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Side-by-side financial comparison of AMERICAN STATES WATER CO (AWR) and Safehold Inc. (SAFE). 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 $97.9M, roughly 1.7× Safehold Inc.). Safehold Inc. runs the higher net margin — 28.5% vs 17.5%, a 11.0% gap on every dollar of revenue. On growth, AMERICAN STATES WATER CO posted the faster year-over-year revenue change (14.8% vs 6.5%). Over the past eight quarters, AMERICAN STATES WATER CO's revenue compounded faster (10.2% CAGR vs 2.5%).
American Water is an American public utility company that, through its subsidiaries, provides water and wastewater services in the United States.
SAFE Investment Company Limited is a Chinese sovereign wealth fund based in Hong Kong.
AWR vs SAFE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $164.3M | $97.9M |
| Net Profit | $28.7M | $27.9M |
| Gross Margin | 88.9% | 98.6% |
| Operating Margin | 27.4% | 27.4% |
| Net Margin | 17.5% | 28.5% |
| Revenue YoY | 14.8% | 6.5% |
| Net Profit YoY | 1.1% | 7.1% |
| EPS (diluted) | $0.74 | $0.38 |
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 | $97.9M | ||
| Q3 25 | $182.7M | $96.2M | ||
| Q2 25 | $163.1M | $93.8M | ||
| Q1 25 | $148.0M | $97.7M | ||
| Q4 24 | $143.1M | $91.9M | ||
| Q3 24 | $161.8M | $90.7M | ||
| Q2 24 | $155.3M | $89.9M | ||
| Q1 24 | $135.3M | $93.2M |
| Q4 25 | $28.7M | $27.9M | ||
| Q3 25 | $41.2M | $29.3M | ||
| Q2 25 | $33.7M | $27.9M | ||
| Q1 25 | $26.8M | $29.4M | ||
| Q4 24 | $28.4M | $26.0M | ||
| Q3 24 | $35.8M | $19.3M | ||
| Q2 24 | $31.9M | $29.7M | ||
| Q1 24 | $23.1M | $30.7M |
| Q4 25 | 88.9% | 98.6% | ||
| Q3 25 | 91.0% | 98.5% | ||
| Q2 25 | 92.1% | 99.1% | ||
| Q1 25 | 91.3% | 98.8% | ||
| Q4 24 | 92.4% | 98.8% | ||
| Q3 24 | 92.7% | 98.8% | ||
| Q2 24 | 89.6% | 98.8% | ||
| Q1 24 | 88.4% | 98.8% |
| Q4 25 | 27.4% | 27.4% | ||
| Q3 25 | 33.8% | 25.9% | ||
| Q2 25 | 31.3% | 25.5% | ||
| Q1 25 | 30.8% | 25.9% | ||
| Q4 24 | 27.0% | 24.6% | ||
| Q3 24 | 34.0% | 17.5% | ||
| Q2 24 | 33.3% | 26.7% | ||
| Q1 24 | 28.8% | 26.4% |
| Q4 25 | 17.5% | 28.5% | ||
| Q3 25 | 22.5% | 30.5% | ||
| Q2 25 | 20.7% | 29.8% | ||
| Q1 25 | 18.1% | 30.1% | ||
| Q4 24 | 19.9% | 28.3% | ||
| Q3 24 | 22.1% | 21.3% | ||
| Q2 24 | 20.5% | 33.0% | ||
| Q1 24 | 17.1% | 33.0% |
| Q4 25 | $0.74 | $0.38 | ||
| Q3 25 | $1.06 | $0.41 | ||
| Q2 25 | $0.87 | $0.39 | ||
| Q1 25 | $0.70 | $0.41 | ||
| Q4 24 | $0.75 | $0.36 | ||
| Q3 24 | $0.95 | $0.27 | ||
| Q2 24 | $0.85 | $0.42 | ||
| Q1 24 | $0.62 | $0.43 |
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 | $21.7M |
| Total DebtLower is stronger | $782.7M | $4.6B |
| Stockholders' EquityBook value | $1.0B | $2.4B |
| Total Assets | $2.7B | $7.2B |
| Debt / EquityLower = less leverage | 0.75× | 1.90× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $18.8M | $21.7M | ||
| Q3 25 | $26.1M | $12.1M | ||
| Q2 25 | $20.2M | $13.9M | ||
| Q1 25 | $21.2M | $17.3M | ||
| Q4 24 | $26.7M | $8.3M | ||
| Q3 24 | $16.5M | $15.6M | ||
| Q2 24 | $3.6M | $13.4M | ||
| Q1 24 | $17.0M | $11.3M |
| Q4 25 | $782.7M | $4.6B | ||
| Q3 25 | — | $4.5B | ||
| Q2 25 | — | $4.4B | ||
| Q1 25 | — | $4.3B | ||
| Q4 24 | $640.4M | $4.3B | ||
| Q3 24 | — | $4.3B | ||
| Q2 24 | — | $4.2B | ||
| Q1 24 | — | $4.1B |
| Q4 25 | $1.0B | $2.4B | ||
| Q3 25 | $1.0B | $2.4B | ||
| Q2 25 | $972.5M | $2.4B | ||
| Q1 25 | $956.4M | $2.4B | ||
| Q4 24 | $920.1M | $2.3B | ||
| Q3 24 | $879.5M | $2.3B | ||
| Q2 24 | $833.5M | $2.3B | ||
| Q1 24 | $800.5M | $2.3B |
| Q4 25 | $2.7B | $7.2B | ||
| Q3 25 | $2.7B | $7.1B | ||
| Q2 25 | $2.6B | $7.1B | ||
| Q1 25 | $2.5B | $6.9B | ||
| Q4 24 | $2.5B | $6.9B | ||
| Q3 24 | $2.4B | $6.8B | ||
| Q2 24 | $2.3B | $6.8B | ||
| Q1 24 | $2.3B | $6.7B |
| Q4 25 | 0.75× | 1.90× | ||
| Q3 25 | — | 1.89× | ||
| Q2 25 | — | 1.87× | ||
| Q1 25 | — | 1.85× | ||
| Q4 24 | 0.70× | 1.84× | ||
| Q3 24 | — | 1.88× | ||
| Q2 24 | — | 1.81× | ||
| Q1 24 | — | 1.81× |
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 | $47.8M |
| Free Cash FlowOCF − Capex | $-36.0M | — |
| FCF MarginFCF / Revenue | -21.9% | — |
| Capex IntensityCapex / Revenue | 38.8% | — |
| Cash ConversionOCF / Net Profit | 0.96× | 1.72× |
| TTM Free Cash FlowTrailing 4 quarters | $-7.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $27.7M | $47.8M | ||
| Q3 25 | $92.4M | $-1.4M | ||
| Q2 25 | $64.6M | $28.0M | ||
| Q1 25 | $45.1M | $8.9M | ||
| Q4 24 | $64.5M | $37.9M | ||
| Q3 24 | $63.7M | $8.3M | ||
| Q2 24 | $24.7M | $24.8M | ||
| Q1 24 | $45.8M | $-3.1M |
| 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× | 1.72× | ||
| Q3 25 | 2.24× | -0.05× | ||
| Q2 25 | 1.92× | 1.00× | ||
| Q1 25 | 1.68× | 0.30× | ||
| Q4 24 | 2.27× | 1.45× | ||
| Q3 24 | 1.78× | 0.43× | ||
| Q2 24 | 0.78× | 0.83× | ||
| Q1 24 | 1.98× | -0.10× |
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% |
SAFE
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $60.3M | 62% |
| Other | $33.7M | 34% |
| Stabilized Properties | $3.8M | 4% |
