American Water Works (AWK)
Market Price (8/25/2026): $139.77 | Market Cap: $27.4 BilInvestor Relations Sector: Utilities | Industry: Water Utilities
American Water Works (AWK)
Market Price (8/25/2026): $139.77Market Cap: $27.4 BilSector: UtilitiesIndustry: Water Utilities
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.5%, Dividend Yield is 2.4% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 37% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 44%, CFO LTM is 2.3 Bil Low stock price volatilityVol 12M is 23% Megatrend and thematic driversMegatrends include Water Infrastructure. Themes include Water Treatment & Delivery, and Wastewater Management. | Trading close to highsDist 52W High is -1.7%, Dist 3Y High is -4.3% Weak multi-year price returns2Y Excs Rtn is -33%, 3Y Excs Rtn is -66% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 58% Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -23% Key risksAWK key risks include [1] regulatory pushback on rate hike and multi-state acquisition approvals essential for recovering costs and growth, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.5%, Dividend Yield is 2.4% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 37% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 44%, CFO LTM is 2.3 Bil |
| Low stock price volatilityVol 12M is 23% |
| Megatrend and thematic driversMegatrends include Water Infrastructure. Themes include Water Treatment & Delivery, and Wastewater Management. |
| Trading close to highsDist 52W High is -1.7%, Dist 3Y High is -4.3% |
| Weak multi-year price returns2Y Excs Rtn is -33%, 3Y Excs Rtn is -66% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 58% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -23% |
| Key risksAWK key risks include [1] regulatory pushback on rate hike and multi-state acquisition approvals essential for recovering costs and growth, Show more. |
Qualitative Assessment
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American Water Works (AWK) stock has gained about 10% since 4/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Earnings and Reaffirmed Guidance.
American Water Works reported adjusted earnings of $1.61 per share on revenue of $1.36 billion for fiscal Q2 2026 (ended June 30, 2026), surpassing Wall Street estimates of $1.56 per share and $1.33 billion respectively. The company also reaffirmed its full-year fiscal 2026 adjusted EPS guidance of $6.02 to $6.12, signaling confidence in its future performance and long-term targets of 7-9% EPS and dividend growth.
2. Favorable Regulatory Outcomes and Robust Cost Control.
Revenue growth was significantly bolstered by authorized rate increases in multiple states, enabling the company to recover substantial capital investments. Since January 1, 2026, American Water has been authorized an additional $216 million in annualized revenues. Additionally, operating and maintenance expenses remained flat year-over-year at $481 million in fiscal Q2 2026, demonstrating strong cost discipline that contributed to a 10.8% increase in operating income.
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American Water Works (AWK) stock has gained about 10% since 4/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Earnings and Reaffirmed Guidance.
American Water Works reported adjusted earnings of $1.61 per share on revenue of $1.36 billion for fiscal Q2 2026 (ended June 30, 2026), surpassing Wall Street estimates of $1.56 per share and $1.33 billion respectively. The company also reaffirmed its full-year fiscal 2026 adjusted EPS guidance of $6.02 to $6.12, signaling confidence in its future performance and long-term targets of 7-9% EPS and dividend growth.
2. Favorable Regulatory Outcomes and Robust Cost Control.
Revenue growth was significantly bolstered by authorized rate increases in multiple states, enabling the company to recover substantial capital investments. Since January 1, 2026, American Water has been authorized an additional $216 million in annualized revenues. Additionally, operating and maintenance expenses remained flat year-over-year at $481 million in fiscal Q2 2026, demonstrating strong cost discipline that contributed to a 10.8% increase in operating income.
3. Strategic Infrastructure Investments and Acquisitions.
The company continued its aggressive investment strategy, deploying $1.8 billion into infrastructure improvements and acquisitions during the first half of fiscal 2026. A notable acquisition was the Nexus Water Group deal, completed on June 1, 2026, for $319 million in cash, which added approximately 52,700 new customers in the first half of 2026. Furthermore, progress on the proposed merger with Essential Utilities, including the expiration of the Hart-Scott-Rodino waiting period on August 14, 2026, suggests future growth potential through consolidation, expected to close by fiscal Q1 2027.
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Stock Movement Drivers
Fundamental Drivers
The 10.5% change in AWK stock from 4/30/2026 to 8/24/2026 was primarily driven by a 8.5% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 8242026 | Change |
|---|---|---|---|
| Stock Price ($) | 126.67 | 139.91 | 10.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,205 | 5,284 | 1.5% |
| Net Income Margin (%) | 21.2% | 21.3% | 0.8% |
| P/E Multiple | 22.4 | 24.3 | 8.5% |
| Shares Outstanding (Mil) | 195 | 196 | -0.5% |
| Cumulative Contribution | 10.5% |
Market Drivers
4/30/2026 to 8/24/2026| Return | Correlation | |
|---|---|---|
| AWK | 10.5% | |
| Market (SPY) | 6.2% | -28.1% |
| Sector (XLU) | -7.7% | 59.2% |
Fundamental Drivers
The 10.6% change in AWK stock from 1/31/2026 to 8/24/2026 was primarily driven by a 9.6% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 8242026 | Change |
|---|---|---|---|
| Stock Price ($) | 126.51 | 139.91 | 10.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,070 | 5,284 | 4.2% |
| Net Income Margin (%) | 21.9% | 21.3% | -2.7% |
| P/E Multiple | 22.2 | 24.3 | 9.6% |
| Shares Outstanding (Mil) | 195 | 196 | -0.5% |
| Cumulative Contribution | 10.6% |
Market Drivers
1/31/2026 to 8/24/2026| Return | Correlation | |
|---|---|---|
| AWK | 10.6% | |
| Market (SPY) | 10.6% | -31.8% |
| Sector (XLU) | 0.6% | 50.7% |
Fundamental Drivers
The 3.1% change in AWK stock from 7/31/2025 to 8/24/2026 was primarily driven by a 6.9% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312025 | 8242026 | Change |
|---|---|---|---|
| Stock Price ($) | 135.74 | 139.91 | 3.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,942 | 5,284 | 6.9% |
| Net Income Margin (%) | 21.9% | 21.3% | -2.6% |
| P/E Multiple | 24.4 | 24.3 | -0.5% |
| Shares Outstanding (Mil) | 195 | 196 | -0.5% |
| Cumulative Contribution | 3.1% |
Market Drivers
7/31/2025 to 8/24/2026| Return | Correlation | |
|---|---|---|
| AWK | 3.1% | |
| Market (SPY) | 21.8% | -26.2% |
| Sector (XLU) | 3.1% | 41.6% |
Fundamental Drivers
The 2.6% change in AWK stock from 7/31/2023 to 8/24/2026 was primarily driven by a 30.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312023 | 8242026 | Change |
|---|---|---|---|
| Stock Price ($) | 136.36 | 139.91 | 2.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,048 | 5,284 | 30.5% |
| Net Income Margin (%) | 22.1% | 21.3% | -3.3% |
| P/E Multiple | 29.7 | 24.3 | -18.3% |
| Shares Outstanding (Mil) | 195 | 196 | -0.5% |
| Cumulative Contribution | 2.6% |
Market Drivers
7/31/2023 to 8/24/2026| Return | Correlation | |
|---|---|---|
| AWK | 2.6% | |
| Market (SPY) | 72.7% | -4.3% |
| Sector (XLU) | 40.2% | 54.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| AWK Return | 25% | -18% | -12% | -4% | 7% | 6% | -1% |
| Peers Return | 32% | -15% | -14% | -9% | 0% | 15% | 2% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| AWK Win Rate | 58% | 42% | 50% | 50% | 58% | 62% | |
| Peers Win Rate | 67% | 47% | 45% | 43% | 43% | 75% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| AWK Max Drawdown | -20% | -32% | -27% | -17% | -16% | -13% | |
| Peers Max Drawdown | -16% | -30% | -27% | -19% | -16% | -11% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: WTRG, CWT, AWR, MSEX, YORW. See AWK Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/24/2026 (YTD)
How Low Can It Go
| Event | AWK | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -21.7% | -9.5% |
| % Gain to Breakeven | 27.7% | 10.5% |
| Time to Breakeven | 284 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -11.9% | -6.7% |
| % Gain to Breakeven | 13.5% | 7.1% |
| Time to Breakeven | 27 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -30.0% | -33.7% |
| % Gain to Breakeven | 42.9% | 50.9% |
| Time to Breakeven | 115 days | 140 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -13.3% | -17.9% |
| % Gain to Breakeven | 15.4% | 21.8% |
| Time to Breakeven | 21 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -17.4% | -53.4% |
| % Gain to Breakeven | 21.1% | 114.4% |
| Time to Breakeven | 140 days | 1085 days |
In The Past
American Water Works's stock fell 0.0% during the 2025 US Tariff Shock. Such a loss loss requires a 0.0% gain to breakeven.
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| Event | AWK | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -21.7% | -9.5% |
| % Gain to Breakeven | 27.7% | 10.5% |
| Time to Breakeven | 284 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -30.0% | -33.7% |
| % Gain to Breakeven | 42.9% | 50.9% |
| Time to Breakeven | 115 days | 140 days |
In The Past
American Water Works's stock fell 0.0% during the 2025 US Tariff Shock. Such a loss loss requires a 0.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About American Water Works (AWK)
American Water Works (AWK) is a prominent utility company dedicated to providing comprehensive water and wastewater services across the United States. The company's core operations involve the treatment and distribution of potable water, along with the collection and treatment of wastewater. It manages extensive infrastructure, including numerous surface and groundwater treatment plants, wastewater treatment plants, over 52,500 miles of pipelines, and a vast network of wells, pumping stations, and storage facilities.
AWK serves a broad spectrum of customers, including residential households, commercial businesses (such as food and beverage providers, property developers, and energy suppliers), industrial operations (like large-scale manufacturers), and public authorities (including government buildings, schools, and universities). Additionally, the company provides services to military installations and undertakes contracts to operate and manage water and wastewater facilities for municipal clients. AWK directly serves approximately 3.4 million active customers across 14 states, ultimately reaching about 14 million people with essential water and wastewater services in 24 states.
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- It's like **Dominion Energy** or **Edison International**, but for water and wastewater instead of electricity or natural gas.
- Think of it like **AT&T** or **Verizon**, but they deliver water and wastewater services through pipes and treatment plants instead of internet and phone lines.
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- Water Services: Providing potable drinking water to residential, commercial, industrial, fire service, public authority, and other utility customers.
- Wastewater Services: Collecting and treating wastewater for residential, commercial, industrial, public authority, and other utility customers.
- Contract Operations and Management: Operating and managing water and wastewater facilities under contract for municipal customers and on military installations.
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American Water Works (AWK) primarily serves the following categories of customers:
- Residential customers: Individuals and households, representing a significant portion of their 3.4 million active customers.
- Commercial customers: Businesses including food and beverage providers, commercial property developers and proprietors, and energy suppliers.
- Public authorities: This category encompasses government buildings and other public sector facilities such as schools, universities, and military installations.
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John C. Griffith, President and Chief Executive Officer
John C. Griffith was appointed President of American Water in August 2024 and became Chief Executive Officer in May 2025. Prior to these roles, he served as Executive Vice President and Chief Financial Officer of American Water from May 2022 to July 2024. Before joining American Water, Mr. Griffith was a Managing Director in Bank of America Securities' Global Regulated Utilities and Renewable Energy group from 2014 to 2022. From 2008 to 2014, he served as CEO of HighWave Energy, a start-up renewable fuels company. He also spent fourteen years with Merrill Lynch & Co., where he culminated as a Managing Director in M&A.
David Bowler, Executive Vice President and Chief Financial Officer
David Bowler was appointed Executive Vice President and Chief Financial Officer of American Water, effective August 1, 2024. Before this appointment, he held the position of Senior Vice President, Deputy Chief Financial Officer, and Treasurer at American Water since 2022. Mr. Bowler joined American Water in 2020 as Senior Vice President of Planning, Regulatory and Financial Services. His previous experience includes serving as Director of Finance and Accounting at CenterPoint Energy, Inc., and as Vice President, Controller, and Assistant Treasurer at Vectren Corporation.
Cheryl Norton, Executive Vice President and Chief Operating Officer
Cheryl Norton serves as Executive Vice President and Chief Operating Officer for American Water, a role she assumed effective March 1, 2021. She is responsible for the performance of American Water's regulated states, business development, customer service, and systemwide engineering, health and safety, and environmental and regulatory compliance. In December 2019, she was also named American Water's Chief Environmental Officer. Her career with American Water began in 1988 as a microbiology research technician. She has held various leadership positions within the company, including President of New Jersey American Water, Senior Vice President of the Eastern Division, President of Missouri American Water, President of Kentucky American Water, and Vice President of Operations for Illinois American Water.
Stacy A. Mitchell, Executive Vice President and General Counsel
Stacy A. Mitchell was named Executive Vice President and General Counsel of American Water on June 5, 2024, succeeding James H. Gallegos upon his retirement. In this capacity, she serves as the company's chief legal officer, overseeing corporate governance and all aspects of legal affairs. Ms. Mitchell previously held the role of Senior Vice President and Deputy General Counsel at American Water, where she led the company's regulatory strategy. Before joining American Water in 2019, she was Vice President, Rates and Regulatory Affairs for SJI Utilities and its subsidiary, South Jersey Gas. She also worked in private practice, providing litigation, regulatory, and environmental counsel, and has over 25 years of legal and regulatory experience.
Deborah A. Degillio, Chief Technology and Information Officer
Deborah A. Degillio was named Chief Technology and Information Officer for American Water, effective January 13, 2025. In this role, she brings her deep knowledge of customer service processes to the IT domain. Prior to this, Ms. Degillio was the President of American Water Enterprises, a market-based subsidiary of American Water. She has held various high-level finance roles within American Water, including Vice President and Treasurer, focusing on financial forecasting, analysis, business planning, and enterprise risk management. Ms. Degillio also serves as President & Director at Environmental Management Corp.
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Key Risks to American Water Works (AWK)
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Regulatory and Rate Case Risk: As a highly regulated utility, American Water Works' business operations, financial condition, and cash flows are significantly influenced by state public utility commissions (PUCs) and other regulatory agencies. The company's ability to secure timely approvals for rate increases, which are crucial for recovering operational costs and funding essential capital expenditures, is a persistent risk. Delays or denials of these rate cases can pressure earnings. Furthermore, growth through acquisitions, a key component of the company's strategy, is also subject to regulatory approvals, and competition for these opportunities could hinder expansion.
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Aging Infrastructure and High Capital Expenditure Requirements: American Water Works operates an extensive network of aging infrastructure, including thousands of miles of pipes, numerous treatment plants, and pumping stations, many of which require continuous maintenance, upgrades, and replacement. The need for significant and ongoing capital expenditures (CapEx) to maintain this vast system and comply with evolving environmental mandates (such as those for lead service line replacement and PFAS remediation) is substantial. The company's ability to secure appropriate funding for these investments and execute major projects without delays is critical to its operational efficiency and future earnings growth.
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Debt Levels and Financing Costs: The considerable capital investment required for infrastructure maintenance and upgrades often necessitates American Water Works to carry significant levels of debt. This reliance on debt financing, combined with potentially negative free cash flow, exposes the company to risks associated with rising interest rates and the challenge of refinancing existing debt on favorable terms. Increased financing costs can impact profitability and limit the company's financial flexibility to pursue growth initiatives or manage other operational challenges.
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The addressable market for American Water Works Company, Inc. (AWK) main products and services is primarily the U.S. water utilities industry.
The U.S. water utilities industry recorded revenues of $563.7 billion in 2024, growing at a compound annual growth rate (CAGR) of 7.4% between 2019 and 2024. This market is segmented into agriculture, domestic, and industrial consumption. In 2024, the U.S. represented 89.0% of the North American water utilities industry.
Additionally, the U.S. water and wastewater treatment market, a component of the broader water utilities sector, was approximately $64.27 billion in 2024 and is projected to reach about $123.76 billion by 2034, with a CAGR of 6.80% from 2025 to 2034. Another estimate places the U.S. water and wastewater treatment market size at $121.85 billion in 2024, expanding to approximately $238.36 billion by 2034 at a CAGR of 6.94% from 2025 to 2034. A separate projection suggests this market could reach $314.96 billion by 2032.
American Water Works is the largest publicly traded water and wastewater utility in the U.S., serving approximately 14 million people across 24 states. Their regulated water and wastewater services accounted for 93% of their FY 2023 revenue. The company also provides water and wastewater services on various military installations and undertakes contracts with municipal customers.
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- Rate Increases through Regulatory Approvals: American Water Works consistently derives revenue growth from authorized rate increases resulting from general rate cases and infrastructure proceedings across its service states. These regulatory approvals allow the company to recover incremental capital and acquisition investments. For example, West Virginia American Water recently received approval for new water and wastewater rates, authorizing an annualized revenue increase of $20.5 million, effective March 1, 2026. Similarly, Iowa saw an annualized revenue increase of $13 million approved, and Hawaii an increase of $1.5 million.
- Significant Capital Investments in Infrastructure: The company plans substantial capital investments to improve and modernize its water and wastewater infrastructure. These investments, such as pipe replacement, treatment facility upgrades, PFAS remediation, lead service line removal, and smart metering technology, lead to a growing regulated rate base. This expanding rate base is a fundamental driver for justifying and securing future rate increases, with the company expecting 8%-9% long-term regulated rate base growth. American Water plans to invest approximately $3.7 billion in 2026 alone.
- Strategic Acquisitions and Organic Customer Growth: American Water Works continues to expand its customer base through both strategic acquisitions of smaller water and wastewater systems and organic customer growth within its existing service areas. In 2025, the company completed 18 acquisitions across seven states. The company also has 104,000 customer connections under agreement totaling $582 million in deals.
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Share Repurchases
- American Water Works (AWK) has shown no significant share repurchase activity over the last 3-5 years, with share buybacks recorded as $0.00 as of March 2026 and February 2026.
Share Issuance
- In August 2025, American Water Works announced the pricing of a registered underwritten offering of 7,042,254 shares of its common stock at $142.00 per share.
- This offering represented a $1 billion stock offering, with the company entering into forward sale agreements with Wells Fargo Bank, JPMorgan Chase Bank, and Mizuho Markets Americas, expecting settlement by December 31, 2026, and intending to use any net cash proceeds for general corporate purposes.
Inbound Investments
- Institutional investors collectively own a substantial portion of American Water Works' stock.
- Among the largest institutional shareholders as of March 2026 and December 2025 are Vanguard Group Inc, BlackRock, Inc., and State Street Corp.
- Several investment firms, including Ghisallo Capital Management LLC, Grey Fox Wealth Advisors LLC, Harel Insurance Investments & Financial Services Ltd., Elevation Point Wealth Partners LLC, and Cloud Capital Management LLC, purchased new positions or increased their holdings in AWK during 2025.
Outbound Investments
- American Water Works actively pursues strategic acquisitions of smaller water and wastewater systems to expand its customer base and operational footprint.
- In FY2024, the company completed 13 acquisition deals totaling $417 million in the regulated water and wastewater systems market.
- A significant capital allocation decision is the planned all-stock merger with Essential Utilities, announced in October 2025, valued between approximately $20.24 billion and $40 billion (market capitalization), with American Water shareholders expected to own about 69% of the combined entity upon the deal's anticipated closure by early 2027.
Capital Expenditures
- American Water Works invested $3.2 billion in capital in 2025, primarily driven by system needs to support water quality and reliability.
- The company has a comprehensive capital deployment plan of approximately $17-18 billion from 2025 to 2029, and a long-term target of $40-42 billion over the next decade (2025-2034).
- Planned capital expenditures for 2026-2030 are $19-20 billion (averaging $3.8-$4.0 billion annually), with a total of about $47 billion projected through 2035, focusing on replacing aging infrastructure, including pipelines, treatment plants, pumping stations, and addressing PFAS-related initiatives.
Peer Outperformance in Water Utilities
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| AWK | American Water Works | 9.3% | 24.3x | -1.7% | 7.2% | -13.8% | — |
| AWR | American States Water | 6.6% | 25.0x | 23.6% | 13.2% | 14.0% | +28pp |
| HTO | H2O America | 8.9% | 25.2x | 30.6% | 6.1% | 7.3% | +21pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Independent Power Producers & Energy Traders | 5 | -1.4% | 127.5% | 179.5% | HNRG 603% · OKLO 306% · NRG 180% |
| Electric Utilities | 24 | 5.3% | 45.4% | 43.8% | VST 683% · GNE 168% · ETR 124% |
| Gas Utilities | 10 | 7.9% | 45.0% | 41.6% | ATO 95% · NFG 89% · NJR 72% |
| Multi-Utilities | 18 | 7.7% | 44.7% | 40.6% | PCG 99% · NI 92% · MDU 91% |
| Water Utilities ← | 12 | 9.7% | 5.2% | -11.9% | CWCO 181% · AWR 14% · ARTNA 9% |
| Renewable Electricity | 5 | -24.2% | -61.6% | -94.3% | ORA 58% · CWEN 32% · AGIG -94% |
Latest Trefis Analyses
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 55.16 |
| Mkt Cap | 3.3 |
| Rev LTM | 876 |
| Op Inc LTM | 213 |
| FCF LTM | -138 |
| FCF 3Y Avg | -113 |
| CFO LTM | 282 |
| CFO 3Y Avg | 247 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.2% |
| Rev Chg 3Y Avg | 7.9% |
| Rev Chg Q | 12.7% |
| QoQ Delta Rev Chg LTM | 3.1% |
| Op Inc Chg LTM | 8.3% |
| Op Inc Chg 3Y Avg | 11.0% |
| Op Mgn LTM | 33.5% |
| Op Mgn 3Y Avg | 33.8% |
| QoQ Delta Op Mgn LTM | 1.1% |
| CFO/Rev LTM | 37.0% |
| CFO/Rev 3Y Avg | 35.2% |
| FCF/Rev LTM | -18.6% |
| FCF/Rev 3Y Avg | -19.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 3.3 |
| P/S | 5.2 |
| P/Op Inc | 15.6 |
| P/EBIT | 14.3 |
| P/E | 23.1 |
| P/CFO | 13.4 |
| Total Yield | 6.7% |
| Dividend Yield | 2.4% |
| FCF Yield 3Y Avg | -4.1% |
| D/E | 0.5 |
| Net D/E | 0.5 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 5.7% |
| 3M Rtn | 15.6% |
| 6M Rtn | 8.6% |
| 12M Rtn | 10.9% |
| 3Y Rtn | 6.8% |
| 1M Excs Rtn | 2.5% |
| 3M Excs Rtn | 13.2% |
| 6M Excs Rtn | -3.4% |
| 12M Excs Rtn | -6.9% |
| 3Y Excs Rtn | -67.3% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Regulated Businesses | 4,723 | 4,296 | 3,920 | 3,505 | 3,384 |
| Other | 417 | 388 | 314 | 287 | 546 |
| Total | 5,140 | 4,684 | 4,234 | 3,792 | 3,930 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Regulated Businesses | 1,137 | 1,065 | 971 | 854 | 789 |
| Other | -26 | -14 | -27 | -34 | 474 |
| Total | 1,111 | 1,051 | 944 | 820 | 1,263 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Regulated Businesses | 32,649 | 29,941 | 27,480 | 25,038 | 23,365 |
| Other | 2,793 | 2,889 | 2,818 | 2,749 | 2,710 |
| Total | 35,442 | 32,830 | 30,298 | 27,787 | 26,075 |
Price Behavior
| Market Price | $139.91 | |
| Market Cap ($ Bil) | 27.4 | |
| First Trading Date | 04/23/2008 | |
| Distance from 52W High | -1.7% | |
| 50 Days | 200 Days | |
| DMA Price | $132.34 | $129.46 |
| DMA Trend | indeterminate | up |
| Distance from DMA | 5.7% | 8.1% |
| 3M | 1YR | |
| Volatility | 24.6% | 22.6% |
| Downside Capture | -118.33 | -59.52 |
| Upside Capture | -49.97 | -48.82 |
| Correlation (SPY) | -28.1% | -25.8% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.97 | -0.61 | -0.58 | -0.59 | -0.49 | -0.07 |
| Up Beta | -1.50 | -0.58 | -0.77 | -0.56 | -0.45 | -0.09 |
| Down Beta | 0.49 | 0.27 | 0.25 | -0.36 | -0.40 | -0.18 |
| Up Capture | -105% | -62% | -52% | -38% | -25% | 0% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 13 | 25 | 32 | 64 | 129 | 378 |
| Down Capture | -155% | -140% | -124% | -113% | -100% | 5% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 9 | 18 | 31 | 62 | 123 | 373 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AWK | |
|---|---|---|---|---|
| AWK | -1.5% | 22.5% | -0.14 | - |
| Sector ETF (XLU) | 3.2% | 15.1% | -0.00 | 41.5% |
| Equity (SPY) | 21.2% | 12.9% | 1.23 | -26.0% |
| Gold (GLD) | 39.0% | 28.8% | 1.14 | -10.9% |
| Commodities (DBC) | 40.9% | 20.2% | 1.58 | -12.9% |
| Real Estate (VNQ) | 13.9% | 13.8% | 0.70 | 36.8% |
| Bitcoin (BTCUSD) | -30.4% | 44.2% | -0.69 | -18.0% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AWK | |
|---|---|---|---|---|
| AWK | -3.0% | 23.1% | -0.18 | - |
| Sector ETF (XLU) | 7.6% | 17.4% | 0.30 | 66.4% |
| Equity (SPY) | 12.8% | 17.2% | 0.57 | 23.0% |
| Gold (GLD) | 20.6% | 18.6% | 0.90 | 11.1% |
| Commodities (DBC) | 10.2% | 19.6% | 0.41 | -1.9% |
| Real Estate (VNQ) | 2.4% | 18.9% | 0.02 | 56.5% |
| Bitcoin (BTCUSD) | 11.2% | 52.8% | 0.40 | 5.6% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AWK | |
|---|---|---|---|---|
| AWK | 8.2% | 23.8% | 0.33 | - |
| Sector ETF (XLU) | 8.8% | 19.3% | 0.38 | 77.4% |
| Equity (SPY) | 15.1% | 17.9% | 0.72 | 39.5% |
| Gold (GLD) | 12.9% | 16.3% | 0.65 | 13.8% |
| Commodities (DBC) | 7.8% | 18.1% | 0.35 | 3.9% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 61.5% |
| Bitcoin (BTCUSD) | 63.1% | 66.2% | 1.03 | 5.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/7/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/29/2026 | -0.9% | -2.8% | |
| 4/29/2026 | -2.7% | -4.8% | -5.9% |
| 2/18/2026 | 0.2% | 2.3% | 4.5% |
| 10/29/2025 | -2.6% | 0.7% | 1.4% |
| 7/30/2025 | 0.4% | 1.6% | 2.9% |
| 4/30/2025 | -0.4% | 0.7% | -2.2% |
| 2/19/2025 | 0.6% | 5.6% | 10.9% |
| 10/30/2024 | 1.8% | -1.6% | 1.5% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 13 | 13 |
| # Negative | 11 | 12 | 11 |
| Median Positive | 1.6% | 2.3% | 4.5% |
| Median Negative | -1.2% | -2.6% | -3.9% |
| Max Positive | 4.8% | 6.2% | 12.8% |
| Max Negative | -5.0% | -11.9% | -6.0% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/29/2026 | -0.9% | -2.8% | |
| 4/29/2026 | -2.7% | -4.8% | -5.9% |
| 2/18/2026 | 0.2% | 2.3% | 4.5% |
| 10/29/2025 | -2.6% | 0.7% | 1.4% |
| 7/30/2025 | 0.4% | 1.6% | 2.9% |
| 4/30/2025 | -0.4% | 0.7% | -2.2% |
| 2/19/2025 | 0.6% | 5.6% | 10.9% |
| 10/30/2024 | 1.8% | -1.6% | 1.5% |
| 7/31/2024 | 1.5% | 1.0% | 0.2% |
| 5/1/2024 | 0.7% | 6.2% | 5.1% |
| 2/14/2024 | 3.1% | -0.7% | -2.8% |
| 11/1/2023 | 4.8% | 6.2% | 12.8% |
| 7/26/2023 | 0.5% | -1.4% | -6.0% |
| 4/26/2023 | -0.4% | -1.7% | -4.0% |
| 2/15/2023 | -1.2% | -3.6% | -5.0% |
| 10/31/2022 | -2.4% | -4.6% | 4.9% |
| 7/27/2022 | 2.8% | 4.2% | 3.1% |
| 4/27/2022 | 2.8% | -2.4% | -4.3% |
| 2/16/2022 | 1.2% | 1.6% | 8.5% |
| 11/2/2021 | -5.0% | -3.8% | -3.3% |
| 8/2/2021 | 1.8% | 3.2% | 6.2% |
| 5/3/2021 | -0.1% | 0.7% | 0.4% |
| 2/24/2021 | -2.9% | -11.9% | -3.2% |
| 11/4/2020 | 1.8% | 6.1% | -3.9% |
| 8/5/2020 | -0.2% | -0.6% | -2.9% |
| SUMMARY STATS | |||
| # Positive | 14 | 13 | 13 |
| # Negative | 11 | 12 | 11 |
| Median Positive | 1.6% | 2.3% | 4.5% |
| Median Negative | -1.2% | -2.6% | -3.9% |
| Max Positive | 4.8% | 6.2% | 12.8% |
| Max Negative | -5.0% | -11.9% | -6.0% |
Recent Forward Guidance
Updated 7/30/2026Latest: Q2 2026 Earnings Reported 7/29/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 EPS | 6.02 | 6.07 | 6.12 | 0.0% | Affirmed | Guidance: 6.07 for 2026 | |
| 2026 EPS Growth | 7.0% | 8.0% | 9.0% | 0.0% | Affirmed | Guidance: 8.0% for 2026 | |
| 2026 Dividend Growth | 7.0% | 8.0% | 9.0% | 0.0% | Affirmed | Guidance: 8.0% for 2026 | |
| 2026 Capital Expenditures | 3.70 Bil | 0.0% | Affirmed | Guidance: 3.70 Bil for 2026 | |||
Prior: Q1 2026 Earnings Reported 4/29/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted EPS | 6.02 | 6.07 | 6.12 | Affirmed | Guidance: 6.07 for 2026 | ||
| 2026 EPS Growth | 7.0% | 8.0% | 9.0% | 0.0% | Affirmed | Guidance: 8.0% for 2026 | |
| 2026 Dividend Growth | 7.0% | 8.0% | 9.0% | 0.0% | Affirmed | Guidance: 8.0% for 2026 | |
| 2026 Capital Investment | 3.70 Bil | ||||||
Q4 2025 Earnings Reported 2/18/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted EPS | 6.02 | 6.07 | 6.12 | Affirmed | Guidance: 6.07 for 2026 | ||
| 2026 EPS Growth | 7.0% | 8.0% | 9.0% | 0.0% | Affirmed | Guidance: 8.0% for 2026 | |
| 2026 Dividend Growth | 7.0% | 8.0% | 9.0% | Affirmed | |||
Q3 2025 Earnings Reported 10/29/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 EPS | 5.7 | 5.72 | 5.75 | 0 | Affirmed | Guidance: 5.72 for 2025 | |
| 2026 EPS | 6.02 | 6.07 | 6.12 | ||||
| 2026 EPS Growth | 8.0% | ||||||
| 2026 Capital Expenditures | 3.70 Bil | ||||||
| 2030 Capital Expenditures | 19.00 Bil | 19.50 Bil | 20.00 Bil | ||||
| 2035 Capital Expenditures | 46.00 Bil | 47.00 Bil | 48.00 Bil | ||||
Insider Activity
Updated 5/13/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Wikle, Melissa K | SVP, Chief Accounting Officer | Direct | Sell | 6022025 | 143.28 | 2,825 | 404,766 | 1,084,916 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Wikle, Melissa K | SVP, Chief Accounting Officer | Direct | Sell | 6022025 | 143.28 | 2,825 | 404,766 | 1,084,916 | Form |
Investor Activity (13F)
Updated Aug 25, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Dudley & Shanley, Inc. | $23.0 Mil | 3.8% | 38 | Hold | 13F |
| Montanaro Asset Management Ltd | $12.2 Mil | 3.7% | 42 | New | 13F |
| Partners Group Holding AG | $39.3 Mil | 2.9% | 50 | TRIM -5.9% | 13F |
| TSP Capital Management Group, LLC | $7.8 Mil | 1.9% | 45 | ADD +378.7% | 13F |
| Mirova US LLC | $102.2 Mil | 1.2% | 42 | Hold | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Mirova US LLC | $102.2 Mil | 1.2% | 42 | Hold | 13F |
| Partners Group Holding AG | $39.3 Mil | 2.9% | 50 | TRIM -5.9% | 13F |
| Dudley & Shanley, Inc. | $23.0 Mil | 3.8% | 38 | Hold | 13F |
| Montanaro Asset Management Ltd | $12.2 Mil | 3.7% | 42 | New | 13F |
| TSP Capital Management Group, LLC | $7.8 Mil | 1.9% | 45 | ADD +378.7% | 13F |
American Water Works — Investor Video Playlist
Industry Resources
| Utilities Resources |
| Data.gov Energy Infrastructure |
| Data.gov Energy Resources |
| Utility Dive |
| Water Utilities Resources |
| American Water Works Association (AWWA) |
| WaterWorld |
| Water & Wastes Digest (WWD) |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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