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American States Water Co

AWR

Water Supply

Mkt Cap

$2.79B

PE

22.72

Debt

$575.5M

Cash

$8.604M

EV

$3.357B

FCF

-$95.93M

Market Cap

$2.79B

P/E Ratio

22.72

Debt

$575.5M

Cash

$8.604M

EV

$3.357B

FCF

-$95.93M
Charts data: {"Earnings":[{"time":"2014-12-30","value":60724000},{"time":"2015-12-30","value":60104000},{"time":"2016-12-30","value":59411000},{"time":"2017-12-30","value":68994000},{"time":"2018-12-30","value":63538000},{"time":"2019-12-30","value":83987000},{"time":"2020-12-30","value":86136000},{"time":"2021-12-30","value":94103000},{"time":"2022-12-30","value":78199000}],"Sales":[{"time":"2014-12-30","value":465791000},{"time":"2015-12-30","value":458641000},{"time":"2016-12-30","value":436087000},{"time":"2017-12-30","value":440603000},{"time":"2018-12-30","value":436816000},{"time":"2019-12-30","value":473869000},{"time":"2020-12-30","value":488243000},{"time":"2021-12-30","value":498853000},{"time":"2022-12-30","value":491528000}],"Net Margins":[{"time":"2014-12-30","value":0.13036748241163956},{"time":"2015-12-30","value":0.13104803103080623},{"time":"2016-12-30","value":0.13623657664640312},{"time":"2017-12-30","value":0.1565899460512071},{"time":"2018-12-30","value":0.14545712611259662},{"time":"2019-12-30","value":0.1772367468646398},{"time":"2020-12-30","value":0.17642034806438597},{"time":"2021-12-30","value":0.18863873726328198},{"time":"2022-12-30","value":0.15909368337103888}],"Assets":[{"time":"2014-12-30","value":1378298000},{"time":"2015-12-30","value":1348600000},{"time":"2016-12-30","value":1470493000},{"time":"2017-12-30","value":1416734000},{"time":"2018-12-30","value":1501433000},{"time":"2019-12-30","value":1641331000},{"time":"2020-12-30","value":1791603000},{"time":"2021-12-30","value":1900983000},{"time":"2022-12-30","value":2034374000}],"Stockholders Equity":[{"time":"2014-12-30","value":506801000},{"time":"2015-12-30","value":465945000},{"time":"2016-12-30","value":494297000},{"time":"2017-12-30","value":529945000},{"time":"2018-12-30","value":558223000},{"time":"2019-12-30","value":601530000},{"time":"2020-12-30","value":641673000},{"time":"2021-12-30","value":685947000},{"time":"2022-12-30","value":709549000}],"ROE":[{"time":"2014-12-30","value":0.11981823240285634},{"time":"2015-12-30","value":0.12899376535857238},{"time":"2016-12-30","value":0.12019292045066023},{"time":"2017-12-30","value":0.13019086886375},{"time":"2018-12-30","value":0.11382189555070285},{"time":"2019-12-30","value":0.13962229647731617},{"time":"2020-12-30","value":0.13423659714527492},{"time":"2021-12-30","value":0.137186983834028},{"time":"2022-12-30","value":0.11020944289964471}],"ROA":[{"time":"2014-12-30","value":0.08758846055062113},{"time":"2015-12-30","value":0.08846433338276731},{"time":"2016-12-30","value":0.07920472929826936},{"time":"2017-12-30","value":0.09241184301357912},{"time":"2018-12-30","value":0.07014698624580651},{"time":"2019-12-30","value":0.08139613520977791},{"time":"2020-12-30","value":0.07655323193810236},{"time":"2021-12-30","value":0.07764614412648614},{"time":"2022-12-30","value":0.06345293441618896}]}

American States Water Company, through its subsidiaries, provides water and electric services to residential, commercial, industrial, and other customers in the United States. It operates through three segments: Water, Electric, and Contracted Services. The company purchases, produces, distributes, and sells water, as well as distributes electricity. As of December 31, 2022, American States Water Company provided water service to 263,265 customers located throughout 10 counties in the State of California; and distributed electricity to 24,705 customers in San Bernardino County mountain communities in California. The company also provides water and/or wastewater services, including the operation, maintenance, and construction of facilities at the water and/or wastewater systems at various military installations. American States Water Company was incorporated in 1929 and is headquartered in San Dimas, California.

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In the chart Earnings are multiplied by this value.

Earnings Growth 7.3%
Earnings Stability 80%


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.

Years12-201412-201512-201612-201712-201812-201912-202012-202112-2022TTM
Net Margin13%13%14%16%15%18%18%19%16%21%
ROA8.8%8.8%7.9%9.2%7%8.1%7.7%7.8%6.3%8.7%
ROE12%13%12%13%11%14%13%14%11%16%

What is the average Net Margin?

The average Net Margin over the past 5 years is +16.72%.

What is the trend of Net Margin?

The trend of Net Margin over the past 5 years is +0.4%.

What is the average Return on Assets (ROA)?

The average ROA over the past 5 years is +7.69%.

What is the trend of Return on Assets (ROA)?

The trend of ROA over the past 5 years is -0.36%.

What is the average Return on Equity (ROE)?

The average ROE over the past 5 years is +12.75%.

What is the trend of Return on Equity (ROE)?

The trend of ROE over the past 5 years is -0.1%.


Safety & Stabiliy

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.

Years12-201412-201512-201612-201712-201812-201912-202012-202112-2022TTM
Debt FCF-41.66-9.7610.2331.47-8.02-53.40-14.26-9.23-6.00
Debt Equity0.640.700.650.610.580.470.690.600.630.75
MIN
Graham Stability---100%100%100%100%100%89%89%

What is the Debt/FCF?

The Debt/FCF trailing twelve month is -6.00.

What is the trend of Debt/FCF?

The trend of Debt/FCF over the past 5 years is -8.00.

What is the Graham’s Stability?

Graham’s Stability measure stands at 0.89.


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.

Years12-201512-201712-201912-2021Trend
Revenue0.99%2.2%1.2%-1.5%0.61%
Net Income3.8%2.5%-2.4%-17%-0.71%
Stockholders Equity6.2%6%5.7%3.4%1%
FCF----8%

What is the 5 year Revenue CAGR?

The Revenue CAGR over the past 5 years is +2.21%.

What is the trend of Revenue growth?

The trend of Revenue growth rate over the past 5 years is +0.61%.

What is the 5 year Earnings CAGR?

The Earnings CAGR over the past 5 years is +2.54%.

What is the trend of Earnings growth?

The trend of Earnings growth rate over the past 5 years is -0.71%.

What is the 5 year Equity CAGR?

The Equity CAGR over the past 5 years is +6.01%.

What is the trend of Equity growth?

The trend of Equity growth rate over the past 5 years is +1.02%.

What is the 5 year FCF CAGR?

The FCF CAGR over the past 5 years is -.

What is the trend of FCF growth?

The trend of FCF growth rate over the past 5 years is +7.96%.