Global Water Resources, Inc.
- Open
- 7.34
- Day high
- 7.34
- Day low
- 7.04
- Prev close
- 7.36
- Volume
- 96K
- Mkt cap
- $203M
- P/E (TTM)
- 102.5
- EPS (TTM)
- $0.07
- P/B
- 2.4
- P/S
- 3.6
- Yield
- 4.29%
- Per share
- $0.30
- ▲Insiders net buying $90K over the last 3 months (7 open-market buys, 0 sales)
- ◆Cluster buying — multiple insiders bought within days
- 🏛Institutions mixed (13F)
Global Water Resources, Inc. (GWRS) is a Utilities company listed on NASDAQ. The stock is down 30% over the past year. Over the trailing 3 months, insiders filed 7 open-market buys and 0 sales (SEC Form 4).
Global Water Resources, Inc. (GWRS) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
GWRS earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 14, 2026 | $-0.02 | $-0.01 | +50.0% | $13M | -5.7% |
| Mar 5, 2026 | $0.04 | $-0.01 | -125.0% | $14M | -0.9% |
| Nov 12, 2025 | $0.09 | $0.07 | -22.2% | $16M | +13.0% |
| Aug 13, 2025 | $0.06 | $0.06 | +0.0% | $14M | -7.5% |
| May 14, 2025 | $0.02 | $0.02 | +0.0% | $12M | +3.8% |
| Mar 5, 2025 | $0.06 | $0.04 | -33.3% | $13M | +4.3% |
| Mar 6, 2024 | $0.05 | $0.07 | +40.0% | $12M | +3.1% |
| Nov 8, 2023 | $0.08 | $0.11 | +37.5% | $15M | +21.1% |
| May 2, 2023 | $0.02 | $0.03 | +50.0% | $13M | +19.9% |
| Mar 8, 2023 | $0.03 | $0.04 | +60.0% | $11M | -0.0% |
| Aug 10, 2022 | $0.05 | $0.09 | +80.0% | $12M | +0.9% |
| May 4, 2022 | $0.01 | $0.04 | +499.7% | $10M | +0.3% |
GWRS insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 2, 2026 | Krygier Christopher Dofficer: Chief Operating Officer | Option | 1,468 | — |
| Jul 2, 2026 | Corwin Jonathan C.officer: Vice President | Grant | 2 | — |
| Jul 2, 2026 | Alexander Richard Mdirector | Grant | 68 | — |
| Jul 2, 2026 | Lenderking John Carrollofficer: SVP, Water Resources | Grant | 5 | — |
| Jul 2, 2026 | Liebman Michael Jofficer: CFO and Corporate Secretary | Option | 2,929 | — |
| Jul 2, 2026 | Fleming Ronnie Ldirector, officer: President and CEO | Option | 4,575 | — |
| Jul 2, 2026 | Krygier Christopher Dofficer: Chief Operating Officer | Grant | 36 | — |
| Jul 2, 2026 | Liebman Michael Jofficer: CFO and Corporate Secretary | Grant | 72 | — |
| Jul 2, 2026 | Fleming Ronnie Ldirector, officer: President and CEO | Grant | 113 | — |
| Jul 2, 2026 | Huckelbridge Brettdirector | Grant | 59 | — |
| Jul 2, 2026 | Lenderking John Carrollofficer: SVP, Water Resources | Option | 276 | — |
| Jul 2, 2026 | Rousseau Daviddirector | Grant | 55 | — |
| Jul 2, 2026 | Cohn Andrew M.director | Grant | 6 | — |
| Jul 2, 2026 | Corwin Jonathan C.officer: Vice President | Option | 132 | — |
| Jun 2, 2026 | Huckelbridge Brettdirector | Grant | 59 | — |
Source: GWRS SEC Form 4 filings, latest Jul 2, 2026. For informational purposes only — not investment advice.
See the full GWRS insider & 13F page →Global Water Resources, Inc. company profile
Overview
Global Water Resources, Inc. (NASDAQ:GWRS) is a regulated water utility company founded in 2003 and based in Phoenix, Arizona. The company went public in 2016 and has since established itself as a consolidator in Arizona's fragmented water utility market. Global Water operates primarily in the high-growth Phoenix metropolitan area, serving approximately 74,000 people across 27,630 homes through multiple utility systems. The company has pursued an aggressive expansion strategy through organic growth, acquisitions, and new utility development, positioning itself to capitalize on Arizona's rapid population and industrial growth.
Business
Global Water Resources operates in the regulated water utility industry, providing essential water services including potable water delivery, wastewater treatment, and recycled water systems. The water utility industry is heavily regulated at the state level, with companies required to obtain certificates of convenience and necessity to serve specific geographic areas, creating natural monopolies within service territories. The company's core business consists of three main service offerings. Water distribution involves treating and delivering clean drinking water to residential, commercial, and industrial customers through an extensive network of pipes, pumps, and storage facilities. Wastewater collection and treatment encompasses collecting sewage from customers, treating it at wastewater treatment plants to remove contaminants, and safely disposing of or recycling the treated water. Recycled water services involve treating wastewater to a higher standard and redistributing it for non-potable uses like irrigation and industrial processes, which is particularly valuable in Arizona's arid climate. Global Water operates multiple utility systems across Arizona, with its largest operations concentrated in the Phoenix metropolitan area and Maricopa County. The company serves over 65,000 active service connections as of 2025, representing steady growth from acquisitions and new development. Recent strategic expansions include the acquisition of Farmers Water Company in Pima County and the pending acquisition of City of Tucson water assets, which will add approximately 2,200 additional customers.
Revenue model
Global Water generates revenue primarily through regulated utility rates charged to customers for water and wastewater services. As a regulated utility, the company must obtain approval from the Arizona Corporation Commission (ACC) for rate increases through formal rate case proceedings. These rates are designed to provide the utility with a reasonable return on invested capital while covering operating expenses and infrastructure investments. The company's revenue model is based on monthly service charges and volumetric usage fees. Customers pay a base monthly service fee regardless of usage, plus additional charges based on water consumption measured in gallons or hundred cubic feet. This dual structure provides stable base revenue while allowing for variable income based on usage patterns. Industrial and commercial customers typically generate higher revenues per connection due to greater water consumption. Several factors significantly impact Global Water's profitability margins. Regulatory approval timing for rate increases directly affects revenue growth, as the company must demonstrate increased costs or capital investments to justify higher rates. Infrastructure investment requirements create ongoing capital expenditure needs but also form the rate base upon which returns are calculated. Population and economic growth in Arizona drives new customer connections and higher usage, particularly from industrial development including semiconductor manufacturing facilities. Weather patterns and drought conditions can affect water usage volumes and may require additional supply investments. Energy costs for pumping and treating water represent a significant operating expense that can pressure margins during periods of rising electricity prices. The company benefits from Arizona's rapid population growth and industrial expansion, with over $50 billion in industrial investments committed to the state in recent years. However, margins can be pressured by the time lag between infrastructure investments and rate recovery, as well as the regulatory process required for rate adjustments.
Competitive moat
Global Water Resources possesses a moderate regulatory moat typical of regulated utilities, though not as strong as larger, more established utility companies. The company's primary competitive advantage stems from its certificates of convenience and necessity granted by the Arizona Corporation Commission, which provide exclusive rights to serve specific geographic territories. These regulatory barriers effectively prevent competitors from entering established service areas, creating local monopolies. The company's moat is strengthened by several factors. High capital requirements for water infrastructure create significant barriers to entry, as building treatment plants, distribution networks, and storage facilities requires substantial upfront investment. Regulatory expertise and relationships with the Arizona Corporation Commission provide advantages in navigating rate cases and expansion approvals. The company's operational scale and experience in Arizona's unique water challenges, including drought management and recycled water systems, create competitive advantages for future acquisitions and greenfield developments. However, Global Water's moat faces several limitations compared to larger utilities. The company's relatively small size limits its financial resources and regulatory influence compared to major utilities. Dependence on Arizona's regulatory environment creates concentration risk, as changes in state water policy or regulatory approach could significantly impact operations. Water supply constraints in Arizona's arid climate may eventually limit growth potential or require expensive alternative supply investments. The primary competitive threats come from municipal takeover of utility systems, as cities may choose to acquire private utilities to gain control over water services. Larger utility companies with greater financial resources could potentially outbid Global Water for attractive acquisition targets. Technological disruption in water treatment or alternative supply methods could potentially reduce the value of existing infrastructure investments, though this risk appears limited in the near term.
Risks & safety
Global Water Resources presents a moderate margin of safety with some financial constraints typical of a growing utility company, but manageable debt levels and strong operational cash flow generation. • Liquidity position: $31.5 million in cash and short-term investments as of Q1 2025, with over $50 million total liquidity including credit facilities • Debt management: Debt-to-equity ratio of 0.0625 in Q1 2025 (significantly improved from 2.62 in 2024), indicating recent debt reduction or equity issuance • Cash flow dynamics: Strong operating cash flow of $7.5 million in Q1 2025, but negative free cash flow of -$7.7 million due to heavy capital expenditure requirements ($15.2 million invested in infrastructure) • Valuation metrics: EV/EBITDA of 10.1x, P/E ratio around 26-48x depending on quarter, suggesting moderate to high valuation • Current ratio: 1.55x indicating adequate short-term liquidity coverage • Regulatory support: Regulated utility model provides revenue stability and rate recovery mechanisms for capital investments, though subject to regulatory approval timing
Recent development
Over the past few years, Global Water Resources has executed a comprehensive growth strategy focused on utility consolidation and geographic expansion across Arizona. The company completed the acquisition of Farmers Water Company in 2023, adding 3,325 connections in Pima County and expanding beyond its traditional Phoenix metropolitan focus. This acquisition demonstrated the company's ability to integrate new systems and expand its operational footprint. The company has pursued an aggressive infrastructure modernization program, investing over $32 million in 2024 alone in system improvements and capacity expansion. A significant milestone was the recommissioning of the Southwest Plant water infrastructure, representing a $38.4 million investment that enhanced treatment capacity and operational efficiency. These investments support both current service reliability and future growth capacity. Regulatory innovation has become a key strategic focus, with Global Water proposing a Cost of Service Adjustment (CSA) mechanism that would allow annual rate updates through a streamlined formula approach rather than traditional rate cases. This regulatory tool, similar to models used by FERC, could significantly reduce the time lag between infrastructure investments and cost recovery while providing more predictable revenue adjustments. The company has secured several major industrial development opportunities, including contracts with Procter & Gamble for the Inland Port Arizona project and ongoing relationships with semiconductor manufacturers like TSMC and Intel. These industrial customers provide higher-revenue connections and demonstrate Global Water's ability to serve large-scale commercial developments in Arizona's growing manufacturing sector. Recent expansion includes the unanimously approved acquisition of City of Tucson water assets, expected to close in summer 2025, adding approximately 2,200 customers. The company has also expanded its credit facilities to $20 million with extended terms, providing financial flexibility for continued growth initiatives and capital expenditure programs.
GWRS company profile · for informational purposes only — not investment advice.
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