American States Water
AWR · Water Utilities
$85.44
0.5%H2O America
HTO · Water Utilities
$58.90
0.4%The short version
- H2O America is the larger business, with $801M of revenue in fiscal 2025 against $658M for American States Water.
- American States Water grew revenue faster (10.5%, against 7.0%).
- American States Water kept more of each dollar of sales as operating profit (30.9% operating margin, against 22.2% operating margin).
- American States Water earned a higher return on the capital invested in it (9.3%, against 4.9%).
- Investors pay more for each dollar of American States Water’s earnings: a P/E of 23.4x against 20.2x for H2O America.
| Latest fiscal year | AWR · FY25 | HTO · FY25 |
|---|---|---|
| Size | ||
| Market cap | $3.4B | $2.3B |
| Revenue | $658M | $801M |
| Free cash flow | −$7.1M | — |
| Net income | $130M | $103M |
| Growth | ||
| Revenue growth | 10.5% | 7.0% |
| 5-year growth | 6.2% | 7.2% |
| Share count change | 2.9% | 7.1% |
| Profitability | ||
| Gross margin | 90.8% | — |
| Operating margin | 30.9% | 22.2% |
| Net margin | 19.8% | 12.8% |
| FCF margin | −1.1% | — |
| Return on capital | 9.3% | 4.9% |
| Return on equity | 13.3% | 7.1% |
| Balance sheet | ||
| Net debt | $772M | $1.9B |
| Net debt / EBITDA | 3.1x | 6.3x |
| Dividends and buybacks | $74.7M | $58.6M |
| Valuation & quality | ||
| P/E | 23.4x | 20.2x |
| Piotroski F-score | 4 | 4 |
FY16
AWR $436M
HTO $340M
FY17
AWR $441M
HTO $389M
FY18
AWR $437M
HTO $398M
FY19
AWR $474M
HTO $421M
FY20
AWR $488M
HTO $565M
FY21
AWR $499M
HTO $574M
FY22
AWR $492M
HTO $621M
FY23
AWR $596M
HTO $670M
FY24
AWR $596M
HTO $748M
FY25
AWR $658M
HTO $801M
AWR
HTO
FY16
AWR 26.2%
HTO 28.7%
FY17
AWR 28.9%
HTO 26.2%
FY18
AWR 23.1%
HTO 18.5%
FY19
AWR 26.8%
HTO 13.7%
FY20
AWR 26.7%
HTO 20.8%
FY21
AWR 28.3%
HTO 19.4%
FY22
AWR 25.8%
HTO 21.1%
FY23
AWR 33.0%
HTO 22.3%
FY24
AWR 31.0%
HTO 22.8%
FY25
AWR 30.9%
HTO 22.2%
AWR
HTO
FY16
AWR −$32.9M
HTO —
FY17
AWR $31.4M
HTO —
FY18
AWR $10.2M
HTO —
FY19
AWR −$35.1M
HTO —
FY20
AWR −$8.3M
HTO —
FY21
AWR −$28.9M
HTO —
FY22
AWR −$48.4M
HTO —
FY23
AWR −$121M
HTO —
FY24
AWR −$33.2M
HTO —
FY25
AWR −$7.1M
HTO —
AWR
HTO
FY16
AWR 9.0%
HTO 7.4%
FY17
AWR 9.8%
HTO 7.4%
FY18
AWR 9.1%
HTO 6.5%
FY19
AWR 11.2%
HTO 2.8%
FY20
AWR 10.2%
HTO 4.7%
FY21
AWR 10.0%
HTO 4.1%
FY22
AWR 8.7%
HTO 4.6%
FY23
AWR 11.9%
HTO 5.2%
FY24
AWR 10.3%
HTO 5.3%
FY25
AWR 9.3%
HTO 4.9%
AWR
HTO
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.