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AWR

American States Water Company

AWR

American States Water Company • NYSE
$73.77 ▼ -0.35% (-0.26)
Market Cap $2.83 B
52w High $86.19
52w Low $69.45
Dividend Yield 1.94%
P/E 21.83
Volume 119.11K
Outstanding Shares 38.32M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $182.716M ▲ $44.751M ▼ $41.167M ▲ 22.531% ▲ $1.06 ▲ $77.981M ▲
Q2-2025 $163.066M ▲ $69.058M ▲ $33.69M ▲ 20.66% ▲ $0.87 ▲ $67.98M ▲
Q1-2025 $148.013M ▲ $68.832M ▲ $26.844M ▼ 18.136% ▼ $0.7 ▼ $59.232M ▲
Q4-2024 $143.098M ▼ $66.978M ▲ $28.435M ▼ 19.871% ▼ $0.75 ▼ $53.347M ▼
Q3-2024 $161.782M $64.883M $35.834M 22.15% $0.95 $70.134M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $26.073M ▲ $2.655B ▲ $1.646B ▲ $1.009B ▲
Q2-2025 $20.247M ▼ $2.611B ▲ $1.638B ▲ $972.519M ▲
Q1-2025 $21.229M ▼ $2.545B ▲ $1.589B ▲ $956.407M ▲
Q4-2024 $26.661M ▲ $2.5B ▲ $1.58B ▲ $920.051M ▲
Q3-2024 $16.469M $2.421B $1.541B $879.466M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $41.167M ▲ $92.378M ▲ $-54.364M ▼ $-32.188M ▼ $5.826M ▲ $37.732M ▲
Q2-2025 $33.555M ▲ $64.575M ▲ $-50.963M ▲ $-14.594M ▼ $-982K ▲ $13.659M ▲
Q1-2025 $26.844M ▼ $45.061M ▼ $-67.371M ▼ $16.878M ▲ $-5.432M ▼ $-22.504M ▼
Q4-2024 $28.601M ▼ $64.516M ▲ $-59.927M ▲ $5.603M ▼ $10.192M ▼ $6.033M ▲
Q3-2024 $35.834M $63.701M $-63.956M $13.141M $12.886M $-478K

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Contracted Services
Contracted Services
 $30.00M ▲$30.00M ▲$30.00M ▲$40.00M ▲
Electric Service Utility Operations
Electric Service Utility Operations
 $20.00M ▲$20.00M ▲$10.00M ▼$10.00M ▲
Water Service Utility Operations
Water Service Utility Operations
 $90.00M ▲$100.00M ▲$120.00M ▲$130.00M ▲

Five-Year Company Overview

Income Statement

Income Statement American States Water shows a pattern of steady, slow-growing revenue with generally stable profitability. Margins appear healthy for a regulated utility, suggesting the company is managing its costs reasonably well. Earnings per share have moved around a bit year to year, which may reflect timing of rate decisions, contract activity, and infrastructure spending, but there is no sign of a structural deterioration in the core business. Overall, the income statement points to a mature, fairly predictable utility profile rather than a fast-growth story.

Balance Sheet

Balance Sheet The balance sheet reflects a classic capital‑intensive utility: assets have been climbing as the company invests in its systems, and debt has also risen to help fund those projects. Equity dipped and then recovered, implying some past pressure from investment needs or payouts but a recent rebuilding of the capital base. Cash on hand is very thin, which is common for regulated utilities that rely on ongoing cash generation and financing markets. The main watchpoints are the rising debt load and sensitivity to interest rates and regulatory support for cost recovery.

Cash Flow

Cash Flow Operating cash flow is positive but not abundant, and free cash flow has been consistently negative because the company spends heavily on infrastructure. This pattern is typical for water and electric utilities that must constantly upgrade pipes, plants, and grids. It also means the company regularly needs outside funding—mainly debt—to bridge the gap between internal cash generation and its investment program. The key question for the future is whether regulators and long-term contracts continue to allow timely recovery of these investments through rates and fees.

Competitive Edge

Competitive Edge American States Water benefits from a strong competitive position built on two pillars: regulated monopoly territories in California and very long‑term water and wastewater contracts on U.S. military bases. In its regulated regions, it effectively faces no direct competitors, and the rate‑setting process provides visibility on returns, albeit with regulatory risk. The military contracting arm adds a differentiated, niche business with long durations and high switching costs for its government customers. Together, these create meaningful barriers to entry, though the company remains exposed to regulatory decisions, contract renewals, and California‑specific environmental and climate risks.

Innovation and R&D

Innovation and R&D The company is not a high‑tech innovator but is steadily modernizing its systems. It has adopted advanced water treatment methods, such as reverse osmosis in sensitive districts, and uses geographic information systems and contract management tools to run its military base operations more efficiently. Its focus is on reliability, compliance, and incremental efficiency rather than flashy new products. Looking ahead, further moves into smart metering, leak detection, desalination, and grid modernization could gradually enhance both service quality and operational resilience, but these appear to be evolutionary steps rather than a dramatic shift in the business model.

Summary

American States Water comes across as a stable, infrastructure‑heavy utility with a unique twist from its military base contracts. Financially, it shows modest growth, solid underlying profitability, and heavy ongoing investment that keeps free cash flow negative and leverage elevated, which is typical for its sector. Its moat is grounded in regulated monopolies and long‑dated government contracts, offset by regulatory, contract, and regional environmental risks. Innovation is pragmatic and reliability‑focused, with gradual upgrades to treatment, data, and grid technologies. Overall, the story is one of steady, defensive characteristics with measured, contract‑driven and infrastructure‑driven growth rather than rapid expansion.

NEWS

November 19, 2025 · 4:30 PM UTC

American States Water Company Announces CPUC's Approval to Defer the Cost of Capital Application at Golden State Water Company

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November 5, 2025 · 4:30 PM UTC

American States Water Company Announces Third Quarter 2025 Results

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October 30, 2025 · 9:00 AM UTC

American States Water Company Announces Regular Common Dividends

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October 14, 2025 · 9:00 AM UTC

American States Water Company to Report Third Quarter 2025 Results

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