American States Water vs H2o America
H2o America is the larger business, with $801m of revenue in fiscal 2025 against $658m for American States Water (1.2 times as much). American States Water grew faster (10.5% against 7.0%). American States Water kept more of each dollar of sales as profit: a net margin of 19.8% against 12.8%. American States Water carries less debt relative to equity (76.0% against 129.0%).
| Latest fiscal year | American States WaterAWR, 2025 | H2o AmericaHTO, 2025 |
|---|---|---|
| Revenue | $658m | $801m |
| Revenue growth | 10.5% | 7.0% |
| Net income | $130m | $103m |
| Operating margin | 30.9% | 22.2% |
| Net margin | 19.8% | 12.8% |
| Return on equity | 13.3% | 7.1% |
| Free cash flow | −$7.1m | — |
| Cash | $18.8m | $20.7m |
| Total debt | $794m | $1.99bn |
| Debt to equity | 76.0% | 129.0% |
| Dividend per share | $1.94 | $1.68 |
| Dividend yield | 2.3% | 2.3% |
| Share buybacks | — | — |
| Employees | 537 | 837 |
| Market value | $3.47bn | $2.94bn |
| Price vs our value range | — | Above our value range |
| Moat score | 54 (Moderate) | 51 (Moderate) |
| Insider trades, 12 months | 4 buys, 5 sales | 6 buys, 3 sales |