HIGHBuilt-inGeographic
91.2%
California
“10-K Item 1: 'California water operations accounted for approximately 89.0% of our total customer connections and 91.2% of our total consolidated operating revenue in 2025'”
CWT · Concentration risk · 10-K extracted
California Water Service (CWT) concentration risks
Updated
The most significant concentration California Water Service discloses is California at 91.2%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: California Water Service’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 2 disclosed concentrations
HIGH2
MEDIUM0
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
HIGHBuilt-inRegulatory
91.2%
CPUC
“10-K Item 1: 'subject to regulation by the California Public Utilities Commission (CPUC)...91.2% of our total consolidated operating revenue in 2025'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's concentration profile is dominated by two tightly linked exposures: a geographic concentration in California and a corresponding regulatory concentration under the California Public Utilities Commission. California water operations accounted for approximately 91.2% of total consolidated operating revenue in 2025 — a high share by disclosed size. This same figure appears in both the geographic and regulatory disclosures, reflecting the fact that virtually all of the company's revenue base is both located in California and subject to CPUC oversight. Both exposures are structural in character. The company operates regulated water utilities, which by their nature are geographically bounded by the territory where they hold service rights. The California tilt is not a strategic choice that could be quickly unwound; it reflects decades of infrastructure investment and franchise agreements tied to specific service areas. The CPUC dependency is equally foundational — rate cases, capital recovery, and return-on-equity decisions flow through a single regulator, meaning that CPUC rate outcomes and policy shifts are the primary transmission channel through which regulatory risk would affect earnings. There is no disclosed customer, supplier, or counterparty concentration. On balance, the profile is narrow in terms of axes — just geography and regulation — but those two axes are deeply intertwined and highly load-bearing for the investment case. Investors are effectively making a bet on California water demand and CPUC rate-setting generosity as much as on the company itself.
For the engine’s reasoning on CWT’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Utilities - Regulated Water
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| AWR | American States Water Company | 2 | 1 | 0 | 3 |
| CWT● | California Water Service Group | 2 | 0 | 0 | 2 |
| HTO | H2O America | 0 | 1 | 0 | 1 |
| AWK | American Water Works Company, I | 0 | 0 | 0 | 0 |
| WTRG | Essential Utilities, Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.