AMERICAN STATES WATER CO AWR
This annual report on Form 10-K is a combined report being filed by two separate Registrants, American States Water Company ("AWR") and Golden State Water Company ("GSWC"). References in this report to "Registrant" are to AWR and GSWC, collectively, unless otherwise specified. GSWC makes no representations as to the information contained in this report relating to AWR and its subsidiaries, other than GSWC.
AWR is the parent company of GSWC, Bear Valley Electric Service, Inc. ("BVES") and American States Utility Services, Inc. ("ASUS") (and its wholly-owned subsidiaries: Fort Bliss Water Services Company ("FBWS"), Old Dominion Utility Services, Inc. ("ODUS"), Terrapin Utility Services, Inc. ("TUS"), Palmetto State Utility Services, Inc. ("PSUS"), Old North Utility Services, Inc. ("ONUS"), Emerald Coast Utility Services, Inc. ("ECUS"), Fort Riley Utility Services, Inc. ("FRUS"), Bay State Utility Services LLC ("BSUS"), and Patuxent River Utility Services LLC ("PRUS")).
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 | $136.7M | $126.4M | $120.4M | $110.9M | $113.4M | $120.6M | $114.5M | $107.2M | $100.3M | $436.1M |
| Cost of revenue | $60.6M | $54.5M | $57.9M | $53.2M | $56.9M | $62.4M | $55.7M | $53.9M | $49.8M | — |
| Gross profit | $76.1M | $71.9M | $62.5M | $57.8M | $56.5M | $58.2M | $58.8M | $53.3M | $50.5M | — |
| SG&A | $102.8M | $100.9M | $88.3M | $86.2M | $83.5M | $83.6M | $83.0M | $82.6M | $81.6M | $81.5M |
| Total operating expenses | — | — | — | — | — | — | $346.8M | $335.8M | $313.5M | $321.9M |
| Operating income | $203.3M | $184.5M | $196.7M | $126.6M | $141.0M | $130.5M | $127.1M | $101.0M | $127.1M | $114.2M |
| Interest expense | $46.8M | $50.4M | $42.8M | $27.0M | $22.8M | $22.5M | $24.6M | $23.4M | $22.6M | $22.0M |
| Pre-tax income | $169.8M | $149.4M | $166.5M | $102.1M | $124.8M | $114.6M | $109.0M | $81.9M | $108.3M | $94.5M |
| Income tax | $39.4M | $30.2M | $41.6M | $23.7M | $30.4M | $28.2M | $24.7M | $18.0M | $39.0M | $34.7M |
| Net income | $130.4M | $119.3M | $124.9M | $78.4M | $94.3M | $86.4M | $84.3M | $63.9M | $69.4M | $59.7M |
| EPS, basic | 3.37 | 3.17 | 3.37 | 2.12 | 2.55 | 2.34 | 2.28 | 1.73 | 1.88 | 1.63 |
| EPS, diluted | 3.37 | 3.17 | 3.36 | 2.11 | 2.55 | 2.33 | 2.28 | 1.72 | 1.88 | 1.62 |
| Shares, diluted (wtd. avg.) | $38.7M | $37.6M | $37.1M | $37.0M | $37.0M | $37.0M | $37.0M | $36.9M | $36.8M | $36.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $18.8M | $26.7M | $14.1M | $6.0M | $5.0M | $36.7M | $1.3M | $7.1M | $214.0K | $436.0K |
| Receivables | $38.3M | $37.7M | $34.2M | $26.2M | $34.4M | $29.2M | $20.9M | $23.4M | $26.1M | $20.0M |
| Total current assets | $231.1M | $233.3M | $206.0M | $151.3M | $138.1M | $157.1M | $122.5M | $131.5M | $155.5M | $166.9M |
| Property, plant and equipment | $2.30B | $2.10B | $1.89B | $1.75B | $1.63B | $1.51B | $1.42B | $1.30B | $1.20B | $1.15B |
| Goodwill | — | — | $1.1M | $1.1M | $1.1M | $1.1M | $1.1M | $1.1M | $1.1M | $1.1M |
| Other intangibles | $3.1M | $4.1M | $5.1M | $5.1M | $4.0M | $5.9M | $5.7M | $6.4M | $7.9M | $9.6M |
| Total assets | $2.72B | $2.50B | $2.25B | $2.03B | $1.90B | $1.79B | $1.64B | $1.50B | $1.42B | $1.47B |
| Accounts payable | $86.0M | $88.6M | $68.7M | $84.8M | $65.9M | $63.8M | $55.6M | $59.5M | $51.0M | $43.7M |
| Short-term debt | — | — | — | — | — | — | $344.0K | $40.3M | $324.0K | $330.0K |
| Total current liabilities | $174.6M | $285.5M | $166.6M | $396.5M | $155.6M | $118.6M | $116.0M | $146.6M | $156.7M | $177.9M |
| Long-term debt | $782.7M | $640.4M | $575.6M | $446.5M | $412.2M | $440.3M | $281.0M | $281.1M | $321.0M | $321.0M |
| Retained earnings | $620.4M | $564.9M | $512.9M | $449.4M | $427.5M | $385.0M | $346.0M | $304.5M | $279.8M | $247.1M |
| Total equity | $1.05B | $920.1M | $776.1M | $709.5M | $685.9M | $641.7M | $601.5M | $558.2M | $529.9M | $494.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $229.7M | $198.7M | $67.7M | $117.8M | $115.6M | $122.2M | $116.9M | $136.8M | $144.6M | $96.9M |
| Depreciation and amortisation | $47.8M | $43.6M | $42.4M | $41.3M | $39.6M | $36.9M | $35.4M | $40.4M | $39.0M | $38.9M |
| Stock-based compensation | $3.6M | $3.7M | $3.3M | $2.6M | $2.6M | $2.5M | $2.5M | $3.9M | $2.9M | $2.5M |
| Capital expenditure | $236.8M | $232.0M | $188.5M | $166.2M | $144.5M | $130.4M | $151.9M | $126.6M | $113.1M | $129.9M |
| Investing cash flow | -$237.5M | -$232.8M | -$188.8M | -$167.1M | -$145.1M | -$131.6M | -$153.2M | -$128.0M | -$80.0M | -$131.2M |
| Financing cash flow | -$26.0K | $46.6M | $129.2M | $50.3M | -$2.3M | $44.8M | $30.5M | -$1.8M | -$64.7M | $30.3M |
| Dividends paid | $74.7M | $67.0M | $61.2M | $56.4M | $51.7M | $47.2M | $42.7M | $38.9M | $36.4M | $33.4M |
| Buybacks | — | — | — | — | — | — | — | — | $0 | $0 |
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 0001628280-26-009114.
Others in SIC 4941
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| AWK | American Water Works Company, Inc. | $27.96B | 24.7x | 10.1% |
| WTRG | Essential Utilities, Inc. | $11.83B | 7.3x | 10.1% |
| 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% |