AWRAMERICAN STATES WATER CO

Water Supply

Revenue: $137M; 8.2% YoY
Operating margin: 148.7%; 1.9% YoY
EBITDA: $251M; 10% YoY
Market cap: $3.4B
Employees: 900; $152K revenue each
Net debt / EBITDA: 3.0×; $761M net debt
AI in 10-K: 1.2; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
176% of net income
Cash flow under 80% of net income
Dilutive SBCNo
3% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
32% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$152K · 5th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.2 per 10K words · 37th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
3.0× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$3.4B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$247K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$113M	$111M	$120M	$126M	$137M	8.2%
Operating income	$141M	$127M	$197M	$184M	$203M	10%
Net income	$94M	$78M	$125M	$119M	$130M	9.4%
Operating cash flow	$116M	$118M	$68M	$199M	$230M	16%
Capex	$145M	$166M	$189M	$232M	$237M	2.1%
Stock-based comp	$3M	$3M	$3M	$4M	$4M	4.9%
Dividends	$52M	$56M	$61M	$67M	$75M	11%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $70K · 4
Open-market sells, 12 mo: $318K · 5
Net: −$247K

Pay vs performance

No pay-versus-performance disclosure yet.