American States Water vs Middlesex Water
American States Water is the larger business, with $658m of revenue in fiscal 2025 against $195m for Middlesex Water (3.4 times as much). American States Water grew faster (10.5% against 1.5%). Middlesex Water kept more of each dollar of sales as profit: a net margin of 22.0% against 19.8%. American States Water carries less debt relative to equity (76.0% against 84.0%).
| Latest fiscal year | American States WaterAWR, 2025 | Middlesex WaterMSEX, 2025 |
|---|---|---|
| Revenue | $658m | $195m |
| Revenue growth | 10.5% | 1.5% |
| Net income | $130m | $42.8m |
| Operating margin | 30.9% | 27.9% |
| Net margin | 19.8% | 22.0% |
| Return on equity | 13.3% | 9.1% |
| Free cash flow | −$7.1m | $62.6m |
| Cash | $18.8m | $2.8m |
| Total debt | $794m | $415m |
| Debt to equity | 76.0% | 84.0% |
| Dividend per share | $1.94 | $1.38 |
| Dividend yield | 2.3% | 2.4% |
| Share buybacks | — | — |
| Employees | 537 | 395 |
| Market value | $3.47bn | $1.11bn |
| Price vs our value range | — | Above our value range |
| Moat score | 54 (Moderate) | 47 (Moderate) |
| Insider trades, 12 months | 4 buys, 5 sales | 1 buys, 4 sales |