we may be the target of terrorist activities and other physical threats.
  • Our operations, liquidity, and earnings may be adversely affected by wildfires and risk of fire hazards.
  • The price of our common stock may be volatile and may be affected by market conditions beyond our control.
  • We must continue to attract and retain qualified technical and managerial personnel in order to succeed.

Legal proceedings

H2O America and its subsidiaries are subject to ordinary routine litigation incidental to its business.

In October 2023, CWC, a subsidiary of H2O America, was named as a defendant in a putative class action lawsuit alleging that the water provided by CWC contained contaminants. The case is currently pending in the State of Connecticut Superior Court.

CWC is vigorously defending itself in this lawsuit. H2O America is unable to provide a reasonable estimate of loss, if any, at this time.

SJWC and CWC are plaintiffs in a lawsuit for the benefit of our customers against manufacturers and/or sellers of PFAS compounds for damages, contribution and reimbursement of costs incurred and continuing to be incurred to address the presence of such PFAS compounds in public water supply systems owned and operated by these utility subsidiaries and throughout their respective service areas. The lawsuit is part of Multi-District Litigation (“MDL”), that commenced on December 7, 2018, in the United States District Court for the District of South Carolina. MWC has submitted timely claims as a settlement class member.

The opening of Item 3, Legal Proceedings.17

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