American States Water (AWR) financial statements
American States Water reported revenue of $137M in fiscal 2025, down 12.1% a year over 9 years.
Net income was $130M and the operating margin 148.7%, against 26.2% in 2016.
Free cash flow was -$7M, and the company returned $75M in dividends.
The diluted share count rose 5% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from American States Water's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $436M | $100M | $107M | $114M | $121M | $113M | $111M | $120M | $126M | $137M |
| Cost of revenue | — | $50M | $54M | $56M | $62M | $57M | $53M | $58M | $55M | $61M |
| Gross profit | — | $50M | $53M | $59M | $58M | $56M | $58M | $62M | $72M | $76M |
| Selling, general and admin | $82M | $82M | $83M | $83M | $84M | $84M | $86M | $88M | $101M | $103M |
| Operating income | $114M | $127M | $101M | $127M | $130M | $141M | $127M | $197M | $184M | $203M |
| Interest expense | $22M | $23M | $23M | $25M | $23M | $23M | $27M | $43M | $50M | $47M |
| Pre-tax income | $94M | $108M | $82M | — | — | $125M | $102M | $167M | $149M | $170M |
| Income tax | $35M | $39M | $18M | $25M | $28M | $30M | $24M | $42M | $30M | $39M |
| Net income | $60M | $69M | $64M | $84M | $86M | $94M | $78M | $125M | $119M | $130M |
| EPS (diluted) | $1.62 | $1.88 | $1.72 | $2.28 | $2.33 | $2.55 | $2.11 | $3.36 | $3.17 | $3.37 |
| Diluted shares | 37M | 37M | 37M | 37M | 37M | 37M | 37M | 37M | 38M | 39M |
| Gross margin | — | 50.3% | 49.7% | 51.4% | 48.2% | 49.8% | 52.1% | 51.9% | 56.8% | 55.7% |
| Operating margin | 26.2% | 126.7% | 94.2% | 111.0% | 108.2% | 124.3% | 114.1% | 163.4% | 145.9% | 148.7% |
| Net margin | 13.7% | 69.2% | 59.6% | 73.7% | 71.7% | 83.2% | 70.7% | 103.8% | 94.4% | 95.4% |
Balance sheet
Fiscal years, from American States Water's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $436,000 | $214,000 | $7M | $1M | $37M | $5M | $6M | $14M | $27M | $19M |
| Receivables | $20M | $26M | $23M | $21M | $29M | $34M | $26M | $34M | $38M | $38M |
| Total current assets | $167M | $155M | $131M | $122M | $157M | $138M | $151M | $206M | $233M | $231M |
| Property, plant and equipment | $1.2B | $1.2B | $1.3B | $1.4B | $1.5B | $1.6B | $1.8B | $1.9B | $2.1B | $2.3B |
| Goodwill | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | — | — |
| Total assets | $1.5B | $1.4B | $1.5B | $1.6B | $1.8B | $1.9B | $2.0B | $2.2B | $2.5B | $2.7B |
| Total current liabilities | $178M | $157M | $147M | $116M | $119M | $156M | $397M | $167M | $286M | $175M |
| Long-term debt | $321M | $321M | $281M | $281M | $440M | $412M | $447M | $576M | $640M | $783M |
| Total liabilities | $976M | $887M | $943M | $1.0B | $1.1B | $1.2B | $1.3B | $1.5B | $1.6B | $1.7B |
| Shareholders' equity | $494M | $530M | $558M | $602M | $642M | $686M | $710M | $776M | $920M | $1.0B |
| Net debt | $321M | $321M | $314M | $280M | $404M | $407M | $441M | $561M | $614M | $764M |
Cash flow
Fiscal years, from American States Water's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $97M | $145M | $137M | $117M | $122M | $116M | $118M | $68M | $199M | $230M |
| Capital spending | $130M | $113M | $127M | $152M | $130M | $145M | $166M | $189M | $232M | $237M |
| Free cash flow | -$33M | $31M | $10M | -$35M | -$8M | -$29M | -$48M | -$121M | -$33M | -$7M |
| Stock-based compensation | $3M | $3M | $4M | $3M | $2M | $3M | $3M | $3M | $4M | $4M |
| Dividends paid | $33M | $36M | $39M | $43M | $47M | $52M | $56M | $61M | $67M | $75M |
| Share buybacks (net) | $0 | $0 | — | — | — | — | — | — | — | — |
| Net borrowing | -$313,000 | -$329,000 | -$326,000 | -$40M | $159M | -$28M | $34M | $129M | -$370,000 | -$454,000 |
| Free cash flow margin | -7.5% | 31.3% | 9.5% | -30.6% | -6.8% | -25.5% | -43.7% | -100.4% | -26.3% | -5.2% |
| Dividends per share | $0.91 | $0.99 | $1.05 | $1.16 | $1.28 | $1.40 | $1.52 | $1.65 | $1.78 | $1.93 |
Questions
What was American States Water's revenue in 2025?
$137M in fiscal 2025, from its 10-K filing.
How much free cash flow does American States Water generate?
-$7M in fiscal 2025 (operating cash flow minus capital spending).
From American States Water's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.