American States Water Company (AWR) 10-Year Financial Performance & Capital Metrics

AWR • • Utilities

UtilitiesWater UtilitiesIntegrated Water UtilitiesRegional Water Utilities

AboutAmerican States Water Company, through its subsidiaries, provides water and electric services to residential, commercial, industrial, and other customers in the United States. It operates through three segments: Water, Electric, and Contracted Services. The company purchases, produces, distributes, and sells water, as well as distributes electricity. As of December 31, 2021, American States Water Company provided water service to 262,770 customers located throughout 10 counties in the State of California; and distributed electricity to 24,656 customers in San Bernardino County mountain communities in California. The company also provides water and/or wastewater services, including the operation, maintenance, and construction of facilities at the water and/or wastewater systems at various military installations. American States Water Company was incorporated in 1929 and is based in San Dimas, California.Show more

Revenue $595M
EBITDA $229M -4.7%
Net Income $119M -4.5%
Free Cash Flow -$33M +72.5%
EBITDA Margin 38.41% -4.7%
Net Margin 20.03% -4.5%
ROE 14.06% -16.4%
Interest Coverage 3.66 -20.4%
Debt/Equity 1.02 -13.8%
Net Debt/EBITDA 3.99 +5.8%
CapEx / Revenue 38.95% +23.1%
CapEx Coverage 0.86 +138.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓23 years of consecutive dividend growth
✓23 consecutive years of dividend growth
✓Strong interest coverage of 3.7x
✓Healthy dividend yield of 2.3%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y2.49%

5Y4.67%

3Y6.08%

TTM10.28%

Profit (Net Income) CAGR

10Y6.92%

5Y7.18%

3Y8.13%

TTM16.96%

EPS CAGR

10Y7.28%

5Y6.81%

3Y7.52%

TTM13.8%

ROCE

10Y Avg8.82%

5Y Avg8.61%

3Y Avg8.89%

Latest8.59%

Peer Comparison

Regional Water Utilities

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	Debt/Equity
GWRSGlobal Water Resources, Inc.	255.3M	8.88	37	-0.63%	7.87%	4.87%	2.62
AWRAmerican States Water Company	2.95B	76.23	24.05	-0.04%	20.43%	12.89%	1.02
YORWThe York Water Company	487.89M	33.80	23.80	5.53%	26.06%	8.42%	0.89
MSEXMiddlesex Water Company	1.01B	55.09	22.30	15.4%	22.08%	8.91%	0.86
ARTNAArtesian Resources Corporation	316.06M	33.51	16.92	9.2%	20.16%	9.05%	0.75

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	458.64M	436.09M	440.6M	436.82M	473.87M	488.24M	498.85M	491.53M	595.7M	595.46M
Revenue Growth %	-0.02%	-0.05%	0.01%	-0.01%	0.08%	0.03%	0.02%	-0.01%	0.21%	-0%
Cost of Revenue	120.43M	102.75M	103.42M	108.94M	120.15M	119.4M	121.03M	123.3M	146.15M	143.44M
Gross Profit+	338.21M	333.34M	337.19M	327.88M	353.72M	368.84M	377.82M	368.23M	449.55M	452.02M
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	-0.03%	-0.01%	0.01%	-0.03%	0.08%	0.04%	0.02%	-0.03%	0.22%	0.01%
Operating Expenses+	219.72M	218.62M	218.43M	226.98M	226.65M	238.34M	236.85M	241.59M	252.81M	267.54M
Other Operating Expenses	-	-	-	-	-	-	-	-	-	-
EBITDA+	160.52M	153.82M	166.35M	141.65M	162.79M	167.7M	180.95M	168.33M	239.99M	228.71M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
EBITDA Growth %	0%	-0.04%	0.08%	-0.15%	0.15%	0.03%	0.08%	-0.07%	0.43%	-0.05%
Depreciation & Amortization+	42.03M	39.11M	39.27M	40.66M	35.71M	37.2M	39.97M	41.7M	43.25M	44.23M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income (EBIT)+	118.49M	114.72M	127.08M	100.98M	127.07M	130.5M	140.98M	126.64M	196.74M	184.48M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-0%	-0.03%	0.11%	-0.21%	0.26%	0.03%	0.08%	-0.1%	0.55%	-0.06%
Interest Expense+	21.09M	21.99M	22.58M	23.43M	24.59M	22.53M	22.83M	27.03M	42.76M	50.38M
Interest Coverage	5.62x	5.22x	5.63x	4.31x	5.17x	5.79x	6.17x	4.69x	4.60x	3.66x
Interest / Revenue %	-	-	-	-	-	-	-	-	-	-
Non-Operating Income	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Pretax Income+	98.22M	94.48M	108.34M	81.89M	109.01M	114.62M	124.77M	102.06M	166.52M	149.44M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	37.73M	34.73M	38.97M	18.02M	24.67M	28.2M	30.42M	23.66M	41.6M	30.17M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	60.48M	59.74M	69.37M	63.87M	84.34M	86.42M	94.35M	78.4M	124.92M	119.27M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.01%	-0.01%	0.16%	-0.08%	0.32%	0.02%	0.09%	-0.17%	0.59%	-0.05%
EPS (Diluted)+	1.60	1.62	1.88	1.73	2.28	2.33	2.55	2.11	3.36	3.17
EPS Growth %	0.02%	0.01%	0.16%	-0.08%	0.32%	0.02%	0.09%	-0.17%	0.59%	-0.06%
EPS (Basic)	1.61	1.63	1.88	1.74	2.28	2.34	2.55	2.12	3.37	3.17
Diluted Shares Outstanding	37.61M	36.75M	36.84M	36.94M	36.96M	36.99M	37.01M	37.04M	37.08M	37.58M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	1.35B	1.47B	1.42B	1.5B	1.64B	1.79B	1.9B	2.03B	2.25B	2.5B
Asset Growth %	-0.02%	0.09%	-0.04%	0.06%	0.09%	0.09%	0.06%	0.07%	0.1%	0.11%
PP&E (Net)+	1.08B	1.17B	1.23B	1.32B	1.46B	1.56B	1.68B	1.8B	1.94B	2.16B
PP&E / Total Assets %	-	-	-	-	-	-	-	-	-	-
Total Current Assets+	132.7M	166.88M	155.46M	131.47M	122.46M	157.12M	138.05M	151.29M	205.98M	233.35M
Cash & Equivalents	4.36M	436K	214K	7.14M	1.33M	36.74M	4.96M	6M	14.07M	26.66M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Inventory	5.42M	4.29M	4.79M	5.78M	6.43M	8.62M	12.16M	14.62M	17.57M	15.14M
Other Current Assets	30.13M	43.3M	34.22M	16.53M	20.93M	13.09M	13.34M	25.88M	50.91M	57.79M
Long-Term Investments	479.4M	-98.86M	539.33M	-72.36M	0	0	0	0	0	0
Goodwill	1.12M	1.12M	1.12M	1.12M	1.12M	1.12M	1.12M	1.12M	1.12M	0
Intangible Assets	0	0	571K	571K	0	0	0	0	0	0
Other Assets	-349.72M	5.07M	-516.66M	5.32M	58.59M	74.86M	84.53M	81.76M	95.83M	108.79M
Total Liabilities	557.11M	655.22M	886.79M	662.12M	1.04B	1.15B	1.22B	1.32B	1.47B	1.58B
Total Debt+	353.85M	411.31M	380.36M	416.91M	499.93M	586.55M	629.02M	734.43M	917.88M	938.24M
Net Debt	349.49M	410.88M	380.15M	409.77M	498.59M	549.82M	624.05M	728.43M	903.81M	911.57M
Long-Term Debt	320.9M	320.98M	321.04M	376.59M	481M	574.55M	586.68M	468.55M	867.05M	805.38M
Short-Term Borrowings	1000K	1000K	1000K	1000K	1000K	358K	1000K	1000K	1000K	1000K
Capital Lease Obligations	0	0	0	0	13.59M	11.65M	10.96M	9.98M	8.47M	8.47M
Total Current Liabilities+	123.51M	177.94M	156.66M	146.59M	116M	118.57M	155.57M	396.52M	166.62M	285.52M
Accounts Payable	50.59M	43.72M	50.98M	59.53M	55.62M	63.79M	65.9M	84.85M	68.7M	88.59M
Accrued Expenses	11.75M	12.3M	12.97M	13.84M	17.3M	19.95M	20.8M	19.3M	23.34M	23.66M
Deferred Revenue	3.76M	2.26M	3.91M	7.53M	11.17M	1.8M	257K	903K	1.35M	5.66M
Other Current Liabilities	29.03M	29.17M	29.25M	25M	13.51M	11.97M	13.39M	15.57M	13.87M	23.98M
Deferred Taxes	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Liabilities	433.61M	477.27M	293.38M	305.82M	304.47M	314.78M	322.42M	300.91M	267.13M	301.74M
Total Equity+	791.49M	815.28M	529.95M	839.31M	601.53M	641.67M	685.95M	709.55M	776.11M	920.05M
Equity Growth %	-0.05%	0.03%	-0.35%	0.58%	-0.28%	0.07%	0.07%	0.03%	0.09%	0.19%
Shareholders Equity	791.49M	815.28M	529.95M	839.31M	601.53M	641.67M	685.95M	709.55M	776.11M	920.05M
Minority Interest	0	0	0	0	0	0	0	0	0	0
Common Stock	245.02M	247.23M	250.12M	253.69M	255.57M	256.67M	258.44M	260.16M	263.18M	355.14M
Additional Paid-in Capital	0	0	0	0	0	0	0	0	0	0
Retained Earnings	220.92M	247.06M	279.82M	304.53M	345.96M	385.01M	427.5M	449.39M	512.93M	564.91M
Accumulated OCI	-529.7M	-532.75M	-533.37M	-561.86M	0	0	0	0	0	0
Return on Assets (ROA)	0.04%	0.04%	0.05%	0.04%	0.05%	0.05%	0.05%	0.04%	0.06%	0.05%
Return on Equity (ROE)	0.07%	0.07%	0.1%	0.09%	0.12%	0.14%	0.14%	0.11%	0.17%	0.14%
Debt / Equity	0.45x	0.50x	0.72x	0.50x	0.83x	0.91x	0.92x	1.04x	1.18x	1.02x
Debt / Assets	0.26%	0.28%	0.27%	0.28%	0.3%	0.33%	0.33%	0.36%	0.41%	0.38%
Net Debt / EBITDA	2.18x	2.67x	2.29x	2.89x	3.06x	3.28x	3.45x	4.33x	3.77x	3.99x
Book Value per Share	21.04	22.18	14.38	22.72	16.27	17.34	18.53	19.16	20.93	24.48

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	95.14M	96.95M	144.55M	136.77M	116.86M	122.17M	115.58M	117.8M	67.68M	198.73M
Operating CF Growth %	-0.42%	0.02%	0.49%	-0.05%	-0.15%	0.05%	-0.05%	0.02%	-0.43%	1.94%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	60.48M	59.74M	69.37M	63.87M	84.34M	86.42M	94.35M	78.4M	124.92M	119.27M
Depreciation & Amortization	42.67M	39.11M	39.27M	40.66M	35.71M	37.2M	39.97M	41.7M	43.25M	44.23M
Deferred Taxes	10.42M	27.64M	12.15M	-5.77M	6.62M	2.24M	3.56M	2.8M	4.78M	0
Other Non-Cash Items	1.71M	222K	-8.85M	1.41M	-2.7M	-2.47M	-3.55M	6.26M	-3.79M	-1.41M
Working Capital Changes	-22.9M	-32.3M	29.73M	32.75M	-9.63M	-3.7M	-21.32M	-13.93M	-104.79M	32.91M
Capital Expenditures+	-87.32M	-129.87M	-113.13M	-126.56M	-151.94M	-130.42M	-144.51M	-166.24M	-188.54M	-231.96M
CapEx / Revenue %	-	-	-	-	-	-	-	-	-	-
CapEx / D&A	-	-	-	-	-	-	-	-	-	-
CapEx Coverage (OCF/CapEx)	-	-	-	-	-	-	-	-	-	-
Cash from Investing+	-90.14M	-131.22M	-80.03M	-128.04M	-153.19M	-131.61M	-145.09M	-167.1M	-188.76M	-232.78M
Acquisitions	54K	0	34.32M	72K	169K	88K	565K	59K	0	0
Purchase of Investments	-2.87M	-1.35M	-1.23M	-1.55M	-1.42M	-1.27M	-1.14M	-921K	0	0
Sale of Investments	0	0	0	0	-169K	-88K	-565K	-59K	0	0
Other Investing	54K	-1.35M	34.32M	72K	169K	88K	565K	59K	-224K	-820K
Cash from Financing+	-76.63M	30.34M	-64.74M	-1.8M	30.52M	44.84M	-2.27M	50.34M	129.16M	46.64M
Dividends Paid	-32.69M	-33.41M	-36.42M	-38.94M	-42.7M	-47.21M	-51.69M	-56.36M	-61.2M	-67.02M
Dividend Payout Ratio %	0.54%	0.56%	0.52%	0.61%	0.51%	0.55%	0.55%	0.72%	0.49%	0.56%
Debt Issuance (Net)	1000K	1000K	-1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Stock Issued	0	235K	0	546K	519K	30K	0	0	0	88.81M
Share Repurchases	-72.89M	0	0	0	-519K	-30K	0	0	0	0
Other Financing	1.19M	2.06M	2.09M	958K	4.05M	3.77M	6.48M	281K	6.43M	5.14M
Net Change in Cash+	-71.62M	-3.93M	-222K	6.93M	-5.81M	35.4M	-31.77M	1.03M	8.08M	12.59M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	75.99M	4.36M	436K	214K	7.14M	1.33M	36.74M	4.96M	6M	14.07M
Cash at End	4.36M	436K	214K	7.14M	1.33M	36.74M	4.96M	6M	14.07M	26.66M
Free Cash Flow+	7.82M	-32.92M	31.43M	10.21M	-35.08M	-8.25M	-28.93M	-48.44M	-120.86M	-33.23M
FCF Growth %	-0.91%	-5.21%	1.95%	-0.68%	-4.43%	0.76%	-2.51%	-0.67%	-1.49%	0.73%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF / Net Income %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	7.45%	7.44%	10.31%	9.33%	11.71%	13.9%	14.21%	11.24%	16.82%	14.06%
EBITDA Margin	35%	35.27%	37.75%	32.43%	34.35%	34.35%	36.27%	34.25%	40.29%	38.41%
Net Debt / EBITDA	2.18x	2.67x	2.29x	2.89x	3.06x	3.28x	3.45x	4.33x	3.77x	3.99x
Interest Coverage	5.62x	5.22x	5.63x	4.31x	5.17x	5.79x	6.17x	4.69x	4.60x	3.66x
CapEx / Revenue	19.04%	29.78%	25.68%	28.97%	32.06%	26.71%	28.97%	33.82%	31.65%	38.95%
Dividend Payout Ratio	54.05%	55.92%	52.5%	60.96%	50.63%	54.62%	54.79%	71.89%	48.99%	56.19%
Debt / Equity	0.45x	0.50x	0.72x	0.50x	0.83x	0.91x	0.92x	1.04x	1.18x	1.02x
EPS Growth	1.91%	1.25%	16.05%	-7.98%	31.79%	2.19%	9.44%	-17.25%	59.24%	-5.65%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Water Service Utility Operations	328.51M	302.93M	-	295.26M	319.83M	330.64M	347.11M	340.6M	433.47M	417.41M
Water Service Utility Operations Growth	-	-7.79%	-	-	8.32%	3.38%	4.98%	-1.88%	27.27%	-3.71%
Contracted Services	-	-	100.3M	107.21M	114.49M	120.58M	113.4M	110.94M	120.39M	126.4M
Contracted Services Growth	-	-	-	6.89%	6.79%	5.32%	-5.96%	-2.17%	8.52%	4.99%
Electric Service Utility Operations	36.04M	35.77M	-	34.35M	39.55M	37.02M	38.34M	39.99M	41.83M	51.65M
Electric Service Utility Operations Growth	-	-0.74%	-	-	15.13%	-6.38%	3.57%	4.28%	4.62%	23.46%

Frequently Asked Questions

Valuation & Price

American States Water Company (AWR) has a price-to-earnings (P/E) ratio of 24.0x. This is roughly in line with market averages.

Growth & Financials

American States Water Company (AWR) reported $636.9M in revenue for fiscal year 2024. This represents a 52% increase from $419.3M in 2011.

American States Water Company (AWR) saw revenue decline by 0.0% over the past year.

Yes, American States Water Company (AWR) is profitable, generating $130.1M in net income for fiscal year 2024 (20.0% net margin).

Dividend & Returns

Yes, American States Water Company (AWR) pays a dividend with a yield of 2.34%. This makes it attractive for income-focused investors.

American States Water Company (AWR) has a return on equity (ROE) of 14.1%. This is reasonable for most industries.

American States Water Company (AWR) generated $34.9M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

Industry Metrics

American States Water Company (AWR) has a dividend payout ratio of 56%. This suggests the dividend is well-covered and sustainable.

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