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AMERICAN STATES WATER CO（AWR）与CALIFORNIA WATER SERVICE GROUP（CWT）财务数据对比。点击上方公司名可切换其他公司
CALIFORNIA WATER SERVICE GROUP的季度营收约是AMERICAN STATES WATER CO的1.3倍（$210.7M vs $164.3M）。AMERICAN STATES WATER CO净利率更高（17.5% vs 5.4%，领先12.0%）。AMERICAN STATES WATER CO同比增速更快（14.8% vs -3.3%）。过去两年CALIFORNIA WATER SERVICE GROUP的营收复合增速更高（16.6% vs 10.2%）
美国州水公司是美国的上市公用事业企业，通过旗下子公司在全美范围内提供自来水供应及污水处理相关服务，服务覆盖居民、商业及公共机构等多元客户群体，是当地水务服务领域的重要参与企业。
加利福尼亚水务集团是美国公共事业企业，主营饮用水及污水处理服务，是美国第三大上市投资者所有水务公司，通过加利福尼亚、夏威夷、新墨西哥、华盛顿等州的子公司，为约200万民众提供服务。集团成立于1997年，作为加州水务的控股主体，推动业务向美国其他各州拓展。
AWR vs CWT — 直观对比
营收规模更大
CWT
是对方的1.3倍
$164.3M
营收增速更快
AWR
高出18.1%
-3.3%
净利率更高
AWR
高出12.0%
5.4%
两年增速更快
CWT
近两年复合增速
10.2%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $164.3M | $210.7M |
| 净利润 | $28.7M | $11.5M |
| 毛利率 | 88.9% | — |
| 营业利润率 | 27.4% | 12.2% |
| 净利率 | 17.5% | 5.4% |
| 营收同比 | 14.8% | -3.3% |
| 净利润同比 | 1.1% | -41.0% |
| 每股收益（稀释后） | $0.74 | $0.19 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收AWRCWT
| Q4 25 | $164.3M | $210.7M | ||
| Q3 25 | $182.7M | $314.1M | ||
| Q2 25 | $163.1M | $256.2M | ||
| Q1 25 | $148.0M | $182.7M | ||
| Q4 24 | $143.1M | $217.8M | ||
| Q3 24 | $161.8M | $306.2M | ||
| Q2 24 | $155.3M | $226.7M | ||
| Q1 24 | $135.3M | $154.9M |
净利润AWRCWT
| Q4 25 | $28.7M | $11.5M | ||
| Q3 25 | $41.2M | $61.2M | ||
| Q2 25 | $33.7M | $42.2M | ||
| Q1 25 | $26.8M | $13.3M | ||
| Q4 24 | $28.4M | $19.5M | ||
| Q3 24 | $35.8M | $60.7M | ||
| Q2 24 | $31.9M | $40.6M | ||
| Q1 24 | $23.1M | $69.9M |
毛利率AWRCWT
| 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% | — |
营业利润率AWRCWT
| Q4 25 | 27.4% | 12.2% | ||
| Q3 25 | 33.8% | 22.5% | ||
| Q2 25 | 31.3% | 20.2% | ||
| Q1 25 | 30.8% | 12.2% | ||
| Q4 24 | 27.0% | 14.8% | ||
| Q3 24 | 34.0% | 21.8% | ||
| Q2 24 | 33.3% | 21.2% | ||
| Q1 24 | 28.8% | 50.3% |
净利率AWRCWT
| Q4 25 | 17.5% | 5.4% | ||
| Q3 25 | 22.5% | 19.5% | ||
| Q2 25 | 20.7% | 16.5% | ||
| Q1 25 | 18.1% | 7.3% | ||
| Q4 24 | 19.9% | 8.9% | ||
| Q3 24 | 22.1% | 19.8% | ||
| Q2 24 | 20.5% | 17.9% | ||
| Q1 24 | 17.1% | 45.1% |
每股收益（稀释后）AWRCWT
| Q4 25 | $0.74 | $0.19 | ||
| Q3 25 | $1.06 | $1.03 | ||
| Q2 25 | $0.87 | $0.71 | ||
| Q1 25 | $0.70 | $0.22 | ||
| Q4 24 | $0.75 | $0.31 | ||
| Q3 24 | $0.95 | $1.03 | ||
| Q2 24 | $0.85 | $0.70 | ||
| Q1 24 | $0.62 | $1.21 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $18.8M | $51.8M |
| 总债务越低越好 | $782.7M | $1.5B |
| 股东权益账面价值 | $1.0B | $1.7B |
| 总资产 | $2.7B | $5.7B |
| 负债/权益比越低杠杆越低 | 0.75× | 0.87× |
8季度趋势，按日历期对齐
现金及短期投资AWRCWT
| Q4 25 | $18.8M | $51.8M | ||
| Q3 25 | $26.1M | $76.0M | ||
| Q2 25 | $20.2M | $50.5M | ||
| Q1 25 | $21.2M | $44.5M | ||
| Q4 24 | $26.7M | $50.1M | ||
| Q3 24 | $16.5M | $59.6M | ||
| Q2 24 | $3.6M | $37.3M | ||
| Q1 24 | $17.0M | $42.8M |
总债务AWRCWT
| Q4 25 | $782.7M | $1.5B | ||
| Q3 25 | — | $1.1B | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | $640.4M | $1.1B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益AWRCWT
| Q4 25 | $1.0B | $1.7B | ||
| Q3 25 | $1.0B | $1.7B | ||
| Q2 25 | $972.5M | $1.7B | ||
| Q1 25 | $956.4M | $1.6B | ||
| Q4 24 | $920.1M | $1.6B | ||
| Q3 24 | $879.5M | $1.6B | ||
| Q2 24 | $833.5M | $1.5B | ||
| Q1 24 | $800.5M | $1.5B |
总资产AWRCWT
| Q4 25 | $2.7B | $5.7B | ||
| Q3 25 | $2.7B | $5.5B | ||
| Q2 25 | $2.6B | $5.4B | ||
| Q1 25 | $2.5B | $5.3B | ||
| Q4 24 | $2.5B | $5.2B | ||
| Q3 24 | $2.4B | $5.0B | ||
| Q2 24 | $2.3B | $4.9B | ||
| Q1 24 | $2.3B | $4.8B |
负债/权益比AWRCWT
| Q4 25 | 0.75× | 0.87× | ||
| Q3 25 | — | 0.65× | ||
| Q2 25 | — | 0.67× | ||
| Q1 25 | — | 0.68× | ||
| Q4 24 | 0.70× | 0.67× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $27.7M | $47.9M |
| 自由现金流经营现金流 - 资本支出 | $-36.0M | — |
| 自由现金流率自由现金流/营收 | -21.9% | — |
| 资本支出强度资本支出/营收 | 38.8% | — |
| 现金转化率经营现金流/净利润 | 0.96× | 4.17× |
| 过去12个月自由现金流最近4个季度 | $-7.1M | — |
8季度趋势，按日历期对齐
经营现金流AWRCWT
| Q4 25 | $27.7M | $47.9M | ||
| Q3 25 | $92.4M | $167.3M | ||
| Q2 25 | $64.6M | $48.9M | ||
| Q1 25 | $45.1M | $38.4M | ||
| Q4 24 | $64.5M | $68.1M | ||
| Q3 24 | $63.7M | $101.8M | ||
| Q2 24 | $24.7M | $94.4M | ||
| Q1 24 | $45.8M | $26.5M |
自由现金流AWRCWT
| 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 | — |
自由现金流率AWRCWT
| 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% | — |
资本支出强度AWRCWT
| 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% | — |
现金转化率AWRCWT
| Q4 25 | 0.96× | 4.17× | ||
| Q3 25 | 2.24× | 2.73× | ||
| Q2 25 | 1.92× | 1.16× | ||
| Q1 25 | 1.68× | 2.88× | ||
| Q4 24 | 2.27× | 3.50× | ||
| Q3 24 | 1.78× | 1.68× | ||
| Q2 24 | 0.78× | 2.33× | ||
| Q1 24 | 1.98× | 0.38× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
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% |
CWT
| Residential | $133.2M | 63% |
| Business | $47.7M | 23% |
| Public Authorities | $13.4M | 6% |
| Industrial | $6.9M | 3% |
| Non Regulated Services | $4.8M | 2% |
| Other Non Regulated Service | $1.2M | 1% |
