# American States Water Company (AWR)

> Source: Nexqual · https://nexqual.com/AWR · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, American States Water Company (AWR), nexqual.com/AWR" · informational, not investment advice.

**Price:** USD 85.05 (+3.54% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 82.14 · day 82.7–85.27 · 52w 69.45–91.72 · market cap $3.37B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $697M, net income $143M (20.5% margin), free cash flow $20.7M (SEC filings).
- Valuation: P/E 23.6x (avg 23.3x at the last 3 fiscal year-ends), EV/EBITDA 14.9x, net debt $696M.
- Insider open-market sales, last ~7 months: 4 Form 4 filings, $278K; 4 not under a Rule 10b5-1 plan ($278K); 2 by opportunistic insiders (2 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $70K; 1 by opportunistic insiders, 0 by routine insiders.
- Analysts: Sell (mean 3.67 on a 1–5 scale) (3 analysts), mean target USD 84 (range 79–89).
- Total return with dividends: 1Y +14.1% vs S&P 500 +14.9%; 5Y +6.0% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 1.09, revenue estimate $196M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $499M | $492M | $596M | $595M | $658M | $697M |
| Gross profit | $442M | $438M | $538M | $541M | $597M | — |
| Operating income | $141M | $127M | $197M | $184M | $203M | $222M |
| Net income | $94.3M | $78.4M | $125M | $119M | $130M | $143M |
| EPS (diluted) | $2.55 | $2.11 | $3.36 | $3.17 | $3.37 | — |
| Free cash flow | -$28.9M | -$48.4M | -$121M | -$33.2M | -$7.1M | $20.7M |
| Gross margin | 88.6% | 89.2% | 90.3% | 90.8% | 90.8% | — |
| Operating margin | 28.3% | 25.8% | 33.0% | 31.0% | 30.9% | 31.8% |
| Net margin | 18.9% | 15.9% | 21.0% | 20.0% | 19.8% | 20.5% |
| Revenue growth | +2.2% | -1.5% | +21.2% | +0.0% | +10.5% | — |
| Cash + short-term investments | $5.0M | $6.0M | $14.1M | $26.7M | $18.8M | — |
| Total debt | $412M | $447M | $576M | $640M | $783M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 23.6x · P/S 4.8x · EV/EBITDA 14.9x · EV/Sales 5.8x · P/FCF 162.5x · P/B 3.0x · FCF yield 0.62% · Earnings yield 4.25% · Dividend yield (paid, TTM) 2.33% · Net debt $696M · EV $4.07B
P/E at fiscal year-ends: Dec 2025 21.5x, Dec 2024 24.5x, Dec 2023 23.9x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 4 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-04 | Bonta Diana M | Director | 546 | $48K | 3.2% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-19 | Holloway Anne M | Director | 900 | $80K | 2.3% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-20 | Holloway Anne M | Director | 662 | $50K | 1.7% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-15 | Rowley Paul J | SVP OF OPERATIONS | 1,304 | $99K | 16.7% | No | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $70K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2025-11-14…2026-05-19 | Holloway Anne M | Director | 935 | $70K | 75.37 | Opportunistic (traded every year 2023–2025, no repeating month) |

## Analysts
Consensus Sell (mean 3.67 on a 1–5 scale), 3 analysts; mean target USD 84 (low 79, high 89).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-06-30 | Freedom Broker | Initiated | Hold | $77 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +14.1% | +6.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +14.1% | +1.2% |
| Volatility (annualized) | 20.6% | 22.5% |
| Max drawdown | -10.9% (Aug 2026→Oct 2026) | -31.6% (Dec 2021→Apr 2024) |

## Peers (Utilities - Regulated Water)
CWT (California Water Service Group) USD 47.54 +3.55% · HTO (H2O America) USD 58.66 +4.41% · MSEX (Middlesex Water Company) USD 55.8 +4.05% · WTRG (Essential Utilities, Inc.) USD 43.3 +6.28% · SBS (Companhia de saneamento Basico ) USD 6.27 -0.79% · YORW (The York Water Company) USD 31.69 +3.70%

## More
Full page: https://nexqual.com/AWR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Company outlook (8-K filed 2026-08-05)

- "This growth stems largely from CPUC-approved rate increases effective January 1, 2026, which boosted 2026 full-year adopted operating revenues less water supply costs by $32.0 million over 2025 adopted amounts, including $11.0 million for capital projects approved through advice letter filings."
- "The contracted services segment is expected to contribute $0.63 to $0.67 per share for the full year of 2026."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.09 | $1.11 | -1.8% | $196.0M | 1 |
| Next quarter (ends 2026-12-31) | $0.70 | $0.90 | -22.2% | $162.3M | 1 |
| Current fiscal year (ends 2026-12-31) | $3.68 | $3.71 | -0.8% | $708.8M | 2 |
| Next fiscal year (ends 2027-12-31) | $3.80 | $3.81 | -0.4% | $738.2M | 2 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-04): ±6.0%; last 8 reports averaged ±0.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 26.0% | ±6.0% |
| 2026-12-18 | 56 | 23.1% | ±7.3% |
| 2027-03-19 | 147 | 22.5% | ±11.3% |
| 2027-06-17 | 237 | 22.8% | ±14.4% |