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Side-by-side financial comparison of AMERICAN STATES WATER CO (AWR) and IOVANCE BIOTHERAPEUTICS, INC. (IOVA). 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 $86.8M, roughly 1.9× IOVANCE BIOTHERAPEUTICS, INC.). On growth, IOVANCE BIOTHERAPEUTICS, INC. posted the faster year-over-year revenue change (17.7% vs 14.8%). AMERICAN STATES WATER CO produced more free cash flow last quarter ($-36.0M vs $-61.9M). Over the past eight quarters, IOVANCE BIOTHERAPEUTICS, INC.'s revenue compounded faster (1001.6% 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.
Iovance Biotherapeutics, Inc. is a biopharmaceutical startup based in San Carlos, California. The company works to develop tumor-infiltrating lymphocyte (TIL) therapies against cancer.
AWR vs IOVA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $164.3M | $86.8M |
| Net Profit | $28.7M | — |
| Gross Margin | 88.9% | 67.4% |
| Operating Margin | 27.4% | -84.7% |
| Net Margin | 17.5% | — |
| Revenue YoY | 14.8% | 17.7% |
| Net Profit YoY | 1.1% | — |
| EPS (diluted) | $0.74 | — |
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 | $86.8M | ||
| Q3 25 | $182.7M | $67.5M | ||
| Q2 25 | $163.1M | $60.0M | ||
| Q1 25 | $148.0M | $49.3M | ||
| Q4 24 | $143.1M | $73.7M | ||
| Q3 24 | $161.8M | $58.6M | ||
| Q2 24 | $155.3M | $31.1M | ||
| Q1 24 | $135.3M | $715.0K |
| Q4 25 | $28.7M | — | ||
| Q3 25 | $41.2M | $-91.3M | ||
| Q2 25 | $33.7M | $-111.7M | ||
| Q1 25 | $26.8M | $-116.2M | ||
| Q4 24 | $28.4M | — | ||
| Q3 24 | $35.8M | $-83.5M | ||
| Q2 24 | $31.9M | $-97.1M | ||
| Q1 24 | $23.1M | $-113.0M |
| Q4 25 | 88.9% | 67.4% | ||
| Q3 25 | 91.0% | 43.0% | ||
| Q2 25 | 92.1% | 5.5% | ||
| Q1 25 | 91.3% | -0.8% | ||
| Q4 24 | 92.4% | 68.7% | ||
| Q3 24 | 92.7% | 46.2% | ||
| Q2 24 | 89.6% | -0.8% | ||
| Q1 24 | 88.4% | — |
| Q4 25 | 27.4% | -84.7% | ||
| Q3 25 | 33.8% | -140.7% | ||
| Q2 25 | 31.3% | -189.8% | ||
| Q1 25 | 30.8% | -245.8% | ||
| Q4 24 | 27.0% | -117.5% | ||
| Q3 24 | 34.0% | -152.1% | ||
| Q2 24 | 33.3% | -327.6% | ||
| Q1 24 | 28.8% | -16464.6% |
| Q4 25 | 17.5% | — | ||
| Q3 25 | 22.5% | -135.3% | ||
| Q2 25 | 20.7% | -186.2% | ||
| Q1 25 | 18.1% | -235.5% | ||
| Q4 24 | 19.9% | — | ||
| Q3 24 | 22.1% | -142.7% | ||
| Q2 24 | 20.5% | -312.2% | ||
| Q1 24 | 17.1% | -15800.8% |
| Q4 25 | $0.74 | — | ||
| Q3 25 | $1.06 | — | ||
| Q2 25 | $0.87 | $-0.33 | ||
| Q1 25 | $0.70 | $-0.36 | ||
| Q4 24 | $0.75 | $-0.24 | ||
| Q3 24 | $0.95 | $-0.28 | ||
| Q2 24 | $0.85 | $-0.34 | ||
| Q1 24 | $0.62 | $-0.42 |
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 | $297.0M |
| Total DebtLower is stronger | $782.7M | — |
| Stockholders' EquityBook value | $1.0B | $698.6M |
| Total Assets | $2.7B | $913.2M |
| Debt / EquityLower = less leverage | 0.75× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $18.8M | $297.0M | ||
| Q3 25 | $26.1M | $300.8M | ||
| Q2 25 | $20.2M | $301.2M | ||
| Q1 25 | $21.2M | $359.7M | ||
| Q4 24 | $26.7M | $323.8M | ||
| Q3 24 | $16.5M | $397.5M | ||
| Q2 24 | $3.6M | $412.5M | ||
| Q1 24 | $17.0M | $356.2M |
| Q4 25 | $782.7M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $640.4M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.0B | $698.6M | ||
| Q3 25 | $1.0B | $702.3M | ||
| Q2 25 | $972.5M | $698.5M | ||
| Q1 25 | $956.4M | $767.9M | ||
| Q4 24 | $920.1M | $710.4M | ||
| Q3 24 | $879.5M | $773.5M | ||
| Q2 24 | $833.5M | $768.5M | ||
| Q1 24 | $800.5M | $680.0M |
| Q4 25 | $2.7B | $913.2M | ||
| Q3 25 | $2.7B | $904.9M | ||
| Q2 25 | $2.6B | $907.4M | ||
| Q1 25 | $2.5B | $966.7M | ||
| Q4 24 | $2.5B | $910.4M | ||
| Q3 24 | $2.4B | $991.1M | ||
| Q2 24 | $2.3B | $964.3M | ||
| Q1 24 | $2.3B | $869.8M |
| 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 | $-52.6M |
| Free Cash FlowOCF − Capex | $-36.0M | $-61.9M |
| FCF MarginFCF / Revenue | -21.9% | -71.3% |
| Capex IntensityCapex / Revenue | 38.8% | 10.7% |
| Cash ConversionOCF / Net Profit | 0.96× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-7.1M | $-336.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $27.7M | $-52.6M | ||
| Q3 25 | $92.4M | $-78.7M | ||
| Q2 25 | $64.6M | $-67.4M | ||
| Q1 25 | $45.1M | $-103.7M | ||
| Q4 24 | $64.5M | $-73.3M | ||
| Q3 24 | $63.7M | $-59.0M | ||
| Q2 24 | $24.7M | $-98.4M | ||
| Q1 24 | $45.8M | $-122.3M |
| Q4 25 | $-36.0M | $-61.9M | ||
| Q3 25 | $37.7M | $-89.5M | ||
| Q2 25 | $13.7M | $-74.9M | ||
| Q1 25 | $-22.5M | $-109.9M | ||
| Q4 24 | $6.0M | $-77.5M | ||
| Q3 24 | $-478.0K | $-61.3M | ||
| Q2 24 | $-37.0M | $-98.9M | ||
| Q1 24 | $-1.7M | $-126.5M |
| Q4 25 | -21.9% | -71.3% | ||
| Q3 25 | 20.7% | -132.7% | ||
| Q2 25 | 8.4% | -124.9% | ||
| Q1 25 | -15.2% | -222.8% | ||
| Q4 24 | 4.2% | -105.1% | ||
| Q3 24 | -0.3% | -104.6% | ||
| Q2 24 | -23.8% | -317.9% | ||
| Q1 24 | -1.3% | -17685.3% |
| Q4 25 | 38.8% | 10.7% | ||
| Q3 25 | 29.9% | 16.1% | ||
| Q2 25 | 31.2% | 12.4% | ||
| Q1 25 | 45.6% | 12.6% | ||
| Q4 24 | 40.9% | 5.7% | ||
| Q3 24 | 39.7% | 3.9% | ||
| Q2 24 | 39.8% | 1.4% | ||
| Q1 24 | 35.2% | 583.4% |
| 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% |
IOVA
| Amtagvi | $64.9M | 75% |
| Proleukin | $21.9M | 25% |
