# Consolidated Water Co. Ltd. share price today (Consolidated Water Co. Ltd., CWCO) > Consolidated Water Co. Ltd.'s P/E is near the low end of its own history, higher than only 4% of past readings, and its quarterly results are still getting worse. CWCO · Utilities · Utilities - Regulated Water · data as of 3 November 2026. Page: https://www.sectoralpha.in/us/stocks/cwco Sector Alpha also publishes a daily newsletter that explains one Indian stock at a time: https://newsletter.sectoralpha.in/?utm_source=sectoralpha&utm_medium=ai_text&utm_campaign=llms ## Key numbers - Business trend: Turning around, from the last 12 quarters - Price: $27.44 (−19.3% in a year) - P/E: 27.3× (lower than 96% of the last 1 year) - Revenue (Jun 2026): $32.9 M (−2.1% on a year ago) - Profit (Jun 2026): $4.1 M (−21.5% on a year ago) - Operating margin: 11.3% (−4.3 points on a year ago) - ROE: 8%, FY25 - ROIC: 4.3%, against a 7.0% cost of capital: −2.7 points The main question: the P/E is near the low end of its own history, higher than only 4% of past readings, but results are getting worse. A low multiple can stay low until the quarters turn. ## What is the Consolidated Water Co. Ltd. share price today? Consolidated Water Co. Ltd.'s share price was $27.44 at the close on 3 November 2026. That is 12.8% below its average price over the last 200 trading days. In the last 52 weeks it traded between $27 and $38, and at that close it sat 4% of the way up from that low. Over the past 13 weeks it has done worse than the S&P 500, and it has been behind for 4 weeks running. Over the last 1 year the share price moved −8% while the S&P 500 moved +21%, so it is behind the index over that whole period. It was last ahead over 13 weeks in the week of 9 October 2026. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What dividend does Consolidated Water Co. Ltd. pay? Consolidated Water Co. Ltd. paid $0.56 per share over the last four reported quarters. The most recent declaration was $0.14 for Jun 2026. At today's price of $27.44 that is a yield of 2.04%, based on dividends already paid, not a forecast. ## Which stock lists is Consolidated Water Co. Ltd. on? Consolidated Water Co. Ltd. is not in the Nasdaq 100, the S&P 500 or the Dow Jones 30, and is not on the US tech stocks list. ## Is Consolidated Water Co. Ltd. profitable? Consolidated Water Co. Ltd. earned $4.1 M of net profit in the Jun 2026 quarter, −21.5% on the same quarter a year earlier. Full-year FY25 profit was $18.9 M. Over 4 years profit has grown 88.2% a year on average. That is 12.5% of the quarter's revenue. The same quarter a year earlier earned $5.2 M. For the full year, FY25 profit was $18.9 M (−34.3% on the year before). Why profit moved: revenue changed −2.1% on a year earlier and the margin moved −4.3 percentage points. Sales did the work while the margin got thinner. On average over the last four quarters, profit changed +18.3% and revenue −0.9%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra dollar of revenue adds more to profit. ## How much revenue does Consolidated Water Co. Ltd. make, and is it growing? Consolidated Water Co. Ltd. reported $32.9 M of revenue in the Jun 2026 quarter, −2.1% on the same quarter a year earlier. Over 4 years it has grown 18.6% a year on average. The last full year, FY25, came in at $132 M. The last four reported quarters add to $128 M. FY25 revenue was $132 M, −1.4% on the year before. Recent pace: the last four quarters grew −0.9% on average, against 18.6% a year over the longer run, so this year is growing slower than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew −1.2%, against −14.7% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +2.5%, against −36.3% a year (accelerating). ## How much of every $100 of sales does Consolidated Water Co. Ltd. keep? Consolidated Water Co. Ltd.'s operating margin was 11.3% in the Jun 2026 quarter, 4.3 percentage points lower than the same quarter a year ago. Across 5 years it has been between 7.7% and 20.6%. The latest quarter is within that range. Why: the operating margin move is clear, but the cost details behind it are not in our data, so we show the move without guessing the reason. ## Is Consolidated Water Co. Ltd.'s profit turning into cash? Over the last 3 years, 111% of Consolidated Water Co. Ltd.'s reported profit came in as cash from its operations, so the profit is backed by cash. In FY25 it brought in $41.7 M of operating cash against $18.9 M of profit. After $8.5 M of spending on assets, $33.2 M was left over as free cash. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why: the cash figure is clear, but the day counts behind it are not in our data, so we show it without guessing the reason. What to look at next: the main use of cash is spending on assets. The next section checks what that spending is building. ## Where does Consolidated Water Co. Ltd.'s cash go? Consolidated Water Co. Ltd. does not report the customer, stock and supplier day counts a cash cycle needs, so this section looks at its spending on assets instead. It spent $20.3 M on assets over the last 3 years. Averaged over those years that is 5.1% of FY25 revenue a year. Nothing is estimated in place of the missing day counts, so no cash-cycle chart is drawn. Spending on assets: $20.3 M over the last 3 years. In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns. ## What is Consolidated Water Co. Ltd.'s P/E ratio, and how does it compare with its own history? Consolidated Water Co. Ltd.'s P/E is 27.3×, near the low end of its own history: it has been lower only 4% of the time. Its usual P/E (the middle reading) is 30.6×, over 1 year of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. Why the multiple is where it is: over the past year earnings per share moved −35.5% while the price moved −19.3%. The price did better than earnings, which pushed the multiple up within its own range. In short: the multiple is low against its own past, so the earnings trend underneath matters more than the multiple. ## Is the Consolidated Water Co. Ltd. business getting better or worse? Consolidated Water Co. Ltd.'s business is turning around. Profit growth has swung from −53.0% at its low to +2.5%, improving for 3 quarters in a row, with ROCE steady at 6.8%. This is based on 12 quarters of 4 measures. Why it matters: a turn in growth is often where a bigger change starts. The lines say a turn is forming, so the question is whether the next quarters confirm it. ## How much does Consolidated Water Co. Ltd. earn on its capital? Consolidated Water Co. Ltd. earned a ROE of 8% in FY25. That is up from a low of 1% in FY21. Its return on capital used (ROIC) is 2.7 percentage points below its cost of capital, so growth here does not yet pay for the capital it uses. It comes from a 14.3% net margin and 0.51× asset turnover (sales divided by assets). Why the return is what it is (FY25): a 14.3% net margin × 0.51× asset turnover × 1.14× leverage (assets divided by equity) ≈ 8.3% on equity. The margin does its share; borrowing plays a small part, so this return is earned, not borrowed. The key test, return on capital used minus the cost of capital: 4.3% − 7.0% = −2.7 percentage points. The 7.0% is an estimate of this company's own cost of capital. Read the sign and size of the gap, not the decimals. Negative: growth at these returns loses value until returns improve. ## Does Consolidated Water Co. Ltd. have too much debt? Consolidated Water Co. Ltd. has total debt of $2.8 M against shareholder equity of $231 M as of Jun 2026, so its debt is 0.01× its equity, which is very little. Year by year, that ratio went from 0.02 in FY21 to 0.01 in FY25. So the returns on this page come from the business, not from borrowed money. ## What is the Consolidated Water Co. Ltd. shareholding pattern? 4.5% of Consolidated Water Co. Ltd.'s tradable shares are in short positions, which are bets that the price will fall, so some traders are betting against it. At normal trading volumes, closing those positions would take about 6.7 days. US companies do not publish a quarter-by-quarter list of owners, so this page uses short interest instead. It is a single reading at one point in time; we do not have its history. Why it is at this level: the figure does not say who holds the short positions or why, so we show the level without guessing the story. ## How far is Consolidated Water Co. Ltd. from balance-sheet trouble? For Consolidated Water Co. Ltd., the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does Consolidated Water Co. Ltd. rank in its industry? 28.5 out of 100, rank 13 of 13 in Utilities - Regulated Water, with 79% of the evidence available. Consolidated Water Co. Ltd. scores 28.5 out of 100 against the 13 companies it is compared with in Utilities - Regulated Water, ranking 13. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. The four parts add up to the total exactly: 12 + 10.5 + 3.8 + 2.2 = 28.5. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Consolidated Water Co. Ltd. compared with? Consolidated Water Co. Ltd. ranks 13 of 13 Utilities - Regulated Water companies on the 4-Factor Sector Score, with 28.5 out of 100. 1. [American States Water Company](https://www.sectoralpha.in/us/stocks/awr) AWR · turning · Evidence leans up · 79% evidence 63.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 25.0/35 · Revenue 13.2% · Profit 14.4% · Operating margin change n/a · 76% evidence Capital efficiency 16.2/25 · ROCE 8.9% · Operating margin 29.5% · 76% evidence Valuation 8.4/20 · P/E 22.7× · PEG 1.9 · 65% evidence Relative strength 13.6/20 · Lead over its industry 7.8% · Lead over S&P 500 4.7% · 1 year 16.1% · 100% evidence · 5 of 12 weeks ahead Exact sum: 25 + 16.2 + 8.4 + 13.6 = 63.2 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 2. [Essential Utilities, Inc.](https://www.sectoralpha.in/us/stocks/wtrg) WTRG · turning · Evidence leans up · 79% evidence 62.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 14.9/35 · Revenue 9.9% · Profit -14.1% · Operating margin change n/a · 76% evidence Capital efficiency 13.1/25 · ROCE 4.6% · Operating margin 32.6% · 76% evidence Valuation 15.3/20 · P/E 19.6× · PEG 0.77 · 65% evidence Relative strength 19.4/20 · Lead over its industry 9.6% · Lead over S&P 500 6.1% · 1 year 11.1% · 100% evidence · 7 of 12 weeks ahead Exact sum: 14.9 + 13.1 + 15.3 + 19.4 = 62.7 · What this means: Relative strength against the index is 6.1%, and revenue and profit growth are weak. 3. [The York Water Company](https://www.sectoralpha.in/us/stocks/yorw) YORW · turning · Evidence leans up · 79% evidence 56.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.7/35 · Revenue 9.2% · Profit 20% · Operating margin change n/a · 76% evidence Capital efficiency 13.0/25 · ROCE 4.5% · Operating margin 42.8% · 76% evidence Valuation 12.0/20 · P/E 20.9× · PEG 1.24 · 65% evidence Relative strength 7.7/20 · Lead over its industry -1.6% · Lead over S&P 500 -4.8% · 1 year -1.2% · 100% evidence · 5 of 12 weeks ahead Exact sum: 23.7 + 13 + 12 + 7.7 = 56.4 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 4. [American Water Works Company, Inc.](https://www.sectoralpha.in/us/stocks/awk) AWK · turning · Evidence leans up · 79% evidence 55.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 18.0/35 · Revenue 6.9% · Profit 4.2% · Operating margin change n/a · 76% evidence Capital efficiency 14.6/25 · ROCE 6% · Operating margin 33% · 76% evidence Valuation 4.7/20 · P/E 22.8× · PEG 3.98 · 65% evidence Relative strength 18.3/20 · Lead over its industry 8.5% · Lead over S&P 500 5% · 1 year 11.9% · 100% evidence · 7 of 12 weeks ahead Exact sum: 18 + 14.6 + 4.7 + 18.3 = 55.6 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 5. [Middlesex Water Company](https://www.sectoralpha.in/us/stocks/msex) MSEX · turning · Evidence leans up · 79% evidence 54.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.6/35 · Revenue 5.6% · Profit 13.9% · Operating margin change n/a · 76% evidence Capital efficiency 13.0/25 · ROCE 4.9% · Operating margin 26.7% · 76% evidence Valuation 6.4/20 · P/E 21.9× · PEG 2.92 · 65% evidence Relative strength 14.3/20 · Lead over its industry 5.1% · Lead over S&P 500 1.8% · 1 year 7.6% · 100% evidence · 2 of 12 weeks ahead Exact sum: 20.6 + 13 + 6.4 + 14.3 = 54.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. [Pure Cycle Corporation](https://www.sectoralpha.in/us/stocks/pcyo) PCYO · quiet · Evidence leans up · 75% evidence 51.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.2/35 · Revenue 17.9% · Profit 7.1% · Operating margin change n/a · 76% evidence Capital efficiency 12.4/25 · ROCE 7.7% · Operating margin n/a · 61% evidence Valuation 11.2/20 · P/E 16.9× · PEG 1.55 · 65% evidence Relative strength 4.8/20 · Lead over its industry -5.5% · Lead over S&P 500 -8.5% · 1 year -3.6% · 100% evidence · 2 of 12 weeks ahead Exact sum: 23.2 + 12.4 + 11.2 + 4.8 = 51.6 · What this means: Earnings are strong; relative strength in its sector is -5.5% and the one-year return is -3.6%. 7. [California Water Service Group](https://www.sectoralpha.in/us/stocks/cwt) CWT · basing · Evidence leans down · 79% evidence 45.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 12.5/35 · Revenue 6.5% · Profit -2.9% · Operating margin change n/a · 76% evidence Capital efficiency 8.6/25 · ROCE 4% · Operating margin 19.8% · 76% evidence Valuation 13.6/20 · P/E 21.9× · PEG 0.89 · 65% evidence Relative strength 11.2/20 · Lead over its industry 4.1% · Lead over S&P 500 0.9% · 1 year 5.4% · 100% evidence · 2 of 12 weeks ahead Exact sum: 12.5 + 8.6 + 13.6 + 11.2 = 45.9 · What this means: The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. 8. [Artesian Resources Corporation](https://www.sectoralpha.in/us/stocks/artna) ARTNA · basing · Evidence leans down · 79% evidence 44.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 18.2/35 · Revenue 5.4% · Profit 9.1% · Operating margin change n/a · 76% evidence Capital efficiency 11.3/25 · ROCE 4.4% · Operating margin 27.1% · 76% evidence Valuation 7.1/20 · P/E 14.8× · PEG 2.93 · 65% evidence Relative strength 8.2/20 · Lead over its industry 0.2% · Lead over S&P 500 -2.9% · 1 year 1.8% · 100% evidence · 4 of 12 weeks ahead Exact sum: 18.2 + 11.3 + 7.1 + 8.2 = 44.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 9. [H2O America](https://www.sectoralpha.in/us/stocks/hto) HTO · quiet · Evidence leans down · 79% evidence 44.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 12.9/35 · Revenue 4.9% · Profit 2.9% · Operating margin change n/a · 76% evidence Capital efficiency 9.5/25 · ROCE 3.6% · Operating margin 21.4% · 76% evidence Valuation 11.5/20 · P/E 23.8× · PEG 1.08 · 65% evidence Relative strength 10.5/20 · Lead over its industry 4.4% · Lead over S&P 500 1.4% · 1 year 27.2% · 100% evidence · 5 of 12 weeks ahead Exact sum: 12.9 + 9.5 + 11.5 + 10.5 = 44.4 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 10. [Global Water Resources, Inc.](https://www.sectoralpha.in/us/stocks/gwrs) GWRS · breaking out · Evidence leans down · 79% evidence 43.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 14.1/35 · Revenue 15.1% · Profit -33.3% · Operating margin change n/a · 76% evidence Capital efficiency 6.8/25 · ROCE 1.8% · Operating margin 21.4% · 76% evidence Valuation 11.3/20 · P/E 66.4× · PEG 1.06 · 65% evidence Relative strength 11.0/20 · Lead over its industry -1.3% · Lead over S&P 500 -4.6% · 1 year -19.6% · 100% evidence · 11 of 12 weeks ahead Exact sum: 14.1 + 6.8 + 11.3 + 11 = 43.2 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 11. [Companhia de Saneamento Básico do Estado de São Paulo - SABESP](https://www.sectoralpha.in/us/stocks/sbs) SBS · quiet · Evidence leans down · 79% evidence 39.7 out of 100 Growth Capital Valuation Relative 12. [Cadiz Inc.](https://www.sectoralpha.in/us/stocks/cdzi) CDZI · turning · Too little evidence to rank firmly · 53% evidence 30.4 out of 100 Growth Capital Valuation Relative 13. Consolidated Water Co. Ltd. this page CWCO · quiet · Most evidence points down · 79% evidence 28.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 12.0/35 · Revenue -0.8% · Profit 0% · Operating margin change n/a · 76% evidence Capital efficiency 10.5/25 · ROCE 6.7% · Operating margin -9.3% · 76% evidence Valuation 3.8/20 · P/E 29.3× · PEG 4.3 · 65% evidence Relative strength 2.2/20 · Lead over its industry -16.1% · Lead over S&P 500 -19.1% · 1 year -21.2% · 100% evidence · 0 of 12 weeks ahead Exact sum: 12 + 10.5 + 3.8 + 2.2 = 28.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led S&P 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led S&P 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Jun 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Utilities - Regulated Water](https://www.sectoralpha.in/us/sectors/utilities-regulated-water), all 13 compared on one page. ## Which companies are close to Consolidated Water Co. Ltd. in size? Consolidated Water Co. Ltd. is the 9th largest of 13 Utilities - Regulated Water companies on Sector Alpha by market value (scores of 3 November 2026). Just above it: H2O America, Middlesex Water Company and The York Water Company. Just below it: Artesian Resources Corporation, Cadiz Inc. and Pure Cycle Corporation. ### Utilities - Regulated Water companies close in size 1. [H2O America](https://www.sectoralpha.in/us/stocks/hto) $2.9 billion 2. [Middlesex Water Company](https://www.sectoralpha.in/us/stocks/msex) $1.1 billion 3. [The York Water Company](https://www.sectoralpha.in/us/stocks/yorw) $514 million 4. Consolidated Water Co. Ltd. $439 million 5. [Artesian Resources Corporation](https://www.sectoralpha.in/us/stocks/artna) $349 million 6. [Cadiz Inc.](https://www.sectoralpha.in/us/stocks/cdzi) $321 million 7. [Pure Cycle Corporation](https://www.sectoralpha.in/us/stocks/pcyo) $254 million [All 13 Utilities - Regulated Water companies, largest first](https://www.sectoralpha.in/us/sectors/utilities-regulated-water#all-companies) ### Companies close in size in other industries 1. [Genie Energy Ltd.](https://www.sectoralpha.in/us/stocks/gne) $433 million · Utilities - Regulated Electric 2. [Integra Resources Corp.](https://www.sectoralpha.in/us/stocks/itrg) $432 million · Other Precious Metals & Mining 3. Consolidated Water Co. Ltd. $432 million 4. [Colony Bankcorp, Inc.](https://www.sectoralpha.in/us/stocks/cban) $432 million · Banks - Regional 5. [RBB Bancorp](https://www.sectoralpha.in/us/stocks/rbb) $430 million · Banks - Regional ## What else do people ask about Consolidated Water Co. Ltd.? ### What were Consolidated Water Co. Ltd. Ltd.'s latest quarterly results? Consolidated Water Co. Ltd. reported revenue of $32.9 M and net profit of $4.1 M for the Jun 2026 quarter. Revenue fell 2.1% and profit fell 21.5% compared with a year earlier. Earnings per share were $0.24. The operating margin was 11.3%, 4.3 percentage points lower than a year earlier (as of 3 November 2026). ### What is Consolidated Water Co. Ltd. Ltd.'s market cap? Consolidated Water Co. Ltd.'s market capitalisation is $439 M at a stock price of $27.44. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is Consolidated Water Co. Ltd. Ltd. performing? Consolidated Water Co. Ltd.'s latest readings are below. In its latest quarter, revenue fell 2.1% and profit fell 21.5% compared with a year earlier. Over the past 13 weeks it has done worse than the S&P 500, for 4 weeks running. This describes what the data did, not a rating (as of 3 November 2026). ### Will Consolidated Water Co. Ltd. Ltd.'s stock price go up? This page does not forecast Consolidated Water Co. Ltd.'s stock price. What it shows instead: the stock price is $27.44. Its P/E of 27.3× is higher than 4% of its own last 1 years. Nobody can reliably say which way a price will move, and this site does not try (as of 3 November 2026). ### Where is Consolidated Water Co. Ltd. Ltd. in its business cycle? Consolidated Water Co. Ltd.'s FY25 operating margin was 13.8%, against a 5-year range of 7.7% to 20.6%: the middle of its own range, neither a peak nor a low. The latest quarter was 11.3%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the Consolidated Water Co. Ltd. Ltd. story? The main question: the P/E is near the low end of its own history, higher than only 4% of past readings, but results are getting worse. A low multiple can stay low until the quarters turn. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is Consolidated Water Co. Ltd. Ltd. a stock worth studying right now? What the numbers show: Consolidated Water Co. Ltd.'s P/E is near the low end of its own history, higher than only 4% of past readings, and its quarterly results are still getting worse. The main open question: whether results start to improve. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). This is research, not advice. We’re not SEBI-registered.