American States Water Company

What American States Water Company does

American States Water Company (NYSE: AWR) is a California-based public utility holding company that has operated for over 90 years (founded 1929) and increased its dividend for 71 consecutive years. The company conducts operations through three wholly-owned subsidiaries: Golden State Water Company (GSWC), which provides regulated water service to approximately 265,100 customer connections across more than 80 communities in Northern, Coastal, and Southern California; Bear Valley Electric Service, Inc. (BVES), which distributes electricity to approximately 24,900 customer connections in the City of Big Bear Lake and surrounding areas of San Bernardino County, California; and American States Utility Services, Inc. (ASUS), which provides operations, maintenance, and construction management services for water distribution, wastewater collection, and treatment facilities at 13 U.S. military bases under 50-year and 15-year privatization contracts with the U.S. government. In aggregate, the company serves over one million people across ten states. Headquartered in San Dimas, California, AWR operates with 501-1,000 employees.

AWR's revenue model is built on three subscription-style, regulated revenue streams: water distribution (rate-regulated by the California Public Utilities Commission), electric distribution (also CPUC-regulated), and contracted military base services (long-duration fixed-price contracts). Pricing for the water and electric segments is determined through formal CPUC rate case proceedings rather than market mechanisms; revenue growth is therefore a function of authorized rate increases tied to approved capital investments and operating cost recovery. The company's growth strategy centers on infrastructure investment driving rate base expansion — with $573.1 million in authorized capital investments over 2025-2027 targeting 11.3% rate base growth — supplemented by regulatory filings (electric rate case filed May 2026 covering 2027-2030; water rate case to be filed July 2026) and ongoing military contract performance.

The underlying technology consists of regulated physical utility infrastructure (water distribution pipelines, electric distribution lines, treatment facilities) rather than software or platforms. AWR has no disclosed AI/ML capabilities, no proprietary digital products, and no app or API offering. Its go-to-market is relationship-driven, with investor communications, SEC filings, earnings calls, and direct utility distribution to end customers forming the primary channels. As of June 2026, market capitalization is approximately $3.03 billion, Q1 2026 revenue was $169.19 million (beating expectations of ~$152 million), full-year 2025 adjusted diluted EPS was $3.37 (+10.9% year-over-year), and the company completed its $200 million ATM equity offering program in June 2026.

Name

American States Water Company

Legal name

American States Water Company

Website

https://aswater.com

Company type

Public

Founded year

1931

Operating status

Operating

Headcount range

501–1,000 employees

Short description

American States Water Company (NYSE: AWR) is a California-based regulated utility holding company operating through Golden State Water Company, Bear Valley Electric Service, and American States Utility Services, serving over one million people via 290,000 water and electric connections across California and 13 U.S. military bases.

Ownership category

akta.pro rank

Product category

Water and Electric Utilities

NAICS

Water, Sewage and Other Systems (2213), Water Supply and Irrigation Systems (22131), Utilities (22)

SIC

Water Supply (4941), Electric, Gas & Sanitary Services (4900)

akta.pro primary industry

Raw Water Conveyance & Transmission (Aqueducts, Mains, Pumping Stations) (EUANAAAB)

akta.pro secondary industry

Move-In/Move-Out, Service Orders & Field Dispatch (turn-ons/turn-offs, appointments, workforce scheduling) (EUANAIAH)

Keywords

• Regulated water utility
• Electric distribution services
• Military base operations
• Wastewater treatment services
• Utility infrastructure investments

Headquarters

HQ city

San Dimas

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Supply Chain, Others

Revenue model

1. Water Utility Services: Regulated water utility services provided through Golden State Water Company to approximately 265,100 customer connections in over 80 communities across Northern, Coastal and Southern California.
2. Electric Utility Services: Regulated electric distribution services provided through Bear Valley Electric Service, Inc. to approximately 24,900 customer connections in the City of Big Bear Lake and surrounding areas in San Bernardino County, California.
3. Contracted Services (ASUS): Operations, maintenance and construction management services for water distribution, wastewater collection, and treatment facilities located on twelve military bases under 50-year privatization contracts and one military base under a 15-year contract.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

American States Water Company is a utility holding company providing regulated water service through Golden State Water Company to approximately 265,100 customer connections across more than 80 communities in Northern, Coastal, and Southern California, regulated electric distribution through Bear Valley Electric Service, Inc. to approximately 24,900 customer connections in the Big Bear Lake area, and contracted operations, maintenance, and construction management services for water distribution, wastewater collection, and treatment facilities at U.S. military bases under long-term privatization contracts.

Product overview

American States Water Company operates as a unified utility holding company with three distinct subsidiary brands serving different market segments. Golden State Water Company provides regulated water utility services to residential and commercial customers in California. Bear Valley Electric Service, Inc. distributes electricity in the Big Bear Lake region. American States Utility Services (ASUS) provides contracted operations and maintenance services for water and wastewater facilities at U.S. military installations. The company serves over one million people across ten states, with the regulated utilities forming the core business while contracted services at military bases provide additional stable revenue streams.

Differentiator

Problem solved

Functional benefit

Products and services

• Golden State Water Company Regulated water utility service providing water supply to approximately 265,100 customer connections in over 80 communities across Northern, Coastal, and Southern California, serving residential and commercial customers.
• Bear Valley Electric Service, Inc.

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• California Public Utilities Commission (CPUC)coreOthersThe CPUC is the regulatory authority that approves water and electric utility rates for American States Water's California subsidiaries. In November 2025, CPUC approved Golden State Water Company's request to defer its next cost of capital application by one year until May 1, 2027, maintaining the current water cost of capital mechanism and rate of return through December 2027.

Scale indicators9 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Essential Utilities: Natural gas and water utility holding company (NYSE: WTRG) serving ~5M people across 10 states. Comparable as a diversified regulated utility with water as a meaningful component and similar rate-base growth model.
• American Water Works Company: Largest U.S. investor-owned water and wastewater utility (NYSE: AWK) serving ~14M people in 14 states, including military installations. Comparable on regulated water/wastewater economics and military contract business but at much greater scale and geographic breadth.
• Sempra: California-headquartered energy infrastructure holding company (NYSE: SRE) with regulated utilities (SDG&E, SoCalGas) in California. Comparable as a CPUC-regulated California utility holding company with similar regulatory exposure, though focused on gas and electric.

Direct peers

• The York Water Company: Oldest investor-owned water utility in the U.S. (NASDAQ: YORW) serving ~200K people in Pennsylvania. Comparable as a small-cap regulated water utility with long dividend history and similar rate-base economics.
• SJW Group: Water and real estate holding company (NYSE: SJW) operating regulated water utilities in California, Texas, Connecticut, and Maine under similar CPUC and state-level rate-base models. Directly comparable on water utility economics and customer-base profile.
• California Water Service Group: Investor-owned California water utility (NYSE: CWT) regulated by the CPUC, serving ~2M people across California, Hawaii, New Mexico, and Washington. Most directly comparable peer given overlapping CPUC regulatory framework and California service territories with Golden State Water.
• Middlesex Water Company: Investor-owned water utility (NASDAQ: MSEX) serving ~500K people in New Jersey, Delaware, and Pennsylvania under state public utility commission regulation. Comparable on water-only regulated utility economics, though smaller and non-California.
• Artesian Resources Corporation: Investor-owned water and wastewater utility (NASDAQ: ARTNA) serving ~300K people in Delaware, Maryland, and Pennsylvania. Comparable on small-cap regulated water utility business model and recurring rate-base earnings.

Regional players

• Edison International: California investor-owned electric utility holding company (NYSE: EIX) through Southern California Edison. Comparable on CPUC regulation of the regulated electric distribution business conducted by Bear Valley Electric Service, though focused on a much larger electric service territory.

Emerging players

• Pure Cycle Corporation: Small-cap water and wastewater utility (NASDAQ: PCYO) focused on Colorado and Texas. Comparable on regulated water utility economics, though much smaller and at an earlier growth stage than AWR.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

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• LinkedInlinkedin.com/company/american-states-water-co

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries3 records

Funding overview

Funding rounds3 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about American States Water Company