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American States Water

AWR NYSE Water Utilities Financials FY2016–FY2025

American States Water's revenue rose 10.5% to $658 million in fiscal 2025. Its operating margin was 30.9%, down from 31.0% a year earlier. Free cash flow was −$7 million. It paid out $75 million in dividends and buybacks. The diluted share count rose 2.9%.

Last close · Oct 23, 2026

$85.44

0.5%
Value it Compare
Revenue Total sales reported in the income statement.
$658M
10.5% vs prior year
Operating margin Operating income as a share of revenue.
30.9%
0.1 pts
Net income Profit after all expenses, interest and tax.
$130M
9.3%
Free cash flow Cash from operations minus capital spending.
−$7.1M
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
9.3%
0.9 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$3.4B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
23.4x
On $3.65 EPS (TTM)

What American States Water does

No business description yet.

Legal name
AMERICAN STATES WATER CO
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001628280-26-009114
0001056903

Revenue and margins

American States Water had $658M of revenue in fiscal 2025, up 10.5% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 8.5% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was −$7.1M in fiscal 2025, −1.1% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

American States Water returned $74.7M to shareholders in fiscal 2025. The diluted share count rose 2.9%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value American States Water yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$772M and divides by 38.7M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 23.4x · peers 21.6x · sector 20.4x.

Balance sheet

Cash, debt and the ratios that show how comfortably American States Water can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $5.0M$6.0M$14.1M$26.7M$18.8M
Debt incl. finance leases $413M$447M$576M$641M$791M
Net debt / EBITDA 2.3x2.6x2.4x2.7x3.1x
Debt / equity 0.6x0.6x0.7x0.7x0.8x
Interest coverage 6.2x4.7x4.6x3.7x4.4x
Current ratio 0.9x0.4x1.2x0.8x1.3x
Quick ratio 0.9x0.4x1.2x0.8x1.3x
Total assets $1.9B$2.0B$2.2B$2.5B$2.7B
Total liabilities $1.2B$1.3B$1.5B$1.6B$1.7B
Shareholders' equity $686M$710M$776M$920M$1.0B
Net debt (− = net cash) $408M$441M$562M$614M$772M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.1M

1 insider

Sold, 12 months

$0.3M

3 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Sep 4, 2026 Diana M BontaDirector Sold 546 $88.80 $0.0M Form 4
Aug 19, 2026 Anne M HollowayDirector Sold 900 $88.86 $0.1M Form 4
May 20, 2026 Anne M HollowayDirector Sold 662 $75.58 $0.1M Form 4
May 19, 2026 Anne M HollowayDirector Bought 527 $75.92 $0.0M Form 4
May 18, 2026 Anne M HollowayDirector Bought 135 $75.92 $0.0M Form 4
May 15, 2026 Paul J RowleySVP of Operations Sold 1,304 $76.05 $0.1M Form 4
Feb 23, 2026 Anne M HollowayDirector Bought 138 $73.50 $0.0M Form 4
Nov 14, 2025 Anne M HollowayDirector Bought 135 $74.59 $0.0M Form 4
Nov 11, 2025 Anne M HollowayDirector Sold 528 $75.90 $0.0M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✕
Cash from operations exceeds net income ✕ ✓ ✓
Debt fell relative to assets ✕ ✕ ✕
Current ratio rose ✓ ✕ ✓
Share count didn't rise ✕ ✕ ✕
Gross margin rose ✓ ✓ ✕
Revenue rose relative to assets ✓ ✕ ✕
F-score 6 / 94 / 94 / 9
Accruals ratio 2.7%−3.4%−3.8%
Altman Z'' 2.001.712.04

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
American States Water AWR $3.4B 10.5% 30.9% −1.1% 9.3% 23.4x 4
H2O America HTO $2.3B 7.0% 22.2% — 4.9% 20.2x 4 Compare →
California Water Service Group CWT $2.9B 6.4% 17.7% — 4.8% 21.6x 4 Compare →
Middlesex Water MSEX $1.0B 1.5% 27.9% — — 21.6x — Compare →
Essential Utilities WTRG $12.2B 18.6% 37.2% −17.0% 6.4% 22.0x 5 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $436M $441M $437M $474M $488M $499M $492M $596M $596M $658M
Gross profit — $391M $383M $418M $426M $442M $438M $538M $541M $598M
Operating income $114M $127M $101M $127M $131M $141M $127M $197M $185M $203M
Interest expense $22.0M $22.6M $23.4M $24.6M $22.5M $22.8M $27.0M $42.8M $50.4M $46.8M
Pretax income $94.5M $108M $81.9M $109M $115M $125M $102M $167M $149M $170M
Income tax $34.7M $39.0M $18.0M $24.7M $28.2M $30.4M $23.7M $41.6M $30.2M $39.4M
Net income $59.7M $69.4M $63.9M $84.3M $86.4M $94.3M $78.4M $125M $119M $130M
Diluted EPS $1.62 $1.88 $1.72 $2.28 $2.33 $2.55 $2.11 $3.36 $3.17 $3.37
Diluted shares 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B
Cash flow
Cash from operations $96.9M $145M $137M $117M $122M $116M $118M $67.7M $199M $230M
Capital expenditure $130M $113M $127M $152M $130M $145M $166M $189M $232M $237M
Free cash flow −$32.9M $31.4M $10.2M −$35.1M −$8.3M −$28.9M −$48.4M −$121M −$33.2M −$7.1M
Depreciation and amortization $38.9M $39.0M $40.4M $35.4M $36.9M $39.6M $41.3M $42.4M $43.6M $47.8M
Stock-based compensation $2.5M $2.9M $3.9M $2.5M $2.5M $2.6M $2.6M $3.3M $3.7M $3.6M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $33.4M $36.4M $38.9M $42.7M $47.2M $51.7M $56.4M $61.2M $67.0M $74.7M
Dividends and buybacks $33.4M $36.4M $38.9M $42.7M $47.2M $51.7M $56.4M $61.2M $67.0M $74.7M
Balance sheet
Cash and short-term investments $0.4M $0.2M $7.1M $1.3M $36.7M $5.0M $6.0M $14.1M $26.7M $18.8M
Total debt $321M $321M $321M $281M $441M $413M $447M $576M $641M $791M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $167M $156M $132M $123M $157M $138M $151M $206M $233M $231M
Current liabilities $178M $157M $147M $116M $119M $156M $397M $167M $286M $175M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $1.2B $1.2B $1.3B $1.4B $1.5B $1.6B $1.8B $1.9B $2.1B $2.3B
Total assets $1.5B $1.4B $1.5B $1.6B $1.8B $1.9B $2.0B $2.2B $2.5B $2.7B
Total liabilities $976M $887M $943M $1.0B $1.1B $1.2B $1.3B $1.5B $1.6B $1.7B
Shareholders' equity $494M $530M $558M $602M $642M $686M $710M $776M $920M $1.0B
Margins
Gross margin — 88.7% 87.7% 88.3% 87.2% 88.6% 89.2% 90.3% 90.8% 90.8%
Operating margin 26.2% 28.9% 23.1% 26.8% 26.7% 28.3% 25.8% 33.0% 31.0% 30.9%
EBITDA margin 35.1% 37.7% 32.4% 34.3% 34.3% 36.2% 34.2% 40.1% 38.3% 38.2%
Net margin 13.7% 15.7% 14.6% 17.8% 17.7% 18.9% 16.0% 21.0% 20.0% 19.8%
FCF margin −7.6% 7.1% 2.3% −7.4% −1.7% −5.8% −9.9% −20.3% −5.6% −1.1%
Returns
Return on capital 9.0% 9.8% 9.1% 11.2% 10.2% 10.0% 8.7% 11.9% 10.3% 9.3%
Return on capital employed 9.1% 10.0% 7.7% 8.8% 8.2% 8.3% 7.5% 10.6% 8.6% 8.6%
Return on equity 12.4% 13.6% 11.7% 14.5% 13.9% 14.2% 11.2% 16.8% 14.1% 13.3%
Return on assets 4.3% 4.8% 4.4% 5.4% 5.0% 5.1% 4.0% 5.8% 5.0% 5.0%
Growth
Revenue growth −4.9% 1.0% −0.9% 8.5% 3.0% 2.2% −1.5% 21.2% −0.0% 10.5%
Net income growth −1.2% 16.1% −7.9% 32.1% 2.5% 9.2% −16.9% 59.4% −4.5% 9.4%
EPS growth 1.3% 16.1% −8.5% 32.6% 2.2% 9.4% −17.3% 59.2% −5.7% 6.3%
FCF growth −520.8% — −67.5% −443.4% — — — — — —
Share count change −2.3% 0.3% 0.3% 0.1% 0.1% 0.0% 0.1% 0.1% 1.4% 2.9%
Financial health
Net debt / EBITDA 2.1x 1.9x 2.2x 1.7x 2.4x 2.3x 2.6x 2.4x 2.7x 3.1x
Debt / equity 0.7x 0.6x 0.6x 0.5x 0.7x 0.6x 0.6x 0.7x 0.7x 0.8x
Interest coverage 5.2x 5.6x 4.3x 5.2x 5.8x 6.2x 4.7x 4.6x 3.7x 4.4x
Current ratio 0.9x 1.0x 0.9x 1.1x 1.3x 0.9x 0.4x 1.2x 0.8x 1.3x
Quick ratio 0.9x 1.0x 0.9x 1.1x 1.3x 0.9x 0.4x 1.2x 0.8x 1.3x
Capital allocation
Capex / revenue 29.8% 25.7% 29.0% 32.1% 26.7% 29.0% 33.8% 31.7% 39.0% 36.0%
Stock comp / revenue 0.6% 0.7% 0.9% 0.5% 0.5% 0.5% 0.5% 0.6% 0.6% 0.5%
Payouts / FCF — 115.9% 381.3% — — — — — — —
Quality scores
Piotroski F-score 6.0 6.0 5.0 8.0 4.0 6.0 4.0 6.0 4.0 4.0
Altman Z'' 1.6 1.9 1.7 1.8 1.9 1.8 0.9 2.0 1.7 2.0
Accruals ratio −2.6% −5.2% −5.0% −2.1% −2.1% −1.2% −2.0% 2.7% −3.4% −3.8%

Source: SEC EDGAR XBRL filings (CIK 0001056903). Data updated October 22, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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