H2O America — Earnings Quality Grade F
HTO · Utilities
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 28 days, change -5 days YoY
AR growth -9.0% vs revenue growth 7.0%
Revenue 7.0%, CFFO 25.2%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth 37.4% is >2x revenue growth 7.0%
SG&A/Gross Profit = 27.6%, excellent (<30%)
Gross margin 57.0%, change +0.2pp. Stable
Cash Flow Quality
CFFO/NI = 2.39. Profits backed by cash
FCF < 50% of Net Income for 3 years
Accruals ratio = -2.8%. Low accruals
Cash $0.0B covers only 1% of debt $2.0B
Balance Sheet Health
Goodwill+Intangibles $0.7B = 44% of equity
Debt/EBITDA = 6.4x (>4x). Financial stress
Other assets grew 24.2% vs revenue 7.0%
No write-off data
Acquisition Risk
FCF after acquisitions negative for 3 years
Goodwill+Intangibles change -0% YoY. Normal
Manipulation Score
M-Score = -2.71 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25