$76.64

+0.35 (+0.46%)

Weekly Expected Move ±3.7%

$70 $73 $76 $78 $81

NYSE · Utilities · Regulated Water · Alpha Radar Neutral · Power 51 · $3.0B mcap · 39M float · 0.803% daily turnover · Short 66% of daily vol

Edge Score

Quantitative competitive moat analysis scoring five pillars of durable advantage — cost leadership, brand intangibles, switching costs, network effects, and efficient scale — using industry percentile rankings on a 0–100 scale.

WEAK EDGE

53.6 / 100

NoneWeakNarrowWide

Primary source: Efficient Scale · ROIC: 8.1% · 5Y Avg: 7.6%

Cost Advantage

Intangibles

Switching Cost

Network Effect

Scale ★

The Edge Score quantifies a company's competitive moat using five pillars: Cost Advantage (20%, operating margin and SG&A efficiency vs industry peers), Intangible Assets (25%, gross margin premium, R&D intensity, brand pricing power), Switching Costs (25%, revenue stability, earnings consistency, customer retention proxied by operating leverage), Network Effects (15%, revenue growth with expanding margins, market share dominance), and Efficient Scale (15%, market concentration, ROIC sustainability). Each pillar is scored 0–100 using industry percentile rankings, then weighted into a composite. Wide ≥ 70, Narrow ≥ 55, Weak ≥ 40, None < 40. AWR shows a Weak competitive edge (53.6/100) — limited structural advantages that may face competitive pressure. The primary source of advantage is Efficient Scale. ROIC of 8.1% suggests modest returns relative to capital deployed.

Analyst Insights

Wall Street analyst consensus based on price targets and buy/sell/hold recommendations from institutional research coverage over the trailing 12 months.

Analyst Price Targets

Analyst Recommendations

Strong Buy: 0Buy: 2Hold: 5Sell: 3Strong Sell: 0

Rating Summary

ConsensusHold

Avg Target$—

Analysts0

Price Target Change History

Date	Firm	Analyst	Old	New	Change	Upside @ Call	Stock@Call
2024-07-31	Wells Fargo	Jonathan Reeder	Initiated	$87	—	+5.4%	$82.56
2022-11-30	UBS	—	Initiated	$92	—	-3.7%	$95.56

Financial Rating

Composite financial health rating (A+ to F) based on discounted cash flow valuation, return on equity, return on assets, debt-to-equity leverage, and relative P/E and P/B multiples.

B+

May 22, 2026

DCF

ROE

ROA

D/E

P/E

P/B

The Financial Rating evaluates six fundamental factors — discounted cash flow (DCF) valuation, return on equity (ROE), return on assets (ROA), debt-to-equity leverage (D/E), and relative price-to-earnings (P/E) and price-to-book (P/B) multiples — each scored 1–5. AWR receives an overall rating of B+. Strongest factors: DCF (4/5), ROE (4/5), ROA (5/5). Areas of concern: P/E (2/5), P/B (1/5).

Rating Change History

Date	From	To
2026-05-22	A-	B+
2026-05-21	B+	A-
2026-05-20	A-	B+
2026-05-11	B	A-
2026-05-06	A	B
2026-05-06	A-	A
2026-05-05	A	A-
2026-05-04	B+	A
2026-03-02	A-	B+
2026-02-24	B	A-

InsiderStreet Scorecard

Proprietary multi-factor scorecard rating companies across seven fundamental dimensions — profitability, balance sheet strength, earnings quality, growth, value, momentum, and safety — each scored 0–100.

★ ★ ★ ★ ★ 56 Grade A

Profitability

Balance Sheet

Earnings Quality

Growth

Value

Momentum

Safety

Cash Flow

The InsiderStreet Scorecard rates companies across eight dimensions: Profitability (margins, ROA, ROE), Balance Sheet (leverage, liquidity, coverage), Earnings Quality (accruals, cash conversion), Growth (revenue and earnings trajectory), Value (P/E, P/B, earnings yield, Graham criteria), Momentum (revenue and earnings acceleration), Safety (Altman Z-Score risk adjustment), and Cash Flow (operating cash flow quality, FCF conversion, cash coverage). The overall score blends 35% quality, 35% value, and 30% momentum, with a penalty for distress-zone Altman scores. AWR scores highest in Momentum (82/100) and lowest in Cash Flow (42/100). An overall grade of A places AWR among the highest-quality companies in its peer group.

Risk & Quality Signals

Academic financial models used by institutional investors to assess bankruptcy risk, earnings manipulation, financial strength, and credit quality.

Altman Z-Score

1.91

Grey Zone

Piotroski F-Score

7/9

✓ ✓ ✓ ✓ ✓ ✓ ✗ ✗ ✓

Beneish M-Score

-2.07

Unlikely Manipulator

Ohlson O-Score

-6.84

Bankruptcy prob: 0.1%

Low Risk

Credit Rating

BBB+

Score: 60.2/100

Trend: Improving

Earnings Quality

100/100

OCF/NI: 1.92x

Accruals: -4.7%

The Altman Z-Score (1968) combines five ratios — working capital, retained earnings, EBIT, market value of equity, and sales, all relative to total assets or liabilities — into a single bankruptcy predictor. AWR scores 1.91, placing it in the Grey Zone (safe > 2.99, distress < 1.81). Financial distress is possible and warrants monitoring. The Piotroski F-Score (2000) is a 9-point binary checklist — four profitability tests (positive ROA, positive cash flow, improving ROA, cash flow exceeding net income), three leverage tests (declining debt ratio, improving current ratio, no share dilution), and two efficiency tests (improving gross margin, improving asset turnover). Each pass scores 1 point. AWR scores 7/9, signaling strong financial health across all three dimensions. The Beneish M-Score (1999) is an 8-variable model that detects earnings manipulation by comparing year-over-year changes in receivables, gross margins, asset quality, sales growth, depreciation, SG&A, leverage, and accruals. Scores above −1.78 statistically resemble past manipulators. AWR's score of -2.07 falls below this threshold, suggesting earnings are unlikely to be manipulated. The Ohlson O-Score (1980) is a 9-variable logistic regression that estimates bankruptcy probability using firm size, leverage, working capital, current ratio, profitability (ROA), cash flow coverage, negative equity flag, consecutive losses flag, and earnings trajectory. The raw score is converted to a probability via logistic transformation. AWR's implied 0.1% bankruptcy probability is well within safe territory. Our Credit Rating model scores companies on five weighted components — solvency (30%), earning power (25%), leverage (20%), liquidity (15%), and cash flow quality (10%) — then blends the absolute score with sector and industry peer rankings. For companies with large buyback programs, equity is adjusted by adding back cumulative 5-year repurchases (capped at 80% of FCF generated) to avoid penalizing shareholder-friendly capital allocation. AWR receives an estimated rating of BBB+ (score: 60.2/100), with a improving trend. The Earnings Quality score measures how well reported earnings are backed by real cash. It evaluates the operating cash flow to net income ratio (OCF/NI ≥ 1.0 means every dollar of earnings is cash-backed) and the accruals ratio (the gap between earnings and cash flow relative to assets — lower is better). AWR's score of 100/100 is high — cash flows strongly support reported earnings.

Valuation

Key valuation multiples comparing the stock's market price to its earnings, revenue, book value, and cash flows. Lower multiples may indicate relative undervaluation versus peers.

P/E

22.45x

PEG

4.05x

P/S

4.42x

P/B

2.82x

P/FCF

78.03x

P/OCF

11.57x

EV/EBITDA

15.12x

EV/Revenue

5.73x

EV/EBIT

18.76x

EV/FCF

102.35x

Earnings Yield

4.50%

FCF Yield

1.28%

Shareholder Yield

2.58%

Graham Number

$45.21

Equity-based multiples (P/E, P/B, P/FCF) compare the stock price to per-share fundamentals and are affected by capital structure. Enterprise value multiples (EV/EBITDA, EV/Revenue, EV/FCF) strip out debt and cash, making them more useful for cross-company comparisons regardless of how companies are financed. The Graham Number — √(22.5 × EPS × Book Value) — is Benjamin Graham's formula for the maximum price a defensive investor should pay. At 22.4x earnings, AWR commands a growth premium. Graham's intrinsic value formula yields $45.21 per share, 70% below the current price.

DuPont Decomposition (5-Factor)

The 5-factor DuPont framework breaks Return on Equity into its component drivers — tax efficiency, interest burden, operating profitability, asset utilization, and financial leverage — to reveal what truly drives shareholder returns.

Tax Burden

0.766

NI / EBT

Interest Burden

0.841

EBT / EBIT

EBIT Margin

0.305

EBIT / Rev

Asset Turnover

0.260

Rev / Assets

Equity Multiplier

2.653

Assets / Equity

ROE

13.6%

The 5-factor DuPont identity decomposes ROE as: Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Equity Multiplier = ROE. This reveals whether returns are driven by operating performance, financial leverage, or tax efficiency — three very different sources of profitability. AWR's ROE of 13.6% is driven by a balanced combination of operating margin, asset efficiency, and leverage.

Graham-Dodd Adjusted Valuation

Our adaptation of Graham's growth formula (Fair P/E = 8.5 + 2g) from The Intelligent Investor. The classic version relies on analyst growth projections, which can be unreliable. This adjusted model substitutes the company's realized 3-year EPS CAGR — a backward-looking, verifiable measure of actual earnings power — grounding the valuation in demonstrated performance rather than forecasts.

Adj. Growth Rate

8.55%

Fair P/E

25.61x

Intrinsic Value

$87.21

Price/Value

0.87x

Margin of Safety

13.29%

Premium

-13.29%

Assessment

Undervalued

Graham's classic formula uses analyst-projected growth to estimate a fair P/E (8.5 + 2g). Our adjusted version replaces that projection with AWR's realized 8.6% 3-year EPS CAGR — what the company actually delivered, not what analysts hope for. At an intrinsic value of $87.21, AWR appears undervalued with a 13% margin of safety. The adjusted fair P/E of 25.6x compares to the current market P/E of 22.4x.

Profitability Trends

Historical profitability ratios tracking how efficiently the company converts revenue into returns for shareholders over time.

Leverage & Solvency Trends

Debt and liquidity metrics showing the company's financial leverage and ability to meet short-term and long-term obligations.

Efficiency & Working Capital Trends

Operating efficiency metrics measuring how quickly the company converts inventory to sales, collects receivables, and manages its cash conversion cycle.

Growth Trends (YoY %)

Year-over-year growth rates for key financial metrics, showing the trajectory of revenue, earnings, and cash flow generation.

Earnings Stability

R-squared of linear regression measuring how predictably revenue, earnings, and margins follow a trend over the trailing 5 years. 1.0 = perfectly predictable; lower values indicate erratic or cyclical behavior.

Monte Carlo Price Simulation

Geometric Brownian Motion with 1,000 antithetic paths over 1 year, seeded from 1800 days of historical volatility. Percentile bands show the range of statistically plausible outcomes — this is a statistical model, not a forecast.

Current Price

$76.63

Median 1Y

$75.90

5th Pctile

$49.21

95th Pctile

$116.93

Ann. Volatility

27.6%

25th–75th percentile 5th–95th percentile Median path Historical

Executive Compensation

C-suite compensation breakdown including salary, stock awards, options, and incentive pay. The CEO-to-employee pay ratio and Gini coefficient measure pay distribution fairness.

C-Suite Compensation

Executive	Salary	Stock	Total
Robert J. Sprowls President and Chief Executive Officer	$974,327	$1,991,967	$4,200,781
Eva G. Tang Senior Vice President – Finance, Chief Financial Officer, Corporate Secretary and Treasurer	$629,568	$151,479	$1,102,714
Paul J. Rowley Senior Vice President – Regulated Water Utility of Golden State Water Company	$488,154	$151,479	$900,368
Christopher H. Connor Senior Vice President of American States Utility Services, Inc. and its subsidiaries	$429,632	$158,337	$835,129
Gladys M. Farrow Vice President – Finance, Treasurer and Assistant Secretary of Golden State Water Company	$391,264	$108,869	$682,943

CEO Pay Ratio

37:1

CEO-to-Employee Pay Ratio

CEO Total Comp: $4,200,781

Avg Employee Cost (SGA/emp): $114,234

Employees: 900

C-Suite Pay Equality (Gini)

CEO Compensation Mix

Workforce & Productivity

Workforce efficiency metrics measuring revenue, profit, and R&D spend per employee — key indicators of operational leverage and human capital productivity.

Employees

900

+6.4% YoY

Revenue / Employee

$731,192

Rev: $658,073,000

Profit / Employee

$144,936

NI: $130,442,000

SGA / Employee

$114,234

Avg labor cost proxy

Scaling Efficiency

All Ratios & Metrics

Complete fundamental data with up to 20 periods of history, sparkline trends, and current values across 13 categories and 130+ financial metrics.

Profitability

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
ROE	14.9%	15.2%	14.2%	13.4%	12.4%	12.1%	11.2%	14.1%	16.8%	17.6%	16.8%	15.3%	14.4%	15.0%	14.1%	14.5%	14.7%	15.3%	13.3%	13.6%	13.59%
ROA	5.4%	5.5%	5.1%	4.8%	4.5%	4.3%	4.0%	5.0%	6.0%	6.3%	5.8%	5.3%	5.0%	5.2%	5.0%	5.2%	5.3%	5.5%	5.0%	5.1%	5.12%
ROIC	8.7%	8.9%	8.1%	7.8%	7.5%	7.4%	6.8%	8.2%	9.4%	10.1%	8.8%	8.2%	7.9%	8.1%	8.0%	8.3%	8.3%	8.5%	7.9%	8.1%	8.13%
ROCE	8.7%	8.8%	8.5%	8.0%	7.6%	7.5%	7.9%	9.5%	11.4%	12.1%	9.9%	9.3%	9.0%	9.3%	8.8%	9.2%	9.2%	9.5%	8.0%	8.2%	8.16%
Gross Margin	75.6%	73.5%	75.8%	75.7%	73.7%	72.9%	77.6%	75.1%	77.5%	73.2%	76.1%	52.4%	77.0%	74.1%	73.8%	77.3%	73.6%	58.3%	46.7%	51.7%	51.75%
Operating Margin	29.5%	31.3%	25.7%	22.4%	28.0%	29.9%	22.0%	31.7%	37.4%	34.1%	27.9%	28.8%	33.3%	34.0%	27.0%	30.8%	31.3%	33.8%	27.4%	30.4%	30.36%
Net Margin	20.7%	20.6%	17.4%	13.0%	16.3%	19.0%	14.9%	21.3%	24.5%	20.8%	16.3%	17.1%	20.5%	22.1%	19.9%	18.1%	20.7%	22.5%	17.5%	17.7%	17.70%
EBITDA Margin	38.9%	39.1%	36.9%	31.7%	34.9%	38.2%	33.5%	38.9%	46.3%	41.6%	40.2%	37.1%	42.7%	43.4%	37.3%	40.0%	41.7%	42.7%	28.6%	38.0%	38.04%
FCF Margin	-5.4%	-5.1%	-5.8%	-2.8%	-2.8%	-7.5%	-9.9%	-17.2%	-17.2%	-16.1%	-20.3%	-14.1%	-15.6%	-13.9%	-5.6%	-8.9%	-0.5%	5.5%	-1.1%	5.6%	5.59%
OCF Margin	23.3%	23.0%	23.2%	26.3%	27.1%	25.6%	24.0%	15.9%	13.6%	14.2%	11.4%	18.7%	21.2%	25.2%	33.4%	32.6%	38.6%	41.8%	34.9%	37.7%	37.73%
ROE 3Y Avg	snapshot only																				13.59%
ROE 5Y Avg	snapshot only																				13.54%
ROA 3Y Avg	snapshot only																				4.97%
ROIC 3Y Avg	snapshot only																				6.58%
ROIC Economic	snapshot only																				8.11%
Cash ROA	snapshot only																				9.44%
Cash ROIC	snapshot only																				13.01%
CROIC	snapshot only																				1.93%
NOPAT Margin	snapshot only																				23.58%
Pretax Margin	snapshot only																				25.66%
R&D / Revenue	snapshot only																				0.00%
SGA / Revenue	snapshot only																				15.32%
SBC / Revenue	snapshot only																				0.10%

Valuation

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
P/E Ratio	28.99	30.76	37.30	34.08	33.88	33.57	40.91	31.36	25.96	22.46	22.76	22.61	24.47	27.35	24.19	24.07	23.42	21.66	21.49	22.20	22.445
P/S Ratio	5.33	5.72	7.06	6.20	5.78	5.57	6.53	5.68	5.25	4.64	4.77	4.51	4.61	5.27	4.85	4.87	4.75	4.43	4.26	4.37	4.422
P/B Ratio	4.18	4.52	5.13	4.43	4.08	3.92	4.52	4.36	4.29	3.90	3.66	3.31	3.37	3.92	3.14	3.22	3.18	3.06	2.68	2.84	2.818
P/FCF	-99.65	-111.16	-121.66	-222.66	-206.19	-74.17	-66.21	-33.03	-30.53	-28.83	-23.53	-32.04	-29.49	-37.80	-86.82	-54.83	-888.41	80.72	-395.24	78.03	78.030
P/OCF	22.93	24.93	30.45	23.59	21.31	21.76	27.23	35.67	38.68	32.77	42.01	24.12	21.74	20.93	14.52	14.95	12.29	10.58	12.20	11.57	11.568
EV/EBITDA	17.56	18.49	22.09	20.26	19.70	19.29	23.05	19.20	16.45	14.51	15.04	14.69	15.32	16.66	15.82	15.55	15.30	14.43	14.78	15.12	15.116
EV/Revenue	6.42	6.81	8.31	7.47	7.06	6.86	8.01	7.02	6.51	5.86	6.29	6.10	6.21	6.83	6.38	6.37	6.23	5.86	5.66	5.73	5.725
EV/EBIT	22.24	23.41	28.07	26.11	25.78	25.38	30.49	24.49	20.27	17.69	18.20	17.91	18.85	20.43	19.40	19.00	18.75	17.66	18.33	18.76	18.764
EV/FCF	-120.06	-132.25	-143.23	-268.35	-252.16	-91.39	-81.25	-40.81	-37.83	-36.42	-31.00	-43.30	-39.68	-49.02	-114.26	-71.72	-1165.49	106.82	-525.52	102.35	102.345
Earnings Yield	3.4%	3.3%	2.7%	2.9%	3.0%	3.0%	2.4%	3.2%	3.9%	4.5%	4.4%	4.4%	4.1%	3.7%	4.1%	4.2%	4.3%	4.6%	4.7%	4.5%	4.50%
FCF Yield	-1.0%	-0.9%	-0.8%	-0.4%	-0.5%	-1.3%	-1.5%	-3.0%	-3.3%	-3.5%	-4.3%	-3.1%	-3.4%	-2.6%	-1.2%	-1.8%	-0.1%	1.2%	-0.3%	1.3%	1.28%
PEG Ratio	snapshot only																				4.053
Price/Tangible Book	snapshot only																				2.836
EV/OCF	snapshot only																				15.173
EV/Gross Profit	snapshot only																				9.954
Acquirers Multiple	snapshot only																				18.599
Shareholder Yield	snapshot only																				2.58%
Graham Number	snapshot only																				$45.21

Leverage & Solvency

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Current Ratio	1.33	1.33	0.89	0.89	0.89	0.89	0.38	0.38	0.38	0.38	1.24	1.24	1.24	1.24	0.82	0.82	0.82	0.82	1.32	1.32	1.323
Quick Ratio	1.25	1.25	0.81	0.81	0.81	0.81	0.34	0.34	0.34	0.34	1.13	1.13	1.13	1.13	0.76	0.76	0.76	0.76	1.23	1.23	1.229
Debt/Equity	0.91	0.91	0.92	0.92	0.92	0.92	1.04	1.04	1.04	1.04	1.18	1.18	1.18	1.18	1.02	1.02	1.02	1.02	0.90	0.90	0.902
Net Debt/Equity	0.86	0.86	0.91	0.91	0.91	0.91	1.03	1.03	1.03	1.03	1.16	1.16	1.16	1.16	0.99	0.99	0.99	0.99	0.88	0.88	0.884
Debt/Assets	0.33	0.33	0.33	0.33	0.33	0.33	0.36	0.36	0.36	0.36	0.41	0.41	0.41	0.41	0.38	0.38	0.38	0.38	0.35	0.35	0.347
Debt/EBITDA	3.19	3.15	3.35	3.48	3.62	3.66	4.30	3.69	3.20	3.05	3.68	3.88	3.99	3.87	3.91	3.77	3.74	3.63	3.74	3.66	3.664
Net Debt/EBITDA	2.99	2.95	3.33	3.45	3.59	3.63	4.27	3.66	3.18	3.02	3.63	3.82	3.93	3.81	3.80	3.66	3.64	3.53	3.66	3.59	3.591
Interest Coverage	6.20	6.45	6.46	6.33	5.91	5.39	4.78	5.05	5.27	4.98	4.81	4.20	3.85	3.86	3.88	4.11	4.21	4.49	4.35	4.43	4.428
Equity Multiplier	2.79	2.79	2.77	2.77	2.77	2.77	2.87	2.87	2.87	2.87	2.89	2.89	2.89	2.89	2.72	2.72	2.72	2.72	2.60	2.60	2.597
Cash Ratio	snapshot only																				0.108
Debt Service Coverage	snapshot only																				5.497
Cash to Debt	snapshot only																				0.020
FCF to Debt	snapshot only																				0.040
Defensive Interval	snapshot only																				337.1 days

Efficiency & Turnover

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Asset Turnover	0.29	0.30	0.27	0.27	0.26	0.26	0.25	0.28	0.29	0.30	0.28	0.27	0.27	0.27	0.25	0.26	0.26	0.27	0.25	0.26	0.260
Inventory Turnover	16.04	16.01	11.65	11.76	11.84	11.87	9.21	10.24	10.47	10.78	9.08	10.59	10.61	10.68	10.97	9.09	9.53	11.64	15.25	18.29	18.293
Receivables Turnover	8.33	8.38	10.15	9.98	9.86	9.82	16.22	17.96	19.11	19.66	12.68	12.13	12.08	12.30	11.30	11.54	11.69	12.08	9.82	10.13	10.133
Payables Turnover	2.02	2.02	1.87	1.88	1.90	1.90	1.64	1.82	1.86	1.92	1.90	2.22	2.22	2.24	2.28	1.89	1.98	2.42	2.75	3.30	3.305
DSO	44	44	36	37	37	37	23	20	19	19	29	30	30	30	32	32	31	30	37	36	36.0 days
DIO	23	23	31	31	31	31	40	36	35	34	40	34	34	34	33	40	38	31	24	20	20.0 days
DPO	181	181	196	194	192	192	223	201	196	191	192	164	164	163	160	193	184	151	132	110	110.4 days
Cash Conversion Cycle	-114	-115	-128	-126	-124	-124	-161	-145	-142	-138	-123	-100	-99	-99	-94	-121	-115	-89	-71	-54	-54.5 days
Fixed Asset Turnover	snapshot only																				0.295
Operating Cycle	snapshot only																				56.0 days
Cash Velocity	snapshot only																				36.084
Capital Intensity	snapshot only																				3.997

Growth (YoY)

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Revenue	5.3%	6.2%	2.2%	-1.2%	-3.7%	-4.7%	-1.5%	11.0%	19.5%	23.4%	21.2%	4.6%	-2.0%	-3.1%	-0.0%	6.8%	8.5%	10.3%	10.5%	11.7%	11.68%
Net Income	9.9%	13.6%	9.2%	-2.6%	-10.8%	-15.0%	-16.9%	10.5%	41.9%	53.7%	59.3%	15.2%	-8.7%	-9.6%	-4.5%	8.2%	16.6%	17.0%	9.4%	8.6%	8.59%
EPS	9.9%	13.6%	9.1%	-2.7%	-10.8%	-15.0%	-17.0%	10.4%	41.8%	53.6%	59.2%	15.0%	-9.6%	-11.1%	-7.0%	4.7%	13.0%	13.9%	7.7%	6.2%	6.22%
FCF	-80.6%	-70.7%	-2.5%	-3.9%	49.6%	-39.1%	-67.4%	-5.9%	-6.3%	-1.6%	-1.5%	14.4%	11.0%	16.1%	72.5%	32.7%	96.3%	1.4%	78.7%	1.7%	1.70%
EBITDA	9.3%	11.0%	7.6%	-0.9%	-5.7%	-7.9%	-9.0%	10.1%	32.0%	40.2%	45.8%	18.8%	0.3%	-1.6%	-3.7%	5.3%	9.0%	9.1%	5.1%	3.3%	3.32%
Op. Income	6.5%	11.3%	8.0%	-0.1%	-4.2%	-8.0%	-10.2%	13.6%	35.4%	46.8%	55.4%	20.3%	-0.4%	-4.6%	-6.2%	3.5%	7.3%	9.0%	10.2%	9.4%	9.44%
OCF Growth	snapshot only																				29.46%
Asset Growth	snapshot only																				8.59%
Equity Growth	snapshot only																				13.64%
Debt Growth	snapshot only																				0.48%
Shares Change	snapshot only																				2.23%
Dividend Growth	snapshot only																				11.21%

Growth (CAGR)

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Revenue 3Y	5.4%	5.6%	4.5%	3.4%	1.6%	0.8%	1.2%	4.2%	6.6%	7.7%	6.9%	4.7%	4.1%	4.5%	6.1%	7.4%	8.3%	9.7%	10.2%	7.7%	7.66%
Revenue 5Y	2.3%	2.9%	2.7%	2.1%	1.8%	1.7%	2.2%	4.5%	6.1%	6.7%	6.4%	5.1%	4.2%	4.1%	4.7%	4.8%	5.2%	6.0%	6.2%	6.5%	6.48%
EPS 3Y	15.0%	14.5%	14.0%	10.7%	2.8%	-0.4%	-2.3%	4.9%	11.6%	14.0%	13.0%	7.3%	4.6%	5.1%	7.1%	10.0%	13.1%	15.8%	16.8%	8.6%	8.55%
EPS 5Y	9.2%	9.4%	9.5%	7.4%	3.9%	3.4%	2.5%	7.9%	14.0%	14.4%	14.4%	11.5%	6.8%	6.1%	6.6%	6.8%	7.2%	8.5%	7.6%	6.6%	6.58%
Net Income 3Y	15.1%	14.6%	14.1%	10.8%	2.8%	-0.4%	-2.3%	5.0%	11.6%	14.1%	13.1%	7.4%	4.9%	5.7%	8.1%	11.3%	14.7%	17.6%	18.5%	10.6%	10.63%
Net Income 5Y	9.4%	9.5%	9.7%	7.6%	4.0%	3.5%	2.6%	8.0%	14.1%	14.5%	14.5%	11.6%	7.1%	6.5%	7.3%	7.6%	8.2%	9.4%	8.6%	7.8%	7.83%
EBITDA 3Y	8.0%	9.4%	8.9%	6.6%	2.8%	1.0%	0.8%	6.2%	10.8%	12.8%	12.6%	9.0%	7.7%	8.3%	8.6%	11.2%	13.0%	14.6%	13.9%	8.9%	8.92%
EBITDA 5Y	3.2%	3.8%	4.0%	2.7%	0.5%	0.4%	0.2%	4.1%	9.4%	11.1%	11.4%	9.6%	7.6%	7.3%	7.6%	8.4%	8.3%	9.0%	7.7%	7.1%	7.10%
Gross Profit 3Y	5.7%	6.2%	4.8%	3.2%	1.3%	0.5%	1.3%	4.2%	7.1%	8.2%	6.8%	2.0%	1.2%	1.7%	3.3%	7.7%	8.4%	7.5%	4.3%	-1.4%	-1.37%
Gross Profit 5Y	2.5%	2.9%	2.5%	1.7%	1.3%	1.2%	1.8%	4.2%	6.3%	7.0%	6.5%	3.6%	2.7%	2.7%	3.3%	5.0%	5.2%	4.6%	2.5%	0.7%	0.75%
Op. Income 3Y	9.4%	11.9%	11.8%	9.6%	4.2%	1.0%	-0.1%	5.0%	11.4%	14.6%	14.7%	10.9%	8.9%	8.8%	9.4%	12.3%	13.1%	15.1%	17.1%	10.9%	10.87%
Op. Income 5Y	3.4%	4.1%	4.2%	2.7%	0.5%	0.3%	-0.1%	4.9%	11.2%	13.6%	14.3%	12.5%	8.8%	7.6%	7.7%	7.6%	8.1%	9.4%	9.3%	9.1%	9.12%
FCF 3Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
FCF 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
OCF 3Y	-4.5%	-4.3%	-5.5%	-0.4%	4.1%	3.1%	0.3%	-5.6%	-12.8%	-11.2%	-17.9%	-6.7%	1.0%	7.7%	19.8%	15.4%	21.9%	29.2%	24.9%	43.5%	43.50%
OCF 5Y	7.7%	6.1%	3.6%	5.8%	1.2%	-2.4%	-4.0%	-10.6%	-10.1%	-8.7%	-13.1%	-4.0%	0.7%	5.2%	11.2%	13.9%	15.0%	17.2%	13.5%	14.3%	14.33%
Assets 3Y	8.1%	8.1%	8.2%	8.2%	8.2%	8.2%	7.4%	7.4%	7.4%	7.4%	7.8%	7.8%	7.8%	7.8%	9.6%	9.6%	9.6%	9.6%	10.1%	10.1%	10.10%
Assets 5Y	5.8%	5.8%	5.3%	5.3%	5.3%	5.3%	7.5%	7.5%	7.5%	7.5%	8.4%	8.4%	8.4%	8.4%	8.8%	8.8%	8.8%	8.8%	8.7%	8.7%	8.67%
Equity 3Y	6.6%	6.6%	-6.5%	-6.5%	-6.5%	-6.5%	5.7%	5.7%	5.7%	5.7%	6.5%	6.5%	6.5%	6.5%	10.3%	10.3%	10.3%	10.3%	13.8%	13.8%	13.80%
Book Value 3Y	6.5%	6.5%	-6.6%	-6.6%	-6.6%	-6.5%	5.6%	5.6%	5.6%	5.6%	6.5%	6.4%	6.2%	5.9%	9.3%	9.0%	8.7%	8.7%	12.2%	11.7%	11.66%
Dividend 3Y	3.1%	3.1%	3.0%	2.9%	2.9%	2.9%	2.9%	2.8%	2.8%	2.8%	2.7%	2.6%	2.4%	2.3%	2.1%	2.1%	2.1%	2.2%	2.2%	1.7%	1.66%

Growth Quality

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Revenue Stability	0.65	0.76	0.86	0.80	0.78	0.70	0.86	0.88	0.78	0.74	0.76	0.93	0.75	0.67	0.75	0.90	0.83	0.81	0.84	0.93	0.934
Earnings Stability	0.86	0.88	0.88	0.85	0.66	0.57	0.44	0.86	0.78	0.67	0.60	0.88	0.68	0.59	0.57	0.89	0.72	0.70	0.69	0.94	0.939
Margin Stability	0.99	0.99	0.99	0.99	0.99	0.99	0.99	0.99	0.99	0.99	1.00	0.97	0.97	0.97	0.97	0.97	0.97	0.96	0.93	0.89	0.890
Rev. Growth Consistency	1.00	1.00	1.00	0.00	0.00	0.00	0.00	0.50	0.50	0.50	0.50	1.00	0.00	0.00	0.00	1.00	0.50	0.50	0.50	1.00	1.000
Earn. Growth Consistency	1.00	1.00	1.00	0.00	0.00	0.00	0.00	0.50	0.50	0.50	0.50	1.00	0.00	0.00	0.00	1.00	0.50	0.50	0.50	1.00	1.000
FCF Positive Streak	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Earnings Persistence	0.96	0.95	0.96	0.99	0.96	0.94	0.93	0.96	0.83	0.50	0.50	0.94	0.97	0.96	0.98	0.97	0.93	0.93	0.96	0.97	0.966
Earnings Smoothness	0.91	0.87	0.91	0.97	0.89	0.84	0.82	0.90	0.65	0.58	0.54	0.86	0.91	0.90	0.95	0.92	0.85	0.84	0.91	0.92	0.918
ROE Trend	0.03	0.03	0.00	-0.01	-0.02	-0.03	-0.03	0.00	0.03	0.04	0.04	0.01	-0.00	-0.00	-0.01	-0.01	-0.02	-0.02	-0.02	-0.01	-0.012
Gross Margin Trend	0.01	0.01	0.01	-0.00	-0.01	-0.01	-0.01	-0.01	0.00	0.00	0.00	-0.05	-0.05	-0.05	-0.05	0.03	0.02	-0.03	-0.09	-0.15	-0.153
FCF Margin Trend	-0.00	0.00	-0.01	0.02	0.01	-0.03	-0.06	-0.16	-0.13	-0.10	-0.12	-0.04	-0.06	-0.02	0.09	0.07	0.16	0.21	0.12	0.17	0.171
Sustainable Growth Rate	6.9%	7.0%	6.4%	5.5%	4.3%	3.8%	3.2%	5.9%	8.4%	9.0%	8.6%	6.9%	5.8%	6.2%	6.2%	6.4%	6.4%	6.8%	5.7%	5.8%	5.79%
Internal Growth Rate	2.6%	2.6%	2.4%	2.0%	1.6%	1.4%	1.1%	2.1%	3.1%	3.3%	3.1%	2.5%	2.1%	2.2%	2.3%	2.3%	2.3%	2.5%	2.2%	2.2%	2.23%

Cash Flow Quality

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
OCF/Net Income	1.26	1.23	1.23	1.44	1.59	1.54	1.50	0.88	0.67	0.69	0.54	0.94	1.13	1.31	1.67	1.61	1.91	2.05	1.76	1.92	1.919
FCF/OCF	-0.23	-0.22	-0.25	-0.11	-0.10	-0.29	-0.41	-1.08	-1.27	-1.14	-1.79	-0.75	-0.74	-0.55	-0.17	-0.27	-0.01	0.13	-0.03	0.15	0.148
FCF/Net Income	snapshot only																				0.285
OCF/EBITDA	snapshot only																				0.996
CapEx/Revenue	28.6%	28.1%	29.0%	29.1%	29.9%	33.1%	33.8%	33.1%	30.8%	30.3%	31.7%	32.8%	36.9%	39.1%	39.0%	41.4%	39.1%	36.4%	36.0%	32.1%	32.14%
CapEx/Depreciation	snapshot only																				4.365
Accruals Ratio	-0.01	-0.01	-0.01	-0.02	-0.03	-0.02	-0.02	0.01	0.02	0.02	0.03	0.00	-0.01	-0.02	-0.03	-0.03	-0.05	-0.06	-0.04	-0.05	-0.047
Sloan Accruals	snapshot only																				0.022
Cash Flow Adequacy	snapshot only																				0.869
Earnings Quality Score	snapshot only																				1.000

Dividends & Buybacks

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Dividend Yield	1.8%	1.7%	1.5%	1.7%	1.9%	2.1%	1.8%	1.9%	1.9%	2.2%	2.2%	2.4%	2.4%	2.1%	2.3%	2.3%	2.4%	2.6%	2.7%	2.6%	2.63%
Dividend/Share	$1.34	$1.37	$1.40	$1.43	$1.46	$1.49	$1.52	$1.55	$1.59	$1.62	$1.65	$1.68	$1.70	$1.73	$1.76	$1.80	$1.83	$1.88	$1.93	$1.95	$2.02
Payout Ratio	53.4%	53.7%	54.8%	59.2%	65.3%	68.8%	71.9%	58.4%	50.1%	48.7%	49.0%	54.9%	59.6%	58.7%	56.2%	56.0%	56.7%	55.9%	57.2%	57.4%	57.35%
FCF Payout Ratio	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	2.1%	—	2.0%	2.02%
Total Payout Ratio	53.4%	53.7%	54.8%	59.2%	65.3%	68.8%	71.9%	58.4%	50.1%	48.7%	49.0%	54.9%	59.6%	58.7%	56.2%	56.0%	56.7%	55.9%	57.2%	57.4%	57.35%
Div. Increase Streak	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
Chowder Number	0.12	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.12	0.13	0.13	0.14	0.14	0.14	0.138
Buyback Yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.00%
Net Buyback Yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	-0.6%	-1.2%	-1.9%	-3.1%	-3.3%	-2.8%	-2.5%	-2.4%	-1.6%	-1.60%
Total Shareholder Return	1.8%	1.7%	1.5%	1.7%	1.9%	2.1%	1.8%	1.9%	1.9%	2.2%	2.2%	1.8%	1.2%	0.2%	-0.8%	-1.0%	-0.4%	0.1%	0.3%	1.0%	0.98%

DuPont Factors

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Tax Burden (NI/EBT)	0.76	0.76	0.76	0.75	0.75	0.75	0.77	0.77	0.76	0.76	0.75	0.75	0.75	0.76	0.80	0.80	0.80	0.79	0.77	0.77	0.766
Interest Burden (EBT/EBIT)	0.84	0.84	0.85	0.84	0.83	0.81	0.79	0.82	0.83	0.82	0.81	0.78	0.76	0.76	0.76	0.76	0.76	0.78	0.84	0.84	0.841
EBIT Margin	0.29	0.29	0.30	0.29	0.27	0.27	0.26	0.29	0.32	0.33	0.35	0.34	0.33	0.33	0.33	0.34	0.33	0.33	0.31	0.31	0.305
Asset Turnover	0.29	0.30	0.27	0.27	0.26	0.26	0.25	0.28	0.29	0.30	0.28	0.27	0.27	0.27	0.25	0.26	0.26	0.27	0.25	0.26	0.260
Equity Multiplier	2.76	2.76	2.78	2.78	2.78	2.78	2.82	2.82	2.82	2.82	2.88	2.88	2.88	2.88	2.80	2.80	2.80	2.80	2.65	2.65	2.653

Per Share

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
EPS (Diluted TTM)	$2.50	$2.54	$2.55	$2.41	$2.23	$2.16	$2.12	$2.66	$3.16	$3.32	$3.37	$3.06	$2.86	$2.95	$3.13	$3.21	$3.23	$3.36	$3.37	$3.41	$3.41
Book Value/Share	$17.34	$17.33	$18.52	$18.53	$18.52	$18.52	$19.15	$19.15	$19.14	$19.14	$20.93	$20.92	$20.74	$20.60	$24.16	$23.99	$23.81	$23.77	$27.04	$26.67	$27.20
Tangible Book/Share	$17.31	$17.30	$18.49	$18.50	$18.49	$18.49	$19.12	$19.12	$19.11	$19.11	$20.90	$20.89	$20.71	$20.57	$24.16	$23.99	$23.81	$23.77	$27.04	$26.67	$26.67
Revenue/Share	$13.60	$13.68	$13.47	$13.25	$13.08	$13.03	$13.27	$14.69	$15.63	$16.07	$16.06	$15.35	$15.17	$15.33	$15.64	$15.86	$15.94	$16.46	$17.02	$17.32	$17.37
FCF/Share	$-0.73	$-0.70	$-0.78	$-0.37	$-0.37	$-0.98	$-1.31	$-2.53	$-2.69	$-2.59	$-3.26	$-2.16	$-2.37	$-2.14	$-0.87	$-1.41	$-0.09	$0.90	$-0.18	$0.97	$0.97
OCF/Share	$3.16	$3.14	$3.12	$3.48	$3.55	$3.34	$3.18	$2.34	$2.12	$2.28	$1.83	$2.87	$3.22	$3.86	$5.22	$5.16	$6.16	$6.89	$5.94	$6.54	$6.55
Cash/Share	$0.99	$0.99	$0.13	$0.13	$0.13	$0.13	$0.16	$0.16	$0.16	$0.16	$0.38	$0.38	$0.38	$0.37	$0.70	$0.70	$0.69	$0.69	$0.49	$0.48	$0.57
EBITDA/Share	$4.98	$5.04	$5.07	$4.89	$4.69	$4.64	$4.61	$5.37	$6.18	$6.50	$6.72	$6.37	$6.14	$6.29	$6.30	$6.49	$6.49	$6.68	$6.52	$6.56	$6.56
Debt/Share	$15.85	$15.84	$16.99	$16.99	$16.98	$16.98	$19.82	$19.82	$19.81	$19.81	$24.75	$24.74	$24.53	$24.36	$24.64	$24.46	$24.28	$24.24	$24.38	$24.04	$24.04
Net Debt/Share	$14.86	$14.85	$16.85	$16.86	$16.85	$16.85	$19.66	$19.66	$19.65	$19.65	$24.37	$24.36	$24.15	$23.98	$23.94	$23.77	$23.59	$23.55	$23.89	$23.56	$23.56

Academic Models

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Altman Z-Score	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	1.913
Altman Z-Prime	snapshot only																				3.259
Piotroski F-Score	8	8	5	4	4	4	5	5	6	6	6	5	5	6	4	7	6	6	7	7	7
Beneish M-Score	-2.40	-2.39	-2.39	-2.43	-2.45	-2.46	-2.61	-2.30	-2.37	-2.40	-2.08	-1.93	-2.24	-2.31	-2.51	-2.67	-2.56	-2.46	-1.96	-2.07	-2.070
Ohlson O-Score	snapshot only																				-6.845
ROIC (Greenblatt)	snapshot only																				8.79%
Net-Net WC	snapshot only																				$-36.69
EVA	snapshot only																				$-36755800.12

Credit

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Credit Rating	snapshot only																				BBB+
Credit Score	60.20	62.22	61.28	58.26	56.96	58.43	43.71	51.87	50.35	46.29	55.32	57.36	55.92	56.07	50.98	51.52	51.25	53.31	58.30	60.20	60.205
Credit Grade	snapshot only																				8
Credit Trend	snapshot only																				8.683
Implied Spread (bps)	snapshot only																				225.000
Industry Credit Rank	snapshot only																				69
Sector Credit Rank	snapshot only																				74

AWR NYSE

Edge Score

Analyst Insights

Financial Rating

InsiderStreet Scorecard

Risk & Quality Signals

Valuation

DuPont Decomposition (5-Factor)

Graham-Dodd Adjusted Valuation

Profitability Trends

Leverage & Solvency Trends

Efficiency & Working Capital Trends

Growth Trends (YoY %)

Earnings Stability

Monte Carlo Price Simulation

Executive Compensation

C-Suite Compensation

CEO Pay Ratio

C-Suite Pay Equality (Gini)

CEO Compensation Mix

Workforce & Productivity

Scaling Efficiency

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