American States Water
Runs California water and electric utilities alongside military-base water and wastewater systems.
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Profile
Provides regulated water and wastewater service across California, distributes electricity around Big Bear Lake, and operates water and wastewater systems on U.S. military bases. Most revenue comes through CPUC-regulated utility rates, while federal contracts add operations, maintenance, and construction income.
Provides regulated water and wastewater service through Golden State Water across communities in Northern, Coastal, and Southern California. Bear Valley Electric Service distributes electricity around Big Bear Lake, while American States Utility Services operates, maintains, and upgrades water and wastewater systems at U.S. military bases.
Maintains and expands geographically dispersed utility networks through recurring capital programs, with most revenue earned from California water and electric service. The contracted-services arm adds operations-and-maintenance fees and construction revenue under federal privatization agreements.
Depends on California Public Utilities Commission decisions for utility rates and recovery of infrastructure spending. Military-base contracts are primarily 50-year, firm-fixed-price arrangements with annual economic price adjustments, but the U.S. government may terminate them for convenience.
Company facts
Categories
Key statistics
Year to date +24.4% · Average volume (30d) 240.7K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating |
|---|---|---|---|---|
| May 8, 2025 | Wells Fargo | Upgrade | Underweight | Equal Weight |
| Feb 3, 2025 | B of A Securities | Downgrade | Neutral | Underperform |
| Jan 7, 2025 | Wells Fargo | Downgrade | Equal Weight | Underweight |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 5, 2026Q2 FY26 | $0.92 | $1.09 | +19.1% | $171.7M | $181.3M | +5.6% | +0.86% |
| May 6, 2026Q1 FY26 | $0.77 | $0.76 | −1.3% | $157.0M | $169.2M | +7.8% | +1.32% |
| Feb 18, 2026Q4 FY25 | $0.75 | $0.74 | −1.5% | $135.0M | $164.3M | +21.7% | +0.11% |
| Nov 5, 2025Q3 FY25 | $1.01 | $1.06 | +5.0% | $168.8M | $182.7M | +8.2% | +1.16% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $148.0M | $163.1M | $182.7M | $164.3M | $169.2M | $181.3M | |
| Gross profit | $114.4M | $120.0M | $106.5M | $76.7M | $87.5M | $127.0M | |
| Operating income | $45.5M | $51.0M | $61.7M | $45.0M | $51.4M | $64.0M | |
| Net income | $26.8M | $33.7M | $41.2M | $28.7M | $29.9M | $43.3M | |
| Diluted EPS | $0.70 | $0.87 | $1.06 | $0.74 | $0.76 | $1.09 | |
| Gross margin | 77.3% | 73.6% | 58.3% | 46.7% | 51.7% | 70.1% | |
| Operating margin | 30.8% | 31.3% | 33.8% | 27.4% | 30.4% | 35.3% |
Fiscal years (4-quarter sums)FY21 $498.9M · FY22 $491.5M · FY23 $595.7M · FY24 $595.5M · FY25 $658.1M
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $21.7M · Total debt $798.5M · Total assets $2.77B · Shareholders' equity $1.12B
Dividends
Raised for 38 straight years — most recently to $0.5455 from $0.504 in Aug 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 17, 2026 | Aug 17 | Sep 2 | $0.5455 | raised from $0.504 |
| May 18, 2026 | May 18 | Jun 2 | $0.504 | |
| Feb 23, 2026 | Feb 23 | Mar 5 | $0.504 | |
| Nov 14, 2025 | Nov 14 | Dec 2 | $0.504 | |
| Aug 15, 2025 | Aug 15 | Sep 3 | $0.504 | raised from $0.4655 |
| May 19, 2025 | May 19 | Jun 3 | $0.4655 | |
| Feb 18, 2025 | Feb 18 | Mar 3 | $0.4655 | |
| Nov 15, 2024 | Nov 15 | Dec 2 | $0.4655 |
Ownership
Shares outstanding 39.19M · Float 38.77M · 98.9% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 7.29M | 18.61% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 3.52M | 8.99% | 13F | Aug 13, 2026 |
| Neuberger Berman Group LLC | 2.56M | 6.53% | 13F | Aug 13, 2026 |
| State Street Corp | 2.24M | 5.72% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 1.79M | 4.57% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 19, 2026 | Anne M. Holloway | director | −900 | $88.86 |
| May 20, 2026 | Anne M. Holloway | director | −662 | $75.58 |
| Nov 14, 2025 | Anne M. Holloway | director | +135 | $74.59 |
| Feb 23, 2026 | Anne M. Holloway | director | +138 | $73.50 |
| May 18, 2026 | Anne M. Holloway | director | +135 | $75.92 |
Peers
- American Water Works
Largest U.S. water utility with a parallel military-base privatization arm
- California Water Service Group
California's largest regulated water utility, ~500,000 customer connections
- H2O America
CA-anchored investor-owned water utility with national four-state footprint
- Essential Utilities
Multi-state regulated water, wastewater, and natural gas utility in eastern US
- Middlesex Water
Regulated water/wastewater utility in NJ and DE with a DoD 50-year base contract
- York Water
PA's oldest investor-owned water utility; regulated water/wastewater
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| American States Water | $89.88 | +0.01% | $3.52B | 24.6 | 24.2 | 5.1 | +11.2% |
| American Water Works | $134.88 | −2.46% | $27.48B | 23.9 | 22.6 | 5.2 | +6.2% |
| California Water Service Group | $50.48 | 0.00% | $3.12B | 22.8 | 19.4 | 3.0 | +16.5% |
| H2O America | $63.02 | −0.83% | $2.66B | 22.4 | 23.2 | 3.2 | +6.2% |
| Essential Utilities | $41.25 | +0.39% | $11.66B | 21.0 | 17.8 | 4.5 | +3.1% |
| Middlesex Water | $57.66 | −1.35% | $1.10B | 22.5 | 22.2 | 5.3 | +14.3% |
| York Water | $34.12 | +0.06% | $553.1M | 21.2 | 21.0 | 93.2 | +22.5% |
| Median | 22.4 | 21.6 | 4.9 | +10.2% |