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Consolidated Water Co. Ltd.

Rank #358ValueWatchlistCompare with other stocks

CWCO · Nasdaq · Utilities

Consolidated Water Co. Ltd. (CWCO) — Rank #358 by gross profitability (GP/assets 0.18) · ROE 8.1% · Piotroski F-Score 5 / 9.

As-of 2026-10-30 · CIK 0000928340 · all metrics point-in-time as of the filing date.

About

Consolidated Water Co.

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Ltd., together with its subsidiaries, supplies potable water, treats wastewater and water for reuse, and provides water-related products and services in the Cayman Islands, the Bahamas, the United States, and the British Virgin Islands. It operates through Retail, Bulk, Services, and Manufacturing segments. The company produces potable water from seawater utilizing reverse osmosis technology and supplies water to end-users, including residential, commercial, and government customers, as well as government-owned utilities. It is also involved in design, construction, and sale of water production and treatment plants, as well as management and operation of water production plants, and treatment and reuse infrastructure for third parties; provision of water related consulting services; and production and supply of bulk water. In addition, the company manufactures and services a range of specialized and custom water-related products and systems applicable to commercial, municipal, and industrial water production, supply, and treatment; reverse osmosis desalination, membrane separation, and filtration equipment; and piping systems, vessels, and custom-fabricated components. Consolidated Water Co. Ltd.

was incorporated in 1973 and is headquartered in Grand Cayman, the Cayman Islands.

Industry
Utilities - Regulated Water
Sector
Utilities
State
E9
Filer Category
Accelerated filer
Fiscal Year End
December 31
Website
cwco.com

Company Snapshot

P/E and dividend yield are the primary valuation lenses for mature businesses.

Market Cap

—

P/E (annual)

—

P/S (annual)

—

P/B

—

P/OCF (annual)

—

Shareholder Yield

—

Employees

293

Industry

Utilities - Regulated Water

Exchange

Nasdaq

11/12

Flags passed

CWCO fails 1 critical flag

Passes 11 of 12 quality flags

  • FAIL
    Revenue declining YoY

    Revenue contracted year over year

  • PASS
    Gross margin holding
  • PASS
    Dilution within 2%
  • PASS
    FCF not negative from investment
  • PASS
    Disclosure consistent
  • PASS
    Operating margin holding
  • PASS
    Free cash flow intact
  • PASS
    Passes safety gate
  • PASS
    Balance sheet stable
  • PASS
    No competitive retreat
  • PASS
    SBC not compressing margin
  • PASS
    No valuation convergence

Strengths Revenue growth accelerating · Operating leverage expanding · Sequential beat (rev + EPS)

A count of the 12 warning flags that could be evaluated. Unweighted: colour follows the worst flag.

Quality Profile

Profitability

1/1 pass
GP / assets
0.18
Return on equity
8.1%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
0.14
Current ratio
5.95×
Net cash
$132.61M

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
1.3%

Growth

1/2 pass
Revenue growth
-1.4%
Piotroski F-Score
5 / 9
Share dilution
0.5%

Dividend yield and payout ratio are the primary reads at this stage (trailing P/E — see valuation above).

Profitability

Does it make money well?

Warning: Revenue declining YoY · GP/assets 0.18

Gross profitability (GP / assets)

0.18

Primary signal (Novy-Marx).

5th of 8 SIC 49 peers

Return on equity

8.1%

Gross margin

36.6%

2nd of 8 SIC 49 peers

Revenue growth (YoY)

-1.4%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2022202320242025
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

12.0%

Revenue CAGR (5Y)

12.7%

Earnings CAGR (3Y)

46.3%

FCF CAGR (3Y)

34.0%

Cash Flow Health

Is the cash real?

No warning flags · FCF 81% above net income

Free cash flow

$33.17M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF vs net income

80.9%

(FCF − net income) ÷ |net income|. Positive: cash above earnings. Negative: below.

FCF not below net income

Fails when free cash flow is below net income (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

1.3%

Stock-based comp intensity.

Balance Sheet Strength

Can it survive a storm?

No warning flags · net cash $132.61M, F-Score 5/9

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.14

1st of 5 SIC 49 peers (best = lowest)

Current ratio

5.95×

1st of 8 SIC 49 peers

Quick ratio

5.52×

Net cash

$132.61M

Cash & equivalents minus total debt.

Piotroski F-Score

5 / 9

Fundamental-strength score (0-9).

Valuation

Is the price reasonable?

No warning flags

Dividend safety

Composite score

3.2 / 5

Good
Payout ratio
43.3%4/5 Strong
FCF coverage
4.18×5/5 Strong
Dividend growth streak
3 yr2/5 Fair
Balance-sheet health
D/E 0.14 · IC N/A2/5 Fair

Capital allocation quality

Composite score

3.0 / 5

Good
Share count trend
0.5%2/5 Fair
Buyback timing
N/AN/A
Dividend growth consistency
3 yr2/5 Fair
Net debt trajectory(deleveraging)
9.5%5/5 Strong

Lifecycle Phase History

20202025
Capital Return
Decline
Hypergrowth
Value

Price History

CWCO+163.5% · +21.3% CAGRSPY+82.9% · +12.8% CAGR

View full financial statements →

Source filings on SEC EDGAR: 10-K annual reports · 10-Q quarterly reports