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Side-by-side financial comparison of AMERICAN STATES WATER CO (AWR) and Innovex International, Inc. (INVX). Click either name above to swap in a different company.
Innovex International, Inc. is the larger business by last-quarter revenue ($273.6M vs $164.3M, roughly 1.7× AMERICAN STATES WATER CO). AMERICAN STATES WATER CO runs the higher net margin — 17.5% vs 5.1%, a 12.4% gap on every dollar of revenue. On growth, AMERICAN STATES WATER CO posted the faster year-over-year revenue change (14.8% vs 9.1%). Over the past eight quarters, Innovex International, Inc.'s revenue compounded faster (46.2% CAGR vs 10.2%).
American Water is an American public utility company that, through its subsidiaries, provides water and wastewater services in the United States.
AWR vs INVX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $164.3M | $273.6M |
| Net Profit | $28.7M | $14.0M |
| Gross Margin | 88.9% | 28.9% |
| Operating Margin | 27.4% | 9.4% |
| Net Margin | 17.5% | 5.1% |
| Revenue YoY | 14.8% | 9.1% |
| Net Profit YoY | 1.1% | -56.1% |
| EPS (diluted) | $0.74 | $0.20 |
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 | $273.6M | ||
| Q3 25 | $182.7M | $240.0M | ||
| Q2 25 | $163.1M | $224.2M | ||
| Q1 25 | $148.0M | $240.4M | ||
| Q4 24 | $143.1M | $250.7M | ||
| Q3 24 | $161.8M | $151.8M | ||
| Q2 24 | $155.3M | $130.3M | ||
| Q1 24 | $135.3M | $128.0M |
| Q4 25 | $28.7M | $14.0M | ||
| Q3 25 | $41.2M | $39.2M | ||
| Q2 25 | $33.7M | $15.3M | ||
| Q1 25 | $26.8M | $14.8M | ||
| Q4 24 | $28.4M | $31.8M | ||
| Q3 24 | $35.8M | $82.6M | ||
| Q2 24 | $31.9M | $9.5M | ||
| Q1 24 | $23.1M | $16.4M |
| Q4 25 | 88.9% | 28.9% | ||
| Q3 25 | 91.0% | 31.6% | ||
| Q2 25 | 92.1% | 32.0% | ||
| Q1 25 | 91.3% | 31.8% | ||
| Q4 24 | 92.4% | 33.9% | ||
| Q3 24 | 92.7% | 34.7% | ||
| Q2 24 | 89.6% | 35.3% | ||
| Q1 24 | 88.4% | 38.4% |
| Q4 25 | 27.4% | 9.4% | ||
| Q3 25 | 33.8% | 26.0% | ||
| Q2 25 | 31.3% | 10.1% | ||
| Q1 25 | 30.8% | 9.1% | ||
| Q4 24 | 27.0% | 10.7% | ||
| Q3 24 | 34.0% | -8.7% | ||
| Q2 24 | 33.3% | 10.0% | ||
| Q1 24 | 28.8% | 17.4% |
| Q4 25 | 17.5% | 5.1% | ||
| Q3 25 | 22.5% | 16.3% | ||
| Q2 25 | 20.7% | 6.8% | ||
| Q1 25 | 18.1% | 6.1% | ||
| Q4 24 | 19.9% | 12.7% | ||
| Q3 24 | 22.1% | 54.4% | ||
| Q2 24 | 20.5% | 7.3% | ||
| Q1 24 | 17.1% | 12.8% |
| Q4 25 | $0.74 | $0.20 | ||
| Q3 25 | $1.06 | $0.57 | ||
| Q2 25 | $0.87 | $0.22 | ||
| Q1 25 | $0.70 | $0.21 | ||
| Q4 24 | $0.75 | $-0.03 | ||
| Q3 24 | $0.95 | $1.99 | ||
| Q2 24 | $0.85 | $0.30 | ||
| Q1 24 | $0.62 | $0.51 |
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 | — |
| Total DebtLower is stronger | $782.7M | $18.9M |
| Stockholders' EquityBook value | $1.0B | $1.1B |
| Total Assets | $2.7B | $1.3B |
| Debt / EquityLower = less leverage | 0.75× | 0.02× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $18.8M | — | ||
| Q3 25 | $26.1M | — | ||
| Q2 25 | $20.2M | — | ||
| Q1 25 | $21.2M | — | ||
| Q4 24 | $26.7M | — | ||
| Q3 24 | $16.5M | — | ||
| Q2 24 | $3.6M | $185.6M | ||
| Q1 24 | $17.0M | $202.2M |
| Q4 25 | $782.7M | $18.9M | ||
| Q3 25 | — | $20.1M | ||
| Q2 25 | — | $34.8M | ||
| Q1 25 | — | $19.7M | ||
| Q4 24 | $640.4M | $24.9M | ||
| Q3 24 | — | $12.4M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.0B | $1.1B | ||
| Q3 25 | $1.0B | $1.0B | ||
| Q2 25 | $972.5M | $995.6M | ||
| Q1 25 | $956.4M | $978.4M | ||
| Q4 24 | $920.1M | $958.2M | ||
| Q3 24 | $879.5M | $904.4M | ||
| Q2 24 | $833.5M | $352.5M | ||
| Q1 24 | $800.5M | $344.3M |
| Q4 25 | $2.7B | $1.3B | ||
| Q3 25 | $2.7B | $1.3B | ||
| Q2 25 | $2.6B | $1.2B | ||
| Q1 25 | $2.5B | $1.2B | ||
| Q4 24 | $2.5B | $1.2B | ||
| Q3 24 | $2.4B | $1.1B | ||
| Q2 24 | $2.3B | $1.0B | ||
| Q1 24 | $2.3B | $1.0B |
| Q4 25 | 0.75× | 0.02× | ||
| Q3 25 | — | 0.02× | ||
| Q2 25 | — | 0.03× | ||
| Q1 25 | — | 0.02× | ||
| Q4 24 | 0.70× | 0.03× | ||
| Q3 24 | — | 0.01× | ||
| 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 | $52.2M |
| Free Cash FlowOCF − Capex | $-36.0M | — |
| FCF MarginFCF / Revenue | -21.9% | — |
| Capex IntensityCapex / Revenue | 38.8% | — |
| Cash ConversionOCF / Net Profit | 0.96× | 3.74× |
| TTM Free Cash FlowTrailing 4 quarters | $-7.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $27.7M | $52.2M | ||
| Q3 25 | $92.4M | $48.4M | ||
| Q2 25 | $64.6M | $59.2M | ||
| Q1 25 | $45.1M | $31.1M | ||
| Q4 24 | $64.5M | $36.3M | ||
| Q3 24 | $63.7M | $21.7M | ||
| Q2 24 | $24.7M | $22.8M | ||
| Q1 24 | $45.8M | $12.6M |
| 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 | $16.6M | ||
| Q1 24 | $-1.7M | $7.8M |
| 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% | 12.7% | ||
| Q1 24 | -1.3% | 6.1% |
| 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% | 4.7% | ||
| Q1 24 | 35.2% | 3.7% |
| Q4 25 | 0.96× | 3.74× | ||
| Q3 25 | 2.24× | 1.23× | ||
| Q2 25 | 1.92× | 3.86× | ||
| Q1 25 | 1.68× | 2.11× | ||
| Q4 24 | 2.27× | 1.14× | ||
| Q3 24 | 1.78× | 0.26× | ||
| Q2 24 | 0.78× | 2.39× | ||
| Q1 24 | 1.98× | 0.77× |
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% |
INVX
| Products | $202.7M | 74% |
| Leasing | $42.3M | 15% |
| Services | $28.6M | 10% |
