American States Water Past Earnings Performance
Past criteria checks 5/6
American States Water has been growing earnings at an average annual rate of 9.8%, while the Water Utilities industry saw earnings growing at 7.5% annually. Revenues have been growing at an average rate of 7% per year. American States Water's return on equity is 12.8%, and it has net margins of 20.5%.
Key information
9.76%
Earnings growth rate
8.68%
EPS growth rate
| Water Utilities Industry Growth | 8.91% |
| Revenue growth rate | 6.99% |
| Return on equity | 12.76% |
| Net Margin | 20.45% |
| Last Earnings Update | 30 Jun 2026 |
Recent past performance updates
Recent updates
Narrative Update • Aug 09
AWR: Constructive Regulation And Dividend Streak Support Fair Outlook Despite Premium Multiple
Analysts raised their price target on American States Water from $76 to $84, citing a constructive California regulatory backdrop for its regulated water operations, along with steady earnings and dividend visibility. These factors are partly balanced by what some see as a premium valuation and a higher assumed future P/E of roughly 26x.Seeking Alpha • Aug 06
American States Water: Underperformance To SPY Despite Upswing
Summary American States Water Company remains a hold due to persistent overvaluation versus sector peers and insufficient risk-adjusted upside. Recent EPS growth is largely driven by non-recurring items—primarily a CPUC rate hike and seasonal demand recovery—limiting forward earnings visibility. AWR’s heavy California exposure subjects it to regulatory, environmental, and CapEx risks, undermining its premium valuation. At over 29-31x forward P/E and a 2.57% dividend yield, AWR’s risk/reward profile is unattractive until shares fall below a $71 price target. Read the full article on Seeking AlphaNarrative Update • Jun 24
AWR: Fair Outlook Balances Equity Issuance Overhang With Stable Dividend Track Record
Analysts have maintained their price target for American States Water at $76.00, indicating no changes to assumptions about fair value, discount rate, revenue growth, profit margin, or future P/E expectations. What's in the News American States Water Company reported the successful completion of its US$200 million at the market equity offering program, fully utilizing the maximum aggregate offering capacity under the plan.Analysis Article • Jun 21
American States Water (AWR) Stock Could Be 32% Below Fair Value Based On DCF
American States Water (AWR) has stayed relatively steady recently, with the stock near $77. With no single headline event driving trade, investors are focusing on its regulated utilities profile and recent return figures. See our latest analysis for American States Water. At around $77.11, American States Water’s recent moves have been modest, with a 90-day share price return of 4.81% and a year-to-date share price return of 6.71%, while the 1-year total shareholder return of 1.88% points to...Narrative Update • Jun 06
AWR: Fair Outlook Will Balance Leaner Margins With Higher Future P/E
Analysts have trimmed their price target on American States Water from $76 to $76.0. This reflects updated assumptions for slightly lower revenue growth, a modestly lower profit margin, and a marginally higher future P/E multiple and discount rate. What's in the News American States Water has scheduled a Board meeting for February 10, 2026.Narrative Update • Apr 25
AWR: Fair Outlook Will Balance Higher Margins With Slightly Lower Future P/E
Analysts have raised their price target on American States Water from $72 to $76, citing slightly higher assumptions for long-term profit margins and a modestly lower expected future P/E multiple as the main factors behind the adjustment. What's in the News American States Water has scheduled a board meeting for February 10, 2026, with the operating budget for 2026 on the agenda (Key Developments).Narrative Update • Feb 01
AWR: Fair Outlook Will Balance Firmer Margins With More Moderate Expectations
Analysts have trimmed their price target for American States Water to US$72.00 from US$81.50, citing updated assumptions for slightly higher discount rates, more moderate revenue growth, firmer profit margins, and a lower future P/E multiple of 22.23 versus 25.61 previously. Valuation Changes Fair Value: Lowered from US$81.50 to US$72.00, an adjustment of roughly US$9.50 per share.Analysis Article • Jan 06
American States Water Company's (NYSE:AWR) Business Is Yet to Catch Up With Its Share Price
When close to half the companies in the United States have price-to-earnings ratios (or "P/E's") below 19x, you may...Analysis Article • Oct 04
We Think American States Water (NYSE:AWR) Is Taking Some Risk With Its Debt
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...Analysis Article • Jul 12
Is American States Water Company (NYSE:AWR) Expensive For A Reason? A Look At Its Intrinsic Value
Key Insights The projected fair value for American States Water is US$63.01 based on Dividend Discount Model Current...Analysis Article • Jun 24
The Returns At American States Water (NYSE:AWR) Aren't Growing
There are a few key trends to look for if we want to identify the next multi-bagger. Ideally, a business will show two...Analysis Article • Apr 09
American States Water Company's (NYSE:AWR) Intrinsic Value Is Potentially 17% Below Its Share Price
Key Insights The projected fair value for American States Water is US$62.21 based on Dividend Discount Model American...Analysis Article • Mar 25
American States Water (NYSE:AWR) Has Some Way To Go To Become A Multi-Bagger
There are a few key trends to look for if we want to identify the next multi-bagger. One common approach is to try and...Analysis Article • Mar 10
There's Reason For Concern Over American States Water Company's (NYSE:AWR) Price
American States Water Company's ( NYSE:AWR ) price-to-earnings (or "P/E") ratio of 25.5x might make it look like a sell...Analysis Article • Feb 22
American States Water Company Just Beat EPS By 5.1%: Here's What Analysts Think Will Happen Next
American States Water Company ( NYSE:AWR ) came out with its annual results last week, and we wanted to see how the...Seeking Alpha • Jan 16
American States Water: A 'Monopoly' Of Dividend King Income
Summary American States Water Company offers a solid investment opportunity with a 16% discount to fair value and potential 14% annual total returns through 2027. AWR's financial health is robust, boasting an A credit rating, low debt-to-capital ratio, and strong interest coverage, ensuring dividend sustainability and growth. The company's growth is driven by significant capital investments and favorable rate increases, with projected EPS growth of 8% annually over the coming years. Despite risks like California's regulatory environment and natural disasters, AWR's 70-year dividend growth streak and stable outlook make it a compelling long-term buy. Read the full article on Seeking AlphaAnalysis Article • Jan 07
We Think American States Water (NYSE:AWR) Is Taking Some Risk With Its Debt
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...Analysis Article • Dec 05
American States Water Company's (NYSE:AWR) Shareholders Might Be Looking For Exit
With a price-to-earnings (or "P/E") ratio of 28.1x American States Water Company ( NYSE:AWR ) may be sending bearish...Seeking Alpha • Nov 21
American States Water Delivers 70 Consecutive Years Of Dividend Increases
Summary American States Water is a Dividend King, offering 70 years of consecutive dividend increases, appealing to long-term, income-focused investors. Despite past revenue stagnation, AWR's recent Q3 earnings show improvement, with a 9.5% stock price rise in the last six months. AWR's strong credit ratings and approved rate cases for water and electric segments support future revenue growth and capital investments. I maintain a Hold rating on AWR due to interest expense uncertainties and operational costs tied to $650 million in planned capital expenditures. Read the full article on Seeking AlphaAnalysis Article • Nov 16
Here's What To Make Of American States Water's (NYSE:AWR) Decelerating Rates Of Return
What trends should we look for it we want to identify stocks that can multiply in value over the long term? In a...Analysis Article • Oct 26
American States Water Company's (NYSE:AWR) Intrinsic Value Is Potentially 26% Below Its Share Price
Key Insights The projected fair value for American States Water is US$61.29 based on Dividend Discount Model Current...Analysis Article • Sep 14
We Think American States Water (NYSE:AWR) Is Taking Some Risk With Its Debt
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' It's only natural to consider a company's...Seeking Alpha • Sep 10
American States Water: A Dividend King On Sale Now
Summary Last month, American States Water announced its 70th consecutive annual dividend increase. The utility's operating results were mixed in the second quarter, but the growth outlook remains healthy. AWR's financial positioning remains enviable. Shares of the water utility could be trading 14% below fair value. AWR could be set up for 12% annual total returns for the foreseeable future. Read the full article on Seeking Alpha
New Narrative • Sep 05
Regulated Infrastructure Investments And Military Contracts Propel Revenue And Shareholder Value
Expansion in regulated utility infrastructure and approval of new rate cases indicate a strong potential for revenue growth and improved net margins.Seeking Alpha • Aug 08
American States Water: Rating Upgrade On Solid Underlying Growth
Summary American States Water Company has shown continued earnings growth and raised its dividend for the seventieth year in a row. The stock has beaten the S&P 500 over the long term, but recent underperformance may present some opportunities for investors with a low risk profile. I upgrade my rating from 'Sell' to 'Hold'. Read the full article on Seeking AlphaAnalysis Article • Aug 04
American States Water (NYSE:AWR) Is Increasing Its Dividend To $0.4655
The board of American States Water Company ( NYSE:AWR ) has announced that the dividend on 3rd of September will be...Analysis Article • Jun 26
Returns On Capital At American States Water (NYSE:AWR) Have Hit The Brakes
There are a few key trends to look for if we want to identify the next multi-bagger. Typically, we'll want to notice a...Analysis Article • Jun 11
American States Water Company's (NYSE:AWR) Shares May Have Run Too Fast Too Soon
When close to half the companies in the United States have price-to-earnings ratios (or "P/E's") below 16x, you may...Seeking Alpha • May 28
American States Water: Buy This Storied Dividend Grower Now
Summary I appreciate the business models of regulated water utilities. American States Water's expansion to additional military bases in April is one growth tailwind moving forward. The company's interest coverage ratio is very strong. Shares of AWR appear to be priced at a 19% discount to fair value. The water utility could generate 40%+ cumulative total returns through 2026. Read the full article on Seeking AlphaSeeking Alpha • Apr 09
American States Water: Buy America's Most Battle-Tested Dividend King Now
Summary Even among the Dividend Kings, American States Water is in a class of its own. The water utility's operating revenue fell slightly during the fourth quarter as non-GAAP EPS grew. S&P awards an A credit rating to AWR on a stable outlook. Shares could be trading 27% below fair value. As interest rates eventually begin getting cut, AWR could benefit from a rally. Read the full article on Seeking AlphaAnalysis Article • Mar 14
Are American States Water Company (NYSE:AWR) Investors Paying Above The Intrinsic Value?
Key Insights Using the Dividend Discount Model, American States Water fair value estimate is US$54.42 Current share...Seeking Alpha • Feb 29
American States Water Company: Favorable Long-Term Outlook, But Overvalued Now
Summary American States Water Company has delivered strong dividend growth compared to its competitors. The company's topline has benefited from rate increases and new contracts in 2023, driving operating revenue. Despite promising long-term prospects, the stock's valuation is higher than its sector median, making it an unattractive investment option. Read the full article on Seeking AlphaAnalysis Article • Feb 16
Returns At American States Water (NYSE:AWR) Are On The Way Up
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an...Seeking Alpha • Feb 16
American States Water: There Are Better Ways To DRIP Your Income Stream
Summary American States Water has raised its annual dividend for 69 consecutive years, making it a Dividend Champion. However, the stock's performance over the past 5 years has been subpar, with a total return of only 16%. The company's valuation and growth prospects do not look encouraging, and it has received a Sell rating from the SA Quant rating system. Read the full article on Seeking AlphaAnalysis Article • Jan 08
American States Water Company's (NYSE:AWR) Shares May Have Run Too Fast Too Soon
American States Water Company's ( NYSE:AWR ) price-to-earnings (or "P/E") ratio of 23.4x might make it look like a sell...Analysis Article • Dec 21
These 4 Measures Indicate That American States Water (NYSE:AWR) Is Using Debt Extensively
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...Analysis Article • Dec 05
If EPS Growth Is Important To You, American States Water (NYSE:AWR) Presents An Opportunity
It's common for many investors, especially those who are inexperienced, to buy shares in companies with a good story...Seeking Alpha • Dec 01
American States Water: America's Most Legendary Dividend Growth Stock Is A Buy
Summary Next summer, American States Water should be the first company to extend its dividend growth streak to a mind-boggling 70 consecutive years. The water utility grew operating revenue and adjusted diluted EPS by double-digits in the third quarter. American States Water maintains an A credit rating from S&P on a stable outlook. The water utility looks to be priced at a 9% discount to fair value. American States Water should at least match the total returns of the S&P 500 in the next 10 years. Read the full article on Seeking AlphaAnalysis Article • Nov 17
American States Water (NYSE:AWR) Shareholders Will Want The ROCE Trajectory To Continue
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Ideally, a...Revenue & Expenses Breakdown
Revenue & Expenses Breakdown
How American States Water makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 30 Jun 26 | 697 | 143 | 99 | 0 |
| 31 Mar 26 | 679 | 133 | 100 | 0 |
| 31 Dec 25 | 658 | 130 | 100 | 0 |
| 30 Sep 25 | 637 | 130 | 102 | 0 |
| 30 Jun 25 | 616 | 124 | 101 | 0 |
| 31 Mar 25 | 608 | 123 | 100 | 0 |
| 31 Dec 24 | 595 | 119 | 98 | 0 |
| 30 Sep 24 | 578 | 111 | 93 | 0 |
| 30 Jun 24 | 567 | 107 | 90 | 0 |
| 31 Mar 24 | 570 | 113 | 88 | 0 |
| 31 Dec 23 | 596 | 125 | 87 | 0 |
| 30 Sep 23 | 596 | 123 | 84 | 0 |
| 30 Jun 23 | 579 | 117 | 83 | 0 |
| 31 Mar 23 | 544 | 98 | 81 | 0 |
| 31 Dec 22 | 492 | 78 | 79 | 0 |
| 30 Sep 22 | 483 | 80 | 77 | 0 |
| 30 Jun 22 | 485 | 82 | 77 | 0 |
| 31 Mar 22 | 490 | 89 | 79 | 0 |
| 31 Dec 21 | 499 | 94 | 79 | 0 |
| 30 Sep 21 | 506 | 94 | 79 | 0 |
| 30 Jun 21 | 503 | 92 | 80 | 0 |
| 31 Mar 21 | 496 | 91 | 79 | 0 |
| 31 Dec 20 | 488 | 86 | 80 | 0 |
| 30 Sep 20 | 477 | 83 | 84 | 0 |
| 30 Jun 20 | 478 | 84 | 84 | 0 |
| 31 Mar 20 | 481 | 85 | 83 | 0 |
| 31 Dec 19 | 474 | 84 | 81 | 0 |
| 30 Sep 19 | 472 | 81 | 80 | 0 |
| 30 Jun 19 | 462 | 76 | 81 | 0 |
| 31 Mar 19 | 444 | 66 | 81 | 0 |
| 31 Dec 18 | 437 | 64 | 79 | 0 |
| 30 Sep 18 | 430 | 63 | 80 | 0 |
| 30 Jun 18 | 430 | 61 | 82 | 0 |
| 31 Mar 18 | 437 | 67 | 81 | 0 |
| 31 Dec 17 | 441 | 69 | 80 | 0 |
| 30 Sep 17 | 443 | 67 | 82 | 0 |
| 30 Jun 17 | 443 | 68 | 79 | 0 |
| 31 Mar 17 | 441 | 62 | 81 | 0 |
| 31 Dec 16 | 436 | 59 | 81 | 0 |
| 30 Sep 16 | 439 | 60 | 82 | 0 |
| 30 Jun 16 | 449 | 59 | 82 | 0 |
| 31 Mar 16 | 451 | 58 | 81 | 0 |
| 31 Dec 15 | 459 | 60 | 80 | 0 |
| 30 Sep 15 | 458 | 62 | 78 | 0 |
Quality Earnings: AWR has high quality earnings.
Growing Profit Margin: AWR's current net profit margins (20.5%) are higher than last year (20.2%).
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: AWR's earnings have grown by 9.8% per year over the past 5 years.
Accelerating Growth: AWR's earnings growth over the past year (14.7%) exceeds its 5-year average (9.8% per year).
Earnings vs Industry: AWR earnings growth over the past year (14.7%) exceeded the Water Utilities industry 5.5%.
Return on Equity
High ROE: AWR's Return on Equity (12.8%) is considered low.
Return on Assets
Return on Capital Employed
Discover strong past performing companies
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/08/10 04:05 |
| End of Day Share Price | 2026/08/07 00:00 |
| Earnings | 2026/06/30 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
| |
| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
| |
| Ownership | 10 years |
| |
| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the world class team who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
American States Water Company is covered by 11 analysts. 2 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| David Parker | Baird |
| Eric Beaumont | Barclays |
| Ross Fowler | BofA Global Research |