Is the business good?
How good a business is AWR?
American States Water Company earns 9.0% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
9.0%
Return on invested capital · cost of capital 9.0% · 0.05 points above what the capital costs: growth creates value
- Operating margin
- 31%
Operating margin · Utilities - Regulated Water median 29% · 12 months to Q1 2026
- Cash conversion
- 0.28×
Cash conversion · −0.44× a year ago · some of the reported profit has not turned into cash yet
- Share count, year on year
- +2.2%
Share count, year on year · shareholders own a smaller slice than a year ago
| Year | Operating margin |
|---|---|
| FY2020 | 27% |
| FY2021 | 28% |
| FY2022 | 26% |
| FY2023 | 33% |
| FY2024 | 31% |
| FY2025 | 31% |
Details›
- Gross margin12 months to Q1 2026
- 90%
- Operating margin12 months to Q1 2026
- 31%
- Net margin12 months to Q1 2026
- 20%
- Free cash flow margin
- 5.6%
- Revenue, trailing twelve months
- $679M
- Free cash flow, trailing twelve months
- $38M
- Net income, trailing twelve months
- $134M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 9.0%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Utilities - Regulated Water
Ranks #4 of 6 by Smart Score