American States Water Company

AWR

Regulated Water · Utilities

Price

$89.28

+1.35 (+1.54%)

Market Cap

$3.50B

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count rising — dilution

+4.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 37.0M (2021) → 38.7M (2025)

American States Water Company provides drinking water and wastewater services to homes and businesses in California. It also runs water and electricity systems on U.S. military bases across the country through long-term government contracts. The company owns Golden State Water, one of the largest regulated water utilities in California.

The company makes money by charging customers for water and utility services, with rates set and approved by government regulators. It operates primarily in California and on roughly 12 military installations nationwide, generating about $600 million in annual revenue. Its regulated business model provides steady, predictable cash flows, since regulators allow it to earn a set return on its infrastructure investments. The main risk is that California regulators could limit future rate increases, which would slow earnings growth and reduce the company's ability to fund new infrastructure.

Winston Score History

Politician Trades

1 trades / 12mo

0 Congressional buys and 1 sell on AWR in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+14.3% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+8.6% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

1.1%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$22M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

American States Water Company is a rare growth stock that's already generating positive cash flow while growing at 14%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

51.7%

Healthy — 51.7% gross margin

Operating Margin

30.4%

Excellent — 30.4% operating margin

ROCE

2.6%

Weak — 2.6% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+11.7%

Steady sales growth (11.7% YoY)

EPS YoY

+5.5%

Modest earnings growth (5.5% YoY)

Single-digit earnings growth — steady but not exciting.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

192%

Turns 192% of profit into real cash

FCF Margin

5.6%

Thin free cash flow (5.6%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.87

Moderate — manageable debt (0.87)

Interest Cover

4.47x

Adequate interest coverage (4.5x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

26.0x

Growth-priced — P/E 26.0

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+4.3

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (26.0 → 21.7)

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Dividends

Dividend Yield

2.38%

Moderate income — 2.38% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

+8.3%

Dividend growing modestly (8.3% YoY)

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