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American States Water Company, through its subsidiaries, engages in the provision of water and electric services to residential, commercial, industrial, and other customers in the United States. It operates through three segments: Water, Electric, and Contracted Services. The company purchases, produces, distributes, and sells water, as well as distributes electricity. It provides water service to approximately 265,100 customers; and distributes electricity to approximately 24,900 customers in several San Bernardino County Mountain communities in California. The company also offers water and/or wastewater services at various military installations. American States Water Company was founded in 1929 and is headquartered in San Dimas, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $658M | $265M | $130M | $-7M | 12.5% | 10.5% | 9.4% |
| 2024 | $595M | $244M | $119M | $-33M | 13.0% | -0.0% | -4.5% |
| 2023 | $596M | $253M | $125M | $-121M | 16.1% | 21.2% | 59.3% |
| 2022 | $492M | $171M | $78M | $-48M | 11.0% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 491.53 | 595.70 | 595.46 | 658.07 |
| Cost Of Revenue | - | 123.30 | 146.15 | 143.44 | 168.55 |
| Gross Profit | - | 368.23 | 449.54 | 452.02 | 489.52 |
| Operating Expense | - | 241.66 | 252.90 | 267.54 | 286.25 |
| Operating Income | - | 126.56 | 196.64 | 184.48 | 203.28 |
| EBITDA | - | 170.78 | 252.54 | 244.05 | 265.45 |
| EBIT | - | 129.09 | 209.28 | 199.82 | 216.57 |
| Pretax Income | - | 102.06 | 166.52 | 149.44 | 169.80 |
| Tax Provision | - | 23.66 | 41.60 | 30.17 | 39.36 |
| Net Income | - | 78.40 | 124.92 | 119.27 | 130.44 |
| Net Income Common Stockholders | - | 78.20 | 124.55 | 118.85 | 129.99 |
| Total Expenses | - | 364.97 | 399.06 | 410.98 | 454.80 |
| Interest Expense | - | 27.03 | 42.76 | 50.38 | 46.78 |
| Interest Income | - | 2.33 | 7.42 | 7.87 | 5.65 |
| Selling General And Administration | - | 86.19 | 88.27 | 100.94 | 102.81 |
| Normalized EBITDA | - | 170.71 | 252.44 | 244.05 | 265.45 |
| Normalized Income | - | 78.34 | 124.85 | 119.27 | 130.44 |
| Market Cap | 3,112.87 | 3,112.87 | 3,112.87 | 3,112.87 | 3,112.87 |
Utilities sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| American States Water Companythis co. | AWR | - | 23.86↑ premium | 2.98 | 12.5% | 15.19 |
| Clearway Energy, Inc. | CWEN | $4.7B | 28.32 | 2.49 | 8.8% | 12.91 |
| MDU Resources Group, Inc. | MDU | $4.5B | 23.43 | 1.61 | 6.9% | 13.53 |
| Avista Corporation | AVA | $3.3B | 17.59 | 1.25 | 7.1% | 10.19 |
| Chesapeake Utilities Corporation | CPK |
| - |
| - |
| - |
| - |
| - |
| - |
| $3.0B |
| 21.82 |
| 1.92 |
| 8.8% |
| 12.56 |
| MGE Energy, Inc. | MGEE | $2.9B | 21.69 | 2.26 | 10.4% | 12.63 |
| California Water Service Group | CWT | $2.8B | 21.65 | 1.64 | 7.6% | 12.02 |
| Hawaiian Electric Industries, Inc. | HE | $2.7B | 20.86 | 1.64 | 7.9% | 8.82 |
| Northwest Natural Holding Company | NWN | $2.2B | 19.81 | 1.52 | 7.7% | 10.48 |
| Peer Median | - | 21.67 | 1.64 | 7.8% | 12.29 | |