TTW Public Company (TTAPY) AI Stock Analysis

• Market Cap: $1.21B
• Dividend Yield: 4.72%
• Average Volume (3M): 0.00
• Price to Earnings (P/E): 12.1
• Beta (1Y): 0.16
• Revenue Growth: 8.80%
• EPS Growth: 19.66%
• Country: US
• Employees: 322
• Sector: Utilities
• Sector Strength: 65
• Industry: Regulated Water
• EPS (TTM): 0.32
• Shares Outstanding: 79,800,000
• 10 Day Avg. Volume: 0
• 30 Day Avg. Volume: 0
• PEG Ratio: 1.07
• Price to Book (P/B): 2.29
• Price to Sales (P/S): 7.61
• P/FCF Ratio: 12.91
• Enterprise Value/Market Cap: 36.40
• Enterprise Value/Revenue: 8.42
• Enterprise Value/Gross Profit: 12.20
• Enterprise Value/Ebitda: 9.80
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 82 Outperform
• Price Target: $17.50 ▲(20.77% Upside)
• Action: Reiterated Date: 02/25/26
• Date: Action: Reiterated 02/25/26

The score is driven primarily by strong financial performance (excellent margins and solid free-cash-flow quality), supported by reasonable valuation and a high dividend yield. Technicals are constructive but tempered by near-term overbought signals, while rising debt and uneven revenue growth remain key risks.

Positive Factors

High Profitability

Sustained net margins above 60% point to durable earnings power and strong pricing or cost advantages in regulated water operations. High margins support reinvestment, dividends, and buffer against demand shocks, underpinning long-term free cash flow generation.

Strong Free Cash Flow

Free cash flow covering ~86% of net income indicates high earnings quality and convertibility to cash. Robust FCF supports capital spending, dividend stability, and debt servicing over the medium term, improving financial flexibility for infrastructure needs.

Stable Revenue Base (Long-term Contracts)

Long-term municipal and industrial contracts provide predictable demand and contracted revenue streams, reducing commercial cyclicality. This contractual backbone supports planning for capex, tariff adjustments, and long-term service investments, strengthening business resilience.

Negative Factors

Top-line Volatility

Large year-to-year swings in revenue signal exposure to timing of projects, contract renewals, or demand variability. Persistent volatility complicates forecasting, capital allocation, and could pressure margins if revenue dips recur or if recovery depends on one-off events.

Rising Leverage Trend

A meaningful uptick in debt reverses prior deleveraging and raises leverage risk even if current ratios are moderate. Higher debt can constrain future investment flexibility, increase interest exposure, and reduce cushion for regulatory or demand setbacks over the medium term.

Operating Cash Flow Softness

Free cash flow gains appear partly non-operational if operating cash flow trails prior year. Reliance on nonrecurring items or timing effects to boost FCF undermines sustainability of cash generation, making funding for capex and dividends more sensitive to underlying operations.

TTW Public Company Business Overview & Revenue Model

Company Description

TTW Public Company Limited, together with its subsidiaries, produces and sells treated water in Thailand. The company supplies water to the Provincial Waterworks Authority in the Amphur Nakorn Chaisri, Amphur Sam Pran, and Amphur Budha Monthon areas of Nakhon Pathom; and Amphur Muang and Amphur Kratumban areas of Samut Sakhon under the water purchase agreement. It is also involved in the management of water production and distribution systems, and wastewater collection and treatment systems; operation and maintenance of water supply project; and production and distribution of electricity using hydroelectric, cogeneration, and solar power plants. The company was formerly known as Thai Tap Water Supply Public Company Limited and changed its name to TTW Public Company Limited in April 2014. The company was incorporated in 2000 and is headquartered in Nakhon Pathom, Thailand.

How the Company Makes Money

TTW generates revenue primarily through the sale of treated water to municipalities and industrial clients, which constitutes a significant portion of its income. The company operates under long-term contracts with local governments, ensuring a steady cash flow. Additionally, TTW earns revenue from wastewater management services, which include treatment and disposal. The company also engages in infrastructure projects, partnering with government agencies for the development and enhancement of water supply systems, which can provide additional income through service fees and project funding. Strategic partnerships with other firms in the water sector further bolster TTW's revenue streams, as they allow for collaborative projects and shared resources.

TTW Public Company Financial Statement Overview

Summary

Strong overall fundamentals driven by exceptional profitability and healthy free-cash-flow coverage (~86% of net income). Offsetting factors are uneven year-to-year revenue growth and a meaningful increase in debt versus 2024.

Income Statement

TTM (Trailing-Twelve-Months) results show very strong profitability, with net margins above 60% and robust operating performance. Revenue rebounded sharply in TTM (up ~45%) after a revenue decline in 2024 versus 2023, indicating some volatility in the top line. Overall, earnings power and margins are excellent, but the recent growth path is uneven year-to-year.

Balance Sheet

The company carries moderate leverage with debt at ~0.39x equity in TTM (Trailing-Twelve-Months), and equity is sizable relative to assets, supporting balance-sheet resilience. However, debt increased meaningfully versus 2024, reversing some prior deleveraging progress. Returns on equity around ~18–20% remain strong, but the upward debt trend is the key watch item.

Cash Flow

Cash generation is solid: TTM (Trailing-Twelve-Months) free cash flow is strong and covers a large portion of net income (~86%), signaling good earnings quality. Free cash flow growth in TTM is very high versus the prior period, recovering from a weaker 2024. A modest negative is that operating cash flow is slightly lower than 2024, suggesting the recent improvement is not purely from higher operating cash inflows.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	5.02B	5.10B	5.83B	5.69B	5.81B
Gross Profit	3.46B	3.46B	3.76B	3.72B	3.96B
EBITDA	3.81B	4.19B	4.51B	4.52B	4.71B
Net Income	3.13B	2.79B	2.93B	2.97B	3.10B
Balance Sheet
Total Assets	23.50B	20.20B	20.28B	21.49B	22.50B
Cash, Cash Equivalents and Short-Term Investments	2.83B	2.75B	3.03B	3.36B	3.66B
Total Debt	6.02B	3.66B	4.33B	6.00B	7.56B
Total Liabilities	6.80B	4.49B	5.00B	6.74B	8.31B
Stockholders Equity	16.66B	15.67B	15.24B	14.71B	14.15B
Cash Flow
Free Cash Flow	2.96B	2.58B	3.55B	3.51B	3.41B
Operating Cash Flow	3.23B	3.16B	3.75B	3.67B	3.77B
Investing Cash Flow	-3.28B	-481.42M	871.52M	301.35M	-610.60M
Financing Cash Flow	-103.96M	-3.08B	-4.08B	-3.98B	-3.19B

TTW Public Company Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 14.49
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TTAPY, the sentiment is Positive. The current price of 14.49 is below the 20-day moving average (MA) of 14.89, below the 50-day MA of 14.65, and above the 200-day MA of 13.87, indicating a bullish trend. The MACD of 0.17 indicates Negative momentum. The RSI at 61.33 is Neutral, neither overbought nor oversold. The STOCH value of 63.77 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TTAPY.

TTW Public Company Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TTAPY	82 Outperform	$1.21B	12.15	20.43%	4.72%	8.80%	19.66%
SBS	71 Outperform	$20.81B	17.09	16.98%	2.22%	-10.23%	-26.87%
MSEX	67 Neutral	$1.01B	22.91	9.09%	2.67%	6.24%	3.35%
Sector *	66 Neutral	$17.65B	18.10	5.60%	3.62%	6.62%	11.55%
AWR	62 Neutral	$2.92B	22.14	13.22%	2.64%	10.28%	13.56%
WTTR	61 Neutral	$1.84B	66.65	2.48%	2.62%	-4.60%	-67.28%