American States Water vs Middlesex Water
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KIRA’s take AI analyst
I put American States Water and Middlesex Water side by side, using each one’s latest annual report. Here is what stands out:
- 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%).
- Investors pay more for each dollar of American States Water’s earnings: a P/E of 23.3x against 21.7x for Middlesex Water.
Who comes out ahead
Of the 7 measures where higher (or lower) is clearly better, how many each company leads.
American States Water
AWR
4/7
Revenue growthOperating marginReturn on equityNet debt / EBITDA
Middlesex Water
MSEX
3/7
5-year growthNet marginShare count change
Side by side
Best in the row
| Latest fiscal year | AWR FY25 | MSEX FY25 |
|---|---|---|
| Size | ||
| Market cap | $3.4B | $1.1B |
| 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 | 23.3x | 21.7x |
| Piotroski F-score | 4 | — |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.