vs
Side-by-side financial comparison of AMERICAN STATES WATER CO (AWR) and PURE CYCLE CORP (PCYO). 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 $9.1M, roughly 18.0× PURE CYCLE CORP). PURE CYCLE CORP runs the higher net margin — 50.0% vs 17.5%, a 32.5% gap on every dollar of revenue. On growth, PURE CYCLE CORP posted the faster year-over-year revenue change (58.8% vs 14.8%). Over the past eight quarters, PURE CYCLE CORP's revenue compounded faster (69.0% 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.
Pure Cycles, is a bicycle company based in Los Angeles, California that was founded by Michael Fishman, Jordan Schau, Zachary Schau and Austin Stoffers in 2010, as Pure Fix Cycles.
AWR vs PCYO — Head-to-Head
Income Statement — Q4 2025 vs Q1 2026
| Metric | | |
|---|---|---|
| Revenue | $164.3M | $9.1M |
| Net Profit | $28.7M | $4.6M |
| Gross Margin | 88.9% | 68.4% |
| Operating Margin | 27.4% | 48.0% |
| Net Margin | 17.5% | 50.0% |
| Revenue YoY | 14.8% | 58.8% |
| Net Profit YoY | 1.1% | 16.0% |
| EPS (diluted) | $0.74 | $0.19 |
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 | $9.1M | ||
| Q3 25 | $182.7M | $11.2M | ||
| Q2 25 | $163.1M | $5.1M | ||
| Q1 25 | $148.0M | $4.0M | ||
| Q4 24 | $143.1M | $5.8M | ||
| Q3 24 | $161.8M | $12.6M | ||
| Q2 24 | $155.3M | $7.6M | ||
| Q1 24 | $135.3M | $3.2M |
| Q4 25 | $28.7M | $4.6M | ||
| Q3 25 | $41.2M | $6.1M | ||
| Q2 25 | $33.7M | $2.3M | ||
| Q1 25 | $26.8M | $809.0K | ||
| Q4 24 | $28.4M | $3.9M | ||
| Q3 24 | $35.8M | $6.6M | ||
| Q2 24 | $31.9M | $2.8M | ||
| Q1 24 | $23.1M | $118.0K |
| Q4 25 | 88.9% | 68.4% | ||
| Q3 25 | 91.0% | 67.7% | ||
| Q2 25 | 92.1% | 63.4% | ||
| Q1 25 | 91.3% | 38.2% | ||
| Q4 24 | 92.4% | 63.8% | ||
| Q3 24 | 92.7% | 77.8% | ||
| Q2 24 | 89.6% | 64.0% | ||
| Q1 24 | 88.4% | 55.6% |
| Q4 25 | 27.4% | 48.0% | ||
| Q3 25 | 33.8% | 53.1% | ||
| Q2 25 | 31.3% | 26.0% | ||
| Q1 25 | 30.8% | -33.2% | ||
| Q4 24 | 27.0% | 29.9% | ||
| Q3 24 | 34.0% | 62.0% | ||
| Q2 24 | 33.3% | 40.3% | ||
| Q1 24 | 28.8% | -11.5% |
| Q4 25 | 17.5% | 50.0% | ||
| Q3 25 | 22.5% | 54.5% | ||
| Q2 25 | 20.7% | 43.9% | ||
| Q1 25 | 18.1% | 20.3% | ||
| Q4 24 | 19.9% | 68.4% | ||
| Q3 24 | 22.1% | 52.6% | ||
| Q2 24 | 20.5% | 37.2% | ||
| Q1 24 | 17.1% | 3.7% |
| Q4 25 | $0.74 | $0.19 | ||
| Q3 25 | $1.06 | $0.26 | ||
| Q2 25 | $0.87 | $0.09 | ||
| Q1 25 | $0.70 | $0.03 | ||
| Q4 24 | $0.75 | $0.16 | ||
| Q3 24 | $0.95 | $0.27 | ||
| Q2 24 | $0.85 | $0.12 | ||
| Q1 24 | $0.62 | $0.00 |
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 | $17.1M |
| Total DebtLower is stronger | $782.7M | $8.0M |
| Stockholders' EquityBook value | $1.0B | $147.5M |
| Total Assets | $2.7B | $168.1M |
| Debt / EquityLower = less leverage | 0.75× | 0.05× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $18.8M | $17.1M | ||
| Q3 25 | $26.1M | $21.9M | ||
| Q2 25 | $20.2M | $14.4M | ||
| Q1 25 | $21.2M | $16.5M | ||
| Q4 24 | $26.7M | $19.0M | ||
| Q3 24 | $16.5M | $22.1M | ||
| Q2 24 | $3.6M | $20.5M | ||
| Q1 24 | $17.0M | $20.6M |
| Q4 25 | $782.7M | $8.0M | ||
| Q3 25 | — | $6.8M | ||
| Q2 25 | — | $6.9M | ||
| Q1 25 | — | $6.9M | ||
| Q4 24 | $640.4M | $6.9M | ||
| Q3 24 | — | $6.9M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.0B | $147.5M | ||
| Q3 25 | $1.0B | $142.7M | ||
| Q2 25 | $972.5M | $136.7M | ||
| Q1 25 | $956.4M | $134.4M | ||
| Q4 24 | $920.1M | $133.6M | ||
| Q3 24 | $879.5M | $129.7M | ||
| Q2 24 | $833.5M | $123.2M | ||
| Q1 24 | $800.5M | $120.4M |
| Q4 25 | $2.7B | $168.1M | ||
| Q3 25 | $2.7B | $162.3M | ||
| Q2 25 | $2.6B | $151.7M | ||
| Q1 25 | $2.5B | $149.7M | ||
| Q4 24 | $2.5B | $149.7M | ||
| Q3 24 | $2.4B | $147.4M | ||
| Q2 24 | $2.3B | $140.4M | ||
| Q1 24 | $2.3B | $135.2M |
| Q4 25 | 0.75× | 0.05× | ||
| Q3 25 | — | 0.05× | ||
| Q2 25 | — | 0.05× | ||
| Q1 25 | — | 0.05× | ||
| Q4 24 | 0.70× | 0.05× | ||
| Q3 24 | — | 0.05× | ||
| 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 | $-979.0K |
| Free Cash FlowOCF − Capex | $-36.0M | — |
| FCF MarginFCF / Revenue | -21.9% | — |
| Capex IntensityCapex / Revenue | 38.8% | — |
| Cash ConversionOCF / Net Profit | 0.96× | -0.21× |
| TTM Free Cash FlowTrailing 4 quarters | $-7.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $27.7M | $-979.0K | ||
| Q3 25 | $92.4M | $9.4M | ||
| Q2 25 | $64.6M | $-503.0K | ||
| Q1 25 | $45.1M | $-1.4M | ||
| Q4 24 | $64.5M | $5.7M | ||
| Q3 24 | $63.7M | $3.1M | ||
| Q2 24 | $24.7M | $892.0K | ||
| Q1 24 | $45.8M | $-457.0K |
| 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 24 | $-1.7M | — |
| 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 24 | -1.3% | — |
| 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 24 | 35.2% | — |
| Q4 25 | 0.96× | -0.21× | ||
| Q3 25 | 2.24× | 1.53× | ||
| Q2 25 | 1.92× | -0.22× | ||
| Q1 25 | 1.68× | -1.70× | ||
| Q4 24 | 2.27× | 1.44× | ||
| Q3 24 | 1.78× | 0.47× | ||
| Q2 24 | 0.78× | 0.32× | ||
| Q1 24 | 1.98× | -3.87× |
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% |
PCYO
| Construction | $6.5M | 71% |
| Water And Wastewater Resource Development Segment | $2.5M | 27% |
