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Side-by-side financial comparison of AMERICAN STATES WATER CO (AWR) and Mayville Engineering Company, Inc. (MEC). 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 $134.3M, roughly 1.2× Mayville Engineering Company, Inc.). AMERICAN STATES WATER CO runs the higher net margin — 17.5% vs -3.2%, a 20.7% gap on every dollar of revenue. On growth, AMERICAN STATES WATER CO posted the faster year-over-year revenue change (14.8% vs 10.7%). Mayville Engineering Company, Inc. produced more free cash flow last quarter ($10.2M vs $-36.0M). Over the past eight quarters, AMERICAN STATES WATER CO's revenue compounded faster (10.2% CAGR vs -8.8%).
American Water is an American public utility company that, through its subsidiaries, provides water and wastewater services in the United States.
Mayville Engineering Company, Inc. is a U.S.-headquartered leading manufacturer of metal components, fabricated assemblies, and custom engineered solutions. It serves OEM clients across agriculture, construction, transportation, defense, and power sports markets, offering end-to-end services from prototyping to high-volume production for North America.
AWR vs MEC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $164.3M | $134.3M |
| Net Profit | $28.7M | $-4.4M |
| Gross Margin | 88.9% | 6.8% |
| Operating Margin | 27.4% | -4.1% |
| Net Margin | 17.5% | -3.2% |
| Revenue YoY | 14.8% | 10.7% |
| Net Profit YoY | 1.1% | -127.3% |
| EPS (diluted) | $0.74 | $-0.22 |
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 | $134.3M | ||
| Q3 25 | $182.7M | $144.3M | ||
| Q2 25 | $163.1M | $132.3M | ||
| Q1 25 | $148.0M | $135.6M | ||
| Q4 24 | $143.1M | $121.3M | ||
| Q3 24 | $161.8M | $135.4M | ||
| Q2 24 | $155.3M | $163.6M | ||
| Q1 24 | $135.3M | $161.3M |
| Q4 25 | $28.7M | $-4.4M | ||
| Q3 25 | $41.2M | $-2.7M | ||
| Q2 25 | $33.7M | $-1.1M | ||
| Q1 25 | $26.8M | $20.0K | ||
| Q4 24 | $28.4M | $16.0M | ||
| Q3 24 | $35.8M | $3.0M | ||
| Q2 24 | $31.9M | $3.8M | ||
| Q1 24 | $23.1M | $3.2M |
| Q4 25 | 88.9% | 6.8% | ||
| Q3 25 | 91.0% | 11.0% | ||
| Q2 25 | 92.1% | 10.3% | ||
| Q1 25 | 91.3% | 11.3% | ||
| Q4 24 | 92.4% | 8.9% | ||
| Q3 24 | 92.7% | 12.6% | ||
| Q2 24 | 89.6% | 13.6% | ||
| Q1 24 | 88.4% | 13.0% |
| Q4 25 | 27.4% | -4.1% | ||
| Q3 25 | 33.8% | 0.0% | ||
| Q2 25 | 31.3% | 0.1% | ||
| Q1 25 | 30.8% | 1.2% | ||
| Q4 24 | 27.0% | 19.0% | ||
| Q3 24 | 34.0% | 4.2% | ||
| Q2 24 | 33.3% | 5.0% | ||
| Q1 24 | 28.8% | 4.7% |
| Q4 25 | 17.5% | -3.2% | ||
| Q3 25 | 22.5% | -1.9% | ||
| Q2 25 | 20.7% | -0.8% | ||
| Q1 25 | 18.1% | 0.0% | ||
| Q4 24 | 19.9% | 13.2% | ||
| Q3 24 | 22.1% | 2.2% | ||
| Q2 24 | 20.5% | 2.3% | ||
| Q1 24 | 17.1% | 2.0% |
| Q4 25 | $0.74 | $-0.22 | ||
| Q3 25 | $1.06 | $-0.13 | ||
| Q2 25 | $0.87 | $-0.05 | ||
| Q1 25 | $0.70 | $0.00 | ||
| Q4 24 | $0.75 | $0.76 | ||
| Q3 24 | $0.95 | $0.14 | ||
| Q2 24 | $0.85 | $0.18 | ||
| Q1 24 | $0.62 | $0.16 |
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 | $1.5M |
| Total DebtLower is stronger | $782.7M | — |
| Stockholders' EquityBook value | $1.0B | $240.7M |
| Total Assets | $2.7B | $563.6M |
| Debt / EquityLower = less leverage | 0.75× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $18.8M | $1.5M | ||
| Q3 25 | $26.1M | $1.2M | ||
| Q2 25 | $20.2M | $206.0K | ||
| Q1 25 | $21.2M | $183.0K | ||
| Q4 24 | $26.7M | $206.0K | ||
| Q3 24 | $16.5M | $178.0K | ||
| Q2 24 | $3.6M | $314.0K | ||
| Q1 24 | $17.0M | $314.0K |
| Q4 25 | $782.7M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $640.4M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.0B | $240.7M | ||
| Q3 25 | $1.0B | $244.8M | ||
| Q2 25 | $972.5M | $246.8M | ||
| Q1 25 | $956.4M | $250.0M | ||
| Q4 24 | $920.1M | $251.8M | ||
| Q3 24 | $879.5M | $238.4M | ||
| Q2 24 | $833.5M | $238.1M | ||
| Q1 24 | $800.5M | $234.0M |
| Q4 25 | $2.7B | $563.6M | ||
| Q3 25 | $2.7B | $585.6M | ||
| Q2 25 | $2.6B | $433.7M | ||
| Q1 25 | $2.5B | $447.7M | ||
| Q4 24 | $2.5B | $445.6M | ||
| Q3 24 | $2.4B | $466.0M | ||
| Q2 24 | $2.3B | $488.2M | ||
| Q1 24 | $2.3B | $499.9M |
| 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 | $13.4M |
| Free Cash FlowOCF − Capex | $-36.0M | $10.2M |
| FCF MarginFCF / Revenue | -21.9% | 7.6% |
| Capex IntensityCapex / Revenue | 38.8% | 2.4% |
| Cash ConversionOCF / Net Profit | 0.96× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-7.1M | $26.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $27.7M | $13.4M | ||
| Q3 25 | $92.4M | $1.9M | ||
| Q2 25 | $64.6M | $15.0M | ||
| Q1 25 | $45.1M | $8.3M | ||
| Q4 24 | $64.5M | $38.0M | ||
| Q3 24 | $63.7M | $17.9M | ||
| Q2 24 | $24.7M | $23.3M | ||
| Q1 24 | $45.8M | $10.6M |
| Q4 25 | $-36.0M | $10.2M | ||
| Q3 25 | $37.7M | $-1.1M | ||
| Q2 25 | $13.7M | $12.5M | ||
| Q1 25 | $-22.5M | $5.4M | ||
| Q4 24 | $6.0M | $35.6M | ||
| Q3 24 | $-478.0K | $15.1M | ||
| Q2 24 | $-37.0M | $19.2M | ||
| Q1 24 | $-1.7M | $7.8M |
| Q4 25 | -21.9% | 7.6% | ||
| Q3 25 | 20.7% | -0.8% | ||
| Q2 25 | 8.4% | 9.5% | ||
| Q1 25 | -15.2% | 4.0% | ||
| Q4 24 | 4.2% | 29.4% | ||
| Q3 24 | -0.3% | 11.1% | ||
| Q2 24 | -23.8% | 11.7% | ||
| Q1 24 | -1.3% | 4.9% |
| Q4 25 | 38.8% | 2.4% | ||
| Q3 25 | 29.9% | 2.1% | ||
| Q2 25 | 31.2% | 1.8% | ||
| Q1 25 | 45.6% | 2.2% | ||
| Q4 24 | 40.9% | 1.9% | ||
| Q3 24 | 39.7% | 2.1% | ||
| Q2 24 | 39.8% | 2.5% | ||
| Q1 24 | 35.2% | 1.7% |
| Q4 25 | 0.96× | — | ||
| Q3 25 | 2.24× | — | ||
| Q2 25 | 1.92× | — | ||
| Q1 25 | 1.68× | 416.65× | ||
| Q4 24 | 2.27× | 2.38× | ||
| Q3 24 | 1.78× | 6.03× | ||
| Q2 24 | 0.78× | 6.15× | ||
| Q1 24 | 1.98× | 3.28× |
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% |
MEC
| Fabrication | $72.2M | 54% |
| Construction And Access | $19.2M | 14% |
| Tubes | $16.2M | 12% |
| Other Market | $11.9M | 9% |
| Agriculture | $7.7M | 6% |
| Military | $6.7M | 5% |
| Outdoor Sports | $1.7M | 1% |
