American States Water Company, through its subsidiaries, engages in the provision of water and electric services to residential, commercial, industrial, and other customers in the United States. It operates through three segments: Water, Electric, and Contracted Services. The company purchases, produces, distributes, and sells water, as well as distributes electricity. It provides water service to approximately 265,100 customers; and distributes …
Full AWR analysis →
Competitive advantage assessment
Key strengths
Earning the Allowed ROEReturn on equity is strong vs peers (score 0.92), suggesting rate-base growth is translating into earnings.
American States Water Company ranks #4 of 15
scored companies in Utilities - Regulated Water by moat score — the top 27%.
The widest moat in the group is American Water Works Company, I (AWK)
at 72/100.
Moat scores for companies ranked near AWR in Utilities - Regulated Water
How AWR scores on the Regulated Utilities defenses
Regulatory Franchise
Score 72
· 25% of the moat score
The franchise is the moat, granted rather than earned: an exclusive right to serve a territory in exchange for regulated prices and an obligation to supply.
Rate-Base Return Quality
Score 78
· 20% of the moat score
A utility earns an allowed return on the capital invested in its network, the rate base.
Dividend Sustainability
Score 42
· 18% of the moat score
Utilities are owned largely for income, and the dividend is only as safe as the operating cash flow behind it.
Capital Structure Discipline
Score 72
· 17% of the moat score
Regulated utilities carry more debt than almost any other sector, which suits how predictable their revenue is but makes credit quality a core competitive asset.
Operational Efficiency
Score 65
· 12% of the moat score
Efficiency is unusually consequential under regulation.
Essential Service Resilience
Score 71
· 8% of the moat score
Electricity, gas and water are bought in a recession at close to the volume bought in an expansion, which is why utility revenue barely tracks the economic cycle.
What is American States Water Company's moat score?
American States Water Company (AWR) scores 66 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as moderate. It ranks #4 of 15 scored companies in Utilities - Regulated Water, the top 27%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 14 companies in Utilities - Regulated Water. Its strongest defense is Rate-Base Return Quality (78/100) and its weakest is Dividend Sustainability (42/100).
How does American States Water Company compare with other Utilities - Regulated Water companies?
American States Water Company ranks #4 of 15 scored companies in Utilities - Regulated Water by moat score. The widest moat in Utilities - Regulated Water is American Water Works Company, I (AWK) at 72/100. The companies ranked closest are Essential Utilities, Inc. (WTRG) at 69 just above it and Middlesex Water Company (MSEX) at 63 just below it.
How is the moat score calculated?
Each company is scored with an industry-specific template — Regulated Utilities in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 14 companies in Utilities - Regulated Water. The defenses are then weighted to produce the overall score out of 100.
Why is American States Water Company scored with the Regulated Utilities template?
A regulated utility is a legal monopoly whose prices are set by a regulator rather than by a market. It cannot raise prices at will and it cannot be undercut, so most of the usual questions about competitive advantage barely apply. What matters is the quality of the regulatory bargain: whether the company earns the return it is allowed, funds its capital programme cheaply, and sustains the dividend investors own it for.
Which competitive defenses are measured for American States Water Company?
The Regulated Utilities template measures 6 defenses, and AWR scores: Regulatory Franchise (72), Rate-Base Return Quality (78), Dividend Sustainability (42), Capital Structure Discipline (72), Operational Efficiency (65), Essential Service Resilience (71). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.
We value your privacy
We use cookies to enhance your browsing experience, analyze site traffic, and personalize content. By clicking 'Accept All', you consent to our use of cookies.
Read our cookie policy
Cookie Preferences
Manage your cookie preferences. Essential cookies are always enabled.