Global Water Resources, Inc. (GWRS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-286.5%

-$15.00

vs $8.04 price

Levered DCF

-$17.66

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.53

Distress zone

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	76.82×	47.92×	39.64×	55.33×	106.88×	293.48×	131.5×	67.6×
P/B	2.64×	5.85×	6.47×	6.93×	12.88×	10.08×	11.47×	7.45×
P/S	4.1×	5.28×	5.93×	6.88×	9.23×	8.4×	7.98×	5.84×
EV / EBITDA	14.54×	14.77×	15.31×	20.06×	25.04×	25.86×	25.48×	18.48×
Gross margin	44.9%	74.0%	76.1%	75.7%	75.4%	75.3%	74.9%	76.8%
Operating margin	12.8%	17.8%	23.2%	17.5%	16.7%	19.0%	19.6%	26.1%
Net margin	5.3%	11.0%	15.1%	12.3%	8.6%	2.9%	6.3%	8.7%
Current ratio	0.76×	0.87×	0.82×	0.87×	1.12×	1.89×	1.22×	1.81×
Debt / equity	1.6×	2.62×	2.25×	2.5×	3.76×	3.56×	4.65×	4.11×
Interest coverage	1.2×	1.54×	2.52×	1.64×	1.34×	1.36×	1.29×	1.76×
Dividend yield	3.6%	2.6%	2.3%	2.2%	1.7%	2.0%	2.2%	2.8%
Payout ratio	277.3%	126.1%	90.0%	125.1%	183.1%	591.8%	277.2%	186.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	3.4%	12.2%	16.4%	12.4%	12.0%	3.4%	9.0%	11.1%
Return on invested capital	1.1%	1.8%	2.6%	2.1%	1.9%	1.6%	1.8%	2.3%
Return on assets	0.6%	1.4%	2.2%	1.7%	1.2%	0.4%	0.8%	1.2%
Free cash flow yield	-20.6%	-3.8%	1.0%	-3.5%	0.6%	1.7%	0.1%	3.1%
Earnings yield	1.3%	2.1%	2.5%	1.8%	0.9%	0.3%	0.8%	1.5%
Enterprise value	$362.6M	$394.1M	$420.9M	$412.1M	$487.1M	$421.2M	$390.2M	$309.3M
Net debt / EBITDA	5.38×	4.34×	3.87×	5.08×	5.16×	5.94×	7×	6.08×
Cash conversion cycle (days)	24	7	18	-11	-34	25	2	13