vs
Side-by-side financial comparison of AMERICAN STATES WATER CO (AWR) and Black Stone Minerals, L.P. (BSM). 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 $95.2M, roughly 1.7× Black Stone Minerals, L.P.). Black Stone Minerals, L.P. runs the higher net margin — 75.9% vs 17.5%, a 58.4% gap on every dollar of revenue. On growth, AMERICAN STATES WATER CO posted the faster year-over-year revenue change (14.8% vs -8.7%). Over the past eight quarters, AMERICAN STATES WATER CO's revenue compounded faster (10.2% CAGR vs -9.7%).
American Water is an American public utility company that, through its subsidiaries, provides water and wastewater services in the United States.
Black Stone Minerals, L.P., or Black Stone Minerals, is a Houston, Texas-based oil and natural gas corporation.
AWR vs BSM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $164.3M | $95.2M |
| Net Profit | $28.7M | $72.2M |
| Gross Margin | 88.9% | — |
| Operating Margin | 27.4% | 78.6% |
| Net Margin | 17.5% | 75.9% |
| Revenue YoY | 14.8% | -8.7% |
| Net Profit YoY | 1.1% | 55.8% |
| EPS (diluted) | $0.74 | — |
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.
| Q4 25 | $164.3M | $95.2M | ||
| Q3 25 | $182.7M | $105.2M | ||
| Q2 25 | $163.1M | $106.7M | ||
| Q1 25 | $148.0M | $115.3M | ||
| Q4 24 | $143.1M | $104.3M | ||
| Q3 24 | $161.8M | $103.2M | ||
| Q2 24 | $155.3M | $115.2M | ||
| Q1 24 | $135.3M | $116.8M |
| Q4 25 | $28.7M | $72.2M | ||
| Q3 25 | $41.2M | $91.7M | ||
| Q2 25 | $33.7M | $120.0M | ||
| Q1 25 | $26.8M | $15.9M | ||
| Q4 24 | $28.4M | $46.3M | ||
| Q3 24 | $35.8M | $92.7M | ||
| Q2 24 | $31.9M | $68.3M | ||
| Q1 24 | $23.1M | $63.9M |
| 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 24 | 88.4% | — |
| Q4 25 | 27.4% | 78.6% | ||
| Q3 25 | 33.8% | 89.5% | ||
| Q2 25 | 31.3% | — | ||
| Q1 25 | 30.8% | 14.9% | ||
| Q4 24 | 27.0% | 45.6% | ||
| Q3 24 | 34.0% | 90.2% | ||
| Q2 24 | 33.3% | 59.5% | ||
| Q1 24 | 28.8% | 54.8% |
| Q4 25 | 17.5% | 75.9% | ||
| Q3 25 | 22.5% | 87.2% | ||
| Q2 25 | 20.7% | 112.5% | ||
| Q1 25 | 18.1% | 13.8% | ||
| Q4 24 | 19.9% | 44.4% | ||
| Q3 24 | 22.1% | 89.9% | ||
| Q2 24 | 20.5% | 59.3% | ||
| Q1 24 | 17.1% | 54.7% |
| Q4 25 | $0.74 | — | ||
| Q3 25 | $1.06 | — | ||
| Q2 25 | $0.87 | — | ||
| Q1 25 | $0.70 | — | ||
| Q4 24 | $0.75 | — | ||
| Q3 24 | $0.95 | — | ||
| Q2 24 | $0.85 | — | ||
| Q1 24 | $0.62 | — |
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 | $1.5M |
| Total DebtLower is stronger | $782.7M | — |
| Stockholders' EquityBook value | $1.0B | — |
| Total Assets | $2.7B | $1.3B |
| Debt / EquityLower = less leverage | 0.75× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $18.8M | $1.5M | ||
| Q3 25 | $26.1M | $2.9M | ||
| Q2 25 | $20.2M | $2.5M | ||
| Q1 25 | $21.2M | $2.4M | ||
| Q4 24 | $26.7M | $2.5M | ||
| Q3 24 | $16.5M | $21.0M | ||
| Q2 24 | $3.6M | $26.7M | ||
| Q1 24 | $17.0M | $40.5M |
| Q4 25 | $782.7M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $640.4M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.0B | — | ||
| Q3 25 | $1.0B | — | ||
| Q2 25 | $972.5M | — | ||
| Q1 25 | $956.4M | — | ||
| Q4 24 | $920.1M | — | ||
| Q3 24 | $879.5M | — | ||
| Q2 24 | $833.5M | — | ||
| Q1 24 | $800.5M | — |
| Q4 25 | $2.7B | $1.3B | ||
| Q3 25 | $2.7B | $1.3B | ||
| Q2 25 | $2.6B | $1.3B | ||
| Q1 25 | $2.5B | $1.2B | ||
| Q4 24 | $2.5B | $1.2B | ||
| Q3 24 | $2.4B | $1.2B | ||
| Q2 24 | $2.3B | $1.2B | ||
| Q1 24 | $2.3B | $1.2B |
| Q4 25 | 0.75× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.70× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $65.1M |
| Free Cash FlowOCF − Capex | $-36.0M | — |
| FCF MarginFCF / Revenue | -21.9% | — |
| Capex IntensityCapex / Revenue | 38.8% | — |
| Cash ConversionOCF / Net Profit | 0.96× | 0.90× |
| TTM Free Cash FlowTrailing 4 quarters | $-7.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $27.7M | $65.1M | ||
| Q3 25 | $92.4M | $99.8M | ||
| Q2 25 | $64.6M | $80.5M | ||
| Q1 25 | $45.1M | $64.8M | ||
| Q4 24 | $64.5M | $91.0M | ||
| Q3 24 | $63.7M | $93.2M | ||
| Q2 24 | $24.7M | $100.4M | ||
| Q1 24 | $45.8M | $104.5M |
| 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 24 | $-1.7M | — |
| 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 24 | -1.3% | — |
| 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 24 | 35.2% | — |
| Q4 25 | 0.96× | 0.90× | ||
| Q3 25 | 2.24× | 1.09× | ||
| Q2 25 | 1.92× | 0.67× | ||
| Q1 25 | 1.68× | 4.07× | ||
| Q4 24 | 2.27× | 1.96× | ||
| Q3 24 | 1.78× | 1.01× | ||
| Q2 24 | 0.78× | 1.47× | ||
| Q1 24 | 1.98× | 1.63× |
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% |
BSM
| Oil Reserves | $46.4M | 49% |
| Natural Gas Reserves | $44.1M | 46% |
| Real Estate | $4.7M | 5% |
