CWT CALIFORNIA WATER SERVICE GROUP

Did the company actually spend money buying back stock in 3+ of the last 4 quarters?

Bought back stock in 4/4 quarters. Q1 2026: $1M, Q3 2025: $0M, Q2 2025: $0M, Q1 2025: $1M

Is the most recent quarter's buyback spend more than 15% above the trailing average?

Latest quarter $1M vs trailing avg $0M (+148%)

What percentage of free cash flow is going to buybacks? Bull: 30%+. Bear: negative FCF or no buybacks.

Buyback $2M / FCF $15M = 17% of FCF

How fast are they shrinking the float? Bull: 2%+ annually. Bear: under 0.5%.

Missing shares repurchased or outstanding data

Are officers and directors buying stock with their own money on the open market?

1 open-market purchase by Lynch James Patrick

• Lynch James Patrick (SVP CFO and Treasurer) bought 550 shares at $42.80 on 2025-12-10

Are both company buybacks and insider buying independently active? Bull when the company is buying back stock in 2+ quarters and insiders have made 2+ open-market purchases.

Company buybacks in 4 quarters but insufficient insider buying

Over the last 90 days, are insiders net buyers or net sellers on the open market?

Insiders bought $0M, sold $0M in the last 90 days (net selling)

Active buyback + insiders net selling 3x+ more than buying. Company cash may be supporting price while insiders exit.

Company buying back stock while insiders sold 12.7x more than bought. 3 C-suite officers among sellers

• Luu Michael B (Sr. VP Corp Svcs & Chief Risk) sold 740 shares on 2026-03-20
• Mares Michael S JR (Vice President, Operations) sold 3,892 shares on 2026-03-20
• Mortensen Michelle R (VP, Corp Sec &Chief of Staff) sold 924 shares on 2025-12-23