SJW Group SJW

Competitive advantage analysis · utilities

Regulated Utilities
Overall moat score
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Ranked against 14 peers in Utilities - Regulated Water

The dashed ring is the peer median. Defense scores are percentile ranks against peers, so 50 is roughly the typical company in this group.

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Regulatory Franchise

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Signals, strengths and risks for Regulatory Franchise

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Signals, strengths and risks for Rate-Base Return Quality

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Signals, strengths and risks for Dividend Sustainability

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Signals, strengths and risks for Capital Structure Discipline

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Signals, strengths and risks for Operational Efficiency

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Signals, strengths and risks for Essential Service Resilience

Where SJW ranks in Utilities - Regulated Water

SJW Group ranks #15 of 15 scored companies in Utilities - Regulated Water by moat score — the top 100%. The widest moat in the group is American Water Works Company, I (AWK) at 72/100.

# Company Moat score Rating
7 Companhia de saneamento Basico SBS 58/100 Moderate
8 Pure Cycle Corporation PCYO 52/100 Moderate
9 California Water Service Group CWT 49/100 Developing
10 Aris Water Solutions, Inc. ARIS 48/100 Developing
11 Consolidated Water Co. Ltd. CWCO 48/100 Developing
12 Global Water Resources, Inc. GWRS 43/100 Developing
13 Cadiz, Inc. CDZI 15/100 Weak
14 Cadiz, Inc. - Depositary Shares CDZIP 15/100 Weak
15 SJW Group SJW 0/100 Weak

See every Regulated Utilities company ranked by moat score →

How SJW scores on the Regulated Utilities defenses

Regulatory Franchise

Not measurable · 25% of the moat score

The franchise is the moat, granted rather than earned: an exclusive right to serve a territory in exchange for regulated prices and an obligation to supply.

Rate-Base Return Quality

Not measurable · 20% of the moat score

A utility earns an allowed return on the capital invested in its network, the rate base.

Dividend Sustainability

Not measurable · 18% of the moat score

Utilities are owned largely for income, and the dividend is only as safe as the operating cash flow behind it.

Capital Structure Discipline

Not measurable · 17% of the moat score

Regulated utilities carry more debt than almost any other sector, which suits how predictable their revenue is but makes credit quality a core competitive asset.

Operational Efficiency

Not measurable · 12% of the moat score

Efficiency is unusually consequential under regulation.

Essential Service Resilience

Not measurable · 8% of the moat score

Electricity, gas and water are bought in a recession at close to the volume bought in an expansion, which is why utility revenue barely tracks the economic cycle.

How each Regulated Utilities defense is measured, in full →

Understanding SJW's moat

What is SJW Group's moat score?

SJW Group (SJW) scores 0 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as weak. It ranks #15 of 15 scored companies in Utilities - Regulated Water, the top 100%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 14 companies in Utilities - Regulated Water.

How does SJW Group compare with other Utilities - Regulated Water companies?

SJW Group ranks #15 of 15 scored companies in Utilities - Regulated Water by moat score. The widest moat in Utilities - Regulated Water is American Water Works Company, I (AWK) at 72/100. The companies ranked closest are Cadiz, Inc. - Depositary Shares (CDZIP) at 15 just above it.

How is the moat score calculated?

Each company is scored with an industry-specific template — Regulated Utilities in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 14 companies in Utilities - Regulated Water. The defenses are then weighted to produce the overall score out of 100.

Why is SJW Group scored with the Regulated Utilities template?

A regulated utility is a legal monopoly whose prices are set by a regulator rather than by a market. It cannot raise prices at will and it cannot be undercut, so most of the usual questions about competitive advantage barely apply. What matters is the quality of the regulatory bargain: whether the company earns the return it is allowed, funds its capital programme cheaply, and sustains the dividend investors own it for.

Which competitive defenses are measured for SJW Group?

The Regulated Utilities template measures 6 defenses, and SJW scores: Regulatory Franchise (not measurable), Rate-Base Return Quality (not measurable), Dividend Sustainability (not measurable), Capital Structure Discipline (not measurable), Operational Efficiency (not measurable), Essential Service Resilience (not measurable). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.

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