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Side-by-side financial comparison of AMERICAN STATES WATER CO (AWR) and Smart Sand, Inc. (SND). 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 $86.0M, roughly 1.9× Smart Sand, Inc.). AMERICAN STATES WATER CO runs the higher net margin — 17.5% vs 1.4%, a 16.1% gap on every dollar of revenue. On growth, AMERICAN STATES WATER CO posted the faster year-over-year revenue change (14.8% vs -5.8%). Smart Sand, Inc. produced more free cash flow last quarter ($20.4M vs $-36.0M). Over the past eight quarters, AMERICAN STATES WATER CO's revenue compounded faster (10.2% CAGR vs 1.8%).
American Water is an American public utility company that, through its subsidiaries, provides water and wastewater services in the United States.
Sand 9 is a fabless Micro-electromechanical system (MEMS) company based in Cambridge, Massachusetts. Sand 9 developed a piezoelectric MEMS resonator to serve as an alternative for quartz timing devices in applications such as smart phones, low-power wireless devices, and communications infrastructure equipment.
AWR vs SND — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $164.3M | $86.0M |
| Net Profit | $28.7M | $1.2M |
| Gross Margin | 88.9% | 13.0% |
| Operating Margin | 27.4% | -3.1% |
| Net Margin | 17.5% | 1.4% |
| Revenue YoY | 14.8% | -5.8% |
| Net Profit YoY | 1.1% | -68.5% |
| EPS (diluted) | $0.74 | $0.03 |
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 | $86.0M | ||
| Q3 25 | $182.7M | $92.8M | ||
| Q2 25 | $163.1M | $85.8M | ||
| Q1 25 | $148.0M | $65.6M | ||
| Q4 24 | $143.1M | $91.4M | ||
| Q3 24 | $161.8M | $63.2M | ||
| Q2 24 | $155.3M | $73.8M | ||
| Q1 24 | $135.3M | $83.1M |
| Q4 25 | $28.7M | $1.2M | ||
| Q3 25 | $41.2M | $3.0M | ||
| Q2 25 | $33.7M | $21.4M | ||
| Q1 25 | $26.8M | $-24.2M | ||
| Q4 24 | $28.4M | $3.7M | ||
| Q3 24 | $35.8M | $-98.0K | ||
| Q2 24 | $31.9M | $-430.0K | ||
| Q1 24 | $23.1M | $-216.0K |
| Q4 25 | 88.9% | 13.0% | ||
| Q3 25 | 91.0% | 16.1% | ||
| Q2 25 | 92.1% | 10.4% | ||
| Q1 25 | 91.3% | 4.2% | ||
| Q4 24 | 92.4% | 14.7% | ||
| Q3 24 | 92.7% | 10.3% | ||
| Q2 24 | 89.6% | 17.7% | ||
| Q1 24 | 88.4% | 14.2% |
| Q4 25 | 27.4% | -3.1% | ||
| Q3 25 | 33.8% | 5.8% | ||
| Q2 25 | 31.3% | -0.1% | ||
| Q1 25 | 30.8% | -10.8% | ||
| Q4 24 | 27.0% | 3.9% | ||
| Q3 24 | 34.0% | -7.8% | ||
| Q2 24 | 33.3% | 4.8% | ||
| Q1 24 | 28.8% | 0.9% |
| Q4 25 | 17.5% | 1.4% | ||
| Q3 25 | 22.5% | 3.2% | ||
| Q2 25 | 20.7% | 24.9% | ||
| Q1 25 | 18.1% | -37.0% | ||
| Q4 24 | 19.9% | 4.1% | ||
| Q3 24 | 22.1% | -0.2% | ||
| Q2 24 | 20.5% | -0.6% | ||
| Q1 24 | 17.1% | -0.3% |
| Q4 25 | $0.74 | $0.03 | ||
| Q3 25 | $1.06 | $0.08 | ||
| Q2 25 | $0.87 | $0.54 | ||
| Q1 25 | $0.70 | $-0.62 | ||
| Q4 24 | $0.75 | $0.10 | ||
| Q3 24 | $0.95 | $0.00 | ||
| Q2 24 | $0.85 | $-0.01 | ||
| Q1 24 | $0.62 | $-0.01 |
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 | $22.6M |
| Total DebtLower is stronger | $782.7M | $15.0M |
| Stockholders' EquityBook value | $1.0B | $239.7M |
| Total Assets | $2.7B | $340.0M |
| Debt / EquityLower = less leverage | 0.75× | 0.06× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $18.8M | $22.6M | ||
| Q3 25 | $26.1M | $5.1M | ||
| Q2 25 | $20.2M | $4.3M | ||
| Q1 25 | $21.2M | $5.1M | ||
| Q4 24 | $26.7M | $1.6M | ||
| Q3 24 | $16.5M | $7.2M | ||
| Q2 24 | $3.6M | $6.3M | ||
| Q1 24 | $17.0M | $4.6M |
| Q4 25 | $782.7M | $15.0M | ||
| Q3 25 | — | $14.3M | ||
| Q2 25 | — | $23.5M | ||
| Q1 25 | — | $13.7M | ||
| Q4 24 | $640.4M | $14.7M | ||
| Q3 24 | — | $15.7M | ||
| Q2 24 | — | $17.1M | ||
| Q1 24 | — | $25.5M |
| Q4 25 | $1.0B | $239.7M | ||
| Q3 25 | $1.0B | $239.9M | ||
| Q2 25 | $972.5M | $240.5M | ||
| Q1 25 | $956.4M | $219.9M | ||
| Q4 24 | $920.1M | $243.8M | ||
| Q3 24 | $879.5M | $243.6M | ||
| Q2 24 | $833.5M | $242.9M | ||
| Q1 24 | $800.5M | $242.5M |
| Q4 25 | $2.7B | $340.0M | ||
| Q3 25 | $2.7B | $343.1M | ||
| Q2 25 | $2.6B | $345.8M | ||
| Q1 25 | $2.5B | $326.9M | ||
| Q4 24 | $2.5B | $341.5M | ||
| Q3 24 | $2.4B | $335.8M | ||
| Q2 24 | $2.3B | $341.8M | ||
| Q1 24 | $2.3B | $349.3M |
| Q4 25 | 0.75× | 0.06× | ||
| Q3 25 | — | 0.06× | ||
| Q2 25 | — | 0.10× | ||
| Q1 25 | — | 0.06× | ||
| Q4 24 | 0.70× | 0.06× | ||
| Q3 24 | — | 0.06× | ||
| Q2 24 | — | 0.07× | ||
| Q1 24 | — | 0.11× |
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 | $22.4M |
| Free Cash FlowOCF − Capex | $-36.0M | $20.4M |
| FCF MarginFCF / Revenue | -21.9% | 23.7% |
| Capex IntensityCapex / Revenue | 38.8% | 2.3% |
| Cash ConversionOCF / Net Profit | 0.96× | 18.99× |
| TTM Free Cash FlowTrailing 4 quarters | $-7.1M | $32.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $27.7M | $22.4M | ||
| Q3 25 | $92.4M | $18.2M | ||
| Q2 25 | $64.6M | $-5.1M | ||
| Q1 25 | $45.1M | $8.7M | ||
| Q4 24 | $64.5M | $1.0M | ||
| Q3 24 | $63.7M | $5.8M | ||
| Q2 24 | $24.7M | $14.9M | ||
| Q1 24 | $45.8M | $-3.9M |
| Q4 25 | $-36.0M | $20.4M | ||
| Q3 25 | $37.7M | $14.8M | ||
| Q2 25 | $13.7M | $-7.8M | ||
| Q1 25 | $-22.5M | $5.2M | ||
| Q4 24 | $6.0M | $-840.0K | ||
| Q3 24 | $-478.0K | $3.7M | ||
| Q2 24 | $-37.0M | $13.5M | ||
| Q1 24 | $-1.7M | $-5.5M |
| Q4 25 | -21.9% | 23.7% | ||
| Q3 25 | 20.7% | 15.9% | ||
| Q2 25 | 8.4% | -9.1% | ||
| Q1 25 | -15.2% | 7.9% | ||
| Q4 24 | 4.2% | -0.9% | ||
| Q3 24 | -0.3% | 5.8% | ||
| Q2 24 | -23.8% | 18.3% | ||
| Q1 24 | -1.3% | -6.6% |
| Q4 25 | 38.8% | 2.3% | ||
| Q3 25 | 29.9% | 3.6% | ||
| Q2 25 | 31.2% | 3.1% | ||
| Q1 25 | 45.6% | 5.4% | ||
| Q4 24 | 40.9% | 2.1% | ||
| Q3 24 | 39.7% | 3.4% | ||
| Q2 24 | 39.8% | 1.8% | ||
| Q1 24 | 35.2% | 2.0% |
| Q4 25 | 0.96× | 18.99× | ||
| Q3 25 | 2.24× | 6.05× | ||
| Q2 25 | 1.92× | -0.24× | ||
| Q1 25 | 1.68× | — | ||
| Q4 24 | 2.27× | 0.28× | ||
| Q3 24 | 1.78× | — | ||
| Q2 24 | 0.78× | — | ||
| Q1 24 | 1.98× | — |
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% |
SND
| Sand | $85.1M | 99% |
| Smart Systems Segment | $980.0K | 1% |
