Does American States Water Co have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores American States Water Co (AWR) 54.3 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 84, returns on capital 48, balance-sheet safety 19, capital discipline 56.

Is AWR stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $54.93 per share versus a recent price of $89.28 — 63% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has AWR's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 54.3 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

American States Water Co

AWR · Utilities · $3.5B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power84

Median gross margin 51.4% over 9y, very stable.

Returns on capital48

Median ROIC 9.5%, above the 9% hurdle in 80% of years.

Balance-sheet safety19

Net debt/EBITDA 3.1x, interest coverage 4x.

Capital discipline56

Owner earnings +9.1%/yr, share count growing (dilution).

Margin of safety

Above valueOn sale

63% above value

Owner earnings (normalized): $119.3M
Est. intrinsic value / share: $54.93
Recent price: $89.28
Discount to value: 63% above value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

18 years of fundamentals

The business, in plain English

American States Water Co booked $136.7M of revenue in FY2025 in the Utilities sector and kept 55.7% of it as gross profit — a high-margin business by that measure. After every other cost, 95.4% of each revenue dollar reached the bottom line.

Across the filed record, revenue shrank from $353.3M (FY2009) to $136.7M (FY2025) — about −5.8% a year compounded over 16 years.

It earned 8.6% on invested capital in FY2025, with a median of 9.6% across 17 filed years. The Returns on Capital filter above scores it 48/100.

The balance sheet carried $790.9M of total debt in FY2025 against $130.4M of owner earnings — roughly 6.1 years of owner earnings to retire it all. Balance-Sheet Safety scores it 19/100.

The share count rose 109.8% between FY2010 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 56/100.

Put together: Pricing Power is the strongest of the four filters (84/100) and Balance-Sheet Safety the weakest (19/100), which is how AWR lands at 54/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$136.7M FY2025

Gross marginRevenue kept after cost of goods55.7% FY2025

Return on invested capitalOperating profit on the capital employed8.6% FY2025

Owner earningsCash an owner could take out$130.4M FY2025

Gaps in a line mean that item isn’t in AWR’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale54.3 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — AWR has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Utilities context

#8 of 48 scored Utilities companies, ranked by Moat Score.

Nearest peers by Moat Score

#6CLH CLEAN HARBORS, INC58.4 out of 100, Shallow moatShallow moat
#7NFG NATIONAL FUEL GAS CO56.2 out of 100, Shallow moatShallow moat
#9WELPP WISCONSIN ELECTRIC POWER COMPANY47.8 out of 100, Shallow moatShallow moat
#10ATO ATMOS ENERGY CORP45.4 out of 100, Shallow moatShallow moat

Compare AWR with its nearest peers →All Utilities companies on the Index →

Common questions about AWR

Does American States Water Co have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores American States Water Co (AWR) 54.3 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 84, returns on capital 48, balance-sheet safety 19, capital discipline 56.
Is AWR stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $54.93 per share versus a recent price of $89.28 — 63% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has AWR's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 54.3 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

Embed this score on your site

One iframe, no script. The badge shows AWR’s live Moat Score, updates itself as new filings are scored, and links back here. How it works.

<iframe
  src="https://buylikebuffett.com/embed/AWR"
  width="340" height="150" style="border:0"
  title="AWR Moat Score — The Moat Index"
  loading="lazy"></iframe>

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell AWR. See the disclaimer.