Consolidated Water Co Ltd
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Yellow, because alongside clearly documented financial substance, two material operational questions remain open. Much argues for green: essentially no debt, five straight years of positive earnings, a core license business just re-secured for 25 years, and growing recurring operations revenue (up 66 percent since 2023). Against green: by far the largest growth driver — the Hawaii project — has been stuck in an external permitting chain for over two years and, per the company's own July 22, 2026 press release, still has no construction-start date, and roughly 64 percent of receivables from its most important Bulk customer, WSC, are classified as delinquent. The evidence doesn't support red: there's no sign of going-concern doubt, negative equity, or existential dependency — both open issues are, relative to the company's size, operational risks, not solvency risks. A rich earnings multiple or a stock that has already run up is explicitly not a reason for the yellow rating — that's a pricing argument, not a quality argument.
What the thesis turns on
Assessment: Opportunities & Risks
Consolidated Water is a financially solid water utility and desalination company with an essentially debt-free balance sheet and a core Grand Cayman business that just secured a 25-year foundation. Two operational questions remain open: whether the Bahamas subsidiary keeps reliably collecting its chronically delinquent receivables (64 percent as of June 30, 2026), and whether and when the roughly $204 million Hawaii project actually breaks ground. Not investment advice.
Balance sheet & liquidity
Essentially debt-free: $132.6 million in cash against roughly $16,000 in actual financial debt as of June 30, 2026, $225.6 million in stockholders' equity, $144.6 million in working capital. Five straight years (2021-2025) of positive net income.
Cayman core business
After eight years of regulatory uncertainty, Cayman Water received a new 25-year water license on June 18, 2026, with fixed pricing and a clear adjustment mechanism — a long-term secured monopoly business (26 percent of 2025 revenue).
Bahamas receivables
About 64 percent of the $18.8 million owed by government-owned utility WSC was classified as delinquent as of June 30, 2026; the quarterly report itself describes an "adverse" liquidity effect. History shows eventual full payment, but that's no guarantee for the future.
Hawaii project timing
The single largest project at $204 million still has no visible construction start, per the company's own July 22, 2026 press release; five reviewed earnings calls show a timeline that kept slipping since August 2024.
Revenue trajectory
Consolidated revenue fell from $180.2 million (2023) to $132.1 million (2025) as a one-time construction boom faded — recurring operations-and-maintenance revenue grew 66 percent over the same period. Without new megaprojects, growth depends on the existing business.
Worth Noting
This analysis was prompted by the quarterly report (Form 10-Q) for the period ended June 30, 2026, filed August 10, 2026, shortly after the new Cayman water license (Form 8-K, June 24, 2026) and the "Limited Notice to Proceed" for the Hawaii project (Form 8-K, July 22, 2026).
Transcripts of five public earnings calls are available (August 15, 2024 through August 11, 2026); they were fully reviewed, with particular attention to the Q&A. An automated re-sync for 2026 returned no additional transcripts beyond the existing set.
Possible mix-up: Consolidated Water Co. Ltd. was named "Cayman Water Co Ltd" until 1997 — older sources under that name refer to the same company (CIK 0000928340). Price, market-cap, and valuation figures are as of August 26-27, 2026; every other figure carries its own filing date.
Stock Watch
This analysis is as of August 28, 2026. Stock Watch will tell you what's changed at CWCO since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 28.00 $ to 38.40 $ · Last price: 28.50 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Utilities - Regulated Water
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Consolidated Water Co Ltd CWCO | 0.4 | 26.5 | 12.1 | 35.4 | – | -1.4 | -14.7 |
| American Water Works AWK | 26.6 | 25.2 | 14.4 | 61.5 | 33.2 | 9.7 | 4.4 |
| Essential Utilities Inc WTRG | 11.6 | 21.7 | 14.9 | 56.4 | 36.1 | 18.6 | 15.7 |
| American States Water Company AWR | 3.3 | 25.6 | 15.1 | 57.6 | 30.9 | 10.5 | 24.2 |
| California Water Service Group CWT | 2.8 | – | 12.3 | 53.3 | 10.4 | -3.5 | 8.9 |
| H2O America HTO | 2.6 | – | 13.8 | 56.9 | 21.5 | 7.0 | 34.2 |
| Middlesex Water Company MSEX | 1.0 | 24.1 | 14.8 | 53.7 | – | 1.5 | 9.5 |
| The York Water Company YORW | 0.5 | 23.3 | 15.5 | 72.8 | – | 3.4 | 11.7 |
| Artesian Resources Corporation ARTNA | 0.4 | 15.3 | 10.1 | 49.3 | 35.5 | 4.6 | 13.6 |
| Median of companies shown | 2.6 | 24.1 | 14.4 | 56.4 | 32.1 | 4.6 | 11.7 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 58 | 2 | 4 | 0.27 | 8 | 146 | 164 |
| 2017 | 62 | 2 | 6 | 0.41 | 14 | 148 | 165 |
| 2018 | 66 | 8 | 11 | 0.75 | 9 | 155 | 173 |
| 2019 | 69 | 12 | 12 | 0.80 | 15 | 164 | 192 |
| 2020 | 73 | 8 | 4 | 0.24 | 17 | 161 | 180 |
| 2021 | 67 | 2 | 1 | 0.06 | 7 | 158 | 176 |
| 2022 | 94 | 9 | 6 | 0.38 | 21 | 160 | 193 |
| 2023 | 180 | 37 | 30 | 1.86 | 8 | 187 | 218 |
| 2024 | 134 | 18 | 28 | 1.77 | 37 | 210 | 243 |
| 2025 | 132 | 18 | 18 | 1.15 | 42 | 222 | 258 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
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· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.09 | -85.40 | 28 | -46.70 | 5.10 | -1 | -4 |
| 2025: Q1 | 0.30 | -26.00 | 34 | -15.10 | 14.20 | 12 | 10 |
| 2025: Q2 | 0.32 | -68.00 | 34 | 3.40 | 15.20 | 9 | 6 |
| 2025: Q3 | 0.34 | 23.80 | 35 | 5.20 | 15.80 | 15 | 14 |
| 2025: Q4 | 0.18 | 100.60 | 30 | 4.40 | 9.80 | 6 | 3 |
| 2026: Q1 | 0.24 | -20.90 | 30 | -11.10 | 12.60 | 7 | 5 |
| 2026: Q2 | 0.24 | -25.00 | 33 | -2.10 | 11.90 | 12 | 9 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 4 of our scanner strategies — each hit links to the scanner.
Breakout & Setup
Momentum & Trend
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 0.92 | 0.92 – 0.92 | 128 | -20.6% | 1 |
| 12/31/2027 | 1.36 | 1.36 – 1.36 | 188 | 47.8% | 1 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 3.6% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $30.2M |
|---|---|
| Market cap | $448.0M |
| Free cash flow in year ten | $43.1M |
| Terminal value as a share of market value | 50.7% |
For comparison: over the past five years free cash flow grew by 16.3% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Kein wesentlicher KI-Bezug in den sechs geprüften Filings (zwei Geschäftsberichte, vier Quartalsberichte) — Consolidated Water ist ein reguliertes Wasserversorgungs- und Entsalzungsunternehmen ohne KI-Produktbezug, ohne dokumentierten operativen KI-Einsatz und ohne KI als benanntes Geschäftsrisiko.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-K 2026-03-16 · 10-K 2025-03-17 · 10-Q 2026-08-10 · 10-Q 2026-05-11 · 10-Q 2025-11-10 · 10-Q 2025-08-11
Rated on August 28, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 12.0%
- More than 10% revenue growth is expected for the coming year 48.4%
- Share count grows by less than 3% a year 1.3%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 23.7%
- Gross margin at 40% or higher and without meaningful erosion 36.0%
- Goodwill from acquisitions does not grow faster than revenue 5.0%
- Net debt below twice EBITDA 121 m net cash
- Operating cash flow covers the profits of the last three years 10 m
- Return on capital at 15% or higher, or up versus two years ago 7.9%
- Insiders hold at least 10% or are net buyers 5.8%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
7/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 9.6%
- Exp. sales growth 3Y > 5% 19.4%
- EBIT growth 10Y > 5% 26.9%
- Exp. EBIT growth 3Y > 5% 9.0%
- Net debt < 4x EBIT -6.6x
- EBIT positive, 10Y straight 10
- Max. EBIT decline < 50% 82.8%
- Return on equity > 15% 8.9%
- ROCE > 15% 7.9%
- Expected return > 10% 17.0%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 3, 2026 | Whittaker Raymond | Director | Sell | 1,000 | 28.93 | 28,930 |
| Aug 17, 2026 | Flowers Clarence B. | Director | Sell | 1,900 | 30.32 | 57,608 |
| Apr 20, 2026 | Flowers Clarence B. | Director | Other | 50,080 | 0.00 | – |
The company
About the Company
Consolidated Water Co. Ltd.
- CEO Insider Trades (12 Mo.)
- selling own stock
- Employees
- 293
- Headquarters
- Grand Cayman, Cayman Islands
- Address
- Regatta Office Park, KY1-1102 Grand Cayman, Cayman Islands
- Phone
- 345 945 4277
- Website
- cwco.com
- IPO Date
- 06/01/1995
- ISIN
- KYG237731073
- Stock Split
- 2:1 on 08/25/2005
Management
| Name | Title | Birth Year |
|---|---|---|
| Frederick W. McTaggart | CEO, President & Director | 1963 |
| David W. Sasnett CPA | Executive VP & CFO | 1957 |
| Ramjeet Jerrybandan | Executive VP, COO & Company Secretary | 1968 |
| Douglas R. Vizzini CPA | Executive VP, Chief Accounting Officer & Assistant Company Secretary | 1968 |
| Jared Johnson | Director of Human Resources | – |
| Sachin Chawla | Senior Vice President of Strategy & Growth | – |
| Jason Carlson | President of Manufacturing | – |
| Nate Owen | President of PERC Operations | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/10/2026 Consolidated Water Co. Ltd. (CWCO): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
- 07/22/2026 Consolidated Water Co. Ltd. (CWCO): Other Events; Financial Statements and Exhibits SEC ↗
- 07/06/2026 Consolidated Water Co. Ltd. (CWCO): Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.