American States Water Company — Earnings Quality Grade F
AWR · Utilities
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 21 days, change -2 days YoY
AR growth 1.6% vs revenue growth 10.5%
Revenue 10.5%, CFFO 15.6%. Cash follows revenue
Expense Quality
Inventory 8.4% vs COGS 17.5%. Normal
CapEx growth 2.1% vs revenue 10.5%. Normal
SG&A/Gross Profit = 21.0%, excellent (<30%)
Gross margin 74.4%, change -1.5pp. Stable
Cash Flow Quality
CFFO/NI = 1.76. Profits backed by cash
FCF < 50% of Net Income for 3 years
Accruals ratio = -3.7%. Low accruals
Cash $0.0B covers only 2% of debt $0.9B
Balance Sheet Health
No goodwill. Clean balance sheet
Debt/EBITDA = 3.5x. Healthy
Other assets grew 54.8% vs revenue 10.5%
No write-off data
Acquisition Risk
FCF after acquisitions negative for 3 years
No goodwill
Manipulation Score
M-Score = -2.57 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25