American Water Works Company, Inc. AWK
With a history dating back to 1886, American Water is the largest and most geographically diverse, publicly-traded water and wastewater utility company in the United States, as measured by both operating revenues and population served. A holding company originally incorporated in Delaware in 1936, the Company employs approximately 7,000 professionals who provide drinking water, wastewater and other related services to approximately 14 million people in 24 states. The Company conducts the majority of its business through regulated utilities that provide water and wastewater services, collectively presented as one reportable segment, referred to as the "Regulated Businesses." The Company also operates other businesses that provide water and wastewater services to the U.S. government on military installations, as well as municipalities. Individually, these other businesses do not meet the criteria of a reportable segment in accordance with generally accepted accounting principles in the United States ("GAAP"), and are collectively presented throughout this Annual Report on Form 10-K within "Other," which is consistent with how management assesses the results of these businesses.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.12B | $4.65B | $4.22B | $3.76B | $3.91B | $3.74B | $3.59B | $3.42B | — | — |
| Total operating expenses | $3.26B | $2.97B | $2.73B | $2.52B | $2.73B | $2.53B | $2.40B | $2.34B | $2.10B | $2.22B |
| Operating income | $1.88B | $1.72B | $1.50B | $1.27B | $1.20B | $1.25B | $1.21B | $1.10B | $1.25B | $1.08B |
| Interest expense | $615.0M | $523.0M | $460.0M | $433.0M | — | — | — | — | — | — |
| Pre-tax income | $1.42B | $1.36B | $1.20B | $1.01B | $1.64B | $924.0M | $833.0M | $787.0M | $912.0M | $770.0M |
| Income tax | $311.0M | $308.0M | $252.0M | $188.0M | $377.0M | $215.0M | $212.0M | $222.0M | $486.0M | $302.0M |
| Net income | $1.11B | $1.05B | $944.0M | $820.0M | $1.26B | $709.0M | $621.0M | $567.0M | $426.0M | $468.0M |
| EPS, basic | 5.69 | 5.39 | 4.90 | 4.51 | 6.96 | 3.91 | 3.44 | 3.16 | 2.39 | 2.63 |
| EPS, diluted | 5.69 | 5.39 | 4.90 | 4.51 | 6.95 | 3.91 | 3.43 | 3.15 | 2.38 | 2.62 |
| Shares, diluted (wtd. avg.) | $195.0M | $195.0M | $193.0M | $182.0M | $182.0M | $182.0M | $181.0M | $180.0M | $179.0M | $179.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $98.0M | $96.0M | $364.0M | $117.0M | $136.0M | $576.0M | $91.0M | $159.0M | $83.0M | $99.0M |
| Receivables | $395.0M | $416.0M | $339.0M | $334.0M | $271.0M | $321.0M | $294.0M | $301.0M | $272.0M | $269.0M |
| Total current assets | $2.19B | $1.22B | $1.39B | $1.25B | $1.55B | $1.91B | $1.28B | $781.0M | $720.0M | $784.0M |
| Property, plant and equipment | — | — | — | — | — | $19.71B | $18.23B | $17.41B | $16.25B | $14.99B |
| Goodwill | $1.16B | $1.14B | $1.14B | $1.14B | $1.14B | $1.50B | $1.54B | $1.57B | $1.38B | $1.34B |
| Other intangibles | — | — | — | — | — | — | $67.0M | $84.0M | $9.0M | — |
| Total assets | $35.44B | $32.83B | $30.30B | $27.79B | $26.07B | $24.77B | $22.68B | $21.22B | $19.48B | $18.48B |
| Accounts payable | $378.0M | $346.0M | $294.0M | $254.0M | $235.0M | $189.0M | $203.0M | $175.0M | $195.0M | $154.0M |
| Short-term debt | $1.59B | $879.0M | $179.0M | $1.18B | $584.0M | $1.28B | $786.0M | $964.0M | $905.0M | $849.0M |
| Total current liabilities | $4.75B | $3.15B | $2.15B | $2.81B | $2.14B | $2.88B | $2.04B | $2.09B | $2.33B | $2.39B |
| Long-term debt | — | — | — | — | — | $9.66B | $8.66B | $7.64B | $6.81B | $6.32B |
| Retained earnings | $2.58B | $2.11B | $1.66B | $1.27B | $925.0M | $102.0M | -$207.0M | -$464.0M | -$723.0M | -$873.0M |
| Total equity | $10.84B | $10.33B | $9.80B | $7.69B | $7.30B | $6.45B | $6.12B | $5.86B | $5.38B | $5.22B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.06B | $2.04B | $1.87B | $1.11B | $1.44B | $1.43B | $1.38B | $1.39B | $1.45B | $1.29B |
| Depreciation and amortisation | $894.0M | $788.0M | $704.0M | $649.0M | $636.0M | $604.0M | $582.0M | $545.0M | $492.0M | $470.0M |
| Capital expenditure | $3.13B | $2.86B | $2.58B | $2.30B | $1.76B | $1.82B | $1.65B | $1.59B | $1.43B | $1.31B |
| Investing cash flow | -$3.31B | -$3.38B | -$2.81B | -$2.13B | -$1.54B | -$2.06B | -$1.95B | -$2.04B | -$1.67B | -$1.59B |
| Financing cash flow | $1.25B | $1.11B | $1.19B | $1.00B | -$345.0M | $1.12B | $494.0M | $726.0M | $207.0M | $328.0M |
| Dividends paid | $633.0M | $585.0M | $532.0M | $467.0M | $428.0M | $389.0M | $353.0M | $319.0M | $289.0M | $261.0M |
| Buybacks | — | — | — | — | $0 | $0 | $36.0M | $45.0M | $54.0M | $65.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001410636-26-000034.
Others in SIC 4941
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| WTRG | Essential Utilities, Inc. | $11.83B | 7.3x | 10.1% |
| AWR | AMERICAN STATES WATER CO | $3.51B | 26.3x | 8.2% |
| CWT | CALIFORNIA WATER SERVICE GROUP | $3.09B | 23.3x | 6.4% |
| HTO | H2O AMERICA | $2.69B | 22.0x | 9.4% |
| MSEX | MIDDLESEX WATER CO | $1.10B | 24.7x | 1.5% |
| YORW | YORK WATER CO | $552.6M | 24.5x | 3.4% |
| CWCO | Consolidated Water Co. Ltd. | $468.9M | 25.7x | 11.0% |
| ARTNA | ARTESIAN RESOURCES CORP | $373.7M | 16.4x | 4.6% |