Beijing Enterprises Water Group Ltd BJWTY

UtilitiesWater & Related UtilitiesHong Kong

Last close 16.44 USD on Nov 2, 2026, −25.7% year to date

Quant rating

Quant rating D Rank 65 of 89 in Utilities

Growth C 51 of 89
Valuation B 19 of 89
Quality D 65 of 89
Revisions C 52 of 89
Momentum D 76 of 89

Wall Street consensus Hold (2.80)Average target 0.29 USD −98.3%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 1.8B
Enterprise value: 15.0B
52-week range: 16.44 – 23.02
3-year range: 16.44 – 23.02
Dividend yield: 8.03%
Beta (5 years): –
Shares outstanding: 10,044M
Next earnings: Mar 23, 2027

About the company

Beijing Enterprises Water Group Ltd is a company mainly engaged in the water business. The Company operates its business through four segments. The Sewage and Reclaimed Water Treatment and Construction Services segment is engaged in the construction and operation of sewage and reclaimed water treatment plants and the provision of construction services for renovation projects. The Water Distribution segment is engaged in the distribution and sale of piped water and the provision of related services. The Urban Resources Services segment is engaged in the provision of urban environmental governance services and construction services, hazardous waste treatment services, waste electrical and electronic equipment treatment services and sale of recycling and reuse products. The Technical and Consultancy Services and Sale of Machineries segment engages in the provision of consultancy services and sale of machinery related to sewage treatment, and the licensing of technical know-how.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	3,155	3,325	3,455	3,115	3,643	–
Revenue growth	−5.1%	−3.7%	10.9%	−14.5%	5.4%	−1.8%
EPS (basic, normalized)	0.02	0.02	0.03	0.02	0.05	–
EPS growth	1.4%	−14.9%	52.5%	−69.3%	–	–
Gross margin	38.5%	37.0%	36.7%	39.4%	37.5%	37.8%
Net margin	6.6%	6.5%	7.4%	5.3%	14.9%	8.1%
ROE	4.8%	5.2%	6.0%	3.8%	10.1%	6.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	3,155	−5.1%	4.8x	–	–	–	0.02	+1.4%	756.4x
2026	3,002	−4.8%	5.0x	904	–	16.6x	0.02	−5.4%	799.4x
2027	2,997	−0.2%	5.0x	932	+3.1%	16.1x	0.02	+5.3%	759.1x
2028	3,164	+5.6%	4.7x	954	+2.4%	15.7x	0.02	+13.8%	666.8x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	3,002	0.0%	−0.7%	0.0%	0.02	0.0%	−10.8%	−13.6%
2027	2,997	0.0%	−1.2%	−0.9%	0.02	0.0%	−16.0%	−16.0%
2028	3,164	0.0%	−1.3%	−1.3%	0.02	0.0%	−8.1%	−8.1%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Water & Related Utilities

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
BJWTY Beijing Enterprises Water Group Ltd	1.8B	–	6.6%	0.35x	799.4x	759.1x	16.6x	16.1x
CWT California Water Service Group	3.1B	5.10x	12.8%	1.63x	19.8x	18.5x	12.2x	10.8x
HTO H2O America	3.0B	5.12x	12.8%	1.34x	20.5x	22.0x	13.0x	11.9x
MWTCY Manila Water Company, Inc.	1.3B	5.59x	34.6%	0.85x	161.3x	152.8x	7.8x	7.1x
TTAPY TTW PCL	1.2B	0.70x	62.3%	2.38x	652.7x	640.0x	9.9x	9.6x
MSEX Middlesex Water Company	1.1B	5.02x	22.0%	2.03x	21.6x	20.9x	16.3x	15.4x
Mean		4.31x	25.2%	1.43x	279.2x	268.9x	12.6x	11.8x
Median		5.10x	17.4%	1.49x	91.5x	87.4x	12.6x	11.4x

Technical analysis

1M0.0%
3M−28.6%
1Y−25.7%
3Y+9.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Beijing Enterprises Water Group Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	3,155	3,325	3,455	3,115	3,643	3,458
Cost of revenue	1,941	2,094	2,186	1,888	2,277	2,131
Gross profit	1,214	1,232	1,268	1,227	1,365	1,327
Selling, general & administrative expenses	420	413	460	423	406	340
Research & development	–	–	–	–	–	–
Depreciation/amortization	9.7	8.0	7.2	8.0	6.6	4.2
Interest expense (income), operating	−60.3	−111	−125	−149	−147	−183
Unusual expense (income)	60.6	2.2	−2.0	−23.7	−0.8	−21.9
Other operating expenses	47.2	65.5	−8.3	193	−40.3	99.0
Operating income	737	854	936	775	1,141	1,088
Net interest income (expense)	−247	−337	−363	−297	−231	−200
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−9.1	−7.5	−5.3	−5.0	−4.3	−3.3
Net income before taxes	480	509	568	473	906	885
Provision for taxes	95.4	111	136	135	191	170
Minority interest	−144	−150	−152	−154	−139	−112
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	241	248	280	185	576	602
Extraordinary items	–	–	–	–	–	–
Net income	241	248	280	185	576	602
EBIT, normalized	768	745	824	724	1,010	893
EBITDA, normalized	1,004	980	1,055	897	1,127	987
Basic EPS, normalized	0.02	0.02	0.03	0.02	0.05	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Beijing Enterprises Water Group Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,368	1,234	1,439	1,680	1,378	1,896
Receivables	3,858	3,289	3,043	2,959	2,336	2,087
Total inventory	48.7	49.2	50.1	49.8	30.8	29.8
Prepaid expenses	1,314	1,063	1,125	1,183	1,273	1,258
Other current assets	26.0	32.0	32.9	71.9	61.4	76.3
Total current assets	6,615	5,668	5,690	5,944	5,080	5,346
Property, plant & equipment	1,381	1,377	1,293	1,258	733	708
Goodwill	501	498	510	519	541	540
Intangibles	1,772	1,593	1,539	1,437	1,351	763
Long-term investments	2,134	2,056	2,077	2,041	2,513	2,408
Note receivable	11,004	11,461	11,985	11,996	13,011	12,421
Other long-term assets	192	167	223	257	326	311
Total assets	23,599	22,820	23,316	23,452	23,554	22,497
Liabilities
Accounts payable	2,427	2,610	2,919	2,888	3,216	3,408
Payable/accrued	–	–	–	–	–	–
Accrued expenses	–	–	–	–	–	–
Short-term debt	0	0	0	0	313	0
Current portion of long-term debt	2,668	2,080	1,751	2,054	1,411	1,861
Other current liabilities	1,282	1,238	1,317	1,531	1,436	1,429
Total current liabilities	6,378	5,928	5,988	6,474	6,375	6,698
Long-term debt	8,189	8,289	8,743	8,460	8,056	7,482
Minority interest	2,957	2,816	2,855	2,882	2,628	1,697
Other liabilities	1,016	936	959	948	971	948
Total liabilities	18,539	17,970	18,545	18,764	18,030	16,825
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	119	114	118	121	130	129
Additional paid-in capital	332	318	327	337	371	327
Retained earnings (accumulated deficit)	4,091	3,926	4,021	4,064	4,389	4,239
Treasury stock	–	–	–	–	–	–
Other equity	517	492	306	166	634	975
Total equity	5,059	4,851	4,772	4,688	5,524	5,671
Total liabilities & shareholders' equity	23,599	22,820	23,316	23,452	23,554	22,497

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Beijing Enterprises Water Group Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	480	509	568	473	906	885
Depreciation, depletion & amortization	237	235	231	173	117	93.9
Deferred taxes	–	–	–	–	–	–
Non-cash items	453	418	360	475	194	253
Changes in working capital	−349	−877	−789	−784	−1,463	−1,730
Cash from operations	821	286	369	338	−246	−499
Investing activities
Capital expenditures	−162	−133	−303	−125	−268	−223
Other investing cash flows	89.5	52.6	88.2	13.2	34.5	−47.9
Cash from investing	−72.3	−80.0	−214	−111	−233	−271
Financing activities
Financing cash flow items	−478	−236	−304	−459	−185	39.0
Cash dividends paid	−215	−197	−200	−173	−221	−221
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	22.9	71.4	174	829	349	1,219
Cash from financing	−671	−361	−330	196	−57.1	1,037
Foreign exchange effects	2.0	−7.7	−13.9	−19.4	17.4	82.2
Net change in cash	79.9	−163	−189	404	−519	349
Free cash flow	659	153	66.7	214	−514	−722

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.