American States Water Company (AWR) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-105.8%

-$5.04

vs $87.47 price

Levered DCF

$99.60

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.07

Grey zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	21.51×	24.52×	23.86×	43.66×	40.56×	33.98×	38×	38.53×
P/B	2.67×	3.16×	3.83×	4.82×	5.57×	4.57×	5.3×	2.93×
P/S	4.25×	4.89×	4.99×	6.96×	7.66×	6.01×	6.73×	5.64×
EV / EBITDA	14.01×	15.67×	15.35×	24.29×	23.69×	19.97×	21.78×	19.84×
Gross margin	50.8%	75.9%	75.5%	74.9%	75.7%	75.5%	74.6%	75.1%
Operating margin	30.9%	31.0%	33.0%	25.8%	28.3%	26.7%	26.8%	23.1%
Net margin	19.8%	20.0%	21.0%	15.9%	18.9%	17.7%	17.8%	14.6%
Current ratio	1.32×	0.82×	1.24×	0.38×	0.89×	1.33×	1.06×	0.9×
Debt / equity	0.9×	1.02×	1.18×	1.04×	0.92×	0.91×	0.83×	0.5×
Interest coverage	4.35×	3.66×	4.6×	4.69×	6.17×	5.79×	5.17×	4.31×
Dividend yield	2.7%	2.3%	2.1%	1.6%	1.4%	1.6%	1.3%	1.6%
Payout ratio	57.2%	56.2%	49.0%	71.9%	54.8%	54.6%	50.6%	61.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.5%	13.0%	16.1%	11.0%	13.8%	13.5%	14.0%	7.6%
Return on invested capital	6.1%	6.3%	6.9%	5.1%	6.0%	5.9%	6.4%	5.6%
Return on assets	4.8%	4.8%	5.6%	3.9%	5.0%	4.8%	5.1%	4.3%
Free cash flow yield	-0.3%	-1.1%	-4.1%	-1.4%	-0.8%	-0.3%	-1.1%	0.4%
Earnings yield	4.7%	4.1%	4.2%	2.3%	2.5%	2.9%	2.6%	2.6%
Enterprise value	$3.7B	$3.8B	$3.9B	$4.1B	$4.4B	$3.5B	$3.7B	$2.9B
Net debt / EBITDA	3.48×	3.74×	3.58×	4.27×	3.33×	3.15×	2.94×	2.83×
Cash conversion cycle (days)	4	-105	-52	-134	-87	-99	-81	-100