AWR vs CWT: American States Water and California Water Service Group compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- American States Water is the larger company, worth $3.1B, close to California Water Service Group's $2.7B.
- American States Water grew revenue faster over the last year (+11.2% vs +8.5%).
- American States Water keeps more of each dollar of revenue as operating profit (31.9% vs 18.5%).
- On earnings, California Water Service Group is the cheaper stock (22.5x vs 23.4x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | AWR | CWT |
|---|---|---|
| Market cap | $3.1B | $2.7B |
| Share price | $82.26 | $45.94 |
| Revenue (last fiscal year) | $137M | $964M |
| Free cash flow (last fiscal year) | -$7M | — |
| Revenue growth, last year | +11.2% | +8.5% |
| Revenue growth per year, last 5 fiscal years | +4.8% | +5.9% |
| Operating margin | 31.9% | 18.5% |
| Net margin | 20.5% | 13.3% |
| Return on equity | 12.8% | 7.4% |
| P/E (trailing) | 23.4x | 22.5x |
| Price / free cash flow | — | — |
| EV / EBITDA | 14.2x | 11.9x |
| FCF growth the price implies | — | — |
| Dividend yield | 2.4% | 2.7% |
| Debt / equity | 1.47x | 2.29x |
| Fundamental grade | C | C |
| Superinvestors holding it | 2 | 2 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
American States Water
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $113M | -$29M | 124.3% |
| 2022 | $111M | -$48M | 114.1% |
| 2023 | $120M | -$121M | 163.4% |
| 2024 | $126M | -$33M | 145.9% |
| 2025 | $137M | -$7M | 148.7% |
California Water Service Group
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $766M | — | 16.6% |
| 2022 | $773M | — | 16.5% |
| 2023 | $790M | — | 9.8% |
| 2024 | $906M | — | 24.9% |
| 2025 | $964M | — | 17.7% |
Where the revenue comes from
American States Water
No segment breakdown reported.
California Water Service Group · by products, 2025
Residential$567M59%
Business$193M20%
Multiple residential$84M9%
Public authorities$55M6%
Other$34M4%
Non-regulated revenue from contracts with customers$18M2%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open AWR in InvestinglyQuestions
Which is bigger, American States Water or California Water Service Group?
American States Water (AWR), at $3.1B against $2.7B.
Is AWR or CWT cheaper?
By trailing P/E, California Water Service Group (22.5x) is cheaper than American States Water (23.4x). A lower multiple can also mean the market expects less growth.
Which grows faster, AWR or CWT?
American States Water: revenue grew +11.2% over the last year, against +8.5%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.