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American States Water vs H2O America: revenue, profit, margins and growth compared

American States Water brought in $658.1M of revenue in fiscal 2025, H2O America $805.6M in fiscal 2025. Revenue changed by +10.5% at American States Water and +7.6% at H2O America on the year before, so American States Water grew faster. American States Water kept 19.8% of its revenue as net profit, H2O America 12.7%.

Side by side, latest fiscal year

AWRHTO
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$658.1M$805.6M
Revenue growth+10.5%+7.6%
Net income$130.4M$102.6M
Net margin19.8%12.7%
Free cash flow-$7.1Mn/a
Free cash flow margin-1.1%n/a
Earnings per share (diluted)$3.37$2.92
Cash$18.8M$20.7M
Debt$794.3M$1.9B
Price to earnings24.621.3
Market value$3.3B$2.6B
Dividend yield2.34%2.70%
Rank by revenue in sector#85 of 109 · Utilities#83 of 109 · Utilities

Over the years

Revenue
AWR FY2018: $436.8MAWR FY2019: $473.9MAWR FY2020: $488.2MAWR FY2021: $498.9MAWR FY2022: $491.5MAWR FY2023: $595.7MAWR FY2024: $595.5MAWR FY2025: $658.1MHTO FY2018: $397.7MHTO FY2019: $447.7MHTO FY2020: $564.5MHTO FY2021: $573.7MHTO FY2022: $620.7MHTO FY2023: $678.2MHTO FY2024: $748.4MHTO FY2025: $805.6MFY18FY19FY20FY21FY22FY23FY24FY25
AWR $658.1MHTO $805.6M
Net income
AWR FY2018: $63.9MAWR FY2019: $84.3MAWR FY2020: $86.4MAWR FY2021: $94.3MAWR FY2022: $78.4MAWR FY2023: $124.9MAWR FY2024: $119.3MAWR FY2025: $130.4MHTO FY2018: $38.8MHTO FY2019: $23.4MHTO FY2020: $61.5MHTO FY2021: $60.5MHTO FY2022: $73.8MHTO FY2023: $85MHTO FY2024: $94MHTO FY2025: $102.6MFY18FY19FY20FY21FY22FY23FY24FY25
AWR $130.4MHTO $102.6M
Net margin
AWR FY2018: 14.6%AWR FY2019: 17.8%AWR FY2020: 17.7%AWR FY2021: 18.9%AWR FY2022: 15.9%AWR FY2023: 21.0%AWR FY2024: 20.0%AWR FY2025: 19.8%HTO FY2018: 9.7%HTO FY2019: 5.2%HTO FY2020: 10.9%HTO FY2021: 10.5%HTO FY2022: 11.9%HTO FY2023: 12.5%HTO FY2024: 12.6%HTO FY2025: 12.7%FY18FY19FY20FY21FY22FY23FY24FY25
AWR 19.8%HTO 12.7%
Revenue growth
AWR FY2019: +8.5%AWR FY2020: +3.0%AWR FY2021: +2.2%AWR FY2022: -1.5%AWR FY2023: +21.2%AWR FY2024: -0.0%AWR FY2025: +10.5%HTO FY2019: +12.6%HTO FY2020: +26.1%HTO FY2021: +1.6%HTO FY2022: +8.2%HTO FY2023: +9.3%HTO FY2024: +10.4%HTO FY2025: +7.6%FY19FY20FY21FY22FY23FY24FY25
AWR +10.5%HTO +7.6%
Free cash flow
AWR FY2018: $10.2MAWR FY2019: -$35.1MAWR FY2020: -$8.3MAWR FY2021: -$28.9MAWR FY2022: -$48.4MAWR FY2023: -$120.9MAWR FY2024: -$33.2MAWR FY2025: -$7.1MFY18FY19FY20FY21FY22FY23FY24FY25
AWR -$7.1MHTO

Fiscal years as each company reports them; the two may end in different months.

Questions about American States Water and H2O America

Which is bigger by revenue, American States Water or H2O America?

H2O America is bigger by revenue: $805.6M in fiscal 2025, against $658.1M for American States Water in fiscal 2025.

Which keeps more of its revenue as profit, American States Water or H2O America?

American States Water had a net margin of 19.8% in fiscal 2025; H2O America had 12.7% in fiscal 2025.

Which grew revenue faster, American States Water or H2O America?

In their latest fiscal years revenue changed by +10.5% at American States Water and +7.6% at H2O America.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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