American States Water (AWR)
Runs California water and electric utilities alongside military-base water and wastewater systems.
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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
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| May 8, 2025 | Wells Fargo | Upgrade | ||
| Feb 3, 2025 | B of A Securities | Downgrade | ||
| Jan 7, 2025 | Wells Fargo | Downgrade |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $21.7M · Total debt $798.5M · Total assets $2.77B · Shareholders' equity $1.12B
- Revenue
- $181.3M
- Operating income
- $64.0M
- Net income
- $43.3M
HistoryDividendAnnual yield
| Institutions | 84.52% | 33.50M shares | |
|---|---|---|---|
| 420 holders · as of Jun 30, 2026 | |||
| Insiders | 1.03% | 407.2K shares | |
| 18 holders · as of Sep 9, 2026 | |||
| Other | 14.45% | 5.73M shares | |
| remainder | |||
39.64M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 18.40% | 7.29M | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 8.89% | 3.52M | as of Jun 30, 2026 |
Neuberger Berman Group LLCInstitution | 6.45% | 2.56M | as of Jun 30, 2026 |
State Street CorpInstitution | 5.66% | 2.24M | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 4.52% | 1.79M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 4, 2026 | Diana M. Bonta | director | −546 | $88.80 |
| 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 |
- American Water Works
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- 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
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| American States Water | $85.26 | +0.48% | $3.33B | 23.2 | 23.0 | 4.8 | +11.2% |
| American Water Works | $134.81 | +0.63% | $26.62B | 23.2 | 22.0 | 5.0 | +6.2% |
| California Water Service Group | $47.52 | +0.54% | $2.92B | 21.3 | 18.2 | 2.8 | +16.5% |
| H2O America | $63.34 | +1.17% | $2.62B | 22.0 | 23.1 | 3.2 | +6.2% |
| Essential Utilities | $40.74 | +0.64% | $11.48B | 20.7 | 17.7 | 4.5 | +3.1% |
| Middlesex Water | $55.21 | −0.05% | $1.04B | 21.2 | 21.0 | 5.0 | +14.3% |
| York Water | $32.33 | +0.43% | $521.8M | 20.0 | 20.0 | 87.9 | +22.5% |
| Median | 21.3 | 20.5 | 4.8 | +10.2% |