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American States Water vs Essential Utilities: revenue, profit, margins and growth compared

American States Water brought in $658.1M of revenue in fiscal 2025, Essential Utilities $2.5B in fiscal 2025. Revenue changed by +10.5% at American States Water and +18.6% at Essential Utilities on the year before, so Essential Utilities grew faster. American States Water kept 19.8% of its revenue as net profit, Essential Utilities 24.9%.

Side by side, latest fiscal year

AWRWTRG
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$658.1M$2.5B
Revenue growth+10.5%+18.6%
Net income$130.4M$616.4M
Net margin19.8%24.9%
Free cash flow-$7.1Mn/a
Free cash flow margin-1.1%n/a
Earnings per share (diluted)$3.37$2.20
Cash$18.8M$34.8M
Debt$794.3M$8.1B
Price to earnings24.618.0
Market value$3.3B$11.2B
Dividend yield2.34%3.38%
Rank by revenue in sector#85 of 109 · Utilities#54 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: $658.1MWTRG FY2018: $838.1MWTRG FY2019: $889.7MWTRG FY2020: $1.5BWTRG FY2021: $1.9BWTRG FY2022: $2.3BWTRG FY2023: $2.1BWTRG FY2024: $2.1BWTRG FY2025: $2.5BFY18FY19FY20FY21FY22FY23FY24FY25
AWR $658.1MWTRG $2.5B
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: $130.4MWTRG FY2018: $192MWTRG FY2019: $224.5MWTRG FY2020: $284.8MWTRG FY2021: $431.6MWTRG FY2022: $465.2MWTRG FY2023: $498.2MWTRG FY2024: $595.3MWTRG FY2025: $616.4MFY18FY19FY20FY21FY22FY23FY24FY25
AWR $130.4MWTRG $616.4M
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%WTRG FY2018: 22.9%WTRG FY2019: 25.2%WTRG FY2020: 19.5%WTRG FY2021: 23.0%WTRG FY2022: 20.3%WTRG FY2023: 24.3%WTRG FY2024: 28.5%WTRG FY2025: 24.9%FY18FY19FY20FY21FY22FY23FY24FY25
AWR 19.8%WTRG 24.9%
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%WTRG FY2019: +6.2%WTRG FY2020: +64.4%WTRG FY2021: +28.4%WTRG FY2022: +21.8%WTRG FY2023: -10.2%WTRG FY2024: +1.6%WTRG FY2025: +18.6%FY19FY20FY21FY22FY23FY24FY25
AWR +10.5%WTRG +18.6%
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: -$7.1MWTRG FY2018: -$127.2MFY18FY19FY20FY21FY22FY23FY24FY25
AWR -$7.1MWTRG -$127.2M

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

Questions about American States Water and Essential Utilities

Which is bigger by revenue, American States Water or Essential Utilities?

Essential Utilities is bigger by revenue: $2.5B 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 Essential Utilities?

American States Water had a net margin of 19.8% in fiscal 2025; Essential Utilities had 24.9% in fiscal 2025.

Which grew revenue faster, American States Water or Essential Utilities?

In their latest fiscal years revenue changed by +10.5% at American States Water and +18.6% at Essential Utilities.

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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