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Side-by-side financial comparison of AMERICAN STATES WATER CO (AWR) and BALCHEM CORP (BCPC). Click either name above to swap in a different company.
BALCHEM CORP is the larger business by last-quarter revenue ($270.7M vs $164.3M, roughly 1.6× AMERICAN STATES WATER CO). AMERICAN STATES WATER CO runs the higher net margin — 17.5% vs 14.9%, a 2.6% gap on every dollar of revenue. On growth, AMERICAN STATES WATER CO posted the faster year-over-year revenue change (14.8% vs 8.1%). BALCHEM CORP produced more free cash flow last quarter ($33.8M vs $-36.0M). Over the past eight quarters, AMERICAN STATES WATER CO's revenue compounded faster (10.2% CAGR vs 7.5%).
American Water is an American public utility company that, through its subsidiaries, provides water and wastewater services in the United States.
Balchem Corp is a global specialty chemicals and nutritional ingredients provider that develops, manufactures and distributes application-specific products for human nutrition, animal health, pharmaceutical and industrial end markets, serving customers across North America, Europe and Asia Pacific.
AWR vs BCPC — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $164.3M | $270.7M |
| Net Profit | $28.7M | $40.3M |
| Gross Margin | 88.9% | — |
| Operating Margin | 27.4% | 20.5% |
| Net Margin | 17.5% | 14.9% |
| Revenue YoY | 14.8% | 8.1% |
| Net Profit YoY | 1.1% | 8.7% |
| EPS (diluted) | $0.74 | $1.25 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $270.7M | ||
| Q4 25 | $164.3M | $263.6M | ||
| Q3 25 | $182.7M | $267.6M | ||
| Q2 25 | $163.1M | $255.5M | ||
| Q1 25 | $148.0M | $250.5M | ||
| Q4 24 | $143.1M | $240.0M | ||
| Q3 24 | $161.8M | $239.9M | ||
| Q2 24 | $155.3M | $234.1M |
| Q1 26 | — | $40.3M | ||
| Q4 25 | $28.7M | $39.2M | ||
| Q3 25 | $41.2M | $40.3M | ||
| Q2 25 | $33.7M | $38.3M | ||
| Q1 25 | $26.8M | $37.1M | ||
| Q4 24 | $28.4M | $33.6M | ||
| Q3 24 | $35.8M | $33.8M | ||
| Q2 24 | $31.9M | $32.1M |
| Q1 26 | — | — | ||
| Q4 25 | 88.9% | 35.6% | ||
| Q3 25 | 91.0% | 35.7% | ||
| Q2 25 | 92.1% | 36.4% | ||
| Q1 25 | 91.3% | 35.2% | ||
| Q4 24 | 92.4% | 36.0% | ||
| Q3 24 | 92.7% | 35.6% | ||
| Q2 24 | 89.6% | 35.5% |
| Q1 26 | — | 20.5% | ||
| Q4 25 | 27.4% | 19.8% | ||
| Q3 25 | 33.8% | 20.4% | ||
| Q2 25 | 31.3% | 20.1% | ||
| Q1 25 | 30.8% | 20.4% | ||
| Q4 24 | 27.0% | 19.8% | ||
| Q3 24 | 34.0% | 20.0% | ||
| Q2 24 | 33.3% | 19.6% |
| Q1 26 | — | 14.9% | ||
| Q4 25 | 17.5% | 14.9% | ||
| Q3 25 | 22.5% | 15.1% | ||
| Q2 25 | 20.7% | 15.0% | ||
| Q1 25 | 18.1% | 14.8% | ||
| Q4 24 | 19.9% | 14.0% | ||
| Q3 24 | 22.1% | 14.1% | ||
| Q2 24 | 20.5% | 13.7% |
| Q1 26 | — | $1.25 | ||
| Q4 25 | $0.74 | $1.21 | ||
| Q3 25 | $1.06 | $1.24 | ||
| Q2 25 | $0.87 | $1.17 | ||
| Q1 25 | $0.70 | $1.13 | ||
| Q4 24 | $0.75 | $1.03 | ||
| Q3 24 | $0.95 | $1.03 | ||
| Q2 24 | $0.85 | $0.98 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $18.8M | $72.9M |
| Total DebtLower is stronger | $782.7M | — |
| Stockholders' EquityBook value | $1.0B | $1.3B |
| Total Assets | $2.7B | $1.7B |
| Debt / EquityLower = less leverage | 0.75× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $72.9M | ||
| Q4 25 | $18.8M | $74.6M | ||
| Q3 25 | $26.1M | $65.1M | ||
| Q2 25 | $20.2M | $65.4M | ||
| Q1 25 | $21.2M | $49.9M | ||
| Q4 24 | $26.7M | $49.5M | ||
| Q3 24 | $16.5M | $73.7M | ||
| Q2 24 | $3.6M | $63.7M |
| Q1 26 | — | — | ||
| Q4 25 | $782.7M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $640.4M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $1.3B | ||
| Q4 25 | $1.0B | $1.3B | ||
| Q3 25 | $1.0B | $1.3B | ||
| Q2 25 | $972.5M | $1.3B | ||
| Q1 25 | $956.4M | $1.2B | ||
| Q4 24 | $920.1M | $1.1B | ||
| Q3 24 | $879.5M | $1.2B | ||
| Q2 24 | $833.5M | $1.1B |
| Q1 26 | — | $1.7B | ||
| Q4 25 | $2.7B | $1.7B | ||
| Q3 25 | $2.7B | $1.7B | ||
| Q2 25 | $2.6B | $1.7B | ||
| Q1 25 | $2.5B | $1.6B | ||
| Q4 24 | $2.5B | $1.6B | ||
| Q3 24 | $2.4B | $1.6B | ||
| Q2 24 | $2.3B | $1.6B |
| Q1 26 | — | — | ||
| Q4 25 | 0.75× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.70× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $27.7M | $40.1M |
| Free Cash FlowOCF − Capex | $-36.0M | $33.8M |
| FCF MarginFCF / Revenue | -21.9% | 12.5% |
| Capex IntensityCapex / Revenue | 38.8% | 2.3% |
| Cash ConversionOCF / Net Profit | 0.96× | 0.99× |
| TTM Free Cash FlowTrailing 4 quarters | $-7.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $40.1M | ||
| Q4 25 | $27.7M | $67.3M | ||
| Q3 25 | $92.4M | $65.6M | ||
| Q2 25 | $64.6M | $47.3M | ||
| Q1 25 | $45.1M | $36.5M | ||
| Q4 24 | $64.5M | $52.3M | ||
| Q3 24 | $63.7M | $51.3M | ||
| Q2 24 | $24.7M | $45.0M |
| Q1 26 | — | $33.8M | ||
| Q4 25 | $-36.0M | — | ||
| Q3 25 | $37.7M | — | ||
| Q2 25 | $13.7M | — | ||
| Q1 25 | $-22.5M | — | ||
| Q4 24 | $6.0M | — | ||
| Q3 24 | $-478.0K | — | ||
| Q2 24 | $-37.0M | — |
| Q1 26 | — | 12.5% | ||
| Q4 25 | -21.9% | — | ||
| Q3 25 | 20.7% | — | ||
| Q2 25 | 8.4% | — | ||
| Q1 25 | -15.2% | — | ||
| Q4 24 | 4.2% | — | ||
| Q3 24 | -0.3% | — | ||
| Q2 24 | -23.8% | — |
| Q1 26 | — | 2.3% | ||
| Q4 25 | 38.8% | — | ||
| Q3 25 | 29.9% | — | ||
| Q2 25 | 31.2% | — | ||
| Q1 25 | 45.6% | — | ||
| Q4 24 | 40.9% | — | ||
| Q3 24 | 39.7% | — | ||
| Q2 24 | 39.8% | — |
| Q1 26 | — | 0.99× | ||
| Q4 25 | 0.96× | 1.72× | ||
| Q3 25 | 2.24× | 1.63× | ||
| Q2 25 | 1.92× | 1.23× | ||
| Q1 25 | 1.68× | 0.98× | ||
| Q4 24 | 2.27× | 1.56× | ||
| Q3 24 | 1.78× | 1.52× | ||
| Q2 24 | 0.78× | 1.40× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AWR
| Water Service Utility Operations | $110.0M | 67% |
| Public Utilities Inventory Water | $22.3M | 14% |
| Wastewater | $15.9M | 10% |
| Electric Service Utility Operations | $15.2M | 9% |
BCPC
Segment breakdown not available.
