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Side-by-side financial comparison of AMERICAN STATES WATER CO (AWR) and Latham Group, Inc. (SWIM). 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 $100.0M, roughly 1.6× Latham Group, Inc.). AMERICAN STATES WATER CO runs the higher net margin — 17.5% vs -7.0%, a 24.5% gap on every dollar of revenue. On growth, AMERICAN STATES WATER CO posted the faster year-over-year revenue change (14.8% vs 14.5%). Latham Group, Inc. produced more free cash flow last quarter ($14.1M vs $-36.0M). Over the past eight quarters, AMERICAN STATES WATER CO's revenue compounded faster (10.2% CAGR vs -4.9%).
American Water is an American public utility company that, through its subsidiaries, provides water and wastewater services in the United States.
Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, it is known for its litigation, corporate, and regulatory law practices.
AWR vs SWIM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $164.3M | $100.0M |
| Net Profit | $28.7M | $-7.0M |
| Gross Margin | 88.9% | 28.0% |
| Operating Margin | 27.4% | -10.7% |
| Net Margin | 17.5% | -7.0% |
| Revenue YoY | 14.8% | 14.5% |
| Net Profit YoY | 1.1% | 76.0% |
| EPS (diluted) | $0.74 | $-0.06 |
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 | $100.0M | ||
| Q3 25 | $182.7M | $161.9M | ||
| Q2 25 | $163.1M | $172.6M | ||
| Q1 25 | $148.0M | $111.4M | ||
| Q4 24 | $143.1M | $87.3M | ||
| Q3 24 | $161.8M | $150.5M | ||
| Q2 24 | $155.3M | $160.1M | ||
| Q1 24 | $135.3M | $110.6M |
| Q4 25 | $28.7M | $-7.0M | ||
| Q3 25 | $41.2M | $8.1M | ||
| Q2 25 | $33.7M | $16.0M | ||
| Q1 25 | $26.8M | $-6.0M | ||
| Q4 24 | $28.4M | $-29.2M | ||
| Q3 24 | $35.8M | $5.9M | ||
| Q2 24 | $31.9M | $13.3M | ||
| Q1 24 | $23.1M | $-7.9M |
| Q4 25 | 88.9% | 28.0% | ||
| Q3 25 | 91.0% | 35.4% | ||
| Q2 25 | 92.1% | 37.1% | ||
| Q1 25 | 91.3% | 29.5% | ||
| Q4 24 | 92.4% | 24.6% | ||
| Q3 24 | 92.7% | 32.4% | ||
| Q2 24 | 89.6% | 33.1% | ||
| Q1 24 | 88.4% | 27.7% |
| Q4 25 | 27.4% | -10.7% | ||
| Q3 25 | 33.8% | 13.3% | ||
| Q2 25 | 31.3% | 14.3% | ||
| Q1 25 | 30.8% | -4.4% | ||
| Q4 24 | 27.0% | -14.9% | ||
| Q3 24 | 34.0% | 8.9% | ||
| Q2 24 | 33.3% | 12.5% | ||
| Q1 24 | 28.8% | -1.9% |
| Q4 25 | 17.5% | -7.0% | ||
| Q3 25 | 22.5% | 5.0% | ||
| Q2 25 | 20.7% | 9.3% | ||
| Q1 25 | 18.1% | -5.4% | ||
| Q4 24 | 19.9% | -33.4% | ||
| Q3 24 | 22.1% | 3.9% | ||
| Q2 24 | 20.5% | 8.3% | ||
| Q1 24 | 17.1% | -7.1% |
| Q4 25 | $0.74 | $-0.06 | ||
| Q3 25 | $1.06 | $0.07 | ||
| Q2 25 | $0.87 | $0.13 | ||
| Q1 25 | $0.70 | $-0.05 | ||
| Q4 24 | $0.75 | $-0.24 | ||
| Q3 24 | $0.95 | $0.05 | ||
| Q2 24 | $0.85 | $0.11 | ||
| Q1 24 | $0.62 | $-0.07 |
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 | — |
| Total DebtLower is stronger | $782.7M | $279.8M |
| Stockholders' EquityBook value | $1.0B | $405.9M |
| Total Assets | $2.7B | $823.2M |
| Debt / EquityLower = less leverage | 0.75× | 0.69× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $18.8M | — | ||
| Q3 25 | $26.1M | — | ||
| Q2 25 | $20.2M | — | ||
| Q1 25 | $21.2M | — | ||
| Q4 24 | $26.7M | — | ||
| Q3 24 | $16.5M | — | ||
| Q2 24 | $3.6M | — | ||
| Q1 24 | $17.0M | — |
| Q4 25 | $782.7M | $279.8M | ||
| Q3 25 | — | $281.1M | ||
| Q2 25 | — | $281.5M | ||
| Q1 25 | — | $306.9M | ||
| Q4 24 | $640.4M | $281.5M | ||
| Q3 24 | — | $282.8M | ||
| Q2 24 | — | $282.4M | ||
| Q1 24 | — | $282.8M |
| Q4 25 | $1.0B | $405.9M | ||
| Q3 25 | $1.0B | $408.4M | ||
| Q2 25 | $972.5M | $398.4M | ||
| Q1 25 | $956.4M | $381.1M | ||
| Q4 24 | $920.1M | $387.2M | ||
| Q3 24 | $879.5M | $416.6M | ||
| Q2 24 | $833.5M | $408.1M | ||
| Q1 24 | $800.5M | $391.8M |
| Q4 25 | $2.7B | $823.2M | ||
| Q3 25 | $2.7B | $844.4M | ||
| Q2 25 | $2.6B | $822.1M | ||
| Q1 25 | $2.5B | $824.6M | ||
| Q4 24 | $2.5B | $794.2M | ||
| Q3 24 | $2.4B | $853.4M | ||
| Q2 24 | $2.3B | $830.0M | ||
| Q1 24 | $2.3B | $808.6M |
| Q4 25 | 0.75× | 0.69× | ||
| Q3 25 | — | 0.69× | ||
| Q2 25 | — | 0.71× | ||
| Q1 25 | — | 0.81× | ||
| Q4 24 | 0.70× | 0.73× | ||
| Q3 24 | — | 0.68× | ||
| Q2 24 | — | 0.69× | ||
| Q1 24 | — | 0.72× |
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 | $23.3M |
| Free Cash FlowOCF − Capex | $-36.0M | $14.1M |
| FCF MarginFCF / Revenue | -21.9% | 14.1% |
| Capex IntensityCapex / Revenue | 38.8% | 9.2% |
| Cash ConversionOCF / Net Profit | 0.96× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-7.1M | $38.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $27.7M | $23.3M | ||
| Q3 25 | $92.4M | $51.0M | ||
| Q2 25 | $64.6M | $36.0M | ||
| Q1 25 | $45.1M | $-46.9M | ||
| Q4 24 | $64.5M | $6.2M | ||
| Q3 24 | $63.7M | $37.2M | ||
| Q2 24 | $24.7M | $52.4M | ||
| Q1 24 | $45.8M | $-34.5M |
| Q4 25 | $-36.0M | $14.1M | ||
| Q3 25 | $37.7M | $45.2M | ||
| Q2 25 | $13.7M | $29.1M | ||
| Q1 25 | $-22.5M | $-50.3M | ||
| Q4 24 | $6.0M | $-98.0K | ||
| Q3 24 | $-478.0K | $33.2M | ||
| Q2 24 | $-37.0M | $47.9M | ||
| Q1 24 | $-1.7M | $-39.9M |
| Q4 25 | -21.9% | 14.1% | ||
| Q3 25 | 20.7% | 27.9% | ||
| Q2 25 | 8.4% | 16.8% | ||
| Q1 25 | -15.2% | -45.2% | ||
| Q4 24 | 4.2% | -0.1% | ||
| Q3 24 | -0.3% | 22.1% | ||
| Q2 24 | -23.8% | 29.9% | ||
| Q1 24 | -1.3% | -36.0% |
| Q4 25 | 38.8% | 9.2% | ||
| Q3 25 | 29.9% | 3.6% | ||
| Q2 25 | 31.2% | 4.0% | ||
| Q1 25 | 45.6% | 3.1% | ||
| Q4 24 | 40.9% | 7.2% | ||
| Q3 24 | 39.7% | 2.7% | ||
| Q2 24 | 39.8% | 2.8% | ||
| Q1 24 | 35.2% | 4.8% |
| Q4 25 | 0.96× | — | ||
| Q3 25 | 2.24× | 6.29× | ||
| Q2 25 | 1.92× | 2.25× | ||
| Q1 25 | 1.68× | — | ||
| Q4 24 | 2.27× | — | ||
| Q3 24 | 1.78× | 6.32× | ||
| Q2 24 | 0.78× | 3.95× | ||
| 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% |
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 13% |
