The business behind the dividend
| Measure | GWRS | Median | Formula |
|---|---|---|---|
| Return on equity | 3.4% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 3.2% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-49.37m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-47.15m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 12.8% | 14.3% | Operating income ÷ revenue |
| Net margin | 5.3% | 10.1% | Net income ÷ revenue |
| Debt to equity | 1.54x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 1.20x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 0.76x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 6.82x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -3.6% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Long-term debt to working capital — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 3.4% | 12.2% | 16.4% | 12.4% | 12.0% | 3.4% | 9.0% | 11.1% | 30.6% | -16.8% | 11.1% |
| Return on capital employed | 3.2% | 5.5% | 8.0% | 5.1% | 4.9% | 5.0% | 5.0% | 6.5% | 5.7% | 4.5% | 5.0% |
| Operating margin | 12.8% | 17.8% | 23.2% | 17.5% | 16.7% | 19.0% | 19.6% | 26.1% | 23.5% | 19.5% | 19.0% |
| Net margin | 5.3% | 11.0% | 15.1% | 12.3% | 8.6% | 2.9% | 6.3% | 8.7% | 14.6% | -8.4% | 8.6% |
| Debt to equity | 1.54x | 2.57x | 2.16x | 2.45x | 3.75x | 3.57x | 4.66x | 4.13x | 7.74x | 7.67x | 3.57x |
| Current ratio | 0.76x | 0.87x | 0.82x | 0.87x | 1.12x | 1.89x | 1.22x | 1.81x | 1.08x | 2.27x | 1.08x |
| Cash conversion | 6.82x | 3.76x | 3.18x | 4.24x | 5.65x | 13.18x | 5.20x | 3.64x | 2.45x | — | 4.24x |
How it compares in utilities
Among the 76 utilities companies here measured on GAAP earnings, Global Water Resources pays out less than 0 of them. The median for that group is 60.7%, against this company’s 272.7%.
Closest on GAAP earnings
- Kinetik Holdings (KNTK) 117.5%
- Algonquin Power & Utilities (AQN) 118.2%
- Kodiak Gas Services (KGS) 202.2%
- Clearway Energy (CWEN) 211.8%
Same sector and same denominator, so the figures are comparable. All 80 in utilities →