American States Water
AWR · Water Utilities
$85.44
0.5%Middlesex Water
MSEX · Water Utilities
$56.03
0.4%The short version
- American States Water is the larger business, with $658M of revenue in fiscal 2025 against $195M for Middlesex Water, about 3.4 times as much.
- American States Water grew revenue faster (10.5%, against 1.5%).
- American States Water kept more of each dollar of sales as operating profit (30.9% operating margin, against 27.9% operating margin).
- Investors pay more for each dollar of American States Water’s earnings: a P/E of 23.4x against 21.6x for Middlesex Water.
| Latest fiscal year | AWR · FY25 | MSEX · FY25 |
|---|---|---|
| Size | ||
| Market cap | $3.4B | $1.0B |
| Revenue | $658M | $195M |
| Free cash flow | −$7.1M | — |
| Net income | $130M | $42.8M |
| Growth | ||
| Revenue growth | 10.5% | 1.5% |
| 5-year growth | 6.2% | 6.6% |
| Share count change | 2.9% | 1.1% |
| Profitability | ||
| Gross margin | 90.8% | — |
| Operating margin | 30.9% | 27.9% |
| Net margin | 19.8% | 22.0% |
| FCF margin | −1.1% | — |
| Return on capital | 9.3% | — |
| Return on equity | 13.3% | 9.1% |
| Balance sheet | ||
| Net debt | $772M | $384M |
| Net debt / EBITDA | 3.1x | 4.4x |
| Dividends and buybacks | $74.7M | $24.9M |
| Valuation & quality | ||
| P/E | 23.4x | 21.6x |
| Piotroski F-score | 4 | — |
FY16
AWR $436M
MSEX $133M
FY17
AWR $441M
MSEX $131M
FY18
AWR $437M
MSEX $138M
FY19
AWR $474M
MSEX $135M
FY20
AWR $488M
MSEX $141M
FY21
AWR $499M
MSEX $143M
FY22
AWR $492M
MSEX $162M
FY23
AWR $596M
MSEX $166M
FY24
AWR $596M
MSEX $192M
FY25
AWR $658M
MSEX $195M
AWR
MSEX
FY16
AWR 26.2%
MSEX 30.4%
FY17
AWR 28.9%
MSEX 28.9%
FY18
AWR 23.1%
MSEX 26.9%
FY19
AWR 26.8%
MSEX 26.4%
FY20
AWR 26.7%
MSEX 26.5%
FY21
AWR 28.3%
MSEX 23.2%
FY22
AWR 25.8%
MSEX 29.2%
FY23
AWR 33.0%
MSEX 23.6%
FY24
AWR 31.0%
MSEX 27.7%
FY25
AWR 30.9%
MSEX 27.9%
AWR
MSEX
FY16
AWR −$32.9M
MSEX —
FY17
AWR $31.4M
MSEX —
FY18
AWR $10.2M
MSEX —
FY19
AWR −$35.1M
MSEX —
FY20
AWR −$8.3M
MSEX −$52.3M
FY21
AWR −$28.9M
MSEX −$46.4M
FY22
AWR −$48.4M
MSEX −$30.0M
FY23
AWR −$121M
MSEX −$37.4M
FY24
AWR −$33.2M
MSEX −$15.9M
FY25
AWR −$7.1M
MSEX —
AWR
MSEX
FY16
AWR 9.0%
MSEX —
FY17
AWR 9.8%
MSEX —
FY18
AWR 9.1%
MSEX —
FY19
AWR 11.2%
MSEX —
FY20
AWR 10.2%
MSEX —
FY21
AWR 10.0%
MSEX 5.1%
FY22
AWR 8.7%
MSEX 6.1%
FY23
AWR 11.9%
MSEX 4.8%
FY24
AWR 10.3%
MSEX —
FY25
AWR 9.3%
MSEX —
AWR
MSEX
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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.