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Side-by-side financial comparison of AMERICAN STATES WATER CO (AWR) and Limbach Holdings, Inc. (LMB). Click either name above to swap in a different company.
Limbach Holdings, Inc. is the larger business by last-quarter revenue ($186.9M vs $164.3M, roughly 1.1× AMERICAN STATES WATER CO). AMERICAN STATES WATER CO runs the higher net margin — 17.5% vs 6.6%, a 10.9% gap on every dollar of revenue. On growth, Limbach Holdings, Inc. posted the faster year-over-year revenue change (30.1% vs 14.8%). Limbach Holdings, Inc. produced more free cash flow last quarter ($27.9M vs $-36.0M). Over the past eight quarters, Limbach Holdings, Inc.'s revenue compounded faster (25.3% 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.
Limbach Flugmotoren is a Chinese-owned company based in Germany that produces aircraft engines.
AWR vs LMB — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $164.3M | $186.9M |
| Net Profit | $28.7M | $12.3M |
| Gross Margin | 88.9% | 25.7% |
| Operating Margin | 27.4% | 9.4% |
| Net Margin | 17.5% | 6.6% |
| Revenue YoY | 14.8% | 30.1% |
| Net Profit YoY | 1.1% | 25.0% |
| EPS (diluted) | $0.74 | $1.01 |
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 | $186.9M | ||
| Q3 25 | $182.7M | $184.6M | ||
| Q2 25 | $163.1M | $142.2M | ||
| Q1 25 | $148.0M | $133.1M | ||
| Q4 24 | $143.1M | $143.7M | ||
| Q3 24 | $161.8M | $133.9M | ||
| Q2 24 | $155.3M | $122.2M | ||
| Q1 24 | $135.3M | $119.0M |
| Q4 25 | $28.7M | $12.3M | ||
| Q3 25 | $41.2M | $8.8M | ||
| Q2 25 | $33.7M | $7.8M | ||
| Q1 25 | $26.8M | $10.2M | ||
| Q4 24 | $28.4M | $9.8M | ||
| Q3 24 | $35.8M | $7.5M | ||
| Q2 24 | $31.9M | $6.0M | ||
| Q1 24 | $23.1M | $7.6M |
| Q4 25 | 88.9% | 25.7% | ||
| Q3 25 | 91.0% | 24.2% | ||
| Q2 25 | 92.1% | 28.0% | ||
| Q1 25 | 91.3% | 27.6% | ||
| Q4 24 | 92.4% | 30.3% | ||
| Q3 24 | 92.7% | 27.0% | ||
| Q2 24 | 89.6% | 27.4% | ||
| Q1 24 | 88.4% | 26.1% |
| Q4 25 | 27.4% | 9.4% | ||
| Q3 25 | 33.8% | 7.2% | ||
| Q2 25 | 31.3% | 7.5% | ||
| Q1 25 | 30.8% | 5.9% | ||
| Q4 24 | 27.0% | 9.1% | ||
| Q3 24 | 34.0% | 8.1% | ||
| Q2 24 | 33.3% | 6.7% | ||
| Q1 24 | 28.8% | 5.5% |
| Q4 25 | 17.5% | 6.6% | ||
| Q3 25 | 22.5% | 4.8% | ||
| Q2 25 | 20.7% | 5.5% | ||
| Q1 25 | 18.1% | 7.7% | ||
| Q4 24 | 19.9% | 6.9% | ||
| Q3 24 | 22.1% | 5.6% | ||
| Q2 24 | 20.5% | 4.9% | ||
| Q1 24 | 17.1% | 6.4% |
| Q4 25 | $0.74 | $1.01 | ||
| Q3 25 | $1.06 | $0.73 | ||
| Q2 25 | $0.87 | $0.64 | ||
| Q1 25 | $0.70 | $0.85 | ||
| Q4 24 | $0.75 | $0.81 | ||
| Q3 24 | $0.95 | $0.62 | ||
| Q2 24 | $0.85 | $0.50 | ||
| Q1 24 | $0.62 | $0.64 |
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 | $11.3M |
| Total DebtLower is stronger | $782.7M | $30.5M |
| Stockholders' EquityBook value | $1.0B | $195.7M |
| Total Assets | $2.7B | $381.1M |
| Debt / EquityLower = less leverage | 0.75× | 0.16× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $18.8M | $11.3M | ||
| Q3 25 | $26.1M | $9.8M | ||
| Q2 25 | $20.2M | $38.9M | ||
| Q1 25 | $21.2M | $38.1M | ||
| Q4 24 | $26.7M | $44.9M | ||
| Q3 24 | $16.5M | $51.2M | ||
| Q2 24 | $3.6M | $59.5M | ||
| Q1 24 | $17.0M | $48.2M |
| Q4 25 | $782.7M | $30.5M | ||
| Q3 25 | — | $56.3M | ||
| Q2 25 | — | $28.4M | ||
| Q1 25 | — | $23.7M | ||
| Q4 24 | $640.4M | $23.6M | ||
| Q3 24 | — | $20.5M | ||
| Q2 24 | — | $19.7M | ||
| Q1 24 | — | $19.4M |
| Q4 25 | $1.0B | $195.7M | ||
| Q3 25 | $1.0B | $181.6M | ||
| Q2 25 | $972.5M | $170.5M | ||
| Q1 25 | $956.4M | $161.1M | ||
| Q4 24 | $920.1M | $153.5M | ||
| Q3 24 | $879.5M | $142.2M | ||
| Q2 24 | $833.5M | $133.0M | ||
| Q1 24 | $800.5M | $125.5M |
| Q4 25 | $2.7B | $381.1M | ||
| Q3 25 | $2.7B | $409.1M | ||
| Q2 25 | $2.6B | $343.0M | ||
| Q1 25 | $2.5B | $336.4M | ||
| Q4 24 | $2.5B | $352.1M | ||
| Q3 24 | $2.4B | $324.4M | ||
| Q2 24 | $2.3B | $303.9M | ||
| Q1 24 | $2.3B | $289.2M |
| Q4 25 | 0.75× | 0.16× | ||
| Q3 25 | — | 0.31× | ||
| Q2 25 | — | 0.17× | ||
| Q1 25 | — | 0.15× | ||
| Q4 24 | 0.70× | 0.15× | ||
| Q3 24 | — | 0.14× | ||
| Q2 24 | — | 0.15× | ||
| Q1 24 | — | 0.15× |
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 | $28.1M |
| Free Cash FlowOCF − Capex | $-36.0M | $27.9M |
| FCF MarginFCF / Revenue | -21.9% | 14.9% |
| Capex IntensityCapex / Revenue | 38.8% | 0.1% |
| Cash ConversionOCF / Net Profit | 0.96× | 2.29× |
| TTM Free Cash FlowTrailing 4 quarters | $-7.1M | $41.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $27.7M | $28.1M | ||
| Q3 25 | $92.4M | $13.3M | ||
| Q2 25 | $64.6M | $2.0M | ||
| Q1 25 | $45.1M | $2.2M | ||
| Q4 24 | $64.5M | $19.3M | ||
| Q3 24 | $63.7M | $4.9M | ||
| Q2 24 | $24.7M | $16.5M | ||
| Q1 24 | $45.8M | $-3.9M |
| Q4 25 | $-36.0M | $27.9M | ||
| Q3 25 | $37.7M | $12.8M | ||
| Q2 25 | $13.7M | $1.2M | ||
| Q1 25 | $-22.5M | $11.0K | ||
| Q4 24 | $6.0M | $18.0M | ||
| Q3 24 | $-478.0K | $4.6M | ||
| Q2 24 | $-37.0M | $13.2M | ||
| Q1 24 | $-1.7M | $-6.5M |
| Q4 25 | -21.9% | 14.9% | ||
| Q3 25 | 20.7% | 7.0% | ||
| Q2 25 | 8.4% | 0.8% | ||
| Q1 25 | -15.2% | 0.0% | ||
| Q4 24 | 4.2% | 12.5% | ||
| Q3 24 | -0.3% | 3.4% | ||
| Q2 24 | -23.8% | 10.8% | ||
| Q1 24 | -1.3% | -5.5% |
| Q4 25 | 38.8% | 0.1% | ||
| Q3 25 | 29.9% | 0.3% | ||
| Q2 25 | 31.2% | 0.6% | ||
| Q1 25 | 45.6% | 1.7% | ||
| Q4 24 | 40.9% | 0.9% | ||
| Q3 24 | 39.7% | 0.3% | ||
| Q2 24 | 39.8% | 2.7% | ||
| Q1 24 | 35.2% | 2.1% |
| Q4 25 | 0.96× | 2.29× | ||
| Q3 25 | 2.24× | 1.52× | ||
| Q2 25 | 1.92× | 0.26× | ||
| Q1 25 | 1.68× | 0.22× | ||
| Q4 24 | 2.27× | 1.96× | ||
| Q3 24 | 1.78× | 0.66× | ||
| Q2 24 | 0.78× | 2.77× | ||
| Q1 24 | 1.98× | -0.52× |
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% |
LMB
| Owner Direct Relationships Segment | $145.0M | 78% |
| General Contractor Construction Manager Relationships Segment | $41.9M | 22% |
