American States Water vs California Water Service
California Water Service is the larger business, with $964m of revenue in fiscal 2025 against $658m for American States Water (1.5 times as much). American States Water grew faster (10.5% against 6.4%). American States Water kept more of each dollar of sales as profit: a net margin of 19.8% against 13.3%. American States Water carries less debt relative to equity (76.0% against 94.8%).
| Latest fiscal year | American States WaterAWR, 2025 | California Water ServiceCWT, 2025 |
|---|---|---|
| Revenue | $658m | $964m |
| Revenue growth | 10.5% | 6.4% |
| Net income | $130m | $128m |
| Operating margin | 30.9% | 17.7% |
| Net margin | 19.8% | 13.3% |
| Return on equity | 13.3% | 7.7% |
| Free cash flow | −$7.1m | — |
| Cash | $18.8m | $51.8m |
| Total debt | $794m | $1.60bn |
| Debt to equity | 76.0% | 94.8% |
| Dividend per share | $1.94 | $1.24 |
| Dividend yield | 2.3% | 2.5% |
| Share buybacks | — | $1.4m |
| Employees | 537 | 1,336 |
| Market value | $3.47bn | $3.11bn |
| Price vs our value range | — | Within our value range |
| Moat score | 54 (Moderate) | 51 (Moderate) |
| Insider trades, 12 months | 4 buys, 5 sales | 1 buys, 7 sales |