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Side-by-side financial comparison of AMERICAN STATES WATER CO (AWR) and National Storage Affiliates Trust (NSA). Click either name above to swap in a different company.
National Storage Affiliates Trust is the larger business by last-quarter revenue ($187.0M vs $164.3M, roughly 1.1× AMERICAN STATES WATER CO). AMERICAN STATES WATER CO runs the higher net margin — 17.5% vs 12.2%, a 5.3% gap on every dollar of revenue. On growth, AMERICAN STATES WATER CO posted the faster year-over-year revenue change (14.8% vs -1.6%). National Storage Affiliates Trust produced more free cash flow last quarter ($299.8M vs $-36.0M). Over the past eight quarters, AMERICAN STATES WATER CO's revenue compounded faster (10.2% CAGR vs -2.4%).
American Water is an American public utility company that, through its subsidiaries, provides water and wastewater services in the United States.
National Storage Affiliates Trust is a U.S.-headquartered real estate investment trust focused on self-storage assets. It owns, operates and acquires self-storage facilities across dozens of U.S. states, offering secure storage solutions for residential and commercial customers.
AWR vs NSA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $164.3M | $187.0M |
| Net Profit | $28.7M | $22.9M |
| Gross Margin | 88.9% | 72.5% |
| Operating Margin | 27.4% | 20.2% |
| Net Margin | 17.5% | 12.2% |
| Revenue YoY | 14.8% | -1.6% |
| Net Profit YoY | 1.1% | 36.8% |
| EPS (diluted) | $0.74 | $0.23 |
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 | $187.0M | ||
| Q3 25 | $182.7M | $188.7M | ||
| Q2 25 | $163.1M | $188.8M | ||
| Q1 25 | $148.0M | $188.4M | ||
| Q4 24 | $143.1M | $190.1M | ||
| Q3 24 | $161.8M | $193.6M | ||
| Q2 24 | $155.3M | $190.4M | ||
| Q1 24 | $135.3M | $196.1M |
| Q4 25 | $28.7M | $22.9M | ||
| Q3 25 | $41.2M | $18.4M | ||
| Q2 25 | $33.7M | $19.5M | ||
| Q1 25 | $26.8M | $13.0M | ||
| Q4 24 | $28.4M | $16.7M | ||
| Q3 24 | $35.8M | $18.7M | ||
| Q2 24 | $31.9M | $17.1M | ||
| Q1 24 | $23.1M | $59.0M |
| Q4 25 | 88.9% | 72.5% | ||
| Q3 25 | 91.0% | 70.7% | ||
| Q2 25 | 92.1% | 70.5% | ||
| Q1 25 | 91.3% | 70.7% | ||
| Q4 24 | 92.4% | 72.5% | ||
| Q3 24 | 92.7% | 72.8% | ||
| Q2 24 | 89.6% | 72.6% | ||
| Q1 24 | 88.4% | 72.1% |
| Q4 25 | 27.4% | 20.2% | ||
| Q3 25 | 33.8% | 15.8% | ||
| Q2 25 | 31.3% | 16.5% | ||
| Q1 25 | 30.8% | 11.0% | ||
| Q4 24 | 27.0% | 14.5% | ||
| Q3 24 | 34.0% | 15.8% | ||
| Q2 24 | 33.3% | 17.2% | ||
| Q1 24 | 28.8% | 48.9% |
| Q4 25 | 17.5% | 12.2% | ||
| Q3 25 | 22.5% | 9.8% | ||
| Q2 25 | 20.7% | 10.3% | ||
| Q1 25 | 18.1% | 6.9% | ||
| Q4 24 | 19.9% | 8.8% | ||
| Q3 24 | 22.1% | 9.7% | ||
| Q2 24 | 20.5% | 9.0% | ||
| Q1 24 | 17.1% | 30.1% |
| Q4 25 | $0.74 | $0.23 | ||
| Q3 25 | $1.06 | $0.17 | ||
| Q2 25 | $0.87 | $0.19 | ||
| Q1 25 | $0.70 | $0.10 | ||
| Q4 24 | $0.75 | $0.19 | ||
| Q3 24 | $0.95 | $0.18 | ||
| Q2 24 | $0.85 | $0.16 | ||
| Q1 24 | $0.62 | $0.65 |
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 | $23.3M |
| Total DebtLower is stronger | $782.7M | — |
| Stockholders' EquityBook value | $1.0B | $946.0M |
| Total Assets | $2.7B | $5.1B |
| Debt / EquityLower = less leverage | 0.75× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $18.8M | $23.3M | ||
| Q3 25 | $26.1M | $26.3M | ||
| Q2 25 | $20.2M | $26.1M | ||
| Q1 25 | $21.2M | $19.3M | ||
| Q4 24 | $26.7M | $50.4M | ||
| Q3 24 | $16.5M | $69.9M | ||
| Q2 24 | $3.6M | $59.0M | ||
| Q1 24 | $17.0M | $64.2M |
| Q4 25 | $782.7M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $640.4M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.0B | $946.0M | ||
| Q3 25 | $1.0B | $973.1M | ||
| Q2 25 | $972.5M | $1.0B | ||
| Q1 25 | $956.4M | $1.0B | ||
| Q4 24 | $920.1M | $1.1B | ||
| Q3 24 | $879.5M | $986.9M | ||
| Q2 24 | $833.5M | $1.2B | ||
| Q1 24 | $800.5M | $1.3B |
| Q4 25 | $2.7B | $5.1B | ||
| Q3 25 | $2.7B | $5.1B | ||
| Q2 25 | $2.6B | $5.2B | ||
| Q1 25 | $2.5B | $5.3B | ||
| Q4 24 | $2.5B | $5.4B | ||
| Q3 24 | $2.4B | $5.4B | ||
| Q2 24 | $2.3B | $5.3B | ||
| Q1 24 | $2.3B | $5.4B |
| 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 | $338.5M |
| Free Cash FlowOCF − Capex | $-36.0M | $299.8M |
| FCF MarginFCF / Revenue | -21.9% | 160.3% |
| Capex IntensityCapex / Revenue | 38.8% | 20.7% |
| Cash ConversionOCF / Net Profit | 0.96× | 14.79× |
| TTM Free Cash FlowTrailing 4 quarters | $-7.1M | $541.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $27.7M | $338.5M | ||
| Q3 25 | $92.4M | $100.2M | ||
| Q2 25 | $64.6M | $79.9M | ||
| Q1 25 | $45.1M | $85.6M | ||
| Q4 24 | $64.5M | $363.1M | ||
| Q3 24 | $63.7M | $105.7M | ||
| Q2 24 | $24.7M | $83.2M | ||
| Q1 24 | $45.8M | $94.0M |
| Q4 25 | $-36.0M | $299.8M | ||
| Q3 25 | $37.7M | $88.0M | ||
| Q2 25 | $13.7M | $73.8M | ||
| Q1 25 | $-22.5M | $79.9M | ||
| Q4 24 | $6.0M | $344.4M | ||
| Q3 24 | $-478.0K | $101.8M | ||
| Q2 24 | $-37.0M | $79.5M | ||
| Q1 24 | $-1.7M | $88.6M |
| Q4 25 | -21.9% | 160.3% | ||
| Q3 25 | 20.7% | 46.6% | ||
| Q2 25 | 8.4% | 39.1% | ||
| Q1 25 | -15.2% | 42.4% | ||
| Q4 24 | 4.2% | 181.2% | ||
| Q3 24 | -0.3% | 52.6% | ||
| Q2 24 | -23.8% | 41.7% | ||
| Q1 24 | -1.3% | 45.2% |
| Q4 25 | 38.8% | 20.7% | ||
| Q3 25 | 29.9% | 6.5% | ||
| Q2 25 | 31.2% | 3.2% | ||
| Q1 25 | 45.6% | 3.0% | ||
| Q4 24 | 40.9% | 9.8% | ||
| Q3 24 | 39.7% | 2.0% | ||
| Q2 24 | 39.8% | 1.9% | ||
| Q1 24 | 35.2% | 2.7% |
| Q4 25 | 0.96× | 14.79× | ||
| Q3 25 | 2.24× | 5.44× | ||
| Q2 25 | 1.92× | 4.10× | ||
| Q1 25 | 1.68× | 6.59× | ||
| Q4 24 | 2.27× | 21.70× | ||
| Q3 24 | 1.78× | 5.65× | ||
| Q2 24 | 0.78× | 4.88× | ||
| Q1 24 | 1.98× | 1.59× |
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% |
NSA
Segment breakdown not available.
