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Utilities - Regulated water · Utilities · Fiscal year ends Dec 31
American States Water reported revenue of $658M in the fiscal year ended Dec 2025, up 10.5% from the year before. Operating income was $203M, an operating margin of 30.9%, and net income was $130M. Operating cash flow of $230M less capital expenditure of $237M left free cash flow of −$7M. Net debt was $764M.
Ranks among the 6 utilities - regulated water companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 499 | 492 | 596 | 595 | 658 |
| Cost of revenue | 56.9 | 53.2 | 57.9 | 54.5 | 60.6 |
| Gross profit | 442 | 438 | 538 | 541 | 597 |
| Operating income | 141 | 127 | 197 | 184 | 203 |
| Interest expense | 22.8 | 27.0 | 42.8 | 50.4 | 46.8 |
| Pre-tax income | 125 | 102 | 167 | 149 | 170 |
| Income tax | 30.4 | 23.7 | 41.6 | 30.2 | 39.4 |
| Net income | 94.3 | 78.4 | 125 | 119 | 130 |
| Diluted EPS | 2.55 | 2.11 | 3.36 | 3.17 | 3.37 |
| Diluted shares | 37.0 | 37.0 | 37.1 | 37.6 | 38.7 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 5.0 | 6.0 | 14.1 | 26.7 | 18.8 |
| Receivables | 34.4 | 26.2 | 34.3 | 37.7 | 38.3 |
| Current assets | 138 | 151 | 206 | 233 | 231 |
| Net PP&E | 1,626 | 1,754 | 1,892 | 2,100 | 2,296 |
| Goodwill | 1.1 | 1.1 | 1.1 | – | – |
| Total assets | 1,901 | 2,034 | 2,246 | 2,500 | 2,715 |
| Payables | 65.9 | 84.8 | 68.7 | 88.6 | 86.0 |
| Deferred revenue | 0.3 | 0.9 | 1.4 | 5.7 | 11.7 |
| Current liabilities | 156 | 397 | 167 | 286 | 175 |
| Long-term debt | 412 | 447 | 576 | 640 | 783 |
| Total liabilities | 1,215 | 1,325 | 1,470 | 1,580 | 1,670 |
| Shareholders' equity | 686 | 710 | 776 | 920 | 1,046 |
| Backlog (remaining obligations) | 3,300 | 3,400 | 4,000 | 4,100 | 4,200 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 116 | 118 | 67.7 | 199 | 230 |
| Capital expenditure | 145 | 166 | 189 | 232 | 237 |
| Free cash flow | −28.9 | −48.4 | −121 | −33.2 | −7.1 |
| Depreciation & amortisation | 39.6 | 41.3 | 42.4 | 43.6 | 47.8 |
| Stock-based compensation | 2.6 | 2.6 | 3.3 | 3.7 | 3.6 |
| Dividends paid | 51.7 | 56.4 | 61.2 | 67.0 | 74.7 |
| Dividend per share | 1.40 | 1.52 | 1.66 | 1.79 | 1.94 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −1.5% | 21.2% | −0.0% | 10.5% |
| Operating income growth (YoY) | – | −10.2% | 55.4% | −6.2% | 10.2% |
| EPS growth (YoY) | – | −17.3% | 59.2% | −5.7% | 6.3% |
| Gross margin | 88.6% | 89.2% | 90.3% | 90.8% | 90.8% |
| Operating margin | 28.3% | 25.8% | 33.0% | 31.0% | 30.9% |
| Net margin | 18.9% | 15.9% | 21.0% | 20.0% | 19.8% |
| Return on equityBlank when equity is negative | 13.8% | 11.0% | 16.1% | 13.0% | 12.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 8.1% | 7.7% | 9.5% | 8.3% | 8.0% |
| Free cash flow margin | −5.8% | −9.9% | −20.3% | −5.6% | −1.1% |
| Cash conversion (CFO ÷ net income) | 1.23x | 1.50x | 0.54x | 1.67x | 1.76x |
| Receivable days | 25 | 19 | 21 | 23 | 21 |
| Payable days | 423 | 582 | 433 | 593 | 518 |
| Interest cover | 6.17x | 4.69x | 4.60x | 3.66x | 4.35x |
| Debt ÷ equity | 0.60x | 0.63x | 0.74x | 0.70x | 0.75x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 407 | 441 | 561 | 614 | 764 |
| Current ratio | 0.89x | 0.38x | 1.24x | 0.82x | 1.32x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.