American States Water Company

AWR

UtilitiesMid CapUS Equities · NYSE / NASDAQ

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Company Profile

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.

Valuation

Market Cap$3.0B

Current Price$79.10as of Jun 23, 2026

P/E Ratio23.22

P/B Ratio2.89

EV / EBITDA14.84

EV / Sales5.98

Profitability

Operating Margin30.9%

Net Profit Margin19.8%

EBITDA Margin40.3%

Returns

ROE12.4%

ROCE11.0%

ROIC %-

ROA4.8%

Solvency

Current Ratio1.32

Debt / Equity0.90

Debt / Assets0.35

CFO / Net Profit1.77

Price History▼ 1.22% over 1Y

Technical Chart

Historical Performance Charts

5-year financial trends. Figures in USD millions.

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Latest fiscal year: 2025

Revenue$658M▲ 10.5%

EBITDA$265M▲ 8.8%

Net Profit$130M▲ 9.4%

Cash from Ops (CFO)$230M▲ 15.6%

Free Cash Flow (FCF)$-7M▼ 78.7%

Revenue CAGR 3Y10.2%

Revenue CAGR 5Y-

Net Profit CAGR 3Y18.5%

Net Profit CAGR 5Y-

Historical Growth

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	-

Financial Statements

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
Operating 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
Selling General And Administration	-	86.19	88.27	100.94	102.81
Total Expenses	-	364.97	399.06	410.98	454.80
Operating Income	-	126.56	196.64	184.48	203.28
Total Operating Income As Reported	-	126.64	196.74	184.48	203.28
EBITDA	-	170.78	252.54	244.05	265.45
Normalized EBITDA	-	170.71	252.44	244.05	265.45
EBIT	-	129.09	209.28	199.82	216.57
Interest Income	-	2.33	7.42	7.87	5.65
Interest Expense	-	27.03	42.76	50.38	46.78
Net Interest Income	-	-24.70	-35.35	-42.51	-41.13
Other Non Operating Income Expenses	-	0.12	5.13	7.47	7.65
Other Income Expense	-	0.20	5.23	7.47	7.65
Interest Income Non Operating	-	2.33	7.42	7.87	5.65
Interest Expense Non Operating	-	27.03	42.76	50.38	46.78
Net Non Operating Interest Income Expense	-	-24.70	-35.35	-42.51	-41.13
Pretax Income	-	102.06	166.52	149.44	169.80
Tax Provision	-	23.66	41.60	30.17	39.36
Tax Rate For Calcs	-	0	0	0	0
Tax Effect Of Unusual Items	-	0.02	0.02	0	0
Net Income Continuous Operations	-	78.40	124.92	119.27	130.44
Net Income From Continuing And Discontinued Operation	-	78.40	124.92	119.27	130.44
Net Income From Continuing Operation Net Minority Interest	-	78.40	124.92	119.27	130.44
Net Income	-	78.40	124.92	119.27	130.44
Net Income Common Stockholders	-	78.20	124.55	118.85	129.99
Net Income Including Noncontrolling Interests	-	78.40	124.92	119.27	130.44
Normalized Income	-	78.34	124.85	119.27	130.44
Diluted NI Availto Com Stockholders	-	78.25	124.74	119.03	130.18
Basic Average Shares	-	36.96	36.98	37.46	38.55
Diluted Average Shares	-	37.04	37.08	37.58	38.67
Reconciled Depreciation	-	41.70	43.25	44.23	48.87
Reconciled Cost Of Revenue	-	122.92	145.30	142.86	167.46
Total Unusual Items	-	0.08	0.10	0	0
Total Unusual Items Excluding Goodwill	-	0.08	0.10	0	0
Special Income Charges	-	0.08	0.10	0	0
Depreciation Amortization Depletion Income Statement	-	41.32	42.40	43.65	47.78
Depreciation And Amortization In Income Statement	-	41.32	42.40	43.65	47.78
General And Administrative Expense	-	86.19	88.27	100.94	102.81
Other Gand A	-	86.19	88.27	100.94	102.81
Gain On Sale Of Ppe	-	0.08	0.10	0	0
Other Operating Expenses	-	91.27	98.18	95.86	107.65
Otherunder Preferred Stock Dividend	-	0.20	0.37	0.42	0.46
Average Dilution Earnings	-	0.06	0.19	0.18	0.19
Other Taxes	-	22.89	24.05	27.09	28.01

Peer Comparison

Utilities sector peers, ranked by market cap

Company	Ticker	Market Cap	P/E	P/B	ROE	EV/EBITDA
American States Water Companythis co.	AWR	$3.0B	23.22↑ premium	2.89	12.4%	14.84
MDU Resources Group, Inc.	MDU	$4.4B	23.22	1.59	6.9%	13.45
Avista Corporation	AVA	$3.4B	17.82	1.27	7.1%	10.25
Chesapeake Utilities Corporation	CPK	$2.9B	20.75	1.82	8.8%	12.16
MGE Energy, Inc.	MGEE

Learn while you research

Hand-picked academy chapters to deepen your understanding of American States Water Company and the metrics that matter.

01 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read 02 Sectors & Industries

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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

Metric

2021

2022

2023

2024

2025

Total Revenue

491.53

595.70

595.46

658.07

Operating 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

Selling General And Administration

86.19

88.27

100.94

102.81

Total Expenses

364.97

399.06

410.98

454.80

Operating Income

126.56

196.64

184.48

203.28

Total Operating Income As Reported

126.64

196.74

184.48

203.28

EBITDA

170.78

252.54

244.05

265.45

Normalized EBITDA

170.71

252.44

244.05

265.45

EBIT

129.09

209.28

199.82

216.57

Interest Income

2.33

7.42

7.87

5.65

Interest Expense

27.03

42.76

50.38

46.78

Net Interest Income

-24.70

-35.35

-42.51

-41.13

Other Non Operating Income Expenses

0.12

5.13

7.47

7.65

Other Income Expense

0.20

5.23

7.47

7.65

Interest Income Non Operating

2.33

7.42

7.87

5.65

Interest Expense Non Operating

27.03

42.76

50.38

46.78

Net Non Operating Interest Income Expense

-24.70

-35.35

-42.51

-41.13

Pretax Income

102.06

166.52

149.44

169.80

Tax Provision

23.66

41.60

30.17

39.36

Tax Rate For Calcs

Tax Effect Of Unusual Items

0.02

Net Income Continuous Operations

78.40

124.92

119.27

130.44

Net Income From Continuing And Discontinued Operation

78.40

124.92

119.27

130.44

Net Income From Continuing Operation Net Minority Interest

78.40

124.92

119.27

130.44

Net Income

78.40

124.92

119.27

130.44

Net Income Common Stockholders

78.20

124.55

118.85

129.99

Net Income Including Noncontrolling Interests

78.40

124.92

119.27

130.44

Normalized Income

78.34

124.85

119.27

130.44

Diluted NI Availto Com Stockholders

78.25

124.74

119.03

130.18

Basic Average Shares

36.96

36.98

37.46

38.55

Diluted Average Shares

37.04

37.08

37.58

38.67

Reconciled Depreciation

41.70

43.25

44.23

48.87

Reconciled Cost Of Revenue

122.92

145.30

142.86

167.46

Total Unusual Items

0.08

0.10

Total Unusual Items Excluding Goodwill

0.08

0.10

Special Income Charges

0.08

0.10

Depreciation Amortization Depletion Income Statement

41.32

42.40

43.65

47.78

Depreciation And Amortization In Income Statement

41.32

42.40

43.65

47.78

General And Administrative Expense

86.19

88.27

100.94

102.81

Other Gand A

86.19

88.27

100.94

102.81

Gain On Sale Of Ppe

0.08

0.10

Other Operating Expenses

91.27

98.18

95.86

107.65

Otherunder Preferred Stock Dividend

0.20

0.37

0.42

0.46

Average Dilution Earnings

0.06

0.19

0.18

0.19

Other Taxes

22.89

24.05

27.09

28.01

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

American States Water Companythis co.

AWR

$3.0B

23.22↑ premium

2.89

12.4%

14.84

MDU Resources Group, Inc.

MDU

$4.4B

23.22

1.59

6.9%

13.45

Avista Corporation

AVA

$3.4B

17.82

1.27

7.1%

10.25

Chesapeake Utilities Corporation

CPK

$2.9B

20.75

1.82

8.8%

12.16

MGE Energy, Inc.

MGEE

American States Water Company

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

American States Water Company

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Key concepts to brush up on