HTO H2O America - Common Stock
$63.81
Price · Aug 18, 2026
Fundamentals as of Jul 28, 2026
52W Range
$44–$67
86% of range
Analyst Rating
BUY
12 analysts
Price Target
$67
+5% upside
P/E (TTM)
25.3
ROE
6.8%
Net Profit Margin
12.8%
About H2O America - Common Stock Company overview from Wikipedia
H2O America ("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 is $3.76 billion.
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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.
## Operations
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.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
HTO Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$63.81
Market Cap
$2.67B
P/E (TTM)
25.3
EPS (TTM)
$2.92
Revenue (TTM)
$801M
Div Yield
2.2%
ROE
6.8%
Debt/Equity
1.2
52W Range
$44 – $67
HTO Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$801M
2021-12-31
→
2025-12-31
EPS
$2.92
2021-12-31
→
2025-12-31
Free Cash Flow
—
Margins
12.8%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
HTO
Peer Median
P/E (TTM)
25.3
24.0
P/S (TTM)
3.3
5.3
P/B
1.7
1.8
EV / EBITDA
15.2
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
HTO
Peer Median
Operating Margin
22.2%
—
Net Profit Margin
12.8%
21.9%
ROA
2.1%
3.0%
ROE
6.8%
9.0%
ROIC
4.6%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
HTO
Peer Median
Debt / Equity
1.2
—
Current Ratio
0.7
1.0
Quick Ratio
0.3
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
HTO
Peer Median
Revenue YoY
7.0%
—
Revenue CAGR 3Y
8.8%
—
Revenue CAGR 5Y
7.2%
—
EPS YoY
1.7%
—
Net Income YoY
9.2%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
HTO
Peer Median
Payout Ratio
57.2%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
2.2%
Payout Ratio
57.2%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| Aug. 10, 2026 | $0.4400 |
| May 11, 2026 | $0.4400 |
| Feb. 9, 2026 | $0.4400 |
| Nov. 10, 2025 | $0.4200 |
| Aug. 11, 2025 | $0.4200 |
| May 12, 2025 | $0.4200 |
| Feb. 10, 2025 | $0.4200 |
| Nov. 4, 2024 | $0.4000 |
| Aug. 5, 2024 | $0.4000 |
| May 3, 2024 | $0.4000 |
| Feb. 2, 2024 | $0.4000 |
| Nov. 3, 2023 | $0.3800 |
| Aug. 4, 2023 | $0.3800 |
| May 5, 2023 | $0.3800 |
| Feb. 3, 2023 | $0.3800 |
| Nov. 4, 2022 | $0.3600 |
| Aug. 5, 2022 | $0.3600 |
| May 6, 2022 | $0.3600 |
| Feb. 4, 2022 | $0.3600 |
| Nov. 5, 2021 | $0.3400 |
HTO Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
12 analysts
- Strong Buy 4 33.3%
- Buy 5 41.7%
- Hold 3 25.0%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
7 analysts · 2026-08-14
Median
$67.00
Now
$63.81
Low
$60.00
High
$72.00
Median target
$67.00
+5.0%
Mean target
$67.14
+5.2%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.05%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.72 | $0.70 | 0.02% |
| March 31, 2026 | $0.50 | $0.47 | 0.03% |
| Dec. 31, 2025 | $0.46 | $0.49 | -0.03% |
| Sept. 30, 2025 | $1.28 | $1.19 | 0.09% |
| June 30, 2025 | $0.75 | $0.70 | 0.05% |
| March 31, 2025 | $0.50 | $0.37 | 0.13% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| HTO | $1.77B | 16.8 | 7.0% | 12.8% | 6.8% | — |
| AWK | — | 22.9 | 10.1% | 21.7% | 10.3% | — |
| WTRG | — | 17.4 | 18.6% | 24.9% | 9.1% | — |
| AWR | $2.83B | 21.5 | 10.5% | 19.8% | 12.9% | — |
| CWT | $2.58B | 20.2 | 6.4% | 13.3% | 7.7% | — |
| MSEX | $934M | 21.4 | 1.5% | 22.0% | 9.0% | — |
| YORW | $460M | 22.9 | 3.4% | 25.9% | 8.5% | — |
| ARTNA | — | 14.3 | 4.6% | — | — | — |
| PCYO | $242M | 18.6 | -9.2% | 50.2% | 9.5% | 61.5% |
| CDZI | $467M | — | 69.8% | -209.4% | -116.1% | — |
| GWRS | — | 76.8 | 5.8% | 5.3% | 3.6% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $801M | $748M | $670M | $621M | $574M | $565M | $420M | $398M | $389M | $340M | |
| SG&A Expense | $126M | $106M | $99M | $95M | $87M | $80M | $66M | $49M | $49M | $42M | |
| Operating Income | $178M | $171M | $149M | $131M | $111M | $118M | $57M | $73M | $102M | $97M | |
| Interest Expense | · | · | $66M | $58M | $54M | $54M | $32M | $24M | $23M | · | |
| Other Non-op | $4M | $55.0K | $9M | $4M | $11M | $6M | $2M | $2M | $2M | $1M | |
| Pretax Income | $115M | $103M | $91M | $82M | $69M | $70M | $32M | $49M | $96M | $86M | |
| Income Tax | $12M | $9M | $6M | $8M | $8M | $8M | $8M | $10M | $35M | $34M | |
| Net Income | $103M | $94M | $85M | $74M | $60M | $62M | $23M | $39M | $59M | $53M | |
| EPS (Basic) | $2.93 | $2.87 | $2.69 | $2.44 | $2.04 | $2.16 | $0.82 | $1.83 | $2.89 | $2.59 | |
| EPS (Diluted) | $2.92 | $2.87 | $2.68 | $2.43 | $2.03 | $2.14 | $0.82 | $1.82 | $2.86 | $2.57 | |
| Shares (Basic) | 35,002,252 | 32,701,292 | 31,575,197 | 30,304,557 | 29,601,284 | 28,521,900 | 28,443,052 | 21,214,277 | 20,506,960 | 20,439,957 | |
| Shares (Diluted) | 35,102,487 | 32,779,573 | 31,663,274 | 30,423,735 | 29,735,533 | 28,694,986 | 28,562,546 | 21,332,387 | 20,685,118 | 20,588,973 | |
| EBITDA | $298M | $286M | $258M | $237M | $208M | $209M | $126M | $130M | $149M | $139M |
Balance Sheet 24
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $21M | $11M | $10M | $12M | $11M | $5M | $13M | $421M | $8M | $6M | |
| Receivables | $62M | $69M | $68M | $59M | $54M | $47M | $36M | $19M | $17M | $16M | |
| Prepaid Expense | $12M | $10M | $11M | $10M | $10M | $8M | $7M | · | · | · | |
| Other Current Assets | $8M | $9M | $6M | $6M | $5M | $5M | $3M | $5M | $5M | $4M | |
| Current Assets | $191M | $191M | $198M | $158M | $134M | $127M | $122M | $503M | $67M | $100M | |
| PP&E (Net) | $2M | $1M | · | · | · | · | $44M | $44M | $45M | $50M | |
| PP&E (Gross) | $2M | $1M | $4.15B | $3.85B | $3.63B | $3.38B | $3.17B | $1.94B | $1.79B | $1.67B | |
| Accum. Depreciation | $103.0K | $98.0K | · | · | · | · | · | · | · | · | |
| Goodwill | $640M | $640M | $640M | $640M | $640M | $628M | $628M | $2M | · | · | |
| Intangibles | $41M | $42M | $15M | $16M | $21M | $21M | $20M | $7M | $6M | $16M | |
| Other Non-current Assets | $1.02B | $978M | $963M | $925M | $819M | $806M | $760M | $2M | $3M | $8M | |
| Total Assets | $5.15B | $4.66B | $4.35B | $3.76B | $3.49B | $3.31B | $3.13B | $1.96B | $1.96B | $1.44B | |
| Accounts Payable | $75M | $56M | $46M | $30M | $30M | $34M | $35M | $25M | $23M | $19M | |
| Current Liabilities | $273M | $261M | $343M | $268M | $203M | $351M | $235M | $164M | $85M | $64M | |
| Deferred Tax | $308M | $276M | $239M | $218M | $200M | $191M | $196M | $80M | $86M | $205M | |
| Other Non-current Liabilities | $24M | $22M | $22M | $26M | $24M | $22M | $22M | $14M | $13M | $13M | |
| Long-term Debt | $1.90B | $1.72B | $1.58B | $1.49B | $1.52B | $1.35B | $1.29B | $435M | $435M | $438M | |
| Total Debt | $1.89B | $1.71B | $1.58B | $1.50B | $1.53B | $1.36B | $1.31B | $431M | $431M | $433M | |
| Common Stock | $36.0K | $34.0K | $32.0K | $31.0K | $30.0K | $29.0K | $28.0K | $28.0K | $21.0K | $21.0K | |
| Retained Earnings | $581M | $537M | $495M | $458M | $428M | $408M | $383M | $394M | $376M | $338M | |
| AOCI | $1M | $2M | $2M | $1M | $-163.0K | $-1M | $126.0K | $0 | $2M | $2M | |
| Stockholders' Equity | $1.54B | $1.37B | $1.23B | $1.11B | $1.03B | $917M | $890M | $889M | $463M | $422M | |
| Liabilities + Equity | $5.15B | $4.66B | $4.35B | $3.76B | $3.49B | $3.31B | $3.13B | $1.96B | $1.46B | $1.44B | |
| Shares Outstanding | 36,118,242 | 33,629,169 | 32,023,004 | 30,801,912 | 30,181,348 | 28,556,605 | 28,456,508 | 28,404,316 | 20,520,856 | 20,456,225 |
Cash Flow 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $120M | $115M | $108M | $106M | $96M | $92M | $68M | $57M | $51M | $46M | |
| Stock-based Comp | $6M | $6M | $5M | $5M | $4M | $4M | $3M | $2M | $3M | $2M | |
| Deferred Tax | $5M | $10M | $-9M | $-3M | $-3M | $-5M | $-1M | $-9M | $-436.0K | $5M | |
| Amort. of Intangibles | $1M | $1M | $1M | $4M | $2M | $1M | $745.0K | $647.0K | $616.0K | $530.0K | |
| Other Non-cash | $10M | $-29M | $2M | $-16M | $-28M | $-47M | $36M | $3M | $-11M | $8M | |
| Operating Cash Flow | $245M | $196M | $191M | $166M | $130M | $104M | $130M | $91M | $101M | $115M | |
| Investing Cash Flow | $-520M | $-340M | $-322M | $-244M | $-260M | $-214M | $-1.02B | $-147M | $-114M | $-122M | |
| Debt Issued | $185M | $185M | $70M | $55M | $247M | $85M | $590M | $0 | $0 | $51M | |
| Net Debt Issued | $181M | $136M | $66M | $-34M | $171M | $56M | $589M | $0 | $-3M | $34M | |
| Stock Issued | $123M | $85M | $81M | $39M | $91M | $0 | $-10.0K | $411M | $0 | $0 | |
| Net Stock Activity | $123M | $85M | $81M | $39M | $91M | $0 | $-10.0K | $411M | · | · | |
| Dividends Paid | $59M | $52M | $48M | $44M | $40M | $37M | $34M | $23M | $21M | $17M | |
| Financing Cash Flow | $285M | $146M | $129M | $78M | $133M | $102M | $485M | $468M | $-5M | $28M | |
| Net Change in Cash | $10M | $1M | $-3M | $225.0K | $3M | $-9M | $-403M | $413M | $-18M | $20M | |
| Taxes Paid | $3M | $-598.0K | $23M | $7M | $8M | $10M | $16M | $14M | $34M | $28M |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 22.2% | 22.8% | 22.3% | 21.1% | 19.4% | 20.8% | 13.7% | 18.5% | · | · | |
| Net Margin | 12.8% | 12.6% | 12.7% | 11.9% | 10.5% | 10.9% | 5.6% | 9.8% | · | · | |
| Pretax Margin | 14.4% | 13.8% | 13.6% | 13.3% | 12.0% | 12.4% | 7.6% | 12.3% | · | · | |
| EBITDA Margin | 37.2% | 38.1% | 38.4% | 38.2% | 36.2% | 37.1% | 30.0% | 32.8% | · | · | |
| ROA | 2.1% | 2.1% | 2.1% | 2.0% | 1.7% | 1.9% | 0.91% | 2.0% | 4.0% | 3.6% | |
| ROE | 6.8% | 7.0% | 6.9% | 6.8% | 5.9% | 6.7% | 2.6% | 5.7% | 13.4% | 13.1% | |
| ROIC | 4.6% | 5.1% | 5.0% | 4.5% | 3.8% | 4.5% | 1.9% | 4.4% | 6.9% | 6.7% |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.7 | 0.7 | 0.6 | 0.6 | 0.7 | 0.4 | 0.5 | 3.1 | 0.8 | 1.6 | |
| Quick Ratio | 0.3 | 0.3 | 0.2 | 0.3 | 0.3 | 0.1 | 0.2 | 2.7 | 0.3 | 0.4 | |
| Debt / Equity | 1.2 | 1.3 | 1.3 | 1.3 | 1.5 | 1.5 | 1.5 | 0.5 | 0.9 | 1.0 | |
| LT Debt / Equity | 1.2 | 1.2 | 1.2 | 1.3 | 1.4 | 1.4 | 1.4 | 0.5 | 0.9 | 1.0 | |
| Interest Coverage | · | · | 2.3 | 2.3 | 2.0 | 2.2 | 1.8 | · | · | · |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | · | · | |
| Receivables Turnover | 12.2 | 11.0 | 10.6 | 11.0 | 11.4 | 13.6 | 15.2 | 21.8 | · | · |
Growth Rates 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 7.0% | 11.7% | 8.0% | 8.2% | 1.6% | · | · | · | · | · | |
| Revenue CAGR 3Y | 8.8% | 9.3% | 5.9% | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 7.2% | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 1.7% | 7.1% | 10.3% | 19.7% | -5.1% | · | · | · | · | · | |
| EPS CAGR 3Y | 6.3% | 12.2% | 7.8% | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 6.4% | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 9.2% | 10.6% | 15.1% | 22.1% | -1.7% | · | · | · | · | · | |
| Net Income CAGR 3Y | 11.6% | 15.8% | 11.4% | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 10.8% | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 9.9% | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $801M | $748M | $670M | $621M | $574M | $565M | $420M | $398M | $389M | $340M | |
| Net Income TTM | $103M | $94M | $85M | $74M | $60M | $62M | $23M | $39M | $59M | $53M | |
| Market Cap | $1.77B | $1.66B | $2.09B | $2.50B | $2.21B | $1.98B | $2.02B | $1.58B | $1.31B | $1.15B | |
| Enterprise Value | $3.64B | $3.35B | $3.66B | $3.98B | $3.73B | $3.34B | $3.32B | $1.59B | $1.73B | $1.57B | |
| P/E | 16.8 | 17.1 | 24.4 | 33.4 | 36.1 | 32.4 | 86.7 | 30.6 | 22.3 | 21.8 | |
| P/S | 2.2 | 2.2 | 3.1 | 4.0 | 3.9 | 3.5 | 4.8 | 4.0 | 3.4 | 3.4 | |
| P/B | 1.1 | 1.2 | 1.7 | 2.3 | 2.1 | 2.2 | 2.3 | 1.8 | 2.8 | 2.7 | |
| P / Tangible Book | 2.1 | 2.4 | 3.6 | 5.5 | 5.9 | 7.4 | · | · | · | · | |
| P / Cash Flow | 7.2 | 8.5 | 11.0 | 15.0 | 17.0 | 19.0 | 15.6 | 17.3 | 13.0 | 10.0 | |
| EV / EBITDA | 12.2 | 11.7 | 14.2 | 16.8 | 18.0 | 16.0 | 26.3 | 12.2 | 11.7 | 11.3 | |
| EV / Revenue | 4.5 | 4.5 | 5.5 | 6.4 | 6.5 | 5.9 | 7.9 | 4.0 | 4.5 | 4.6 | |
| Dividend Yield | 3.3% | 3.1% | 2.3% | 1.7% | 1.8% | 1.8% | 1.7% | 1.5% | 1.6% | 1.5% | |
| Earnings Yield | 6.0% | 5.8% | 4.1% | 3.0% | 2.8% | 3.1% | 1.1% | 3.3% | 4.5% | 4.6% | |
| Payout Ratio | 57.2% | 55.5% | 56.4% | 59.0% | 66.4% | 59.4% | 145.8% | 59.5% | 36.0% | 31.3% | |
| Annual Payout | $59M | $52M | $48M | $44M | $40M | $37M | $34M | $23M | $21M | $17M |
Income Statement 13
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $210M | $183M | $194M | $241M | $198M | $168M | $198M | $225M | $176M | $149M | $171M | $205M | $157M | $137M | $171M | $176M | |
| SG&A Expense | $34M | $30M | $38M | $31M | $29M | $28M | $34M | $26M | $20M | $26M | $27M | $24M | $24M | $24M | $24M | $24M | |
| Operating Income | $43M | $37M | $33M | $65M | $44M | $36M | $44M | $58M | $41M | $28M | $36M | $57M | $31M | $25M | $50M | $38M | |
| Interest Expense | · | · | · | · | · | · | · | · | $18M | $18M | · | $17M | $16M | $16M | · | $14M | |
| Other Non-op | $4M | $2M | $-2M | $3M | $2M | $795.0K | $-3M | $-1M | $1M | $3M | $2M | $2M | $2M | $3M | $2M | $875.0K | |
| Pretax Income | $31M | $22M | $15M | $51M | $29M | $20M | $24M | $41M | $24M | $14M | $21M | $41M | $17M | $13M | $38M | $25M | |
| Income Tax | $4M | $3M | $-2M | $6M | $5M | $3M | $1M | $2M | $4M | $2M | $2M | $5M | $-2M | $1M | $5M | $223.0K | |
| Net Income | $27M | $19M | $16M | $45M | $25M | $17M | $23M | $39M | $21M | $12M | $19M | $36M | $18M | $12M | $33M | $25M | |
| EPS (Basic) | $0.64 | $0.50 | $0.46 | $1.27 | $0.71 | $0.49 | $0.70 | $1.17 | $0.64 | $0.36 | $0.60 | $1.14 | $0.58 | $0.37 | $1.11 | $0.83 | |
| EPS (Diluted) | $0.62 | $0.49 | $0.45 | $1.27 | $0.71 | $0.49 | $0.70 | $1.17 | $0.64 | $0.36 | $0.60 | $1.13 | $0.58 | $0.37 | $1.11 | $0.82 | |
| Shares (Basic) | 41,851,524 | 37,931,742 | -69,096,916 | 35,543,224 | 34,777,152 | 33,778,792 | -64,669,896 | 32,896,967 | 32,397,501 | 32,076,720 | -62,722,865 | 31,862,518 | 31,499,068 | 30,936,476 | -60,433,551 | 30,269,462 | |
| Shares (Diluted) | 42,865,195 | 38,549,353 | -69,270,253 | 35,643,826 | 34,860,349 | 33,868,565 | -64,808,480 | 32,982,580 | 32,460,894 | 32,144,579 | -62,906,753 | 31,934,636 | 31,594,494 | 31,040,897 | -60,650,574 | 30,392,295 | |
| EBITDA | $43M | $71M | · | $65M | $44M | $66M | · | $58M | $41M | $57M | · | $57M | $31M | $52M | · | $38M |
Balance Sheet 24
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $104M | $153M | $21M | $11M | $20M | $24M | $11M | $4M | $23M | $5M | · | $21M | $25M | $23M | · | $13M | |
| Receivables | $71M | $62M | $62M | $86M | $77M | $66M | $69M | $76M | $70M | $63M | · | $70M | $59M | $56M | · | $64M | |
| Prepaid Expense | $12M | $15M | $12M | $16M | $8M | $13M | $10M | $15M | $10M | $13M | · | $15M | $9M | $11M | · | $13M | |
| Other Current Assets | $8M | $8M | $8M | $7M | $7M | $8M | $9M | $5M | $6M | $6M | · | $6M | $6M | $6M | · | $6M | |
| Current Assets | $296M | $323M | $191M | $207M | $200M | $197M | $191M | $187M | $173M | $178M | · | $229M | $201M | $194M | · | $158M | |
| PP&E (Net) | $2M | $2M | $2M | $1M | $1M | $1M | $1M | · | · | · | · | · | · | · | · | · | |
| PP&E (Gross) | $2M | $2M | $2M | $1M | $1M | $1M | $1M | $4.45B | $4.31B | $4.22B | · | $4.07B | $3.98B | $3.90B | · | $3.80B | |
| Accum. Depreciation | $105.0K | $104.0K | $103.0K | $101.0K | $99.0K | $99.0K | $98.0K | · | · | · | · | · | · | · | · | · | |
| Goodwill | $640M | $640M | $640M | $640M | $640M | $640M | $640M | $640M | $640M | $640M | · | $640M | $640M | $640M | · | $640M | |
| Intangibles | · | · | $41M | · | · | · | $42M | · | · | · | · | · | · | · | · | · | |
| Other Non-current Assets | $1.04B | $1.03B | $1.02B | $1.00B | $991M | $982M | $978M | $958M | $970M | $967M | · | $837M | $806M | $803M | · | $813M | |
| Total Assets | $5.44B | $5.35B | $5.15B | $5.01B | $4.85B | $4.73B | $4.66B | $4.55B | $4.44B | $4.37B | · | $3.84B | $3.71B | $3.65B | · | $3.60B | |
| Accounts Payable | $70M | $63M | $75M | $61M | $48M | $47M | $56M | $44M | $38M | $34M | · | $36M | $36M | $26M | · | $30M | |
| Current Liabilities | $178M | $160M | $273M | $304M | $314M | $297M | $261M | $244M | $350M | $323M | · | $308M | $238M | $213M | · | $319M | |
| Deferred Tax | $318M | $312M | $308M | $303M | $286M | $280M | $276M | $268M | $241M | $240M | · | $235M | $229M | $220M | · | $208M | |
| Other Non-current Liabilities | $30M | $26M | $24M | $23M | $23M | $23M | $22M | $23M | $24M | $23M | · | $23M | $23M | $26M | · | $24M | |
| Long-term Debt | $1.89B | $1.87B | $1.90B | $1.77B | $1.71B | $1.71B | $1.72B | $1.68B | $1.56B | $1.56B | · | $1.58B | $1.56B | $1.56B | · | $1.46B | |
| Total Debt | $1.89B | $1.87B | · | $1.77B | $1.71B | $1.71B | · | $1.68B | $1.56B | $1.56B | · | $1.58B | $1.56B | $1.56B | · | $1.46B | |
| Common Stock | $42.0K | $42.0K | $36.0K | $36.0K | $35.0K | $34.0K | $34.0K | $33.0K | $33.0K | $32.0K | · | $32.0K | $32.0K | $31.0K | · | $30.0K | |
| Retained Earnings | $592M | $584M | $581M | $580M | $550M | $540M | $537M | $528M | $502M | $494M | · | $489M | $464M | $458M | · | $436M | |
| AOCI | $1M | $1M | $1M | $2M | $2M | $2M | $2M | $1M | $1M | $1M | · | $2M | $2M | $2M | · | $-765.0K | |
| Stockholders' Equity | $1.84B | $1.83B | $1.54B | $1.52B | $1.47B | $1.40B | $1.37B | $1.33B | $1.27B | $1.24B | $1.23B | $1.22B | $1.18B | $1.15B | $1.11B | $1.05B | |
| Liabilities + Equity | $5.44B | $5.35B | $5.15B | $5.01B | $4.85B | $4.73B | $4.66B | $4.55B | $4.44B | $4.37B | · | $3.84B | $3.71B | $3.65B | · | $3.60B | |
| Shares Outstanding | 41,852,853 | 41,839,540 | 36,118,242 | 35,805,089 | 35,287,080 | 34,182,785 | 33,629,169 | 33,226,735 | 32,668,904 | 32,201,216 | 32,023,004 | 31,933,003 | 31,731,030 | 31,427,124 | 30,801,912 | 30,315,265 |
Cash Flow 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $34M | $34M | $31M | $30M | $30M | $30M | $29M | $28M | $29M | $29M | $28M | $27M | $27M | $27M | $27M | $26M | |
| Stock-based Comp | $2M | $1M | $2M | $2M | $1M | $1M | $1M | $2M | $1M | $2M | $1M | $1M | $1M | $1M | $800.0K | $1M | |
| Deferred Tax | $6M | $3M | $-20M | $16M | $6M | $3M | $-17M | $26M | $629.0K | $649.0K | $-22M | $4M | $8M | $1M | $-10M | $5M | |
| Other Non-cash | · | $-13M | · | · | · | $-7M | · | · | · | $8M | · | · | · | $10M | · | · | |
| Operating Cash Flow | $61M | $44M | $64M | $77M | $61M | $43M | $41M | $54M | $49M | $51M | $32M | $62M | $47M | $51M | $37M | $46M | |
| Investing Cash Flow | $-123M | $-93M | $-151M | $-152M | $-133M | $-85M | $-107M | $-102M | $-57M | $-74M | $-81M | $-116M | $-70M | $-55M | $-63M | $-64M | |
| Debt Issued | $17M | $214.0K | $120M | $65M | $0 | $0 | $35M | $125M | $0 | $25M | $0 | $0 | $0 | $70M | $40M | $0 | |
| Net Debt Issued | · | $-16M | · | · | · | $-1M | · | · | · | $-16M | · | · | · | $69M | · | · | |
| Stock Issued | $-2.0K | $289M | $15M | $24M | $57M | $27M | $22M | $31M | $25M | $7M | $5M | $12M | $23M | $41M | $36M | $3M | |
| Net Stock Activity | · | $289M | · | · | · | $27M | · | · | · | $7M | · | · | · | $41M | · | · | |
| Dividends Paid | $18M | $16M | $15M | $15M | $15M | $14M | $13M | $13M | $13M | $13M | $12M | $12M | $12M | $12M | $11M | $11M | |
| Financing Cash Flow | $14M | $182M | $96M | $66M | $68M | $54M | $73M | $29M | $26M | $18M | $38M | $50M | $26M | $15M | $25M | $19M | |
| Net Change in Cash | $-49M | $132M | $9M | $-9M | $-4M | $13M | $7M | $-19M | $18M | $-5M | $-11M | $-4M | $2M | $11M | $-846.0K | $539.0K | |
| Taxes Paid | $0 | $165.0K | $6M | $84.0K | $-2M | $-680.0K | $-2M | $590.0K | $525.0K | $177.0K | $22M | $163.0K | $457.0K | $198.0K | $6M | $114.0K |
Profitability 7
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 20.3% | 20.4% | · | 26.9% | 22.1% | 21.4% | · | 25.9% | 23.0% | 18.7% | · | 27.6% | 19.9% | 18.3% | · | 21.4% | |
| Net Margin | 12.6% | 10.4% | · | 18.8% | 12.4% | 9.9% | · | 17.2% | 11.8% | 7.8% | · | 17.7% | 11.7% | 8.4% | · | 14.2% | |
| Pretax Margin | 14.5% | 12.2% | · | 21.2% | 14.8% | 11.9% | · | 18.0% | 13.9% | 9.3% | · | 19.9% | 10.7% | 9.2% | · | 14.3% | |
| EBITDA Margin | 20.3% | 38.8% | · | 26.9% | 22.1% | 39.1% | · | 25.9% | 23.0% | 38.0% | · | 27.6% | 19.9% | 37.9% | · | 21.4% | |
| ROA | 0.52% | 0.38% | · | 0.94% | 0.53% | 0.36% | · | 0.92% | 0.51% | 0.29% | · | 0.97% | 0.50% | 0.32% | · | 0.71% | |
| ROE | 1.6% | 1.2% | · | 3.2% | 1.8% | 1.3% | · | 3.0% | 1.7% | 0.98% | · | 3.2% | 1.7% | 1.1% | · | 2.4% | |
| ROIC | 1.0% | 0.86% | · | 1.7% | 1.2% | 0.95% | · | 1.8% | 1.2% | 0.84% | · | 1.8% | 1.2% | 0.85% | · | 1.5% |
Liquidity & Solvency 5
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.7 | 2.0 | · | 0.7 | 0.6 | 0.7 | · | 0.8 | 0.5 | 0.6 | · | 0.7 | 0.8 | 0.9 | · | 0.5 | |
| Quick Ratio | 1.0 | 1.3 | · | 0.3 | 0.3 | 0.3 | · | 0.3 | 0.3 | 0.2 | · | 0.3 | 0.4 | 0.4 | · | 0.2 | |
| Debt / Equity | 1.0 | 1.0 | · | 1.2 | 1.2 | 1.2 | · | 1.3 | 1.2 | 1.3 | · | 1.3 | 1.3 | 1.4 | · | 1.4 | |
| LT Debt / Equity | 1.0 | 1.0 | · | 1.2 | 1.2 | 1.2 | · | 1.3 | 1.2 | 1.2 | · | 1.3 | 1.3 | 1.3 | · | 1.4 | |
| Interest Coverage | · | · | · | · | · | · | · | · | 2.2 | 1.6 | · | 3.4 | 1.9 | 1.6 | · | 2.6 |
Efficiency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | 0.1 | 0.0 | 0.0 | · | 0.1 | 0.0 | 0.0 | · | 0.1 | 0.0 | 0.0 | · | 0.0 | |
| Receivables Turnover | 2.8 | 2.9 | · | 3.0 | 2.7 | 2.6 | · | 3.1 | 2.7 | 2.5 | · | 3.1 | 2.7 | 2.5 | · | 2.9 |
Valuation (TTM) 13
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $833M | $790M | · | $831M | $767M | $718M | · | $755M | $687M | $648M | · | $675M | $619M | $587M | · | $616M | |
| Net Income TTM | $115M | $105M | · | $125M | $101M | $88M | · | $107M | $87M | $78M | · | $91M | $66M | $52M | · | $59M | |
| Market Cap | $2.54B | $2.45B | · | $1.74B | $1.83B | $1.87B | · | $1.93B | $1.77B | $1.82B | · | $1.92B | $2.22B | $2.39B | · | $1.75B | |
| Enterprise Value | $4.33B | $4.18B | · | $3.51B | $3.53B | $3.56B | · | $3.61B | $3.31B | $3.38B | · | $3.48B | $3.76B | $3.93B | · | $3.19B | |
| P/E | 19.7 | 19.8 | · | 13.4 | 17.3 | 20.6 | · | 17.6 | 20.0 | 23.2 | · | 20.7 | 32.6 | 45.0 | · | 29.4 | |
| P/S | 3.1 | 3.1 | · | 2.1 | 2.4 | 2.6 | · | 2.6 | 2.6 | 2.8 | · | 2.8 | 3.6 | 4.1 | · | 2.8 | |
| P/B | 1.4 | 1.3 | · | 1.1 | 1.3 | 1.3 | · | 1.4 | 1.4 | 1.5 | · | 1.6 | 1.9 | 2.1 | · | 1.7 | |
| P / Tangible Book | 2.1 | 2.1 | · | 2.0 | 2.2 | 2.5 | · | 2.8 | 2.8 | 3.0 | · | 3.3 | 4.1 | 4.7 | · | 4.3 | |
| P / Cash Flow | · | 56.2 | · | · | · | 43.3 | · | · | · | 35.6 | · | · | · | 47.3 | · | · | |
| EV / EBITDA | 101.3 | 58.7 | · | 54.3 | 80.4 | 54.3 | · | 61.8 | 81.5 | 59.4 | · | 61.4 | 120.8 | 75.6 | · | 84.9 | |
| EV / Revenue | 5.2 | 5.3 | · | 4.2 | 4.6 | 5.0 | · | 4.8 | 4.8 | 5.2 | · | 5.1 | 6.1 | 6.7 | · | 5.2 | |
| Earnings Yield | 5.1% | 5.1% | · | 7.5% | 5.8% | 4.9% | · | 5.7% | 5.0% | 4.3% | · | 4.8% | 3.1% | 2.2% | · | 3.4% | |
| Payout Ratio | · | 83.7% | · | · | · | 85.4% | · | · | · | 109.6% | · | · | · | 101.7% | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2022-09-30 | |
|---|---|---|---|---|---|
| Revenue | $801M | $748M | $670M | $621M | — |
| Operating Margin % | 22.2% | 22.8% | 22.3% | 21.1% | — |
| Net Income | $103M | $94M | $85M | $74M | — |
| Diluted EPS | $2.92 | $2.87 | $2.68 | $2.43 | — |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2022-09-30 | |
|---|---|---|---|---|---|
| Debt / Equity | 1.2 | 1.3 | 1.3 | 1.3 | — |
| Current Ratio | 0.7 | 0.7 | 0.6 | 0.6 | — |
| Quick Ratio | 0.3 | 0.3 | 0.2 | 0.3 | — |
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Institutional owners (13F) 329 filers · $1.8B total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 47 (-24 vs prior Q) | 38 (+7 vs prior Q) | 114 (-25 vs prior Q) | 89 (+29 vs prior Q) | +679K |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| ATLAS Infrastructure Partners (UK) Ltd. | $280,273,367 | 4,612,035 | 15.39% | Shares |
| ANTIPODES PARTNERS Ltd | $106,931,014 | 1,759,602 | 5.87% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $95,674,890 | 1,574,377 | 5.25% | Shares |
| STATE STREET CORP | $94,478,086 | 1,554,683 | 5.19% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $82,676,005 | 1,360,474 | 4.54% | Shares |
| Cerity Partners LLC | $78,856,763 | 1,297,627 | 4.33% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $76,807,081 | 1,263,898 | 4.22% | Shares |
| SOROS FUND MANAGEMENT LLC | $76,227,943 | 1,254,368 | 4.19% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $71,023,965 | 1,168,734 | 3.90% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $51,805,099 | 852,288 | 2.84% | Shares |
| Yaupon Capital Management LP | $51,766,681 | 851,846 | 2.84% | Shares |
| TWO SIGMA INVESTMENTS, LP | $49,010,580 | 806,493 | 2.69% | Shares |
| Amundi | $40,318,635 | 663,572 | 2.21% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $40,096,316 | 659,804 | 2.20% | Shares |
| Resolution Capital Ltd | $31,344,862 | 515,795 | 1.72% | Shares |
| Zimmer Partners, LP | $31,205,395 | 513,500 | 1.71% | Shares |
| BARROW HANLEY MEWHINNEY & STRAUSS LLC | $30,650,443 | 504,368 | 1.68% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $30,569,558 | 503,037 | 1.68% | Shares |
| GOLDMAN SACHS GROUP INC | $21,790,225 | 358,569 | 1.20% | Shares |
| RAYMOND JAMES FINANCIAL INC | $18,138,319 | 298,475 | 1.00% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $15,412,548 | 253,621 | 0.85% | Shares |
| MIROVA | $14,861,304 | 244,550 | 0.82% | Shares |
| Ausbil Investment Management Ltd | $14,275,840 | 244,282 | 0.78% | Shares |
| BW Gestao de Investimentos Ltda. | $11,291,431 | 185,806 | 0.62% | Shares |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC | $11,154,516 | 183,553 | 0.61% | Shares |
| Assenagon Asset Management S.A. | $10,933,131 | 179,910 | 0.60% | Shares |
| DUFF & PHELPS INVESTMENT MANAGEMENT CO | $10,691,995 | 175,942 | 0.59% | Shares |
| Squarepoint Ops LLC | $10,338,739 | 170,129 | 0.57% | Shares |
| GABELLI FUNDS LLC | $9,892,080 | 162,779 | 0.54% | Shares |
| NUANCE INVESTMENTS, LLC | $9,385,686 | 154,446 | 0.52% | Shares |
| CIBC Private Wealth Group LLC | $8,942,830 | 183,631 | 0.49% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $8,243,815 | 135,656 | 0.45% | Shares |
| D. E. Shaw & Co., Inc. | $8,235,854 | 135,525 | 0.45% | Shares |
| Public Sector Pension Investment Board | $8,213,005 | 135,149 | 0.45% | Shares |
| Rokos Capital Management LLP | $8,209,648 | 135,116 | 0.45% | Shares |
| Vennlight Capital Management, LP | $7,829,546 | 128,839 | 0.43% | Shares |
| ProShare Advisors LLC | $7,757,897 | 127,660 | 0.43% | Shares |
| River Road Asset Management, LLC | $7,697,067 | 126,659 | 0.42% | Shares |
| FRANKLIN RESOURCES INC | $7,510,078 | 123,582 | 0.41% | Shares |
| Point72 Asset Management, L.P. | $6,942,304 | 114,239 | 0.38% | Shares |
| Schonfeld Strategic Advisors LLC | $6,779,864 | 111,566 | 0.37% | Shares |
| MUTUAL OF AMERICA CAPITAL MANAGEMENT LLC | $6,488,960 | 106,779 | 0.36% | Shares |
| Thematics Asset Management | $6,440,380 | 132,246 | 0.35% | Shares |
| Bank of New York Mellon Corp | $6,328,041 | 104,131 | 0.35% | Shares |
| RHUMBLINE ADVISERS | $6,311,191 | 103,854 | 0.35% | Shares |
| REAVES W H & CO INC | $6,077,000 | 100,000 | 0.33% | Shares |
| UBS Group AG | $6,072,321 | 99,923 | 0.33% | Shares |
| OCCUDO QUANTITATIVE STRATEGIES LP | $5,844,494 | 96,174 | 0.32% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $5,513,297 | 90,724 | 0.30% | Shares |
| Prospera Financial Services Inc | $5,339,709 | 87,863 | 0.29% | Shares |
| Nuveen, LLC | $5,147,948 | 84,712 | 0.28% | Shares |
| Legal & General Group Plc | $5,031,208 | 82,791 | 0.28% | Shares |
| AMERIPRISE FINANCIAL INC | $4,750,512 | 78,172 | 0.26% | Shares |
| Swiss National Bank | $4,715,752 | 77,600 | 0.26% | Shares |
| FIRST MANHATTAN CO. LLC. | $4,656,744 | 76,629 | 0.26% | Shares |
| BANK OF AMERICA CORP /DE/ | $4,533,381 | 74,599 | 0.25% | Shares |
| Quantinno Capital Management LP | $4,500,503 | 74,057 | 0.25% | Shares |
| VAN LANSCHOT KEMPEN INVESTMENT MANAGEMENT N.V. | $4,394,522 | 72,314 | 0.24% | Shares |
| ExodusPoint Capital Management, LP | $4,370,396 | 71,917 | 0.24% | Shares |
| Susquehanna Portfolio Strategies, LLC | $4,022,852 | 66,198 | 0.22% | Shares |
| Brandywine Global Investment Management, LLC | $4,013,604 | 81,927 | 0.22% | Shares |
| COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS | $3,445,477 | 56,697 | 0.19% | Shares |
| KEYNOTE FINANCIAL SERVICES LLC | $3,260,979 | 53,661 | 0.18% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $3,235,699 | 53,245 | 0.18% | Shares |
| Brevan Howard Capital Management LP | $3,151,715 | 51,863 | 0.17% | Shares |
| GAMCO INVESTORS, INC. ET AL | $3,076,785 | 50,630 | 0.17% | Shares |
| E. Ohman J:or Asset Management AB | $3,014,402 | 51,187 | 0.17% | Shares |
| SCHRODER INVESTMENT MANAGEMENT GROUP | $2,979,911 | 48,843 | 0.16% | Shares |
| Clean Yield Group | $2,804,839 | 46,155 | 0.15% | Shares |
| North Star Investment Management Corp. | $2,722,496 | 44,800 | 0.15% | Shares |
| Maryland State Retirement & Pension System | $2,579,686 | 42,450 | 0.14% | Shares |
| ALLIANCEBERNSTEIN L.P. | $2,452,465 | 41,801 | 0.13% | Shares |
| PRUDENTIAL FINANCIAL INC | $2,435,844 | 40,083 | 0.13% | Shares |
| EXCHANGE TRADED CONCEPTS, LLC | $2,390,570 | 39,338 | 0.13% | Shares |
| New Age Alpha Advisors, LLC | $2,272,859 | 37,401 | 0.12% | Shares |
| Cetera Investment Advisers | $2,257,687 | 37,152 | 0.12% | Shares |
| Headlands Technologies LLC | $2,237,977 | 36,827 | 0.12% | Shares |
| STOREBRAND ASSET MANAGEMENT AS | $2,010,575 | 33,085 | 0.11% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $1,993,742 | 32,808 | 0.11% | Shares |
| BlackRock, Inc. | $1,890,494 | 31,109 | 0.10% | Shares |
| Bridgefront Capital, LLC | $1,851,297 | 30,464 | 0.10% | Shares |
| Aquatic Capital Management LLC | $1,846,618 | 30,387 | 0.10% | Shares |
| Quantbot Technologies LP | $1,837,867 | 30,243 | 0.10% | Shares |
| Atom Investors LP | $1,825,288 | 30,036 | 0.10% | Shares |
| IEQ CAPITAL, LLC | $1,806,916 | 29,734 | 0.10% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $1,806,273 | 30,787 | 0.10% | Shares |
| Corient Private Wealth LP | $1,804,628 | 29,696 | 0.10% | Shares |
| Magellan Asset Management Ltd | $1,766,159 | 29,063 | 0.10% | Shares |
| FIRST NATIONAL CORP /MA/ /ADV | $1,713,695 | 36,238 | 0.09% | Shares |
| Clear Harbor Asset Management, LLC | $1,690,074 | 27,811 | 0.09% | Shares |
| COMMONWEALTH EQUITY SERVICES, LLC | $1,681,660 | 27,673 | 0.09% | Shares |
| Vanguard Investments Australia, Ltd. | $1,675,186 | 27,566 | 0.09% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $1,604,996 | 26,411 | 0.09% | Shares |
| CITADEL ADVISORS LLC | $1,594,240 | 26,234 | 0.09% | Shares |
| FIDEURAM - INTESA SANPAOLO PRIVATE BANKING S.P.A. | $1,556,868 | 25,619 | 0.09% | Shares |
| Baird Financial Group, Inc. | $1,535,597 | 25,269 | 0.08% | Shares |
| Jain Global LLC | $1,529,885 | 25,175 | 0.08% | Shares |
| CHATHAM CAPITAL GROUP, INC. | $1,512,079 | 24,882 | 0.08% | Shares |
| CoreCommodity Management, LLC | $1,474,341 | 24,261 | 0.08% | Shares |
| MIRABELLA FINANCIAL SERVICES LLP | $1,366,960 | 22,494 | 0.08% | Shares |
Company insiders 46 insiders · 19 officers · 21 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Andrew F Walters | Chief Executive Officer | July 1, 2026 D | 26,461 | 0 | 0 | $0 |
| Ann P Kelly | CFO and Treasurer | July 1, 2026 F | 9,976 | 0 | 0 | $0 |
| David A Green | CFO/Treasurer | Aug. 11, 2010 F | 5,177 | 0 | 0 | $0 |
| Bruce A Hauk | President and COO | Aug. 22, 2025 F | 13,773 | 0 | 0 | $0 |
| Craig J Patla | President of CTWS | June 2, 2025 A | 8,431 | 0 | 0 | $0 |
| Andrew Gere | President of SJWC | Feb. 28, 2023 F | 25,410 | 0 | 0 | $0 |
| Maureen P Westbrook | President of CTWS | Dec. 29, 2022 G | 40,590 | 0 | 0 | $0 |
| David C Benoit | President of CTWS | Oct. 9, 2019 A | 34,877 | 0 | 0 | $0 |
| Scott R Yoo | Chief Operating Officer | Jan. 4, 2013 F | 23,714 | 0 | 0 | $0 |
| Megan Mattern | CAO, PAO and Controller | July 30, 2026 F | 13,631 | 0 | 0 | $0 |
| Kristen A Johnson | Chief Administrative Officer | June 2, 2026 A | 13,134 | 0 | 0 | $0 |
| Willie D. Brown Jr. | VP & Gen Counsel | Jan. 3, 2024 F | 8,407 | 0 | 0 | $0 |
| Mohammed G. Zerhouni | SVP of Fin., Prin. Acct. Ofcr. | Jan. 2, 2024 A | 3,704 | 0 | 0 | $0 |
| James Patrick Lynch | Chief Accounting Officer | Nov. 3, 2022 S | 25,249 | 0 | 0 | $0 |
| Wendy Avila-Walker | VP of Finance, Controller | Jan. 4, 2022 F | 5,806 | 0 | 0 | $0 |
| Suzy Papazian | Sr. Vice Pres. & Gen. Counsel | Feb. 24, 2021 F | 10,413 | 0 | 0 | $0 |
| Palle Jensen | Executive Vice President | Jan. 3, 2020 F | 12,631 | 0 | 0 | $0 |
| George Belhumeur | Sr. VP of Operations | Jan. 31, 2012 J | 16,295 | 0 | 0 | $0 |
| Robert A Loehr | Corporate Secretary | Jan. 2, 2004 A | 4 | 0 | 0 | $0 |
| WALLACE CAROL P | Director | May 13, 2026 A | 11,238 | 0 | 0 | $0 |
| Mary Ann Hanley | Director | May 13, 2026 A | 11,583 | 0 | 0 | $0 |
| Denise L Kruger | Director | May 13, 2026 A | 6,923 | 0 | 0 | $0 |
| Rebecca A Klein | Director | May 14, 2025 A | 7,261 | 0 | 0 | $0 |
| Gregory P Landis | Director | May 14, 2025 A | 12,803 | 0 | 0 | $0 |
| Daniel B. More | Director | June 20, 2024 A | 1,812 | 0 | 0 | $0 |
| Carl Guardino | Director | May 3, 2023 S | 3,184 | 0 | 0 | $0 |
| Walter J. Bishop | Director | April 27, 2022 A | 5,353 | 0 | 0 | $0 |
| Katharine Armstrong | Director | Sept. 2, 2021 G | 6,266 | 0 | 0 | $0 |
| Debra Man | Director | April 28, 2021 A | 6,966 | 0 | 0 | $0 |
| Robert A Van Valer | Director | April 29, 2020 A | 94,410 | 0 | 0 | $0 |
| Douglas R King | Director | March 10, 2020 S | 5,155 | 0 | 0 | $0 |
| Richard W Roth | Director | Feb. 28, 2018 G | 138,688 | 0 | 0 | $0 |
| Ronald Bruce Moskovitz | Director | April 26, 2017 G | 8,793 | 0 | 0 | $0 |
| George E Moss | Director | April 26, 2017 A | 1,085,135 | 0 | 0 | $0 |
| Mark L Cali | Director | April 27, 2016 G | 36,372 | 0 | 0 | $0 |
| Charles J Toeniskoetter | Director | Jan. 3, 2012 A | 24,875 | 0 | 0 | $0 |
| Philip J Dinapoli | Director | Jan. 3, 2012 A | 33,994 | 0 | 0 | $0 |
| Drew Gibson | Director | Jan. 2, 2007 A | 28,721 | 0 | 0 | $0 |
| Ronald R James | Director | April 29, 2004 A | 4,629 | 0 | 0 | $0 |
| ATLAS Infrastructure Partners (UK) Ltd. | 10% owner | April 10, 2026 P | 4,582,469 | 1 | 0 | $2,975,738 |
| Roscoe Moss JR | 10% owner | May 10, 2010 J | 0 | 0 | 0 | $0 |
| Nancy Owen Moss | 10% owner | May 9, 2005 P | 397,417 | 0 | 0 | $0 |
| Hunt Heather | — | May 13, 2026 A | 11,238 | 0 | 0 | $0 |
| Eric W Thornburg | — | Feb. 28, 2025 F | 78,418 | 0 | 0 | $0 |
| Angela Yip | — | Jan. 31, 2011 J | 15,037 | 0 | 0 | $0 |
| Frederick R. Ulrich JR. | — | May 4, 2005 P | 1,418 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 8 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Robert A. Van Valer ×4 filings | Feb. 14, 2023 | — | Initial filing | — | SEC |
| George E. Moss (1) | Feb. 15, 2022 | — | Initial filing | — | SEC |
| George E. Moss ×4 filings | March 16, 2018 | — | Initial filing | — | SEC |
| Gabelli Funds, LLC I.D. No., GAMCO Asset Management Inc. I.D. No., Teton Advisors, Inc. I.D. No., GGCP, Inc. I.D. No., GAMCO Investors, Inc. I.D. No., Associated Capital Group, Inc. I.D. No., Mario J. Gabelli ×11 filings | July 1, 2016 | — | Initial filing | — | SEC |
| Gabelli Funds, LLC I.D. No ., GAMCO Asset Management Inc. I.D. No ., Teton Advisors, Inc. I.D. No ., GGCP, Inc. I.D. No ., GAMCO Investors, Inc. I.D. No ., Mario J. Gabelli ×2 filings | Jan. 12, 2011 | — | Initial filing | — | SEC |
| Roscoe Moss, Jr. (deceased) | May 20, 2010 | — | Initial filing | — | SEC |
| Undisclosed reporting person | May 10, 2005 | — | Initial filing | — | SEC |
| Undisclosed reporting person | May 14, 2002 | — | Initial filing | — | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 92 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| PSCU · Invesco Exchange-Traded Fund Trust … | 2.45% | 6,888 SH | Aug. 8, 2026 | Daily |
| CGW · Invesco Exchange-Traded Fund Trust … | 1.62% | 278,387 SH | Aug. 8, 2026 | Daily |
| TMDV · ProShares Trust | 1.56% | 1,194 NS | May 31, 2026 | N-PORT |
| AQWA · Global X Funds | 1.14% | 4,696 NS | May 31, 2026 | N-PORT |
| SIXS · EXCHANGE TRADED CONCEPTS TRUST | 1.13% | 24,849 NS | May 31, 2026 | N-PORT |
| SMDV · ProShares Trust | 0.95% | 107,301 NS | May 31, 2026 | N-PORT |
| XSHD · Invesco Exchange-Traded Fund Trust … | 0.94% | 10,980 SH | Aug. 8, 2026 | Daily |
| XSLV · Invesco Exchange-Traded Fund Trust … | 0.90% | 35,681 SH | Aug. 8, 2026 | Daily |
| PHO · Invesco Exchange-Traded Fund Trust | 0.82% | 275,182 SH | Aug. 8, 2026 | Daily |
| EFRA · iShares Trust | 0.55% | 521 SH | Aug. 8, 2026 | Daily |
| EELV · Invesco Exchange-Traded Fund Trust … | 0.49% | 92,270 SH | Aug. 8, 2026 | Daily |
| SIXL · EXCHANGE TRADED CONCEPTS TRUST | 0.44% | 14,438 NS | May 31, 2026 | N-PORT |
| EEMV · iShares, Inc. | 0.41% | 649,467 SH | Aug. 8, 2026 | Daily |
| TBLU · Tortoise Capital Series Trust | 0.34% | 3,150 NS | May 31, 2026 | N-PORT |
| ESSC · Strategy Shares | 0.29% | 1,335 NS | April 30, 2026 | N-PORT |
| CCNR · Financial Investors Trust | 0.29% | 20,331 NS | April 30, 2026 | N-PORT |
| IJS · iShares Trust | 0.26% | 350,153 SH | Aug. 8, 2026 | Daily |
| VIOV · VANGUARD ADMIRAL FUNDS | 0.26% | 83,455 SH | Aug. 8, 2026 | Daily |
| FYT · First Trust Exchange-Traded AlphaDE… | 0.23% | 7,405 NS | April 30, 2026 | N-PORT |
| XJR · iShares Trust | 0.15% | 4,652 SH | Aug. 8, 2026 | Daily |
| VPU · VANGUARD WORLD FUND | 0.15% | 265,039 SH | Aug. 8, 2026 | Daily |
| QVMS · Invesco Exchange-Traded Fund Trust … | 0.15% | 5,971 SH | Aug. 8, 2026 | Daily |
| EVLU · iShares Trust | 0.14% | 928 SH | Aug. 8, 2026 | Daily |
| IWN · iShares Trust | 0.14% | 330,598 SH | Aug. 8, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.14% | 30,917 SH | Aug. 8, 2026 | Daily |
| HSMV · First Trust Exchange-Traded Fund III | 0.14% | 745 NS | April 30, 2026 | N-PORT |
| EBIT · Harbor ETF Trust | 0.13% | 273 NS | April 30, 2026 | N-PORT |
| IJR · iShares Trust | 0.13% | 2,397,686 SH | Aug. 8, 2026 | Daily |
| VIOO · VANGUARD ADMIRAL FUNDS | 0.13% | 137,504 SH | Aug. 8, 2026 | Daily |
| FUTY · FIDELITY COVINGTON TRUST | 0.13% | 56,412 NS | April 30, 2026 | N-PORT |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.11% | 14,261 NS | April 30, 2026 | N-PORT |
| FYX · First Trust Exchange-Traded AlphaDE… | 0.11% | 23,602 NS | April 30, 2026 | N-PORT |
| EQLT · iShares Trust | 0.10% | 572 SH | Aug. 8, 2026 | Daily |
| TOLZ · ProShares Trust | 0.10% | 2,985 NS | May 31, 2026 | N-PORT |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.10% | 44,457 SH | Aug. 8, 2026 | Daily |
| SAA · ProShares Trust | 0.10% | 447 NS | May 31, 2026 | N-PORT |
| EMGF · iShares, Inc. | 0.09% | 77,295 SH | Aug. 8, 2026 | Daily |
| ISCV · iShares Trust | 0.07% | 8,043 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.07% | 203,791 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.07% | 899,723 SH | Aug. 8, 2026 | Daily |
| IFRA · iShares Trust | 0.07% | 50,060 SH | Aug. 8, 2026 | Daily |
| FNDA · SCHWAB STRATEGIC TRUST | 0.06% | 94,107 NS | May 31, 2026 | N-PORT |
| ACWV · iShares, Inc. | 0.06% | 90,112 SH | Aug. 8, 2026 | Daily |
| RSSL · Global X Funds | 0.06% | 14,456 NS | April 30, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.06% | 139,062 NS | April 30, 2026 | N-PORT |
| EMXF · iShares Trust | 0.06% | 3,987 SH | Aug. 8, 2026 | Daily |
| RWJ · Invesco Exchange-Traded Fund Trust … | 0.05% | 18,159 SH | Aug. 8, 2026 | Daily |
| ESML · iShares Trust | 0.05% | 23,931 SH | Aug. 8, 2026 | Daily |
| PZA · Invesco Exchange-Traded Fund Trust … | 0.05% | 2,320,000 | Aug. 8, 2026 | Daily |
| ITWO · ProShares Trust | 0.05% | 1,569 NS | May 31, 2026 | N-PORT |