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Side-by-side financial comparison of AMERICAN STATES WATER CO (AWR) and Broadstone Net Lease, Inc. (BNL). 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 $121.4M, roughly 1.4× Broadstone Net Lease, Inc.). Broadstone Net Lease, Inc. runs the higher net margin — 38.2% vs 17.5%, a 20.7% gap on every dollar of revenue. On growth, AMERICAN STATES WATER CO posted the faster year-over-year revenue change (14.8% vs 11.7%). Over the past eight quarters, AMERICAN STATES WATER CO's revenue compounded faster (10.2% CAGR vs 7.1%).
American Water is an American public utility company that, through its subsidiaries, provides water and wastewater services in the United States.
Broadstone Net Lease, Inc. is a real estate investment trust (REIT) that acquires, owns, and manages a diversified portfolio of single-tenant commercial real estate assets across the United States. Its portfolio covers key segments including industrial facilities, healthcare properties, retail locations, and office spaces, all leased to tenants under long-term net lease agreements.
AWR vs BNL — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $164.3M | $121.4M |
| Net Profit | $28.7M | $46.4M |
| Gross Margin | 88.9% | — |
| Operating Margin | 27.4% | 52.2% |
| Net Margin | 17.5% | 38.2% |
| Revenue YoY | 14.8% | 11.7% |
| Net Profit YoY | 1.1% | — |
| EPS (diluted) | $0.74 | $0.24 |
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 | — | $121.4M | ||
| Q4 25 | $164.3M | $118.3M | ||
| Q3 25 | $182.7M | $114.2M | ||
| Q2 25 | $163.1M | $113.0M | ||
| Q1 25 | $148.0M | $108.7M | ||
| Q4 24 | $143.1M | $112.1M | ||
| Q3 24 | $161.8M | $108.4M | ||
| Q2 24 | $155.3M | $105.9M |
| Q1 26 | — | $46.4M | ||
| Q4 25 | $28.7M | $33.1M | ||
| Q3 25 | $41.2M | $26.5M | ||
| Q2 25 | $33.7M | $20.2M | ||
| Q1 25 | $26.8M | $16.7M | ||
| Q4 24 | $28.4M | $26.4M | ||
| Q3 24 | $35.8M | $35.6M | ||
| Q2 24 | $31.9M | $35.3M |
| Q1 26 | — | — | ||
| Q4 25 | 88.9% | — | ||
| Q3 25 | 91.0% | — | ||
| Q2 25 | 92.1% | — | ||
| Q1 25 | 91.3% | — | ||
| Q4 24 | 92.4% | — | ||
| Q3 24 | 92.7% | — | ||
| Q2 24 | 89.6% | — |
| Q1 26 | — | 52.2% | ||
| Q4 25 | 27.4% | — | ||
| Q3 25 | 33.8% | — | ||
| Q2 25 | 31.3% | — | ||
| Q1 25 | 30.8% | — | ||
| Q4 24 | 27.0% | — | ||
| Q3 24 | 34.0% | — | ||
| Q2 24 | 33.3% | — |
| Q1 26 | — | 38.2% | ||
| Q4 25 | 17.5% | 28.0% | ||
| Q3 25 | 22.5% | 23.2% | ||
| Q2 25 | 20.7% | 17.8% | ||
| Q1 25 | 18.1% | 15.4% | ||
| Q4 24 | 19.9% | 23.5% | ||
| Q3 24 | 22.1% | 32.8% | ||
| Q2 24 | 20.5% | 33.4% |
| Q1 26 | — | $0.24 | ||
| Q4 25 | $0.74 | $0.17 | ||
| Q3 25 | $1.06 | $0.14 | ||
| Q2 25 | $0.87 | $0.10 | ||
| Q1 25 | $0.70 | $0.09 | ||
| Q4 24 | $0.75 | $0.13 | ||
| Q3 24 | $0.95 | $0.19 | ||
| Q2 24 | $0.85 | $0.19 |
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 | $20.3M |
| Total DebtLower is stronger | $782.7M | — |
| Stockholders' EquityBook value | $1.0B | $3.0B |
| Total Assets | $2.7B | $5.8B |
| Debt / EquityLower = less leverage | 0.75× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $20.3M | ||
| Q4 25 | $18.8M | $30.5M | ||
| Q3 25 | $26.1M | $82.0M | ||
| Q2 25 | $20.2M | $20.8M | ||
| Q1 25 | $21.2M | $9.6M | ||
| Q4 24 | $26.7M | $14.8M | ||
| Q3 24 | $16.5M | $9.0M | ||
| Q2 24 | $3.6M | $18.3M |
| Q1 26 | — | — | ||
| Q4 25 | $782.7M | $2.5B | ||
| Q3 25 | — | $2.4B | ||
| Q2 25 | — | $2.1B | ||
| Q1 25 | — | $2.0B | ||
| Q4 24 | $640.4M | $1.9B | ||
| Q3 24 | — | $2.0B | ||
| Q2 24 | — | $1.9B |
| Q1 26 | — | $3.0B | ||
| Q4 25 | $1.0B | $2.9B | ||
| Q3 25 | $1.0B | $2.9B | ||
| Q2 25 | $972.5M | $2.9B | ||
| Q1 25 | $956.4M | $2.9B | ||
| Q4 24 | $920.1M | $3.0B | ||
| Q3 24 | $879.5M | $3.0B | ||
| Q2 24 | $833.5M | $3.1B |
| Q1 26 | — | $5.8B | ||
| Q4 25 | $2.7B | $5.7B | ||
| Q3 25 | $2.7B | $5.5B | ||
| Q2 25 | $2.6B | $5.3B | ||
| Q1 25 | $2.5B | $5.2B | ||
| Q4 24 | $2.5B | $5.2B | ||
| Q3 24 | $2.4B | $5.3B | ||
| Q2 24 | $2.3B | $5.3B |
| Q1 26 | — | — | ||
| Q4 25 | 0.75× | 0.87× | ||
| Q3 25 | — | 0.82× | ||
| Q2 25 | — | 0.73× | ||
| Q1 25 | — | 0.68× | ||
| Q4 24 | 0.70× | 0.64× | ||
| Q3 24 | — | 0.65× | ||
| Q2 24 | — | 0.62× |
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 | $299.5M | ||
| Q3 25 | $92.4M | $64.2M | ||
| Q2 25 | $64.6M | $79.3M | ||
| Q1 25 | $45.1M | $71.5M | ||
| Q4 24 | $64.5M | $276.3M | ||
| Q3 24 | $63.7M | $67.3M | ||
| Q2 24 | $24.7M | $74.2M |
| Q1 26 | — | — | ||
| Q4 25 | $-36.0M | $269.8M | ||
| Q3 25 | $37.7M | $58.0M | ||
| Q2 25 | $13.7M | $76.7M | ||
| Q1 25 | $-22.5M | $57.1M | ||
| Q4 24 | $6.0M | $259.5M | ||
| Q3 24 | $-478.0K | $60.3M | ||
| Q2 24 | $-37.0M | $74.0M |
| Q1 26 | — | — | ||
| Q4 25 | -21.9% | 228.1% | ||
| Q3 25 | 20.7% | 50.8% | ||
| Q2 25 | 8.4% | 67.9% | ||
| Q1 25 | -15.2% | 52.5% | ||
| Q4 24 | 4.2% | 231.4% | ||
| Q3 24 | -0.3% | 55.6% | ||
| Q2 24 | -23.8% | 69.9% |
| Q1 26 | — | — | ||
| Q4 25 | 38.8% | 25.1% | ||
| Q3 25 | 29.9% | 5.4% | ||
| Q2 25 | 31.2% | 2.3% | ||
| Q1 25 | 45.6% | 13.2% | ||
| Q4 24 | 40.9% | 15.0% | ||
| Q3 24 | 39.7% | 6.5% | ||
| Q2 24 | 39.8% | 0.2% |
| Q1 26 | — | — | ||
| Q4 25 | 0.96× | 9.04× | ||
| Q3 25 | 2.24× | 2.43× | ||
| Q2 25 | 1.92× | 3.93× | ||
| Q1 25 | 1.68× | 4.27× | ||
| Q4 24 | 2.27× | 10.47× | ||
| Q3 24 | 1.78× | 1.89× | ||
| Q2 24 | 0.78× | 2.10× |
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% |
BNL
Segment breakdown not available.
