AMERICAN STATES WATER CO AWR

Utilities SIC 4941 - Water Supply NAICS Utilities › Water, Sewage and Other Systems › Water Supply and Irrigation Systems derived NYSE

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")).

Last close 85.44 2026-10-23
Market cap $3.39B 2026-06-30 share count
52-week range 69.45 - 91.72

Valuation FY2025 figures against the last close

P/S24.8x
P/E25.4x
P/FCF—
EV/EBITDA16.5x
Dividend yield2.2%
Diluted EPS3.37

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 3.373.173.372.122.552.342.281.731.881.63
EPS, diluted 3.373.173.362.112.552.332.281.721.881.62
Shares, diluted (wtd. avg.) 38.7M37.6M37.1M37.0M37.0M37.0M37.0M36.9M36.8M36.8M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 200M 400M 600M Revenue, FY2016: 436.1M Net income, FY2016: 59.7M Revenue, FY2017: 100.3M Gross profit, FY2017: 50.5M Net income, FY2017: 69.4M Revenue, FY2018: 107.2M Gross profit, FY2018: 53.3M Net income, FY2018: 63.9M Revenue, FY2019: 114.5M Gross profit, FY2019: 58.8M Net income, FY2019: 84.3M Revenue, FY2020: 120.6M Gross profit, FY2020: 58.2M Net income, FY2020: 86.4M Revenue, FY2021: 113.4M Gross profit, FY2021: 56.5M Net income, FY2021: 94.3M Revenue, FY2022: 110.9M Gross profit, FY2022: 57.8M Net income, FY2022: 78.4M Revenue, FY2023: 120.4M Gross profit, FY2023: 62.5M Net income, FY2023: 124.9M Revenue, FY2024: 126.4M Gross profit, FY2024: 71.9M Net income, FY2024: 119.3M Revenue, FY2025: 136.7M Gross profit, FY2025: 76.1M Net income, FY2025: 130.4M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $436.1M $100.3M $107.2M $114.5M $120.6M $113.4M $110.9M $120.4M $126.4M $136.7M
Gross profit — $50.5M $53.3M $58.8M $58.2M $56.5M $57.8M $62.5M $71.9M $76.1M
Net income $59.7M $69.4M $63.9M $84.3M $86.4M $94.3M $78.4M $124.9M $119.3M $130.4M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Officer or director change Item 5.02
  • Officer or director change Item 5.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Officer or director change Item 5.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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