American States Water Company (AWR) Balance Sheet
AWR balance sheet, 2025
December 31, 2025 · U.S. dollars$2.72B assets = $1.67B liabilities + $1.05B equity
Both columns are drawn to the same scale: what AWR owns equals what it owes plus shareholders’ equity. Hover a block for its value.
AWR financial health
Descriptive bands, not a rating. Fiscal 2025.
AWR balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.47B2016 | $2.72B2025 | +7.1%/yr | |
| Total liabilities | $655.2M2016 | $1.67B2025 | +11.0%/yr | |
| Shareholders’ equity | $815.3M2016 | $1.05B2025 | +2.8%/yr | |
| Cash & short-term investments | $436,0002016 | $18.8M2025 | +51.9%/yr | |
| Total debt | $411.3M2016 | $942.8M2025 | +9.7%/yr | |
| Net cash (debt) | −$410.9M2016 | −$924.0M2025 | −$513.1M | |
| Working capital | −$11.1M2016 | $56.5M2025 | +$67.5M | |
| Book value per share | $22.182016 | $27.042025 | +2.2%/yr | |
| Current ratio | 0.942016 | 1.322025 | +0.39 | |
| Debt / equity | 0.502016 | 0.902025 | +0.40 | |
| Shares outstanding | 36.8M2016 | 38.7M2025 | +0.6%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
AWR assets
AWR liabilities and equity
AWR debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
AWR balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $18.8M | $26.7M | $14.1M | $6.0M | $5.0M | $36.7M | $1.3M | $7.1M | $214,000 | $436,000 |
| Cash & equivalents | $18.8M | $26.7M | $14.1M | $6.0M | $5.0M | $36.7M | $1.3M | $7.1M | $214,000 | $436,000 |
| Short-term investments | — | $966.4M | $0 | $11.8M | $4.4M | $1.2M | — | — | $0 | $0 |
| Receivables | $148.9M | $133.8M | $123.4M | $99.3M | $102.3M | $93.1M | $88.3M | $96.0M | $110.6M | $115.1M |
| Inventory | $16.4M | $15.1M | $17.6M | $14.6M | $12.2M | $8.6M | $6.4M | $5.8M | $4.8M | $4.3M |
| Other current assets | $46.9M | $57.8M | $50.9M | $31.3M | $18.7M | $18.6M | $26.3M | $22.6M | $39.8M | $47.0M |
| Total current assets | $231.1M | $233.3M | $206.0M | $151.3M | $138.1M | $157.1M | $122.5M | $131.5M | $155.5M | $166.9M |
| Property, plant & equipment (net) | $2.31B | $2.12B | $1.94B | $1.80B | $1.68B | $1.56B | $1.45B | $1.32B | $1.23B | $1.17B |
| Goodwill & intangible assets | $1.7M | $1.7M | $1.7M | $1.7M | $1.7M | $1.7M | $1.7M | $1.7M | $1.7M | $10.8M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $25.4M | $22.7M |
| Other non-current assets | $170.3M | $148.9M | $95.3M | $81.2M | $84.0M | $74.3M | $71.2M | $46.6M | $5.1M | $98.4M |
| Total assets | $2.72B | $2.50B | $2.25B | $2.03B | $1.90B | $1.79B | $1.64B | $1.50B | $1.42B | $1.47B |
| Liabilities | ||||||||||
| Accounts payable | $86.0M | $88.6M | $68.7M | $84.8M | $65.9M | $63.8M | $55.6M | $59.5M | $51.0M | $43.7M |
| Short-term debt | $10.3M | $126.5M | $44.2M | $257.8M | $33.4M | $2.4M | $7.2M | $40.3M | $59.3M | $90.3M |
| Deferred revenue | $11.7M | $5.7M | $1.4M | $903,000 | $257,000 | $1.8M | $11.2M | $7.5M | $3.9M | $2.3M |
| Total current liabilities | $174.6M | $285.5M | $166.6M | $396.5M | $155.6M | $118.6M | $116.0M | $146.6M | $156.7M | $177.9M |
| Long-term debt | $923.7M | $805.4M | $867.1M | $468.5M | $586.7M | $574.5M | $545.0M | $281.1M | $321.0M | $321.0M |
| Lease obligations | $6.5M | $8.5M | $8.5M | $10.0M | $11.0M | $11.6M | $13.6M | — | — | — |
| Other long-term liabilities | $571.2M | $489.3M | $436.3M | $459.8M | $472.8M | $456.8M | $97.8M | $234.5M | $409.1M | $156.3M |
| Total liabilities | $1.67B | $1.58B | $1.47B | $1.32B | $1.22B | $1.15B | $758.8M | $662.1M | $886.8M | $655.2M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $425.2M | $355.1M | $263.2M | $260.2M | $258.4M | $256.7M | $255.6M | $253.7M | $250.1M | $247.2M |
| Retained earnings (deficit) | $620.4M | $564.9M | $512.9M | $449.4M | $427.5M | $385.0M | $346.0M | $304.5M | $279.8M | $247.1M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | — | — | $0 | $0 | — | — | $0 | −$561.9M | −$533.4M | −$532.8M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $1.05B | $920.1M | $776.1M | $709.5M | $685.9M | $641.7M | $882.5M | $839.3M | $529.9M | $815.3M |
| Key figures | ||||||||||
| Total debt | $942.8M | $938.2M | $917.9M | $734.4M | $629.0M | $586.6M | $552.2M | $416.9M | $380.4M | $411.3M |
| Net cash (debt) | −$924.0M | −$911.6M | −$903.8M | −$728.4M | −$624.1M | −$549.8M | −$550.8M | −$409.8M | −$380.1M | −$410.9M |
| Working capital | $56.5M | −$52.2M | $39.4M | −$245.2M | −$17.5M | $38.5M | $6.5M | −$15.1M | −$1.2M | −$11.1M |
| Tangible book value | $1.04B | $918.4M | $774.4M | $707.9M | $684.3M | $640.0M | $880.8M | $837.6M | $528.3M | $804.5M |
| Book value per share | $27.04 | $24.48 | $20.93 | $19.16 | $18.53 | $17.34 | $23.88 | $22.72 | $14.38 | $22.18 |
| Shares outstanding | 38.7M | 37.6M | 37.1M | 37.0M | 37.0M | 37.0M | 37.0M | 36.9M | 36.8M | 36.8M |
| Current ratio | 1.32 | 0.82 | 1.24 | 0.38 | 0.89 | 1.33 | 1.06 | 0.90 | 0.99 | 0.94 |
| Quick ratio | 0.96 | 0.56 | 0.83 | 0.27 | 0.69 | 1.10 | 0.77 | 0.70 | 0.71 | 0.65 |
| Debt / equity | 0.90 | 1.02 | 1.18 | 1.04 | 0.92 | 0.91 | 0.63 | 0.50 | 0.72 | 0.50 |
| Equity / assets | 38.5% | 36.8% | 34.6% | 34.9% | 36.1% | 35.8% | 53.8% | 55.9% | 37.4% | 55.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $21.7M | $22.2M | $18.8M | $26.1M | $20.2M | $21.2M | $26.7M | $16.5M | $3.6M | $17.0M | $14.1M | $8.6M |
| Cash & equivalents | $21.7M | $22.2M | $18.8M | $26.1M | $20.2M | $21.2M | $26.7M | $16.5M | $3.6M | $17.0M | $14.1M | $8.6M |
| Short-term investments | — | — | — | — | — | — | — | — | — | — | — | $1.5M |
| Receivables | $106.5M | $140.7M | $148.9M | $150.2M | $152.0M | $133.5M | $133.8M | $140.5M | $136.2M | $115.4M | $123.4M | $126.5M |
| Inventory | $18.6M | $16.6M | $16.4M | $17.0M | $15.9M | $15.5M | $15.1M | $16.4M | $17.0M | $16.2M | $17.6M | $16.2M |
| Other current assets | $79.8M | $41.8M | $46.9M | $57.6M | $64.2M | $68.0M | $57.8M | $49.0M | $52.8M | $56.4M | $50.9M | $40.4M |
| Total current assets | $226.5M | $221.4M | $231.1M | $250.8M | $252.3M | $238.2M | $233.3M | $222.4M | $209.5M | $205.1M | $206.0M | $191.7M |
| Property, plant & equipment (net) | $2.37B | $2.34B | $2.31B | $2.25B | $2.20B | $2.14B | $2.12B | $2.10B | $2.04B | $1.99B | $1.94B | $1.90B |
| Goodwill & intangible assets | $0 | $0 | $1.7M | $0 | $0 | $0 | $1.7M | $1.1M | $1.1M | $1.1M | $1.7M | $1.1M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $174.1M | $175.8M | $170.3M | $157.0M | $157.4M | $162.3M | $148.9M | $99.9M | $102.3M | $100.6M | $95.2M | $115.7M |
| Total assets | $2.77B | $2.73B | $2.72B | $2.66B | $2.61B | $2.55B | $2.50B | $2.42B | $2.35B | $2.29B | $2.25B | $2.21B |
| Liabilities | ||||||||||||
| Accounts payable | $79.5M | $79.4M | $86.0M | $81.7M | $76.1M | $67.8M | $88.6M | $76.7M | $72.0M | $69.6M | $68.7M | $71.8M |
| Short-term debt | $75.6M | $10.5M | $10.3M | $7.6M | $2.5M | $145.4M | $126.5M | $179.5M | $169.3M | $45.1M | $44.2M | $39.3M |
| Deferred revenue | $10.7M | $11.6M | $11.7M | $10.4M | $9.8M | $7.7M | $5.7M | $3.6M | $1.2M | $653,000 | $1.4M | $596,000 |
| Total current liabilities | $231.1M | $181.6M | $174.6M | $197.5M | $162.1M | $294.3M | $285.5M | $321.4M | $299.1M | $178.6M | $166.6M | $195.0M |
| Long-term debt | $836.7M | $914.7M | $923.7M | $909.3M | $942.5M | $796.2M | $805.4M | $760.2M | $768.0M | $870.0M | $867.1M | $812.0M |
| Lease obligations | $7.5M | $7.6M | $6.5M | $7.0M | $7.6M | $7.9M | $8.5M | $9.0M | $8.3M | $7.9M | $8.5M | $9.0M |
| Other long-term liabilities | $585.6M | $574.0M | $571.2M | $539.2M | $533.5M | $498.5M | $489.3M | $459.5M | $447.7M | $443.8M | $436.3M | $426.9M |
| Total liabilities | $1.65B | $1.67B | $1.67B | $1.65B | $1.64B | $1.59B | $1.58B | $1.54B | $1.51B | $1.49B | $1.47B | $1.43B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $467.5M | $433.2M | $425.2M | $398.0M | $382.9M | $382.5M | $355.1M | $325.3M | $297.6M | $280.4M | $263.2M | $262.9M |
| Retained earnings (deficit) | $654.0M | $630.6M | $620.4M | $611.3M | $589.6M | $573.9M | $564.9M | $554.2M | $535.9M | $520.1M | $512.9M | $508.5M |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | — | — | — | $0 | — |
| Total shareholders' equity | $1.12B | $1.06B | $1.05B | $1.01B | $972.5M | $956.4M | $920.1M | $879.5M | $833.5M | $800.5M | $776.1M | $771.3M |
| Key figures | ||||||||||||
| Total debt | $798.5M | $930.6M | $942.8M | $921.8M | $950.5M | $947.5M | $938.2M | $946.7M | $943.7M | $921.3M | $917.9M | $858.3M |
| Net cash (debt) | −$776.8M | −$908.4M | −$924.0M | −$895.7M | −$930.3M | −$926.3M | −$911.6M | −$930.2M | −$940.1M | −$904.3M | −$903.8M | −$849.7M |
| Working capital | −$4.6M | $39.8M | $56.5M | $53.3M | $90.2M | −$56.1M | −$52.2M | −$99.1M | −$89.6M | $26.5M | $39.4M | −$3.3M |
| Tangible book value | $1.12B | $1.06B | $1.04B | $1.01B | $972.5M | $956.4M | $918.4M | $878.4M | $832.4M | $799.4M | $774.4M | $770.2M |
| Book value per share | $28.41 | $27.13 | $27.04 | $26.08 | $25.17 | $24.94 | $24.16 | $23.34 | $22.27 | $21.57 | $20.93 | $20.81 |
| Shares outstanding | 39.5M | 39.2M | 38.7M | 38.7M | 38.6M | 38.4M | 38.1M | 37.7M | 37.4M | 37.1M | 37.1M | 37.1M |
| Current ratio | 0.98 | 1.22 | 1.32 | 1.27 | 1.56 | 0.81 | 0.82 | 0.69 | 0.70 | 1.15 | 1.24 | 0.98 |
| Quick ratio | 0.55 | 0.90 | 0.96 | 0.89 | 1.06 | 0.53 | 0.56 | 0.49 | 0.47 | 0.74 | 0.83 | 0.69 |
| Debt / equity | 0.71 | 0.87 | 0.90 | 0.91 | 0.98 | 0.99 | 1.02 | 1.08 | 1.13 | 1.15 | 1.18 | 1.11 |
| Equity / assets | 40.4% | 38.9% | 38.5% | 38.0% | 37.3% | 37.6% | 36.8% | 36.3% | 35.5% | 34.9% | 34.6% | 35.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 18, 2026); data from EODHD.
AWR financial position
At the end of fiscal 2025 (December 31, 2025), American States Water had total assets of $2.7 billion (up 8.6% from a year earlier), total liabilities of $1.7 billion and shareholders' equity of $1.0 billion. It held $18.8 million in cash and short-term investments against $942.8 million of debt, net debt of $924.0 million. Its current ratio was 1.32. In the latest quarter (ended June 30, 2026) total assets were $2.8 billion and equity $1.1 billion.
Related: AWR income statement, AWR cash flow statement, AWR key metrics. See the AWR stock overview for the latest quote and news.
AWR balance sheet FAQ
What are American States Water's total assets?
American States Water reported total assets of $2.7 billion at the end of fiscal 2025 (December 31, 2025), compared with $2.5 billion a year earlier.
How much debt does American States Water have?
American States Water had $942.8 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.90.
How much cash does American States Water have?
American States Water held $18.8 million in cash and short-term investments at the end of fiscal 2025; with $942.8 million of debt that is net debt of $924.0 million.
What is American States Water's book value?
American States Water's shareholders' equity (book value) was $1.0 billion at the end of fiscal 2025, or $27.04 per share.
What is American States Water's current ratio?
American States Water had current assets of $231.1 million and current liabilities of $174.6 million, a current ratio of 1.32 (it can cover its short-term obligations).
How much goodwill does American States Water have?
American States Water carried $1.7 million of goodwill and intangible assets, 0.1% of total assets, at the end of fiscal 2025.