SJWahlen

What SJWahlen does

H2O America (NASDAQ: HTO), formerly SJW Group, is a publicly traded holding company for regulated water and wastewater utilities headquartered in San Jose, California. The company serves 1.6 million people across four states — California, Connecticut, Maine, and Texas — through four wholly-owned subsidiaries: San Jose Water, Texas Water, Connecticut Water, and Maine Water. Its underlying technology is physical water and wastewater treatment and distribution infrastructure, including treatment plants, pipelines, pumping stations, and supporting operational systems.

The company generates revenue through regulated water and wastewater utility services delivered to residential, commercial, industrial, and government customers within state-granted franchise service territories. Pricing is not market-set; rates are established through state public utility commission rate proceedings that allow recovery of operating costs and a regulated return on infrastructure investment. The business model is therefore recurring and subscription-like, with revenue tied to customer water consumption and wastewater fees, supported by long-duration rate-base growth.

Strategically, H2O America is executing a $2 billion infrastructure investment plan for 2025-2029, targeting 5%-7% long-term EPS growth and 25 consecutive years of dividend increases. The pending Quadvest acquisition is expected to expand the footprint and be accretive to EPS. Leadership includes CEO and Chair Andrew F. Walters and newly appointed VP of Communications Michael Ambrozewicz (May 2026). The company has been recognized as TIME Most Impactful 2026 and reports a 43% reduction in GHG emissions since 2019. BofA Securities upgraded the stock to Buy, noting improved financial and regulatory execution and a valuation discount to peers.

Name

SJWahlen

Legal name

H2O America

Website

https://sjwgroup.com

Company type

Public

Operating status

Operating

Headcount range

501–1,000 employees

Short description

H2O America (NASDAQ: HTO) is a publicly traded holding company that operates regulated water and wastewater utilities serving 1.6 million residential, commercial, industrial, and government customers across California, Connecticut, Maine, and Texas through four local utility subsidiaries.

Ownership category

akta.pro rank

Product category

Water and Wastewater Utilities

NAICS

Water, Sewage and Other Systems (2213), Water Supply and Irrigation Systems (221310), Sewage Treatment Facilities (22132), Water Supply and Irrigation Systems (22131)

SIC

Water Supply (4941), Electric, Gas & Sanitary Services (4900), Sanitary Services (4950)

akta.pro primary industry

Water Supply & Wastewater Utilities Administration (BPAIACAG)

akta.pro secondary industries

Water & Wastewater Compliance (NPDES/Stormwater, Pretreatment, Drinking Water/SDWA) (EUAHABAB), Water Resources Administration (Watersheds, Rivers, Groundwater) (BPAIAMAE)

Keywords

• Water utility services
• Wastewater treatment
• Regulated utilities
• Water infrastructure
• Utility holding company

Headquarters

HQ city

San Jose

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Infrastructure, Personnel, Operations, Technology or R&D, Others

Revenue model

1. Water and wastewater utility services: H2O America generates revenue through regulated water and wastewater utility services provided by its subsidiaries (San Jose Water, Texas Water, Connecticut Water, Maine Water) across California, Connecticut, Maine, and Texas. Revenue is derived from customer water consumption charges and wastewater fees set through regulatory rate proceedings.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

H2O America operates as a holding company for regulated water and wastewater utilities serving 1.6 million residential, commercial, and industrial customers across California, Connecticut, Maine, and Texas. The company delivers potable water supply, wastewater collection and treatment, and related utility infrastructure services through four wholly-owned subsidiaries: San Jose Water, Texas Water, Connecticut Water, and Maine Water.

Product overview

H2O America operates as a unified water and wastewater utility platform serving 1.6 million people across California, Connecticut, Maine, and Texas through four regional subsidiary brands: San Jose Water, Texas Water, Connecticut Water, and Maine Water. The company functions as a holding company structure with locally-branded utility operations that collectively form the H2O America portfolio, providing regulated water and wastewater services to residential, commercial, and industrial customers in their respective service territories.

Differentiator

Problem solved

Functional benefit

Brands

• San Jose Water: Water utility subsidiary serving California
• Texas Water
• Connecticut Water
• Maine Water

Products and services

• San Jose Water Regulated water utility service delivering potable water supply and wastewater services to residential, commercial, and industrial customers in the San Jose, California service territory.
• Texas Water Regulated water utility service providing potable water and wastewater services to customers across the company's Texas service territory.
• Connecticut Water Regulated water utility service providing potable water and wastewater services to residential, commercial, and industrial customers in Connecticut.
• Maine Water Regulated water utility service providing potable water and wastewater services to residential, commercial, and industrial customers in Maine.

Quantifiable outcome

• 43% reduction in GHG emissions since 2019
• +4 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators7 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• Essential Utilities: Regulated water and natural gas utility holding company. Comparable multi-utility regulated business model with similar regulatory rate case dynamics and infrastructure investment programs.
• Middlesex Water Company: Pure-play regulated water and wastewater utility in New Jersey and Delaware. Directly comparable in regulated utility economics, customer mix, and rate-case-driven growth model.
• Artesian Resources: Small-cap regulated water utility operating primarily in Delaware. Comparable regulated water utility economics and rate base growth model, though smaller in scale and geography.
• York Water Company: Pure-play regulated water utility in Pennsylvania. Comparable business model, customer base, and regulatory dynamics, with a similarly long-standing dividend track record.
• SJW Group: Parent holding company of H2O America and a directly comparable regulated water utility holding company in its own right. The most direct structural peer given the holding relationship.
• California Water Service Group: Pure-play regulated water utility serving California and other states. Highly comparable operating model in H2O America's largest state, with similar rate-case dependency and rate base growth strategy.
• American Water Works Company: Largest publicly traded US water and wastewater utility. Directly comparable as a regulated water utility holding company with multi-state operations, a similar rate base growth model, and a similar dividend-growth profile.
• Aqua America (Essential Utilities subsidiary): Regulated water utility subsidiary of Essential Utilities operating across multiple US states. Closely comparable in scale and regulatory structure to H2O America's four-state platform.

Broad incumbents

• Eversource Energy: Large investor-owned utility holding company with water and electric operations including the recent Aquarion divestiture. Comparable as a multi-state regulated utility owner with overlapping service territory in Connecticut.
• Veolia Environnement: Global water and environmental services operator with regulated and contracted municipal water activities. Comparable water utility economics at scale, though predominantly international and contract-operated rather than US rate-regulated.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/sjwgroup

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SJWahlen