AWRMEDIUM SIGNALFINANCIAL10-K

AWR shows strong operational growth with 10.5% revenue increase and improved cash flows, but faces concerning debt expansion (+22.2%) and a significant 58% spike in interest expense.

The company demonstrates healthy operational momentum with growing revenues, operating income, and cash flows, indicating strong utility fundamentals. However, the substantial increase in debt levels and near-doubling of interest costs suggests either major capital investments or refinancing at higher rates, which could pressure future profitability and financial flexibility.

Comparing 2026-02-18 vs 2025-02-19View on EDGAR →
FINANCIAL ANALYSIS

AWR delivered solid top-line growth with revenue up 10.5% and operating cash flow rising 15.6%, reflecting healthy utility operations and customer growth. However, the financial structure shows strain with total debt increasing 22.2% and interest expense surging 58%, indicating significant borrowing likely for infrastructure investments. The 38.8% decline in current liabilities partially offsets debt concerns, while the company maintained dividend growth of 11.4%, suggesting management confidence despite higher leverage.

FINANCIAL STATEMENT CHANGES
Interest Expense
P&L
+58.2%
$27.0M→$42.8M

Interest expense surged 58.2% — significant debt increase or rising rates materially impacting earnings.

Current Liabilities
Balance Sheet
-38.8%
$285.5M→$174.6M

Current liabilities reduced — improved short-term financial position and working capital health.

Cash & Equivalents
Balance Sheet
-29.4%
$26.7M→$18.8M

Cash decreased 29.4% — monitor burn rate and upcoming capital needs.

Total Debt
Balance Sheet
+22.2%
$640.4M→$782.7M

Debt rose 22.2% — additional borrowing for investment or operations; monitor coverage ratios.

Operating Cash Flow
Cash Flow
+15.6%
$198.7M→$229.7M

Operating cash flow grew 15.6% — strong conversion of earnings to cash, healthy business fundamentals.

Stockholders Equity
Balance Sheet
+13.6%
$920.1M→$1.0B

Equity base grew 13.6% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Dividends Paid
Cash Flow
+11.4%
$67.0M→$74.7M

Dividend payments increased 11.4% — management confidence in sustained cash generation.

Revenue
P&L
+10.5%
$595.5M→$658.1M

Revenue growing 10.5% — solid top-line momentum, watch margins for quality of growth.

Operating Income
P&L
+10.2%
$184.5M→$203.3M

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

LANGUAGE CHANGES
NEW — 2026-02-18
PRIOR — 2025-02-19
ADDED
As of February 17, 2026, the number of Common Shares of American States Water Company outstanding was 39,082,470 .
The aggregate market value of all voting stock held by non-affiliates of Golden State Water Company was zero on June 30, 2025.
Certain Relationships and Related Transactions, and Director Independence 124 Item 14 .
government; the ability of GSWC and BVES to recover their respective costs through regulated rates, including increased costs related to aging infrastructure, climate change risks, water quality compliance, renewable energy and greenhouse gas regulations, inflation, tariffs, supply chain disruptions and interest rate increases, while facing customer affordability concerns; our contracts for providing services on military bases are provided under long-term, fixed-price contracts subject to annual economic price adjustments and may be suspended or terminated by the U.S.
government at any time; risks associated with our military base contracts including potential disputes with the U.S.
+7 more — sign up free →
REMOVED
As of February 18, 2025, the number of Common Shares of American States Water Company outstanding was 38,156,568 .
The aggregate market value of all voting stock held by non-affiliates of Golden State Water Company was zero on June 28, 2024.
Certain Relationships and Related Transactions, and Director Independence 129 Item 14 .
AWR also makes available free of charge its code of business conduct and ethics, its corporate governance guidelines, its policy for the recoupment of performance-based compensation, its insider trading policy and the charters of its Nominating and Governance Committee, Compensation Committee and Audit and Finance Committee through its website or by calling (877) 463-6297.
GSWC is a public water utility engaged in the purchase, production, distribution and sale of water in 10 counties in the state of California.
+7 more — sign up free →
MORE FINANCIAL SIGNALS
PNRGHIGHPNRG achieved exceptional profitability improvement with net income surging 2,21...
2026-04-16
BNAIHIGHBNAI underwent a dramatic reverse stock split that reduced share count by 86% wh...
2026-04-16
LAKEHIGHLAKE's financial performance deteriorated significantly with operating losses wo...
2026-04-16
NXXTHIGHNextNRG experienced massive financial deterioration with operating losses explod...
2026-04-16
ANALYZE ANY FILING FREE

See what changed in your portfolio's filings

500+ US-listed companies analyzed. Language delta, financial analysis, instant signal scoring.

Try Tracenotes free →