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Side-by-side financial comparison of AMERICAN STATES WATER CO (AWR) and NNN REIT, INC. (NNN). Click either name above to swap in a different company.
NNN REIT, INC. is the larger business by last-quarter revenue ($240.4M vs $164.3M, roughly 1.5× AMERICAN STATES WATER CO). NNN REIT, INC. runs the higher net margin — 39.1% vs 17.5%, a 21.6% gap on every dollar of revenue. On growth, AMERICAN STATES WATER CO posted the faster year-over-year revenue change (14.8% vs 4.1%). Over the past eight quarters, AMERICAN STATES WATER CO's revenue compounded faster (10.2% CAGR vs 5.3%).
American Water is an American public utility company that, through its subsidiaries, provides water and wastewater services in the United States.
NNN Reit, Inc. is a real estate investment trust that invests primarily in restaurant properties that are subject to long-term triple net leases, usually under leaseback arrangements. It is organized in Maryland with its principal office in Orlando, Florida.
AWR vs NNN — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $164.3M | $240.4M |
| Net Profit | $28.7M | $94.0M |
| Gross Margin | 88.9% | — |
| Operating Margin | 27.4% | 61.0% |
| Net Margin | 17.5% | 39.1% |
| Revenue YoY | 14.8% | 4.1% |
| Net Profit YoY | 1.1% | -2.6% |
| EPS (diluted) | $0.74 | $0.50 |
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.
| Q1 26 | — | $240.4M | ||
| Q4 25 | $164.3M | $238.4M | ||
| Q3 25 | $182.7M | $230.2M | ||
| Q2 25 | $163.1M | $226.8M | ||
| Q1 25 | $148.0M | $230.9M | ||
| Q4 24 | $143.1M | $218.5M | ||
| Q3 24 | $161.8M | $218.6M | ||
| Q2 24 | $155.3M | $216.8M |
| Q1 26 | — | $94.0M | ||
| Q4 25 | $28.7M | $96.0M | ||
| Q3 25 | $41.2M | $96.8M | ||
| Q2 25 | $33.7M | $100.5M | ||
| Q1 25 | $26.8M | $96.5M | ||
| Q4 24 | $28.4M | $97.9M | ||
| Q3 24 | $35.8M | $97.9M | ||
| Q2 24 | $31.9M | $106.7M |
| Q1 26 | — | — | ||
| 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 26 | — | 61.0% | ||
| Q4 25 | 27.4% | 62.3% | ||
| Q3 25 | 33.8% | 64.0% | ||
| Q2 25 | 31.3% | 66.0% | ||
| Q1 25 | 30.8% | 62.3% | ||
| Q4 24 | 27.0% | 65.8% | ||
| Q3 24 | 34.0% | 65.7% | ||
| Q2 24 | 33.3% | 70.2% |
| Q1 26 | — | 39.1% | ||
| Q4 25 | 17.5% | 40.2% | ||
| Q3 25 | 22.5% | 42.1% | ||
| Q2 25 | 20.7% | 44.3% | ||
| Q1 25 | 18.1% | 41.8% | ||
| Q4 24 | 19.9% | 44.8% | ||
| Q3 24 | 22.1% | 44.8% | ||
| Q2 24 | 20.5% | 49.2% |
| Q1 26 | — | $0.50 | ||
| Q4 25 | $0.74 | $0.51 | ||
| Q3 25 | $1.06 | $0.51 | ||
| Q2 25 | $0.87 | $0.54 | ||
| Q1 25 | $0.70 | $0.51 | ||
| Q4 24 | $0.75 | $0.52 | ||
| Q3 24 | $0.95 | $0.53 | ||
| Q2 24 | $0.85 | $0.58 |
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 | $4.6M |
| Total DebtLower is stronger | $782.7M | — |
| Stockholders' EquityBook value | $1.0B | $4.4B |
| Total Assets | $2.7B | $9.4B |
| Debt / EquityLower = less leverage | 0.75× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $4.6M | ||
| Q4 25 | $18.8M | $5.0M | ||
| Q3 25 | $26.1M | $157.9M | ||
| Q2 25 | $20.2M | $6.0M | ||
| Q1 25 | $21.2M | $5.1M | ||
| Q4 24 | $26.7M | $8.7M | ||
| Q3 24 | $16.5M | $173.5M | ||
| Q2 24 | $3.6M | $2.1M |
| Q1 26 | — | — | ||
| Q4 25 | $782.7M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $640.4M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $4.4B | ||
| Q4 25 | $1.0B | $4.4B | ||
| Q3 25 | $1.0B | $4.4B | ||
| Q2 25 | $972.5M | $4.4B | ||
| Q1 25 | $956.4M | $4.4B | ||
| Q4 24 | $920.1M | $4.4B | ||
| Q3 24 | $879.5M | $4.4B | ||
| Q2 24 | $833.5M | $4.2B |
| Q1 26 | — | $9.4B | ||
| Q4 25 | $2.7B | $9.4B | ||
| Q3 25 | $2.7B | $9.5B | ||
| Q2 25 | $2.6B | $9.1B | ||
| Q1 25 | $2.5B | $9.0B | ||
| Q4 24 | $2.5B | $8.9B | ||
| Q3 24 | $2.4B | $8.9B | ||
| Q2 24 | $2.3B | $8.7B |
| Q1 26 | — | — | ||
| Q4 25 | 0.75× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.70× | — | ||
| Q3 24 | — | — | ||
| Q2 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 | — |
| Free Cash FlowOCF − Capex | $-36.0M | — |
| FCF MarginFCF / Revenue | -21.9% | — |
| Capex IntensityCapex / Revenue | 38.8% | — |
| Cash ConversionOCF / Net Profit | 0.96× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-7.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $27.7M | $667.1M | ||
| Q3 25 | $92.4M | $218.3M | ||
| Q2 25 | $64.6M | $119.4M | ||
| Q1 25 | $45.1M | $203.3M | ||
| Q4 24 | $64.5M | $635.5M | ||
| Q3 24 | $63.7M | $206.6M | ||
| Q2 24 | $24.7M | $120.5M |
| Q1 26 | — | — | ||
| 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 | — |
| Q1 26 | — | — | ||
| 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% | — |
| Q1 26 | — | — | ||
| 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% | — |
| Q1 26 | — | — | ||
| Q4 25 | 0.96× | 6.95× | ||
| Q3 25 | 2.24× | 2.25× | ||
| Q2 25 | 1.92× | 1.19× | ||
| Q1 25 | 1.68× | 2.11× | ||
| Q4 24 | 2.27× | 6.49× | ||
| Q3 24 | 1.78× | 2.11× | ||
| Q2 24 | 0.78× | 1.13× |
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% |
NNN
Segment breakdown not available.
