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Side-by-side financial comparison of AMERICAN STATES WATER CO (AWR) and SHENANDOAH TELECOMMUNICATIONS CO (SHEN). 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 $91.6M, roughly 1.8× SHENANDOAH TELECOMMUNICATIONS CO). AMERICAN STATES WATER CO runs the higher net margin — 17.5% vs -5.9%, a 23.4% gap on every dollar of revenue. On growth, AMERICAN STATES WATER CO posted the faster year-over-year revenue change (14.8% vs 7.2%). AMERICAN STATES WATER CO produced more free cash flow last quarter ($-36.0M vs $-78.6M). Over the past eight quarters, SHENANDOAH TELECOMMUNICATIONS CO's revenue compounded faster (15.0% 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.
Shenandoah Telecommunications Co is a U.S. regional telecom provider offering broadband internet, wireless voice/data services, digital cable TV, and fiber-optic solutions. It serves residential, small business and enterprise clients across Mid-Atlantic states, focusing on underserved rural and suburban markets in Virginia, West Virginia, Maryland and Pennsylvania.
AWR vs SHEN — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $164.3M | $91.6M |
| Net Profit | $28.7M | $-5.4M |
| Gross Margin | 88.9% | — |
| Operating Margin | 27.4% | -1.0% |
| Net Margin | 17.5% | -5.9% |
| Revenue YoY | 14.8% | 7.2% |
| Net Profit YoY | 1.1% | -95.8% |
| EPS (diluted) | $0.74 | $-0.13 |
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 | $91.6M | ||
| Q3 25 | $182.7M | $89.8M | ||
| Q2 25 | $163.1M | $88.6M | ||
| Q1 25 | $148.0M | $87.9M | ||
| Q4 24 | $143.1M | $85.4M | ||
| Q3 24 | $161.8M | $87.6M | ||
| Q2 24 | $155.3M | $85.8M | ||
| Q1 24 | $135.3M | $69.2M |
| Q4 25 | $28.7M | $-5.4M | ||
| Q3 25 | $41.2M | $-9.4M | ||
| Q2 25 | $33.7M | $-9.0M | ||
| Q1 25 | $26.8M | $-9.1M | ||
| Q4 24 | $28.4M | $-2.7M | ||
| Q3 24 | $35.8M | $-5.3M | ||
| Q2 24 | $31.9M | $-12.9M | ||
| Q1 24 | $23.1M | $214.7M |
| 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% | -1.0% | ||
| Q3 25 | 33.8% | -8.0% | ||
| Q2 25 | 31.3% | -10.3% | ||
| Q1 25 | 30.8% | -6.9% | ||
| Q4 24 | 27.0% | -6.7% | ||
| Q3 24 | 34.0% | -4.8% | ||
| Q2 24 | 33.3% | -18.5% | ||
| Q1 24 | 28.8% | -4.0% |
| Q4 25 | 17.5% | -5.9% | ||
| Q3 25 | 22.5% | -10.5% | ||
| Q2 25 | 20.7% | -10.2% | ||
| Q1 25 | 18.1% | -10.4% | ||
| Q4 24 | 19.9% | -3.2% | ||
| Q3 24 | 22.1% | -6.0% | ||
| Q2 24 | 20.5% | -15.0% | ||
| Q1 24 | 17.1% | 310.0% |
| Q4 25 | $0.74 | $-0.13 | ||
| Q3 25 | $1.06 | $-0.20 | ||
| Q2 25 | $0.87 | $-0.19 | ||
| Q1 25 | $0.70 | $-0.19 | ||
| Q4 24 | $0.75 | $-0.34 | ||
| Q3 24 | $0.95 | $-0.13 | ||
| Q2 24 | $0.85 | $-0.24 | ||
| Q1 24 | $0.62 | $4.25 |
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 | $27.3M |
| Total DebtLower is stronger | $782.7M | $642.4M |
| Stockholders' EquityBook value | $1.0B | $880.8M |
| Total Assets | $2.7B | $1.9B |
| Debt / EquityLower = less leverage | 0.75× | 0.73× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $18.8M | $27.3M | ||
| Q3 25 | $26.1M | $22.6M | ||
| Q2 25 | $20.2M | $29.1M | ||
| Q1 25 | $21.2M | $87.5M | ||
| Q4 24 | $26.7M | $46.3M | ||
| Q3 24 | $16.5M | $43.1M | ||
| Q2 24 | $3.6M | $43.8M | ||
| Q1 24 | $17.0M | $389.7M |
| Q4 25 | $782.7M | $642.4M | ||
| Q3 25 | — | $535.4M | ||
| Q2 25 | — | $513.1M | ||
| Q1 25 | — | $515.8M | ||
| Q4 24 | $640.4M | $418.0M | ||
| Q3 24 | — | $345.2M | ||
| Q2 24 | — | $297.4M | ||
| Q1 24 | — | $298.7M |
| Q4 25 | $1.0B | $880.8M | ||
| Q3 25 | $1.0B | $892.7M | ||
| Q2 25 | $972.5M | $902.0M | ||
| Q1 25 | $956.4M | $910.5M | ||
| Q4 24 | $920.1M | $918.6M | ||
| Q3 24 | $879.5M | $925.4M | ||
| Q2 24 | $833.5M | $933.1M | ||
| Q1 24 | $800.5M | $871.6M |
| Q4 25 | $2.7B | $1.9B | ||
| Q3 25 | $2.7B | $1.9B | ||
| Q2 25 | $2.6B | $1.8B | ||
| Q1 25 | $2.5B | $1.8B | ||
| Q4 24 | $2.5B | $1.7B | ||
| Q3 24 | $2.4B | $1.7B | ||
| Q2 24 | $2.3B | $1.7B | ||
| Q1 24 | $2.3B | $1.4B |
| Q4 25 | 0.75× | 0.73× | ||
| Q3 25 | — | 0.60× | ||
| Q2 25 | — | 0.57× | ||
| Q1 25 | — | 0.57× | ||
| Q4 24 | 0.70× | 0.46× | ||
| Q3 24 | — | 0.37× | ||
| Q2 24 | — | 0.32× | ||
| Q1 24 | — | 0.34× |
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 | $28.8M |
| Free Cash FlowOCF − Capex | $-36.0M | $-78.6M |
| FCF MarginFCF / Revenue | -21.9% | -85.8% |
| Capex IntensityCapex / Revenue | 38.8% | 117.2% |
| Cash ConversionOCF / Net Profit | 0.96× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-7.1M | $-257.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $27.7M | $28.8M | ||
| Q3 25 | $92.4M | $30.7M | ||
| Q2 25 | $64.6M | $20.9M | ||
| Q1 25 | $45.1M | $20.5M | ||
| Q4 24 | $64.5M | $20.6M | ||
| Q3 24 | $63.7M | $24.3M | ||
| Q2 24 | $24.7M | $2.5M | ||
| Q1 24 | $45.8M | $15.2M |
| Q4 25 | $-36.0M | $-78.6M | ||
| Q3 25 | $37.7M | $-51.4M | ||
| Q2 25 | $13.7M | $-65.3M | ||
| Q1 25 | $-22.5M | $-62.7M | ||
| Q4 24 | $6.0M | $-72.0M | ||
| Q3 24 | $-478.0K | $-51.3M | ||
| Q2 24 | $-37.0M | $-78.3M | ||
| Q1 24 | $-1.7M | $-54.9M |
| Q4 25 | -21.9% | -85.8% | ||
| Q3 25 | 20.7% | -57.2% | ||
| Q2 25 | 8.4% | -73.7% | ||
| Q1 25 | -15.2% | -71.3% | ||
| Q4 24 | 4.2% | -84.3% | ||
| Q3 24 | -0.3% | -58.5% | ||
| Q2 24 | -23.8% | -91.3% | ||
| Q1 24 | -1.3% | -79.3% |
| Q4 25 | 38.8% | 117.2% | ||
| Q3 25 | 29.9% | 91.4% | ||
| Q2 25 | 31.2% | 97.3% | ||
| Q1 25 | 45.6% | 94.7% | ||
| Q4 24 | 40.9% | 108.4% | ||
| Q3 24 | 39.7% | 86.2% | ||
| Q2 24 | 39.8% | 94.2% | ||
| Q1 24 | 35.2% | 101.2% |
| Q4 25 | 0.96× | — | ||
| Q3 25 | 2.24× | — | ||
| Q2 25 | 1.92× | — | ||
| Q1 25 | 1.68× | — | ||
| Q4 24 | 2.27× | — | ||
| Q3 24 | 1.78× | — | ||
| Q2 24 | 0.78× | — | ||
| Q1 24 | 1.98× | 0.07× |
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% |
SHEN
| Residential And SMB Incumbent Broadband | $41.5M | 45% |
| Residential And SMB Glo Fiber Expansion Markets | $23.0M | 25% |
| Commercial Fiber | $20.3M | 22% |
| RLEC Other | $6.8M | 7% |
