American States Water Co

Utilities
Water Supply
www.aswater.com

Earnings Score
Moat Score
Safety Score
Final Score

Market Cap $3.05B
PE 27
Debt $640.25M
Cash $16.47M
EV $3.67B
FCF -$80.51M

Earnings

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Sales & Net Margins

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Earnings	$110.88M
EBIT	$180.67M
ROE	13%
ROA	7%
FCF	-$80.51M
Equity	$879.47M
Growth Stability	89%
PE	27.49
PEG	3.67
PB	3.47
P/FCF	-37.86
P/S	5.28
Price/Cash	0.01
Debt/Equity	0.73
Debt/FCF	-7.95
Net Margins	20%
Op. Margins	31%
Earnings CAGR	8%
Sales Growth YoY	7%
Sales Growth QoQ	4%
Sales CAGR	3%
FCF CAGR	0%
Equity CAGR	6%
Earnings Stability	0.85
Earnings Growth YoY	13%
Earnings Growth QoQ	12%

Earnings CAGR 5Y	7%
Sales CAGR 5Y	5%
Equity CAGR 5Y	7%
Earnings CAGR 3Y	8%
Sales CAGR 3Y	8%
Equity CAGR 3Y	9%
Market Cap	$3.05B
Revenue	$577.54M
Dividend Yield	2%
Payout Ratio	59%
Assets	$2.42B
Total Debt	$640.25M
Cash	$16.47M
Shares Outstanding	37.26M
EV	3.67B
Earnings Score	92%
Moat Score	90%
Safety Score	67%
Final Score	83%
Working Capital	-99.07M
Current Ratio	0.69
Shares Growth 3y	0%
Equity Growth QoQ	6%
Equity Growth YoY	14%

Assets & ROA

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Stockholders Equity & ROE

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American States Water Co is water and utilities holding company based in California. The segments of the firm include water, electric, and contracted services. Within these segments, American States Water conducts water and electric operations through Golden State Water Company and contracted services through American States Utility Services and its subsidiaries. Golden State Water conducts its operations across various counties in California and is regulated by the California Public Utilities Commission. American States Utility Services has contracted with the U.S. government to provide water services to various military installations. The majority of the company's revenue is derived from water services, primarily from commercial and residential customers.

SEC Filings

Direct access to American States Water Co (AWR) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does American States Water Co compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of American States Water Co compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 8%

Stability 85%

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American States Water Co Discounted Cash Flow

Fully customizable DCF calculator online for American States Water Co.

Years

Calculation mode

= -$807M

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	-$81M	-$81M	-$81M	-$81M	-$81M	-$81M	-$81M	-$81M	-$81M	-$81M	-$81M	-$808M
DCF		-$73M	-$67M	-$61M	-$55M	-$50M	-$46M	-$41M	-$38M	-$34M	-$31M	-$311M
Value	-$807M

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	13%	13%	14%	16%	15%	18%	18%	19%	16%	21%	20%
ROA	-	9%	8%	9%	7%	8%	8%	8%	6%	9%	7%
ROE	-	13%	12%	13%	11%	14%	13%	14%	11%	16%	13%

Good Net Margins (20.01%)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	41.66	-9.76	10.23	31.47	-8.02	-53.4	-14.26	-9.23	-4.77	-7.95
Debt over Equity	0.64	0.7	0.65	0.61	0.58	0.47	0.69	0.6	0.63	0.74	0.73
Growth Stability	-	-	-	100%	100%	100%	100%	100%	89%	100%	89%

Good Debt/FCF ratio (-7.95)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Good Debt/Equity ratio (0.73)

The company is not overleveraged and has a good balance between equity and debt.

Neutral Graham’s Stability (89%)

The company has a stability in its earnings that is not too good nor too bad.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	-2%	-5%	1%	-1%	8%	3%	2%	-1%	21%	5%
Earnings YoY growth	-	-1%	-1%	16%	-8%	32%	3%	9%	-17%	59%	7%
Equity YoY growth	-	-8%	6%	7%	5%	8%	7%	7%	3%	9%	7%
FCF YoY growth	-	-91%	-521%	-195%	-68%	-443%	-76%	251%	67%	149%	-