AWR vs MSEX
American States Water Co. and Middlesex Water Co., side by side — 10 fiscal years reported in USD, drawn from SEC filings.
Most recent reported year
| Metric | AWR | MSEX |
|---|---|---|
| Revenue | $658.1M | $194.7M |
| Net income | $130.4M | $42.8M |
| Gross margin | 90.8% | · |
| Net margin | 19.8% | 22.0% |
| Return on equity | 13.3% | 9.1% |
| Diluted EPS | $3.37 | $2.36 |
| Dividend / share | $1.94 | $1.38 |
| Payout ratio | 57.2% | 58.2% |
| Free cash flow | $-7.1M | · |
| Equity | $1.0B | $494.0M |
| Net debt / equity | 0.73× | 0.78× |
| Current ratio | 1.32× | 0.45× |
| Revenue CAGR 5y | 6.2% | 6.6% |
| Profit CAGR 5y | 8.6% | 2.2% |
AWR bills 3.4× the revenue of MSEX, and MSEX keeps more of each dollar of revenue as profit (22.0% against 19.8%).
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner. "·" marks a figure not available in our data.
10 years side by side
| Fiscal year | AWR | MSEX |
|---|---|---|
| FY2025 | $658.1M | $194.7M |
| FY2024 | $595.5M | $191.9M |
| FY2023 | $595.7M | $166.3M |
| FY2022 | $491.5M | $162.4M |
| FY2021 | $498.9M | $143.1M |
| FY2020 | $488.2M | $141.6M |
| FY2019 | $473.9M | $134.6M |
| FY2018 | $436.8M | $138.1M |
| FY2017 | $440.6M | $130.8M |
| FY2016 | $436.1M | $132.9M |
Bottom line
| Fiscal year | AWR | MSEX |
|---|---|---|
| FY2025 | $130.4M | $42.8M |
| FY2024 | $119.3M | $44.4M |
| FY2023 | $124.9M | $31.5M |
| FY2022 | $78.4M | $42.4M |
| FY2021 | $94.3M | $36.5M |
| FY2020 | $86.4M | $38.4M |
| FY2019 | $84.3M | $33.9M |
| FY2018 | $63.9M | $32.5M |
| FY2017 | $69.4M | $22.8M |
| FY2016 | $59.7M | $22.7M |
17 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +$463,379,000 | AWR |
| FY2024 | +$403,582,000 | AWR |
| FY2023 | +$429,425,000 | AWR |
| FY2022 | +$329,094,000 | AWR |
| FY2021 | +$355,712,000 | AWR |
| FY2020 | +$346,651,000 | AWR |
| FY2019 | +$339,271,000 | AWR |
| FY2018 | +$298,739,000 | AWR |
| FY2017 | +$309,828,000 | AWR |
| FY2016 | +$303,181,000 | AWR |
| FY2015 | +$332,616,000 | AWR |
| FY2014 | +$348,652,000 | AWR |
| FY2013 | +$357,231,000 | AWR |
| FY2012 | +$356,529,000 | AWR |
| FY2011 | +$317,844,000 | AWR |
| FY2010 | +$297,041,000 | AWR |
| FY2009 | +$262,008,000 | AWR |
AWR has reported the higher revenue in every one of these 17 fiscal years. The gap has widened since the earliest year compared.
17 of 17 comparable fiscal years — a year missing data on either side is not counted.
17 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −2.2 pp | MSEX |
| FY2024 | −3.1 pp | MSEX |
| FY2023 | +2.0 pp | AWR |
| FY2022 | −10.2 pp | MSEX |
| FY2021 | −6.6 pp | MSEX |
| FY2020 | −9.4 pp | MSEX |
| FY2019 | −7.4 pp | MSEX |
| FY2018 | −8.9 pp | MSEX |
| FY2017 | −1.7 pp | MSEX |
| FY2016 | −3.4 pp | MSEX |
| FY2015 | −2.7 pp | MSEX |
| FY2014 | −2.6 pp | MSEX |
| FY2013 | −1.2 pp | MSEX |
| FY2012 | −1.4 pp | MSEX |
| FY2011 | −2.3 pp | MSEX |
| FY2010 | −5.6 pp | MSEX |
| FY2009 | −2.6 pp | MSEX |
The higher net margin has changed hands between AWR and MSEX over this period.
17 of 17 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
MSEX's net margin has been more volatile than AWR's over the 17 comparable fiscal years — 5.1 percentage points of standard deviation against 3.8.
17 of 17 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in net margin changed hands between AWR and MSEX over these 17 fiscal years — AWR led in 1 and MSEX in 16.
17 of 17 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
MSEX's return on equity has been more volatile than AWR's over the 12 comparable fiscal years — 2.4 percentage points of standard deviation against 2.2.
12 of 17 comparable fiscal years — a year missing data on either side is not counted.
Year by year
AWR led in return on equity in every one of the 12 comparable fiscal years — a structural lead, not a recent swing.
12 of 17 comparable fiscal years — a year missing data on either side is not counted.