NYSE: AWK
American Water Works
Utilities · Water Supply
52-week range
$120.57$146.62
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$25.8B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $12.9B |
| FY2017, ended Dec 31, 2017 | $16.3B |
| FY2018, ended Dec 31, 2018 | $16.4B |
| FY2019, ended Dec 31, 2019 | $22.2B |
| FY2020, ended Dec 31, 2020 | $27.8B |
| FY2021, ended Dec 31, 2021 | $34.3B |
| FY2022, ended Dec 31, 2022 | $27.7B |
| FY2023, ended Dec 31, 2023 | $25.7B |
| FY2024, ended Dec 31, 2024 | $24.3B |
| FY2025, ended Dec 31, 2025 | $25.5B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $25.8B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$5.34B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $3.30B |
| FY2017, ended Dec 31, 2017 | $3.36B |
| FY2018, ended Dec 31, 2018 | $3.44B |
| FY2019, ended Dec 31, 2019 | $3.61B |
| FY2020, ended Dec 31, 2020 | $3.78B |
| FY2021, ended Dec 31, 2021 | $3.93B |
| FY2022, ended Dec 31, 2022 | $3.79B |
| FY2023, ended Dec 31, 2023 | $4.23B |
| FY2024, ended Dec 31, 2024 | $4.68B |
| FY2025, ended Dec 31, 2025 | $5.14B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $5.34B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $468M | −$22.0M |
| FY2017, ended Dec 31, 2017 | $426M | $15.0M |
| FY2018, ended Dec 31, 2018 | $567M | −$200M |
| FY2019, ended Dec 31, 2019 | $621M | −$271M |
| FY2020, ended Dec 31, 2020 | $709M | −$396M |
| FY2021, ended Dec 31, 2021 | $1.26B | −$323M |
| FY2022, ended Dec 31, 2022 | $820M | −$1.19B |
| FY2023, ended Dec 31, 2023 | $944M | −$701M |
| FY2024, ended Dec 31, 2024 | $1.05B | −$811M |
| FY2025, ended Dec 31, 2025 | $1.11B | −$1.07B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $1.14B | −$1.16B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$121M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $75.0M |
| FY2017, ended Dec 31, 2017 | $55.0M |
| FY2018, ended Dec 31, 2018 | $130M |
| FY2019, ended Dec 31, 2019 | $60.0M |
| FY2020, ended Dec 31, 2020 | $547M |
| FY2021, ended Dec 31, 2021 | $116M |
| FY2022, ended Dec 31, 2022 | $85.0M |
| FY2023, ended Dec 31, 2023 | $330M |
| FY2024, ended Dec 31, 2024 | $96.0M |
| FY2025, ended Dec 31, 2025 | $98.0M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $121M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$16.3B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $7.17B |
| FY2017, ended Dec 31, 2017 | $7.71B |
| FY2018, ended Dec 31, 2018 | $8.60B |
| FY2019, ended Dec 31, 2019 | $9.45B |
| FY2020, ended Dec 31, 2020 | $10.9B |
| FY2021, ended Dec 31, 2021 | $11.0B |
| FY2022, ended Dec 31, 2022 | $12.4B |
| FY2023, ended Dec 31, 2023 | $12.4B |
| FY2024, ended Dec 31, 2024 | $14.0B |
| FY2025, ended Dec 31, 2025 | $15.8B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $16.3B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 11.7% since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.199M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 178M |
| FY2017, ended Dec 31, 2017 | 179M |
| FY2018, ended Dec 31, 2018 | 181M |
| FY2019, ended Dec 31, 2019 | 181M |
| FY2020, ended Dec 31, 2020 | 181M |
| FY2021, ended Dec 31, 2021 | 182M |
| FY2022, ended Dec 31, 2022 | 182M |
| FY2023, ended Dec 31, 2023 | 195M |
| FY2024, ended Dec 31, 2024 | 195M |
| FY2025, ended Dec 31, 2025 | 195M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 199M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Net: $476M more issued than bought back
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| Period | Bought back | Paid to employees | Sold for cash | Used in acquisitions |
|---|---|---|---|---|
| FY2016, ended Dec 31, 2016 | $65.0M | $11.0M | $0 | — |
| FY2017, ended Dec 31, 2017 | $54.0M | $11.0M | $0 | $34.0M |
| FY2018, ended Dec 31, 2018 | $45.0M | $16.0M | $183M | $183M |
| FY2019, ended Dec 31, 2019 | $36.0M | $17.0M | $0 | — |
| FY2020, ended Dec 31, 2020 | $0 | $21.0M | $0 | — |
| FY2021, ended Dec 31, 2021 | $0 | $17.0M | $0 | — |
| FY2022, ended Dec 31, 2022 | — | $28.0M | $0 | — |
| FY2023, ended Dec 31, 2023 | — | $25.0M | $1.69B | — |
| FY2024, ended Dec 31, 2024 | — | $36.0M | $0 | — |
| FY2025, ended Dec 31, 2025 | — | $32.0M | $0 | — |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | — | — | $476M | — |
Revenue (TTM)
$5.34B
+5.4% YoY
Net income (TTM)
$1.14B
+2.2% YoY
Cash
$121M
−27.1% YoY
Total debt
$16.3B
+6.8% YoY
Valuation
At current price- Market Cap
- $28.7B
- P/E
- 25.3×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 5.4×
- Price / Book
- 2.4×
- EV / EBITDA
- 15.3×
Growth
Trailing 12 months- Revenue (TTM)
- $5.34B
- Revenue Growth YoY
- 5.4%
- Revenue CAGR 3Y
- 10.7%
- Revenue CAGR 5Y
- 6.4%
- EPS Growth YoY
- 1.6%
- Net Income Growth YoY
- 2.2%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- 37.0%
- Net Margin
- 21.3%
- FCF Margin
- −21.7%
- Return on Equity
- 9.9%
Earnings
Trailing 12 months- Net Income
- $1.14B
- EPS (diluted)
- $5.78
- EBITDA
- $2.93B
- Operating Income
- $1.98B
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $121M
- Total Debt
- $16.3B
- Net Debt
- $16.2B
- Total Assets
- $37.2B
- Total Liabilities
- $25.3B
- Shareholders' Equity
- $11.9B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $2.30B
- Capital Expenditure
- $3.46B
- Free Cash Flow
- −$1.16B
Dividends and risk
Last 12 months- Dividend Yield
- 2.4%
- Dividend / Share
- $3.45
- Beta (5Y)
- 0.58
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 5.4% year over year, at $5.34B.
Strength
Keeps 37.0% of revenue as operating profit.
Watch
Net debt is 5.5× EBITDA ($16.2B), a heavy load.
Watch
Free cash flow was negative (−$1.16B) over the last year.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 28, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K67Mildly positive
67Mildly positive
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 18, 2026 · Read the filing on EDGAR
- Revenue rose about 10% to $5.14 billion and net income rose about 6% to $1.11 billion, driven mainly by new customer rates.
- American Water agreed in October 2025 to an all-stock merger with Essential; Essential's shareholders would own about 31%, with closing expected by the end of Q1 2027.
- The five-year investment plan rose to $19–$20 billion, and the estimated cost of meeting federal PFAS limits rose to about $2 billion.
- Available liquidity fell to $1.17 billion from $1.88 billion as short-term borrowing grew; a stock sale agreed in August 2025 could raise about $1.13 billion.
Business momentum
Improving
“For the year ended December 31, 2025, diluted earnings per share (GAAP) was $5.69, an increase of $0.30 per diluted share compared to the prior year”
Outlook
Positive
“The Company expects to invest between $19 billion to $20 billion over the next five years, and between $46 billion to $48 billion over the next 10 years, including $3.7 billion in 2026.”
Financial stress
Low
“The Company believes it has sufficient liquidity and the ability to manage its expenditures, should there be a disruption of the capital and credit markets.”
Tone against the previous report
About the same
Red flags
None found in this report.
Positives
Approved rate increases drove revenue growth
“In 2025, as compared to 2024, operating revenues increased $427 million, primarily due to a $406 million increase from authorized rate increases, including infrastructure surcharges”
Pipeline of smaller acquisitions adds customers
“Excluding the Essential Merger Agreement, as of December 31, 2025, the Company had entered into 20 agreements with a total aggregate purchase price of $582 million for pending acquisitions in the Regulated Businesses to add approximately 104,300 additional customers.”
Agreed stock sale could fund about $1.13 billion
“The Company estimates that it will receive total net proceeds of approximately $1,131 million, before deducting estimated offering expenses”
Concerns
More short-term and long-term debt, less liquidity
“The change in the capital structure mix in 2025 was mainly attributable to the increase in short-term commercial paper borrowings and the increase in long-term debt.”
Estimated PFAS treatment cost rose to about $2 billion
“The Company currently estimates an investment of approximately $2 billion of capital expenditures to install additional treatment facilities in order to comply with the NPDWR for PFAS as proposed.”
Monterey project costs may not be fully recovered
“there can be no assurance that Cal Am will be able to recover all of such costs and expenses in accordance with the CPUC’s prior decisions”
New risks since the previous report
Essential merger may be delayed or fail to close
“There can be no guarantee that all of the closing conditions and approvals will be satisfied, and the failure to complete the proposed merger on a timely basis or at all may adversely affect the Company’s financial condition and results of operations.”
Existing shareholders would own a smaller share after the merger
“As of December 31, 2025, parent company shareholders and Essential’s shareholders would own an estimated 69% and 31% of the outstanding shares of parent company common stock, respectively”
Substantial merger costs before closing
“We estimate $150 million of merger-related costs will be incurred by the Company and by Essential prior to the closing of the proposed merger.”
Merger would add a natural gas business with new risks
“risks related to owning, operating, maintaining and successfully managing Essential’s natural gas distribution business, including any increased risks and liabilities associated with the operation of that business”
Forward stock sale agreements could dilute shareholders
“Our forward sale agreements may adversely affect our results of operations or financial condition, the share price of our common stock and our liquidity, and may potentially cause shareholder dilution.”
Biggest risks named
- Essential merger approval, integration and dilution
- Rate-case outcomes and delays in recovering costs
- PFAS, lead and other water quality regulation costs
- Reliance on debt and equity markets to fund investment
- Monterey water project delays, Carmel River limits and takeover suit
Artificial intelligence in this business: Not mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +6 | |
| Outlook | +3 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | 0 | |
| New risks | −2 | |
| Score | 67 | |
Written by AI (Claude Opus 5.5) from the report’s text. 14 of 14 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 28, 2026 | Pro | |||
| 10-K | Feb 18, 2026 | 67 | Improving | None | |
| 10-K | Feb 19, 2025 | 64 | Improving | 2 minor | |
| 10-K | Feb 14, 2024 | 61 | Improving | 2 medium1 minor | |
| 10-K | Feb 15, 2023 | 54 | Mixed | 1 medium1 minor | |
| 10-K | Feb 16, 2022 | 66 | Improving | 1 minor | |
| 10-K | Feb 24, 2021 | 65 | Improving | 1 medium | |
| 10-K | Feb 18, 2020 | 62 | Improving | 2 medium1 minor | |
| 10-K | Feb 19, 2019 | 53 | Mixed | 1 medium2 minor | |
| 10-K | Feb 20, 2018 | 52 | Mixed | 1 medium2 minor |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 28, 2026. View filings on SEC EDGAR