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American States Water (AWR) Financials

American States Water logo
$88.90 -0.41 (-0.46%)
As of 08/21/2026 03:58 PM Eastern
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Annual Income Statements for American States Water

Annual Income Statements for American States Water

This table shows American States Water's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 60 60 69 64 84 86 94 78 125 119 130
Consolidated Net Income / (Loss)		 60 60 69 64 84 86 94 78 125 119 130
Net Income / (Loss) Continuing Operations		 60 60 69 64 84 86 94 78 125 119 130
Total Pre-Tax Income 		98 94 108 82 109 115 125 102 167 149 170
Total Operating Income		 118 114 127 101 127 130 141 127 197 184 203
Total Gross Profit		 431 409 365 287 319 325 407 425 524 521 459
Total Revenue		 459 436 441 437 474 488 499 492 596 595 658
Operating Revenue		 459 436 441 437 474 488 499 492 596 595 658
Total Cost of Revenue		 27 27 76 150 155 163 92 67 72 75 199
Operating Cost of Revenue		 27 27 76 150 155 163 92 67 72 75 199
Total Operating Expenses		 313 295 238 186 192 195 266 298 327 336 256
Selling, General & Admin Expense		 108 110 112 114 116 117 118 124 129 142 150
Marketing Expense		 14 15 19 19 19 20 19 19 21 24 21
Depreciation Expense		 42 39 39 40 35 37 40 41 42 44 48
Other Operating Expenses / (Income)		 96 78 77 12 22 21 89 114 135 126 37
Impairment Charge		 0.00 0.00 -8.32 -0.09 -0.25 0.03 -0.47 -0.08 -0.10 0.00 0.00
Total Other Income / (Expense), net		 -20 -20 -19 -19 -18 -16 -16 -25 -30 -35 -33
Interest Expense		 21 22 23 23 25 23 23 27 43 50 47
Interest & Investment Income		 0.46 0.76 1.79 3.58 3.25 1.80 1.49 2.33 7.42 7.87 5.65
Other Income / (Expense), net		 0.36 1.52 2.04 0.76 3.28 4.85 5.13 0.13 5.13 7.47 7.65
Income Tax Expense		 38 35 39 18 25 28 30 24 42 30 39
Basic Earnings per Share		 $1.61 $1.63 $1.88 $1.73 $2.28 $2.34 $2.55 $2.12 $3.37 $3.17 $3.37
Weighted Average Basic Shares Outstanding		 37.39M 36.55M 36.64M 36.73M 36.81M 36.88M 36.92M 36.96M 36.98M 37.46M 38.55M
Diluted Earnings per Share		 $1.60 $1.62 $1.88 $1.72 $2.28 $2.33 $2.55 $2.11 $3.36 $3.17 $3.37
Weighted Average Diluted Shares Outstanding		 37.61M 36.75M 36.84M 36.94M 36.96M 37.00M 37.01M 37.04M 37.08M 37.58M 38.67M
Weighted Average Basic & Diluted Shares Outstanding		 37.60M 36.70M 36.90M 36.90M 36.86M 36.90M 36.95M 36.97M 36.99M 38.16M 39.08M
Cash Dividends to Common per Share		 $0.87 $0.91 $0.99 $1.06 $1.16 $1.28 $1.40 $1.53 $1.66 $1.79 $1.94

Quarterly Income Statements for American States Water

This table shows American States Water's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 20 23 32 36 28 27 34 41 29 30 43
Consolidated Net Income / (Loss)		 20 23 32 36 28 27 34 41 29 30 43
Net Income / (Loss) Continuing Operations		 20 23 32 36 28 27 34 41 29 30 43
Total Pre-Tax Income 		29 31 42 46 31 35 44 54 36 40 58
Total Operating Income		 35 39 52 55 39 46 51 62 45 51 64
Total Gross Profit		 -15 132 152 151 81 138 153 174 -15 159 172
Total Revenue		 125 135 155 162 143 148 163 183 164 169 181
Operating Revenue		 125 135 155 162 143 148 163 183 164 169 181
Total Cost of Revenue		 140 3.23 3.54 11 62 10 9.60 8.77 180 10 8.97
Operating Cost of Revenue		 140 3.23 3.54 11 62 10 9.60 8.77 180 10 8.97
Total Operating Expenses		 -49 93 100 96 43 92 103 112 -60 107 108
Selling, General & Admin Expense		 32 35 34 35 38 37 38 37 38 39 37
Marketing Expense		 5.66 4.85 5.82 6.97 6.50 5.68 6.13 6.97 2.71 5.53 7.27
Depreciation Expense		 11 11 11 11 11 12 12 12 13 13 13
Other Operating Expenses / (Income)		 -98 43 49 42 -13 38 47 56 -113 50 52
Total Other Income / (Expense), net		 -6.36 -8.44 -9.53 -9.18 -7.90 -10 -7.03 -7.64 -8.56 -12 -6.22
Interest Expense		 11 13 13 13 11 12 12 12 11 12 12
Interest & Investment Income		 1.62 2.07 2.09 1.74 1.97 2.01 1.50 1.06 1.08 0.98 0.89
Other Income / (Expense), net		 2.88 2.34 1.52 2.31 1.30 -0.17 3.58 3.01 1.24 -0.42 5.07
Income Tax Expense		 8.10 7.40 10 10 2.36 8.46 10 13 7.73 9.87 14
Basic Earnings per Share		 $0.55 $0.62 $0.85 $0.95 $0.75 $0.70 $0.87 $1.06 $0.74 $0.76 $1.10
Weighted Average Basic Shares Outstanding		 36.98M 37.03M 37.31M 37.56M 37.46M 38.25M 38.51M 38.57M 38.55M 39.11M 39.34M
Diluted Earnings per Share		 $0.54 $0.62 $0.85 $0.95 $0.75 $0.70 $0.87 $1.06 $0.74 $0.76 $1.09
Weighted Average Diluted Shares Outstanding		 37.08M 37.11M 37.42M 37.68M 37.58M 38.35M 38.64M 38.70M 38.67M 39.21M 39.48M
Weighted Average Basic & Diluted Shares Outstanding		 36.99M 37.23M 37.46M 37.80M 38.16M 38.51M 38.51M 38.71M 39.08M 39.19M 39.64M
Cash Dividends to Common per Share		 $0.43 $0.43 $0.43 $0.47 $0.47 $0.47 $0.47 $0.50 $0.50 $0.50 $0.50

Annual Cash Flow Statements for American States Water

This table details how cash moves in and out of American States Water's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -72 -3.93 -0.22 6.93 -5.81 35 -32 1.03 8.08 13 -7.84
Net Cash From Operating Activities		 95 97 145 137 117 122 116 118 68 199 230
Net Cash From Continuing Operating Activities		 95 97 145 137 117 120 116 118 68 199 228
Net Income / (Loss) Continuing Operations		 60 60 69 64 84 86 94 78 125 119 130
Consolidated Net Income / (Loss)		 60 60 69 64 84 86 94 78 125 119 130
Depreciation Expense		 43 39 39 41 36 37 40 42 43 44 49
Non-Cash Adjustments To Reconcile Net Income		 5.31 0.15 -1.23 -6.95 -0.57 -11 -6.50 7.50 -7.20 4.56 -3.46
Changes in Operating Assets and Liabilities, net		 -13 -2.06 37 39 -2.62 7.79 -12 -9.79 -93 31 53
Net Cash From Investing Activities		 -90 -131 -80 -128 -153 -132 -145 -167 -189 -233 -238
Net Cash From Continuing Investing Activities		 -90 -131 -80 -128 -153 -133 -145 -167 -189 -233 -238
Purchase of Property, Plant & Equipment		 -87 -130 -113 -127 -152 -130 -145 -166 -189 -232 -237
Other Investing Activities, net		 0.00 - -1.23 -1.55 -1.42 -1.28 -0.58 -0.86 -0.22 -0.82 -0.72
Net Cash From Financing Activities		 -77 30 -65 -1.81 31 45 -2.27 50 129 47 -0.03
Net Cash From Continuing Financing Activities		 -77 30 -65 -1.81 31 -77 -2.27 50 129 47 -0.03
Repayment of Debt		 -4.85 -5.72 -4.22 -4.21 -45 -77 38 66 50 -50 -154
Payment of Dividends		 -33 -33 -36 -39 -43 -70 -52 -56 -61 -67 -75
Issuance of Debt		 0.00 0.00 -31 37 110 159 0.00 35 130 65 149
Issuance of Common Equity		 1.20 0.24 0.91 0.55 0.52 60 - - - 89 67
Other Financing Activities, net		 33 69 5.98 4.30 8.54 -151 11 5.60 11 10 13

Quarterly Cash Flow Statements for American States Water

This table details how cash moves in and out of American States Water's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 5.47 2.09 2.66 13 10 -31 25 5.83 -7.25 3.33 -0.50
Net Cash From Operating Activities		 11 46 25 64 65 45 65 92 28 72 45
Net Cash From Continuing Operating Activities		 11 45 25 64 64 45 65 93 26 72 46
Net Income / (Loss) Continuing Operations		 20 23 32 36 28 27 34 41 29 30 43
Consolidated Net Income / (Loss)		 20 23 32 36 28 27 34 41 29 30 43
Depreciation Expense		 11 11 11 11 11 12 12 12 13 13 13
Non-Cash Adjustments To Reconcile Net Income		 3.19 5.46 -8.23 2.72 4.61 -0.17 6.72 0.92 -11 15 -3.88
Changes in Operating Assets and Liabilities, net		 -23 5.49 -9.99 15 20 6.54 12 39 -4.82 14 -6.69
Net Cash From Investing Activities		 -54 -47 -61 -64 -60 -67 -51 -54 -65 -49 -48
Net Cash From Continuing Investing Activities		 -54 -47 -61 -64 -60 -67 -51 -54 -65 -49 -48
Purchase of Property, Plant & Equipment		 -52 -48 -62 -64 -58 -68 -51 -55 -64 -49 -49
Other Investing Activities, net		 -1.18 0.14 0.27 0.22 -1.44 0.19 -0.05 0.28 -1.15 0.20 0.67
Net Cash From Financing Activities		 48 4.54 23 13 5.60 17 -15 -32 30 -19 2.42
Net Cash From Continuing Financing Activities		 48 4.54 39 13 5.60 -8.84 11 -32 30 -19 2.42
Repayment of Debt		 59 -0.87 -41 0.96 -9.00 -42 -99 -30 16 -10 -15
Payment of Dividends		 -16 -16 -16 -17 -18 -18 -18 -19 -20 -20 -20
Issuance of Common Equity		 - 16 - 27 30 - - 15 27 6.23 34
Other Financing Activities, net		 4.68 1.22 3.31 2.80 2.72 0.67 2.54 2.77 6.67 4.29 3.86

Annual Balance Sheets for American States Water

This table presents American States Water's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 1,344 1,470 1,417 1,501 1,641 1,792 1,901 2,034 2,246 2,500 2,715
Total Current Assets		 133 167 155 131 122 157 138 151 206 233 231
Cash & Equivalents		 4.36 0.44 0.21 7.14 1.33 37 4.96 6.00 14 27 19
Accounts Receivable		 79 97 106 72 67 84 96 86 113 114 119
Inventories, net		 5.42 4.29 4.80 5.78 6.43 8.62 12 15 18 15 16
Prepaid Expenses		 3.23 3.74 5.60 6.06 5.41 5.56 5.32 5.45 5.77 7.29 7.55
Current Deferred & Refundable Income Taxes		 11 18 4.74 2.16 5.69 0.10 0.24 3.90 0.05 0.07 0.00
Other Current Assets		 30 43 34 39 36 22 19 35 55 71 71
Plant, Property, & Equipment, net		 1,061 1,151 1,205 1,296 1,416 1,512 1,626 1,754 1,892 2,100 2,296
Plant, Property & Equipment, gross		 1,590 1,684 1,738 1,858 1,959 2,080 2,220 2,360 2,517 2,748 2,950
Accumulated Depreciation		 530 533 533 562 543 568 594 606 624 648 654
Total Noncurrent Assets		 150 153 56 74 103 122 137 129 148 167 188
Long-Term Investments		 19 21 24 25 30 35 41 37 43 50 59
Noncurrent Note & Lease Receivables		 - - - - - - - - - - 1.26
Other Noncurrent Operating Assets		 131 131 31 47 72 86 95 91 105 117 128
Total Liabilities & Shareholders' Equity		 1,344 1,470 1,417 1,501 1,641 1,792 1,901 2,034 2,246 2,500 2,715
Total Liabilities		 890 1,038 890 943 1,040 1,150 1,215 1,325 1,470 1,580 1,670
Total Current Liabilities		 136 240 157 147 116 119 156 397 167 286 175
Short-Term Debt		 28 90 59 40 5.34 0.36 31 256 42 124 8.21
Accounts Payable		 63 105 51 60 56 64 66 85 69 89 86
Accrued Expenses		 3.63 3.86 - - 11 - - 16 15 17 11
Current Deferred & Payable Income Tax Liabilities		 0.07 0.15 0.23 0.36 0.10 6.78 4.66 1.85 0.49 0.48 1.17
Current Employee Benefit Liabilities		 12 12 13 14 14 15 16 14 15 16 16
Other Taxes Payable		 8.14 9.11 7.34 10 - - - - - - 13
Other Current Liabilities		 17 16 18 11 15 28 33 17 16 26 29
Other Current Nonoperating Liabilities		 - - 3.86 3.87 3.05 4.83 4.55 5.31 8.61 8.13 9.55
Total Noncurrent Liabilities		 755 798 733 797 924 1,031 1,059 928 1,303 1,295 1,495
Long-Term Debt		 321 321 321 377 481 575 587 469 867 805 924
Asset Retirement Reserve & Litigation Obligation		 - 0.00 32 45 23 0.00 33 41 1.22 23 60
Noncurrent Deferred Revenue		 186 190 67 66 64 63 67 64 67 70 78
Noncurrent Deferred & Payable Income Tax Liabilities		 194 226 117 116 127 132 141 151 163 181 195
Noncurrent Employee Benefit Liabilities		 53 61 58 58 68 96 61 34 33 34 37
Other Noncurrent Operating Liabilities		 - - 138 136 160 165 170 170 172 182 201
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 466 494 530 558 602 642 686 710 776 920 1,046
Total Preferred & Common Equity		 466 494 530 558 602 642 686 710 776 920 1,046
Total Common Equity		 466 494 530 558 602 642 686 710 776 920 1,046
Common Stock		 466 494 530 558 602 642 686 710 776 920 425
Retained Earnings		 - - - - - - - - - - 620

Quarterly Balance Sheets for American States Water

This table presents American States Water's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 2,060 2,140 2,205 2,293 2,348 2,421 2,545 2,611 2,655 2,734 2,775
Total Current Assets		 140 169 192 205 210 222 238 252 251 221 226
Cash & Equivalents		 2.13 1.03 8.60 17 3.58 16 21 20 26 22 22
Accounts Receivable		 88 100 116 102 119 119 110 129 124 109 118
Inventories, net		 16 17 16 16 17 16 16 16 17 17 19
Prepaid Expenses		 12 9.17 6.53 12 9.04 6.95 14 11 8.20 14 12
Current Deferred & Refundable Income Taxes		 0.04 0.07 0.06 0.00 0.00 2.13 0.03 0.00 0.00 0.00 1.75
Other Current Assets		 21 42 45 59 62 62 78 76 76 60 55
Plant, Property, & Equipment, net		 1,780 1,814 1,850 1,934 1,982 2,041 2,137 2,194 2,241 2,330 2,367
Plant, Property & Equipment, gross		 2,397 2,431 2,473 2,566 2,621 2,682 2,791 2,856 2,899 2,993 3,040
Accumulated Depreciation		 616 617 623 633 639 641 654 662 658 663 673
Total Noncurrent Assets		 140 157 163 154 157 158 170 165 164 183 181
Long-Term Investments		 38 40 38 45 46 48 50 53 56 57 62
Noncurrent Note & Lease Receivables		 7.79 6.82 5.85 5.93 5.30 4.21 2.80 2.18 1.72 0.96 0.66
Other Noncurrent Operating Assets		 93 109 118 102 105 104 117 110 106 125 119
Total Liabilities & Shareholders' Equity		 2,060 2,140 2,205 2,293 2,348 2,421 2,545 2,611 2,655 2,734 2,775
Total Liabilities		 1,330 1,373 1,434 1,492 1,515 1,541 1,589 1,638 1,646 1,670 1,653
Total Current Liabilities		 308 141 195 179 299 321 294 162 197 182 231
Short-Term Debt		 176 0.41 37 43 167 177 143 0.40 5.48 8.21 73
Accounts Payable		 66 71 72 70 72 77 68 76 82 79 80
Accrued Expenses		 8.41 - 11 12 12 12 11 11 12 12 12
Current Deferred & Payable Income Tax Liabilities		 11 19 29 5.11 4.25 0.16 6.76 14 27 12 0.00
Current Employee Benefit Liabilities		 17 13 15 18 13 16 19 13 16 20 14
Other Taxes Payable		 14 15 17 13 13 16 14 14 16 9.75 15
Other Current Liabilities		 15 4.09 4.75 8.61 8.73 14 23 23 27 30 28
Other Current Nonoperating Liabilities		 - 7.80 8.95 9.00 8.35 9.62 9.80 9.46 11 11 9.53
Total Noncurrent Liabilities		 1,022 1,244 1,239 1,314 1,216 1,220 1,295 1,476 1,448 1,489 1,422
Long-Term Debt		 601 819 812 870 768 760 796 942 909 915 837
Asset Retirement Reserve & Litigation Obligation		 1.78 0.00 0.00 1.12 0.75 3.90 27 44 47 56 62
Noncurrent Deferred Revenue		 64 64 64 69 69 70 70 75 76 82 81
Noncurrent Deferred & Payable Income Tax Liabilities		 149 154 157 167 169 177 185 190 192 196 200
Noncurrent Employee Benefit Liabilities		 35 36 34 34 34 32 34 35 32 37 37
Other Noncurrent Operating Liabilities		 171 170 171 173 175 176 182 191 192 204 206
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 731 755 771 800 833 879 956 973 1,009 1,064 1,121
Total Preferred & Common Equity		 731 755 771 800 833 879 956 973 1,009 1,064 1,121
Total Common Equity		 731 755 771 800 833 879 956 973 1,009 1,064 1,121
Common Stock		 262 262 263 280 298 325 382 383 398 433 467
Retained Earnings		 469 493 508 520 536 554 574 590 611 631 654

Annual Metrics And Ratios for American States Water

This table displays calculated financial ratios and metrics derived from American States Water's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -1.54% -4.92% 1.04% -0.86% 8.48% 3.03% 2.17% -1.47% 21.19% -0.04% 10.52%
EBITDA Growth		 -0.02% -4.15% 8.77% -15.44% 16.61% 3.91% 7.84% -9.47% 45.51% -3.65% 10.00%
EBIT Growth		 -0.79% -2.64% 11.60% -21.21% 28.12% 3.84% 7.95% -13.24% 59.25% -4.91% 9.89%
NOPAT Growth		 -0.51% -1.04% 12.69% -3.21% 24.82% 0.08% 8.34% -8.75% 51.73% -0.24% 6.06%
Net Income Growth		 -0.94% -1.23% 16.11% -7.92% 32.05% 2.47% 9.17% -16.91% 59.35% -4.53% 9.37%
EPS Growth		 1.91% 1.25% 16.05% -8.51% 32.56% 2.19% 9.44% -17.25% 59.24% -5.65% 6.31%
Operating Cash Flow Growth		 -41.73% 1.90% 49.10% -5.38% -14.56% 4.54% -5.39% 1.92% -42.54% 193.62% 15.60%
Free Cash Flow Firm Growth		 -540.60% 106.68% -42.59% 12.74% -175.37% 157.55% -181.81% -433.15% -156.20% 103.74% 689.38%
Invested Capital Growth		 197.01% 5.45% 7.82% 6.71% 11.92% 8.50% 9.87% 10.58% 17.24% 8.78% 7.23%
Revenue Q/Q Growth		 0.00% 0.00% -0.59% 1.59% 0.42% 2.35% -1.50% 1.81% -0.03% 3.10% 3.33%
EBITDA Q/Q Growth		 288.65% 290.53% 0.13% -0.08% 1.56% 3.97% 0.64% -0.92% 3.19% 1.15% 3.10%
EBIT Q/Q Growth		 0.00% 0.00% 0.26% -0.87% 3.38% 4.49% 0.28% -1.59% 3.94% 1.17% 3.07%
NOPAT Q/Q Growth		 0.00% 0.00% 2.00% 2.58% 2.40% 2.01% 0.40% 0.03% 2.03% 7.79% 0.00%
Net Income Q/Q Growth		 0.00% 0.00% 2.45% 1.46% 3.57% 4.23% 0.15% -2.15% 1.46% 7.20% 0.24%
EPS Q/Q Growth		 0.00% 0.00% 2.73% 1.18% 3.64% 4.02% 0.39% -2.31% 1.20% 7.09% -0.30%
Operating Cash Flow Q/Q Growth		 -26.41% 12.01% 3.50% 3.05% 3.72% 1.47% -0.57% -4.69% -19.79% 36.70% -13.81%
Free Cash Flow Firm Q/Q Growth		 -3,244.38% 129.61% -79.29% -15.52% 29.98% 160.26% -82.54% -53.84% -14.62% 108.33% -57.46%
Invested Capital Q/Q Growth		 1.93% -4.96% 2.76% 3.20% 2.46% 1.98% 2.09% 2.84% 3.37% 1.06% 3.01%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 94.05% 93.84% 82.81% 65.64% 67.24% 66.60% 81.55% 86.46% 73.43% 87.44% 69.82%
EBITDA Margin		 35.22% 35.50% 38.22% 32.60% 35.04% 35.34% 37.30% 34.27% 41.15% 39.66% 39.48%
Operating Margin		 25.83% 26.19% 28.85% 23.12% 26.82% 26.73% 28.26% 25.76% 33.03% 30.98% 30.89%
EBIT Margin		 25.91% 26.53% 29.31% 23.29% 27.51% 27.72% 29.29% 25.79% 33.89% 32.24% 32.05%
Profit (Net Income) Margin		 13.19% 13.70% 15.74% 14.62% 17.80% 17.70% 18.91% 15.95% 20.97% 20.03% 19.82%
Tax Burden Percent		 61.58% 63.23% 64.03% 78.00% 77.37% 75.40% 75.62% 76.81% 75.02% 79.81% 76.82%
Interest Burden Percent		 82.64% 81.65% 83.90% 80.49% 83.63% 84.68% 85.39% 80.51% 82.49% 77.85% 80.50%
Effective Tax Rate		 38.42% 36.77% 35.97% 22.00% 22.63% 24.60% 24.38% 23.19% 24.98% 20.19% 23.18%
Return on Invested Capital (ROIC)		 14.00% 9.01% 9.52% 8.59% 9.80% 8.91% 8.84% 7.32% 9.73% 8.62% 8.46%
ROIC Less NNEP Spread (ROIC-NNEP)		 9.67% 5.13% 6.02% 4.60% 6.50% 6.43% 6.58% 4.33% 6.80% 5.37% 5.48%
Return on Net Nonoperating Assets (RNNOA)		 11.97% 3.43% 4.03% 3.15% 4.74% 4.99% 5.37% 3.92% 7.09% 5.45% 4.81%
Return on Equity (ROE)		 25.96% 12.44% 13.55% 11.74% 14.54% 13.90% 14.21% 11.24% 16.82% 14.06% 13.27%
Cash Return on Invested Capital (CROIC)		 -85.25% 3.70% 1.99% 2.10% -1.44% 0.75% -0.57% -2.73% -6.14% 0.20% 1.49%
Operating Return on Assets (OROA)		 8.73% 8.22% 8.95% 6.97% 8.30% 7.89% 7.91% 6.44% 9.43% 8.09% 8.09%
Return on Assets (ROA)		 4.44% 4.25% 4.81% 4.38% 5.37% 5.04% 5.11% 3.98% 5.84% 5.03% 5.00%
Return on Common Equity (ROCE)		 25.96% 12.44% 13.55% 11.74% 14.54% 13.90% 14.21% 11.24% 16.82% 14.06% 13.27%
Return on Equity Simple (ROE_SIMPLE)		 12.98% 12.09% 13.09% 11.44% 14.02% 13.47% 13.75% 11.05% 16.10% 12.96% 0.00%
Net Operating Profit after Tax (NOPAT)		 73 72 81 79 98 98 107 97 148 147 156
NOPAT Margin		 15.91% 16.56% 18.47% 18.03% 20.75% 20.15% 21.37% 19.79% 24.78% 24.73% 23.73%
Net Nonoperating Expense Percent (NNEP)		 4.33% 3.88% 3.50% 4.00% 3.30% 2.48% 2.26% 2.99% 2.93% 3.25% 2.98%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - 6.78% 8.76% 7.96% 7.90%
Cost of Revenue to Revenue		 5.95% 6.16% 17.19% 34.36% 32.76% 33.40% 18.45% 13.54% 26.57% 12.56% 30.18%
SG&A Expenses to Revenue		 23.60% 25.17% 25.34% 26.15% 24.44% 23.93% 23.71% 25.29% 21.58% 23.89% 22.77%
R&D to Revenue		 11.51% 12.32% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 68.22% 67.66% 53.97% 42.52% 40.43% 39.87% 53.29% 60.69% 40.40% 56.46% 38.93%
Earnings before Interest and Taxes (EBIT)		 119 116 129 102 130 135 146 127 202 192 211
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 162 155 168 142 166 173 186 168 245 236 260
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.81 2.93 3.56 3.99 4.87 4.26 5.28 4.60 3.72 3.17 2.68
Price to Tangible Book Value (P/TBV)		 2.82 2.94 3.56 4.00 4.88 4.27 5.29 4.60 3.72 3.17 2.68
Price to Revenue (P/Rev)		 2.86 3.32 4.28 5.10 6.18 5.60 7.26 6.64 4.85 4.90 4.26
Price to Earnings (P/E)		 21.67 24.25 27.18 34.86 34.72 31.64 38.38 41.60 23.14 24.48 21.51
Dividend Yield		 2.45% 2.31% 1.93% 1.75% 1.46% 1.73% 1.43% 1.73% 2.12% 2.32% 2.68%
Earnings Yield		 4.62% 4.12% 3.68% 2.87% 2.88% 3.16% 2.61% 2.40% 4.32% 4.09% 4.65%
Enterprise Value to Invested Capital (EV/IC)		 2.10 2.24 2.53 2.76 3.19 2.82 3.32 2.82 2.29 2.12 1.92
Enterprise Value to Revenue (EV/Rev)		 3.57 4.22 5.09 5.98 7.14 6.63 8.41 8.02 6.28 6.33 5.56
Enterprise Value to EBITDA (EV/EBITDA)		 10.13 11.88 13.31 18.34 20.37 18.76 22.54 23.41 15.27 15.97 14.09
Enterprise Value to EBIT (EV/EBIT)		 13.77 15.89 17.36 25.66 25.96 23.92 28.70 31.11 18.54 19.65 17.35
Enterprise Value to NOPAT (EV/NOPAT)		 22.43 25.46 27.54 33.15 34.41 32.90 39.34 40.54 25.36 25.62 23.44
Enterprise Value to Operating Cash Flow (EV/OCF)		 17.20 18.96 15.50 19.09 28.95 26.50 36.28 33.47 55.30 18.98 15.93
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 61.94 131.52 135.92 0.00 388.51 0.00 0.00 0.00 1,083.29 133.18
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.75 0.83 0.72 0.75 0.81 0.90 0.90 1.02 1.17 1.01 0.89
Long-Term Debt to Equity		 0.69 0.65 0.61 0.67 0.80 0.90 0.86 0.66 1.12 0.88 0.88
Financial Leverage		 1.24 0.67 0.67 0.68 0.73 0.78 0.82 0.91 1.04 1.02 0.88
Leverage Ratio		 5.84 2.93 2.82 2.68 2.71 2.76 2.78 2.82 2.88 2.80 2.65
Compound Leverage Factor		 4.83 2.39 2.37 2.16 2.27 2.34 2.38 2.27 2.38 2.18 2.14
Debt to Total Capital		 42.84% 45.42% 41.78% 42.75% 44.71% 47.26% 47.40% 50.52% 53.95% 50.26% 47.13%
Short-Term Debt to Total Capital		 3.47% 9.97% 6.52% 4.13% 0.49% 0.03% 2.41% 17.85% 2.51% 6.72% 0.42%
Long-Term Debt to Total Capital		 39.37% 35.44% 35.27% 38.62% 44.21% 47.23% 44.99% 32.67% 51.44% 43.54% 46.71%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 57.16% 54.58% 58.22% 57.25% 55.29% 52.74% 52.60% 49.48% 46.05% 49.74% 52.87%
Debt to EBITDA		 2.16 2.66 2.26 2.93 2.93 3.33 3.32 4.30 3.71 3.94 3.59
Net Debt to EBITDA		 2.02 2.52 2.11 2.70 2.74 2.91 3.08 4.05 3.48 3.61 3.29
Long-Term Debt to EBITDA		 1.99 2.07 1.91 2.64 2.90 3.33 3.15 2.78 3.54 3.41 3.56
Debt to NOPAT		 4.79 5.70 4.67 5.29 4.95 5.84 5.80 7.45 6.16 6.31 5.97
Net Debt to NOPAT		 4.47 5.40 4.38 4.88 4.63 5.11 5.37 7.01 5.78 5.79 5.47
Long-Term Debt to NOPAT		 4.40 4.45 3.95 4.78 4.89 5.84 5.50 4.82 5.87 5.47 5.92
Altman Z-Score		 1.51 1.33 1.88 1.92 2.25 1.97 2.29 1.78 1.76 1.57 1.53
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.98 0.70 0.99 0.90 1.06 1.33 0.89 0.38 1.24 0.82 1.32
Quick Ratio		 0.61 0.41 0.68 0.54 0.59 1.02 0.65 0.23 0.77 0.49 0.78
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -444 30 17 19 -14 8.33 -6.82 -36 -93 3.48 27
Operating Cash Flow to CapEx		 109.03% 74.65% 183.44% 108.13% 77.00% 93.74% 79.98% 70.86% 35.90% 85.68% 97.01%
Free Cash Flow to Firm to Interest Expense		 -21.08 1.35 0.75 0.82 -0.59 0.37 -0.30 -1.34 -2.18 0.07 0.59
Operating Cash Flow to Interest Expense		 4.51 4.41 6.40 5.84 4.75 5.42 5.06 4.36 1.58 3.94 4.91
Operating Cash Flow Less CapEx to Interest Expense		 0.37 -1.50 2.91 0.44 -1.42 -0.36 -1.27 -1.79 -2.83 -0.66 -0.15
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.34 0.31 0.31 0.30 0.30 0.28 0.27 0.25 0.28 0.25 0.25
Accounts Receivable Turnover		 5.54 4.96 4.34 4.92 6.83 6.46 5.54 5.40 5.97 5.25 5.70
Inventory Turnover		 6.06 5.53 16.67 28.40 25.44 21.68 8.86 4.97 9.83 4.57 12.59
Fixed Asset Turnover		 0.44 0.39 0.37 0.35 0.35 0.33 0.32 0.29 0.33 0.30 0.30
Accounts Payable Turnover		 0.52 0.32 0.97 2.72 2.70 2.73 1.42 0.88 2.06 0.95 2.27
Days Sales Outstanding (DSO)		 65.89 73.66 84.14 74.17 53.43 56.53 65.87 67.56 61.11 69.56 64.07
Days Inventory Outstanding (DIO)		 60.23 65.98 21.90 12.85 14.35 16.84 41.21 73.44 37.13 79.82 28.99
Days Payable Outstanding (DPO)		 698.69 1,141.84 376.95 134.38 135.38 133.61 257.17 413.32 177.06 383.78 160.45
Cash Conversion Cycle (CCC)		 -572.57 -1,002.21 -270.91 -47.36 -67.61 -60.24 -150.10 -272.32 -78.83 -234.40 -67.40
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 780 823 887 946 1,059 1,149 1,263 1,396 1,637 1,781 1,910
Invested Capital Turnover		 0.88 0.54 0.52 0.48 0.47 0.44 0.41 0.37 0.39 0.35 0.36
Increase / (Decrease) in Invested Capital		 517 43 64 60 113 90 113 134 241 144 129
Enterprise Value (EV)		 1,637 1,839 2,241 2,611 3,383 3,238 4,194 3,943 3,743 3,772 3,660
Market Capitalization		 1,311 1,448 1,885 2,227 2,929 2,735 3,621 3,262 2,890 2,919 2,806
Book Value per Share		 $12.69 $13.52 $14.45 $15.19 $16.33 $17.39 $18.57 $19.20 $20.99 $24.34 $27.01
Tangible Book Value per Share		 $12.66 $13.49 $14.42 $15.16 $16.30 $17.36 $18.54 $19.17 $20.99 $24.34 $27.01
Total Capital		 815 906 910 975 1,088 1,217 1,304 1,434 1,686 1,850 1,977
Total Debt		 349 411 380 417 486 575 618 724 909 930 932
Total Long-Term Debt		 321 321 321 377 481 575 587 469 867 805 924
Net Debt		 326 390 356 384 455 503 572 682 852 853 854
Capital Expenditures (CapEx)		 87 130 79 126 152 130 145 166 189 232 237
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 21 17 58 18 10 2.16 8.89 4.67 68 46 46
Debt-free Net Working Capital (DFNWC)		 26 18 58 25 12 39 14 11 82 72 65
Net Working Capital (NWC)		 -2.81 -73 -1.20 -15 6.46 39 -18 -245 39 -52 56
Net Nonoperating Expense (NNE)		 12 12 12 15 14 12 12 19 23 28 26
Net Nonoperating Obligations (NNO)		 314 328 357 388 458 508 577 687 861 861 864
Total Depreciation and Amortization (D&A)		 43 39 39 41 36 37 40 42 43 44 49
Debt-free, Cash-free Net Working Capital to Revenue		 4.61% 3.92% 13.14% 4.13% 2.21% 0.44% 1.78% 0.95% 11.35% 7.65% 6.97%
Debt-free Net Working Capital to Revenue		 5.56% 4.02% 13.19% 5.77% 2.49% 7.97% 2.78% 2.17% 13.72% 12.13% 9.83%
Net Working Capital to Revenue		 -0.61% -16.69% -0.27% -3.46% 1.36% 7.89% -3.51% -49.89% 6.61% -8.76% 8.58%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.61 $1.63 $1.88 $1.73 $2.28 $2.34 $2.55 $2.12 $3.37 $3.17 $3.37
Adjusted Weighted Average Basic Shares Outstanding		 37.39M 36.55M 36.64M 36.73M 36.81M 36.88M 36.92M 36.96M 36.98M 37.46M 38.55M
Adjusted Diluted Earnings per Share		 $1.60 $1.62 $1.88 $1.72 $2.28 $2.33 $2.55 $2.11 $3.36 $3.17 $3.37
Adjusted Weighted Average Diluted Shares Outstanding		 37.61M 36.75M 36.84M 36.94M 36.96M 37.00M 37.01M 37.04M 37.08M 37.58M 38.67M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 36.52M 36.59M 36.72M 36.77M 36.86M 36.90M 36.95M 36.97M 36.99M 38.16M 39.08M
Normalized Net Operating Profit after Tax (NOPAT)		 73 72 76 79 98 98 106 97 148 147 156
Normalized NOPAT Margin		 15.91% 16.56% 17.26% 18.02% 20.71% 20.16% 21.30% 19.78% 24.76% 24.73% 23.73%
Pre Tax Income Margin		 21.41% 21.66% 24.59% 18.75% 23.00% 23.48% 25.01% 20.76% 27.95% 25.10% 25.80%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 5.64 5.26 5.72 4.34 5.30 6.01 6.40 4.69 4.72 3.81 4.51
NOPAT to Interest Expense		 3.46 3.28 3.60 3.36 4.00 4.37 4.67 3.60 3.45 2.92 3.34
EBIT Less CapEx to Interest Expense		 1.50 -0.64 2.23 -1.06 -0.87 0.22 0.07 -1.46 0.31 -0.79 -0.55
NOPAT Less CapEx to Interest Expense		 -0.68 -2.62 0.11 -2.04 -2.17 -1.42 -1.66 -2.55 -0.96 -1.68 -1.72
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 54.05% 55.92% 52.50% 60.96% 50.63% 80.65% 54.79% 71.89% 48.99% 56.19% 57.23%
Augmented Payout Ratio		 174.56% 55.92% 52.50% 60.96% 50.63% 80.65% 54.79% 71.89% 48.99% 56.19% 57.23%

Quarterly Metrics And Ratios for American States Water

This table displays calculated financial ratios and metrics derived from American States Water's official financial filings.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 - - - - - - - - - 39,082,648.00 39,192,831.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 39,082,648.00 39,192,831.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 0.77 1.10
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -0.15% -16.21% -1.32% 6.65% 14.31% 9.44% 4.98% 12.94% 14.80% 14.31% 11.18%
EBITDA Growth		 18.41% -18.88% -9.65% 12.08% 5.52% 9.61% 3.55% 12.46% 15.19% 11.75% 23.49%
EBIT Growth		 25.42% -21.71% -12.17% 13.22% 5.90% 9.82% 2.38% 12.83% 15.72% 12.29% 26.60%
NOPAT Growth		 12.98% -24.24% -11.04% 8.22% 43.02% 17.26% 0.08% 9.26% -0.67% 11.57% 22.64%
Net Income Growth		 9.66% -32.76% -17.28% 13.52% 39.20% 16.03% 5.73% 14.88% 1.08% 11.56% 28.45%
EPS Growth		 8.00% -33.33% -18.27% 11.76% 38.89% 12.90% 2.35% 11.58% -1.33% 8.57% 25.29%
Operating Cash Flow Growth		 -59.93% 557.83% 128.74% 64.37% 477.84% -1.64% 161.39% 45.02% -57.04% 58.98% -30.45%
Free Cash Flow Firm Growth		 -93.47% -5.54% 28.44% 27.28% 49.93% 15.82% 37.72% 67.09% 13.74% 66.98% 31.43%
Invested Capital Growth		 17.24% 13.26% 11.29% 11.26% 8.78% 10.44% 7.17% 5.19% 7.23% 4.60% 5.73%
Revenue Q/Q Growth		 -17.48% 8.05% 14.84% 4.16% -11.55% 3.43% 10.17% 12.05% -10.09% 2.99% 7.15%
EBITDA Q/Q Growth		 -20.21% 7.21% 22.99% 6.53% -24.88% 11.38% 16.19% 15.70% -23.06% 8.05% 28.39%
EBIT Q/Q Growth		 -25.49% 9.41% 28.93% 7.71% -30.30% 13.47% 20.19% 18.71% -28.52% 10.10% 35.50%
NOPAT Q/Q Growth		 -37.13% 18.23% 32.23% 10.11% -16.92% -3.07% 12.87% 20.21% -24.47% 8.87% 24.07%
Net Income Q/Q Growth		 -35.28% 13.25% 37.73% 12.46% -20.65% -5.60% 25.50% 22.19% -30.18% 4.20% 44.50%
EPS Q/Q Growth		 -36.47% 14.81% 37.10% 11.76% -21.05% -6.67% 24.29% 21.84% -30.19% 2.70% 43.42%
Operating Cash Flow Q/Q Growth		 -71.19% 310.31% -46.07% 157.86% 1.28% -30.16% 43.31% 43.06% -70.00% 158.47% -37.30%
Free Cash Flow Firm Q/Q Growth		 -15.88% 23.64% 17.46% 0.61% 20.21% -28.60% 38.93% 47.48% -109.13% 50.77% -26.80%
Invested Capital Q/Q Growth		 3.37% 1.51% 3.97% 1.96% 1.06% 3.08% 0.89% 0.08% 3.01% 0.56% 1.98%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 -11.67% 97.62% 97.72% 96.18% 56.78% 97.20% 96.24% 95.20% -9.30% 93.80% 95.05%
EBITDA Margin		 38.90% 38.60% 41.33% 42.28% 35.90% 38.66% 40.77% 42.10% 36.02% 37.79% 45.28%
Operating Margin		 27.86% 28.82% 33.32% 34.04% 27.04% 30.77% 31.25% 33.79% 27.42% 30.36% 35.29%
EBIT Margin		 30.17% 30.55% 34.29% 35.47% 27.95% 30.66% 33.44% 35.43% 28.17% 30.11% 38.08%
Profit (Net Income) Margin		 16.32% 17.11% 20.51% 22.15% 19.87% 18.14% 20.66% 22.53% 17.50% 17.70% 23.87%
Tax Burden Percent		 71.62% 75.78% 75.47% 78.09% 92.33% 76.03% 76.70% 76.11% 78.80% 75.21% 74.93%
Interest Burden Percent		 75.54% 73.90% 79.27% 79.98% 77.01% 77.81% 80.54% 83.55% 78.82% 78.15% 83.65%
Effective Tax Rate		 28.38% 24.22% 24.53% 21.91% 7.67% 23.97% 23.30% 23.89% 21.20% 24.79% 25.07%
Return on Invested Capital (ROIC)		 7.84% 7.95% 8.70% 9.18% 8.70% 8.14% 8.25% 9.06% 7.70% 8.26% 9.68%
ROIC Less NNEP Spread (ROIC-NNEP)		 7.25% 7.15% 7.85% 8.33% 7.85% 7.24% 7.64% 8.38% 6.92% 7.26% 9.14%
Return on Net Nonoperating Assets (RNNOA)		 7.55% 7.46% 8.36% 8.55% 7.97% 7.18% 7.51% 7.67% 6.07% 6.24% 7.49%
Return on Equity (ROE)		 15.39% 15.41% 17.06% 17.73% 16.67% 15.31% 15.75% 16.73% 13.78% 14.50% 17.17%
Cash Return on Invested Capital (CROIC)		 -6.14% -3.61% -2.56% -2.50% 0.20% -1.21% 1.58% 3.57% 1.49% 4.03% 3.30%
Operating Return on Assets (OROA)		 8.40% 7.99% 8.67% 8.86% 7.01% 7.71% 8.31% 8.89% 7.11% 7.75% 9.86%
Return on Assets (ROA)		 4.54% 4.48% 5.19% 5.53% 4.99% 4.56% 5.13% 5.65% 4.42% 4.55% 6.18%
Return on Common Equity (ROCE)		 15.39% 15.41% 17.06% 17.73% 16.67% 15.31% 15.75% 16.73% 13.78% 14.50% 17.17%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 14.20% 12.84% 12.65% 0.00% 12.86% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 25 30 39 43 36 35 39 47 35 39 48
NOPAT Margin		 19.95% 21.84% 25.14% 26.58% 24.97% 23.40% 23.97% 25.71% 21.60% 22.84% 26.44%
Net Nonoperating Expense Percent (NNEP)		 0.59% 0.80% 0.85% 0.85% 0.85% 0.89% 0.61% 0.67% 0.78% 1.00% 0.54%
Return On Investment Capital (ROIC_SIMPLE)		 1.48% - - - 1.93% 1.83% 2.04% 2.44% 1.79% 1.94% 2.36%
Cost of Revenue to Revenue		 111.67% 2.38% 2.28% 3.82% 43.22% 2.80% 3.76% 4.80% 109.30% 6.20% 4.95%
SG&A Expenses to Revenue		 25.76% 25.86% 22.03% 21.77% 26.45% 25.24% 23.02% 20.36% 22.99% 23.30% 20.16%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 -39.53% 68.80% 64.41% 62.14% 29.74% 66.43% 64.99% 61.41% -36.72% 63.44% 59.77%
Earnings before Interest and Taxes (EBIT)		 38 41 53 57 40 45 55 65 46 51 69
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 49 52 64 68 51 57 66 77 59 64 82
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 3.72 3.30 3.22 3.55 3.17 3.14 3.04 2.80 2.68 2.78 2.89
Price to Tangible Book Value (P/TBV)		 3.72 3.31 3.23 3.55 3.17 3.14 3.04 2.80 2.68 2.78 2.89
Price to Revenue (P/Rev)		 4.85 4.64 4.73 5.40 4.90 4.94 4.79 4.43 4.26 4.35 4.64
Price to Earnings (P/E)		 23.14 23.25 25.11 28.04 24.48 24.41 23.65 21.70 21.51 22.13 22.63
Dividend Yield		 2.12% 2.36% 2.38% 2.11% 2.32% 2.32% 2.43% 2.59% 2.68% 2.62% 2.44%
Earnings Yield		 4.32% 4.30% 3.98% 3.57% 4.09% 4.10% 4.23% 4.61% 4.65% 4.52% 4.42%
Enterprise Value to Invested Capital (EV/IC)		 2.29 2.10 2.07 2.27 2.12 2.11 2.06 1.97 1.92 1.98 2.08
Enterprise Value to Revenue (EV/Rev)		 6.28 6.13 6.30 6.91 6.33 6.36 6.21 5.74 5.56 5.59 5.83
Enterprise Value to EBITDA (EV/EBITDA)		 15.27 14.99 15.80 17.10 15.97 16.05 15.70 14.51 14.09 14.25 14.41
Enterprise Value to EBIT (EV/EBIT)		 18.54 18.35 19.52 21.05 19.65 19.75 19.38 17.87 17.35 17.55 17.60
Enterprise Value to NOPAT (EV/NOPAT)		 25.36 25.30 26.81 29.23 25.62 25.41 25.10 23.42 23.44 23.71 24.06
Enterprise Value to Operating Cash Flow (EV/OCF)		 55.30 32.79 29.66 27.47 18.98 19.55 16.07 13.72 15.93 14.82 17.18
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 1,083.29 0.00 134.72 56.59 133.18 50.19 64.66
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.17 1.14 1.12 1.07 1.01 0.98 0.97 0.91 0.89 0.87 0.81
Long-Term Debt to Equity		 1.12 1.09 0.92 0.86 0.88 0.83 0.97 0.90 0.88 0.86 0.75
Financial Leverage		 1.04 1.04 1.07 1.03 1.02 0.99 0.98 0.91 0.88 0.86 0.82
Leverage Ratio		 2.88 2.84 2.83 2.80 2.80 2.75 2.75 2.69 2.65 2.61 2.57
Compound Leverage Factor		 2.18 2.10 2.24 2.24 2.16 2.14 2.21 2.25 2.09 2.04 2.15
Debt to Total Capital		 53.95% 53.29% 52.88% 51.60% 50.26% 49.56% 49.23% 47.54% 47.13% 46.45% 44.79%
Short-Term Debt to Total Capital		 2.51% 2.53% 9.46% 9.76% 6.72% 7.56% 0.02% 0.28% 0.42% 0.41% 3.60%
Long-Term Debt to Total Capital		 51.44% 50.76% 43.42% 41.84% 43.54% 41.99% 49.21% 47.26% 46.71% 46.04% 41.19%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 46.05% 46.71% 47.12% 48.40% 49.74% 50.44% 50.77% 52.46% 52.87% 53.55% 55.21%
Debt to EBITDA		 3.71 3.92 4.14 4.02 3.94 3.90 3.87 3.63 3.59 3.46 3.23
Net Debt to EBITDA		 3.48 3.65 3.92 3.74 3.61 3.60 3.57 3.31 3.29 3.17 2.93
Long-Term Debt to EBITDA		 3.54 3.73 3.40 3.26 3.41 3.30 3.87 3.61 3.56 3.43 2.97
Debt to NOPAT		 6.16 6.61 7.02 6.86 6.31 6.17 6.19 5.86 5.97 5.76 5.39
Net Debt to NOPAT		 5.78 6.17 6.65 6.39 5.79 5.70 5.71 5.33 5.47 5.27 4.89
Long-Term Debt to NOPAT		 5.87 6.30 5.76 5.57 5.47 5.23 6.19 5.82 5.92 5.71 4.95
Altman Z-Score		 1.52 1.70 1.65 1.80 1.37 1.72 1.74 1.70 1.33 1.71 1.84
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.24 1.15 0.70 0.69 0.82 0.81 1.56 1.27 1.32 1.22 0.98
Quick Ratio		 0.77 0.67 0.41 0.42 0.49 0.45 0.92 0.76 0.78 0.72 0.61
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -216 -165 -136 -135 -108 -139 -85 -45 -93 -46 -58
Operating Cash Flow to CapEx		 21.30% 96.34% 40.01% 99.26% 110.32% 66.69% 126.83% 169.05% 43.51% 146.05% 92.59%
Free Cash Flow to Firm to Interest Expense		 -19.86 -12.84 -10.37 -10.24 -9.68 -11.50 -7.01 -3.80 -8.57 -3.79 -4.78
Operating Cash Flow to Interest Expense		 1.03 3.56 1.88 4.82 5.78 3.73 5.33 7.89 2.55 5.92 3.69
Operating Cash Flow Less CapEx to Interest Expense		 -3.80 -0.14 -2.82 -0.04 0.54 -1.86 1.13 3.22 -3.31 1.87 -0.30
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.28 0.26 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.26 0.26
Accounts Receivable Turnover		 5.97 5.97 5.19 4.93 5.25 5.72 4.97 5.25 5.70 6.18 5.63
Inventory Turnover		 9.83 4.14 3.82 4.08 4.57 4.77 4.77 4.55 12.59 12.37 11.51
Fixed Asset Turnover		 0.33 0.31 0.30 0.30 0.30 0.30 0.30 0.30 0.30 0.30 0.31
Accounts Payable Turnover		 2.06 0.99 0.90 0.90 0.95 1.10 1.06 0.96 2.27 2.70 2.55
Days Sales Outstanding (DSO)		 61.11 61.11 70.34 74.08 69.56 63.84 73.40 69.56 64.07 59.03 64.78
Days Inventory Outstanding (DIO)		 37.13 88.26 95.60 89.45 79.82 76.50 76.58 80.25 28.99 29.51 31.71
Days Payable Outstanding (DPO)		 177.06 367.31 403.60 407.04 383.78 331.05 345.01 380.77 160.45 135.06 143.22
Cash Conversion Cycle (CCC)		 -78.83 -217.94 -237.67 -243.51 -234.40 -190.70 -195.03 -230.96 -67.40 -46.52 -46.73
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 1,637 1,662 1,728 1,762 1,781 1,836 1,852 1,854 1,910 1,920 1,958
Invested Capital Turnover		 0.39 0.36 0.35 0.35 0.35 0.35 0.34 0.35 0.36 0.36 0.37
Increase / (Decrease) in Invested Capital		 241 195 175 178 144 174 124 92 129 85 106
Enterprise Value (EV)		 3,743 3,493 3,572 3,993 3,772 3,871 3,822 3,656 3,660 3,799 4,065
Market Capitalization		 2,890 2,642 2,686 3,120 2,919 3,002 2,952 2,823 2,806 2,955 3,238
Book Value per Share		 $20.99 $21.62 $22.39 $23.48 $24.34 $25.07 $25.25 $26.21 $27.01 $27.22 $28.61
Tangible Book Value per Share		 $20.99 $21.59 $22.36 $23.45 $24.34 $25.07 $25.25 $26.21 $27.01 $27.22 $28.61
Total Capital		 1,686 1,714 1,769 1,817 1,850 1,896 1,915 1,924 1,977 1,987 2,031
Total Debt		 909 913 935 938 930 940 943 915 932 923 910
Total Long-Term Debt		 867 870 768 760 805 796 942 909 924 915 837
Net Debt		 852 851 886 873 853 869 870 833 854 844 827
Capital Expenditures (CapEx)		 52 48 62 64 58 68 51 55 64 49 49
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 68 53 74 62 46 66 70 33 46 26 47
Debt-free Net Working Capital (DFNWC)		 82 70 78 78 72 87 91 59 65 48 69
Net Working Capital (NWC)		 39 27 -90 -99 -52 -56 90 53 56 40 -4.61
Net Nonoperating Expense (NNE)		 4.55 6.40 7.19 7.17 7.29 7.79 5.40 5.82 6.75 8.69 4.66
Net Nonoperating Obligations (NNO)		 861 862 895 883 861 879 880 844 864 856 837
Total Depreciation and Amortization (D&A)		 11 11 11 11 11 12 12 12 13 13 13
Debt-free, Cash-free Net Working Capital to Revenue		 11.35% 9.28% 13.07% 10.71% 7.65% 10.87% 11.43% 5.14% 6.97% 3.80% 6.73%
Debt-free Net Working Capital to Revenue		 13.72% 12.27% 13.71% 13.56% 12.13% 14.36% 14.71% 9.23% 9.83% 7.06% 9.84%
Net Working Capital to Revenue		 6.61% 4.66% -15.79% -17.15% -8.76% -9.22% 14.65% 8.37% 8.58% 5.85% -0.66%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.55 $0.62 $0.85 $0.95 $0.75 $0.70 $0.87 $1.06 $0.74 $0.76 $1.10
Adjusted Weighted Average Basic Shares Outstanding		 36.98M 37.03M 37.31M 37.56M 37.46M 38.25M 38.51M 38.57M 38.55M 39.11M 39.34M
Adjusted Diluted Earnings per Share		 $0.54 $0.62 $0.85 $0.95 $0.75 $0.70 $0.87 $1.06 $0.74 $0.76 $1.09
Adjusted Weighted Average Diluted Shares Outstanding		 37.08M 37.11M 37.42M 37.68M 37.58M 38.35M 38.64M 38.70M 38.67M 39.21M 39.48M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 36.99M 37.23M 37.46M 37.80M 38.16M 38.51M 38.51M 38.71M 39.08M 39.19M 39.64M
Normalized Net Operating Profit after Tax (NOPAT)		 25 30 39 43 36 35 39 47 35 39 48
Normalized NOPAT Margin		 19.95% 21.84% 25.14% 26.58% 24.97% 23.40% 23.97% 25.71% 21.60% 22.84% 26.44%
Pre Tax Income Margin		 22.79% 22.57% 27.18% 28.37% 21.52% 23.85% 26.94% 29.60% 22.20% 23.54% 31.86%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 3.48 3.21 4.05 4.34 3.58 3.76 4.50 5.53 4.26 4.21 5.67
NOPAT to Interest Expense		 2.30 2.30 2.97 3.25 3.20 2.87 3.23 4.01 3.26 3.19 3.94
EBIT Less CapEx to Interest Expense		 -1.35 -0.48 -0.65 -0.51 -1.66 -1.84 0.30 0.86 -1.60 0.16 1.69
NOPAT Less CapEx to Interest Expense		 -2.53 -1.40 -1.73 -1.60 -2.04 -2.73 -0.98 -0.65 -2.59 -0.86 -0.05
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 48.99% 54.91% 59.57% 58.68% 56.19% 56.01% 56.71% 55.89% 57.23% 57.35% 54.82%
Augmented Payout Ratio		 48.99% 54.91% 59.57% 58.68% 56.19% 56.01% 56.71% 55.89% 57.23% 57.35% 54.82%

Financials Breakdown Chart

Key Financial Trends

American States Water (NYSE: AWR) shows a steady, utility-like financial profile, but with a few important pressures to watch. Over the last four years, the company has grown revenue, expanded its asset base, and continued to generate consistent operating cash flow. At the same time, debt remains significant, capital spending is heavy, and quarterly earnings can swing based on non-operating items.

What stands out most: AWR’s business appears to be doing what investors often want from a regulated utility — producing reliable revenue, recurring profits, and dependable dividends. However, the balance sheet is leveraged, and the company continues to rely on debt and equity issuance to help fund its capital program and shareholder returns.

  • Revenue is trending higher over time. Q1 2026 revenue rose to $169.2 million from $148.0 million in Q1 2025 and $135.3 million in Q1 2024, showing a clear multi-year uptrend.
  • Profitability remains solid in the latest quarter. Q1 2026 net income was $29.9 million, up from $26.8 million a year earlier.
  • Operating cash flow remains strong. Q1 2026 operating cash flow was $71.6 million, versus $45.1 million in Q1 2025 and $45.8 million in Q1 2024.
  • The company continues to support its dividend. Quarterly cash dividends per share have stayed in a relatively tight range, and recent quarters show earnings comfortably covering the dividend on a per-share basis.
  • Equity has increased over the period. Total common equity rose to $1.06 billion in Q1 2026 from $956.4 million in Q1 2025 and $800.5 million in Q1 2024.
  • Book value and retained earnings continue to grow. Retained earnings increased to $630.6 million in Q1 2026, up from $573.9 million a year earlier.
  • Quarterly EPS has been steady but not explosive. Diluted EPS was $0.76 in Q1 2026, compared with $0.74 in Q4 2025 and $0.70 in Q1 2025.
  • Capital spending remains elevated. Q1 2026 capex was $49.1 million, following $63.7 million in Q4 2025 and $54.6 million in Q3 2025, reflecting ongoing infrastructure investment.
  • The balance sheet is very asset-heavy, as expected for a utility. Property, plant and equipment net totaled $2.33 billion in Q1 2026, making infrastructure the core of the business.
  • Debt remains material. Q1 2026 long-term debt was $914.7 million, with another $8.2 million in short-term debt.
  • Liquidity is not especially large relative to liabilities. Cash and equivalents were just $22.2 million at Q1 2026 versus $1.67 billion in total liabilities.
  • Operating results can be distorted by large non-operating items. For example, Q4 2025 and several earlier periods show large swings in “other operating expenses/income,” which can make headline earnings less predictable quarter to quarter.
  • Debt financing and repayment remain active. Cash flow statements show frequent debt issuance and repayment activity, suggesting ongoing reliance on external financing to support the business.
  • Current liabilities have risen meaningfully from earlier periods. Total current liabilities were $181.6 million in Q1 2026, up from $178.6 million in Q1 2025 and well above some prior quarters’ levels.

Bottom line: AWR continues to look like a stable utility with growing revenue, consistent earnings, and dependable operating cash flow. The tradeoff is leverage and heavy capital intensity. For retail investors, that usually means a steadier income story than a fast-growth story — attractive for dividend-focused portfolios, but not without balance sheet and financing risk.

08/23/26 07:03 AM ETAI Generated. May Contain Errors.

American States Water Financials - Frequently Asked Questions

According to the most recent income statement we have on file, American States Water's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

American States Water's net income appears to be on an upward trend, with a most recent value of $130.44 million in 2025, rising from $60.48 million in 2015. The previous period was $119.27 million in 2024. Find out what analysts predict for American States Water in the coming months.

American States Water's total operating income in 2025 was $203.28 million, based on the following breakdown:
  • Total Gross Profit: $459.47 million
  • Total Operating Expenses: $256.20 million

Over the last 10 years, American States Water's total revenue changed from $458.64 million in 2015 to $658.07 million in 2025, a change of 43.5%.

American States Water's total liabilities were at $1.67 billion at the end of 2025, a 5.7% increase from 2024, and a 87.6% increase since 2015.

In the past 10 years, American States Water's cash and equivalents has ranged from $214 thousand in 2017 to $36.74 million in 2020, and is currently $18.82 million as of their latest financial filing in 2025.

Over the last 10 years, American States Water's book value per share changed from 12.69 in 2015 to 27.01 in 2025, a change of 112.9%.


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Financial statements for NYSE:AWR last updated on 8/5/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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