AWR vs WTRG: American States Water and Essential Utilities compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Essential Utilities is the larger company, worth $10.8B, about 3.4 times American States Water.
- American States Water grew revenue faster over the last year (+11.2% vs +3.1%).
- Essential Utilities keeps more of each dollar of revenue as operating profit (35.1% vs 31.9%).
- On earnings, Essential Utilities is the cheaper stock (19.5x 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 | WTRG |
|---|---|---|
| Market cap | $3.1B | $10.8B |
| Share price | $82.26 | $38.98 |
| Revenue (last fiscal year) | $137M | $2.5B |
| Free cash flow (last fiscal year) | -$7M | — |
| Revenue growth, last year | +11.2% | +3.1% |
| Revenue growth per year, last 5 fiscal years | +4.8% | +7.1% |
| Operating margin | 31.9% | 35.1% |
| Net margin | 20.5% | 21.6% |
| Return on equity | 12.8% | 7.9% |
| P/E (trailing) | 23.4x | 19.5x |
| Price / free cash flow | — | — |
| EV / EBITDA | 14.2x | 14.0x |
| FCF growth the price implies | — | — |
| Dividend yield | 2.4% | 3.5% |
| Debt / equity | 1.47x | 1.84x |
| Fundamental grade | C | C |
| Superinvestors holding it | 2 | 4 |
| Insider purchases, last 12 months | 0 | 2 |
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% |
Essential Utilities
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.9B | — | 32.1% |
| 2022 | $2.3B | — | 28.9% |
| 2023 | $2.1B | — | 33.7% |
| 2024 | $2.1B | — | 36.3% |
| 2025 | $2.5B | — | 37.2% |
Where the revenue comes from
American States Water
No segment breakdown reported.
Essential Utilities · by segments, 2025
Regulated Water$1.3B54%
Regulated Natural Gas$1.1B45%
Other And Eliminations$33M1%
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 Essential Utilities?
Essential Utilities (WTRG), at $10.8B against $3.1B.
Is AWR or WTRG cheaper?
By trailing P/E, Essential Utilities (19.5x) is cheaper than American States Water (23.4x). A lower multiple can also mean the market expects less growth.
Which grows faster, AWR or WTRG?
American States Water: revenue grew +11.2% over the last year, against +3.1%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.