H2O America

HTONASDAQUtilities● Active

$56.19

$-1.24(-2.16%)

Market Cap$2.0B

P/E Ratio—

52W High$61.87

52W Low$43.75

Avg Volume569K

Open$57.15

Beta0.35

Free Cash Flow Financials Revenue

H2O America (HTO) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

HTO · free cash flow · updated Jun 8, 2026

Core FCF metrics

HTO · FCF · TTM · margin & CAGR

Free cash flow was −$278.1M for FY2025 (fiscal year ending 2025-12-31), down 50.2% year-over-year The FCF margin was -34.7%.

FY2025 Free Cash Flow−$278.1M▼ -50.2% YoY

Trailing 12M (TTM)−$437.8Mtrailing 4 quarters sum

FCF Margin-34.7%−$278.1M ÷ revenue

3-Year CAGRN/AN/A — contains negative FCF

5-Year CAGRN/AN/A — contains negative FCF

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

HTO · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$244.8M(523M)−$278.1M▼ 50.2%-34.7%

FY2024$195.5M(381M)−$185.1M▼ 85.3%-24.7%

FY2023$190.8M(291M)−$99.9M▼ 28.0%-14.9%

FY2022$166.2M(244M)−$78.0M▲ +36.9%-12.6%

FY2021$130.0M(254M)−$123.8M▼ 11.6%-21.6%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

HTO · P/FCF · FCF yield · FCF per share

H2O America (HTO) reported negative free cash flow of −$0.28B. FCF-based valuation ratios are not meaningful when FCF is negative.

FCF Yield (TTM)

N/A

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

N/A

TTM FCF ÷ Shares Outstanding

Price / FCF

N/A

Share Price ÷ FCF per Share

EV / FCF (TTM)

N/A

Enterprise Value basis

FCF-based valuation ratios are only meaningful when free cash flow is positive. Negative FCF indicates capital expenditures exceeded operating cash flow.

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

HTO · cash flow statement · operating / investing / financing

For FY2025, H2O America generated $244.8M in operating cash flow and spent 523M in capital expenditures, yielding −$278.1M in free cash flow.

Operating Activities

+$244.8M

Cash from core business operations

2025-12-31

Investing Activities

−$520.1M

CapEx, acquisitions & investments

2025-12-31

Financing Activities

+$284.9M

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($244.8M) − |CapEx| (523M) = FCF (−$278.1M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Utilities)

HTO vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

H2O AmericaYOU

HTO

−$278.1M-50.2%-34.7%

Loss

Constellation Energy Corporation

CEG

$1.29B+125.6%5.0%

35%

Duke Energy Corporation

Utilities · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

H2O America (HTO) reported free cash flow of −$278.1M for FY2025 (fiscal year ending 2025-12-31), down 50.2% year-over-year. The FCF margin was -34.7%.

H2O America has reported negative free cash flow in recent periods, indicating capital expenditures have exceeded operating cash flow. Data available for 15 fiscal years.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

HTO free cash flow · 8 questions

H2O America free cash flow was −$278.1M for FY2025, down 50.2% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at −$437.8M.

HTO free cash flowHTO FCFHTO FCF 2025HTO free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · H2O America · H2O America SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026