| Stage | CWT | % of rev | HTO | % of rev | Gap · A − B |
|---|---|---|---|---|---|
| Revenue | $309M | 100.00% | $250M | 100.00% | CWT ×1.23 |
| Gross profit | $191M | 61.88% | $240M | 95.94% | HTO +34.1pp |
| Operating income | $71M | 22.97% | $60M | 24.17% | HTO +1.2pp |
| Pre-tax income | $56M | 18.11% | $48M | 19.28% | HTO +1.2pp |
| Net income | $56M | 18.29% | $43M | 17.20% | CWT +1.1pp |
| Stage | CWT | HTO | Gap · A − B |
|---|---|---|---|
| Revenue | $309M100.00% | $250M100.00% | CWT ×1.23 |
| Gross profit | 61.88%$191M | 95.94%$240M | HTO +34.1pp |
| Operating income | 22.97%$71M | 24.17%$60M | HTO +1.2pp |
| Pre-tax income | 18.11%$56M | 19.28%$48M | HTO +1.2pp |
| Net income |
| 18.29%$56M |
| 17.20%$43M |
| CWT +1.1pp |
CWT 10-KFeb 27 '26
“Los Altos 2,053 59.5 % Valley Water”
HTO 10-KFeb 26 '26
“Based on current prices and estimated deliveries, SJWC is committed to purchase from Valley Water a minimum of 90% of the reduced delivery schedule, or 18.9 billion gallons ($148,795) of water at the current contract water rate of $7.87 million per billion gallons in the year ending December 31, 2026.”