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Side-by-side financial comparison of AMERICAN STATES WATER CO (AWR) and HCI Group, Inc. (HCI). Click either name above to swap in a different company.
HCI Group, Inc. is the larger business by last-quarter revenue ($246.2M vs $164.3M, roughly 1.5× AMERICAN STATES WATER CO). HCI Group, Inc. runs the higher net margin — 39.7% vs 17.5%, a 22.2% gap on every dollar of revenue. On growth, HCI Group, Inc. posted the faster year-over-year revenue change (52.1% vs 14.8%). HCI Group, Inc. produced more free cash flow last quarter ($440.8M vs $-36.0M). Over the past eight quarters, AMERICAN STATES WATER CO's revenue compounded faster (10.2% CAGR vs 9.2%).
American Water is an American public utility company that, through its subsidiaries, provides water and wastewater services in the United States.
HCI Equity Partners is a Washington, DC–based private equity firm with an additional office in Chicago, Illinois.
AWR vs HCI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $164.3M | $246.2M |
| Net Profit | $28.7M | $97.7M |
| Gross Margin | 88.9% | — |
| Operating Margin | 27.4% | 58.5% |
| Net Margin | 17.5% | 39.7% |
| Revenue YoY | 14.8% | 52.1% |
| Net Profit YoY | 1.1% | 3679.2% |
| EPS (diluted) | $0.74 | $7.29 |
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 | $246.2M | ||
| Q3 25 | $182.7M | $216.3M | ||
| Q2 25 | $163.1M | $221.9M | ||
| Q1 25 | $148.0M | $216.4M | ||
| Q4 24 | $143.1M | $161.9M | ||
| Q3 24 | $161.8M | $175.3M | ||
| Q2 24 | $155.3M | $206.2M | ||
| Q1 24 | $135.3M | $206.6M |
| Q4 25 | $28.7M | $97.7M | ||
| Q3 25 | $41.2M | $65.5M | ||
| Q2 25 | $33.7M | $66.2M | ||
| Q1 25 | $26.8M | $69.7M | ||
| Q4 24 | $28.4M | $2.6M | ||
| Q3 24 | $35.8M | $5.7M | ||
| Q2 24 | $31.9M | $54.1M | ||
| Q1 24 | $23.1M | $47.6M |
| 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% | 58.5% | ||
| Q3 25 | 33.8% | 41.9% | ||
| Q2 25 | 31.3% | 42.5% | ||
| Q1 25 | 30.8% | 46.4% | ||
| Q4 24 | 27.0% | 3.6% | ||
| Q3 24 | 34.0% | 8.0% | ||
| Q2 24 | 33.3% | 36.9% | ||
| Q1 24 | 28.8% | 37.5% |
| Q4 25 | 17.5% | 39.7% | ||
| Q3 25 | 22.5% | 30.3% | ||
| Q2 25 | 20.7% | 29.8% | ||
| Q1 25 | 18.1% | 32.2% | ||
| Q4 24 | 19.9% | 1.6% | ||
| Q3 24 | 22.1% | 3.2% | ||
| Q2 24 | 20.5% | 26.2% | ||
| Q1 24 | 17.1% | 23.0% |
| Q4 25 | $0.74 | $7.29 | ||
| Q3 25 | $1.06 | $4.90 | ||
| Q2 25 | $0.87 | $5.18 | ||
| Q1 25 | $0.70 | $5.35 | ||
| Q4 24 | $0.75 | $0.32 | ||
| Q3 24 | $0.95 | $0.52 | ||
| Q2 24 | $0.85 | $4.24 | ||
| Q1 24 | $0.62 | $3.81 |
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 | $1.2B |
| Total DebtLower is stronger | $782.7M | — |
| Stockholders' EquityBook value | $1.0B | $1.0B |
| Total Assets | $2.7B | $2.5B |
| Debt / EquityLower = less leverage | 0.75× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $18.8M | $1.2B | ||
| Q3 25 | $26.1M | $987.9M | ||
| Q2 25 | $20.2M | $947.2M | ||
| Q1 25 | $21.2M | $754.5M | ||
| Q4 24 | $26.7M | $532.5M | ||
| Q3 24 | $16.5M | $518.8M | ||
| Q2 24 | $3.6M | $445.8M | ||
| Q1 24 | $17.0M | $655.4M |
| Q4 25 | $782.7M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $640.4M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.0B | $1.0B | ||
| Q3 25 | $1.0B | $821.8M | ||
| Q2 25 | $972.5M | $758.6M | ||
| Q1 25 | $956.4M | $522.7M | ||
| Q4 24 | $920.1M | $453.3M | ||
| Q3 24 | $879.5M | $455.3M | ||
| Q2 24 | $833.5M | $447.3M | ||
| Q1 24 | $800.5M | $395.7M |
| Q4 25 | $2.7B | $2.5B | ||
| Q3 25 | $2.7B | $2.3B | ||
| Q2 25 | $2.6B | $2.4B | ||
| Q1 25 | $2.5B | $2.3B | ||
| Q4 24 | $2.5B | $2.2B | ||
| Q3 24 | $2.4B | $2.0B | ||
| Q2 24 | $2.3B | $1.9B | ||
| Q1 24 | $2.3B | $1.8B |
| 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 | $444.4M |
| Free Cash FlowOCF − Capex | $-36.0M | $440.8M |
| FCF MarginFCF / Revenue | -21.9% | 179.0% |
| Capex IntensityCapex / Revenue | 38.8% | 1.5% |
| Cash ConversionOCF / Net Profit | 0.96× | 4.55× |
| TTM Free Cash FlowTrailing 4 quarters | $-7.1M | $771.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $27.7M | $444.4M | ||
| Q3 25 | $92.4M | $26.7M | ||
| Q2 25 | $64.6M | $145.0M | ||
| Q1 25 | $45.1M | $162.0M | ||
| Q4 24 | $64.5M | $331.8M | ||
| Q3 24 | $63.7M | $104.1M | ||
| Q2 24 | $24.7M | $-29.0M | ||
| Q1 24 | $45.8M | $182.0M |
| Q4 25 | $-36.0M | $440.8M | ||
| Q3 25 | $37.7M | $25.9M | ||
| Q2 25 | $13.7M | $144.5M | ||
| Q1 25 | $-22.5M | $160.3M | ||
| Q4 24 | $6.0M | $327.8M | ||
| Q3 24 | $-478.0K | $103.2M | ||
| Q2 24 | $-37.0M | $-30.1M | ||
| Q1 24 | $-1.7M | $181.0M |
| Q4 25 | -21.9% | 179.0% | ||
| Q3 25 | 20.7% | 12.0% | ||
| Q2 25 | 8.4% | 65.1% | ||
| Q1 25 | -15.2% | 74.1% | ||
| Q4 24 | 4.2% | 202.5% | ||
| Q3 24 | -0.3% | 58.9% | ||
| Q2 24 | -23.8% | -14.6% | ||
| Q1 24 | -1.3% | 87.6% |
| Q4 25 | 38.8% | 1.5% | ||
| Q3 25 | 29.9% | 0.4% | ||
| Q2 25 | 31.2% | 0.2% | ||
| Q1 25 | 45.6% | 0.8% | ||
| Q4 24 | 40.9% | 2.5% | ||
| Q3 24 | 39.7% | 0.5% | ||
| Q2 24 | 39.8% | 0.5% | ||
| Q1 24 | 35.2% | 0.5% |
| Q4 25 | 0.96× | 4.55× | ||
| Q3 25 | 2.24× | 0.41× | ||
| Q2 25 | 1.92× | 2.19× | ||
| Q1 25 | 1.68× | 2.32× | ||
| Q4 24 | 2.27× | 128.41× | ||
| Q3 24 | 1.78× | 18.33× | ||
| Q2 24 | 0.78× | -0.54× | ||
| Q1 24 | 1.98× | 3.82× |
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% |
HCI
| Insurance Operation | $218.3M | 89% |
| Reciprocal Exchange Operation | $27.0M | 11% |
