American States Water Co (AWR) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.93	$1.09	+17.2%	—	$181.3M	—
Q1 26	$0.77	$0.76	-1.3%	—	$169.2M	—
Q3 25	$1	$1.06	+6.0%	—	$182.7M	—
Q2 25	$0.91	$0.87	-4.4%	—	$163.1M	—
Q1 25	$0.67	$0.7	+4.5%	—	$148M	—
Q4 24	$0.63	$0.75	+19.0%	—	$143.1M	—
Q3 24	$0.98	$0.95	-3.1%	—	$161.8M	—
Q2 24	$0.87	$0.85	-2.3%	—	$155.3M	—
Q1 24	$0.6	$0.62	+3.3%	—	$135.3M	—
Q4 23	$0.53	$0.55	+3.8%	—	$125.2M	—
Q3 23	$0.83	$0.85	+2.4%	—	$151.7M	—
Q2 23	$0.78	$1.04	+33.3%	—	$157.4M	—
Q1 23	$0.53	$0.93	+75.5%	—	$161.4M	—
Q4 22	$0.82	$0.5	-39.0%	—	$125.4M	—
Q3 22	$0.71	$0.69	-2.8%	—	$135M	—
Q2 22	$0.69	$0.54	-21.7%	—	$122.6M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$3.37	—	—	$658.1M	—
FY24	—	$3.17	—	—	$595.5M	—
FY23	—	$3.37	—	—	$595.7M	—
FY22	—	$2.12	—	—	$491.5M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$436.1M	$440.6M	$436.8M	$473.9M	$488.2M	$498.9M	$491.5M	$595.7M	$595.5M	$658.1M
YoY change	-4.92%	+1.04%	-0.86%	+8.48%	+3.03%	+2.17%	-1.47%	+21.2%	-0.04%	+10.5%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	436.1M	440.6M	436.8M	473.9M	488.2M	498.9M	491.5M	595.7M	595.5M	658.1M
Cost of revenue	102.7M	103.4M	108.9M	120.1M	119.4M	121M	123.3M	146.2M	143.4M	168.5M
Gross profit	333.3M	337.2M	327.9M	353.7M	368.8M	377.8M	368.2M	449.5M	452M	489.5M
Gross margin	76.4%	76.5%	75.1%	74.6%	75.5%	75.7%	74.9%	75.5%	75.9%	74.4%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	81.5M	81.6M	82.6M	83M	83.6M	83.5M	86.2M	88.3M	100.9M	102.8M
Operating expenses	163.5M	161.5M	168.2M	171.5M	179.3M	175.2M	177.5M	186.5M	196.8M	210.5M
Operating income	114.2M	118.8M	100.9M	126.8M	130.5M	140.5M	126.6M	196.6M	184.5M	203.3M
Operating margin	26.2%	27%	23.1%	26.8%	26.7%	28.2%	25.7%	33%	31%	30.9%
Non-operating income, net	1.5M	10.4M	845K	3.5M	4.8M	5.6M	200K	5.2M	7.5M	7.6M
Pretax income	94.5M	108.3M	81.9M	109M	114.6M	124.8M	102.1M	166.5M	149.4M	169.8M
Income tax	34.7M	39M	18M	24.7M	28.2M	30.4M	23.7M	41.6M	30.2M	39.4M
Net income	59.7M	69.4M	63.9M	84.3M	86.4M	94.3M	78.4M	124.9M	119.3M	130.4M
Net margin	13.7%	15.7%	14.6%	17.8%	17.7%	18.9%	15.9%	21%	20%	19.8%
EBITDA	155.6M	161.9M	145.9M	169.1M	174.4M	187.1M	170.7M	252.4M	244M	265.4M
EPS	1.63	1.88	1.73	2.28	2.34	2.55	2.12	3.37	3.17	3.37
Diluted EPS	1.62	1.88	1.72	2.28	2.33	2.55	2.11	3.36	3.17	3.37

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	151.7M	125.2M	135.3M	155.3M	161.8M	143.1M	148M	163.1M	182.7M	164.3M	169.2M	181.3M
Cost of revenue	40.7M	29.9M	28.4M	35.8M	41.8M	37.4M	33.6M	43M	47.6M	44.3M	40.4M	43.7M
Gross profit	111M	95.3M	106.9M	119.5M	120M	105.7M	114.4M	120M	135.1M	120M	128.8M	137.6M
Gross margin	73.2%	76.1%	79%	77%	74.1%	73.8%	77.3%	73.6%	74%	73%	76.1%	75.9%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	21M	22.2M	25.3M	23.5M	24.2M	27.9M	26.9M	25.2M	25.4M	25.3M	28.2M	24.5M
Operating expenses	43M	43.6M	50.7M	50.4M	47M	48.7M	50.3M	50.4M	53.7M	56M	56.8M	53.3M
Operating income	51.8M	34.8M	39M	51.7M	55.1M	38.7M	45.5M	51M	61.7M	45M	51.4M	64M
Operating margin	34.1%	27.8%	28.8%	33.3%	34%	27%	30.8%	31.3%	33.8%	27.4%	30.4%	35.3%
Non-operating income, net	-1.1M	3M	2.3M	1.5M	2.3M	1.3M	-171K	3.6M	3M	1.2M	-420K	5.1M
Pretax income	41.1M	28.5M	30.5M	42.2M	45.9M	30.8M	35.3M	43.9M	54.1M	36.5M	39.8M	57.8M
Income tax	9.5M	8.1M	7.4M	10.4M	10.1M	2.4M	8.5M	10.2M	12.9M	7.7M	9.9M	14.5M
Net income	31.6M	20.4M	23.1M	31.9M	35.8M	28.4M	26.8M	33.7M	41.2M	28.7M	29.9M	43.3M
Net margin	20.8%	16.3%	17.1%	20.5%	22.1%	19.9%	18.1%	20.7%	22.5%	17.5%	17.7%	23.9%
EBITDA	63.1M	50.3M	54.3M	66.3M	70.1M	53.3M	59.2M	68M	78M	60.3M	64.9M	83M
EPS	0.85	—	0.62	0.85	0.95	0.75	0.7	0.87	1.06	0.74	0.76	1.1
Diluted EPS	0.85	—	0.62	0.85	0.95	0.75	0.7	0.87	1.06	0.74	0.76	1.09

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	1.7B	2.1B	2.5B	3.2B	2.9B	3.8B	3.4B	3B	2.9B	2.8B	3.2B
Enterprise value	2.1B	2.5B	2.9B	3.7B	3.5B	4.4B	4.1B	3.9B	3.8B	3.7B	4.2B
Shares outstanding	36.6M	36.6M	36.7M	36.8M	36.9M	36.9M	37M	37M	37.5M	38.5M	38.5M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	27.9	30.6	38.6	37.8	33.9	40.5	43.6	23.8	24.4	21.4	22.2
P/S	3.82	4.82	5.64	6.73	6.01	7.66	6.96	4.99	4.89	4.25	4.62
P/B	3.37	4	4.41	5.3	4.57	5.57	4.82	3.83	3.16	2.67	2.87
EV/EBITDA	13.3	15.5	19.7	21.8	20	23.7	24.3	15.4	15.7	14	15
EV/Sales	4.76	5.68	6.58	7.78	7.13	8.91	8.44	6.51	6.42	5.64	5.99
Earnings yield	3.59%	3.27%	2.59%	2.64%	2.95%	2.47%	2.29%	4.2%	4.1%	4.67%	4.51%
FCF yield	-1.98%	1.48%	0.41%	-1.1%	-0.28%	-0.76%	-1.42%	-4.06%	-1.14%	-0.25%	-0.79%
PEG	—	—	—	—	—	—	—	—	—	—	0.84

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	76.4%	76.5%	75.1%	74.6%	75.5%	75.7%	74.9%	75.5%	75.9%	74.4%	75.9%
Operating margin	26.2%	27%	23.1%	26.8%	26.7%	28.2%	25.7%	33%	31%	30.9%	35.8%
Net margin	13.7%	15.7%	14.6%	17.8%	17.7%	18.9%	15.9%	21%	20%	19.8%	20.5%
ROE	12.1%	13.1%	11.4%	14%	13.5%	13.8%	11%	16.1%	13%	12.5%	13.7%
ROA	4.06%	4.9%	4.25%	5.14%	4.82%	4.96%	3.85%	5.56%	4.77%	4.8%	5.26%
ROIC	7.98%	8.36%	8.13%	8.92%	8.26%	8.11%	6.76%	8.78%	8.04%	7.95%	8.38%
Return on tangible assets	4.07%	4.9%	4.26%	5.15%	4.83%	4.97%	3.86%	5.57%	4.77%	4.8%	5.16%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.94	0.99	0.9	1.06	1.33	0.89	0.38	1.24	0.82	1.32	0.98
Quick ratio	0.91	0.96	0.86	1	1.25	0.81	0.34	1.13	0.76	1.23	0.9
Debt / equity	0.83	0.72	0.75	0.83	0.91	0.92	1.04	1.18	1.02	0.9	0.82
Debt / assets	0.28	0.27	0.28	0.3	0.33	0.33	0.36	0.41	0.38	0.35	0.33
Net debt / EBITDA	2.64	2.35	2.81	2.95	3.15	3.34	4.27	3.58	3.74	3.46	3.13
Interest coverage	5.3	5.8	4.49	5.43	6.09	6.46	4.78	4.89	3.97	4.63	5.01
Effective tax rate	36.8%	36%	22%	22.6%	24.6%	24.4%	23.2%	25%	20.2%	23.2%	23.9%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	11.9	12	11.9	12.9	13.2	13.5	13.3	16.1	15.9	17.1	17.9
EPS (basic)	1.63	1.88	1.73	2.28	2.34	2.55	2.12	3.37	3.17	3.37	3.37
EPS (diluted)	1.62	1.88	1.72	2.28	2.33	2.55	2.11	3.36	3.17	3.37	3.66
Book value per share	13.5	14.5	15.2	16.3	17.4	18.6	19.2	21	24.6	27.1	28.3
FCF per share	-0.9	0.86	0.28	-0.95	-0.22	-0.78	-1.31	-3.27	-0.89	-0.18	0.53
Cash per share	0.01	0.01	0.19	0.04	1	0.13	0.16	0.38	0.71	0.49	0.55
Capex per share	0	—	—	—	—	—	—	—	—	6.14	5.47

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0%	—	—	—	—	—	—	—	—	36%	31%
Capex / operating cash flow	0%	—	—	—	—	—	—	—	—	103.1%	91.2%
Payout ratio	55.9%	52.5%	61%	50.6%	54.6%	54.8%	71.9%	49%	56.2%	57.2%	55.1%
Dividend yield	2.01%	1.72%	1.58%	1.34%	1.61%	1.35%	1.65%	2.06%	2.3%	2.67%	2.68%

Yield

2.68%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.546

ex-dividend Aug 17, 2026

Payout ratio

55%

of earnings

Dividend growth

19 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 17, 2026	$0.546
May 18, 2026	$0.504
Feb 23, 2026	$0.504

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$151.7M	$125.2M	$135.3M	$155.3M	$161.8M	$143.1M	$148M	$163.1M	$182.7M	$164.3M	$169.2M	$181.3M
YoY change	+12.4%	-0.15%	-16.2%	-1.32%	+6.65%	+14.3%	+9.44%	+4.98%	+12.9%	+14.8%	+14.3%	+11.2%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	436K	214K	7.1M	1.3M	36.7M	5M	6M	14.1M	26.7M	18.8M
Receivables	20M	26.1M	23.4M	20.9M	29.2M	34.4M	26.2M	34.3M	37.7M	38.3M
Inventory	4.3M	4.8M	5.8M	6.4M	8.6M	12.2M	14.6M	17.6M	15.1M	16.4M
Total current assets	166.9M	155.5M	131.5M	122.5M	157.1M	138.1M	151.3M	206M	233.3M	231.1M
Property, plant & equipment	-448.6M	-445.5M	-458.4M	-380.3M	-371.7M	-375.1M	-378.1M	-336.4M	-284.8M	-333.4M
Goodwill & intangibles	2.2M	2.2M	2.2M	2.2M	2.2M	2.2M	2.2M	2.2M	—	—
Total assets	1.5B	1.4B	1.5B	1.6B	1.8B	1.9B	2B	2.2B	2.5B	2.7B
Accounts payable	43.7M	51M	59.5M	55.6M	63.8M	65.9M	84.8M	68.7M	88.6M	86M
Short-term debt	90.3M	59.3M	40.3M	7.2M	2.4M	33.4M	257.8M	44.2M	126.5M	10.3M
Total current liabilities	177.9M	156.7M	146.6M	116M	118.6M	155.6M	396.5M	166.6M	285.5M	174.6M
Long-term debt	321M	321M	376.6M	492.7M	584.2M	595.6M	476.6M	873.7M	811.8M	928.1M
Total liabilities	976.2M	886.8M	943.2M	1B	1.1B	1.2B	1.3B	1.5B	1.6B	1.7B
Shareholders' equity	494.3M	529.9M	558.2M	601.5M	641.7M	685.9M	709.5M	776.1M	920.1M	1B
Total debt	411.3M	380.4M	416.9M	499.9M	586.6M	629M	734.4M	917.9M	938.2M	938.4M
Net debt	410.9M	380.1M	409.8M	498.6M	549.8M	624.1M	728.4M	903.8M	911.6M	919.6M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	8.6M	14.1M	17M	3.6M	16.5M	26.7M	21.2M	20.2M	26.1M	18.8M	22.2M	21.7M
Receivables	32.6M	34.3M	28.9M	39.1M	44.4M	37.7M	34M	42.2M	46.6M	38.3M	39.7M	41.7M
Inventory	16.2M	17.6M	16.2M	17M	16.4M	15.1M	15.5M	15.9M	17M	16.4M	16.6M	18.6M
Total current assets	191.7M	206M	205.1M	209.5M	222.4M	233.3M	238.2M	252.3M	250.8M	231.1M	221.4M	226.5M
Property, plant & equipment	-537.1M	-336.4M	-539M	-542.6M	-541M	-284.8M	-550M	-554.3M	-546.4M	-333.4M	-547.1M	-552.2M
Goodwill & intangibles	2.2M	2.2M	2.2M	2.2M	2.2M	—	—	—	—	—	—	—
Total assets	2.2B	2.2B	2.3B	2.3B	2.4B	2.5B	2.5B	2.6B	2.7B	2.7B	2.7B	2.8B
Accounts payable	71.8M	68.7M	69.6M	72M	76.7M	88.6M	67.8M	76.1M	81.7M	86M	79.4M	79.5M
Short-term debt	39.3M	44.2M	45.1M	169.3M	179.5M	126.5M	145.4M	2.5M	7.6M	10.3M	10.5M	75.6M
Total current liabilities	195M	166.6M	178.6M	299.1M	321.4M	285.5M	294.3M	162.1M	197.5M	174.6M	181.6M	231.1M
Long-term debt	819M	873.7M	876.2M	774.5M	767.2M	811.8M	802.1M	948M	914.2M	928.1M	920.1M	841.9M
Total liabilities	1.4B	1.5B	1.5B	1.5B	1.5B	1.6B	1.6B	1.6B	1.6B	1.7B	1.7B	1.7B
Shareholders' equity	771.3M	776.1M	800.5M	833.5M	879.5M	920.1M	956.4M	972.5M	1B	1B	1.1B	1.1B
Total debt	858.3M	917.9M	921.3M	943.7M	946.7M	938.2M	947.5M	950.5M	921.8M	938.4M	930.6M	917.5M
Net debt	849.7M	903.8M	904.3M	940.1M	930.2M	911.6M	926.3M	930.3M	895.7M	919.6M	908.4M	895.8M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	59.7M	69.4M	63.9M	84.3M	86.4M	94.3M	78.4M	124.9M	119.3M	130.4M
Depreciation & amortization	39.1M	39.3M	40.7M	35.7M	37.2M	40M	41.7M	43.3M	44.2M	48.9M
Stock-based compensation	2.5M	2.9M	3.9M	2.5M	2.5M	2.6M	2.6M	3.3M	3.7M	3.6M
Change in working capital	-40.2M	56M	33.3M	-13.6M	-5.4M	-22.6M	-17.1M	-106.4M	32.9M	45.5M
Operating cash flow	88.5M	179.9M	136M	116.1M	122M	117.4M	108.4M	70.2M	202.3M	229.7M
Capital expenditure	0	—	—	—	—	—	—	—	—	-236.8M
Investing cash flow	-1.4M	33.1M	-1.5M	-1.3M	-1.2M	-1.7M	-1.8M	-224K	-820K	-237.5M
Dividends paid	-33.4M	-36.4M	-38.9M	-42.7M	-47.2M	-51.7M	-56.4M	-61.2M	-67M	-74.7M
Share repurchases	0	0	—	—	—	—	—	—	—	—
Financing cash flow	30.1M	-65.7M	-2.4M	30M	44.8M	-2.3M	50.3M	129.2M	46.6M	-26K
Net change in cash	117.2M	147.3M	132.1M	144.9M	165.7M	113.4M	157M	199.1M	248.2M	-7.8M
Free cash flow	-32.9M	31.4M	10.2M	-35.1M	-8.3M	-28.9M	-48.4M	-120.9M	-33.2M	-7.1M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	31.6M	20.4M	23.1M	31.9M	35.8M	28.4M	26.8M	33.7M	41.2M	28.7M	29.9M	43.3M
Depreciation & amortization	10.3M	10.9M	10.9M	10.9M	11M	11.4M	11.8M	11.9M	12.2M	12.9M	13M	13.1M
Stock-based compensation	518K	203K	2.5M	347K	634K	258K	2.7M	343K	318K	175K	3M	321K
Change in working capital	-8.5M	-22.5M	13.9M	-20.9M	10.7M	29.2M	6.1M	15.4M	37.8M	-13.8M	30.6M	-12.7M
Operating cash flow	34.3M	13.2M	53.3M	22M	62.8M	64.2M	49.9M	64.6M	92.4M	27.7M	71.6M	44.9M
Capital expenditure	—	—	—	—	—	—	—	-50.9M	-54.6M	-63.7M	-49.1M	-48.5M
Investing cash flow	125K	-1.2M	136K	265K	223K	-1.4M	194K	-51M	-54.4M	-64.8M	-48.9M	-47.8M
Dividends paid	-15.9M	-15.9M	-15.9M	-16M	-17.5M	-17.6M	-17.8M	-17.9M	-19.4M	-19.6M	-19.7M	-19.8M
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	16.2M	47.9M	4.5M	23.4M	13.1M	5.6M	16.9M	-14.6M	-32.2M	29.9M	-19.5M	2.4M
Net change in cash	50.6M	59.9M	58M	45.6M	76.2M	68.3M	66.9M	-982K	5.8M	-7.2M	3.3M	-498K
Free cash flow	-8.7M	-41.2M	-1.7M	-37M	-478K	6M	-22.5M	13.7M	37.7M	-36M	22.6M	-3.6M

Date	Ratio
Sep 4, 2013	2:1
Jun 10, 2002	3:2
Oct 6, 1993	2:1

American States Water Co Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history