Valuation
26% of the score
53median 53
H2O America is valued at 23.9x its operating profit, including debt: a rich multiple.
60x
50x
35x
25x
18x
12x
8x
23.9x
Full points at 8x or less, none from 60xfull points
HTOH2O America
$58.87+21% 1Y
$58.87
$43.7352 weeks$65.44
RyuScore
Seven criteria, each scored 0 to 100 on a published scale, weighted into one number.
RyuScore 47 out of 100, Average
Today's price. Only valuation depends on it.
Average. H2O America scores higher than 41% of the 2,231 companies Ryufin scores.
Carried by return on new capital and cycle position, held back by return on capital and capital allocation.
Utilities median 50 · all companies 55
How the score has moved
At each fiscal year end, from the reports and price of the time39
40
43
46
55
49
47
202020212022202320242025today
The biggest move was up 9 points from 2023 to 2024, mostly capital allocation.
Return on capital
18% of the score
9median 24
Over 7 years the business earned 3.2% a year after tax on the capital it uses.
2%
8%
15%
25%
3.2%
None at 2% or less, full points from 25%full points
7 years agolatest 3.3%
Return on new capital
16% of the score
79median 33
For every dollar of operating profit earned over 6 years, yearly profit grew by 8 cents. New capital earned 3.9%, and 216% of profit went back into the business.
-5%
12%
8.4%
None at minus 5 cents, full points from 12 centsfull points
Capital allocation
14% of the score
35median 63
How management spends the money: shares bought back or issued, and whether assets grow faster than the business they serve.
Share countUp 4.1% a year over 5 years: new shares
115%
-3%
4.1%
0 pointsfull points
Assets against salesAssets grew 9.2% a year, sales 7.2%
7212%
-2%
2%
0 pointsfull points
Cycle position
12% of the score
66median 63
Today's operating margin of 21% is 0.99x its normal 22%: close to its usual level. Normal is half the 10 year median, half the last four years, so a margin that has held is not taken for a peak.
2x
1.5x
1x
0.7x
1x
A trough earns points, a peak costs themfull points
10 years agonow 21%
Balance sheet
8% of the score
5median 50
What the debt weighs against the profit that has to carry it.
Net debt to EBITDA5.8x a year of EBITDA
04.5x
0.5x
5.8x
0 pointsfull points
Interest coverOperating profit covers interest 2x
91.5x
12x
2.4x
0 pointsfull points
Earnings quality
6% of the score
87median 90
Whether the reported profit arrives as cash, and whether the accounts show the usual signs of stretching.
Cash against profitOperating cash flow was 2.24x profit over 3 years
1000.7x
1x
1.3x
2.2x
0 pointsfull points
AccrualsCash ran ahead of profit by 2.9% of assets
758%
0%
-8%
-2.9%
0 pointsfull points
How the RyuScore works
Each criterion earns 0 to 100 points on the scale drawn under it, and the RyuScore is their average weighted 26, 18, 16, 14, 12, 8 and 6. Scales bend in the company's favour between their ends, so an ordinary figure is never already near zero. Where a criterion cannot be measured from the filings it is taken out and the remaining weights scale up; a company needs 60% of the weight covered, and always a price, to get a score.
Built from the company's annual and quarterly filings with the SEC and today's share price. Banks, insurers and property trusts are not scored: their debt is their raw material, so these yardsticks mean something else there. Figures as of 2026-06-30, latest annual report FY2025.