California Water Service Group (Cal Water Group) is a holding company that provides regulated water and wastewater services to roughly 562,000 customer connections across the western U.S., serving approximately two million people. The dominant subsidiary, Cal Water, serves California and accounts for about 91% of consolidated revenue, operating across 20 districts spanning the Bay Area, Sacramento Valley, San Joaquin Valley, Salinas Valley, and Los Angeles area. Smaller regulated utilities operate in Hawaii, Washington, New Mexico, and Texas. As a regulated utility, Cal Water Group earns a return on its rate base—the net value of its infrastructure assets—with rates set by state regulatory commissions rather than market forces. In California, the CPUC has authorized a 10.27% return on equity. Because earnings grow primarily by investing capital into infrastructure, management describes capital spending as the core growth engine. Cal Water Group invested a record $517M in FY25 and has a proposed $1.6B capital plan for 2025–2027 under its pending California General Rate Case. Growth also comes through acquisitions of regulated systems in the western U.S.; Cal Water Group recently agreed to acquire Nexus Water Group's Nevada and Oregon systems for approximately $218M, adding roughly 36,000 connections, and is buying out the remaining minority interest in its Texas subsidiary BVRT for $45M. Cal Water Group is also investing roughly $269M to comply with new EPA PFAS drinking water regulations, costs it expects to recover through rates.