Feed / AWR

American States Water Company

AWR

Utilities · 86.42 -1.2% today

Participation confirmed · construction unavailableMarket checked 11 Sept, 15:55 GMT-4

Market read

American States Water Company's move is spreading beyond its market group.

The latest filing evidence is available. 6 of 12 group members are active now; 1 filing-linked outsider is moving with the group, and 0 of 0 directly disclosed connections are confirming.

What changed
  • Revenue increased 11.2% versus the comparable filing period.
Company-1.2% todayVolume comparison unavailable
Market group6 of 12 activeRegulated Water Utilities · inactive
Disclosed network0 of 0 confirmingRelationship data unavailable
What would change this read
  • At least 8 of 12 durable members become active together.
  • Capital-flow agreement rises above 55%.
  • CNP remains aligned with the group in the next market snapshot.

Invalidation: The live read weakens if participation falls to 4 of 12 members or fewer.

Watch this read

Research brief

The story so far

Utilities · Utilities - Regulated Water

The latest filing evidence is available. 6 of 12 group members are active now; 1 filing-linked outsider is moving with the group, and 0 of 0 directly disclosed connections are confirming.

Evidence that supports
  • Revenue increased 11.2% versus the comparable filing period.
  • Operating margin improved 4.0 percentage points.
  • Net income increased 28.4% versus the comparable filing period.
Evidence that challenges

No thresholded adverse filing evidence is available yet.

What would clarify the read
  • At least 8 of 12 durable members become active together.
  • Capital-flow agreement rises above 55%.
  • CNP remains aligned with the group in the next market snapshot.

Company research

Understand the business, not just the ticker

As of Sep 12, 2026
Business model and earnings drivers

Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.

Key research questions
  • Which operating variable is changing?
  • Is that change durable, cyclical or one-off?
  • What evidence would disprove the current interpretation?
Annual periods9
Price observations328
Usable filing statements293
Verified relationships0
Evidence supporting the case
  • Latest annual revenue changed +10.5% year over year.
  • Operating cash flow covered net income at 1.76x in the latest annual period.
  • Energy and commodity prices has repeated favorable evidence across 5 filings.
Evidence challenging the case
  • Diluted shares increased 2.9% in the latest annual period.
  • Credit and interest rates has repeated adverse evidence across 5 filings.
  • Input and raw-material costs has repeated adverse evidence across 5 filings.
  • Labor availability and costs has repeated adverse evidence across 5 filings.
Questions before a position
  • P/E is 17% above the available filing-peer median; determine whether growth and quality justify the difference.
  • EV/sales is 22% above the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context

Price as of Sep 11, 2026

86.42
6m+16.1%12m+18.2%24m
Annual trajectory

Reported annual revenue and per-share history. This is accounting history, not a forecast.

PeriodRevenueYoYDiluted EPSShare change
2021-12-31$498.9M+2.2%$2.55+0.0%
2022-12-31$491.5M-1.5%$2.11+0.1%
2023-12-31$595.7M+21.2%$3.36+0.1%
2024-12-31$595.5M-0.0%$3.17+1.4%
2025-12-31$658.1M+10.5%$3.37+2.9%

What management says matters

Persistent and emerging business drivers

Credit and interest ratesnegative · 5 filings
AWR anticipates that interest expense will increase in future periods due to the need for additional external capital to fund construction programs at its regulated utilities and if market interest rates increase.
10-Q · Aug 5, 2026
Energy and commodity pricespositive · 5 filings
The changes in fair values were due to changes in forward market energy prices as of June 30, 2026 and 2025.
10-Q · Aug 5, 2026
Input and raw-material costsnegative · 5 filings
This decrease was partially offset by higher labor costs and other employee-related benefits, and outside services costs including related to various regulatory filings.
10-Q · Aug 5, 2026
Labor availability and costsnegative · 5 filings
This decrease was partially offset by higher labor costs and other employee-related benefits, and outside services costs including related to various regulatory filings.
10-Q · Aug 5, 2026

Valuation discipline

Descriptive valuation snapshot

Price/sales 5.1× · EV/sales 6.2×. Comparisons use only industry-matched filing peers.

Scenario scaffold

Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.

Price action

How the market is pricing the story

86.42-1.2% today

Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.

Developments

No sourced recent-development timeline yet

Jodie has not returned a relevant primary source or news item for AWR. This is an evidence-coverage gap, not a conclusion that nothing material happened.

Business and financial condition

Reported financial figures are not available yet

Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.

Latest filing assessment

Fundamentals strengthened in the latest filing

10-Q filed 2026-08-05 against the comparable filing from 2025-08-06.

constructive
OperationsconstructiveEvidence score +3
liquidityneutralEvidence score 0
valuationmixed

Capital and cash conversion

Cash conversion improved

supportive

Capital-spending intensity declined while free-cash-flow margin improved.

Capital spending YoY
-17.7%
Capital spending / revenue
+27.8%
Free-cash-flow margin
+5.4%
FCF margin change
+8.3 pts

Capex, revenue, and operating cash flow are matched to the same reported duration. Reported accounting context, not a forecast or trading recommendation.

What improved

  • Revenue increased 11.2% versus the comparable filing period.
  • Operating margin improved 4.0 percentage points.
  • Net income increased 28.4% versus the comparable filing period.

What weakened

No thresholded deterioration was identified.

Filing receipts

The increase in interest expense at the electric segment between periods is primarily due to lower AFUDC recognized in 2026 related to certain advice letter projects approved by the CPUC in the latest general rate case, together with lower interest income earned on regulatory assets, and an increase in interest expense from higher average borrowing levels.

The interest expense at the contracted services segment and AWR (parent) decreased as compared to the same period in 2025 primarily due to lower average borrowing levels and lower interest rates.

For the three months ended June 30, 2026, the cost of power purchased for resale to BVES’s electric customers decreased by $0.7 million to $2.8 million as compared to $3.5 million during the same period in 2025 due to lower customer usage and lower overall average prices per megawatt-hour, including fixed costs.

Historical filing backfill generated after the original filing window. It is not part of Jodie's live track record.

Business ecosystem

The relationships behind AWR

Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.

Filing peers

Companies whose filings use similar operating language.

Open the three relationships above to see Jodie’s filing proof. Pro unlocks every receipt, and alerts when connected names begin moving. Unlock the full network →

What is moving around it

Live connections

AWR is currently a Participant in the organic co-movement group Regulated Water Utilities. This group is discovered from market behaviour rather than assigned from an industry taxonomy. No verified filing-linked names are available yet.

Context history

Theme membership history

No durable theme membership has been observed for this name yet.