Latest Ratios: P/E Ratio 24.7x · EV/EBITDA 16.6x · ROE 13.3%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.3B | $2.8B | $2.9B | $3.0B | $3.4B | $3.8B | $2.9B | $3.2B | $2.5B | $2.1B | $1.7B |
| Enterprise Value | $4.2B | $3.7B | $3.8B | $3.9B | $4.2B | $4.5B | $3.5B | $3.7B | $2.9B | $2.5B | $2.1B |
| P/E Ratio → | 24.68 | 21.51 | 24.52 | 23.93 | 43.86 | 40.56 | 34.12 | 38.00 | 38.75 | 30.80 | 28.12 |
| P/S Ratio | 4.95 | 4.26 | 4.91 | 5.01 | 6.97 | 7.67 | 6.02 | 6.76 | 5.67 | 4.84 | 3.84 |
| P/B Ratio | 3.08 | 2.68 | 3.17 | 3.84 | 4.83 | 5.58 | 4.58 | 5.32 | 2.95 | 4.03 | 2.05 |
| P/FCF | — | — | — | — | — | — | — | — | 242.45 | 67.89 | — |
| P/OCF | 14.19 | 12.20 | 14.70 | 44.05 | 29.10 | 33.12 | 24.08 | 27.40 | 18.10 | 14.76 | 17.27 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.66 | 6.44 | 6.52 | 8.46 | 8.93 | 7.15 | 7.81 | 6.61 | 5.71 | 4.78 |
| EV / EBITDA | 16.59 | 14.78 | 16.76 | 16.19 | 24.69 | 24.61 | 20.82 | 22.74 | 20.37 | 15.11 | 13.56 |
| EV / EBIT | 20.58 | 18.33 | 19.18 | 18.57 | 32.20 | 30.16 | 25.46 | 27.70 | 27.71 | 20.93 | 18.11 |
| EV / FCF | — | — | — | — | — | — | — | — | 282.58 | 79.99 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 50.8% | 50.8% | 75.9% | 75.5% | 74.9% | 75.7% | 75.5% | 74.6% | 75.1% | 76.5% | 76.4% |
| Operating Margin | 30.9% | 30.9% | 31.0% | 33.0% | 25.8% | 28.3% | 26.7% | 26.8% | 23.1% | 28.8% | 26.3% |
| Net Profit Margin | 19.8% | 19.8% | 20.0% | 21.0% | 15.9% | 18.9% | 17.7% | 17.8% | 14.6% | 15.7% | 13.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.3% | 13.3% | 14.1% | 16.8% | 11.2% | 14.2% | 13.9% | 11.7% | 9.3% | 10.3% | 7.4% |
| ROA | 5.0% | 5.0% | 5.0% | 5.8% | 4.0% | 5.1% | 5.0% | 5.4% | 4.4% | 4.8% | 4.2% |
| ROIC | 8.0% | 8.0% | 7.9% | 9.5% | 6.9% | 8.5% | 8.5% | 8.1% | 7.0% | 8.9% | 7.3% |
| ROCE | 8.5% | 8.5% | 8.6% | 10.6% | 7.5% | 8.2% | 8.2% | 8.8% | 7.7% | 10.0% | 9.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.90 | 0.90 | 1.02 | 1.18 | 1.04 | 0.92 | 0.91 | 0.83 | 0.50 | 0.72 | 0.50 |
| Debt / EBITDA | 3.74 | 3.74 | 4.10 | 3.82 | 4.36 | 3.48 | 3.50 | 3.07 | 2.94 | 2.29 | 2.67 |
| Net Debt / Equity | — | 0.88 | 0.99 | 1.16 | 1.03 | 0.91 | 0.86 | 0.83 | 0.49 | 0.72 | 0.50 |
| Net Debt / EBITDA | 3.66 | 3.66 | 3.99 | 3.77 | 4.33 | 3.45 | 3.28 | 3.06 | 2.89 | 2.29 | 2.67 |
| Debt / FCF | — | — | — | — | — | — | — | — | 40.12 | 12.10 | — |
| Interest Coverage | 4.35 | 4.35 | 3.97 | 4.89 | 4.78 | 6.46 | 6.09 | 5.43 | 4.44 | 5.32 | 5.24 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.32 | 1.32 | 0.82 | 1.24 | 0.38 | 0.89 | 1.33 | 1.06 | 0.90 | 0.99 | 0.94 |
| Quick Ratio | 1.23 | 1.23 | 0.76 | 1.13 | 0.34 | 0.81 | 1.25 | 1.00 | 0.86 | 0.96 | 0.91 |
| Cash Ratio | 0.11 | 0.11 | 0.09 | 0.08 | 0.02 | 0.03 | 0.31 | 0.01 | 0.05 | 0.00 | 0.00 |
| Asset Turnover | — | 0.24 | 0.24 | 0.27 | 0.24 | 0.26 | 0.27 | 0.29 | 0.29 | 0.31 | 0.30 |
| Inventory Turnover | 19.75 | 19.75 | 9.47 | 8.32 | 8.43 | 9.95 | 13.85 | 18.69 | 18.86 | 21.57 | 23.93 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.3% | 2.7% | 2.3% | 2.1% | 1.6% | 1.4% | 1.6% | 1.3% | 1.6% | 1.7% | 2.0% |
| Payout Ratio | 57.2% | 57.2% | 56.2% | 49.0% | 71.9% | 54.8% | 54.6% | 50.6% | 61.0% | 52.5% | 55.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.1% | 4.6% | 4.1% | 4.2% | 2.3% | 2.5% | 2.9% | 2.6% | 2.6% | 3.2% | 3.6% |
| FCF Yield | — | — | — | — | — | — | — | — | 0.4% | 1.5% | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.3% | 2.7% | 2.3% | 2.1% | 1.6% | 1.4% | 1.6% | 1.3% | 1.6% | 1.7% | 2.0% |
| Shares Outstanding | — | $39M | $38M | $37M | $37M | $37M | $37M | $37M | $37M | $37M | $37M |
California regulatory and wildfire
According to current market data, AWR trades at a forward P/E of 22.20, a valuation premium that appears to be anchored by its multi-decade dividend growth streak rather than immediate earnings acceleration, positioning the stock as a defensive bond proxy within the regulated water sector.
The valuation premium relative to peers like Essential Utilities suggests that investors are paying for the perceived safety of the ASUS contract pipeline and the company's long-term dividend reliability. However, at 22.2x forward earnings, the stock may be vulnerable to interest rate volatility, as the yield spread against risk-free alternatives remains tight.
Based on reported figures, the company's ROE has fluctuated between 2.6% and 4.2% over the last ten quarters, which suggests a persistent gap between authorized returns and actual performance, likely driven by the timing of rate case cycles and the impact of capital-intensive infrastructure investments.
The observed ROE volatility indicates that while the regulatory framework provides a safety net, it does not guarantee immediate earnings realization. Investors should monitor whether future CPUC proceedings adequately account for the rising costs of PFAS remediation, which may continue to exert downward pressure on the realized return on equity.
As reported in recent financial statements, the dividend payout ratio has remained within a manageable range, with the 2026Q1 payout of 65.8% indicating that the company retains sufficient internal cash flow to support its ongoing capital expenditure program while maintaining its long-standing dividend growth commitment.
The consistency of the dividend is a core component of the investment thesis, but the reliance on external financing to bridge free cash flow deficits warrants caution. The ability to sustain these payouts depends heavily on the continued success of the ASUS segment in providing non-regulated, high-margin cash flows.
Based on the provided financial data, AWR maintains a debt-to-capital ratio hovering near 0.50, which appears to be a disciplined approach that aligns with the capital structure expectations of the California Public Utilities Commission for a regulated water utility of this size and scope.
The stability of the debt-to-capital ratio suggests that management is avoiding excessive leverage despite the significant capital demands of its infrastructure projects. This conservative stance is essential for maintaining credit quality, especially given the potential for wildfire-related liabilities in the Bear Valley Electric service territory.
The most commonly misapplied metric for AWR is the standard P/E ratio, which fails to account for the distortive effects of regulatory balancing accounts and the non-regulated, project-based revenue streams from the ASUS segment that do not follow traditional utility earnings patterns.
Investors often treat AWR as a pure-play utility, but the ASUS segment's percentage-of-completion accounting can create earnings volatility that makes the P/E ratio a poor indicator of underlying operational health. A more accurate assessment would involve adjusting for regulatory assets and focusing on the cash flow yield rather than headline earnings multiples.
Includes 30+ ratios · 30 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying AWR stock.
American States Water Company's current P/E ratio is 24.7x. The historical average is 25.3x. This places it at the 60th percentile of its historical range.
American States Water Company's current EV/EBITDA is 16.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.3x.
American States Water Company's return on equity (ROE) is 13.3%. The historical average is 10.0%.
Based on historical data, American States Water Company is trading at a P/E of 24.7x. This is at the 60th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
American States Water Company's current dividend yield is 2.32% with a payout ratio of 57.2%.
American States Water Company has 50.8% gross margin and 30.9% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
American States Water Company's Debt/EBITDA ratio is 3.7x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.