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American States Water Co (AWR) stock

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NYSE: AWR NYSE Water Utilities Next results ~November 4, 2026

B Fundamentals grade

American States Water Co is a US-listed company in the water utilities industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$71

Valuation models combined (5)

Base case. Range ~$59–$78. Weighted average of 5 models (utility earnings model, price-to-earnings vs peers, justified price-to-book, residual income, dividend discount (two-stage)), the utility earnings model counting double.

Price vs value

Overvalued

The price is above our entire value range; our base value is 19% below it.

Price used: $87.59, November 2, 2026

American States Water Co valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 3 selling4 purchases and 5 sales by directors and officers, last 12 monthsInsider trades
  • Funds228 adding, 132 cuttingOf 48 active managers that changed their stake, 26 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter American States Water files

Where American States Water Co stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $697m, up 13.2% on a year earlier, faster than the 11.7% growth a quarter earlier. Free-cash-flow margin rose to 3.0% from -0.5% a year earlier. The diluted share count is up 2.3% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 1 of our 6 financial-health checks. Our cash-flow model value is $70.77 a share, against a share price of $84.26.

Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

American States Water Co's trailing-twelve-month revenue grew 13.2% year on year, with a free-cash-flow margin of 3.0%. Where it stands out: days sales outstanding of 22 days ranks 1 of 11 water utilities companies we cover.

Current signal Revenue growth accelerating: TTM revenue growth rose to 13.2% (+1.6pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • High operating margin. 31.8% of revenue is left as operating profit, against a median of 30.5% for water utilities companies we cover.

Things to watch

  • Results due soon. Results are expected around 4 November; the share price can move sharply on the day.
  • Share dilution. Diluted shares rose 2.3% in a year.
  • Gross margin slipping. Gross margin is down 2.0 points on a year ago.
  • Weak cash conversion. Free cash flow was 14% of net income over the last 12 months.

Latest results: FY2026 Q2

Filed August 5, 2026
Earnings per share
$1.09 against an average estimate of $0.93: beat by 17.2%
Revenue
$181m, up 11.2% on a year earlier
Share reaction
+0.3% in the first session after the results on August 5, 2026, against -0.4% for the S&P 500
Guidance given
capital investment $185m to $220m (2026); diluted earnings per share contribution $0.63 to $0.67 (full year 2026)
Next report
November 4, 2026; average EPS estimate $1.09

American States Water's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.5%
  • 1 week+2.8%
  • 1 month+5.8%
  • This year+23.3%
  • 1 year+26.1%
  • 5 years+7.8%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$697M
Operating margin
31.8%
Net margin
20.5%
EPS (TTM, diluted)
$3.66

Growth

Revenue growth
+13.2%
Change in growth rate
+1.6 pts
Share count change
+2.3%

Cash

Free cash flow (TTM)
$20.7M
FCF margin
3.0%
Stock pay % of revenue
0.5%

Earnings

Last results
August 5, 2026
Next results (est.)
November 4, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

American States Water Co valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$71
Price used
$87.33close November 3, 2026
Implied change
▼ 19%
Uncertainty
Low

How we got here: the combined value of 5 valuation models built for a business like American States Water Co (see the models table below and how they are combined) , with a 7% cost of equity. The models span ~$59–~$78; that spread sets a 15% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of American States Water Co's free cash flow after stock-based pay ( $11.6M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value American States Water Co as an utility or power producer, with every model that fits that kind of business. Cost of equity 7%: the 10-year Treasury yield (4.9%) plus a beta of 0.41 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Utility earnings model Net income growing 3% a year, discounted at 8%: for regulated investment that makes free cash flow negative. ~$74 ~$62–$93 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. ~$62 ~$63–$83 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$77 ~$61–$100 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$59 ~$42–$86 Included
Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. ~$78 ~$61–$110 Included
Combined value Weighted average of the models that apply: the primary model (utility earnings model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$71 ~$59–$78 5 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare American States Water Co with utilities and power producers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$33.91$37.64$48.84$57.58$75.55$70.45$93.16$84.86$75.16$74.27$71.06$87.59
Market value$1.3bn$1.4bn$1.8bn$2.1bn$2.8bn$2.6bn$3.4bn$3.1bn$2.8bn$2.8bn$2.7bn$3.4bn
+ Net debt (− = net cash)$321m$325m$325m$318m$283m$408m$411m$444m$565m$617m$775m$696m
Enterprise value$1.6bn$1.7bn$2.1bn$2.4bn$3.1bn$3.0bn$3.9bn$3.6bn$3.4bn$3.4bn$3.5bn$4.1bn
Multiples
Price / sales 2.8x3.2x4.1x4.9x5.9x5.3x6.9x6.4x4.7x4.7x4.2x4.9x
Price / earnings 21.1x23.2x25.9x33.3x33.1x30.2x36.5x40.1x22.3x23.4x21.1x23.9x
Price / free cash flow 163.1x—57.3xn/m———————165.1x
EV / EBITDA 9.9x11.2x12.8x17.3x18.9x18.0x21.4x21.4x14.0x14.9x14.0x15.1x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

54 /100

Moderate moat

How hard American States Water's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 6 / 20

    Net income has been a median 4.8% of total assets over 10 years.

  • Durability 19 / 20

    Operating margin has been a median 28.1%; its worst year was 24.3%.

  • Cash conversion 3 / 20

    Free cash flow was positive in 3 of 10 years, at a median -3.0% of revenue.

  • Discipline 15 / 20

    The diluted share count rose 5.7% over five years; stock-based pay has been a median 0.6% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, after the close. Analysts expect revenue of $196m and EPS of $1.09 (range $1.09 to $1.09) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $3.68 +9% $709m —
Next $3.80 +3% $738m +4%

Next year's EPS estimate has moved −0.4% in 90 days, across 2 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −0.8% on 90 days ago. In the last 30 days, 0 analysts raised American States Water Co's forecast and 0 cut it.

Consensus EPS forecast American States Water Co, last 90 days
$3.60 $3.70 $3.80 $3.90 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $3.71 Current fiscal year, 60 days ago: $3.71 Current fiscal year, 30 days ago: $3.61 Current fiscal year, 7 days ago: $3.68 Current fiscal year, Now: $3.68 $3.68 Next fiscal year, 90 days ago: $3.81 Next fiscal year, 60 days ago: $3.81 Next fiscal year, 30 days ago: $3.79 Next fiscal year, 7 days ago: $3.79 Next fiscal year, Now: $3.80 $3.80

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $3.71$3.81
60 days ago $3.71$3.81
30 days ago $3.61$3.79
7 days ago $3.68$3.79
Now $3.68$3.80

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.93 $1.09 +17.2%
Mar 2026 $0.77 $0.76 −1.3%
Sept 2025 $1.00 $1.06 +5.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 5, 2026
  • capital investment · regulated utilities 2026 $185m to $220m
    “AWR's regulated utilities o n target to invest $185 to $220 million in 2026” source
  • diluted earnings per share contribution · contracted services full year 2026 $0.63 to $0.67
    “AWR's contracted services business is expected to contribute $0.63 to $0.67 per share for full year 2026” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows American States Water Co's revenue by +6.4% next year and +8.7% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+3.7%, weight 56%) and the company's own record (+9.8%, weight 44%) . How the weights are set.

Analyst recommendations

3 analysts, Oct 2026
Buy00%
Hold267%
Sell133%

Monthly trend

  1. Oct 2026213
  2. Sep 2026213

Counts of recommendations published by analysts covering American States Water Co, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
3.4%
of tradable shares
Days to cover
3.77
at average volume
Short interest, 1 month
−8%
to October 15, 2026
Held by institutions
87%
of shares
Held by insiders
0.8%
of shares
Employees
900
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +26.1%

$69.44 on October 31, 2025 to $87.59

ThenNowEffect
Revenue (last 12 months) $616m $697m +13.2%
Net margin 20.3% 20.5% +1.3%
P/E multiple 21.3x 23.9x +12.6%
Share count 38m 39m −2.3%

Biggest factor: revenue.

Last 3 years +13.7%

$77.05 on November 3, 2023 to $87.59

ThenNowEffect
Revenue (last 12 months) $579m $697m +20.4%
Net margin 20.2% 20.5% +1.4%
P/E multiple 24.4x 23.9x −1.8%
Share count 37m 39m −5.2%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
AWR+32%−9%−11%−1%−4%+23%
Industry peers (median)+21%−14%−12%−11%+3%+11%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
AWR75%50%42%42%42%82%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
AWR−14%−30%−22%−17%−12%−11%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 33% from December 31, 2021 to April 16, 2024. Getting back needed a 49% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$68.73 – $91.10
From 52-week high
−3.9%
vs 50-day average
+2.8%
vs 200-day average
+10.1%
Volatility (1 year)
20%
Beta vs S&P 500
-0.33

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±1.4%
After a week
7 up, 5 down
typical move ±3.1%
After a month
4 up, 8 down
typical move ±2.4%
Results releasedNext dayS&P 500 next day5 days21 days
August 5, 2026 +0.3% −0.4% +3.0% +5.6%
May 6, 2026 +0.8% +1.1% +1.7% +3.5%
February 18, 2026 −1.9% +0.2% −0.2% −2.1%
November 5, 2025 +0.5% −0.7% +0.8% −1.2%
August 6, 2025 +1.9% +0.7% +2.1% +0.7%
May 7, 2025 −0.5% +1.1% −6.8% −4.5%
February 19, 2025 +0.5% −0.2% +2.4% +0.9%
November 6, 2024 −0.2% +3.3% +0.7% −2.6%
August 6, 2024 +1.2% +0.2% −0.6% 0.0%
May 7, 2024 +3.3% +0.1% +5.6% −1.1%
February 21, 2024 −3.2% +2.2% −7.0% −6.3%
November 6, 2023 −2.9% +0.5% −6.3% −0.1%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How American States Water Co’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

American States Water Co in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) American States Water Co
$550M $600M $650M $700M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $595.9M Revenue (TTM), FY23 Q4: $595.7M Revenue (TTM), FY24 Q1: $569.5M Revenue (TTM), FY24 Q2: $567.5M Revenue (TTM), FY24 Q3: $577.5M Revenue (TTM), FY24 Q4: $595.5M Revenue (TTM), FY25 Q1: $608.2M Revenue (TTM), FY25 Q2: $616M Revenue (TTM), FY25 Q3: $636.9M Revenue (TTM), FY25 Q4: $658.1M Revenue (TTM), FY26 Q1: $679.3M Revenue (TTM), FY26 Q2: $697.5M $697.5M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $595.9M
FY23 Q4 $595.7M
FY24 Q1 $569.5M
FY24 Q2 $567.5M
FY24 Q3 $577.5M
FY24 Q4 $595.5M
FY25 Q1 $608.2M
FY25 Q2 $616M
FY25 Q3 $636.9M
FY25 Q4 $658.1M
FY26 Q1 $679.3M
FY26 Q2 $697.5M
Revenue growth, TTM YoY American States Water Co
-10% 0% 10% 20% 30% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 23.4% Revenue growth, TTM YoY, FY23 Q4: 21.2% Revenue growth, TTM YoY, FY24 Q1: 4.6% Revenue growth, TTM YoY, FY24 Q2: -2.0% Revenue growth, TTM YoY, FY24 Q3: -3.1% Revenue growth, TTM YoY, FY24 Q4: -0.0% Revenue growth, TTM YoY, FY25 Q1: 6.8% Revenue growth, TTM YoY, FY25 Q2: 8.5% Revenue growth, TTM YoY, FY25 Q3: 10.3% Revenue growth, TTM YoY, FY25 Q4: 10.5% Revenue growth, TTM YoY, FY26 Q1: 11.7% Revenue growth, TTM YoY, FY26 Q2: 13.2% 13.2%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 23.4%
FY23 Q4 21.2%
FY24 Q1 4.6%
FY24 Q2 -2.0%
FY24 Q3 -3.1%
FY24 Q4 -0.0%
FY25 Q1 6.8%
FY25 Q2 8.5%
FY25 Q3 10.3%
FY25 Q4 10.5%
FY26 Q1 11.7%
FY26 Q2 13.2%
Operating margin (TTM) American States Water Co
30% 31% 32% 33% 34% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 31.8% Operating margin (TTM), FY23 Q4: 33.0% Operating margin (TTM), FY24 Q1: 32.4% Operating margin (TTM), FY24 Q2: 31.3% Operating margin (TTM), FY24 Q3: 31.3% Operating margin (TTM), FY24 Q4: 31.0% Operating margin (TTM), FY25 Q1: 31.4% Operating margin (TTM), FY25 Q2: 30.9% Operating margin (TTM), FY25 Q3: 30.9% Operating margin (TTM), FY25 Q4: 30.9% Operating margin (TTM), FY26 Q1: 30.8% Operating margin (TTM), FY26 Q2: 31.8% 31.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 31.8%
FY23 Q4 33.0%
FY24 Q1 32.4%
FY24 Q2 31.3%
FY24 Q3 31.3%
FY24 Q4 31.0%
FY25 Q1 31.4%
FY25 Q2 30.9%
FY25 Q3 30.9%
FY25 Q4 30.9%
FY26 Q1 30.8%
FY26 Q2 31.8%
FCF margin (TTM) American States Water Co
-30% -20% -10% 0% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -16.1% FCF margin (TTM), FY23 Q4: -20.3% FCF margin (TTM), FY24 Q1: -14.1% FCF margin (TTM), FY24 Q2: -15.6% FCF margin (TTM), FY24 Q3: -13.9% FCF margin (TTM), FY24 Q4: -5.6% FCF margin (TTM), FY25 Q1: -8.9% FCF margin (TTM), FY25 Q2: -0.5% FCF margin (TTM), FY25 Q3: 5.5% FCF margin (TTM), FY25 Q4: -1.1% FCF margin (TTM), FY26 Q1: 5.6% FCF margin (TTM), FY26 Q2: 3.0% 3.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -16.1%
FY23 Q4 -20.3%
FY24 Q1 -14.1%
FY24 Q2 -15.6%
FY24 Q3 -13.9%
FY24 Q4 -5.6%
FY25 Q1 -8.9%
FY25 Q2 -0.5%
FY25 Q3 5.5%
FY25 Q4 -1.1%
FY26 Q1 5.6%
FY26 Q2 3.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar American States Water took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $658M
  2. Cost of revenue $60.6M · 9.2%
  3. Gross profit $597M · 90.8%
  4. Selling, general and admin $103M · 15.6%
  5. Other operating costs $291M · 44.3%
  6. Operating income $203M · 30.9%
  7. Income tax $39.4M · 6.0%
  8. Interest and other $33.5M · 5.1%
  9. Net income $130M · 19.8%

Shares of revenue. Source: American States Water's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 353 400 420 467 472 466 459 436 441 437 474 488 499 492 596 595 658 697
Gross profit — — — — — — — — 391 383 418 426 442 438 538 541 597 629
EBITDA 100 111 133 152 159 160 161 153 166 141 162 167 181 168 239 228 251 272
Operating income 69 74 95 111 119 119 118 114 127 101 127 130 141 127 197 184 203 222
Net income 30 33 46 54 63 61 60 60 69 64 84 86 94 78 125 119 130 143
Diluted EPS $0.81 $0.89 $1.21 $1.41 $1.61 $1.57 $1.60 $1.62 $1.88 $1.72 $2.28 $2.33 $2.55 $2.11 $3.36 $3.17 $3.37 $3.66
Growth (year on year)
Revenue — +13.2% +5.0% +11.2% +1.1% −1.3% −1.5% −4.9% +1.0% −0.9% +8.5% +3.0% +2.2% −1.5% +21.2% −0.0% +10.5% +13.2%
EBITDA — +10.8% +20.0% +14.3% +4.4% +0.6% +0.3% −4.7% +8.5% −14.9% +14.9% +3.0% +7.9% −7.0% +42.4% −4.6% +10.1% +15.4%
Operating income — +7.2% +28.8% +16.8% +7.2% −0.0% −0.5% −3.6% +11.3% −20.5% +25.8% +2.7% +8.0% −10.2% +55.4% −6.2% +10.2% +16.7%
Net income — +12.4% +38.1% +18.1% +15.8% −2.6% −0.9% −1.2% +16.1% −7.9% +32.1% +2.5% +9.2% −16.9% +59.3% −4.5% +9.4% +14.7%
Diluted EPS — +9.3% +36.7% +16.5% +14.2% −2.5% +1.9% +1.3% +16.0% −8.5% +32.6% +2.2% +9.4% −17.3% +59.2% −5.7% +6.3% +12.1%
Margins
Gross margin — — — — — — — — 88.7% 87.7% 88.3% 87.2% 88.6% 89.2% 90.3% 90.8% 90.8% 90.1%
EBITDA margin 28.4% 27.8% 31.8% 32.7% 33.7% 34.4% 35.0% 35.1% 37.7% 32.4% 34.3% 34.3% 36.2% 34.2% 40.1% 38.3% 38.2% 39.0%
Operating margin 19.5% 18.5% 22.6% 23.8% 25.2% 25.6% 25.8% 26.2% 28.8% 23.1% 26.8% 26.7% 28.3% 25.8% 33.0% 31.0% 30.9% 31.8%
Net margin 8.4% 8.3% 10.9% 11.6% 13.3% 13.1% 13.2% 13.7% 15.7% 14.6% 17.8% 17.7% 18.9% 15.9% 21.0% 20.0% 19.8% 20.5%
Free-cash-flow margin −1.4% −6.3% −0.0% 7.2% 8.1% 19.5% 1.7% −7.5% 7.1% 2.3% −7.4% −1.7% −5.8% −9.9% −20.3% −5.6% −1.1% 3.0%
Cash flow
Cash from operations 73 54 80 101 136 163 95 97 145 137 117 122 116 118 68 199 230 237
Capital spending 77 79 80 68 97 73 87 130 113 127 152 130 145 166 189 232 237 216
Free cash flow −5 −25 −0 33 38 91 8 −33 31 10 −35 −8 −29 −48 −121 −33 −7 21
Stock-based pay 1 1 2 2 2 2 3 3 3 4 3 2 3 3 3 4 4 4
Free cash flow after stock pay −6 −27 −2 31 36 88 5 −35 29 6 −38 −11 −31 −51 −124 −37 −11 17
Balance sheet
Cash 2 4 1 23 38 76 4 0 0 7 1 37 5 6 14 27 19 22
Total debt 0 300 341 336 332 326 326 326 325 325 285 444 416 450 579 644 794 718
Net debt (negative = net cash) −2 296 339 312 294 250 321 325 325 318 283 408 411 444 565 617 775 696
Diluted shares 36m 37m 38m 38m 39m 39m 38m 37m 37m 37m 37m 37m 37m 37m 37m 38m 39m 39m
Returned to shareholders
Dividends 18 19 21 24 29 32 33 33 36 39 43 47 52 56 61 67 75 78
Buybacks — — — 0 0 17 73 0 0 — — — — — — — — —
Total returned 18 19 21 24 29 49 106 33 36 39 43 47 52 56 61 67 75 78

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 6 checks passed · June 30, 2026
What it owns · $2.8bn
Short-term assets $226mLonger-term assets $2.5bn
What it owes, and who funded it · $1.4bn
Short-term liabilities $231mShareholders' equity $1.1bn
  • Short-term assets cover short-term liabilities $226m of assets due within a year against $231m of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $22m of cash against $718m of debt.
  • Debt below 40% of shareholders' equity Debt is 64% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 60% to 64% over five years.
  • A year's operating cash flow covers at least 20% of debt $237m of operating cash flow against $718m of debt.
  • Operating profit covers interest at least five times over Operating income of $222m against $47m of interest.

From American States Water Co's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$78.5M
Diluted share count
+2.3%
year over year
Total shareholder yield
2.3%
dividends 2.3% + buybacks 0.0% of market value
Dividend payout ratio
55%
of net income paid out
Days sales outstanding
22 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in water utilities
Last 12 months unless stated AWR HTO CWT MSEX WTRG ARTNA Median
Revenue, last 12 months $697m $838m $1.0bn $212m $2.6bn $117m $455m
Revenue growth, last 12 months 13.2% 4.2% 4.8% 8.9% 9.9% 5.9% 7.4%
Revenue growth, 3-year average 6.4% 7.7% 9.7% 8.4% 3.7% 5.6% 8.4%
Revenue growth, latest quarter 11.2% 4.0% 5.4% 11.3% 3.1% 7.4% 7.4%
Operating margin 31.8% 20.7% 19.4% 30.5% 35.1% 25.0% 30.5%
Operating margin, 3-year average 31.3% 22.2% 21.1% 28.6% 36.4% 24.5% 28.6%
Net margin 20.5% 12.5% 13.5% 24.5% 21.6% 20.2% 20.9%
Cash from operations / revenue 33.9% 29.6% 30.5% 32.7% 40.0% 34.4% 33.3%
Free-cash-flow margin 3.0% 13.8% 16.5% 18.4% 22.9% −15.5% 8.4%
Free-cash-flow margin, 3-year average −4.4% 12.3% 17.8% 9.3% 21.7% −14.4% 2.5%
Stock pay / revenue 0.5% 0.8% 0.4% 0.8% 0.5% 0.3% 0.7%
Change in share count 2.3% 16.7% 1.7% 3.8% 2.5% 0.2% 2.4%

Median of all 12 companies we cover in water utilities. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

12 water utilities companies
Measure Company Peer median Rank
Revenue growth Growth 13.2% 8.9% 2 of 12
Change in growth rate Growth +1.6pp +0.9pp 5 of 12
Operating margin Profitability 31.8% 30.5% 5 of 11
Net margin Profitability 20.5% 21.3% 7 of 12
Free-cash-flow margin Cash generation 3.0% 13.8% 7 of 12
Stock pay as % of revenue Cash generation 0.5% 0.8% 4 of 9
Long-term debt as % of assets Balance sheet 25.9% 26.9% 4 of 12
Change in share count Balance sheet 2.3% 2.3% 6 of 11
Days sales outstanding Balance sheet 22 days 32 days 1 of 11

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$2.7B
Institutions reporting
406
Shares held vs prior quarter
▲ 3.8%
Positions opened / closed
62 / 31

Top buyers and sellers, Q2 2026: 228 institutions bought and 132 sold ; the biggest buyer was AQR Capital Management LLC (+446K shares) and the biggest seller Morgan Stanley (−398K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $603M 7.3M 22.2% ▲ 6.3%
Vanguard Portfolio Management LLC $291M 3.5M 10.7% ▲ 13.5%
Neuberger Berman Group LLC $211M 2.6M 7.8% ▲ 1.2%
State Street Corp $185M 2.2M 6.8% ▲ 8.7%
Vanguard Capital Management LLC $148M 1.8M 5.4% ▲ 1.9%
Geode Capital Management, LLC $82.7M 1.0M 3.0% ▲ 7.1%
AQR Capital Management LLC $76M 920K 2.8% ▲ 94.2%
Morgan Stanley $74.7M 905K 2.7% ▼ 30.5%
First Trust Advisors LP $64.3M 778K 2.4% ▼ 6.9%
Dimensional Fund Advisors LP $61.9M 749K 2.3% ▲ 1.1%
Invesco Ltd. $51.2M 619K 1.9% ▼ 3.1%
Northern Trust Corp $39.9M 482K 1.5% ▲ 9.3%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not American States Water Co's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $70,496 4 trades by 1 insider, last 12 months Insider sales History → $317,737 5 trades by 3 insiders · 0% under pre-set plans
Net ▼ $247,241 net selling
Insider Date Trade Shares Price Value
Bonta Diana M Director September 4, 2026 Sell 546 $88.80 $48,485
Holloway Anne M Director August 19, 2026 Sell 900 $88.86 $79,974
Holloway Anne M Director May 20, 2026 Sell 662 $75.58 $50,034
Holloway Anne M Director May 19, 2026 Buy 527 $75.92 $40,000
Holloway Anne M Director May 18, 2026 Buy 135 $75.92 $10,235
Rowley Paul J SVP OF OPERATIONS May 15, 2026 Sell 1,304 $76.05 $99,169
Holloway Anne M Director February 23, 2026 Buy 138 $73.50 $10,165
Holloway Anne M Director November 14, 2025 Buy 135 $74.59 $10,097
Holloway Anne M Director November 11, 2025 Sell 528 $75.90 $40,075

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 4, 2026 estimated from the company's past filing pattern, not announced

  • August 5, 2026
  • May 6, 2026
  • February 18, 2026
  • November 5, 2025
  • August 6, 2025
  • May 7, 2025

Recent SEC filings

Data status

When each part of this page on American States Water Co was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

American States Water Co in brief

What does American States Water Co do?
American States Water Co is a US-listed company in the water utilities industry. Its financial year ends in December.
What is American States Water Co's stock ticker?
American States Water Co trades under the ticker AWR on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is American States Water Co's revenue, and how fast is it growing?
Over its most recent trailing twelve months, American States Water Co reported revenue of $697M, 13.2% higher than a year earlier, according to its SEC filings.
What is American States Water Co's free cash flow?
American States Water Co's free-cash-flow margin is 3.0% of revenue over the trailing twelve months, ranking 7 of the 12 water utilities companies we cover.
Who are American States Water Co's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and Neuberger Berman Group LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is American States Water Co's market cap?
On November 2, 2026, American States Water Co's market capitalisation was about $3.4B, with a price-to-earnings ratio of 23.9 and net debt of $696M. Market figures come from third-party market data and may be delayed.
Does American States Water Co pay a dividend?
Yes: American States Water Co paid $78.5M in dividends over the trailing twelve months, a dividend yield of 2.26% and a payout ratio of 54.8%.
How much debt does American States Water Co have?
American States Water Co's debt-to-equity ratio is 64.0%, from its latest balance sheet (60.1% five years earlier). The financial health section below sets out its other solvency checks.
Who are American States Water Co's competitors?
In our Water Utilities peer group, the companies closest to American States Water Co are H2o America, California Water Service Group, Middlesex Water Co, Essential Utilities, Inc. and Artesian Resources Corp. The side-by-side comparison below sets their revenue, margins and growth against American States Water Co's.
Are insiders buying or selling American States Water Co stock?
Over the last 12 months, American States Water Co's directors and officers reported 4 open-market purchases and 5 sales on Form 4. The insider trading page charts every trade.
When is American States Water Co's next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — American States Water Co announces its own schedule.