NYSE : AWR
American States Water Company — Financial statements
Utilities · Utilities - Regulated Water · United States
Last price 86.32 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 3.42B
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Financial statements
American States Water Company (AWR) reported revenue of 697.48M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 697.48M | 658.07M | 595.46M | 595.70M | 491.53M | 498.85M |
| Fuel & Purchased Power | 14.37M | 14.08M | 15.03M | 12.83M | 11.86M | 11.10M |
| Operations & Maintenance | 70.83M | 68.70M | 61.57M | 54.49M | 51.49M | 47.52M |
| Selling, General & Admin | 103.39M | 102.81M | 100.94M | 88.27M | 86.19M | 83.55M |
| Depreciation & Amortization | 49.95M | 47.78M | 43.65M | 42.40M | 41.31M | 39.60M |
| Other Operating Expenses | 232.44M | 218.18M | 186.85M | 199.54M | 166.52M | 172.00M |
| Total Operating Expenses | 470.98M | 451.55M | 408.04M | 397.53M | 357.38M | 353.76M |
| Operating Income | 226.49M | 206.52M | 187.42M | 198.17M | 134.15M | 145.09M |
| Interest Expense | -46.87M | -46.78M | -50.38M | -42.76M | -27.03M | -22.83M |
| Interest Income | 4.00M | 5.65M | 7.87M | 7.42M | 2.33M | 1.49M |
| Net Interest Expense | -42.87M | -41.13M | -42.51M | -35.35M | -24.70M | -21.34M |
| Other Non-Operating Income (Expenses) | 4.51M | 4.41M | 4.53M | 3.60M | -7.47M | 556.00K |
| EBT Excluding Unusual Items | 188.14M | 169.80M | 149.44M | 166.42M | 101.98M | 124.31M |
| Gain (Loss) on Sale of Assets | 100.00K | 75.00K | 465.00K | |||
| Pretax Income | 188.14M | 169.80M | 149.44M | 166.52M | 102.06M | 124.77M |
| Income Tax Expense | 45.01M | 39.36M | 30.17M | 41.60M | 23.66M | 30.42M |
| Net Income | 143.13M | 130.44M | 119.27M | 124.92M | 78.40M | 94.35M |
| Preferred Dividends & Other Adjustments | 494.00K | 455.00K | 419.00K | 372.00K | 197.00K | 244.00K |
| Net Income to Common | 142.64M | 129.99M | 118.85M | 124.55M | 78.20M | 94.10M |
| Shares Outstanding (Basic) | 38.97M | 38.55M | 37.46M | 36.98M | 36.95M | 36.92M |
| Shares Outstanding (Diluted) | 39.10M | 38.67M | 37.58M | 37.08M | 37.04M | 37.01M |
| EPS (Basic) | 3.66 | 3.37 | 3.17 | 3.37 | 2.12 | 2.55 |
| EPS (Diluted) | 3.65 | 3.37 | 3.17 | 3.36 | 2.11 | 2.55 |
| Free Cash Flow | 20.75M | -7.09M | -33.23M | -120.86M | -48.44M | -28.93M |
| Free Cash Flow Per Share | 0.53 | -0.18 | -0.88 | -3.26 | -1.31 | -0.78 |
| Dividend Per Share | 2.02 | 1.94 | 1.79 | 1.66 | 1.52 | 1.40 |
| Profit Margin | 20.45% | 19.75% | 19.96% | 20.91% | 15.91% | 18.86% |
| Free Cash Flow Margin | 2.97% | -1.08% | -5.58% | -20.29% | -9.86% | -5.80% |
| EBITDA | 277.62M | 255.39M | 231.65M | 241.42M | 175.85M | 185.06M |
| EBITDA Margin | 39.80% | 38.81% | 38.90% | 40.53% | 35.78% | 37.10% |
| D&A For EBITDA | 51.13M | 48.87M | 44.23M | 43.25M | 41.70M | 39.97M |
| EBIT | 226.49M | 206.52M | 187.42M | 198.17M | 134.15M | 145.09M |
| EBIT Margin | 32.47% | 31.38% | 31.47% | 33.27% | 27.29% | 29.09% |
| Effective Tax Rate | 23.92% | 23.18% | 20.19% | 24.98% | 23.19% | 24.38% |
| Revenue as Reported | 697.48M | 658.07M | 595.46M | 595.70M | 491.53M | 498.85M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 21.66M | 18.82M | 26.66M | 14.07M | 6.00M | 4.96M |
| Accounts Receivable | 140.11M | 142.77M | 127.28M | 117.03M | 91.23M | 95.53M |
| Other Receivables | 9.19M | 6.13M | 6.48M | 6.39M | 8.12M | 6.75M |
| Inventory | 18.55M | 16.41M | 15.14M | 17.57M | 14.62M | 12.16M |
| Prepaid Expenses | 12.09M | 7.55M | 7.29M | 5.77M | 5.45M | 5.32M |
| Other Current Assets | 24.90M | 39.40M | 50.50M | 45.14M | 25.88M | 13.34M |
| Total Current Assets | 226.49M | 231.07M | 233.35M | 205.98M | 151.29M | 138.05M |
| Property, Plant & Equipment | 2.38B | 2.31B | 2.12B | 1.91B | 1.77B | 1.68B |
| Regulatory Assets | 23.05M | 30.07M | 27.10M | 25.59M | 5.69M | 3.18M |
| Goodwill | 1.10M | 1.10M | 1.10M | 1.12M | 1.12M | |
| Other Intangible Assets | 600.00K | 600.00K | 600.00K | 571.00K | 571.00K | |
| Long-Term Accounts Receivable | 25.71M | 29.00M | 40.43M | 51.49M | 62.53M | 65.11M |
| Other Long-Term Assets | 115.22M | 111.18M | 81.35M | 52.92M | 41.06M | 16.23M |
| Total Assets | 2.77B | 2.72B | 2.50B | 2.25B | 2.03B | 1.90B |
| Accounts Payable | 79.51M | 86.02M | 88.59M | 68.70M | 84.85M | 65.90M |
| Accrued Expenses | 38.47M | 38.61M | 40.35M | 38.00M | 35.56M | 37.94M |
| Current Portion of Long-Term Debt | 73.23M | 8.21M | 124.39M | 42.35M | 255.90M | 31.38M |
| Current Unearned Revenue | 10.68M | 11.73M | 5.66M | 1.35M | 903.00K | 257.00K |
| Current Portion of Leases | 2.34M | 2.06M | 2.07M | 1.86M | 1.89M | 2.04M |
| Current Income Taxes Payable | 1.17M | 481.00K | 492.00K | 1.85M | 4.66M | |
| Other Current Liabilities | 26.88M | 26.81M | 23.98M | 13.87M | 15.57M | 13.39M |
| Total Current Liabilities | 231.11M | 174.61M | 285.52M | 166.62M | 396.52M | 155.57M |
| Long-Term Debt | 836.74M | 923.70M | 805.38M | 867.05M | 468.55M | 586.68M |
| Long-Term Leases | 5.19M | 4.41M | 6.39M | 6.62M | 8.09M | 8.92M |
| Long-Term Unearned Revenue | 182.37M | 179.28M | 160.31M | 151.41M | 147.92M | 147.48M |
| Pension & Post-Retirement Benefits | 37.07M | 36.56M | 33.82M | 32.65M | 33.64M | 61.37M |
| Long-Term Deferred Tax Liabilities | 200.05M | 194.99M | 181.12M | 162.59M | 150.76M | 141.44M |
| Other Long-Term Liabilities | 160.95M | 155.97M | 107.62M | 83.06M | 119.35M | 113.58M |
| Total Liabilities | 1.65B | 1.67B | 1.58B | 1.47B | 1.32B | 1.22B |
| Common Stock | 467.47M | 425.15M | 355.14M | 263.18M | 260.16M | 258.44M |
| Retained Earnings | 654.01M | 620.43M | 564.91M | 512.93M | 449.39M | 427.50M |
| Shareholders' Equity | 1.12B | 1.05B | 920.05M | 776.11M | 709.55M | 685.95M |
| Total Liabilities & Equity | 2.77B | 2.72B | 2.50B | 2.25B | 2.03B | 1.90B |
| Total Debt | 917.49M | 938.38M | 938.24M | 917.88M | 734.43M | 629.02M |
| Net Cash (Debt) | -895.84M | -919.55M | -911.57M | -903.81M | -728.43M | -624.05M |
| Net Cash Per Share | -22.91 | -23.78 | -24.25 | -24.38 | -19.67 | -16.86 |
| Filing Date Shares Outstanding | 39.64M | 39.08M | 38.16M | 36.99M | 36.97M | 36.95M |
| Total Common Shares Outstanding | 39.64M | 39.08M | 38.15M | 36.98M | 36.96M | 36.94M |
| Working Capital | -4.61M | 56.46M | -52.18M | 39.35M | -245.23M | -17.52M |
| Book Value Per Share | 28.29 | 26.75 | 24.12 | 20.99 | 19.20 | 18.57 |
| Tangible Book Value | 1.12B | 1.04B | 918.35M | 774.41M | 707.86M | 684.26M |
| Tangible Book Value Per Share | 28.29 | 26.71 | 24.07 | 20.94 | 19.15 | 18.53 |
| Land | 18.24M | 18.24M | 18.29M | 18.43M | 18.21M | |
| Machinery | 2.99B | 2.34B | 2.11B | 1.96B | 1.87B | 1.75B |
| Construction In Progress | 255.48M | 304.93M | 237.13M | 181.65M | 167.91M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 143.13M | 130.44M | 119.27M | 124.92M | 78.40M | 94.35M |
| Depreciation & Amortization | 51.13M | 48.87M | 44.23M | 43.25M | 41.70M | 39.97M |
| Loss (Gain) on Sale of Investments | -6.41M | -5.51M | -5.29M | -5.01M | 5.18M | -4.29M |
| Stock-Based Compensation | 3.77M | 3.56M | 3.74M | 3.30M | 2.57M | 2.57M |
| Change in Accounts Receivable | -9.19M | -8.85M | -15.85M | -7.31M | 9.73M | -5.49M |
| Change in Inventory | -2.66M | -1.27M | 2.43M | -2.95M | -2.46M | -3.54M |
| Change in Accounts Payable | 682.00K | 7.58M | 5.15M | -10.86M | 11.77M | -2.88M |
| Change in Income Taxes | -15.72M | 753.00K | -24.00K | 2.49M | -6.48M | -2.25M |
| Change in Unearned Revenue | 392.00K | 6.07M | 4.31M | 449.00K | 646.00K | -1.54M |
| Change in Other Net Operating Assets | 69.52M | 42.53M | 36.88M | -86.60M | -27.13M | -5.60M |
| Other Operating Activities | -326.00K | 3.19M | 2.23M | 5.07M | 2.84M | 3.18M |
| Operating Cash Flow | 236.65M | 229.73M | 198.73M | 67.68M | 117.80M | 115.58M |
| Capital Expenditures | -215.90M | -236.82M | -231.96M | -188.54M | -166.24M | -144.51M |
| Other Investing Activities | 3.00K | -719.00K | -820.00K | -224.00K | -862.00K | -577.00K |
| Investing Cash Flow | -215.90M | -237.54M | -232.78M | -188.76M | -167.10M | -145.09M |
| Long-Term Debt Issued | 149.21M | 64.57M | 184.25M | 106.79M | 71.30M | |
| Total Debt Issued | -35.00K | 149.21M | 64.57M | 184.25M | 106.79M | 71.30M |
| Long-Term Debt Repaid | -148.45M | -44.87M | -334.00K | -377.00K | -28.36M | |
| Net Debt Issued (Repaid) | -34.50M | 752.00K | 19.70M | 183.92M | 106.41M | 42.94M |
| Issuance of Common Stock | 81.35M | 67.06M | 88.81M | |||
| Common Dividends Paid | -78.46M | -74.66M | -67.02M | -61.20M | -56.36M | -51.69M |
| Other Financing Activities | 12.28M | 6.82M | 5.14M | 6.43M | 281.00K | 6.48M |
| Financing Cash Flow | -19.34M | -26.00K | 46.64M | 129.16M | 50.34M | -2.27M |
| Net Cash Flow | 1.41M | -7.84M | 12.59M | 8.08M | 1.03M | -31.77M |
| Free Cash Flow | 20.75M | -7.09M | -33.23M | -120.86M | -48.44M | -28.93M |
| Free Cash Flow Margin | 2.97% | -1.08% | -5.58% | -20.29% | -9.86% | -5.80% |
| Free Cash Flow Per Share | 0.53 | -0.18 | -0.88 | -3.26 | -1.31 | -0.78 |
| Levered Free Cash Flow | -25.54M | -84.84M | -76.47M | -107.78M | -50.65M | -32.32M |
| Unlevered Free Cash Flow | 3.75M | -55.61M | -44.98M | -81.06M | -33.76M | -18.05M |
| Cash Interest Paid | 46.05M | 46.05M | 50.35M | 39.37M | 26.00M | 22.54M |
| Cash Income Tax Paid | 35.01M | 35.01M | 27.85M | 34.68M | 27.37M | 29.15M |
| Change in Working Capital | 43.02M | 46.83M | 32.91M | -104.79M | -13.93M | -21.32M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 3.42B | 2.81B | 2.94B | 2.97B | 3.42B | 3.82B |
| Enterprise Value | 4.32B | 3.70B | 3.87B | 3.82B | 4.12B | 4.43B |
| PE Ratio | 23.62 | 21.59 | 24.72 | 23.88 | 43.74 | 40.60 |
| PS Ratio | 4.91 | 4.26 | 4.93 | 4.99 | 6.96 | 7.66 |
| PB Ratio | 3.05 | 2.68 | 3.19 | 3.83 | 4.82 | 5.57 |
| P/OCF Ratio | 14.46 | 12.21 | 14.78 | 43.94 | 29.04 | 33.05 |
| EV/Sales Ratio | 6.19 | 5.62 | 6.50 | 6.42 | 8.38 | 8.88 |
| EV/EBITDA Ratio | 15.55 | 14.49 | 16.70 | 15.84 | 23.41 | 23.92 |
| EV/EBIT Ratio | 19.06 | 17.92 | 20.64 | 19.30 | 30.69 | 30.52 |
| Debt / Equity Ratio | 0.82 | 0.90 | 1.02 | 1.18 | 1.03 | 0.92 |
| Debt / EBITDA Ratio | 3.27 | 3.63 | 4.00 | 3.77 | 4.12 | 3.35 |
| Debt / FCF Ratio | 44.23 | |||||
| Net Debt / Equity Ratio | 0.80 | 0.88 | 0.99 | 1.17 | 1.03 | 0.91 |
| Net Debt / EBITDA Ratio | 3.23 | 3.60 | 3.94 | 3.74 | 4.14 | 3.37 |
| Net Debt / FCF Ratio | 43.18 | -129.66 | -27.43 | -7.48 | -15.04 | -21.57 |
| Quick Ratio | 0.74 | 0.96 | 0.56 | 0.82 | 0.27 | 0.69 |
| Current Ratio | 0.98 | 1.32 | 0.82 | 1.24 | 0.38 | 0.89 |
| Asset Turnover | 0.26 | 0.25 | 0.25 | 0.28 | 0.25 | 0.27 |
| Return on Equity (ROE) | 13.67% | 13.27% | 14.06% | 16.82% | 11.24% | 14.21% |
| Return on Assets (ROA) | 5.26% | 4.95% | 4.94% | 5.79% | 4.26% | 4.91% |
| Return on Capital Employed (ROCE) | 8.90% | 8.10% | 8.50% | 9.50% | 8.20% | 8.30% |
| Earnings Yield | 4.23% | 4.65% | 4.06% | 4.20% | 2.29% | 2.47% |
| FCF Yield | 0.61% | -0.25% | -1.13% | -4.06% | -1.42% | -0.76% |
| Dividend Yield | 2.53% | 2.70% | 2.33% | 2.06% | 1.65% | 1.35% |
| Payout Ratio | 59.71% | 57.23% | 56.19% | 48.99% | 71.89% | 54.79% |
| Buyback Yield / Dilution | -2.34% | -2.90% | -1.36% | -0.10% | -0.08% | -0.04% |
| Total Shareholder Return | 0.19% | -0.20% | 0.96% | 1.96% | 1.57% | 1.31% |