What is American States Water Company's earnings per share (EPS)?

American States Water Company (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.

American States Water Company (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 n/m YoY

Market Cap $3.4B as of Oct 23, 2026

Price / Sales 4.9x on $697.5M revenue, trailing 12 months to June 30, 2026

Price / Earnings 23.7x on $143.1M net income, trailing 12 months to June 30, 2026

Price / Book 3.0x 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 Oct 23, 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.

American States Water Company (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 2026-10-03

Capital-heavy utility growth is funded by operating cash, but rising dividends still exceed the cash left after investment.

Cash conversion recovered after FY2023: operating cash flow increased from $67.7M to $229.7M by FY2025, while capital spending climbed to $236.8M. That recovery brought free cash flow close to balance, but it remained negative at -$7.1M, meaning reinvestment still absorbs nearly all internally generated cash despite reported profitability.

In FY2025, revenue growth reached $658.1M while gross margin held at 90.8%. Operating margin was 30.9%, nearly unchanged from FY2024, so the increase did not visibly depend on sacrificing unit economics; the data do not identify whether volume, rates, or mix drove it.

Long-term debt rose from $640.4M to $782.7M as the asset base expanded, indicating that investment was accompanied by greater leverage. Dividends increased from $67.0M to $74.7M while free cash flow stayed negative, so dividend coverage depended on more than cash remaining after capital spending.

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, and the overall is the average of the dimensions that can be computed. 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 American States Water Company'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

American States Water Company 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 88/100, reflecting efficient cost management and pricing power. This is down from 31.0% the prior year.

Growth

American States Water Company's revenue grew 10.5% year-over-year to $658.1M, a solid pace of expansion. This earns a growth score of 53/100.

Leverage

American States Water Company 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 69/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

With a current ratio of 1.32, American States Water Company 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 American States Water Company 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 59/100, reflecting heavy capital investment rather than weak cash generation.

Returns

American States Water Company 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

2.05

American States Water Company scores 2.05, placing it in the grey zone between 1.81 and 2.99. The largest contribution to the score comes from a market capitalization of $3.4B against total liabilities of $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

American States Water Company 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 operating efficiency signals passes.

Earnings Quality Cash-Backed

1.76x

For every $1 of reported earnings, American States Water Company 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

American States Water Company 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%

American States Water Company 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%

American States Water Company'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%

American States Water Company 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%

American States Water Company 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%

5Y CAGRn/m

10Y CAGRn/m

American States Water Company 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%

American States Water Company 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%

American States Water Company 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%

American States Water Company 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

American States Water Company'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 change+5.8pp

10Y change+6.9pp

American States Water Company'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 change+3.2pp

10Y change+8.9pp

American States Water Company'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 change-0.1pp

10Y change+0.4pp

American States Water Company's quarterly ROE was 3.9% in Q2 2026: one quarter's net income over shareholder equity, not annualized. 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%

American States Water Company 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	$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-K	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	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$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	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$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-K	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	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m
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	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m
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	-$7.1Mn/m	-$33.2Mn/m	-$120.9Mn/m	-$48.4Mn/m	-$28.9Mn/m	-$8.3Mn/m	-$35.1M-443.4%	$10.2M-67.5%	$31.4Mn/m	-$32.9M-520.8%	$7.8M-91.4%	$90.7M+136.7%	$38.3M+14.8%	$33.4Mn/m	-$114K
Investing Cash Flow	-$215.9M	-$237.5Mn/m	-$232.8Mn/m	-$188.8Mn/m	-$167.1Mn/m	-$145.1Mn/m	-$131.6Mn/m	-$153.2Mn/m	-$128.0Mn/m	-$80.0Mn/m	-$131.2Mn/m	-$90.1Mn/m	-$74.1Mn/m	-$98.8Mn/m	-$68.0Mn/m	-$50.5M
Financing Cash Flow	-$19.3M	-$26K-100.1%	$46.6M-63.9%	$129.2M+156.6%	$50.3Mn/m	-$2.3M-105.1%	$44.8M+46.9%	$30.5Mn/m	-$1.8Mn/m	-$64.7M-313.4%	$30.3Mn/m	-$76.6Mn/m	-$51.4Mn/m	-$22.2Mn/m	-$11.3Mn/m	-$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	$0n/m	$0-100.0%	$72.9M+324.3%	$17.2Mn/m	$0n/m	$0	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	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%	$22.6Mn/m	-$36.0M-696.4%	$37.7Mn/m	$13.7Mn/m	-$22.5Mn/m	$6.0Mn/m	-$478Kn/m
Investing Cash Flow	-$47.8Mn/m	-$48.9Mn/m	-$64.8Mn/m	-$54.4Mn/m	-$51.0Mn/m	-$67.4Mn/m	-$59.9Mn/m	-$64.0Mn/m
Financing Cash Flow	$2.4Mn/m	-$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
Liabilities-to-Equity	1.60-0.1x	1.72-0.2x	1.890.0x	1.87+0.1x	1.770.0x	1.79+0.1x	1.730.0x	1.690.0x	1.67-0.3x	1.97+0.1x	1.88+0.2x	1.72+0.1x	1.66-0.2x	1.82-0.2x	2.03
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-K	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
Liabilities-to-Equity	1.47-0.2x	1.57-0.1x	1.60-0.1x	1.63-0.1x	1.68-0.1x	1.66-0.2x	1.72-0.2x	1.75-0.1x
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
American States Water Company AWR	FY2025	$658.1M	$130.4M	19.8%	$3.4B	74/100
California Water Service CWT	FY2025	$963.7M	$128.2M	13.3%	$2.9B	55/100
Essential Utilities, Inc. WTRG	FY2025	$5.1B	$1.1B	21.7%	$12.3B	66/100
MGE Energy Inc MGEE	FY2025	N/A	$135.9M	N/A	$2.8B	—
NorthWestern Energy Group, Inc. NWE	FY2025	$1.6B	$181.1M	11.2%	$4.7B	51/100
MDU Resources Group, Inc. MDU	FY2025	$1.9B	$190.4M	10.2%	$4.1B	42/100

Where American States Water Company Ranks

Frequently Asked Questions

What is American States Water Company's annual revenue?

American States Water Company (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 American States Water Company's revenue growing?

American States Water Company (AWR) revenue grew by 10.5% year-over-year, from $595.5M to $658.1M in fiscal year 2025.

Is American States Water Company profitable?

Yes, American States Water Company (AWR) reported a net income of $143.1M over the trailing 12 months to June 30, 2026. In fiscal year 2025 it reported a net income of $130.4M, with a net profit margin of 19.8%.

What is American States Water Company's EBITDA?

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

How much debt does American States Water Company have?

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

What is American States Water Company's gross margin?

American States Water Company (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 American States Water Company's operating margin?

American States Water Company (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 American States Water Company's net profit margin?

American States Water Company (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 American States Water Company pay dividends?

Yes, American States Water Company (AWR) paid $1.94 per share in dividends during fiscal year 2025.

What is American States Water Company's return on equity (ROE)?

American States Water Company (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 American States Water Company's free cash flow?

American States Water Company (AWR) recorded an outflow of $7.1M in free cash flow during fiscal year 2025. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. 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 American States Water Company's operating cash flow?

American States Water Company (AWR) generated $229.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are American States Water Company's total assets?

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

What are American States Water Company's capital expenditures?

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

How many shares does American States Water Company have outstanding?

American States Water Company (AWR) had 39M shares outstanding as of fiscal year 2025.

What is American States Water Company's current ratio?

American States Water Company (AWR) had a current ratio of 1.32 as of fiscal year 2025, which is considered adequate.

What is American States Water Company's debt-to-equity ratio?

American States Water Company (AWR) had a debt-to-equity ratio of 0.75 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.

What is American States Water Company's liabilities-to-equity ratio?

American States Water Company (AWR) had a liabilities-to-equity ratio of 1.60 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.

What is American States Water Company's return on assets (ROA)?

American States Water Company (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 American States Water Company's P/E ratio?

American States Water Company (AWR) trades at 23.7x earnings, its market capitalization divided by $143.1M net income, trailing 12 months to June 30, 2026. The market capitalization is $3.4B as of Oct 23, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is American States Water Company's price-to-sales ratio?

American States Water Company (AWR) trades at 4.9x sales, its market capitalization divided by $697.5M revenue, trailing 12 months to June 30, 2026. The market capitalization is $3.4B as of Oct 23, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is American States Water Company's Altman Z-Score?

American States Water Company (AWR) has an Altman Z-Score of 2.05, 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 American States Water Company's Piotroski F-Score?

American States Water Company (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 American States Water Company's earnings high quality?

American States Water Company (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 American States Water Company cover its interest payments?

American States Water Company (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 American States Water Company?

American States Water Company (AWR) scores 74 out of 100 on our Financial Health Score, indicating strong standing within its utilities peer group. The score is the average 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.