SJW Group (SJW): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage dynamique de la gestion des ressources en eau, le groupe SJW apparaît comme un acteur charnière, transformant la façon dont les communautés accèdent et utilisent leur ressource naturelle la plus critique. En fabriquant méticuleusement un modèle commercial complet qui équilibre l'innovation technologique, la résilience des infrastructures et les services centrés sur le client, SJW Group s'est positionné comme une entreprise de services publics d'eau avant-gardiste. Leur approche stratégique garantit non seulement l'approvisionnement en eau fiable, mais défend également des pratiques de gestion durable de l'eau qui résonnent avec les besoins environnementaux et communautaires modernes.

SJW Group (SJW) - Modèle commercial: partenariats clés

Sociétés d'infrastructure de services d'eau

SJW Group collabore avec les principaux partenaires d'infrastructure des services publics de l'eau suivants:

Partenaire	Type de collaboration	Couverture géographique
California Water Service Group	Partage d'infrastructure	Californie, Washington
American Water Works Association	Collaboration des normes techniques	Réseau national

Gouvernements municipaux et districts de l'eau

SJW Group entretient des partenariats stratégiques avec les entités municipales:

• San Jose Water Company dessert 8 municipalités dans le comté de Santa Clara
• Accords de partenariat avec San Jose, Campbell et Los Gatos
• Investissement annuel sur les infrastructures d'eau: 45,2 millions de dollars

Entreprises d'ingénierie et de construction

Les principaux partenariats d'ingénierie comprennent:

Partenaire	Spécialisation	Valeur du contrat
Noir & Veatch	Conception d'infrastructures d'eau	12,3 millions de dollars
Jacobs Engineering Group	Modernisation du système d'eau	8,7 millions de dollars

Technologies et fournisseurs de logiciels

Détails du partenariat technologique:

• En partenariat avec sensus pour les technologies de mesure intelligente
• Investissement de transformation numérique: 6,5 millions de dollars par an
• Les fournisseurs de logiciels se sont concentrés sur l'efficacité de la gestion de l'eau

Agences de conseil environnemental

Réseau de partenariat environnemental:

Agence de conseil	Domaine de mise au point	Impact de la collaboration
Fonds de défense environnementale	Stratégies de durabilité	Réduction de l'empreinte carbone de 22%
Fondation de recherche sur l'eau	Recherche technique	3,1 millions de dollars d'investissement de recherche

SJW Group (SJW) - Modèle d'entreprise: activités clés

Traitement et distribution de l'eau

SJW Group exploite des installations de traitement de l'eau qui traitent 55,4 millions de gallons d'eau par jour à travers la Californie. Le volume annuel de la production d'eau atteint 20,2 milliards de gallons.

Métrique de traitement de l'eau	Volume annuel
Total d'eau transformée	20,2 milliards de gallons
Production quotidienne de l'eau	55,4 millions de gallons
Couverture de zone de service	3 comtés de Californie

Maintenance et mises à niveau des infrastructures

Les dépenses en capital pour les infrastructures en 2023 étaient de 78,3 millions de dollars. Le réseau total du pipeline s'étend sur 1 245 miles.

• Taux de remplacement de l'infrastructure: 0,75% par an
• Âge du pipeline moyen: 65 ans
• Investissement annuel sur les infrastructures: 78,3 millions de dollars

Surveillance et tests de la qualité de l'eau

Effectue 150 000 tests de qualité de l'eau par an, respectant les normes de l'EPA avec un taux de conformité de 99,8%.

Métrique de qualité de l'eau	Performance annuelle
Tests totaux de qualité de l'eau	150,000
Conformité réglementaire	99.8%

Gestion de la conformité réglementaire

Alloue 4,2 millions de dollars par an pour la conformité réglementaire et la surveillance environnementale.

Service client et opérations de facturation

Dessert 235 000 liens avec les clients avec des revenus de facturation annuels de 214,6 millions de dollars.

Métrique du service client	Données annuelles
Connexions du client total	235,000
Revenus de facturation annuelle	214,6 millions de dollars

SJW Group (SJW) - Modèle d'entreprise: Ressources clés

Réseaux d'approvisionnement en eau et de distribution

SJW Group possède et exploite 281 miles de conduites d'eau à travers la Californie. Capacité totale de stockage de l'eau: 102 millions de gallons dans 35 réservoirs et installations de stockage.

Actif de réseau	Quantité	Zone de couverture
MAINS DE L'EAU	281 miles	San Jose, Californie
Réservoirs	35	Comté de Santa Clara
Capacité de stockage totale	102 millions de gallons	Région de service

Installations de traitement et infrastructures

Le groupe SJW maintient 4 usines de traitement de l'eau avec une capacité de traitement quotidienne combinée de 80 millions de gallons.

• Emplacements des usines de traitement de l'eau: San Jose, Californie
• Systèmes de filtration avancés: 3 installations de pointe
• Investissement annuel sur les infrastructures: 24,3 millions de dollars

Expertise technique en gestion de l'eau

Composition de la main-d'œuvre: 506 employés totaux en 2023, avec 62% de diplômes techniques ou d'ingénierie.

Catégorie des employés	Nombre	Pourcentage
Total des employés	506	100%
Professionnels techniques / ingénieurs	314	62%

Permis et licences réglementaires

Permis actifs: 17 Licences de gestion de l'eau des États et fédérales couvrant les zones de service californiennes.

Technologies de surveillance avancées de l'eau

Investissement technologique: 8,7 millions de dollars dans les systèmes de surveillance avancés au cours de l'exercice 2023.

• Capteurs de surveillance de la qualité de l'eau en temps réel: 247 unités
• Systèmes de détection de fuite numérique: couvrant 92% du réseau
• Technologie automatisée de lecture des compteurs: déployé sur 98% des connexions de service

SJW Group (SJW) - Modèle d'entreprise: propositions de valeur

Approvisionnement en eau potable fiable et sûre

SJW Group dessert environ 239 000 personnes à San Jose, en Californie, offrant une conformité à 100% aux normes de la loi sur la loi sur les eaux potables. La production annuelle de l'eau est de 54,6 millions de gallons par jour dans leur zone de service.

Métrique de qualité de l'eau	Performance
Conformité au traitement de l'eau	100%
Production quotidienne de l'eau	54,6 millions de gallons
Population de services	239 000 personnes

Gestion durable des ressources en eau

SJW Group gère 387 miles de conduites d'eau et maintient 27 puits d'eau souterraine avec des systèmes de surveillance avancés.

• Investissement de conservation de l'eau: 12,4 millions de dollars par an
• Programmes de recharge des eaux souterraines: 3 sites actifs
• Efficacité du recyclage de l'eau: 65% du total des ressources en eau

Infrastructure d'eau de haute qualité

L'investissement des infrastructures a totalisé 47,2 millions de dollars en 2022, en se concentrant sur le remplacement des pipelines et la modernisation du système.

Composant d'infrastructure	Investissement
Remplacement du pipeline	24,6 millions de dollars
Mises à niveau de l'installation de traitement	15,3 millions de dollars
Technologie de mesure intelligente	7,3 millions de dollars

Technologies avancées de conservation de l'eau

SJW Group met en œuvre une mesure intelligente sur 100% des connexions client, permettant la surveillance de l'utilisation de l'eau en temps réel.

• Couverture de compteur intelligent: 100% de la zone de service
• Précision de la technologie de détection des fuites: 95%
• Réduction de la perte d'eau: 12% par an

Services de support client réactifs

L'équipe du service client gère 98,7% des demandes de demandes dans les 24 heures, en maintenant une cote de satisfaction du client de 4,8 / 5.

Métrique du service client	Performance
Temps de réponse	24 heures
Évaluation de satisfaction du client	4.8/5
Taux de résolution d'enquête	98.7%

SJW Group (SJW) - Modèle d'entreprise: relations clients

Assistance directe du service client

SJW Group maintient un centre de service client dédié situé à San Jose, en Californie, gérant environ 185 000 interactions clients par an. La société exploite une équipe de support client de 42 représentants à temps plein.

Métrique du service client	Performance annuelle
Interactions totales du client	185,000
Représentants du service à la clientèle	42
Temps de réponse moyen	24 heures

Plateformes de gestion de compte en ligne

SJW Group fournit des interfaces clients numériques avec les fonctionnalités suivantes:

• Portail de compte Web
• Application mobile pour le paiement des factures
• Visualisation en ligne de facture
• Suivi de l'utilisation de l'eau numérique

Métrique de la plate-forme numérique	2024 données
Utilisateurs de compte en ligne	78,500
Téléchargements d'applications mobiles	42,300
Pourcentage de paiement de factures numériques	62%

Programmes d'engagement communautaire

SJW Group investit dans des initiatives communautaires de conservation de l'eau et d'éducation, allouant 375 000 $ par an à de tels programmes.

Canaux de facturation et de communication réguliers

La société traite environ 225 000 déclarations de facturation mensuelles avec plusieurs méthodes de communication:

• Facturation de papier
• Facturation électronique
• Notifications par e-mail
• Alertes SMS

Rapports transparents de la qualité de l'eau

Les dirigeants du groupe SJW Test complet de la qualité de l'eau, effectuant 85 000 tests de qualité de l'eau par an, avec une divulgation publique complète des résultats.

Métrique de rapport de la qualité de l'eau	Performance annuelle
Tests totaux de qualité de l'eau	85,000
Taux de conformité	99.8%
Rapports publics publiés	12

SJW Group (SJW) - Modèle d'entreprise: canaux

Centres de vente directe et de service client

SJW Group exploite des centres de service à la clientèle situés à San Jose, en Californie, avec 3 emplacements physiques desservant environ 225 000 connexions de service d'eau dans la Silicon Valley.

Emplacement	Heures de service	Interactions annuelles du client
Siège social de San Jose	Du lundi au vendredi, de 8 h à 17 h	127 450 interactions client
Succursale de la Silicon Valley	Du lundi au vendredi, de 8 h à 17 h	98 230 interactions client

Portail Web en ligne

La plate-forme numérique de SJW Group gère environ 62% des transactions client numériquement.

• Utilisateurs mensuels de portail Web actif: 38 750
• Taux de paiement des factures en ligne: 73%
• Achèvement de la demande de service numérique: 56%

Application mobile

SJW a lancé une application mobile en 2019 avec une base d'utilisateurs actuelle de 24 500 utilisateurs mensuels actifs.

Fonctionnalité d'application	Pourcentage d'utilisation
Paiement de facture	68%
Suivi de l'utilisation de l'eau	45%
Notifications de service	37%

Systèmes de support téléphonique

SJW Group maintient un centre d'appels centralisé gantant 52 300 appels clients chaque année.

• Temps moyen de gestion des appels: 7,2 minutes
• Taux de satisfaction client: 89%
• Taux de résolution des appels: 94%

Interfaces de facturation municipale

Le groupe SJW s'intègre à 6 juridictions municipales pour la facturation et la coordination des services.

Municipalité	Connexions de service	Intégration de facturation
San Jose	142,500	Intégration numérique complète
Cupertino	35,200	Intégration numérique partielle
Campbell	22,750	Intégration numérique complète

SJW Group (SJW) - Modèle d'entreprise: segments de clientèle

Consommateurs d'eau résidentiels

SJW Group dessert environ 237 000 liens résidentiels à travers la Californie et le Texas à partir de 2023.

Caractéristique du segment	Données spécifiques
Clients résidentiels totaux	237 000 connexions
Consommation mensuelle mensuelle moyenne	5 000 gallons par unité résidentielle
Population de la zone de service	Environ 605 000 résidents

Utilisateurs d'eau commerciale et industrielle

SJW Group fournit des services d'eau à divers clients commerciaux et industriels dans ses territoires de service.

• Connexions commerciales totales: 12 500
• Utilisation de l'eau industrielle: 15% de la distribution totale de l'eau
• Secteurs commerciaux clés: vente au détail, soins de santé, technologie

Entités municipales et gouvernementales

Le groupe SJW fournit de l'eau à plusieurs systèmes d'infrastructures municipaux et aux installations gouvernementales.

Type de client municipal	Nombre de connexions
Installations du gouvernement de la ville	85 connexions directes
Écoles publiques	42 établissements d'enseignement
Services d'urgence	27 services d'incendie et hôpitaux

Clients de l'eau agricole

Les services limités de l'eau agricole fournis principalement dans les zones de service californiennes.

• Connexions agricoles: 350 au total
• Attribution de l'eau: 8% de la distribution totale de l'eau
• Types de cultures primaires: vignobles, vergers

Projets de développement immobilier

SJW Group soutient les infrastructures d'eau pour les nouveaux développements résidentiels et commerciaux.

Catégorie de développement	Nouvelles connexions annuelles
Développements résidentiels	1 200 nouvelles connexions par an
Développements commerciaux	85 nouvelles connexions par an
Projets à usage mixte	45 nouvelles connexions par an

SJW Group (SJW) - Modèle d'entreprise: Structure des coûts

Frais de maintenance des infrastructures

En 2022, SJW Group a déclaré 37,1 millions de dollars de frais de maintenance des infrastructures. Les coûts de remplacement des infrastructures aquatiques de l'entreprise étaient d'environ 15,2 millions de dollars pour l'exercice.

Catégorie d'infrastructure	Coût annuel
Remplacement des plats	8,6 millions de dollars
Maintenance du réseau de tuyaux	6,5 millions de dollars
Entretien du réservoir	4,1 millions de dollars

Coûts de traitement et de purification de l'eau

SJW Group a dépensé 22,3 millions de dollars pour le traitement et la purification de l'eau en 2022, ce qui représente une augmentation de 5,7% par rapport à l'année précédente.

• Coûts de traitement chimique: 7,6 millions de dollars
• Test de qualité de l'eau: 3,2 millions de dollars
• Entretien de l'équipement de purification: 5,5 millions de dollars

Salaires et avantages sociaux des employés

La rémunération totale des employés pour le groupe SJW en 2022 était de 45,6 millions de dollars.

Catégorie de compensation	Coût annuel
Salaires de base	32,4 millions de dollars
Avantages pour la santé	6,2 millions de dollars
Plans de retraite	4,1 millions de dollars
Bonus de performance	2,9 millions de dollars

Investissements technologiques et équipements

En 2022, SJW Group a investi 18,7 millions de dollars dans les améliorations technologiques et d'équipement.

• Technologie du compteur d'eau intelligent: 6,3 millions de dollars
• Mises à niveau du système SCADA: 4,2 millions de dollars
• Infrastructure de gestion des données: 3,5 millions de dollars
• Technologie de détection des fuites: 4,7 millions de dollars

Dépenses de conformité réglementaire

SJW Group a dépensé 12,4 millions de dollars en conformité réglementaire en 2022.

Catégorie de conformité	Coût annuel
Tests de qualité de l'eau	5,1 millions de dollars
Reportage environnemental	2,6 millions de dollars
Maintenance des permis réglementaires	4,7 millions de dollars

SJW Group (SJW) - Modèle d'entreprise: Strots de revenus

Frais de service d'eau

En 2022, SJW Group a annoncé des revenus de service d'eau de 153,5 millions de dollars. La société dessert environ 239 000 connexions à travers la Californie et le Texas.

Aire de service	Relations	Revenus de services d'eau
Californie	225,000	145,2 millions de dollars
Texas	14,000	8,3 millions de dollars

Frais d'installation d'infrastructure

SJW Group a récolté 4,7 millions de dollars en frais d'installation d'infrastructures en 2022.

Compteur d'eau et frais de connexion

Le compteur d'eau et les nouveaux frais de connexion ont généré 2,1 millions de dollars de revenus pour la société en 2022.

Type de frais	Coût moyen	Revenus totaux
Nouveau compteur d'eau	$750	1,5 million de dollars
Frais de connexion	$600	0,6 million de dollars

Revenus contractuels municipaux

Les revenus des contrats municipaux ont totalisé 6,3 millions de dollars en 2022, représentant des accords de service avec des entités gouvernementales locales.

Services de gestion des ressources en eau

Les services de gestion des ressources en eau ont généré 3,2 millions de dollars de revenus supplémentaires pour le groupe SJW en 2022.

• Services de gestion des eaux souterraines
• Tests de qualité de l'eau
• Mise en œuvre du programme de conservation

Total des sources de revenus: 169,8 millions de dollars pour l'exercice 2022

SJW Group (SJW) - Canvas Business Model: Value Propositions

You're looking at the core promises SJW Group makes to its customers and investors as of late 2025. These aren't just mission statements; they are backed by capital plans and dividend history.

Provision of safe, reliable, and high-quality essential water service

The fundamental value is delivering life-sustaining, high-quality water. This is executed through local utilities serving approximately 1.6 million customers across California, Connecticut, Maine, and Texas.

The commitment to service quality is tied to regulatory performance metrics, like those at Connecticut Water, where achieving targets allowed for recovery of additional revenues through the Water Revenue Adjustment (WRA).

Long-term infrastructure investment for system reliability and water quality

SJW Group is putting serious capital to work to maintain and modernize its systems. The planned capital expenditures for the full year 2025 are set at $473 million.

For perspective, in the first quarter of 2025, the company already invested $78.2 million in infrastructure, putting it on track to meet its full-year goal. This investment is part of a much larger, long-term commitment.

Here's a quick look at the scale of the infrastructure commitment:

Investment Metric	Value/Period
Planned 2025 Capital Expenditures	$473 million
Five-Year Capital Plan Total	$2.0 billion
San Jose Water 3-Year Capital Plan (2025-2027)	$450 million
Q1 2025 Infrastructure Investment	$78.2 million

Also, the San Jose Water Company subsidiary is executing a separate $100 million Advanced Metering Infrastructure (AMI) project, with the bulk of spending slated for 2025 and 2026.

Environmental stewardship, including PFAS treatment and emission reduction goals

SJW Group is actively addressing environmental challenges, which is a critical value proposition in today's regulatory climate. The company was recognized as one of America's Most Responsible Companies 2025 and America's Greenest Companies 2025.

Specific environmental targets and costs include:

• Estimated capital expenditure required for PFAS treatment: approximately $300 million.
• Greenhouse gas emission reduction goal: 50% reduction in Scope 1 and 2 emissions by 2030.
• Achieved reduction in Scope 1 and 2 emissions between 2019-2022: 20%.

The company is designing its first treatment facility for PFHxS removal, with design expected to finish at the end of 2024, leading to construction starting soon after.

Predictable, regulated pricing model for an essential service

Because SJW Group operates in a regulated space, its pricing model offers predictability for both customers and investors. You see this play out in rate case outcomes.

For instance, the General Rate Case (GRC) decision for San Jose Water, effective January 1, 2025, authorized a revenue increase of $53.1 million over the three-year cycle. This decision also authorized a rate increase of approximately 4% for 2025.

In Texas, SJWTX, Inc. (The Texas Water Company) has a pending application for a second System Infrastructure Charge, requesting an annual revenue increase of $4.1 million. This is the mechanism that helps align authorized revenue with operational needs. It's a defintely different approach than a pure market play.

57 consecutive years of annual dividend increases for shareholders

This track record is a cornerstone of the value proposition to shareholders. SJW Group has increased its annual dividend for 57 consecutive years, paying dividends for more than 80 consecutive years.

The most recent increase, announced in January 2025, was a 5.0% hike in the quarterly dividend to $0.42 per share. This sets the projected 2025 annualized dividend at $1.68 per share, up from $1.60 per share in 2024. The company is affirming 2025 adjusted diluted EPS guidance of $2.90 to $3.00, anchoring its long-term growth projection at 5% to 7% through 2029.

Finance: draft 13-week cash view by Friday.

SJW Group (SJW) - Canvas Business Model: Customer Relationships

You're looking at how SJW Group, which rebranded to H2O America in May 2025, manages the connection with the over 1.6 million people it serves across its national footprint. For a regulated utility, customer relationships are defintely built on reliability and regulatory compliance, which directly impacts the monthly billing experience.

The core relationship is regulated and transactional, driven by monthly billing and service delivery, which is heavily influenced by rate case outcomes. For instance, at San Jose Water, new rates went into effect on January 1, 2025, following a General Rate Case approval that authorized a total revenue increase of $53.1 million over a three-year cycle. The immediate impact for 2025 was a step increase of $21.3 million in authorized revenues, which translates to about a 3.91% increase for that year.

Here's a quick look at the scale of the customer base and the revenue mechanisms that underpin the transactional relationship:

Metric	Value/Detail	Context/Date
Total People Served Nationwide	Over 1.6 million	As of early 2025
San Jose Water Connections	232,000	California service area
San Jose Water 2025 Revenue Step Increase	$21.3 million	Effective January 1, 2025
San Jose Water 2025 Revenue Step Increase Percentage	3.91%	Part of three-year GRC cycle
Q1 2025 Operating Revenue Growth (YoY)	12% increase to $167.6 million	Driven by rate increases and usage

Community engagement and charitable giving are managed through the Force for Good Foundation, signaling a commitment beyond just water delivery. SJW Group was recognized by Newsweek as one of America's Most Responsible Companies 2025, which acknowledges efforts spanning environmental initiatives, affordability programs, volunteering, and charitable donations. This recognition helps strengthen the social contract with customers.

Affordability is a key relationship pillar, especially for low-income customers. The company actively manages assistance programs. While specific 2025 figures aren't public yet, we know the company expanded income-eligibility for its Water Rate Assistance Program (WRAP) in Connecticut, which offers bill discounts to income-eligible customers. For context on past support:

• Secured over $900,000 in assistance for customers across California, Maine, and Connecticut via the federal Low-Income Home Water Assistance Program in 2023.
• Assisted California customers with $15.3 million through the state California Water and Wastewater Arrearage Payment Program in 2023.

Direct communication channels focus on transparency regarding service reliability and conservation. A tangible result of infrastructure investment, which is communicated to customers as a benefit of their rates, is the improvement in system performance. For example, an advanced leak detection program successfully reduced non-revenue water to less than 10% in California. This focus on operational excellence is a silent, but critical, part of the ongoing customer relationship.

• Communication covers outages, billing inquiries, and conservation program updates.
• Infrastructure investment for 2025 is planned at $473 million to maintain and improve service quality.
• The company has a history of paying dividends for over 80 consecutive years, a key communication point for investors, which underpins operational stability for customers.

Finance: draft 13-week cash view by Friday.

SJW Group (SJW) - Canvas Business Model: Channels

You're looking at how H2O America, formerly SJW Group, gets its essential water and wastewater services to its customers as of late 2025. The channels are pretty straightforward for a utility, but the scale across four states is what matters for your analysis.

Direct service provision through company-owned distribution systems is the bedrock. This means the physical pipes, treatment plants, and pumping stations owned and operated by the local subsidiaries. The company serves over 1.6 million people across its national footprint. The primary channel is the direct delivery of water and the collection of wastewater within regulated territories.

Here's a breakdown of the customer footprint delivered through these owned systems:

Operating Company	State(s)	Approximate People Served	Known Connections
San Jose Water Company	California	1,000,000	232,000
The Connecticut Water Company	Connecticut	(Part of 1.6 million total)	(Not specified in latest data)
The Maine Water Company	Maine	(Part of 1.6 million total)	(Not specified in latest data)
SJWTX, Inc. (Texas Water Company)	Texas	(Part of 1.6 million total)	Approx. 29,000

The channel is heavily regulated, so customer interaction for billing and service requests is often mandated. Still, H2O America is pushing digital adoption. You see this most clearly in California.

Online customer portals and mobile applications for billing and service requests are key for modernizing the customer experience, even if the service itself is a monopoly. For instance, the San Jose Water subsidiary is rolling out a $100 million Advanced Metering Infrastructure (AMI) project. That AMI system is the backbone for more transparent, real-time data delivery to customers via their digital channels, helping them see usage and report issues faster.

The structure relies on local operating companies acting as the direct interface for service delivery. These entities manage the day-to-day customer relationship and infrastructure maintenance:

• San Jose Water Company: Serves the greater San Jose metropolitan area in California. It saw a rate increase of approximately 4% for 2025, effective January 1, 2025.
• The Connecticut Water Company: Received approval to recover additional revenues through the Water Revenue Adjustment (WRA) for achieving performance metrics in Q1 2025.
• The Maine Water Company: Filed a General Rate Case (GRC) application for its Camden-Rockland Division requesting an annual revenue increase of approximately $1.1 million, or 15.9%.
• SJWTX, Inc. (The Texas Water Company): Has an application pending before the Public Utilities Commission of Texas requesting an annual revenue increase of $4.1 million from its System Infrastructure Charge.

Finally, the secondary channels via non-regulated water sales and real estate division provide diversification, though they are minor compared to the regulated utility revenue. For context on the scale of these non-core activities, the Q4 2024 results showed a (Gain) loss on sale of non-utility real estate, net of tax, of ($0.01 million). This division is definitely a supporting channel, not a primary driver of the core business flow.

Finance: draft 13-week cash view by Friday.

SJW Group (SJW) - Canvas Business Model: Customer Segments

You're looking at the core customer base for SJW Group, which rebranded to H2O America in May 2025. This utility serves essential, non-discretionary demand, which is the bedrock of its regulated business model.

The total reach of SJW Group, now H2O America, is providing life-sustaining and high-quality water service to over 1.6 million people across the United States as of its First Quarter 2025 reports. The company's operations are spread across four states through its locally led and operated water utilities.

Here's a breakdown of the customer base by the known operating entities and their connection counts:

Customer Segment Focus	Service Territory / Subsidiary	Known Connections (Approximate)	Population Served (Approximate)
Residential & Commercial Base	San Jose Water Company (California)	232,000 connections	One million people
Residential & Commercial Base	The Connecticut Water Company (CT/ME)	142,000 connections (across CT and ME)	Not explicitly stated
Residential & Commercial Base	SJWTX, Inc. (Texas Water Company)	29,000 connections (North of San Antonio)	Not explicitly stated

The total of these explicitly stated connections is approximately 403,000, all contributing to the 1.6 million people served overall.

Residential consumers form the foundation of the customer base, representing individual households relying on the utility for essential services. In California alone, the San Jose Water Company segment serves approximately one million people through its 232,000 connections.

The segment encompassing Commercial and industrial businesses, along with Public authorities and governmental entities, is served across the four operational states: California, Connecticut, Maine, and Texas. The growth in this area is evident in Texas, where the Texas Water Company saw a 12% year-over-year customer increase in 2023. Regulatory approvals, such as the general rate case decision for San Jose Water in December 2024, which authorized an increase of $53.1 million in revenues over three years starting January 1, 2025, directly impact the revenue derived from these customer classes.

Regarding real estate development customers in California and Tennessee, the data confirms operations in California, but explicitly names Texas, not Tennessee, as the fourth state of operation. The company's strategy involves capital investments to support service capacity for growth areas, with planned 2025 capital expenditures of $473 million.

You can see the geographic spread of the customer base through the utility subsidiaries:

• San Jose Water Company in California.
• The Connecticut Water Company in Connecticut.
• The Maine Water Company in Maine.
• SJWTX, Inc. (dba The Texas Water Company) in Texas.

The company's focus on infrastructure investment, with a plan to invest approximately $2.0 billion over five years, is a direct action to maintain service quality for all these segments.

Finance: draft 13-week cash view by Friday.

SJW Group (SJW) - Canvas Business Model: Cost Structure

You're looking at the major outlays for SJW Group (SJW) as they execute their national platform strategy in 2025. For a utility heavily focused on infrastructure renewal, capital spending is a massive cost driver, but operating expenses, especially those tied to resource availability and regulation, are constant pressures.

High capital expenditures for infrastructure form a cornerstone of the cost base. SJW Group has planned capital expenditures for 2025 totaling $473 million. This spending is aimed at maintaining and improving water supply and infrastructure across their footprint. For example, the San Jose Water Company subsidiary has an authorized investment of $450 million over three years (covering 2025 through 2027) for critical drinking water infrastructure, stemming from a General Rate Case settlement. By the end of the first quarter of 2025, the company had already invested $78.2 million toward this annual goal.

The table below breaks down some of the most significant, quantifiable costs SJW Group faces, using the latest available 2025 data points:

Cost Category Component	Latest Reported/Planned 2025 Figure	Context/Period
Planned Full-Year Capital Expenditures	$473 million	2025 Plan
Actual Infrastructure Investment	$78.2 million	Q1 2025
Interest on Long-Term Debt and Other Interest Expense	$18.272 million	Q1 2025
Increase in Water Production Expenses (YoY)	$7.2 million increase	Q1 2025 vs. Q1 2024
San Jose Water GRC Infrastructure Investment Authorization	$450 million	Over three years, starting 2025
Maine Water WISC Requested Surcharge Increase	$547,000	Combined for Oakland and Biddeford Saco divisions

Significant operating production expenses are dominated by the cost of resources. The primary drivers here are purchased water and groundwater extraction charges, which caused water production expenses to increase by $7.2 million in the first quarter of 2025 compared to the same quarter last year. Purchased power is also a factor, with SJW Group noting a strategy to invest in solar generation to reduce future operating costs.

Regulatory compliance and legal costs are ongoing due to the nature of regulated operations. New rates for San Jose Water Company took effect on January 1, 2025, following a General Rate Case decision. Furthermore, the Connecticut Water Company subsidiary faced litigation risk, as it was named in a class action lawsuit in 2023, which can lead to significant, and potentially unrecoverable, legal costs. Other regulatory actions include:

• Texas Water seeking an annual revenue increase of $4.1 million through its System Infrastructure Charge application.
• Maine Water filing for Water Infrastructure Charge (WISC) increases totaling 3.00%.
• The Water Cost of Capital (COC) filing for San Jose Water was deferred to May 1, 2026, which alleviated administrative processing costs for 2025.

Interest expense on debt is a direct result of financing those large capital projects. For the first quarter of 2025, the reported interest on long-term debt and other interest expense was $18.272 million, up from $17.584 million in the first quarter of 2024. The company's focus on maintaining its credit rating means keeping its Funds From Operations (FFO) to debt consistently above 11%, despite the robust capital spending.

Finally, labor costs for field operations and administrative staff are a persistent expense. While specific 2025 labor cost figures aren't detailed, the 2024 results showed an increase in administrative and general expenses that was partly attributed to increases for labor costs. You can expect these personnel costs to continue to rise due to inflationary pressures and the need for skilled field operations staff to manage the extensive capital improvement programs. Finance: draft 13-week cash view by Friday.

SJW Group (SJW) - Canvas Business Model: Revenue Streams

The core of SJW Group (SJW) revenue generation is firmly rooted in its regulated utility operations, which you can see clearly in the financial reporting.

Regulated water and wastewater service charges (primary stream) constitute the vast majority of SJW Group's income, given its status as a leading investor-owned pure-play water and wastewater utility operating across California, Connecticut, Maine, and Texas. This stream is predictable, governed by authorized rates of return set by regulatory bodies like the California Public Utilities Commission (CPUC).

Revenue is also boosted by specific regulatory mechanisms and rate adjustments:

• Revenue from rate increases, like the 4% rate increase for San Jose Water effective January 1, 2025.
• The San Jose Water General Rate Case (GRC) decision authorized an increase of $53.1 million in revenues over the three-year cycle beginning in 2025.
• For the first quarter of 2025, higher water rates overall contributed $17.2 million to the results.
• The company also implemented an approved Water Infrastructure and Conservation Charge (WICA) increase at Connecticut Water.

SJW Group also maintains other, smaller revenue sources outside of the core regulated utility business. These are less central to the overall financial picture but still contribute to the top line.

Non-regulated water production and delivery services are not explicitly detailed with a revenue figure, but the regulated nature implies any non-regulated delivery would be minor or incidental.

Revenue from land development and real estate activities comes from a small division within SJW Group. This division owns and develops properties for residential and warehouse customers in California and Tennessee. While direct revenue isn't isolated, its impact is noted in adjustments, as non-utility real estate transactions were factored into the calculation of adjusted net income for the fourth quarter of 2024.

Here's a quick look at the top-line revenue context for 2025:

Metric	Amount (as of late 2025)
Total TTM Revenue	$0.76 Billion USD
Q1 2025 Revenue	$176.6 million
Q1 2024 Revenue	$149.4 million
2024 Operating Revenue	$748.4 million

The total TTM Revenue as of 2025 is approximately $0.76 Billion USD.