What is Amer States Wtr Co's earnings per share (EPS)?

Amer States Wtr Co (AWR) reported diluted earnings per share of $3.37 for fiscal year 2025. This represents a 6.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Amer States Wtr Co (AWR) Financials

AWR

Trailing 12 months to June 30, 2026

Revenue $697.5M +13.2% YoY

Net Income $143.1M +14.7% YoY

EPS (Diluted) $3.65 +11.6% YoY

Free Cash Flow $20.7M +730.5% YoY

Market Cap $3.5B as of Sep 5, 2026

Price / Sales 5.0x on $697.5M revenue, trailing 12 months to June 30, 2026

Price / Earnings 24.5x on $143.1M net income, trailing 12 months to June 30, 2026

Price / Book 3.1x on $1.1B equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 5, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 5, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 5, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the AWR SEC filings page.

Amer States Wtr Co (AWR) reported $697.5M in revenue over the twelve months to Jun 30, 2026, up 13.2% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI AWR FY2025 2026-08-29

American States Water’s dominant mechanic is steady earnings conversion funding heavy infrastructure investment, with debt helping bridge the capital-spending gap.

Operating cash flow rebounded from $67.7M in FY2023 to $229.7M in FY2025, indicating that reported earnings can translate into internally generated cash across periods. Free cash flow improved from -$120.9M to -$7.1M over that span; because capital expenditures still nearly matched operating cash flow in FY2025, the improvement reflects better cash conversion more than reduced reinvestment needs.

FY2025 revenue increased 10.5% while net margin held at 19.8%, making top-line expansion—not margin expansion—the main earnings driver. Gross margin remained 90.8%, which suggests the stable profitability profile was not created by a major shift in direct cost burden.

Capital intensity remains the defining funding mechanic: FY2025 capital expenditures reached $236.8M against operating cash flow of $229.7M, leaving little internally generated cash after reinvestment. Leverage remained moderate at 0.7x debt-to-equity, while short-term liquidity recovered from its FY2024 level, separating long-term financing support from improved balance-sheet flexibility.

Financial Health Signals

Financial Health Score 74/100

Scored as: Utilities peer group

Scored against utilities for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Amer States Wtr Co's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Amer States Wtr Co has an operating margin of 30.9%, meaning the company retains $31 of operating profit per $100 of revenue. This strong profitability earns a score of 89/100, reflecting efficient cost management and pricing power. This is down from 31.0% the prior year.

Growth

Amer States Wtr Co's revenue grew 10.5% year-over-year to $658.1M, a solid pace of expansion. This earns a growth score of 54/100.

Leverage

Amer States Wtr Co carries a low D/E ratio of 0.75, meaning only $0.75 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 70/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

With a current ratio of 1.32, Amer States Wtr Co holds $1.32 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 84/100.

Cash Flow

While Amer States Wtr Co generated $229.7M in operating cash flow, capex of $236.8M consumed most of it, leaving -$7.1M in free cash flow. This results in a low score of 60/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Amer States Wtr Co earns a strong 12.5% return on equity (ROE), meaning it generates $12 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 88/100. This is down from 13.0% the prior year.

Altman Z-Score Grey Zone

2.10

Amer States Wtr Co scores 2.10, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($3.5B) relative to total liabilities ($1.7B). This signals moderate financial risk that warrants monitoring.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Neutral

6/9

Amer States Wtr Co passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed

1.76x

For every $1 of reported earnings, Amer States Wtr Co generates $1.76 in operating cash flow ($229.7M OCF vs $130.4M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Adequate

4.35x

Amer States Wtr Co earns $4.35 in operating income for every $1 of interest expense ($203.3M vs $46.8M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.

Key Financial Metrics

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Earnings & Revenue

Revenue

$181.3M

YoY+11.2%

QoQ+7.2%

5Y CAGR+7.1%

10Y CAGR+4.9%

Amer States Wtr Co generated $181.3M in revenue in Q2 2026. This represents an increase of 11.2% from the same quarter a year earlier. Against the prior quarter it is up 7.2%.

EBITDA

$76.7M

YoY+22.5%

QoQ+19.8%

5Y CAGR+10.0%

10Y CAGR+6.4%

Amer States Wtr Co's EBITDA was $76.7M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 22.5% from the same quarter a year earlier. Against the prior quarter it is up 19.8%.

Net Income

$43.3M

YoY+28.4%

QoQ+44.5%

5Y CAGR+10.2%

10Y CAGR+10.0%

Amer States Wtr Co reported $43.3M in net income in Q2 2026. This represents an increase of 28.4% from the same quarter a year earlier. Against the prior quarter it is up 44.5%.

EPS (Diluted)

$1.09

YoY+25.3%

QoQ+43.4%

5Y CAGR+8.6%

10Y CAGR+9.2%

Amer States Wtr Co earned $1.09 per diluted share (EPS) in Q2 2026. This represents an increase of 25.3% from the same quarter a year earlier. Against the prior quarter it is up 43.4%.

Cash & Balance Sheet

Free Cash Flow

-$3.6M

YoY-126.3%

QoQ-115.9%

Amer States Wtr Co recorded an outflow of $3.6M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 126.3% from the same quarter a year earlier. Against the prior quarter it is down 115.9%.

Cash & Debt

$21.7M

YoY+7.0%

QoQ-2.2%

5Y CAGR+32.2%

10Y CAGR+17.0%

Amer States Wtr Co held $21.7M in cash against $717.7M in long-term debt as of Q2 2026.

Dividends Per Share

$0.50

YoY+8.3%

QoQ0.0%

Amer States Wtr Co paid $0.50 per share in dividends in Q2 2026. This represents an increase of 8.3% from the same quarter a year earlier. It is unchanged from the prior quarter.

Shares Outstanding

40M

YoY+2.9%

QoQ+1.1%

5Y CAGR+1.4%

10Y CAGR+0.8%

Amer States Wtr Co had 40M shares outstanding in Q2 2026. This represents an increase of 2.9% from the same quarter a year earlier. Against the prior quarter it is up 1.1%.

Margins & Returns

Gross Margin

90.8%

YoY-1.3pp

QoQ+1.0pp

Amer States Wtr Co's gross margin was 90.8% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is down 1.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.0 percentage points.

Operating Margin

35.3%

YoY+4.0pp

QoQ+4.9pp

5Y CAGR+5.8pp

10Y CAGR+6.9pp

Amer States Wtr Co's operating margin was 35.3% in Q2 2026, reflecting core business profitability. This is up 4.0 percentage points from the same quarter a year earlier. Against the prior quarter it is up 4.9 percentage points.

Net Margin

23.9%

YoY+3.2pp

QoQ+6.2pp

5Y CAGR+3.2pp

10Y CAGR+8.9pp

Amer States Wtr Co's net profit margin was 23.9% in Q2 2026, showing the share of revenue converted to profit. This is up 3.2 percentage points from the same quarter a year earlier. Against the prior quarter it is up 6.2 percentage points.

Return on Equity

3.9%

YoY+0.4pp

QoQ+1.0pp

5Y CAGR-0.1pp

10Y CAGR+0.4pp

Amer States Wtr Co's ROE was 3.9% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 0.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.0 percentage points.

Capital Allocation

Capital Expenditures

$48.5M

YoY-4.7%

QoQ-1.1%

5Y CAGR+4.4%

10Y CAGR+3.1%

Amer States Wtr Co invested $48.5M in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 4.7% from the same quarter a year earlier. Against the prior quarter it is down 1.1%.

R&D Spending

Not reported for Q2 2026.

Share Buybacks

Not reported for Q2 2026.

AWR Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

AWR quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$697.5M	$658.1M+10.5%	$595.5M0.0%	$595.7M+21.2%	$491.5M-1.5%	$498.9M+2.2%	$488.2M+3.0%	$473.9M+8.5%	$436.8M-0.9%	$440.6M+1.0%	$436.1M-4.9%	$458.6M-1.5%	$465.8M-1.3%	$472.1M+1.1%	$466.9M+11.2%	$419.9M
Cost of Revenue	$68.9M	$60.6M+11.1%	$54.5M-5.8%	$57.9M+8.9%	$53.2M-6.6%	$56.9M-8.8%	$62.4M+12.1%	$55.7M+3.3%	$53.9M+8.2%	$49.8M	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	$628.6M	$597.5M+10.5%	$540.9M+0.6%	$537.8M+22.7%	$438.4M-0.8%	$441.9M+3.8%	$425.8M+1.8%	$418.2M+9.2%	$382.9M-2.0%	$390.8M	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$103.4M	$102.8M+1.9%	$100.9M+14.4%	$88.3M+2.4%	$86.2M+3.2%	$83.5M-0.1%	$83.6M+0.7%	$83.0M+0.5%	$82.6M+1.2%	$81.6M+0.2%	$81.5M+2.1%	$79.8M+2.0%	$78.3M+1.3%	$77.3M+9.5%	$70.6M-4.7%	$74.1M
Operating Income	$222.1M	$203.3M+10.2%	$184.5M-6.2%	$196.7M+55.4%	$126.6M-10.2%	$141.0M+8.0%	$130.5M+2.7%	$127.1M+25.8%	$101.0M-20.5%	$127.1M+11.3%	$114.2M-3.6%	$118.5M-0.5%	$119.0M0.0%	$119.1M+7.2%	$111.1M+16.8%	$95.1M
EBITDA	N/A	$251.1M+10.1%	$228.1M-4.6%	$239.1M+42.4%	$168.0M-7.0%	$180.6M+7.9%	$167.3M+3.0%	$162.5M+14.9%	$141.4M-14.9%	$166.1M+8.5%	$153.0M-4.7%	$160.5M+0.3%	$160.1M+0.6%	$159.2M+4.4%	$152.5M+14.3%	$133.5M
Interest Expense	$46.9M	$46.8M-7.2%	$50.4M+17.8%	$42.8M+58.2%	$27.0M+18.4%	$22.8M+1.3%	$22.5M-8.4%	$24.6M+4.9%	$23.4M+3.8%	$22.6M+2.7%	$22.0M+4.3%	$21.1M-2.4%	$21.6M-3.6%	$22.4M-1.5%	$22.8M-3.9%	$23.7M
Income Tax	$45.0M	$39.4M+30.4%	$30.2M-27.5%	$41.6M+75.8%	$23.7M-22.2%	$30.4M+7.9%	$28.2M+14.3%	$24.7M+36.9%	$18.0M-53.8%	$39.0M+12.2%	$34.7M-7.9%	$37.7M-0.8%	$38.0M+6.3%	$35.8M-0.5%	$35.9M+19.5%	$30.1M
Net Income	$143.1M	$130.4M+9.4%	$119.3M-4.5%	$124.9M+59.3%	$78.4M-16.9%	$94.3M+9.2%	$86.4M+2.5%	$84.3M+32.1%	$63.9M-7.9%	$69.4M+16.1%	$59.7M-1.2%	$60.5M-0.9%	$61.1M-2.6%	$62.7M+15.8%	$54.1M+18.1%	$45.9M
EPS (Basic)	N/A	$3.37+6.3%	$3.17-5.9%	$3.37+59.0%	$2.12-16.9%	$2.55+9.0%	$2.34+2.6%	$2.28+31.8%	$1.73-8.0%	$1.88+15.3%	$1.63+1.2%	$1.61+2.5%	$1.57-2.5%	$1.61+13.4%	$1.42+16.4%	$1.22
EPS (Diluted)	$3.65	$3.37+6.3%	$3.17-5.7%	$3.36+59.2%	$2.11-17.3%	$2.55+9.4%	$2.33+2.2%	$2.28+32.6%	$1.72-8.5%	$1.88+16.0%	$1.62+1.3%	$1.60+1.9%	$1.57-2.5%	$1.61	$1.41+16.5%	$1.21
Diluted Shares (Avg)	N/A	39M+2.9%	38M+1.4%	37M+0.1%	37M+0.1%	37M0.0%	37M+0.1%	37M+0.1%	37M+0.2%	37M+0.3%	37M-2.3%	38M-3.3%	39M0.0%	39M	38M+1.6%	38M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$181.3M+11.2%	$169.2M+14.3%	$164.3M+14.8%	$182.7M+12.9%	$163.1M+5.0%	$148.0M+9.4%	$143.1M+14.3%	$161.8M+6.6%
Cost of Revenue	$16.7M+29.9%	$17.3M+34.0%	$18.3M+67.7%	$16.5M+40.5%	$12.9M-20.4%	$12.9M-17.6%	$10.9M	$11.8M
Gross Profit	$164.5M+9.6%	$151.9M+12.4%	$146.0M+10.4%	$166.2M+10.8%	$150.2M+7.9%	$135.1M+13.0%	$132.2M	$150.0M
SG&A Expenses	$24.5M-2.8%	$28.2M+4.8%	$25.3M-9.3%	$25.4M+5.0%	$25.2M+7.4%	$26.9M+6.0%	$27.9M+25.5%	$24.2M+15.3%
Operating Income	$64.0M+25.5%	$51.4M+12.8%	$45.0M+16.4%	$61.7M+12.1%	$51.0M-1.5%	$45.5M+16.9%	$38.7M+10.9%	$55.1M+6.4%
EBITDA	$76.7M+22.5%	$64.1M+12.1%	$57.6M+15.3%	$73.7M+11.8%	$62.6M+0.2%	$57.1M+15.0%	$50.0M+9.6%	$65.9M+6.4%
Interest Expense	$12.2M+0.5%	$12.1M+0.2%	$10.9M-2.6%	$11.7M-11.4%	$12.1M-7.8%	$12.1M-6.0%	$11.2M+2.8%	$13.2M+13.1%
Income Tax	$14.5M+41.5%	$9.9M+16.7%	$7.7M+227.4%	$12.9M+28.5%	$10.2M-1.2%	$8.5M+14.4%	$2.4M-70.8%	$10.1M+5.3%
Net Income	$43.3M+28.4%	$29.9M+11.6%	$28.7M+1.1%	$41.2M+14.9%	$33.7M+5.7%	$26.8M+16.0%	$28.4M+39.2%	$35.8M+13.5%
EPS (Basic)	$1.10+26.4%	$0.76+8.6%	$0.73-1.4%	$1.06+11.6%	$0.87+2.4%	$0.70+12.9%	$0.74+34.5%	$0.95+11.8%
EPS (Diluted)	$1.09+25.3%	$0.76+8.6%	$0.74-1.3%	$1.06+11.6%	$0.87+2.4%	$0.70+12.9%	$0.75+38.9%	$0.95+11.8%
Diluted Shares (Avg)	39M+2.2%	39M+2.2%	N/A	39M+2.7%	39M+3.3%	38M+3.4%	N/A	38M+1.7%

Not reported in any period shown, so not listed: R&D Expenses.

AWR Balance Sheet

AWR quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$2.7B+8.6%	$2.5B+11.3%	$2.2B+10.4%	$2.0B+7.0%	$1.9B+6.1%	$1.8B+9.2%	$1.6B+9.3%	$1.5B+6.0%	$1.4B-3.7%	$1.5B+9.4%	$1.3B-2.5%	$1.4B+5.2%	$1.3B+2.3%	$1.3B+3.4%	$1.2B
Current Assets	$231.1M-1.0%	$233.3M+13.3%	$206.0M+36.1%	$151.3M+9.6%	$138.1M-12.1%	$157.1M+28.3%	$122.5M-6.9%	$131.5M-15.4%	$155.5M-6.8%	$166.9M+25.8%	$132.7M-36.6%	$209.5M+9.3%	$191.6M+4.1%	$184.0M+11.1%	$165.6M
Cash & Equivalents	$18.8M-29.4%	$26.7M+89.4%	$14.1M+134.7%	$6.0M+20.8%	$5.0M-86.5%	$36.7M+2653.9%	$1.3M-81.3%	$7.1M+3236.9%	$214K-50.9%	$436K-90.0%	$4.4M-94.3%	$76.0M+98.8%	$38.2M+62.8%	$23.5M+1686.0%	$1.3M
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Accounts Receivable	$38.3M+1.6%	$37.7M+10.1%	$34.3M+30.7%	$26.2M-23.9%	$34.4M+18.0%	$29.2M+39.5%	$20.9M-10.6%	$23.4M-10.5%	$26.1M+30.7%	$20.0M+5.6%	$18.9M+0.7%	$18.8M-21.0%	$23.8M+22.3%	$19.5M+0.8%	$19.3M
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	N/A	N/A	$1.1M0.0%	$1.1M0.0%	$1.1M0.0%	$1.1M0.0%	$1.1M0.0%	$1.1M0.0%	$1.1M0.0%	$1.1M0.0%	$1.1M0.0%	$1.1M0.0%	$1.1M0.0%	$1.1M0.0%	$1.1M
Total Liabilities	$1.7B+5.7%	$1.6B+7.5%	$1.5B+11.0%	$1.3B+9.0%	$1.2B+5.7%	$1.1B+10.6%	$1.0B+10.2%	$943.2M+6.4%	$886.8M-9.2%	$976.2M+11.2%	$878.0M+0.7%	$871.5M+6.6%	$817.8M-1.0%	$826.4M-0.4%	$829.7M
Current Liabilities	$174.6M-38.8%	$285.5M+71.4%	$166.6M-58.0%	$396.5M+154.9%	$155.6M+31.2%	$118.6M+2.2%	$116.0M-20.9%	$146.6M-6.4%	$156.7M-12.0%	$177.9M+44.1%	$123.5M+24.4%	$99.3M-1.6%	$100.9M+7.7%	$93.7M-12.9%	$107.6M
Non-Current Liabilities	$712.2M+8.9%	$654.3M-10.1%	$727.8M+51.1%	$481.8M-25.6%	$647.3M+9.5%	$591.0M-8.1%	$642.8M+24.7%	$515.5M+26.0%	$409.1M-48.8%	$798.3M+5.8%	$754.5M-2.3%	$772.2M+7.7%	$716.9M-2.2%	$732.7M+1.5%	$722.1M
Long-Term Debt	$782.7M+22.2%	$640.4M+11.3%	$575.6M+28.9%	$446.5M+8.3%	$412.2M-6.4%	$440.3M+56.7%	$281.0M0.0%	$281.1M-12.4%	$321.0M0.0%	$321.0M0.0%	$320.9M-1.5%	$325.8M-0.1%	$326.1M-1.9%	$332.5M-2.3%	$340.4M
Total Equity	$1.0B+13.6%	$920.1M+18.5%	$776.1M+9.4%	$709.5M+3.4%	$685.9M+6.9%	$641.7M+6.7%	$601.5M+7.8%	$558.2M+5.3%	$529.9M+7.2%	$494.3M+6.1%	$465.9M-8.1%	$506.8M+2.9%	$492.4M+8.3%	$454.6M+11.2%	$408.7M
Retained Earnings	$620.4M+9.8%	$564.9M+10.1%	$512.9M+14.1%	$449.4M+5.1%	$427.5M+11.0%	$385.0M+11.3%	$346.0M+13.6%	$304.5M+8.8%	$279.8M+13.3%	$247.1M+11.8%	$220.9M-12.9%	$253.6M+6.4%	$238.4M+16.2%	$205.3M+17.0%	$175.4M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$2.8B+6.3%	$2.7B+7.4%	$2.7B+8.6%	$2.7B+9.7%	$2.6B+11.2%	$2.5B+11.0%	$2.5B+11.3%	$2.4B+9.8%
Current Assets	$226.5M-10.2%	$221.4M-7.1%	$231.1M-1.0%	$250.8M+12.8%	$252.3M+20.4%	$238.2M+16.2%	$233.3M+13.3%	$222.4M+16.0%
Cash & Equivalents	$21.7M+7.0%	$22.2M+4.4%	$18.8M-29.4%	$26.1M+58.3%	$20.2M+465.1%	$21.2M+24.8%	$26.7M+89.4%	$16.5M+91.4%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Accounts Receivable	$41.7M-1.2%	$39.7M+16.8%	$38.3M+1.6%	$46.6M+4.9%	$42.2M+7.9%	$34.0M+17.7%	$37.7M+10.1%	$44.4M+36.3%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$1.1M0.0%
Total Liabilities	$1.7B+0.9%	$1.7B+5.1%	$1.7B+5.7%	$1.6B+6.8%	$1.6B+8.1%	$1.6B+6.5%	$1.6B+7.5%	$1.5B+7.5%
Current Liabilities	$231.1M+42.6%	$181.6M-38.3%	$174.6M-38.8%	$197.5M-38.6%	$162.1M-45.8%	$294.3M+64.8%	$285.5M+71.4%	$321.4M+64.8%
Non-Current Liabilities	$1.4B-3.6%	$1.5B+15.0%	$712.2M+8.9%	$1.4B+18.8%	$1.5B+21.4%	$1.3B-1.5%	$654.3M-10.1%	$1.2B-1.5%
Long-Term Debt	$717.7M-9.1%	$782.7M+13.4%	$782.7M+22.2%	$790.3M+23.4%	$789.5M+23.4%	$690.2M+19.9%	$640.4M+11.3%	$640.2M+11.3%
Total Equity	$1.1B+15.3%	$1.1B+11.2%	$1.0B+13.6%	$1.0B+14.8%	$972.5M+16.7%	$956.4M+19.5%	$920.1M+18.5%	$879.5M+14.0%
Retained Earnings	$654.0M+10.9%	$630.6M+9.9%	$620.4M+9.8%	$611.3M+10.3%	$589.6M+10.0%	$573.9M+10.3%	$564.9M+10.1%	$554.2M+9.0%

Not reported in any period shown, so not listed: Inventory.

AWR Cash Flow Statement

AWR quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$236.6M	$229.7M+15.6%	$198.7M+193.6%	$67.7M-42.5%	$117.8M+1.9%	$115.6M-5.4%	$122.2M+4.5%	$116.9M-14.6%	$136.8M-5.4%	$144.6M+49.1%	$96.9M+1.9%	$95.1M-41.7%	$163.3M+20.3%	$135.7M+33.7%	$101.5M+26.6%	$80.2M
Depreciation & Amortization	N/A	$47.8M+9.5%	$43.6M+2.9%	$42.4M+2.6%	$41.3M+4.3%	$39.6M+7.5%	$36.9M+4.1%	$35.4M-12.4%	$40.4M+3.6%	$39.0M+0.5%	$38.9M-7.6%	$42.0M+2.3%	$41.1M+2.5%	$40.1M-3.1%	$41.4M+7.9%	$38.3M
Stock-Based Compensation	N/A	$3.6M-4.9%	$3.7M+13.5%	$3.3M+28.3%	$2.6M+0.2%	$2.6M+4.2%	$2.5M-2.1%	$2.5M-34.6%	$3.9M+33.5%	$2.9M+13.7%	$2.5M-7.8%	$2.8M+23.9%	$2.2M+10.6%	$2.0M+4.0%	$1.9M+27.0%	$1.5M
Capital Expenditures	$215.9M	$236.8M+2.1%	$232.0M+23.0%	$188.5M+13.4%	$166.2M+15.0%	$144.5M+10.8%	$130.4M-14.2%	$151.9M+20.1%	$126.6M+11.9%	$113.1M-12.9%	$129.9M+48.7%	$87.3M+20.4%	$72.6M-25.5%	$97.4M+43.0%	$68.1M-15.2%	$80.3M
Free Cash Flow	$20.7M	-$7.1M+78.7%	-$33.2M+72.5%	-$120.9M-149.5%	-$48.4M-67.4%	-$28.9M-250.6%	-$8.3M+76.5%	-$35.1M-443.4%	$10.2M-67.5%	$31.4M+195.5%	-$32.9M-520.8%	$7.8M-91.4%	$90.7M+136.7%	$38.3M+14.8%	$33.4M+29389.5%	-$114K
Investing Cash Flow	-$215.9M	-$237.5M-2.0%	-$232.8M-23.3%	-$188.8M-13.0%	-$167.1M-15.2%	-$145.1M-10.2%	-$131.6M+14.1%	-$153.2M-19.6%	-$128.0M-60.0%	-$80.0M+39.0%	-$131.2M-45.6%	-$90.1M-21.7%	-$74.1M+25.0%	-$98.8M-45.2%	-$68.0M-34.6%	-$50.5M
Financing Cash Flow	-$19.3M	-$26K-100.1%	$46.6M-63.9%	$129.2M+156.6%	$50.3M+2321.4%	-$2.3M-105.1%	$44.8M+46.9%	$30.5M+1791.1%	-$1.8M+97.2%	-$64.7M-313.4%	$30.3M+139.6%	-$76.6M-48.9%	-$51.4M-131.8%	-$22.2M-96.7%	-$11.3M+65.3%	-$32.5M
Dividends Paid	$78.5M	$74.7M+11.4%	$67.0M+9.5%	$61.2M+8.6%	$56.4M+9.0%	$51.7M+9.5%	$47.2M+10.5%	$42.7M+9.7%	$38.9M+6.9%	$36.4M+9.0%	$33.4M+2.2%	$32.7M+1.8%	$32.1M+9.4%	$29.4M+21.7%	$24.1M+17.4%	$20.6M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$0	$0-100.0%	$72.9M+324.3%	$17.2M	$0	$0	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$44.9M-30.4%	$71.6M+59.0%	$27.7M-57.0%	$92.4M+45.0%	$64.6M+161.4%	$45.1M-1.6%	$64.5M+477.8%	$63.7M+64.4%
Depreciation & Amortization	$12.7M+9.1%	$12.7M+9.5%	$12.6M+11.3%	$11.9M+10.0%	$11.7M+8.5%	$11.6M+8.0%	$11.3M+5.1%	$10.8M+6.5%
Stock-Based Compensation	N/A	$3.0M+8.4%	N/A	N/A	N/A	$2.7M+8.7%	N/A	N/A
Capital Expenditures	$48.5M-4.7%	$49.1M-27.4%	$63.7M+8.9%	$54.6M-14.9%	$50.9M-17.5%	$67.6M+42.1%	$58.5M+11.6%	$64.2M+35.2%
Free Cash Flow	-$3.6M-126.3%	$22.6M+200.4%	-$36.0M-696.4%	$37.7M+7993.7%	$13.7M+136.9%	-$22.5M-1194.1%	$6.0M+114.6%	-$478K+94.5%
Investing Cash Flow	-$47.8M+6.1%	-$48.9M+27.5%	-$64.8M-8.2%	-$54.4M+15.0%	-$51.0M+17.1%	-$67.4M-42.1%	-$59.9M-11.8%	-$64.0M-35.1%
Financing Cash Flow	$2.4M+116.6%	-$19.5M-215.2%	$29.9M+433.3%	-$32.2M-344.9%	-$14.6M-162.5%	$16.9M+272.0%	$5.6M-88.3%	$13.1M-18.8%
Dividends Paid	$19.8M+10.4%	$19.7M+10.9%	$19.6M+10.9%	$19.4M+11.2%	$17.9M+11.9%	$17.8M+11.7%	$17.6M+10.9%	$17.5M+9.8%

Not reported in any period shown, so not listed: Share Buybacks.

AWR Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

AWR quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Gross Margin	90.8%0.0pp	90.8%+0.6pp	90.3%+1.1pp	89.2%+0.6pp	88.6%+1.4pp	87.2%-1.0pp	88.3%+0.6pp	87.7%-1.0pp	88.7%	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	30.9%-0.1pp	31.0%-2.0pp	33.0%+7.3pp	25.8%-2.5pp	28.3%+1.5pp	26.7%-0.1pp	26.8%+3.7pp	23.1%-5.7pp	28.8%+2.7pp	26.2%+0.4pp	25.8%+0.3pp	25.6%+0.3pp	25.2%+1.4pp	23.8%+1.1pp	22.7%
Net Margin	19.8%-0.2pp	20.0%-0.9pp	21.0%+5.0pp	16.0%-3.0pp	18.9%+1.2pp	17.7%-0.1pp	17.8%+3.2pp	14.6%-1.1pp	15.7%+2.0pp	13.7%+0.5pp	13.2%+0.1pp	13.1%-0.2pp	13.3%+1.7pp	11.6%+0.7pp	10.9%
Return on Equity	12.5%-0.5pp	13.0%-3.1pp	16.1%+5.1pp	11.1%-2.7pp	13.8%+0.3pp	13.5%-0.6pp	14.0%+2.6pp	11.4%-1.6pp	13.1%+1.0pp	12.1%-0.9pp	13.0%+0.9pp	12.0%-0.7pp	12.7%+0.8pp	11.9%+0.7pp	11.2%
Return on Assets	4.8%0.0pp	4.8%-0.8pp	5.6%+1.7pp	3.9%-1.1pp	5.0%+0.1pp	4.8%-0.3pp	5.1%+0.9pp	4.3%-0.6pp	4.9%+0.8pp	4.1%-0.4pp	4.5%+0.1pp	4.4%-0.4pp	4.8%+0.6pp	4.2%+0.5pp	3.7%
Current Ratio	1.32+0.5x	0.82-0.4x	1.24+0.9x	0.38-0.5x	0.89-0.4x	1.33+0.3x	1.06+0.2x	0.90-0.1x	0.99+0.1x	0.94-0.1x	1.07-1.0x	2.11+0.2x	1.90-0.1x	1.96+0.4x	1.54
Debt-to-Equity	0.75+0.1x	0.700.0x	0.74+0.1x	0.630.0x	0.60-0.1x	0.69+0.2x	0.470.0x	0.50-0.1x	0.610.0x	0.650.0x	0.690.0x	0.640.0x	0.66-0.1x	0.73-0.1x	0.83
Asset Turnover	0.240.0x	0.240.0x	0.270.0x	0.240.0x	0.260.0x	0.270.0x	0.290.0x	0.290.0x	0.310.0x	0.300.0x	0.340.0x	0.340.0x	0.360.0x	0.360.0x	0.34
FCF Margin	-1.1%+4.5pp	-5.6%+14.7pp	-20.3%-10.4pp	-9.9%-4.1pp	-5.8%-4.1pp	-1.7%+5.7pp	-7.4%-9.7pp	2.3%-4.8pp	7.1%+14.7pp	-7.5%-9.3pp	1.7%-17.8pp	19.5%+11.4pp	8.1%+1.0pp	7.1%+7.2pp	0.0%

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Gross Margin	90.8%-1.3pp	89.8%-1.5pp	88.9%-3.5pp	91.0%-1.8pp	92.1%+2.5pp	91.3%+2.9pp	92.4%	92.7%
Operating Margin	35.3%+4.0pp	30.4%-0.4pp	27.4%+0.4pp	33.8%-0.3pp	31.3%-2.1pp	30.8%+1.9pp	27.0%-0.8pp	34.0%-0.1pp
Net Margin	23.9%+3.2pp	17.7%-0.4pp	17.5%-2.4pp	22.5%+0.4pp	20.7%+0.2pp	18.1%+1.0pp	19.9%+3.5pp	22.1%+1.3pp
Return on Equity	3.9%+0.4pp	2.8%0.0pp	2.8%-0.3pp	4.1%0.0pp	3.5%-0.4pp	2.8%-0.1pp	3.1%+0.5pp	4.1%0.0pp
Return on Assets	1.6%+0.3pp	1.1%0.0pp	1.1%-0.1pp	1.6%+0.1pp	1.3%-0.1pp	1.1%0.0pp	1.1%+0.2pp	1.5%+0.1pp
Current Ratio	0.98-0.6x	1.22+0.4x	1.32+0.5x	1.27+0.6x	1.56+0.9x	0.81-0.3x	0.82-0.4x	0.69-0.3x
Debt-to-Equity	0.64-0.2x	0.740.0x	0.75+0.1x	0.78+0.1x	0.810.0x	0.720.0x	0.700.0x	0.730.0x
Asset Turnover	0.070.0x	0.060.0x	0.060.0x	0.070.0x	0.060.0x	0.060.0x	0.060.0x	0.070.0x
FCF Margin	-2.0%-10.4pp	13.4%+28.5pp	-21.9%-26.1pp	20.6%+20.9pp	8.4%+32.2pp	-15.2%-13.9pp	4.2%+37.2pp	-0.3%+5.5pp

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Amer States Wtr Co AWR	FY2025	$658.1M	$130.4M	19.8%	$3.5B	74/100
California Wtr Svc Group CWT	FY2025	$963.7M	$127.8M	13.3%	$3.1B	44/100
Essential Utilities Inc WTRG	FY2025	$5.1B	$1.1B	21.7%	$11.8B	66/100
Mge Energy Inc MGEE	FY2025	N/A	$135.9M	N/A	$2.9B	—
Northwestern Corp NWE	FY2025	$1.6B	$181.1M	11.2%	$4.4B	50/100
Mdu Resources MDU	FY2025	$1.9B	$190.4M	10.2%	$4.1B	39/100

Where Amer States Wtr Co Ranks

Frequently Asked Questions

What is Amer States Wtr Co's annual revenue?

Amer States Wtr Co (AWR) reported $658.1M in total revenue for fiscal year 2025. This represents a 10.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Amer States Wtr Co's revenue growing?

Amer States Wtr Co (AWR) revenue grew by 10.5% year-over-year, from $595.5M to $658.1M in fiscal year 2025.

Is Amer States Wtr Co profitable?

Yes, Amer States Wtr Co (AWR) reported a net income of $130.4M in fiscal year 2025, with a net profit margin of 19.8%.

What is Amer States Wtr Co's EBITDA?

Amer States Wtr Co (AWR) had EBITDA of $251.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Amer States Wtr Co have?

As of fiscal year 2025, Amer States Wtr Co (AWR) had $18.8M in cash and equivalents against $782.7M in long-term debt.

What is Amer States Wtr Co's gross margin?

Amer States Wtr Co (AWR) had a gross margin of 90.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Amer States Wtr Co's operating margin?

Amer States Wtr Co (AWR) had an operating margin of 30.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Amer States Wtr Co's net profit margin?

Amer States Wtr Co (AWR) had a net profit margin of 19.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Amer States Wtr Co pay dividends?

Yes, Amer States Wtr Co (AWR) paid $1.94 per share in dividends during fiscal year 2025.

What is Amer States Wtr Co's return on equity (ROE)?

Amer States Wtr Co (AWR) has a return on equity of 12.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Amer States Wtr Co's free cash flow?

Amer States Wtr Co (AWR) recorded an outflow of $7.1M in free cash flow during fiscal year 2025. This represents a 78.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Amer States Wtr Co's operating cash flow?

Amer States Wtr Co (AWR) generated $229.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Amer States Wtr Co's total assets?

Amer States Wtr Co (AWR) had $2.7B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Amer States Wtr Co's capital expenditures?

Amer States Wtr Co (AWR) invested $236.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does Amer States Wtr Co have outstanding?

Amer States Wtr Co (AWR) had 39M shares outstanding as of fiscal year 2025.

What is Amer States Wtr Co's current ratio?

Amer States Wtr Co (AWR) had a current ratio of 1.32 as of fiscal year 2025, which is considered adequate.

What is Amer States Wtr Co's debt-to-equity ratio?

Amer States Wtr Co (AWR) had a debt-to-equity ratio of 0.75 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Amer States Wtr Co's return on assets (ROA)?

Amer States Wtr Co (AWR) had a return on assets of 4.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Amer States Wtr Co's P/E ratio?

Amer States Wtr Co (AWR) trades at 24.5x earnings, its market capitalization divided by net income of $143.1M net income, trailing 12 months to June 30, 2026. The market capitalization is $3.5B as of Sep 5, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Amer States Wtr Co's price-to-sales ratio?

Amer States Wtr Co (AWR) trades at 5.0x sales, its market capitalization divided by revenue of $697.5M revenue, trailing 12 months to June 30, 2026. The market capitalization is $3.5B as of Sep 5, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Amer States Wtr Co's Altman Z-Score?

Amer States Wtr Co (AWR) has an Altman Z-Score of 2.10, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Amer States Wtr Co's Piotroski F-Score?

Amer States Wtr Co (AWR) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Amer States Wtr Co's earnings high quality?

Amer States Wtr Co (AWR) has an earnings quality ratio of 1.76x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Amer States Wtr Co cover its interest payments?

Amer States Wtr Co (AWR) has an interest coverage ratio of 4.35x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Amer States Wtr Co?

Amer States Wtr Co (AWR) scores 74 out of 100 on our Financial Health Score, indicating strong standing within its utilities peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.