vs
Side-by-side financial comparison of AMERICAN STATES WATER CO (AWR) and NICOLET BANKSHARES INC (NIC). 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 $104.0M, roughly 1.6× NICOLET BANKSHARES INC). NICOLET BANKSHARES INC runs the higher net margin — 38.8% vs 17.5%, a 21.3% gap on every dollar of revenue. On growth, AMERICAN STATES WATER CO posted the faster year-over-year revenue change (14.8% vs 12.5%). NICOLET BANKSHARES INC produced more free cash flow last quarter ($149.4M vs $-36.0M). Over the past eight quarters, NICOLET BANKSHARES INC's revenue compounded faster (12.5% 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.
Nicolet Bankshares, Inc. is a U.S. regional bank holding company based in Green Bay, Wisconsin. They are the parent company of Nicolet National Bank, the second largest Wisconsin-based bank.
AWR vs NIC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $164.3M | $104.0M |
| Net Profit | $28.7M | $40.3M |
| Gross Margin | 88.9% | — |
| Operating Margin | 27.4% | 48.3% |
| Net Margin | 17.5% | 38.8% |
| Revenue YoY | 14.8% | 12.5% |
| Net Profit YoY | 1.1% | 16.9% |
| EPS (diluted) | $0.74 | $2.63 |
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 | $104.0M | ||
| Q3 25 | $182.7M | $102.9M | ||
| Q2 25 | $163.1M | $95.7M | ||
| Q1 25 | $148.0M | $89.4M | ||
| Q4 24 | $143.1M | $92.4M | ||
| Q3 24 | $161.8M | $90.7M | ||
| Q2 24 | $155.3M | $85.0M | ||
| Q1 24 | $135.3M | $82.2M |
| Q4 25 | $28.7M | $40.3M | ||
| Q3 25 | $41.2M | $41.7M | ||
| Q2 25 | $33.7M | $36.0M | ||
| Q1 25 | $26.8M | $32.6M | ||
| Q4 24 | $28.4M | $34.5M | ||
| Q3 24 | $35.8M | $32.5M | ||
| Q2 24 | $31.9M | $29.3M | ||
| Q1 24 | $23.1M | $27.8M |
| 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% | 48.3% | ||
| Q3 25 | 33.8% | 50.4% | ||
| Q2 25 | 31.3% | 46.8% | ||
| Q1 25 | 30.8% | 44.9% | ||
| Q4 24 | 27.0% | 46.8% | ||
| Q3 24 | 34.0% | 45.0% | ||
| Q2 24 | 33.3% | 43.3% | ||
| Q1 24 | 28.8% | 41.8% |
| Q4 25 | 17.5% | 38.8% | ||
| Q3 25 | 22.5% | 40.6% | ||
| Q2 25 | 20.7% | 37.6% | ||
| Q1 25 | 18.1% | 36.4% | ||
| Q4 24 | 19.9% | 37.3% | ||
| Q3 24 | 22.1% | 35.8% | ||
| Q2 24 | 20.5% | 34.5% | ||
| Q1 24 | 17.1% | 33.8% |
| Q4 25 | $0.74 | $2.63 | ||
| Q3 25 | $1.06 | $2.73 | ||
| Q2 25 | $0.87 | $2.34 | ||
| Q1 25 | $0.70 | $2.08 | ||
| Q4 24 | $0.75 | $2.21 | ||
| Q3 24 | $0.95 | $2.10 | ||
| Q2 24 | $0.85 | $1.92 | ||
| Q1 24 | $0.62 | $1.82 |
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 | $134.9M |
| Stockholders' EquityBook value | $1.0B | $1.3B |
| Total Assets | $2.7B | $9.2B |
| Debt / EquityLower = less leverage | 0.75× | 0.11× |
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 | — | ||
| Q1 24 | $17.0M | — |
| Q4 25 | $782.7M | $134.9M | ||
| Q3 25 | — | $134.6M | ||
| Q2 25 | — | $134.3M | ||
| Q1 25 | — | $156.6M | ||
| Q4 24 | $640.4M | $161.4M | ||
| Q3 24 | — | $161.2M | ||
| Q2 24 | — | $162.4M | ||
| Q1 24 | — | $162.3M |
| Q4 25 | $1.0B | $1.3B | ||
| Q3 25 | $1.0B | $1.2B | ||
| Q2 25 | $972.5M | $1.2B | ||
| Q1 25 | $956.4M | $1.2B | ||
| Q4 24 | $920.1M | $1.2B | ||
| Q3 24 | $879.5M | $1.1B | ||
| Q2 24 | $833.5M | $1.1B | ||
| Q1 24 | $800.5M | $1.1B |
| Q4 25 | $2.7B | $9.2B | ||
| Q3 25 | $2.7B | $9.0B | ||
| Q2 25 | $2.6B | $8.9B | ||
| Q1 25 | $2.5B | $9.0B | ||
| Q4 24 | $2.5B | $8.8B | ||
| Q3 24 | $2.4B | $8.6B | ||
| Q2 24 | $2.3B | $8.6B | ||
| Q1 24 | $2.3B | $8.4B |
| Q4 25 | 0.75× | 0.11× | ||
| Q3 25 | — | 0.11× | ||
| Q2 25 | — | 0.11× | ||
| Q1 25 | — | 0.13× | ||
| Q4 24 | 0.70× | 0.14× | ||
| 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 | $153.5M |
| Free Cash FlowOCF − Capex | $-36.0M | $149.4M |
| FCF MarginFCF / Revenue | -21.9% | 143.7% |
| Capex IntensityCapex / Revenue | 38.8% | 3.9% |
| Cash ConversionOCF / Net Profit | 0.96× | 3.81× |
| TTM Free Cash FlowTrailing 4 quarters | $-7.1M | $275.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $27.7M | $153.5M | ||
| Q3 25 | $92.4M | $45.9M | ||
| Q2 25 | $64.6M | $38.9M | ||
| Q1 25 | $45.1M | $41.8M | ||
| Q4 24 | $64.5M | $133.7M | ||
| Q3 24 | $63.7M | $39.6M | ||
| Q2 24 | $24.7M | $37.3M | ||
| Q1 24 | $45.8M | $23.4M |
| Q4 25 | $-36.0M | $149.4M | ||
| Q3 25 | $37.7M | $45.9M | ||
| Q2 25 | $13.7M | $38.4M | ||
| Q1 25 | $-22.5M | $41.3M | ||
| Q4 24 | $6.0M | $116.8M | ||
| Q3 24 | $-478.0K | $34.7M | ||
| Q2 24 | $-37.0M | $34.4M | ||
| Q1 24 | $-1.7M | $20.1M |
| Q4 25 | -21.9% | 143.7% | ||
| Q3 25 | 20.7% | 44.6% | ||
| Q2 25 | 8.4% | 40.1% | ||
| Q1 25 | -15.2% | 46.2% | ||
| Q4 24 | 4.2% | 126.4% | ||
| Q3 24 | -0.3% | 38.3% | ||
| Q2 24 | -23.8% | 40.5% | ||
| Q1 24 | -1.3% | 24.4% |
| Q4 25 | 38.8% | 3.9% | ||
| Q3 25 | 29.9% | 0.0% | ||
| Q2 25 | 31.2% | 0.6% | ||
| Q1 25 | 45.6% | 0.5% | ||
| Q4 24 | 40.9% | 18.3% | ||
| Q3 24 | 39.7% | 5.4% | ||
| Q2 24 | 39.8% | 3.5% | ||
| Q1 24 | 35.2% | 4.0% |
| Q4 25 | 0.96× | 3.81× | ||
| Q3 25 | 2.24× | 1.10× | ||
| Q2 25 | 1.92× | 1.08× | ||
| Q1 25 | 1.68× | 1.28× | ||
| Q4 24 | 2.27× | 3.88× | ||
| Q3 24 | 1.78× | 1.22× | ||
| Q2 24 | 0.78× | 1.28× | ||
| Q1 24 | 1.98× | 0.84× |
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% |
NIC
Segment breakdown not available.
