American States Water Company

NYSE•AWR

CEO: Mr. Robert J. Sprowls C.M.A.

Sector: Utilities

Industry: Regulated Water

Listing Date: 1973-02-21

American 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, 2022, American States Water Company provided water service to 263,265 customers located throughout 10 counties in the State of California; and distributed electricity to 24,705 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 headquartered in San Dimas, California.

Contact Information

630 East Foothill Boulevard, San Dimas, CA, 91773-1212, United States

909-394-3600

www.aswater.com

Market Cap

$2.84B

P/E (TTM)

21.5

21.2

Dividend Yield

2.7%

52W High

$82.94

52W Low

$69.45

52W Range

25%

Rank39Top 39.1%

4.2

F-Score

Modified Piotroski Analysis

Based on 10-year fundamentals

Average • 4.2 / 9 points

Scoring Range (0-9)

8-9: Excellent Value

6-7: Strong Fundamentals

4-5: Average Quality

0-3: Weak Performance

Data Period: 2016-2025

Financial Dashboard

Q4 2025 Data

Revenue

$164.28M+0.00%

4-Quarter Trend

EPS

$0.74+0.00%

4-Quarter Trend

FCF

-$35.98M+0.00%

4-Quarter Trend

2025 Annual Earnings Highlights

Key Highlights

Consolidated Net Income Growth Net Income reached $130.4M USD, marking a 9.4% increase over 2024 results.

Total Revenue Increased Total operating revenues grew to $658.1M USD, showing a 10.5% increase from the prior year.

Water Segment EPS Rises Adjusted Water segment diluted EPS was $2.61 USD, up $0.23 compared to 2024 adjusted figures.

Dividend Payout Increased AWR paid $1.939 USD per Common Share in dividends for 2025, up from $1.791 USD in 2024.

Risk Factors

Regulatory Mechanism Transition Risk GSWC transitioned from WRAM/MCBA to M-WRAM/ICBA, potentially causing future volatility in earnings and cash flows.

Cybersecurity and IT Vulnerabilities Increased reliance on cloud environments heightens risks from cyberattacks, potentially disrupting operations and causing financial harm.

Water Supply Volatility Risks Droughts, weather events, and conservation efforts stress water supplies, potentially increasing operating costs and reducing sales volume.

Capital Recovery Delays Risk Delays in CPUC rate case approvals or U.S. government price adjustments may adversely affect liquidity and cost recovery.

Outlook

BVES Renewable Energy Investment BVES is constructing solar energy and battery storage projects, with costs recoverable in customer rates upon completion.

GSWC Water System Expansion GSWC filed for acquisition of a new Central Coast water system, potentially adding 900 customers upon approval.

ASUS Contract Growth Focus ASUS expects continued construction revenue growth, dependent on successful bidding and timely U.S. government contract modifications.

Pension Plan Funding Status Pension Plan remains overfunded ($42.5M USD net asset recognized), though market volatility impacts future funding requirements.

Peer Comparison

Revenue (TTM)

FLNC

$2.55B

+1.2%

AVA

$1.96B

+1.4%

RNW

$1.49B

+50.5%

Gross Margin (Latest Quarter)

MGEE

199.4%

-15.2pp

CPK

72.2%

+1.1pp

RNW

56.6%

-13.9pp

Key Metrics

Symbol	Market Cap	P/E (TTM)	ROE (TTM)	Debt to Assets
KEN	$4.50B	10.1	31.3%	29.3%
EE	$3.96B	14.2	12.2%	34.6%
OTTR	$3.66B	13.2	15.4%	27.8%

Long-Term Trends

Last 4 Quarters

Revenue

Net Income

Operating Cash Flow

4Q Revenue CAGR

3.5%

Moderate Growth

4Q Net Income CAGR

2.3%

Profitability Slowly Improving

Cash Flow Stability

100%

Strong Cash Flow

Deep Research

Next earnings:May 5, 2026

EPS:-

Revenue:-

Financials

Earnings Calls

Reports

News

Income Statement

Balance Sheet

Cash Flow Statement

Ratios

% Chg.

Income Statement	LTM

No Data