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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. In the quarter to June 2026, revenue grew 11.2%, EPS grew 26.4%, free cash flow fell 126.3% and total debt fell 3.49%, each against the same quarter a year earlier. Dividend growth for twenty-five consecutive years; insiders bought in the last twelve months.

82.26 0.43 +0.53%
Market cap
$3.2B
P/E
22.5×
Fwd P/E
21.1×
Dividend yield
2.50%
F-score
5/9
Altman Z
1.84
Beneish M
−2.53
Dividend safety
52/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 0.07
Total sells 0.32
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy 1 — — — — — — — — — — —
Sell 1 — — — — — 2 — — 1 1 —
Insider Ownership 0.31%

Capital & Financial Ratios $m

Market Cap 3,240.00
Revenue 697.48
Net Income 143.13
Free Cash Flow 20.75
Net Debt 888.31
Current Ratio 0.98 (below 1: weak)
Debt/Equity 0.81
P/E ratio 22.48
Fwd P/E 21.10
P/S ratio 4.64
P/B ratio 2.89
Past 5Y EPS Growth 7.66%
This Y EPS Growth 8.80%
Next Y EPS Growth 4.27%
Next Y revenue growth 7.71%
Next 5Y EPS Growth 7.40%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 5.9×, 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 8.05%
10-year low 10-year high
P/S against its own 10 years 31.65%
10-year low 10-year high
P/B against its own 10 years 7.53%
10-year low 10-year high
EV/Sales against its own 10 years 29.99%
10-year low 10-year high

Dividends

Payout Ratio 0.56
Annual Dividend Rate 2.06
Annual Dividend Yield 2.50%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 2.10
0.50
0.50
0.55
2025 1.94
0.47
0.47
0.50
0.50
2024 1.79
0.43
0.43
0.47
0.47
2023 2.05
0.40
0.40
0.40
0.43
0.43
2022 1.53
0.37
0.37
0.40
0.40
2021 1.40
0.34
0.34
0.37
0.37
2020 1.28
0.31
0.31
0.34
0.34
2019 1.16
0.28
0.28
0.31
0.31
2018 1.06
0.26
0.26
0.28
0.28
2017 0.99
0.24
0.24
0.26
0.26
2016 0.91
0.22
0.22
0.22
0.24
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 14 27 19 22
Receivables 90 85 91 51
Inventory 18 15 16 19
Other 79 99 97 123
206 233 231 226
2023 2024 2025 Q'26
Payables 69 89 86 80
ST’ Debt 42 124 8 73
Other 15 30 39 38
167 286 175 231

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%

Revenue $m

Mar Jun Sep Dec Year
’26 169 181 — — —
’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 — — —
’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) — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 0.76 1.09 — — —
’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.

Target Price Range

Analyst price targets

Recommendation Rating

2.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 37.28 41.14 50.16 63.27 65.11 70.07 71.22 75.20 66.03 69.45

Analyst estimates 2026–2028

Powerpack
High 47.24 58.44 69.61 96.00 96.64 103.77 103.44 99.19 87.50 82.94
People
People Employees 736 758 817 841 841 808 811 815 846 900
Revenue/emp, $m 0.59 0.58 0.53 0.56 0.58 0.62 0.61 0.73 0.70 0.73
Income, $m
Income, $m Revenue 436 441 437 474 488 499 492 596 595 658
Gross margin, % 77.42 75.90 75.07 76.43 76.34 76.01 75.20 79.89 79.00 76.92
EBT 94 108 82 109 115 125 102 167 149 170
EBT margin, % 21.66 24.59 18.75 23.00 23.48 25.01 20.76 27.95 25.10 25.80
Net income 60 69 64 84 86 94 78 125 119 130
Depreciation 39 39 41 36 37 40 42 43 44 49
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
Earnings 1.63 1.88 1.73 2.28 2.34 2.55 2.12 3.37 3.17 3.37
Cash flow 2.65 3.95 3.72 3.17 3.31 3.13 3.19 1.83 5.30 5.96
Capex (3.55) (2.15) (3.44) (4.12) (3.53) (3.91) (4.50) (5.10) (6.19) (6.14)
Free cash flow (0.90) 1.79 0.28 (0.95) (0.22) (0.78) (1.31) (3.27) (0.89) (0.18)
Book value 13.52 14.46 15.20 16.34 17.40 18.58 19.20 20.99 24.56 27.12
Shares, m 37 37 37 37 37 37 37 37 37 39
Valuation, ×
Valuation, × P/E 27.58 29.84 38.98 38.00 33.98 40.56 45.09 23.88 24.52 21.51
P/S 3.77 4.69 5.64 6.73 6.01 7.66 7.15 4.99 4.89 4.25
P/B 3.32 3.90 4.41 5.30 4.57 5.57 4.96 3.83 3.16 2.67
EV/Sales 4.71 5.55 6.58 7.75 7.11 8.88 8.61 6.50 6.41 5.63
EV/FCF (62.39) 37.21 279.28 (105.27) (425.05) (153.20) (87.41) (32.02) (114.81) (522.73)
Cash, $m
Cash, $m Operating cash flow 97 145 137 117 122 116 118 68 199 230
Capex (130) (79) (126) (152) (130) (145) (166) (189) (232) (237)
Free cash flow (33) 66 10 (35) (8) (29) (48) (121) (33) (7)
Balance, $m
Balance, $m Working capital (11) (1) (15) 6 39 (18) (245) 39 (52) 56
Total debt 411 380 417 486 575 618 724 909 930 932
Net debt 411 380 410 485 538 613 718 895 903 913
Shareholders’ equity 494 530 558 602 642 686 710 776 920 1,046
Returns, %
Returns, % ROA 4.22 4.78 4.35 5.34 5.02 5.10 3.97 5.82 5.01 4.98
ROIC 7.88 8.73 6.52 7.31 6.91 6.78 5.54 7.36 6.32 6.49
ROE 12.37 13.47 11.68 14.48 13.86 14.18 11.21 16.77 14.01 13.23
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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. $25.5B 22.3× 20.5× +6.19% (above 0%: growing) +8.78% (above 0%: growing) +40.28% (above 0%: growing) 100.00% 40.00% Compare
SBS Companhia de saneamento Basico Do Estado De Sao Paulo - Sabesp $23.1B 17.1× 15.6× +46.43% (above 0%: growing) +14.45% (above 0%: growing) −154.90% (below 0%: shrinking) 37.66% 31.04% Compare
WTRG Essential Utilities Inc. $11.0B 19.9× 16.9× +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 $3.2B 22.5× 21.1× +11.18% (above 0%: growing) +26.44% (above 0%: growing) −126.32% (below 0%: shrinking) 79.44% 35.29%
CWT California Water Service Group $2.8B 20.6× 18.7× +16.47% (above 0%: growing) +32.39% (above 0%: growing) −18.32% (below 0%: shrinking) 70.24% 22.97% Compare
HTO H2O America $2.4B 20.5× 20.4× +6.16% (above 0%: growing) −9.86% (below 0%: shrinking) +14.08% (above 0%: growing) 59.39% 20.31% Compare
MSEX Middlesex Water Company $1.0B 20.6× 21.2× +14.26% (above 0%: growing) +31.67% (above 0%: growing) −22.41% (below 0%: shrinking) 100.00% 32.35% Compare
YORW The York Water Company $502.6M 19.3× 18.9× +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. $485.6M 29.7× 31.8× −2.15% (below 0%: shrinking) −21.88% (below 0%: shrinking) +39.37% (above 0%: growing) 33.35% 11.39% Compare
Median of peers $2.6B 20.5× 19.7× +10.23% +11.62% +6.43% 80.77% 31.70%

All 13 Utilities Regulated Water stocks →

American States Water Company (AWR) key facts

  • Strength: American States Water Company’s revenue for fiscal 2025 (year ended December 2025) was $658.1 million, up 10.5% from fiscal 2024.
  • Strength: Net income was $130.4 million, or $3.37 per share (basic), a net margin of 19.8%.
  • American States Water Company (AWR) is an Utilities Regulated Water company in the Utilities sector, listed on the New York Stock Exchange.
  • As of October 9, 2026, AWR traded at $82.26, a market capitalization of $3.2 billion.
  • At that price the stock trades at 22.5× trailing-twelve-month earnings and 4.6× sales; its P/E is higher than 8% of its own readings over the past ten years.
  • American States Water Company pays an annual dividend of $2.06 per share, a yield of 2.50%, with a payout ratio of 56.4%.
  • Return on equity was 13.2% and debt-to-equity 0.81.
  • Its Piotroski F-score is 5 out of 9 and its Altman Z-score is 1.84 (grey zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

American States Water Company (AWR) Latest News

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stockrow.com/AWR · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com