American States Water Company (AWR) Key Metrics
AWR valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $3.31B
- Enterprise value
- $4.20B
- P/E (TTM)
- 22.9 10-yr median 32.4
- Forward P/E
- 22.1
- PEG ratio
- 2.98
- Price / sales
- 4.7 10-yr median 5.3
- Price / book
- 2.9 10-yr median 3.7
- EV / EBITDA
- 14.7 10-yr median 17.9
- Dividend yield
- 2.61% $2.18 a year
- Beta
- 0.55
AWR key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsAWR valuation Price multiples at each fiscal year-end price.
AWR returns How much profit the business earns on the capital it uses.
AWR per-share figures Results divided by the shares outstanding at year-end.
AWR financial health Debt, liquidity and how easily interest is covered.
AWR efficiency & capital use Working capital cycle and where the cash goes.
AWR valuation history
AWR returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
AWR debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
AWR cash returned to shareholders
AWR price vs earnings per share
AWR key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $2.80B | $2.92B | $2.98B | $3.43B | $3.83B | $2.94B | $3.20B | $2.48B | $2.13B | $1.67B |
| Enterprise value | $3.73B | $3.83B | $3.89B | $4.16B | $4.45B | $3.49B | $3.75B | $2.89B | $2.51B | $2.09B |
| P/E ratio | 21.5 | 24.5 | 23.9 | 43.7 | 40.6 | 34.0 | 38.0 | 38.8 | 30.8 | 28.0 |
| Price / sales | 4.3 | 4.9 | 5.0 | 7.0 | 7.7 | 6.0 | 6.8 | 5.7 | 4.8 | 3.8 |
| Price / book | 2.7 | 3.2 | 3.8 | 4.8 | 5.6 | 4.6 | 3.6 | 3.0 | 4.0 | 2.1 |
| Price / free cash flow | — | — | — | — | — | — | — | 242.5 | 67.9 | — |
| Price / operating cash flow | 12.2 | 14.7 | 44.1 | 29.1 | 33.1 | 24.1 | 27.4 | 18.1 | 14.8 | 17.3 |
| EV / sales | 5.7 | 6.4 | 6.5 | 8.5 | 8.9 | 7.2 | 7.9 | 6.6 | 5.7 | 4.8 |
| EV / EBITDA | 14.0 | 15.7 | 15.4 | 24.3 | 23.7 | 20.0 | 22.2 | 19.9 | 15.8 | 13.5 |
| EV / free cash flow | — | — | — | — | — | — | — | 282.6 | 80.0 | — |
| Earnings yield | 4.7% | 4.1% | 4.2% | 2.3% | 2.5% | 2.9% | 2.6% | 2.6% | 3.3% | 3.6% |
| Free cash flow yield | −0.3% | −1.1% | −4.1% | −1.4% | −0.8% | −0.3% | −1.1% | 0.4% | 1.5% | −2.0% |
| Dividend yield | 2.7% | 2.3% | 2.1% | 1.6% | 1.4% | 1.6% | 1.3% | 1.6% | 1.7% | 2.0% |
| Shareholder yield (dividends + buybacks) | 2.7% | 2.3% | 2.1% | 1.6% | 1.4% | 1.6% | 1.3% | 1.6% | 1.7% | 2.0% |
| Share price at fiscal year-end | $72.48 | $77.72 | $80.42 | $92.55 | $103.44 | $79.51 | $86.64 | $67.04 | $57.91 | $45.56 |
| Per share | ||||||||||
| Revenue per share | $17.02 | $15.84 | $16.07 | $13.27 | $13.48 | $13.20 | $12.82 | $11.83 | $11.96 | $11.87 |
| Earnings per share | $3.37 | $3.17 | $3.37 | $2.12 | $2.55 | $2.34 | $2.28 | $1.73 | $1.88 | $1.63 |
| Operating cash flow per share | $5.94 | $5.29 | $1.83 | $3.18 | $3.12 | $3.30 | $3.16 | $3.70 | $3.92 | $2.64 |
| Free cash flow per share | −$0.18 | −$0.88 | −$3.26 | −$1.31 | −$0.78 | −$0.22 | −$0.95 | $0.28 | $0.85 | −$0.90 |
| Cash per share | $0.49 | $0.71 | $0.38 | $0.16 | $0.13 | $0.99 | $0.04 | $0.19 | $0.01 | $0.01 |
| Book value per share | $27.04 | $24.48 | $20.93 | $19.16 | $18.53 | $17.34 | $23.88 | $22.72 | $14.38 | $22.18 |
| Tangible book value per share | $26.99 | $24.44 | $20.89 | $19.11 | $18.49 | $17.30 | $23.83 | $22.68 | $14.34 | $21.89 |
| Dividends per share | $1.93 | $1.78 | $1.65 | $1.52 | $1.40 | $1.28 | $1.16 | $1.05 | $0.99 | $0.91 |
| Capex per share | $6.12 | $6.17 | $5.09 | $4.49 | $3.90 | $3.53 | $4.11 | $3.43 | $3.07 | $3.53 |
| Debt per share | $24.38 | $24.96 | $24.76 | $19.83 | $17.00 | $15.85 | $14.94 | $11.29 | $10.32 | $11.19 |
| Shares outstanding | 38.7M | 37.6M | 37.1M | 37.0M | 37.0M | 37.0M | 37.0M | 36.9M | 36.8M | 36.8M |
| Change in shares outstanding | +2.9% | +1.4% | +0.1% | +0.1% | +0.0% | +0.1% | +0.1% | +0.2% | +0.3% | −2.3% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 13.3% | 14.1% | 16.8% | 11.2% | 14.2% | 11.3% | 9.8% | 9.3% | 10.3% | 7.4% |
| Return on invested capital (ROIC) | 8.2% | 8.4% | 9.5% | 7.1% | 8.5% | 7.5% | 7.3% | 7.3% | 7.6% | 6.1% |
| Return on assets (ROA) | 5.0% | 5.0% | 5.8% | 4.0% | 5.1% | 5.0% | 5.4% | 4.4% | 4.8% | 4.2% |
| Return on tangible assets | 4.8% | 4.8% | 5.6% | 3.9% | 5.0% | 4.8% | 5.1% | 4.3% | 4.9% | 4.1% |
| Free cash flow margin | −1.1% | −5.6% | −20.3% | −9.9% | −5.8% | −1.7% | −7.4% | 2.3% | 7.1% | −7.5% |
| Income quality (OCF / net income) | 1.76 | 1.67 | 0.54 | 1.50 | 1.23 | 1.41 | 1.39 | 2.14 | 2.08 | 1.62 |
| Financial health | ||||||||||
| Total debt | $942.8M | $938.2M | $917.9M | $734.4M | $629.0M | $586.6M | $552.2M | $416.9M | $380.4M | $411.3M |
| Cash & short-term investments | $18.8M | $26.7M | $14.1M | $6.0M | $5.0M | $36.7M | $1.3M | $7.1M | $214,000 | $436,000 |
| Net debt | $924.0M | $911.6M | $903.8M | $728.4M | $624.1M | $549.8M | $550.8M | $409.8M | $380.1M | $410.9M |
| Debt / equity | 0.90 | 1.02 | 1.18 | 1.04 | 0.92 | 0.91 | 0.63 | 0.50 | 0.72 | 0.50 |
| Debt / assets | 0.35 | 0.38 | 0.41 | 0.36 | 0.33 | 0.33 | 0.34 | 0.28 | 0.27 | 0.28 |
| Net debt / EBITDA | 3.48 | 3.74 | 3.58 | 4.27 | 3.33 | 3.15 | 3.25 | 2.83 | 2.39 | 2.66 |
| Current ratio | 1.32 | 0.82 | 1.24 | 0.38 | 0.89 | 1.33 | 1.06 | 0.90 | 0.99 | 0.94 |
| Quick ratio | 1.23 | 0.76 | 1.13 | 0.34 | 0.81 | 1.25 | 1.00 | 0.86 | 0.96 | 0.91 |
| Interest coverage | 4.3 | 3.7 | 4.6 | 4.7 | 6.2 | 5.8 | 5.2 | 4.3 | 5.6 | 5.2 |
| Working capital | $56.5M | −$52.2M | $39.4M | −$245.2M | −$17.5M | $38.5M | $6.5M | −$15.1M | −$1.2M | −$11.1M |
| Invested capital | $1.97B | $1.83B | $1.68B | $1.44B | $1.31B | $1.19B | $1.43B | $1.25B | $910.1M | $1.23B |
| Tangible asset value | $1.04B | $918.4M | $774.4M | $707.9M | $684.3M | $640.0M | $880.8M | $837.6M | $528.3M | $804.5M |
| Net current asset value | −$1.44B | −$1.35B | −$1.26B | −$1.17B | −$1.08B | −$992.8M | −$636.3M | −$530.7M | −$731.3M | −$488.3M |
| Graham number | $45.30 | $41.81 | $39.84 | $30.20 | $32.60 | $30.19 | $35.01 | $29.73 | $24.68 | $28.49 |
| Graham net-net per share | −$39.58 | −$38.46 | −$36.53 | −$33.40 | −$30.46 | −$28.09 | −$18.61 | −$15.71 | −$21.75 | −$15.41 |
| Capital allocation | ||||||||||
| Dividends paid | $74.7M | $67.0M | $61.2M | $56.4M | $51.7M | $47.2M | $42.7M | $38.9M | $36.4M | $33.4M |
| Share buybacks (net) | $0 | $0 | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Dividend payout ratio | 57.2% | 56.2% | 49.0% | 71.9% | 54.8% | 54.6% | 50.6% | 61.0% | 52.5% | 55.9% |
| Dividends + buybacks / free cash flow | — | — | — | — | — | — | — | 381.2% | 115.9% | — |
| Capex / revenue | 36.0% | 39.0% | 31.7% | 33.8% | 29.0% | 26.7% | 32.1% | 29.0% | 25.7% | 29.8% |
| Capex / operating cash flow | 103.1% | 116.7% | 278.6% | 141.1% | 125.0% | 106.8% | 130.0% | 92.5% | 78.3% | 134.0% |
| Capex / depreciation | 4.85 | 5.24 | 4.36 | 3.99 | 3.62 | 3.51 | 4.25 | 3.11 | 2.88 | 3.32 |
| Stock-based compensation / revenue | 0.5% | 0.6% | 0.6% | 0.5% | 0.5% | 0.5% | 0.5% | 0.9% | 0.7% | 0.6% |
| SG&A / revenue | 15.6% | 17.0% | 15.1% | 17.5% | 16.7% | 17.1% | 17.5% | 18.9% | 18.5% | 18.6% |
| Efficiency | ||||||||||
| Days sales outstanding | 78.4 | 78.8 | 68.2 | 74.9 | 71.5 | 67.8 | 71.0 | 86.3 | 93.5 | 85.7 |
| Days of inventory on hand | 17.8 | 41.6 | 40.2 | 39.6 | 31.3 | 23.0 | 18.5 | 17.7 | 16.0 | 17.2 |
| Days payables outstanding | 98.4 | 200.1 | 191.7 | 223.1 | 195.6 | 182.5 | 174.9 | 185.1 | 167.1 | 167.5 |
| Cash conversion cycle (days) | -2.2 | -79.7 | -83.3 | -108.6 | -92.7 | -91.7 | -85.4 | -81.1 | -57.6 | -64.6 |
| Receivables turnover | 4.66 | 4.63 | 5.35 | 4.88 | 5.11 | 5.38 | 5.14 | 4.23 | 3.90 | 4.26 |
| Payables turnover | 3.71 | 1.82 | 1.90 | 1.64 | 1.87 | 2.00 | 2.09 | 1.97 | 2.18 | 2.18 |
| Inventory turnover | 20.54 | 8.77 | 9.08 | 9.21 | 11.65 | 15.87 | 19.69 | 20.61 | 22.76 | 21.17 |
| Asset turnover | 0.25 | 0.25 | 0.28 | 0.25 | 0.27 | 0.28 | 0.30 | 0.30 | 0.31 | 0.31 |
| Average receivables | $141.3M | $128.6M | $111.4M | $100.8M | $97.7M | $90.7M | $92.2M | $103.3M | $112.9M | $102.3M |
| Average payables | $87.3M | $78.6M | $76.8M | $75.4M | $64.8M | $59.7M | $57.6M | $55.3M | $47.4M | $47.2M |
| Average inventory | $15.8M | $16.4M | $16.1M | $13.4M | $10.4M | $7.5M | $6.1M | $5.3M | $4.5M | $4.9M |
| Intangibles / total assets | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.7% |
Computed from AWR's annual financial statements (latest annual report filed February 18, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
AWR valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), American States Water traded at 21.5 times earnings, against a 10-year median of 32.4. Based on the latest twelve months, the trailing P/E is 22.9 and the forward P/E is 22.1. American States Water earned a return on equity of 13.3% and a return on invested capital of 8.2% in fiscal 2025. It ended the year with $942.8 million of debt and $18.8 million in cash and short-term investments, net debt of $924.0 million. It returned $74.7 million to shareholders: $74.7 million in dividends and $0 in share buybacks. The share count rose 5.2% from 36.8M to 38.7M over 9 years.
See the AWR income statement, the AWR chart for price history, or the AWR stock overview for the latest quote and news.
AWR key metrics FAQ
What is American States Water's P/E ratio?
American States Water's trailing P/E ratio is 22.9 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 22.1. At the end of fiscal 2025 it was 21.5, compared with a 10-year median of 32.4.
What is American States Water's EV/EBITDA?
American States Water's enterprise value was 14.0 times EBITDA at the end of fiscal 2025 (enterprise value $3.7 billion, EBITDA $265.4 million); the current EV/EBITDA is 14.7.
What is American States Water's return on equity?
American States Water's return on equity (ROE) was 13.3% in fiscal 2025: net income of $130.4 million on average shareholders' equity of $982.8 million.
What is American States Water's ROIC?
American States Water's return on invested capital was 8.2% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does American States Water have?
American States Water had total debt of $942.8 million at the end of fiscal 2025, a debt-to-equity ratio of 0.90 and $924.0 million of net debt (3.48 times EBITDA).
What is American States Water's dividend yield?
American States Water's forward dividend yield is 2.61%. American States Water paid $74.7 million in dividends in fiscal 2025 ($1.93 per share), a payout ratio of 57.2%.
What is American States Water's free cash flow yield?
American States Water generated -$7.1 million of free cash flow in fiscal 2025, a free cash flow yield of −0.3% on its market value at year-end ($2.8 billion).
What is American States Water's current ratio?
American States Water's current ratio was 1.32 at the end of fiscal 2025: current assets were 1.32 times current liabilities.