American States Water (AWR)
Market Price (10/20/2026): $81.67 | Market Cap: $3.2 BilSector: Utilities | Industry: Water Utilities
American States Water (AWR)
Market Price (10/20/2026): $81.67Market Cap: $3.2 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 6.9%, Dividend Yield is 2.4% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 13% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 32% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 34% Low stock price volatilityVol 12M is 20% Megatrend and thematic driversMegatrends include Water Infrastructure, and Smart Grids & Grid Modernization. Themes include Water Treatment & Delivery, Wastewater Management, Show more. | Weak multi-year price returns2Y Excs Rtn is -30%, 3Y Excs Rtn is -65% | Key risksAWR key risks include [1] its heavy operational concentration in California, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.9%, Dividend Yield is 2.4% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 13% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 32% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 34% |
| Low stock price volatilityVol 12M is 20% |
| Megatrend and thematic driversMegatrends include Water Infrastructure, and Smart Grids & Grid Modernization. Themes include Water Treatment & Delivery, Wastewater Management, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -30%, 3Y Excs Rtn is -65% |
| Key risksAWR key risks include [1] its heavy operational concentration in California, Show more. |
Qualitative Assessment
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Updated on 10/1/2026
American States Water (AWR) stock has remained largely at the same level since 6/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Performance Offset by Valuation Concerns. American States Water Company (AWR) reported robust financial results for fiscal Q2 2026 (ending June 30, 2026), with diluted earnings per share (EPS) of $1.09, marking a 25.3% increase compared to fiscal Q2 2025's $0.87 EPS, and exceeding analyst estimates of $0.93 by 17.20%. Total operating revenues also grew by 11.2% year-over-year to $181.29 million, surpassing the consensus estimate of $171.72 million. This strong performance was primarily driven by new customer rate increases approved by the California Public Utilities Commission (CPUC) effective January 1, 2026, and increased construction activities in its contracted services segment. Despite these positives, the stock's upward movement was muted, as some analysts maintained a "Hold" rating and one downgraded the stock from "Neutral" to "Underperform" by late September 2026, citing a high premium relative to its sector and anticipated compression in a rising interest rate environment.
2. Increased Dividend Counteracted by Broader Utility Sector Headwinds. On July 28, 2026, AWR's Board of Directors approved an 8.2% increase in its third-quarter cash dividend to $0.5455 per share from $0.5040 per share, marking the 72nd consecutive year of increasing annual dividends. This consistent dividend growth is generally attractive to investors seeking stable income. However, the overall utility sector faced headwinds during the period, with rising interest rates and inflation weighing on investor sentiment and contributing to utilities trailing the broader market. These macroeconomic factors likely diluted the positive impact of AWR's dividend increase, contributing to the stock largely treading water.
Show more
American States Water (AWR) stock has remained largely at the same level since 6/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Performance Offset by Valuation Concerns. American States Water Company (AWR) reported robust financial results for fiscal Q2 2026 (ending June 30, 2026), with diluted earnings per share (EPS) of $1.09, marking a 25.3% increase compared to fiscal Q2 2025's $0.87 EPS, and exceeding analyst estimates of $0.93 by 17.20%. Total operating revenues also grew by 11.2% year-over-year to $181.29 million, surpassing the consensus estimate of $171.72 million. This strong performance was primarily driven by new customer rate increases approved by the California Public Utilities Commission (CPUC) effective January 1, 2026, and increased construction activities in its contracted services segment. Despite these positives, the stock's upward movement was muted, as some analysts maintained a "Hold" rating and one downgraded the stock from "Neutral" to "Underperform" by late September 2026, citing a high premium relative to its sector and anticipated compression in a rising interest rate environment.
2. Increased Dividend Counteracted by Broader Utility Sector Headwinds. On July 28, 2026, AWR's Board of Directors approved an 8.2% increase in its third-quarter cash dividend to $0.5455 per share from $0.5040 per share, marking the 72nd consecutive year of increasing annual dividends. This consistent dividend growth is generally attractive to investors seeking stable income. However, the overall utility sector faced headwinds during the period, with rising interest rates and inflation weighing on investor sentiment and contributing to utilities trailing the broader market. These macroeconomic factors likely diluted the positive impact of AWR's dividend increase, contributing to the stock largely treading water.
Show more
Updated on 10/1/2026
American States Water (AWR) stock has remained largely at the same level since 6/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Performance Offset by Valuation Concerns. American States Water Company (AWR) reported robust financial results for fiscal Q2 2026 (ending June 30, 2026), with diluted earnings per share (EPS) of $1.09, marking a 25.3% increase compared to fiscal Q2 2025's $0.87 EPS, and exceeding analyst estimates of $0.93 by 17.20%. Total operating revenues also grew by 11.2% year-over-year to $181.29 million, surpassing the consensus estimate of $171.72 million. This strong performance was primarily driven by new customer rate increases approved by the California Public Utilities Commission (CPUC) effective January 1, 2026, and increased construction activities in its contracted services segment. Despite these positives, the stock's upward movement was muted, as some analysts maintained a "Hold" rating and one downgraded the stock from "Neutral" to "Underperform" by late September 2026, citing a high premium relative to its sector and anticipated compression in a rising interest rate environment.
2. Increased Dividend Counteracted by Broader Utility Sector Headwinds. On July 28, 2026, AWR's Board of Directors approved an 8.2% increase in its third-quarter cash dividend to $0.5455 per share from $0.5040 per share, marking the 72nd consecutive year of increasing annual dividends. This consistent dividend growth is generally attractive to investors seeking stable income. However, the overall utility sector faced headwinds during the period, with rising interest rates and inflation weighing on investor sentiment and contributing to utilities trailing the broader market. These macroeconomic factors likely diluted the positive impact of AWR's dividend increase, contributing to the stock largely treading water.
3. Stable Business Model and Capital Investment Plans Faced Higher Cost of Capital. AWR continued its strategy of investing in utility infrastructure, with its regulated utilities on target to invest $185 million to $220 million in 2026 and a new rate case filed on July 1, 2026, requesting a $1 billion capital budget for water infrastructure from 2028 to 2030. The company's strong credit ratings ("A" for AWR and "A+" for its regulated water utility) were affirmed by Standard & Poor's in July 2026, and it completed a $200 million at-the-market equity offering in June 2026 with no plans for further equity issuance through at least 2029. While these actions underscore a stable, growth-oriented business model, the company noted that higher interest expenses partially offset rate benefits, indicating that the rising cost of capital in a higher interest rate environment posed an ongoing concern for its capital-intensive operations.
Show less
American States Water (AWR) stock has remained largely at the same level since 6/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Performance Offset by Valuation Concerns. American States Water Company (AWR) reported robust financial results for fiscal Q2 2026 (ending June 30, 2026), with diluted earnings per share (EPS) of $1.09, marking a 25.3% increase compared to fiscal Q2 2025's $0.87 EPS, and exceeding analyst estimates of $0.93 by 17.20%. Total operating revenues also grew by 11.2% year-over-year to $181.29 million, surpassing the consensus estimate of $171.72 million. This strong performance was primarily driven by new customer rate increases approved by the California Public Utilities Commission (CPUC) effective January 1, 2026, and increased construction activities in its contracted services segment. Despite these positives, the stock's upward movement was muted, as some analysts maintained a "Hold" rating and one downgraded the stock from "Neutral" to "Underperform" by late September 2026, citing a high premium relative to its sector and anticipated compression in a rising interest rate environment.
2. Increased Dividend Counteracted by Broader Utility Sector Headwinds. On July 28, 2026, AWR's Board of Directors approved an 8.2% increase in its third-quarter cash dividend to $0.5455 per share from $0.5040 per share, marking the 72nd consecutive year of increasing annual dividends. This consistent dividend growth is generally attractive to investors seeking stable income. However, the overall utility sector faced headwinds during the period, with rising interest rates and inflation weighing on investor sentiment and contributing to utilities trailing the broader market. These macroeconomic factors likely diluted the positive impact of AWR's dividend increase, contributing to the stock largely treading water.
3. Stable Business Model and Capital Investment Plans Faced Higher Cost of Capital. AWR continued its strategy of investing in utility infrastructure, with its regulated utilities on target to invest $185 million to $220 million in 2026 and a new rate case filed on July 1, 2026, requesting a $1 billion capital budget for water infrastructure from 2028 to 2030. The company's strong credit ratings ("A" for AWR and "A+" for its regulated water utility) were affirmed by Standard & Poor's in July 2026, and it completed a $200 million at-the-market equity offering in June 2026 with no plans for further equity issuance through at least 2029. While these actions underscore a stable, growth-oriented business model, the company noted that higher interest expenses partially offset rate benefits, indicating that the rising cost of capital in a higher interest rate environment posed an ongoing concern for its capital-intensive operations.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -0.6% change in AWR stock from 6/30/2026 to 10/19/2026 was primarily driven by a -6.7% change in the company's P/E Multiple.| (LTM values as of) | 6302026 | 10192026 | Change |
|---|---|---|---|
| Stock Price ($) | 82.12 | 81.62 | -0.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 679 | 697 | 2.7% |
| Net Income Margin (%) | 19.7% | 20.5% | 4.4% |
| P/E Multiple | 24.1 | 22.4 | -6.7% |
| Shares Outstanding (Mil) | 39 | 39 | -0.6% |
| Cumulative Contribution | -0.6% |
Market Drivers
6/30/2026 to 10/19/2026| Return | Correlation | |
|---|---|---|
| AWR | -0.6% | |
| Market (SPY) | 2.6% | -19.7% |
| Sector (XLU) | -8.8% | 38.9% |
Fundamental Drivers
The 9.3% change in AWR stock from 3/31/2026 to 10/19/2026 was primarily driven by a 6.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312026 | 10192026 | Change |
|---|---|---|---|
| Stock Price ($) | 74.66 | 81.62 | 9.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 658 | 697 | 6.0% |
| Net Income Margin (%) | 19.8% | 20.5% | 3.5% |
| P/E Multiple | 22.2 | 22.4 | 0.8% |
| Shares Outstanding (Mil) | 39 | 39 | -1.2% |
| Cumulative Contribution | 9.3% |
Market Drivers
3/31/2026 to 10/19/2026| Return | Correlation | |
|---|---|---|
| AWR | 9.3% | |
| Market (SPY) | 18.2% | -19.2% |
| Sector (XLU) | -9.3% | 39.6% |
Fundamental Drivers
The 14.3% change in AWR stock from 9/30/2025 to 10/19/2026 was primarily driven by a 13.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 9302025 | 10192026 | Change |
|---|---|---|---|
| Stock Price ($) | 71.40 | 81.62 | 14.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 616 | 697 | 13.2% |
| Net Income Margin (%) | 20.3% | 20.5% | 1.3% |
| P/E Multiple | 22.0 | 22.4 | 1.8% |
| Shares Outstanding (Mil) | 39 | 39 | -2.1% |
| Cumulative Contribution | 14.3% |
Market Drivers
9/30/2025 to 10/19/2026| Return | Correlation | |
|---|---|---|
| AWR | 14.3% | |
| Market (SPY) | 16.0% | -18.0% |
| Sector (XLU) | -3.2% | 35.8% |
Fundamental Drivers
The 11.6% change in AWR stock from 9/30/2023 to 10/19/2026 was primarily driven by a 20.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 9302023 | 10192026 | Change |
|---|---|---|---|
| Stock Price ($) | 73.12 | 81.62 | 11.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 579 | 697 | 20.4% |
| Net Income Margin (%) | 20.2% | 20.5% | 1.4% |
| P/E Multiple | 23.1 | 22.4 | -2.7% |
| Shares Outstanding (Mil) | 37 | 39 | -6.0% |
| Cumulative Contribution | 11.6% |
Market Drivers
9/30/2023 to 10/19/2026| Return | Correlation | |
|---|---|---|
| AWR | 11.6% | |
| Market (SPY) | 85.5% | 2.4% |
| Sector (XLU) | 52.4% | 47.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| AWR Return | 32% | -9% | -11% | -1% | -4% | 17% | 18% |
| Peers Return | 31% | -16% | -14% | -9% | 3% | 7% | -7% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| AWR Win Rate | 75% | 50% | 42% | 42% | 42% | 80% | |
| Peers Win Rate | 63% | 45% | 47% | 45% | 47% | 68% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| AWR Max Drawdown | -14% | -30% | -22% | -17% | -12% | -11% | |
| Peers Max Drawdown | -17% | -30% | -28% | -19% | -17% | -13% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: AWK, WTRG, CWT, MSEX, YORW. See AWR 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 10/19/2026 (YTD)
How Low Can It Go
| Event | AWR | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -12.9% | -9.5% |
| % Gain to Breakeven | 14.9% | 10.5% |
| Time to Breakeven | 378 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -11.3% | -6.7% |
| % Gain to Breakeven | 12.7% | 7.1% |
| Time to Breakeven | 1211 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -28.5% | -33.7% |
| % Gain to Breakeven | 39.9% | 50.9% |
| Time to Breakeven | 2 days | 140 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -10.0% | -17.9% |
| % Gain to Breakeven | 11.1% | 21.8% |
| Time to Breakeven | 1 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -14.4% | -15.4% |
| % Gain to Breakeven | 16.9% | 18.2% |
| Time to Breakeven | 120 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -31.3% | -53.4% |
| % Gain to Breakeven | 45.5% | 114.4% |
| Time to Breakeven | 541 days | 1085 days |
In The Past
American States Water's stock fell -0.2% during the 2025 US Tariff Shock. Such a loss loss requires a 0.2% gain to breakeven.
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| Event | AWR | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -28.5% | -33.7% |
| % Gain to Breakeven | 39.9% | 50.9% |
| Time to Breakeven | 2 days | 140 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -31.3% | -53.4% |
| % Gain to Breakeven | 45.5% | 114.4% |
| Time to Breakeven | 541 days | 1085 days |
In The Past
American States Water's stock fell -0.2% during the 2025 US Tariff Shock. Such a loss loss requires a 0.2% 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 States Water (AWR)
American States Water Company (AWR) is a utility company primarily engaged in providing essential water and electric services, predominantly within California. The company operates through three distinct segments: Water, Electric, and Contracted Services, which collectively form its diversified operational portfolio.
AWR's core business involves the purchase, production, distribution, and sale of water, serving a substantial customer base of over 260,000 residential, commercial, and industrial clients across ten counties in California. Complementing its water operations, the company also distributes electricity to approximately 24,000 customers situated in specific mountain communities within California's San Bernardino County.
In addition to direct utility provision, American States Water extends its expertise to provide critical water and wastewater services under contract for various military installations. Within this segment, the company is responsible for the operation, maintenance, and construction of facilities, ensuring reliable water and wastewater systems at these government sites.
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Here are a few analogies to describe American States Water (AWR):
- A California utility company, similar to PG&E, but primarily focused on water delivery, with some electricity distribution and services for military bases.
- Like American Water Works (AWK), but primarily serving California with water, also distributing electricity and managing military base water systems.
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- Water Service: The company purchases, produces, distributes, and sells water to various customers in California.
- Electric Service: The company distributes electricity to customers in specific San Bernardino County mountain communities in California.
- Contracted Services: The company provides water and/or wastewater services, including operation, maintenance, and construction of facilities, for military installations.
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American States Water (AWR) - Major Customers
American States Water Company (AWR) sells its services primarily to individuals, businesses, and government entities. Its major customer categories are:
- Residential Customers: Individuals and households who receive water and electric services for their homes.
- Commercial and Industrial Customers: Businesses and industrial operations that use AWR's water and electric services.
- Military Installations: Various U.S. military bases for which AWR provides water and/or wastewater services, including operation, maintenance, and construction of facilities.
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- Southern California Edison (subsidiary of Edison International, EIX)
- Metropolitan Water District of Southern California
- San Gabriel Valley Municipal Water District
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Robert J. Sprowls, President and Chief Executive Officer
Mr. Sprowls has served as President and Chief Executive Officer of American States Water Company since January 2009 and as a board member since May 2009. He was Chief Financial Officer for more than four years prior to that. He has over 35 years of experience in business strategy, operations management, corporate finance, and business problem-solving for regulated utilities, utility holding companies, and highly competitive, non-regulated utility affiliates. Before joining American States Water Company in June 2004, Mr. Sprowls spent 21 years at CILCORP Inc., a public utility holding company. During his tenure at CILCORP, he held various positions including President, Business Unit Leader – Energy Delivery, Chief Financial Officer and Treasurer of Central Illinois Light Company, Chief Financial Officer of QST Enterprises Inc. (a non-regulated subsidiary), and Vice President and Treasurer of CILCORP. Mr. Sprowls left CILCORP and Central Illinois Light Company following the sale of the company to Ameren Corporation in 2003.
Mr. Sprowls has served as President and Chief Executive Officer of American States Water Company since January 2009 and as a board member since May 2009. He was Chief Financial Officer for more than four years prior to that. He has over 35 years of experience in business strategy, operations management, corporate finance, and business problem-solving for regulated utilities, utility holding companies, and highly competitive, non-regulated utility affiliates. Before joining American States Water Company in June 2004, Mr. Sprowls spent 21 years at CILCORP Inc., a public utility holding company. During his tenure at CILCORP, he held various positions including President, Business Unit Leader – Energy Delivery, Chief Financial Officer and Treasurer of Central Illinois Light Company, Chief Financial Officer of QST Enterprises Inc. (a non-regulated subsidiary), and Vice President and Treasurer of CILCORP. Mr. Sprowls left CILCORP and Central Illinois Light Company following the sale of the company to Ameren Corporation in 2003.
Eva G. Tang, Senior Vice President - Finance, Chief Financial Officer, Corporate Secretary and Treasurer
Ms. Tang has held the role of Senior Vice President - Finance, Chief Financial Officer, Corporate Secretary and Treasurer of American States Water Company since November 2008. She oversees finance, accounting, tax, risk services, investor relations, internal audit, and information technology. Ms. Tang joined American States Water Company in August 1996, holding various positions in the accounting and finance departments. Prior to her time at American States Water Company, she was the Director of Budget and Planning at OroAmerica Company, which was a publicly traded manufacturer and distributor of gold and silver jewelry in the United States.
Paul J. Rowley, Senior Vice President - Regulated Water Utility
Mr. Rowley is the Senior Vice President – Regulated Water Utility for Golden State Water Company, a subsidiary of American States Water Company. He was promoted to this position in December 2021 and is responsible for all functions within the regulated water unit, including Water Operations, Asset Management, Environmental Quality, Customer and Community Relations, Customer Service, Water Use Efficiency, Water Resources, and Regulated New Business. Mr. Rowley joined Golden State Water Company in 2007 and has held various roles, such as Vice President - Water Operations, Director - Procurement Services, and District Manager.
Denise L. Kruger, Senior Vice President - Regulated Utilities of Golden State Water Company
Ms. Kruger has served as Senior Vice President of Regulated Utilities at American States Water Company, Golden State Water Company, and Chaparral City Water Company, Inc. since January 2008. She possesses over 25 years of experience in the utility industry. Ms. Kruger joined Golden State Water Company in 1992 as Manager of Quality Assurance and Water Quality, and later served in various executive roles in water operations, including Vice President, Water Quality, and Vice President of Customer Service. She retired in 2021 from her role as Senior Vice President, Regulated Utilities at Golden State Water Company.
Christopher H. Connor, Senior Vice President, American States Utility Services, Inc.
Mr. Connor serves as the Senior Vice President for American States Utility Services, Inc., a subsidiary of American States Water Company.
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Key Risks to American States Water (AWR)
- Climate Change and Water Supply Risks: American States Water operates primarily in California, a region highly susceptible to droughts, wildfires, and other extreme weather events exacerbated by climate change. These environmental challenges pose significant threats to the company's water supply availability, can increase operational costs, and may impact the reliability of its electricity distribution infrastructure. Persistent droughts, for example, can reduce water usage by customers, while wildfires can directly affect electrical operations.
- Geographical Concentration and Regulatory Risks in California: The company's operations are heavily concentrated in California, particularly Southern California, which exposes it to region-specific political, regulatory, and natural disaster risks. Decisions made by the California Public Utilities Commission (CPUC) directly influence the company's ability to set rates and recover costs, thereby impacting its revenue and profitability. Additionally, new stringent water conservation requirements imposed by the state's regulatory bodies could lead to reduced water usage and affect the company's financial performance.
- Aging Infrastructure Costs: American States Water faces ongoing challenges and significant capital expenditure requirements related to maintaining and upgrading its aging water and electric infrastructure. The need for continuous investment is crucial to ensure safe, clean, and reliable service delivery, especially as infrastructure needs to be fortified against climate risks. These substantial investments are necessary to address service disruptions and safety issues.
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American States Water (AWR) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:
- Approved Rate Increases: The company anticipates revenue growth from newly authorized electric and water rates. These rate adjustments, determined by regulatory bodies like the California Public Utilities Commission (CPUC), are crucial for supporting infrastructure investments and boosting earnings from its regulated utility segment.
- Capital Investment and Rate Base Growth: American States Water plans significant capital expenditures to strengthen and expand its water, wastewater, and electric infrastructure. For instance, the company has earmarked between $185 million and $225 million in regulated utility capital expenditure for 2026. This sustained investment is a core driver of its regulated rate base, which directly translates to increased earning potential and revenue.
- Customer Base Expansion: AWR expects to grow its customer base through both organic growth and strategic acquisitions. The company projects adding approximately 3,800 customers over the next five years through system expansions and potential acquisitions, such as the planned purchase of water system assets from the city of Norwalk in Los Angeles County.
- Growth in Contracted Services (Military Bases): The contracted services segment, which provides water and/or wastewater services to military installations, is a consistent revenue driver. Growth in this segment is expected from additional construction activities and new project awards under its long-term (50-year) military utility contracts.
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Share Repurchases
No significant share repurchase programs or activities by American States Water (AWR) were identified in the available information for the 2021-2025 period.
Share Issuance
- American States Water has been issuing equity under an at-the-market (ATM) offering program since February 2024, with an aggregate gross offering price of up to $200 million authorized.
- Through September 30, 2025, AWR sold 1,680,979 Common Shares through this ATM offering program.
- In 2025, American States Water raised $67 million in proceeds from the ATM program, net of issuance costs and legal fees.
Inbound Investments
No large inbound investments by third-parties into American States Water were identified in the available information for the 2021-2025 period.
Outbound Investments
- American States Water's regulated water utility completed a transaction with a developer to build out, own, and operate water and wastewater system assets for a new planned community, expected to serve up to approximately 1,300 customer connections.
- The company plans to acquire water system assets from the city of Norwalk in Los Angeles County, aiming to add approximately 3,800 new customers over the next five years through expansion efforts.
Capital Expenditures
- American States Water invested $210.9 million in company-funded capital expenditures in 2025.
- The company projects capital expenditures to be between $185 million and $225 million for 2026.
- AWR's regulated utilities are authorized to invest nearly $650 million in capital investments over current rate cycles, with a primary focus on strengthening utility infrastructure for safe and reliable water and electric services, and expanding its contracted services business through new construction projects.
Peer Outperformance in Water Utilities
AWR has outperformed 90% of its 10 Water Utilities peers over 5Y. Water Utilities ranks 5th of 6 industries in Utilities by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Water Utilities constituents that AWR has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
90%
of 10 industry peers · 11.1% return
3Y
70%
of 10 industry peers · 13.6% return
5Y
90%
of 10 industry peers · 1.9% return
No Water Utilities peer with a comparable growth profile has beaten AWR by more than 20pp over 5Y.
Median price return by industry across the Utilities sector, ranked by 5Y. Water Utilities is AWR's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Independent Power Producers & Energy Traders | 5 | -31.9% | 118.4% | 178.0% | NRG 179% · OKLO 178% · TAC 27% |
| Multi-Utilities | 18 | 0.5% | 51.9% | 44.7% | NI 100% · MDU 91% · PNW 87% |
| Electric Utilities | 24 | 0.2% | 46.7% | 42.7% | VST 749% · ETR 145% · AEP 78% |
| Gas Utilities | 10 | 0.5% | 58.3% | 41.4% | ATO 101% · NJR 63% · SR 59% |
| Water Utilities ← | 11 | -1.1% | 4.4% | -13.8% | AWR 2% · WTRG 1% · HTO -6% |
| Renewable Electricity | 6 | -68.4% | -69.0% | -92.9% | ORA 22% · CWEN 21% |
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 49.42 |
| Mkt Cap | 3.0 |
| 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 | 3.0 |
| P/S | 4.7 |
| P/Op Inc | 14.0 |
| P/EBIT | 13.1 |
| P/E | 20.7 |
| P/CFO | 12.4 |
| Total Yield | 7.5% |
| Dividend Yield | 2.6% |
| FCF Yield 3Y Avg | -4.0% |
| D/E | 0.5 |
| Net D/E | 0.5 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -3.8% |
| 3M Rtn | -4.0% |
| 6M Rtn | 1.7% |
| 12M Rtn | -1.6% |
| 3Y Rtn | 9.0% |
| 1M Excs Rtn | -3.9% |
| 3M Excs Rtn | -4.3% |
| 6M Excs Rtn | -6.1% |
| 12M Excs Rtn | -17.1% |
| 3Y Excs Rtn | -69.2% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Water | 464 | 417 | 433 | 341 | 347 |
| Contracted Services | 137 | 126 | 120 | 111 | 113 |
| Electric | 57 | 52 | 42 | 40 | 38 |
| American States Water Company (AWR) Parent | 0 | 0 | 0 | 0 | 0 |
| Total | 658 | 595 | 596 | 492 | 499 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Water | 158 | 144 | 159 | 92 | 108 |
| Contracted Services | 31 | 29 | 26 | 22 | 23 |
| Electric | 14 | 12 | 11 | 12 | 11 |
| American States Water Company (AWR) Parent | -0 | -0 | 0 | -0 | -0 |
| Total | 203 | 184 | 197 | 127 | 141 |
| $ Mil | 2025 | 2024 | 2023 |
|---|---|---|---|
| Water | 101 | 94 | 103 |
| Contracted Services | 23 | 21 | 19 |
| Electric | 10 | 8 | 7 |
| American States Water Company (AWR) Parent | -4 | -4 | -4 |
| Total | 130 | 119 | 125 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Water | 2,316 | 2,132 | 1,736 | 1,617 | 1,500 |
| American States Water Company (AWR) Parent | 1,177 | 1,046 | 0 | 0 | |
| Electric | 254 | 220 | 140 | 120 | 107 |
| Contracted Services | 147 | 144 | 16 | 17 | 20 |
| Eliminations | -1,179 | -1,042 | |||
| Other assets | 354 | 281 | |||
| Total | 2,715 | 2,500 | 2,246 | 2,034 | 1,626 |
Price Behavior
Price Behavior
| Market Price | $81.62 | |
| Market Cap ($ Bil) | 3.2 | |
| First Trading Date | 03/26/1990 | |
| Distance from 52W High | -10.4% | |
| 50 Days | 200 Days | |
| DMA Price | $85.83 | $78.89 |
| DMA Trend | indeterminate | up |
| Distance from DMA | -4.9% | 3.5% |
| 3M | 1YR | |
| Volatility | 16.7% | 20.3% |
| Downside Capture | -5.72 | -31.53 |
| Upside Capture | -22.33 | -10.70 |
| Correlation (S&P 500) | -8.1% | -15.6% |
AWR Betas & Captures as of 9/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.18 | 0.03 | -0.34 | -0.33 | -0.28 | 0.04 |
| Up Beta | 0.03 | 0.06 | -0.46 | -0.48 | -0.32 | 0.07 |
| Down Beta | 0.65 | 0.44 | -0.03 | 0.13 | -0.22 | -0.09 |
| Up Capture | -27% | -11% | -31% | -17% | -10% | 2% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 7 | 19 | 31 | 68 | 132 | 373 |
| Down Capture | 112% | 20% | -46% | -85% | -70% | 15% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 15 | 23 | 33 | 58 | 120 | 376 |
[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 AWR | |
|---|---|---|---|---|
| AWR | 11.4% | 20.3% | 0.41 | - |
| Sector ETF (XLU) | -8.1% | 15.6% | -0.75 | 37.6% |
| Equity (SPY) | 17.1% | 12.7% | 0.95 | -16.0% |
| Gold (GLD) | -4.2% | 29.3% | -0.15 | -11.8% |
| Commodities (DBC) | 52.6% | 20.7% | 1.93 | -18.3% |
| Real Estate (VNQ) | 3.9% | 13.7% | 0.03 | 40.5% |
| Bitcoin (BTCUSD) | -24.8% | 43.7% | -0.53 | -11.5% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AWR | |
|---|---|---|---|---|
| AWR | 0.5% | 22.6% | -0.03 | - |
| Sector ETF (XLU) | 8.4% | 17.4% | 0.33 | 56.8% |
| Equity (SPY) | 13.5% | 17.1% | 0.60 | 21.5% |
| Gold (GLD) | 18.3% | 18.9% | 0.78 | 8.0% |
| Commodities (DBC) | 9.8% | 19.5% | 0.38 | -3.9% |
| Real Estate (VNQ) | 1.3% | 18.8% | -0.04 | 51.5% |
| Bitcoin (BTCUSD) | 7.2% | 51.8% | 0.32 | 6.6% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AWR | |
|---|---|---|---|---|
| AWR | 10.2% | 26.1% | 0.39 | - |
| Sector ETF (XLU) | 9.1% | 19.3% | 0.40 | 63.5% |
| Equity (SPY) | 15.3% | 17.9% | 0.72 | 37.1% |
| Gold (GLD) | 12.2% | 16.4% | 0.61 | 6.5% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | 4.7% |
| Real Estate (VNQ) | 5.1% | 20.7% | 0.21 | 53.2% |
| Bitcoin (BTCUSD) | 63.0% | 66.2% | 1.03 | 7.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 9/8/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | 0.9% | 3.5% | 6.2% |
| 5/6/2026 | 1.3% | 2.2% | 4.0% |
| 2/18/2026 | 0.1% | 1.8% | -0.1% |
| 11/5/2025 | 1.2% | 1.5% | -2.4% |
| 8/6/2025 | 2.3% | 2.5% | 1.1% |
| 5/7/2025 | 0.9% | -5.5% | -3.1% |
| 2/19/2025 | 1.0% | 3.0% | 1.4% |
| 11/6/2024 | -1.2% | -0.3% | -3.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 11 | 10 |
| # Negative | 9 | 13 | 14 |
| Median Positive | 0.9% | 2.5% | 3.3% |
| Median Negative | -2.1% | -1.5% | -2.1% |
| Max Positive | 3.7% | 7.0% | 8.7% |
| Max Negative | -3.1% | -6.9% | -6.1% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | 0.9% | 3.5% | 6.2% |
| 5/6/2026 | 1.3% | 2.2% | 4.0% |
| 2/18/2026 | 0.1% | 1.8% | -0.1% |
| 11/5/2025 | 1.2% | 1.5% | -2.4% |
| 8/6/2025 | 2.3% | 2.5% | 1.1% |
| 5/7/2025 | 0.9% | -5.5% | -3.1% |
| 2/19/2025 | 1.0% | 3.0% | 1.4% |
| 11/6/2024 | -1.2% | -0.3% | -3.6% |
| 8/6/2024 | 0.3% | -1.5% | -0.9% |
| 5/7/2024 | 3.7% | 6.0% | -0.7% |
| 2/21/2024 | -3.1% | -6.9% | -6.1% |
| 11/6/2023 | -2.2% | -5.7% | 0.6% |
| 8/7/2023 | 1.2% | 1.6% | -5.7% |
| 5/10/2023 | -2.9% | -1.1% | -1.2% |
| 3/1/2023 | -2.5% | -0.5% | 1.1% |
| 11/7/2022 | 0.8% | 7.0% | 8.7% |
| 8/1/2022 | 0.7% | -0.1% | -4.5% |
| 5/2/2022 | -1.8% | -2.0% | 2.5% |
| 2/22/2022 | -2.1% | -2.3% | -0.1% |
| 11/1/2021 | 1.3% | 4.2% | 5.5% |
| 8/2/2021 | 0.5% | 1.3% | 4.4% |
| 5/3/2021 | 0.9% | -0.4% | -0.1% |
| 2/22/2021 | -0.8% | -4.5% | -3.3% |
| 11/2/2020 | -1.1% | -1.1% | -1.7% |
| SUMMARY STATS | |||
| # Positive | 15 | 11 | 10 |
| # Negative | 9 | 13 | 14 |
| Median Positive | 0.9% | 2.5% | 3.3% |
| Median Negative | -2.1% | -1.5% | -2.1% |
| Max Positive | 3.7% | 7.0% | 8.7% |
| Max Negative | -3.1% | -6.9% | -6.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/18/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/19/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 11/06/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/07/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/18/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/19/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 11/06/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/07/2022 | 10-Q |
| 06/30/2022 | 08/01/2022 | 10-Q |
| 03/31/2022 | 05/02/2022 | 10-Q |
| 12/31/2021 | 02/22/2022 | 10-K |
| 09/30/2021 | 11/01/2021 | 10-Q |
| 06/30/2021 | 08/02/2021 | 10-Q |
| 03/31/2021 | 05/03/2021 | 10-Q |
| 12/31/2020 | 02/22/2021 | 10-K |
| 09/30/2020 | 11/02/2020 | 10-Q |
| 06/30/2020 | 08/03/2020 | 10-Q |
| 03/31/2020 | 05/04/2020 | 10-Q |
| 12/31/2019 | 02/24/2020 | 10-K |
| 09/30/2019 | 11/04/2019 | 10-Q |
Recent Forward Guidance
Updated 10/4/2026Latest: Q2 2026 Earnings Reported 8/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Contracted Services EPS Contribution | Reported | 0.63 | 0.65 | 0.67 | 0 | Affirmed | Guidance: 0.65 for 2026 | |
| 2026 Capital Expenditures | Reported | 185.00 Mil | 202.50 Mil | 220.00 Mil | -1.2% | Lowered | Guidance: 205.00 Mil for 2026 | |
Prior: Q1 2026 Earnings Reported 5/6/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Contracted Services EPS Contribution | Reported | 0.63 | 0.65 | 0.67 | ||||
| 2026 Capital Expenditures | Reported | 185.00 Mil | 205.00 Mil | 225.00 Mil | 0 | Affirmed | Guidance: 205.00 Mil for 2026 | |
Q4 2025 Earnings Reported 2/18/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Capital Expenditures | Reported | 185.00 Mil | 205.00 Mil | 225.00 Mil | 5.1% | Higher New | Guidance: 195.00 Mil for 2025 | |
Q3 2025 Earnings Reported 11/5/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Capital Investments | Reported | 180.00 Mil | 195.00 Mil | 210.00 Mil | 2.6% | Raised | Guidance: 190.00 Mil for 2025 | |
| 2025 Dividend CAGR | Reported | 0.07 | ||||||
| 2025 Contracted Services EPS Contribution | Reported | 0.59 | 0.61 | 0.63 | 0 | Affirmed | Guidance: 0.61 for 2025 | |
Insider Activity
Updated 9/9/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Bonta, Diana M | Direct | Sell | 9092026 | 88.80 | 546 | 48,486 | 1,475,191 | Form | |
| 2 | Holloway, Anne M | Direct | Sell | 8202026 | 88.86 | 900 | 79,970 | 3,422,508 | Form | |
| 3 | Holloway, Anne M | Direct | Sell | 5212026 | 75.58 | 662 | 50,035 | 2,979,244 | Form | |
| 4 | Holloway, Anne M | Direct | Buy | 5192026 | 75.92 | 527 | 40,000 | 3,042,866 | Form | |
| 5 | Holloway, Anne M | Direct | Buy | 5192026 | 75.92 | 135 | 10,235 | 3,002,866 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Bonta, Diana M | Direct | Sell | 9092026 | 88.80 | 546 | 48,486 | 1,475,191 | Form | |
| 2 | Holloway, Anne M | Direct | Sell | 8202026 | 88.86 | 900 | 79,970 | 3,422,508 | Form | |
| 3 | Holloway, Anne M | Direct | Sell | 5212026 | 75.58 | 662 | 50,035 | 2,979,244 | Form | |
| 4 | Holloway, Anne M | Direct | Buy | 5192026 | 75.92 | 527 | 40,000 | 3,042,866 | Form | |
| 5 | Holloway, Anne M | Direct | Buy | 5192026 | 75.92 | 135 | 10,235 | 3,002,866 | Form | |
| 6 | Holloway, Anne M | Direct | Buy | 5192026 | 73.50 | 138 | 10,165 | 2,897,239 | Form | |
| 7 | Holloway, Anne M | Direct | Buy | 5192026 | 74.59 | 135 | 10,097 | 2,929,889 | Form | |
| 8 | Rowley, Paul J | SVP OF OPERATIONS | Direct | Sell | 5152026 | 76.05 | 1,304 | 99,169 | 495,859 | Form |
| 9 | Holloway, Anne M | Direct | Sell | 11122025 | 75.90 | 528 | 40,075 | 2,971,097 | Form |
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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Core Cache Last Updated: 10/19/2026