American States Water Co: management transactions · United States · SEC (Form 4)

About American States Water Co

American States Water Co. (NYSE: AWR) is a U.S.-listed utility holding company on the NYSE, headquartered in San Dimas, California, United States. The company has a long operating history of more than 90 years and is known for its unusually durable dividend record: it has paid dividends every year since 1931 and has increased the dividend for 71 consecutive consecutive calendar years, a hallmark that supports its investor profile as a defensive income-oriented utility. ([aswater.com](https://www.aswater.com/?utm_source=openai)) AWR’s business model is built around three operating segments. The largest is Golden State Water Company, a regulated water utility serving approximately 265,000 customer connections across more than 80 communities in Northern, Coastal, and Southern California. The second regulated segment is Bear Valley Electric Service, which distributes electricity to roughly 24,900 customer connections in Big Bear Lake and surrounding areas in San Bernardino County, California. The third segment, American States Utility Services (ASUS), provides operations, maintenance, and construction management services for water distribution, wastewater collection, and treatment facilities, primarily under long-duration privatization contracts at U.S. military bases. Management says the company serves more than one million people across ten states. ([aswater.com](https://www.aswater.com/?utm_source=openai)) From a market-positioning standpoint, AWR sits in a relatively attractive niche within U.S. utilities. Its regulated California water franchise provides rate-base visibility, while the military-base contract business adds a separate source of recurring and project-driven revenue. That combination can help diversify earnings, although regulatory outcomes remain a critical driver: tariff approvals and rate-case decisions with the California Public Utilities Commission materially affect performance. The company’s recent disclosures also show a heavy capital-investment cycle, with its regulated utilities authorized to spend nearly $650 million under current rate-case approvals. ([aswater.com](https://www.aswater.com/news-releases/news-release-details/american-states-water-company-announces-third-quarter-2025?utm_source=openai)) Recent news reinforces the operating thesis. In 2025, AWR reported higher quarterly results in part due to new customer rates and stronger utility earnings. In the third quarter of 2025, the company highlighted adjusted growth and said its contracted services unit had won additional new construction work expected to run through 2028. In February 2026, AWR reported full-year 2025 earnings, noted incremental improvements across all operating segments, and raised its quarterly dividend to $0.5040 per share. It also referenced a new planned California community that will be built out over time and could ultimately support a large number of customer connections. For international investors, AWR is best viewed as a California-centered regulated utility with a supplemental federal-contract services platform, offering a blend of defensive earnings, rate-case upside, and steady dividend growth. ([aswater.com](https://www.aswater.com/news-releases/news-release-details/american-states-water-company-announces-fourth-quarter-and-8?utm_source=openai))