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Side-by-side financial comparison of AMERICAN STATES WATER CO (AWR) and Industrial Logistics Properties Trust (ILPT). 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 $113.9M, roughly 1.4× Industrial Logistics Properties Trust). AMERICAN STATES WATER CO runs the higher net margin — 17.5% vs -1.6%, a 19.1% gap on every dollar of revenue. On growth, AMERICAN STATES WATER CO posted the faster year-over-year revenue change (14.8% vs 3.1%). Industrial Logistics Properties Trust produced more free cash flow last quarter ($42.0M vs $-36.0M). Over the past eight quarters, AMERICAN STATES WATER CO's revenue compounded faster (10.2% CAGR vs 0.7%).
American Water is an American public utility company that, through its subsidiaries, provides water and wastewater services in the United States.
Industrial Logistics Properties Trust is a real estate investment trust that owns and operates a portfolio of industrial and logistics real estate assets primarily across the United States. Its holdings include distribution centers, warehouses, and last-mile delivery properties, serving e-commerce, retail, manufacturing and supply chain operators to meet their storage and logistics operation needs.
AWR vs ILPT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $164.3M | $113.9M |
| Net Profit | $28.7M | $-1.8M |
| Gross Margin | 88.9% | — |
| Operating Margin | 27.4% | -22.1% |
| Net Margin | 17.5% | -1.6% |
| Revenue YoY | 14.8% | 3.1% |
| Net Profit YoY | 1.1% | 92.6% |
| EPS (diluted) | $0.74 | $-0.02 |
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 | $113.9M | ||
| Q3 25 | $182.7M | $110.9M | ||
| Q2 25 | $163.1M | $112.1M | ||
| Q1 25 | $148.0M | $111.9M | ||
| Q4 24 | $143.1M | $110.5M | ||
| Q3 24 | $161.8M | $108.9M | ||
| Q2 24 | $155.3M | $110.6M | ||
| Q1 24 | $135.3M | $112.2M |
| Q4 25 | $28.7M | $-1.8M | ||
| Q3 25 | $41.2M | $-21.6M | ||
| Q2 25 | $33.7M | $-21.3M | ||
| Q1 25 | $26.8M | $-21.5M | ||
| Q4 24 | $28.4M | $-24.1M | ||
| Q3 24 | $35.8M | $-25.0M | ||
| Q2 24 | $31.9M | $-23.2M | ||
| Q1 24 | $23.1M | $-23.4M |
| 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% | -22.1% | ||
| Q3 25 | 33.8% | -29.4% | ||
| Q2 25 | 31.3% | -30.8% | ||
| Q1 25 | 30.8% | -26.9% | ||
| Q4 24 | 27.0% | -31.1% | ||
| Q3 24 | 34.0% | -33.5% | ||
| Q2 24 | 33.3% | -32.4% | ||
| Q1 24 | 28.8% | -31.7% |
| Q4 25 | 17.5% | -1.6% | ||
| Q3 25 | 22.5% | -19.4% | ||
| Q2 25 | 20.7% | -19.0% | ||
| Q1 25 | 18.1% | -19.2% | ||
| Q4 24 | 19.9% | -21.8% | ||
| Q3 24 | 22.1% | -22.9% | ||
| Q2 24 | 20.5% | -20.9% | ||
| Q1 24 | 17.1% | -20.9% |
| Q4 25 | $0.74 | $-0.02 | ||
| Q3 25 | $1.06 | $-0.33 | ||
| Q2 25 | $0.87 | $-0.32 | ||
| Q1 25 | $0.70 | $-0.33 | ||
| Q4 24 | $0.75 | $-0.37 | ||
| Q3 24 | $0.95 | $-0.38 | ||
| Q2 24 | $0.85 | $-0.35 | ||
| Q1 24 | $0.62 | $-0.36 |
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 | $94.8M |
| Total DebtLower is stronger | $782.7M | $4.2B |
| Stockholders' EquityBook value | $1.0B | $489.7M |
| Total Assets | $2.7B | $5.2B |
| Debt / EquityLower = less leverage | 0.75× | 8.56× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $18.8M | $94.8M | ||
| Q3 25 | $26.1M | $83.2M | ||
| Q2 25 | $20.2M | $58.6M | ||
| Q1 25 | $21.2M | $108.0M | ||
| Q4 24 | $26.7M | $131.7M | ||
| Q3 24 | $16.5M | $153.9M | ||
| Q2 24 | $3.6M | $146.2M | ||
| Q1 24 | $17.0M | $128.4M |
| Q4 25 | $782.7M | $4.2B | ||
| Q3 25 | — | $4.2B | ||
| Q2 25 | — | $4.2B | ||
| Q1 25 | — | $4.3B | ||
| Q4 24 | $640.4M | $4.3B | ||
| Q3 24 | — | $4.3B | ||
| Q2 24 | — | $4.3B | ||
| Q1 24 | — | $4.3B |
| Q4 25 | $1.0B | $489.7M | ||
| Q3 25 | $1.0B | $494.1M | ||
| Q2 25 | $972.5M | $519.1M | ||
| Q1 25 | $956.4M | $539.5M | ||
| Q4 24 | $920.1M | $562.0M | ||
| Q3 24 | $879.5M | $585.9M | ||
| Q2 24 | $833.5M | $618.3M | ||
| Q1 24 | $800.5M | $643.2M |
| Q4 25 | $2.7B | $5.2B | ||
| Q3 25 | $2.7B | $5.2B | ||
| Q2 25 | $2.6B | $5.2B | ||
| Q1 25 | $2.5B | $5.4B | ||
| Q4 24 | $2.5B | $5.4B | ||
| Q3 24 | $2.4B | $5.5B | ||
| Q2 24 | $2.3B | $5.5B | ||
| Q1 24 | $2.3B | $5.5B |
| Q4 25 | 0.75× | 8.56× | ||
| Q3 25 | — | 8.49× | ||
| Q2 25 | — | 8.09× | ||
| Q1 25 | — | 7.96× | ||
| Q4 24 | 0.70× | 7.65× | ||
| Q3 24 | — | 7.35× | ||
| Q2 24 | — | 6.96× | ||
| Q1 24 | — | 6.70× |
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 | $60.7M |
| Free Cash FlowOCF − Capex | $-36.0M | $42.0M |
| FCF MarginFCF / Revenue | -21.9% | 36.9% |
| Capex IntensityCapex / Revenue | 38.8% | 16.4% |
| Cash ConversionOCF / Net Profit | 0.96× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-7.1M | $79.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $27.7M | $60.7M | ||
| Q3 25 | $92.4M | $22.7M | ||
| Q2 25 | $64.6M | $18.4M | ||
| Q1 25 | $45.1M | $11.4M | ||
| Q4 24 | $64.5M | $2.0M | ||
| Q3 24 | $63.7M | $-3.4M | ||
| Q2 24 | $24.7M | $10.8M | ||
| Q1 24 | $45.8M | $8.0M |
| Q4 25 | $-36.0M | $42.0M | ||
| Q3 25 | $37.7M | $17.6M | ||
| Q2 25 | $13.7M | $15.2M | ||
| Q1 25 | $-22.5M | $5.0M | ||
| Q4 24 | $6.0M | $-3.7M | ||
| Q3 24 | $-478.0K | $-5.9M | ||
| Q2 24 | $-37.0M | $9.4M | ||
| Q1 24 | $-1.7M | $5.9M |
| Q4 25 | -21.9% | 36.9% | ||
| Q3 25 | 20.7% | 15.9% | ||
| Q2 25 | 8.4% | 13.5% | ||
| Q1 25 | -15.2% | 4.5% | ||
| Q4 24 | 4.2% | -3.4% | ||
| Q3 24 | -0.3% | -5.5% | ||
| Q2 24 | -23.8% | 8.5% | ||
| Q1 24 | -1.3% | 5.2% |
| Q4 25 | 38.8% | 16.4% | ||
| Q3 25 | 29.9% | 4.6% | ||
| Q2 25 | 31.2% | 2.9% | ||
| Q1 25 | 45.6% | 5.7% | ||
| Q4 24 | 40.9% | 5.2% | ||
| Q3 24 | 39.7% | 2.3% | ||
| Q2 24 | 39.8% | 1.3% | ||
| Q1 24 | 35.2% | 1.9% |
| Q4 25 | 0.96× | — | ||
| Q3 25 | 2.24× | — | ||
| Q2 25 | 1.92× | — | ||
| Q1 25 | 1.68× | — | ||
| Q4 24 | 2.27× | — | ||
| Q3 24 | 1.78× | — | ||
| Q2 24 | 0.78× | — | ||
| 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% |
ILPT
Segment breakdown not available.
