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American States Water Company

AWR Utilities Utilities Regulated Water

American States Water Company’s revenue for fiscal 2025 (year ended December 2025) was $658.1 million, up 10.5% from fiscal 2024.

Revenue
+5.37%
EPS
0.00%
Free cash flow
−126.3%
Total debt
−8.97%

Quarter to September 2026, against a year earlier

88.90 2.03 +2.34%
Market cap
$3.4B
P/E
24.3×
Fwd P/E
23.3×
Dividend yield
2.93%
F-score
5/9
Altman Z
1.84
Beneish M
−2.53
Dividend safety
52/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 0.28
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — 2 — — 1 1 — —
Insider Ownership 1.03%

Capital & Financial Ratios $m

Size
Market Cap 3,440.00
Revenue ttm 707.29
Net income ttm 144.25
Free cash flow ttm 10.23
Net debt Q 806.72
Valuation
P/E 24.29
Forward P/E 23.30
Price / sales 4.98
Forward P/S Powerpack
Price / FCF 344.59
Price / book 3.08
Financial health
Current ratio Q 0.88 (below 1: weak)
Debt / equity Q 0.73
Interest coverage Q 5.67
Growth
Revenue growth Q +5.37% (above 0%: growing)
Operating income growth Q +9.01% (above 0%: growing)
EPS, this year +8.80%
EPS, next year A +4.27%
Revenue, next year A +7.71%
EPS, past 5 yrs +7.66%
EPS, next 5 yrs A +7.40%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 6.2×, against a ten-year median of 6.5×; over the ten years it ranged from 3.9× in 2016 to 8.9× in 2022.
P/E against its own 10 years 22.30%
10-year low 10-year high
P/S against its own 10 years 44.06%
10-year low 10-year high
P/B against its own 10 years 16.10%
10-year low 10-year high
EV/Sales against its own 10 years 41.12%
10-year low 10-year high

Dividends raised 2 years running

Yield
2.93%
Annual rate
2.60
Payout ratio
71.3%
Growth, 2018–26
+8.92%/yr
  1. 1.06 ’18
  2. 1.16 ’19 +9
  3. 1.28 ’20 +10
  4. 1.40 ’21 +9
  5. 1.53 ’22 +9
  6. 2.05 ’23 +35
  7. 1.79 ’24 −13
  8. 1.94 ’25 +8
  9. 2.10 ’26 +8
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 14 27 19 26
Receivables 90 85 91 —
Inventory 18 15 16 17
Other 79 99 97 —
206 233 231 215
2023 2024 2025 Q'26
Payables 69 89 86 85
ST’ Debt 42 124 8 —
Other 15 30 39 —
167 286 175 244

Compound Annual Growth %

10y 5y 3y
Sales 3.68% 6.15% 10.22%
Cash Flow 9.22% 13.46% 24.94%
Earnings 8.02% 8.58% 18.46%
Book Value 8.42% 10.26% 13.80%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.93 Actual 1.09

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q2 FY25 0.92 0.87 Miss by 0.05
Q3 FY25 1.01 1.06 Beat by 0.05
Q1 FY26 0.77 0.76 Miss by 0.01
Q2 FY26 0.93 1.09 Beat by 0.16
Q3 FY26 1.09 — Reports 4 November 2026

EPS $

Mar Jun Sep Dec Year
’26 0.76 1.09 1.06 — —
’25 0.70 0.87 1.06 0.74 3.37
’24 0.62 0.85 0.95 0.75 3.17
’23 0.93 1.04 0.85 0.55 3.36
’22 0.38 0.54 0.69 0.50 2.11
’21 0.52 0.72 0.76 0.55 2.55
’20 0.38 0.69 0.72 0.54 2.33
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 169 181 193 — —
’25 148 163 183 164 658
’24 135 155 162 143 595
’23 161 157 152 125 596
’22 109 123 135 125 492
’21 117 128 137 117 499
’20 109 121 134 124 488
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 72 45 85 — —
’25 45 65 92 28 230
’24 46 25 64 65 199
’23 7 11 39 11 68
’22 38 19 33 28 118
’21 25 16 41 34 116
’20 16 31 42 34 122
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 23 (4) 27 — —
’25 (23) 14 38 (36) (7)
’24 (2) (37) 0 6 (33)
’23 (42) (29) (9) (41) (121)
’22 3 (23) (12) (16) (48)
’21 (12) (23) 10 (4) (29)
’20 (18) 2 9 (1) (8)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 436 441 437 474 488 499 492 596 595 658 707 +4.7% 709 738 767 +5.2%
Gross margin, % 77.42 75.90 75.07 76.43 76.34 76.01 75.20 79.89 79.00 76.92 0.00 (0.5) pt
EBT 94 108 82 109 115 125 102 167 149 170 191 +6.7%
EBT margin, % 21.66 24.59 18.75 23.00 23.48 25.01 20.76 27.95 25.10 25.80 27.02 +4.1 pt
Net income 60 69 64 84 86 94 78 125 119 130 144 +9.1%
Per share, $
Per share, $ Revenue 11.93 12.03 11.89 12.87 13.24 13.51 13.30 16.11 15.89 17.07 17.84 +4.1%
Earnings 1.63 1.88 1.73 2.28 2.34 2.55 2.12 3.37 3.17 3.37 3.66 +8.4%
Cash flow 2.65 3.95 3.72 3.17 3.31 3.13 3.19 1.83 5.30 5.96 5.79 +9.4%
Capex (3.55) (2.15) (3.44) (4.12) (3.53) (3.91) (4.50) (5.10) (6.19) (6.14) (5.53) +6.3%
Free cash flow (0.90) 1.79 0.28 (0.95) (0.22) (0.78) (1.31) (3.27) (0.89) (0.18) 0.26 (16.2%)
Book value 13.52 14.46 15.20 16.34 17.40 18.58 19.20 20.99 24.56 27.12 28.84 +8.0%
Shares, m 37 37 37 37 37 37 37 37 37 39 39 +0.6%
Valuation, ×
Valuation, × P/E 27.58 29.84 38.98 38.00 33.98 40.56 45.09 23.88 24.52 21.51 24.29 32.4
P/S 3.77 4.69 5.64 6.73 6.01 7.66 7.15 4.99 4.89 4.25 4.98 5.6
P/B 3.32 3.90 4.41 5.30 4.57 5.57 4.96 3.83 3.16 2.67 3.08 4.2
EV/Sales 4.71 5.55 6.58 7.75 7.11 8.88 8.61 6.50 6.41 5.63 6.23 6.8
EV/FCF (62.39) 37.21 279.28 (105.27) (425.05) (153.20) (87.41) (32.02) (114.81) (522.73) 430.64 (118.6)
Cash, $m
Cash, $m Operating cash flow 97 145 137 117 122 116 118 68 199 230 229 +10.1%
Capex (130) (79) (126) (152) (130) (145) (166) (189) (232) (237) (219) +6.9%
Free cash flow (33) 66 10 (35) (8) (29) (48) (121) (33) (7) 10 (15.7%)
Balance, $m
Balance, $m Working capital (11) (1) (15) 6 39 (18) (245) 39 (52) 56 (29) n/m
Net debt 411 380 410 485 538 613 718 895 903 913 807 +9.3%
Shareholders’ equity 494 530 558 602 642 686 710 776 920 1,046 1,143 +8.7%
Returns, %
Returns, % ROA 4.22 4.78 4.35 5.34 5.02 5.10 3.97 5.82 5.01 4.98 5.26 +0.8 pt
ROIC 7.88 8.73 6.52 7.31 6.91 6.78 5.54 7.36 6.32 6.49 7.30 (1.4) pt
ROE 12.37 13.47 11.68 14.48 13.86 14.18 11.21 16.77 14.01 13.23 13.36 +0.9 pt
People
People Employees 736 758 817 841 841 808 811 815 846 900 — +2.3%
Revenue/emp, $m 0.59 0.58 0.53 0.56 0.58 0.62 0.61 0.73 0.70 0.73 — +2.4%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 4 Nov 2026

American States Water Company vs peers in Utilities Regulated Water (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
AWK American Water Works Company, Inc. $29.2B 25.3× 23.8× +4.07% (above 0%: growing) +0.24% (above 0%: growing) −384.85% (below 0%: shrinking) 100.00% 42.45% Compare
SBS Companhia de saneamento Basico Do Estado De Sao Paulo - Sabesp $15.5B 11.2× 13.7× +46.43% (above 0%: growing) +14.45% (above 0%: growing) −154.90% (below 0%: shrinking) 37.66% 31.04% Compare
WTRG Essential Utilities Inc. $12.5B 22.5× 19.6× +3.10% (above 0%: growing) −2.63% (below 0%: shrinking) −1.23% (below 0%: shrinking) 91.30% 36.41% Compare
AWR American States Water Company $3.4B 23.8× 23.3× +11.18% (above 0%: growing) +26.44% (above 0%: growing) −126.32% (below 0%: shrinking) 79.44% 35.29%
CWT California Water Service Group $3.1B 21.8× 19.2× +6.73% (above 0%: growing) +1.76% (above 0%: growing) −97.13% (below 0%: shrinking) 69.26% 24.89% Compare
HTO H2O America $2.9B 23.2× 20.3× +4.02% (above 0%: growing) −19.23% (below 0%: shrinking) +34.01% (above 0%: growing) 58.72% 24.17% Compare
MSEX Middlesex Water Company $1.1B 20.8× 21.2× +11.30% (above 0%: growing) +23.14% (above 0%: growing) +15.96% (above 0%: growing) 100.00% 36.99% Compare
YORW The York Water Company $514.3M 19.7× 18.8× +22.48% (above 0%: growing) +40.00% (above 0%: growing) +111.16% (above 0%: growing) 100.00% 41.71% Compare
CWCO Consolidated Water Co. Ltd. $439.4M 26.7× 29.6× −2.15% (below 0%: shrinking) −21.88% (below 0%: shrinking) +39.37% (above 0%: growing) 33.35% 11.39% Compare
Median of peers $3.0B 22.2× 20.0× +5.40% +1.00% +7.37% 80.28% 33.73%

All 12 Utilities Regulated Water stocks →

Pay and ownership Proxy statement filed 3 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 5.03m 3.78m 100.79
2024 4.91m 5.04m 105.36
2023 5.32m 4.15m 106.63
2022 3.48m 3.90m 120.43
2021 4.54m 5.21m 132.26

Ownership

Directors and executive officers, together 0.90%
The Vanguard Group, Inc. 11.81%
Neuberger Berman Group LLC 6.15%
State Street Corporation State Street Financial Center 5.69%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

American States Water Company (AWR) Latest News

29 Oct

Impact 3 · · Zacks

28 Oct

Impact 3 · · Business Wire

25 Oct

Impact 3 · · Simply Wall St.

7 Oct

Impact 3 · · Zacks

15 Sep

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11 Sep

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18 Aug

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10 Aug

Impact 4 · · TheStreet

7 Aug

Impact 3 · · MarketBeat transcript
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6 Aug

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5 Aug

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31 Jul

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17 Jul

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12 Jul

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22 Jun

Impact 3 · · Business Wire

17 Jun

Impact 4 ·

11 Jun

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4 Jun

Impact 3 · · Zacks

9 May

Impact 3 · · MarketBeat

8 May

Impact 3 · · Zacks

7 May

Impact 3 · · Zacks
Impact 3 · · Moby

6 May

Impact 3 · · Business Wire

30 Apr

Impact 3 · · Zacks

28 Apr

Impact 4 · · Zacks

26 Apr

Impact 4 · · Simply Wall St.

9 Apr

Impact 4 · · Simply Wall St.

AWR metrics, ten years each

stockrow.com/AWR · Data as of Nov 4, 2026 · For information only; not investment advice. · © 2026 stockrow.com