AWR on NYSE

American States Water

Logo: American States Water, Public domain, via Wikimedia Commons⁴

American water and electricity utility company headquartered in San Dimas, California

American States Water Co. (NYSE: AWR) is an American water and electricity utility company.³ From Wikipedia, CC BY-SA 4.0

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Last updated Oct 16, 2026.

Overview

1929Founded¹

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TickerAWR on NYSE¹
Industrywater collection, treatment and supply¹
HeadquartersSan Dimas¹
Websitewww.aswater.com
Incorporated inCA⁵
Business address630 E Foothill Blvd, San Dimas, Ca 91773-9016⁵
Filer categoryLarge accelerated filer⁵

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American States Water Co. (NYSE: AWR) is an American water and electricity utility company. It was founded in 1929 and is headquartered in San Dimas, California. The company has 50-year privatization contracts with U.S. government as a government contractor for its water system service. It is the water utility provider for about 246,000 customers and the electricity provider for over 23,000 customers in Big Bear Lake and California under the name Bear Valley Electric.³

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

30.9%Operating margin⁷

19.8%Net margin⁷

10.5%Revenue growth, 2025⁷

12.5%Return on equity⁷

0.75×Debt to equity⁷

-$7.1MFree cash flow⁷

Where the money goes

Where each dollar of revenue went, fiscal 2025

Other costsProfit

Cost of revenue9¢$60.6M
Other costs65¢$427.7M
Income tax6¢$39.4M
Profit20¢$130.4M

Out of $658.1M in revenue.⁷

Where each dollar of operating cash went, fiscal 2025

Capital spendingDividends paid

Capital spending76¢$236.8M
Dividends paid24¢$74.7M

Out of $229.7M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.⁷

Financial statements

Revenue⁸⁹¹⁰¹¹⁷$658.1M in 2025+39% since 2019

Operating income⁸⁹¹⁰¹¹⁷$203.3M in 2025+60% since 2019

Net income⁸⁹¹⁰¹¹⁷$130.4M in 2025+55% since 2019

Every line of the income statement in the latest annual report, as filed.⁷

Period ending	2025-12-31	2024-12-31	2023-12-31
Water	$464.1M	$417.4M	$433.5M
Electric	$57.2M	$51.6M	$41.8M
Contracted services	$136.7M	$126.4M	$120.4M
Total operating revenues	$658.1M	$595.5M	$595.7M
Water purchased	$98.2M	$74.3M	$72.9M
Power purchased for pumping	$14.1M	$15.0M	$12.8M
Groundwater production assessment	$21.5M	$24.1M	$20.9M
Power purchased for resale	$18.1M	$11.6M	$13.3M
Supply cost balancing accounts	-$5.0M	-$1.9M	$12.1M
Other operation	$47.0M	$41.3M	$40.3M
Administrative and general	$102.8M	$100.9M	$88.3M
Depreciation and amortization	$47.8M	$43.6M	$42.4M
Maintenance	$21.7M	$20.3M	$14.2M
Property and other taxes	$28.0M	$27.1M	$24.0M
ASUS construction	$60.6M	$54.5M	$57.9M
Gain on sale of assets	$0	$0	-$100.0K
Total operating expenses	$454.8M	$411.0M	$399.0M
Operating Income	$203.3M	$184.5M	$196.7M
Interest Expense	$46.8M	$50.4M	$42.8M
Interest income	$5.7M	$7.9M	$7.4M
Other, net	$7.6M	$7.5M	$5.1M
Total other income and expenses	-$33.5M	-$35.0M	-$30.2M
Income before income taxes	$169.8M	$149.4M	$166.5M
Income tax expense	$39.4M	$30.2M	$41.6M
Net Income	$130.4M	$119.3M	$124.9M
Weighted Average Number of Shares Outstanding (in shares)	38.5M shares	37.5M shares	37.0M shares
Basic earnings per Common Share (in USD per share)	$3.37	$3.17	$3.37
Weighted Average Number of Diluted Shares (in shares)	38.7M shares	37.6M shares	37.1M shares
Diluted earnings per common share (in USD per share)	$3.37	$3.17	$3.36
Dividends Paid Per Common Share (in USD per share)	$1.94	$1.79	$1.66

Total assets¹⁴⁸⁹¹⁰¹¹⁷$2.7B in 2025+65% since 2019

Shareholders’ equity⁹¹⁰¹¹⁷$1.0B in 2025+74% since 2019

Cash¹⁴⁸⁹¹⁰¹¹⁷$18.8M in 2025+1311% since 2019

Long-term debt¹⁴⁸⁹¹⁰¹¹⁷$782.7M in 2025+179% since 2019

Every line of the balance sheet in the latest annual report, as filed.⁷

Period ending	2025-12-31	2024-12-31	2023-12-31
Water	$2.4B	$2.2B
Electric	$229.8M	$171.1M
Total	$2.6B	$2.4B
Non-regulated utility property, at cost	$50.4M	$44.5M
Total utility plant, at cost	$2.7B	$2.4B
Less accumulated depreciation	-$653.7M	-$648.2M
Utility plant before construction work in progress	$2.0B	$1.8B
Construction work in progress	$255.5M	$304.9M
Net utility plant	$2.3B	$2.1B
Other Property and Investments	$58.7M	$50.4M
Property Plant and Equipment and Investments Other and Goodwill Net	$58.7M	$50.4M
Cash and cash equivalents	$18.8M	$26.7M
Accounts receivable customers, less allowance for doubtful accounts	$38.3M	$37.7M
Unbilled receivable (Note 2)	$26.6M	$28.4M
Receivable from U.S. government, less allowance for doubtful accounts (Note 2)	$46.4M	$41.0M
Other accounts receivable, less allowance for doubtful accounts	$6.1M	$6.4M
Income taxes receivable	$0	$65.0K
Materials and supplies	$16.4M	$15.1M
Regulatory assets current	$39.4M	$50.5M
Prepayments and other current assets	$7.6M	$7.3M
Contract assets (Note 2)	$31.4M	$20.1M
Total current assets	$231.1M	$233.3M
Unbilled revenue, receivable from U.S government	$1.3M	$3.4M
Receivable from U.S. government (Note 2)	$27.7M	$35.5M
Contract assets (Note 2)	$79.0K	$1.5M
Operating lease right-of-use assets	$6.1M	$8.0M
Regulatory Asset, Noncurrent	$30.1M	$27.1M
Other	$63.9M	$41.3M
Total other assets	$129.0M	$116.8M
Total Assets	$2.7B	$2.5B
Common shareholders equity	$1.0B	$920.1M	$776.1M
Long-term debt	$782.7M	$640.4M
Total capitalization	$1.8B	$1.6B
Notes payable to banks	$0	$124.0M
Long-term debt current	$8.2M	$385.0K
Accounts payable	$86.0M	$88.6M
Income taxes payable	$1.2M	$481.0K
Accrued other taxes	$12.9M	$16.7M
Accrued employee expenses	$16.2M	$15.5M
Accrued interest	$9.5M	$8.1M
Contract liabilities (Note 2)	$11.7M	$5.7M
Operating lease liabilities	$2.1M	$2.1M
Purchase power contract derivative at fair value (Note 5)	$15.5M	$8.8M
Other	$11.3M	$15.2M
Total current liabilities	$174.6M	$285.5M
Note payable to bank, noncurrent	$141.0M	$165.0M
Advances for construction	$78.0M	$69.9M
Contributions in aid of construction net	$179.3M	$160.3M
Deferred income taxes	$194.1M	$180.2M
Regulatory liabilities	$60.2M	$22.9M
Unamortized investment tax credits	$873.0K	$942.0K
Accrued pension and other post-retirement benefits	$36.6M	$33.8M
Operating lease liabilities	$4.4M	$6.4M
Other	$17.8M	$14.8M
Total other credits	$712.2M	$654.3M
Total liabilities and capitalization	$2.7B	$2.5B

Cash from operations⁸⁹¹⁰¹¹⁷$229.7M in 2025+97% since 2019

Capital spending⁸⁹¹⁰¹¹⁷$236.8M in 2025+56% since 2019

Free cash flow⁸⁹¹⁰¹¹⁷-$7.1M in 2025−80% since 2019

Dividends paid⁸⁹¹⁰¹¹⁷$74.7M in 2025+75% since 2019

Every line of the cash flow in the latest annual report, as filed.⁷

Period ending	2025-12-31	2024-12-31	2023-12-31
Net Income	$130.4M	$119.3M	$124.9M
Depreciation and amortization	$48.9M	$44.2M	$43.3M
Provision for doubtful accounts	$2.4M	$1.7M	$932.0K
Deferred income taxes and investment tax credits	$3.6M	$2.0M	$4.8M
Stock-based compensation expense	$3.6M	$3.7M	$3.3M
(Gain) loss on investments held in a trust	-$5.5M	-$5.3M	-$5.0M
Other net	-$414.0K	$187.0K	$289.0K
Accounts receivable customers	-$3.0M	-$5.1M	-$6.6M
Unbilled receivable	$4.0M	-$3.5M	-$1.3M
Other receivables	$312.0K	-$369.0K	-$2.2M
Unbilled receivable	$2.4M	$15.0M	-$6.0M
Materials and supplies	-$1.3M	$2.4M	-$3.0M
Prepayments and other assets	$1.4M	$32.0K	$1.6M
Contract assets	-$9.9M	-$7.3M	$604.0K
Regulatory assets/liabilities	$46.1M	$18.5M	-$81.4M
Accounts payable	$7.6M	$5.2M	-$10.9M
Income taxes receivable/payable	$753.0K	-$24.0K	$2.5M
Contract liabilities	$6.1M	$4.3M	$449.0K
Accrued pension and other post-retirement benefits	-$2.0M	-$208.0K	$1.0M
Other liabilities	-$5.8M	$3.9M	$416.0K
Net cash provided (used)	$229.7M	$198.7M	$67.7M
Capital expenditures	-$236.8M	-$232.0M	-$188.5M
Other investing activities	-$719.0K	-$820.0K	-$224.0K
Net cash provided (used)	-$237.5M	-$232.8M	-$188.8M
Proceeds from Issuance of Common Shares, net of issuance costs	$67.1M	$88.8M	$0
Receipt of advances for and contributions in aid of construction	$14.0M	$11.2M	$11.9M
Refunds on advances for construction	-$5.8M	-$4.9M	-$4.5M
Repayments of long-term debt	-$454.0K	-$370.0K	-$334.0K
Proceeds from the issuance of long-term debt, net of issuance costs	$149.2M	$64.6M	$129.7M
Net changes in notes payable to banks	-$148.0M	-$44.5M	$54.6M
Dividends paid	-$74.7M	-$67.0M	-$61.2M
Other financing activities	-$1.3M	-$1.1M	-$918.0K
Net cash provided (used)	-$26.0K	$46.6M	$129.2M
Net change in cash and cash equivalents	-$7.8M	$12.6M	$8.1M

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The story

As of February 2014, the company has a market capitalization of $1.12 billion and an enterprise value of 1.42 billion. It operates its business through three segments including water, electric and contracted service.

The company is the parent company of Golden State Water Company (GSWC) and American States Utility Services, Inc. (ASUS) as well as its subsidiaries. GSWC serves more than 45,000 customers in California. ASUS is a contractor for the U.S. government.

In June 2013, GSWC entered into an agreement to purchase all of the operating assets of Rural Water Company, which used to serve approximately 1,000 customers in the county of San Luis Obispo, California, In the winter of 2014, the company continued to provide water service to the customer despite the California drought.

From Wikipedia’s article on American States Water, shared under CC BY-SA 4.0.⁶

Products and brands

Golden State Water

Golden State Water operates systems based in:

San Dimas

Los Alamitos

West Orange County

Read the full text

Placentia

Yorba Linda

Cowan Heights

Central Basin East

Artesia

Norwalk

Central Basin West

Bell/Bell Gardens

Florence-Graham

Hollydale

Willowbrook

Claremont

Culver City

San Gabriel

South San Gabriel

South Arcadia

Barstow

Calipatria

Bay Point

Arden Cordova

Cordova

Arden

Robbins

Wrightwood

Los Osos

Edna

Santa Maria

Orcutt

Nipomo

Cypress Ridge

Lake Marie

Tanglewood

Simi Valley

Clearlake

Morongo Valley

Morongo del Sur

Morongo del Norte

Apple Valley

Desert View

Lucerne

North Apple Valley

South Apple Valley