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California Water Service vs American States Water: CWT and AWR compared
California Water Service is the larger company: $331M of revenue in its latest quarter (Q3 2026) against $193M for American States Water (Q3 2026). California Water Service is growing faster (+5% against +5% a year earlier). American States Water is more profitable, with an operating margin of 35.0% against 25.0%.
Where the money goes: CWT and AWR
California Water Service (CWT) · Q3 2026
California Water Service, Q3 2026: revenue $331M (+5% year over year), operating margin 25.0%, net earnings $65.4M, operating cash flow $149M. The chart follows the revenue to costs, profit and cash.
American States Water (AWR) · Q3 2026
American States Water, Q3 2026: revenue $193M (+5% year over year), operating margin 35.0%, net earnings $42.3M, operating cash flow $85.2M. The chart follows the revenue to costs, profit and cash.
| California Water Service (CWT) | American States Water (AWR) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $331M | $193M |
| Revenue growth, Y/Y | +5% | +5% |
| Operating margin | 25.0% | 35.0% |
| Net earnings | $65.4M | $42.3M |
| Net margin | 19.7% | 22.0% |
| Operating cash flow | $149M | $85.2M |
| Free cash flow | — | $27.2M |
| Market value | $3.0B | $3.3B |
| P/E | 21.7× | 22.9× |
| Analysts’ mean target | $54.75 | $89.00 |
Where the revenue comes from
California Water Service
- Residential: $197M (59%)
- Business: $61.3M (19%)
- Multiple residential: $24.8M (8%)
- Public authorities: $20.4M (6%)
Questions
Which is bigger, California Water Service or American States Water?
California Water Service is the larger company: $331M of revenue in its latest quarter (Q3 2026) against $193M for American States Water (Q3 2026).
Is California Water Service or American States Water growing faster?
California Water Service is growing faster (+5% against +5% a year earlier).
Which is more profitable, California Water Service or American States Water?
American States Water is more profitable, with an operating margin of 35.0% against 25.0%.
More: California Water Service earnings · how California Water Service makes money · American States Water earnings · how American States Water makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 29, 2026; 10-Q filed Nov 4, 2026). Fiscal quarters can end on different dates. Not investment advice.