“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 ↗
American States Water Company
AWR
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.
- Revenue increased 11.2% versus the comparable filing period.
- 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.
Research brief
The story so far
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.
- 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.
No thresholded adverse filing evidence is available yet.
- 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
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
- 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.
- 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.
- 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.
Price as of Sep 11, 2026
86.42Reported annual revenue and per-share history. This is accounting history, not a forecast.
What management says matters
Persistent and emerging business drivers
“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 ↗
“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 ↗
“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.
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
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.
Capital and cash conversion
Cash conversion improved
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.