HTOLOW SIGNALMANAGEMENT10-K

H2O America completed a corporate name change from SJW Group in May 2025 while maintaining steady financial growth across key metrics.

The rebranding from SJW Group to H2O America represents a strategic repositioning but appears to be largely cosmetic with no material operational changes disclosed. The company continues normal business operations with consistent financial performance, suggesting this is primarily a marketing or strategic identity initiative rather than a fundamental business transformation.

Comparing 2026-02-26 vs 2025-02-28View on EDGAR →
FINANCIAL ANALYSIS

The company demonstrated solid financial health with meaningful improvements across all major metrics, including an 86% increase in cash position to $20.7M and 25% growth in operating cash flow to $244.8M. Total assets grew 10.5% to $5.1B while stockholders' equity increased 12.7% to $1.5B, though this growth was partially funded by a proportional 10.5% increase in total debt to $1.9B. Overall, the financial picture reflects a utility company in steady expansion mode with strong cash generation and balanced growth financing.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
+86.1%
$11.1M→$20.7M

Cash position surged 86.1% — strong cash generation or capital raise providing significant financial cushion.

Operating Cash Flow
Cash Flow
+25.2%
$195.5M→$244.8M

Operating cash flow grew 25.2% — strong conversion of earnings to cash, healthy business fundamentals.

Stockholders Equity
Balance Sheet
+12.7%
$1.4B→$1.5B

Equity base grew 12.7% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Total Assets
Balance Sheet
+10.5%
$4.7B→$5.1B

Asset base grew 10.5% — expansion through organic growth, acquisitions, or capital deployment.

Total Debt
Balance Sheet
+10.5%
$1.7B→$1.9B

Debt rose 10.5% — additional borrowing for investment or operations; monitor coverage ratios.

LANGUAGE CHANGES
NEW — 2026-02-26
PRIOR — 2025-02-28
ADDED
As of February 19, 2026, 36,164,486 shares of the registrant s common stock, par value, $0.001 per share, were outstanding.
Business General Development of Business H2O America, a Delaware corporation, was initially incorporated as SJW Corp.
In May 2025, the company changed its corporate name from SJW Group to H2O America.
We will not distinguish between our prior and current corporate name and will refer to our current corporate name throughout this Annual Report on Form 10-K.
As such, unless expressly indicated or the context requires otherwise, the terms H2O America, company, we, us, and our in this document refer to H2O America, a Delaware corporation, and, where appropriate, its subsidiaries.
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REMOVED
As of February 20, 2025, 33,671,362 shares of the registrant s common stock, par value, $0.001 per share, were outstanding.
Business General Development of Business SJW Group, a Delaware corporation, was initially incorporated as SJW Corp.
As part of a reorganization in 1985, SJWC became a wholly owned subsidiary of SJW Group.
SJWNE LLC, a Delaware limited liability company, was formed in 2019, and is a wholly owned subsidiary of SJW Group.
SJWNE LLC is a special purpose entity established to hold SJW Group s investment in Connecticut Water Service, Inc.
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