AMERICAN STATES WATER (AWR)
Utilities · Regulated water and electric utilities with military base services · NYSE
Regulated water and electric utility operator serving California and military bases across the U.S. through both traditional regulated services and military contract operations.
What AMERICAN STATES WATER does
American States Water Company operates through two main segments: Golden State Water Company (GSWC), which provides water and wastewater services to customers in California, and American States Utility Services (ASUS), which operates water and electric utility services on military bases across the United States under long-term fixed-price contracts. The company also owns Bear Valley Electric Service (BVES), which provides electric service in California. GSWC and BVES are subject to California Public Utilities Commission (CPUC) regulation, while ASUS contracts are renewable and subject to economic price adjustments.
Themes: ["Regulated water utilities","Electric utilities","Military base services","Water quality / groundwater contamination","Climate resilience / wildfire mitigation","Renewable energy / greenhouse gas regulation","Infrastructure aging and replacement"]
Fundamentals
- Price$83.86 as of 2026-07-09 close
- Market cap$3.3B as of 2026-07-10
- 1-year return+8.0% as of 2026-07-09 close
- P/E24.45 as of 2026-07-10
- Net margin+24.9% as of 2026-07-10
- Gross margin+45.3% as of 2026-07-10
- ROE+13.1% as of 2026-07-10
- Debt / equity0.87 as of 2026-07-10
- Revenue growth (YoY)+10.9% as of 2026-07-10
- Revenue CAGR (3y)+10.2% SEC XBRL
- Beta0.57 as of 2026-07-10
Dividend: yield +2.4%; 5-year non-decreasing per-share dividend streak (SEC XBRL).
Key risks (from latest filing)
["Regulatory uncertainty: Ability of GSWC and BVES to recover increased costs (aging infrastructure, climate change compliance, water quality, renewable energy, inflation, supply chain disruptions, interest rates) through rate increases while managing customer affordability concerns under CPUC regulation.","Military contract termination: ASUS contracts are long-term fixed-price agreements subject to suspension or termination by the U.S. government at any time, with costs not fully recoverable under fixed-price terms during expansion or cost increases.","Environmental and water quality compliance: Impacts of groundwater contamination (including PFAS), rising treatment and mitigation costs, wildfire risks to infrastructure, and evolving state and federal water quality, renewable energy, and greenhouse gas regulations could impose significant costs."]
Competitors & peers
- Essential Utilities (WTRG)
- American Water Works (AWK)
- Veolia (VEOEY)
- Xylem (XYL)
- California Water Service (CWTR)
- Aqua America
Fundamentals: Finnhub, as of 2026-07-10. Filings: SEC EDGAR. Prices are delayed daily-close data.
Last updated 2026-07-09.
Informational only — NOT financial advice. All figures are delayed daily-close data from SEC EDGAR & Finnhub, shown with their as-of date.