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Side-by-side financial comparison of AMERICAN STATES WATER CO (AWR) and BRANDYWINE REALTY TRUST (BDN). Click either name above to swap in a different company.
AMERICAN STATES WATER CO is the larger business by last-quarter revenue ($164.3M vs $127.0M, roughly 1.3× BRANDYWINE REALTY TRUST). AMERICAN STATES WATER CO runs the higher net margin — 17.5% vs -38.4%, a 55.9% gap on every dollar of revenue. On growth, AMERICAN STATES WATER CO posted the faster year-over-year revenue change (14.8% vs 4.5%). Over the past eight quarters, AMERICAN STATES WATER CO's revenue compounded faster (10.2% CAGR vs 0.7%).
American Water is an American public utility company that, through its subsidiaries, provides water and wastewater services in the United States.
Brandywine Realty Trust is a Philadelphia-based real estate investment trust (REIT) that invests in office buildings in Philadelphia, Washington, D.C., and Austin, Texas.
AWR vs BDN — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $164.3M | $127.0M |
| Net Profit | $28.7M | $-48.8M |
| Gross Margin | 88.9% | — |
| Operating Margin | 27.4% | 1.2% |
| Net Margin | 17.5% | -38.4% |
| Revenue YoY | 14.8% | 4.5% |
| Net Profit YoY | 1.1% | -80.4% |
| EPS (diluted) | $0.74 | $-0.28 |
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 | — | $127.0M | ||
| Q4 25 | $164.3M | $121.0M | ||
| Q3 25 | $182.7M | $121.4M | ||
| Q2 25 | $163.1M | $120.6M | ||
| Q1 25 | $148.0M | $121.5M | ||
| Q4 24 | $143.1M | $121.9M | ||
| Q3 24 | $161.8M | $131.8M | ||
| Q2 24 | $155.3M | $125.3M |
| Q1 26 | — | $-48.8M | ||
| Q4 25 | $28.7M | $-36.7M | ||
| Q3 25 | $41.2M | $-25.9M | ||
| Q2 25 | $33.7M | $-88.7M | ||
| Q1 25 | $26.8M | $-27.0M | ||
| Q4 24 | $28.4M | $-44.5M | ||
| Q3 24 | $35.8M | $-165.2M | ||
| Q2 24 | $31.9M | $30.2M |
| Q1 26 | — | — | ||
| Q4 25 | 88.9% | 61.3% | ||
| Q3 25 | 91.0% | 62.6% | ||
| Q2 25 | 92.1% | 62.4% | ||
| Q1 25 | 91.3% | 60.8% | ||
| Q4 24 | 92.4% | 61.2% | ||
| Q3 24 | 92.7% | 64.9% | ||
| Q2 24 | 89.6% | 63.1% |
| Q1 26 | — | 1.2% | ||
| Q4 25 | 27.4% | 22.8% | ||
| Q3 25 | 33.8% | 20.8% | ||
| Q2 25 | 31.3% | -34.3% | ||
| Q1 25 | 30.8% | 12.5% | ||
| Q4 24 | 27.0% | 18.0% | ||
| Q3 24 | 34.0% | -7.2% | ||
| Q2 24 | 33.3% | 15.5% |
| Q1 26 | — | -38.4% | ||
| Q4 25 | 17.5% | -30.3% | ||
| Q3 25 | 22.5% | -21.3% | ||
| Q2 25 | 20.7% | -73.5% | ||
| Q1 25 | 18.1% | -22.2% | ||
| Q4 24 | 19.9% | -36.5% | ||
| Q3 24 | 22.1% | -125.4% | ||
| Q2 24 | 20.5% | 24.1% |
| Q1 26 | — | $-0.28 | ||
| Q4 25 | $0.74 | $-0.21 | ||
| Q3 25 | $1.06 | $-0.15 | ||
| Q2 25 | $0.87 | $-0.51 | ||
| Q1 25 | $0.70 | $-0.16 | ||
| Q4 24 | $0.75 | $-0.25 | ||
| Q3 24 | $0.95 | $-0.96 | ||
| Q2 24 | $0.85 | $0.17 |
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 | $36.2M |
| Total DebtLower is stronger | $782.7M | — |
| Stockholders' EquityBook value | $1.0B | — |
| Total Assets | $2.7B | $3.6B |
| Debt / EquityLower = less leverage | 0.75× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $36.2M | ||
| Q4 25 | $18.8M | $32.3M | ||
| Q3 25 | $26.1M | $75.5M | ||
| Q2 25 | $20.2M | $122.6M | ||
| Q1 25 | $21.2M | $29.4M | ||
| Q4 24 | $26.7M | $90.2M | ||
| Q3 24 | $16.5M | $36.5M | ||
| Q2 24 | $3.6M | $30.4M |
| Q1 26 | — | — | ||
| Q4 25 | $782.7M | $2.6B | ||
| Q3 25 | — | $2.3B | ||
| Q2 25 | — | $2.3B | ||
| Q1 25 | — | $2.2B | ||
| Q4 24 | $640.4M | $2.2B | ||
| Q3 24 | — | $2.3B | ||
| Q2 24 | — | $2.2B |
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $792.7M | ||
| Q3 25 | $1.0B | $841.5M | ||
| Q2 25 | $972.5M | $879.8M | ||
| Q1 25 | $956.4M | $993.6M | ||
| Q4 24 | $920.1M | $1.0B | ||
| Q3 24 | $879.5M | $1.1B | ||
| Q2 24 | $833.5M | $1.3B |
| Q1 26 | — | $3.6B | ||
| Q4 25 | $2.7B | $3.6B | ||
| Q3 25 | $2.7B | $3.3B | ||
| Q2 25 | $2.6B | $3.4B | ||
| Q1 25 | $2.5B | $3.4B | ||
| Q4 24 | $2.5B | $3.5B | ||
| Q3 24 | $2.4B | $3.6B | ||
| Q2 24 | $2.3B | $3.8B |
| Q1 26 | — | — | ||
| Q4 25 | 0.75× | 3.23× | ||
| Q3 25 | — | 2.70× | ||
| Q2 25 | — | 2.63× | ||
| Q1 25 | — | 2.23× | ||
| Q4 24 | 0.70× | 2.13× | ||
| Q3 24 | — | 2.06× | ||
| Q2 24 | — | 1.73× |
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 | — |
| Free Cash FlowOCF − Capex | $-36.0M | — |
| FCF MarginFCF / Revenue | -21.9% | — |
| Capex IntensityCapex / Revenue | 38.8% | — |
| Cash ConversionOCF / Net Profit | 0.96× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-7.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $27.7M | $116.7M | ||
| Q3 25 | $92.4M | $47.5M | ||
| Q2 25 | $64.6M | $34.4M | ||
| Q1 25 | $45.1M | $6.3M | ||
| Q4 24 | $64.5M | $181.1M | ||
| Q3 24 | $63.7M | $52.2M | ||
| Q2 24 | $24.7M | $48.2M |
| Q1 26 | — | — | ||
| 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 | — | — | ||
| 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 | — | — | ||
| 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 | — | — | ||
| Q4 25 | 0.96× | — | ||
| Q3 25 | 2.24× | — | ||
| Q2 25 | 1.92× | — | ||
| Q1 25 | 1.68× | — | ||
| Q4 24 | 2.27× | — | ||
| Q3 24 | 1.78× | — | ||
| Q2 24 | 0.78× | 1.60× |
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% |
BDN
| Rents | $120.7M | 95% |
| Third party management fees, labor reimbursement and leasing | $4.7M | 4% |
