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Side-by-side financial comparison of AMERICAN STATES WATER CO (AWR) and CSW INDUSTRIALS, INC. (CSW). Click either name above to swap in a different company.
CSW INDUSTRIALS, INC. is the larger business by last-quarter revenue ($233.0M vs $164.3M, roughly 1.4× AMERICAN STATES WATER CO). AMERICAN STATES WATER CO runs the higher net margin — 17.5% vs 4.4%, a 13.1% gap on every dollar of revenue. On growth, CSW INDUSTRIALS, INC. posted the faster year-over-year revenue change (20.3% vs 14.8%). CSW INDUSTRIALS, INC. produced more free cash flow last quarter ($22.7M vs $-36.0M). Over the past eight quarters, AMERICAN STATES WATER CO's revenue compounded faster (10.2% CAGR vs 5.1%).
American Water is an American public utility company that, through its subsidiaries, provides water and wastewater services in the United States.
AWR vs CSW — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $164.3M | $233.0M |
| Net Profit | $28.7M | $10.3M |
| Gross Margin | 88.9% | 39.7% |
| Operating Margin | 27.4% | 7.4% |
| Net Margin | 17.5% | 4.4% |
| Revenue YoY | 14.8% | 20.3% |
| Net Profit YoY | 1.1% | -61.9% |
| EPS (diluted) | $0.74 | $0.62 |
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 | $233.0M | ||
| Q3 25 | $182.7M | $277.0M | ||
| Q2 25 | $163.1M | $263.6M | ||
| Q1 25 | $148.0M | $230.5M | ||
| Q4 24 | $143.1M | $193.6M | ||
| Q3 24 | $161.8M | $227.9M | ||
| Q2 24 | $155.3M | $226.2M | ||
| Q1 24 | $135.3M | $210.9M |
| Q4 25 | $28.7M | $10.3M | ||
| Q3 25 | $41.2M | $40.7M | ||
| Q2 25 | $33.7M | $40.9M | ||
| Q1 25 | $26.8M | $35.1M | ||
| Q4 24 | $28.4M | $26.9M | ||
| Q3 24 | $35.8M | $36.1M | ||
| Q2 24 | $31.9M | $38.6M | ||
| Q1 24 | $23.1M | $31.8M |
| Q4 25 | 88.9% | 39.7% | ||
| Q3 25 | 91.0% | 43.0% | ||
| Q2 25 | 92.1% | 43.8% | ||
| Q1 25 | 91.3% | 44.2% | ||
| Q4 24 | 92.4% | 41.4% | ||
| Q3 24 | 92.7% | 45.6% | ||
| Q2 24 | 89.6% | 47.5% | ||
| Q1 24 | 88.4% | 44.4% |
| Q4 25 | 27.4% | 7.4% | ||
| Q3 25 | 33.8% | 20.5% | ||
| Q2 25 | 31.3% | 20.8% | ||
| Q1 25 | 30.8% | 19.5% | ||
| Q4 24 | 27.0% | 15.3% | ||
| Q3 24 | 34.0% | 22.6% | ||
| Q2 24 | 33.3% | 24.3% | ||
| Q1 24 | 28.8% | 21.0% |
| Q4 25 | 17.5% | 4.4% | ||
| Q3 25 | 22.5% | 14.7% | ||
| Q2 25 | 20.7% | 15.5% | ||
| Q1 25 | 18.1% | 15.2% | ||
| Q4 24 | 19.9% | 13.9% | ||
| Q3 24 | 22.1% | 15.8% | ||
| Q2 24 | 20.5% | 17.1% | ||
| Q1 24 | 17.1% | 15.1% |
| Q4 25 | $0.74 | $0.62 | ||
| Q3 25 | $1.06 | $2.41 | ||
| Q2 25 | $0.87 | $2.43 | ||
| Q1 25 | $0.70 | $2.05 | ||
| Q4 24 | $0.75 | $1.60 | ||
| Q3 24 | $0.95 | $2.26 | ||
| Q2 24 | $0.85 | $2.47 | ||
| Q1 24 | $0.62 | $2.03 |
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 | $40.2M |
| Total DebtLower is stronger | $782.7M | — |
| Stockholders' EquityBook value | $1.0B | $1.1B |
| Total Assets | $2.7B | $2.3B |
| Debt / EquityLower = less leverage | 0.75× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $18.8M | $40.2M | ||
| Q3 25 | $26.1M | $31.5M | ||
| Q2 25 | $20.2M | $38.0M | ||
| Q1 25 | $21.2M | $225.8M | ||
| Q4 24 | $26.7M | $213.8M | ||
| Q3 24 | $16.5M | $273.2M | ||
| Q2 24 | $3.6M | $18.9M | ||
| Q1 24 | $17.0M | $22.2M |
| Q4 25 | $782.7M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $800.1M | ||
| Q4 24 | $640.4M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $166.0M |
| Q4 25 | $1.0B | $1.1B | ||
| Q3 25 | $1.0B | $1.1B | ||
| Q2 25 | $972.5M | $1.1B | ||
| Q1 25 | $956.4M | $1.1B | ||
| Q4 24 | $920.1M | $1.0B | ||
| Q3 24 | $879.5M | $1.0B | ||
| Q2 24 | $833.5M | $650.2M | ||
| Q1 24 | $800.5M | $615.7M |
| Q4 25 | $2.7B | $2.3B | ||
| Q3 25 | $2.7B | $1.5B | ||
| Q2 25 | $2.6B | $1.5B | ||
| Q1 25 | $2.5B | $1.4B | ||
| Q4 24 | $2.5B | $1.4B | ||
| Q3 24 | $2.4B | $1.4B | ||
| Q2 24 | $2.3B | $1.1B | ||
| Q1 24 | $2.3B | $1.0B |
| Q4 25 | 0.75× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.75× | ||
| Q4 24 | 0.70× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.27× |
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 | $28.9M |
| Free Cash FlowOCF − Capex | $-36.0M | $22.7M |
| FCF MarginFCF / Revenue | -21.9% | 9.8% |
| Capex IntensityCapex / Revenue | 38.8% | 2.6% |
| Cash ConversionOCF / Net Profit | 0.96× | 2.81× |
| TTM Free Cash FlowTrailing 4 quarters | $-7.1M | $162.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $27.7M | $28.9M | ||
| Q3 25 | $92.4M | $61.8M | ||
| Q2 25 | $64.6M | $60.6M | ||
| Q1 25 | $45.1M | $27.3M | ||
| Q4 24 | $64.5M | $11.6M | ||
| Q3 24 | $63.7M | $66.8M | ||
| Q2 24 | $24.7M | $62.7M | ||
| Q1 24 | $45.8M | $22.4M |
| Q4 25 | $-36.0M | $22.7M | ||
| Q3 25 | $37.7M | $58.7M | ||
| Q2 25 | $13.7M | $57.7M | ||
| Q1 25 | $-22.5M | $22.8M | ||
| Q4 24 | $6.0M | $8.5M | ||
| Q3 24 | $-478.0K | $61.3M | ||
| Q2 24 | $-37.0M | $59.6M | ||
| Q1 24 | $-1.7M | $17.5M |
| Q4 25 | -21.9% | 9.8% | ||
| Q3 25 | 20.7% | 21.2% | ||
| Q2 25 | 8.4% | 21.9% | ||
| Q1 25 | -15.2% | 9.9% | ||
| Q4 24 | 4.2% | 4.4% | ||
| Q3 24 | -0.3% | 26.9% | ||
| Q2 24 | -23.8% | 26.3% | ||
| Q1 24 | -1.3% | 8.3% |
| Q4 25 | 38.8% | 2.6% | ||
| Q3 25 | 29.9% | 1.1% | ||
| Q2 25 | 31.2% | 1.1% | ||
| Q1 25 | 45.6% | 2.0% | ||
| Q4 24 | 40.9% | 1.6% | ||
| Q3 24 | 39.7% | 2.4% | ||
| Q2 24 | 39.8% | 1.4% | ||
| Q1 24 | 35.2% | 2.3% |
| Q4 25 | 0.96× | 2.81× | ||
| Q3 25 | 2.24× | 1.52× | ||
| Q2 25 | 1.92× | 1.48× | ||
| Q1 25 | 1.68× | 0.78× | ||
| Q4 24 | 2.27× | 0.43× | ||
| Q3 24 | 1.78× | 1.85× | ||
| Q2 24 | 0.78× | 1.62× | ||
| Q1 24 | 1.98× | 0.71× |
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% |
CSW
| Contractor Solutions Segment | $166.3M | 71% |
| Specialized Reliability Solutions Segment | $38.2M | 16% |
| Engineered Building Solutions Segment | $28.5M | 12% |
