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what it is
It makes drinking water, builds water systems, and sells services in the Cayman Islands, Bahamas, U.S., and British Virgin Islands.
how it gets paid
Last year Consolidated Water made $134M in revenue. Potable water sales was the main engine at $58M, or 43% of sales.
what just happened
Revenue hit $102M, up 192% vs. prior year, and EPS reached $0.96.
At a glance
B+ balance sheet — decent shape, but not bulletproof
40/100 earnings predictability — expect surprises
33.4x trailing p/e — you're paying up for this one
1.6% dividend yield — cash in your pocket every quarter
210.0% return on capital — a money-printing machine
xvary composite: 63/100 — average
What they do
It makes drinking water, builds water systems, and sells services in the Cayman Islands, Bahamas, U.S., and British Virgin Islands.
Your resort cannot sell guests dry showers. Consolidated Water turns seawater into drinking water with reverse osmosis, then sells it across four regions where alternatives are expensive and slow. VL says long-term debt is $2M, or 0% of capital, so the company can keep serving water without a lender hanging over your head.
How they make money
$134M
annual revenue
Potable water sales
$58M
+16.0%
Water infrastructure projects
$33M
+12.0%
Water treatment products
$30M
+8.0%
Management & consulting
$13M
+6.0%
The products that matter
sells desalinated water under contract
Bulk Water Supply
$81M · 60.4% of revenue
This is the center of gravity. At $81M and 60.4% of revenue, bulk water tells you the company still lives and dies by long-lived supply contracts.
largest segment
sells water to commercial and end customers
Retail Water
$40M · 29.9% of revenue
At $40M, this piece gives you demand from resorts, businesses, and local customers instead of pure government exposure. It also means tourism health matters more than a plain utility label suggests.
+6% growth
builds and services treatment equipment
Services & Manufacturing
$13M · 9.7% of revenue
This is the swing factor. At just $13M, it cannot carry the business today. But if this mix gets bigger, the market starts seeing CWCO as more than a steady water seller with occasional project pops.
watch this mix
Key numbers
$134M
annual revenue
This is the size of the pie. A $134M business with $2M of long-term debt is small enough to stay nimble.
13.6%
operating margin
For every $100 in sales, $13.60 stays after operating costs. That is a real spread for a utility.
210.0%
return on capital
The business squeezed $2.10 of profit for each $1 of capital. That is why the stock can look expensive and still attract buyers.
$2M
long-term debt
This debt load is smaller than many condos. It leaves the company room to fund plants without stretching.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 2 — safer than 80% of stocks
- price stability 50 / 100
- long-term debt $2M (0% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for CWCO right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Revenue hit $102M, up 192% vs. prior year, and EPS reached $0.96.
The jump came from stronger project and water sales. Gross margin was 37.2%, so more than a third of sales stayed after direct costs.
$102M
revenue
$0.96
eps
37.2%
gross margin
latest quarter revenue
The $102M quarter matters because it was 192% above last year and shows how quickly project timing can move this stock.
source: company earnings report, 2025
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What could go wrong
The biggest risk is concentration with weather attached. CWCO is a small water operator with real infrastructure on a limited set of islands, serving a limited set of counterparties, while trading at a valuation that assumes those assets keep producing cleanly.
high
hurricane and physical asset risk
These are plants on islands, not lines in a spreadsheet. A direct hit on Grand Cayman or Nassau could damage infrastructure and disrupt tourism demand at the same time. The existing snapshot already ties over 60% of revenue to those islands.
If that happens, you are dealing with operating risk and demand risk in the same quarter.
med
lumpy project revenue
The upside case leans on infrastructure work arriving in chunks. That helps explain why recent revenue growth was 5.18% while the stock still carries a 33.4x earnings multiple.
If new work slips, the business starts looking like a slower utility while the stock still trades like growth.
med
government, concession, and permit dependence
This moat runs through geography, water scarcity, and local relationships. That also means permits, concessions, and contract renewals matter more than pure end-demand does.
When a government delays a decision, growth can stall even if water demand does not.
med
valuation compression
CWCO trades at 33.4x trailing earnings and analysts expect $1.12 next year after $1.14 was just reported. That's not a disaster. It is also not the kind of acceleration that usually protects a premium multiple.
If EPS stays around $1.12–$1.14, the multiple becomes the first thing the market cuts.
If you want the simple version: over 60% of revenue is tied to islands with weather risk, and the stock adds valuation risk on top of that. You are not paying a distressed price for these uncertainties.
source: institutional data · regulatory filings · risk analysis
Pay attention to
valuation
whether growth finally catches up to 33.4x earnings
This is the main mismatch on the page. If revenue growth stays near 5.18% and EPS stays around $1.12–$1.14, the stock has less room than the business does.
calendar
2025 earnings call
Management is scheduled to discuss full-year 2025 results on march 17, 2026, at 11:00 a.m. ET. For a company this small, tone around backlog and contracts matters almost as much as the reported numbers.
mix
whether services and manufacturing becomes more than 9.7% of revenue
If the smaller project segment gets bigger, the growth case gets more believable. If it stays tiny, you still mostly own a water seller with occasional bursts of excitement.
risk
storm season and plant resilience
This is not abstract climate talk. These are physical assets on islands. One bad season can turn from an operations problem into an earnings problem fast.
Analyst rankings
earnings predictability
40 / 100
in human-speak, analysts do not see this as a smooth earnings story. Expect lumpiness, especially when project revenue matters more.
risk rank
2
That places it in the safer end of the market on balance-sheet risk. Safer balance sheet, less safe revenue cadence.
source: institutional data
Institutional activity
institutional ownership data for CWCO is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$36
current price
n/a
target midpoint · n/a from current
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