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Side-by-side financial comparison of AMERICAN STATES WATER CO (AWR) and FORRESTER RESEARCH, INC. (FORR). 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 $101.1M, roughly 1.6× FORRESTER RESEARCH, INC.). AMERICAN STATES WATER CO runs the higher net margin — 17.5% vs -33.5%, a 51.0% gap on every dollar of revenue. On growth, AMERICAN STATES WATER CO posted the faster year-over-year revenue change (14.8% vs -6.5%). FORRESTER RESEARCH, INC. produced more free cash flow last quarter ($-4.3M vs $-36.0M). Over the past eight quarters, AMERICAN STATES WATER CO's revenue compounded faster (10.2% CAGR vs 0.5%).
American Water is an American public utility company that, through its subsidiaries, provides water and wastewater services in the United States.
Forrester Research, Inc. is a research and advisory firm working in research, consulting and events. Forrester’s clients include large global business, technology and consumer enterprises. The firm is headquartered in Cambridge, MA.
AWR vs FORR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $164.3M | $101.1M |
| Net Profit | $28.7M | $-33.9M |
| Gross Margin | 88.9% | 56.7% |
| Operating Margin | 27.4% | -36.6% |
| Net Margin | 17.5% | -33.5% |
| Revenue YoY | 14.8% | -6.5% |
| Net Profit YoY | 1.1% | -7941.4% |
| EPS (diluted) | $0.74 | $-1.75 |
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 | $101.1M | ||
| Q3 25 | $182.7M | $94.3M | ||
| Q2 25 | $163.1M | $111.7M | ||
| Q1 25 | $148.0M | $89.9M | ||
| Q4 24 | $143.1M | $108.0M | ||
| Q3 24 | $161.8M | $102.5M | ||
| Q2 24 | $155.3M | $121.8M | ||
| Q1 24 | $135.3M | $100.1M |
| Q4 25 | $28.7M | $-33.9M | ||
| Q3 25 | $41.2M | $-2.1M | ||
| Q2 25 | $33.7M | $3.9M | ||
| Q1 25 | $26.8M | $-87.3M | ||
| Q4 24 | $28.4M | $432.0K | ||
| Q3 24 | $35.8M | $-5.8M | ||
| Q2 24 | $31.9M | $6.3M | ||
| Q1 24 | $23.1M | $-6.7M |
| Q4 25 | 88.9% | 56.7% | ||
| Q3 25 | 91.0% | 60.0% | ||
| Q2 25 | 92.1% | 55.5% | ||
| Q1 25 | 91.3% | 55.9% | ||
| Q4 24 | 92.4% | 58.8% | ||
| Q3 24 | 92.7% | 60.5% | ||
| Q2 24 | 89.6% | 57.3% | ||
| Q1 24 | 88.4% | 54.9% |
| Q4 25 | 27.4% | -36.6% | ||
| Q3 25 | 33.8% | 4.7% | ||
| Q2 25 | 31.3% | 6.2% | ||
| Q1 25 | 30.8% | -97.5% | ||
| Q4 24 | 27.0% | -0.5% | ||
| Q3 24 | 34.0% | -0.7% | ||
| Q2 24 | 33.3% | 9.3% | ||
| Q1 24 | 28.8% | -9.3% |
| Q4 25 | 17.5% | -33.5% | ||
| Q3 25 | 22.5% | -2.3% | ||
| Q2 25 | 20.7% | 3.5% | ||
| Q1 25 | 18.1% | -97.1% | ||
| Q4 24 | 19.9% | 0.4% | ||
| Q3 24 | 22.1% | -5.7% | ||
| Q2 24 | 20.5% | 5.2% | ||
| Q1 24 | 17.1% | -6.7% |
| Q4 25 | $0.74 | $-1.75 | ||
| Q3 25 | $1.06 | $-0.11 | ||
| Q2 25 | $0.87 | $0.20 | ||
| Q1 25 | $0.70 | $-4.62 | ||
| Q4 24 | $0.75 | $0.02 | ||
| Q3 24 | $0.95 | $-0.30 | ||
| Q2 24 | $0.85 | $0.33 | ||
| Q1 24 | $0.62 | $-0.35 |
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 | $63.3M |
| Total DebtLower is stronger | $782.7M | — |
| Stockholders' EquityBook value | $1.0B | $126.5M |
| Total Assets | $2.7B | $404.0M |
| Debt / EquityLower = less leverage | 0.75× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $18.8M | $63.3M | ||
| Q3 25 | $26.1M | $65.1M | ||
| Q2 25 | $20.2M | $67.8M | ||
| Q1 25 | $21.2M | $75.6M | ||
| Q4 24 | $26.7M | $56.1M | ||
| Q3 24 | $16.5M | $62.8M | ||
| Q2 24 | $3.6M | $58.9M | ||
| Q1 24 | $17.0M | $61.4M |
| Q4 25 | $782.7M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $640.4M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.0B | $126.5M | ||
| Q3 25 | $1.0B | $157.7M | ||
| Q2 25 | $972.5M | $159.5M | ||
| Q1 25 | $956.4M | $147.4M | ||
| Q4 24 | $920.1M | $229.5M | ||
| Q3 24 | $879.5M | $234.3M | ||
| Q2 24 | $833.5M | $237.1M | ||
| Q1 24 | $800.5M | $230.9M |
| Q4 25 | $2.7B | $404.0M | ||
| Q3 25 | $2.7B | $414.2M | ||
| Q2 25 | $2.6B | $436.0M | ||
| Q1 25 | $2.5B | $439.8M | ||
| Q4 24 | $2.5B | $503.9M | ||
| Q3 24 | $2.4B | $505.3M | ||
| Q2 24 | $2.3B | $524.2M | ||
| Q1 24 | $2.3B | $555.7M |
| 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 | $-3.2M |
| Free Cash FlowOCF − Capex | $-36.0M | $-4.3M |
| FCF MarginFCF / Revenue | -21.9% | -4.2% |
| Capex IntensityCapex / Revenue | 38.8% | 1.1% |
| Cash ConversionOCF / Net Profit | 0.96× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-7.1M | $18.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $27.7M | $-3.2M | ||
| Q3 25 | $92.4M | $1.2M | ||
| Q2 25 | $64.6M | $-3.6M | ||
| Q1 25 | $45.1M | $26.7M | ||
| Q4 24 | $64.5M | $-1.8M | ||
| Q3 24 | $63.7M | $264.0K | ||
| Q2 24 | $24.7M | $-2.9M | ||
| Q1 24 | $45.8M | $611.0K |
| Q4 25 | $-36.0M | $-4.3M | ||
| Q3 25 | $37.7M | $524.0K | ||
| Q2 25 | $13.7M | $-4.2M | ||
| Q1 25 | $-22.5M | $26.1M | ||
| Q4 24 | $6.0M | $-2.5M | ||
| Q3 24 | $-478.0K | $-223.0K | ||
| Q2 24 | $-37.0M | $-3.7M | ||
| Q1 24 | $-1.7M | $-815.0K |
| Q4 25 | -21.9% | -4.2% | ||
| Q3 25 | 20.7% | 0.6% | ||
| Q2 25 | 8.4% | -3.8% | ||
| Q1 25 | -15.2% | 29.0% | ||
| Q4 24 | 4.2% | -2.3% | ||
| Q3 24 | -0.3% | -0.2% | ||
| Q2 24 | -23.8% | -3.1% | ||
| Q1 24 | -1.3% | -0.8% |
| Q4 25 | 38.8% | 1.1% | ||
| Q3 25 | 29.9% | 0.7% | ||
| Q2 25 | 31.2% | 0.5% | ||
| Q1 25 | 45.6% | 0.7% | ||
| Q4 24 | 40.9% | 0.6% | ||
| Q3 24 | 39.7% | 0.5% | ||
| Q2 24 | 39.8% | 0.7% | ||
| Q1 24 | 35.2% | 1.4% |
| Q4 25 | 0.96× | — | ||
| Q3 25 | 2.24× | — | ||
| Q2 25 | 1.92× | -0.93× | ||
| Q1 25 | 1.68× | — | ||
| Q4 24 | 2.27× | -4.24× | ||
| Q3 24 | 1.78× | — | ||
| Q2 24 | 0.78× | -0.46× | ||
| Q1 24 | 1.98× | — |
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% |
FORR
| Research Segment | $82.2M | 81% |
| Consulting Segment | $16.2M | 16% |
| Billable Expenses | $1.5M | 2% |
| Professional Services | $1.4M | 1% |
