American Water Works Company, Inc. AWK

UtilitiesWater & Related UtilitiesUnited States of America

Last close 144.37 USD on Nov 1, 2026, +12.9% year to date

Quant rating

Quant rating A Rank 6 of 90 in Utilities

Growth A 7 of 90
Valuation D 81 of 90
Quality B 24 of 90
Revisions A 12 of 90
Momentum A 9 of 90

Wall Street consensus Hold (2.73)Average target 142.76 USD −1.1%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 28.7B
Enterprise value: 45.0B
52-week range: 120.60 – 146.39
3-year range: 113.82 – 151.96
Dividend yield: 2.48%
Beta (5 years): 0.57
Shares outstanding: 199M
Next earnings: Feb 18, 2027

About the company

American Water Works Company, Inc. is a water and wastewater utility company. The Company's primary business involves the ownership of utilities that provide water and wastewater services to residential, commercial, industrial, public authority, fire service and sale for resale customers. The Company also operates other businesses that provide water and wastewater services to the United States government on military installations, as well as municipalities. The Company operates its business through the Regulated Businesses segment. The Regulated Businesses segment includes subsidiaries that provide water and wastewater services to customers in 14 states. The Company's utilities operate in states such as Georgia, Hawaii, Indiana, Iowa, Kentucky, Maryland, Tennessee, Virginia, West Virginia, Pennsylvania, New Jersey, Missouri, Illinois, and California. It serves commercial customers, fire service customers, industrial customers, public authorities, and other utilities.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	5,140	4,684	4,234	3,792	3,930	–
Revenue growth	9.7%	10.6%	11.7%	−3.5%	4.1%	6.4%
EPS (basic, normalized)	5.70	5.30	5.06	4.43	3.98	–
EPS growth	7.5%	4.7%	14.2%	11.3%	–	–
Gross margin	–	–	–	–	–	–
Net margin	21.6%	22.4%	22.3%	21.6%	32.1%	24.0%
ROE	10.5%	10.4%	10.8%	10.9%	18.4%	12.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	121
Current ratio	0.39x
Long-term debt (mil)	13,990
Net debt (mil)	16,216
Total equity (mil)	11,931
Net debt / equity	1.36x
Net debt / EBITDA	5.85x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	5,140	+9.7%	8.7x	2,773	+12.1%	16.2x	5.70	+7.5%	25.3x
2026	5,428	+5.6%	8.3x	3,084	+11.2%	14.6x	6.08	+6.8%	23.7x
2027	5,837	+7.5%	7.7x	3,520	+14.1%	12.8x	6.60	+8.4%	21.9x
2028	6,232	+6.8%	7.2x	3,877	+10.1%	11.6x	7.18	+8.8%	20.1x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	5,428	+0.2%	+0.8%	+0.8%	6.08	0.0%	0.0%	−0.1%
2027	5,837	+0.2%	+1.0%	+1.5%	6.60	+0.1%	+0.5%	+0.4%
2028	6,232	+0.4%	+1.5%	+1.7%	7.18	+0.2%	+1.2%	+0.9%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	1,011	1,149	1,323	1,201	1,142	1,276	1,451	1,271	1,207	1,355
Sales mean (mil)	982	1,114	1,234	1,109	1,069	1,217	1,351	1,287	1,196	1,344
Surprise	+3.0%	+3.1%	+7.2%	+8.3%	+6.8%	+4.8%	+7.4%	−1.3%	+1.0%	+0.8%
EPS reported	0.93	1.40	1.77	1.20	1.02	1.48	1.94	1.22	1.01	1.61
EPS mean	0.98	1.46	1.84	1.12	1.05	1.51	1.88	1.25	1.10	1.54
Surprise	−4.9%	−3.8%	−3.7%	+7.2%	−2.7%	−2.2%	+3.3%	−2.5%	−8.4%	+4.4%

Peer comparison Water & Related Utilities

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
AWK American Water Works Company, Inc.	28.7B	5.85x	21.6%	2.41x	23.7x	21.9x	14.6x	12.8x
WTRG Essential Utilities Inc	12.4B	6.35x	24.9%	1.76x	19.5x	18.3x	14.5x	13.2x
AWR American States Water Company	3.4B	3.54x	19.8%	3.05x	23.3x	22.5x	15.4x	14.5x
CWT California Water Service Group	3.0B	5.20x	12.8%	1.66x	19.4x	18.2x	12.1x	10.7x
HTO H2O America	2.9B	5.12x	12.8%	1.31x	20.4x	21.7x	12.8x	11.7x
Mean		5.21x	18.4%	2.04x	21.3x	20.5x	13.9x	12.6x
Median		5.20x	19.8%	1.76x	20.4x	21.7x	14.5x	12.8x

Technical analysis

1M+12.0%
3M+5.3%
1Y+10.0%
3Y+33.4%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, American Water Works Company, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	5,140	4,684	4,234	3,792	3,930	3,777
Cost of revenue	–	–	–	–	–	–
Gross profit	5,140	4,684	4,234	3,792	3,930	3,777
Selling, general & administrative expenses	–	–	–	–	–	–
Research & development	–	–	–	–	–	–
Depreciation/amortization	894	788	704	649	636	604
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	0	0	−19.0	−747	0
Other operating expenses	2,367	2,178	2,026	1,870	2,098	1,925
Operating income	1,879	1,718	1,504	1,292	1,943	1,248
Net interest income (expense)	−525	−429	−387	−381	−399	−395
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	68.0	70.0	79.0	97.0	96.0	71.0
Net income before taxes	1,422	1,359	1,196	1,008	1,640	924
Provision for taxes	311	308	252	188	377	215
Minority interest	–	–	–	–	–	0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	1,111	1,051	944	820	1,263	709
Extraordinary items	–	–	–	–	–	–
Net income	1,111	1,051	944	820	1,263	709
EBIT, normalized	1,879	1,718	1,504	1,273	1,196	1,248
EBITDA, normalized	2,773	2,506	2,208	1,922	1,832	1,852
Basic EPS, normalized	5.70	5.30	5.06	4.43	3.98	–

Balance sheet in millions of USD, fiscal years

Balance sheet, American Water Works Company, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	98.0	96.0	330	85.0	116	547
Receivables	1,370	525	520	534	342	360
Total inventory	112	103	112	98.0	57.0	47.0
Prepaid expenses	–	–	–	–	–	–
Other current assets	611	491	427	533	1,039	952
Total current assets	2,191	1,215	1,389	1,250	1,554	1,906
Property, plant & equipment	30,661	28,127	25,524	23,305	21,176	19,805
Goodwill	1,156	1,144	1,143	1,143	1,139	1,504
Intangibles	–	–	–	–	0	173
Long-term investments	–	–	–	–	–	–
Note receivable	5.0	834	720	720	720	–
Other long-term assets	1,429	1,510	1,522	1,369	1,486	1,378
Total assets	35,442	32,830	30,298	27,787	26,075	24,766
Liabilities
Accounts payable	378	346	294	254	235	189
Payable/accrued	–	–	–	–	–	–
Accrued expenses	970	902	884	797	789	679
Short-term debt	1,588	879	179	1,175	584	1,282
Current portion of long-term debt	1,479	637	475	281	57.0	329
Other current liabilities	332	386	319	304	476	402
Total current liabilities	4,747	3,150	2,151	2,811	2,141	2,881
Long-term debt	12,780	12,521	11,718	10,929	10,344	9,333
Minority interest	–	–	–	–	–	–
Other liabilities	7,078	6,827	6,632	6,354	6,292	6,098
Total liabilities	24,605	22,498	20,501	20,094	18,777	18,312
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	2.0	2.0	2.0	2.0	2.0	2.0
Additional paid-in capital	8,642	8,598	8,550	6,824	6,781	6,747
Retained earnings (accumulated deficit)	2,575	2,112	1,659	1,267	925	102
Treasury stock	−388	−392	−388	−377	−365	−348
Other equity	6.0	12.0	−26.0	−23.0	−45.0	−49.0
Total equity	10,837	10,332	9,797	7,693	7,298	6,454
Total liabilities & shareholders' equity	35,442	32,830	30,298	27,787	26,075	24,766

Cash flow statement in millions of USD, fiscal years

Cash flow statement, American Water Works Company, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	1,111	1,051	944	820	1,263	709
Depreciation, depletion & amortization	894	788	704	649	636	604
Deferred taxes	135	156	208	80.0	230	207
Non-cash items	19.0	62.0	−9.0	−35.0	−774	0
Changes in working capital	−100	−12.0	27.0	−406	86.0	−94.0
Cash from operations	2,059	2,045	1,874	1,108	1,441	1,426
Investing activities
Capital expenditures	−3,126	−2,856	−2,575	−2,297	−1,764	−1,822
Other investing cash flows	−183	−523	−240	170	228	−239
Cash from investing	−3,309	−3,379	−2,815	−2,127	−1,536	−2,061
Financing activities
Financing cash flow items	56.0	33.0	46.0	69.0	35.0	22.0
Cash dividends paid	−633	−585	−532	−467	−428	−389
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	1,826	1,662	1,674	1,398	48.0	1,487
Cash from financing	1,249	1,110	1,188	1,000	−345	1,120
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−1.0	−224	247	−19.0	−440	485
Free cash flow	−1,067	−811	−701	−1,189	−323	−396

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.