American States Water Co. (AWR) intrinsic value & 10-year financials
American States Water Co. (AWR) has a Graham intrinsic value of $71.23 per share. At $83.45 on Oct 17, 2026, the stock trades 17% above that value. Over the last 10 fiscal years revenue shrank 12.1% a year to $136.7M, with an average return on invested capital of 10.0%.
- Graham intrinsic value
- $71.23
- Share price (Oct 17, 2026)
- $83.45
- Price vs Graham value
- 17% above
- Market cap
- $3.2B
- Revenue (FY2025)
- $136.7M
- Revenue growth (10-yr CAGR)
- -12.1%
- ROIC (10-yr avg)
- 10.0%
- Free cash flow (FY2025)
- -$7.1M
AWR 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $136.7M | $130.4M | $3.37 | -$7.1M | 148.7% | 9.3% |
| FY2024 | $126.4M | $119.3M | $3.17 | -$33.2M | 145.9% | 10.3% |
| FY2023 | $120.4M | $124.9M | $3.36 | -$120.9M | 163.4% | 11.9% |
| FY2022 | $110.9M | $78.4M | $2.11 | -$48.4M | 114.1% | 8.7% |
| FY2021 | $113.4M | $94.3M | $2.55 | -$28.9M | 124.3% | 10.0% |
| FY2020 | $120.6M | $86.4M | $2.33 | -$8.3M | 108.2% | 10.2% |
| FY2019 | $114.5M | $84.3M | $2.28 | -$35.1M | 111.0% | 11.5% |
| FY2018 | $107.2M | $63.9M | $1.72 | $10.2M | 94.2% | 9.4% |
| FY2017 | $100.3M | $69.4M | $1.88 | $31.4M | 126.7% | 9.8% |
| FY2016 | $436.1M | $59.7M | $1.62 | -$32.9M | 26.3% | 8.9% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
AMERICAN STATES WATER CO is facing top-line stagnation, with revenue contracting over the decade.
AMERICAN STATES WATER CO returns on capital have been average, hovering around 10.0% ROIC over the decade.
Over the decade, AMERICAN STATES WATER CO shows that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, AMERICAN STATES WATER CO is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $71.23 per share.