American Water Works Company, Inc（AWK）の決算・業績分析
American Water Works Company, Incの2025年有価証券報告書をAI分析。売上高$5.1B(+10.1%)。営業利益$1.9B。Utilities。
目次
American Water Works Company, Incの2025年度 業績サマリー
American Water Works Company, Inc（証券コード: AWK）の2025年度決算・業績分析。売上高は$5.1B（前年比+10.1%）。営業利益は$1.9B（前年比+9.4%）。純利益は$1.1B（前年比+5.7%）。有価証券報告書を基に、業績変化の要因・リスク・見通し・セグメント構成を AI が分析しました。
American Water Works Company, Incの2024年度 注目ポイント
※ 直近の2025年度XBRLデータは取込済みですが、AI分析は2024年度の10-Kを対象としています。
- Net income declined 35.1% YoY to $820M (XBRL), despite operating income rising 6.4% to $1.3B (XBRL).
- Free cash flow turned negative at -$1.2B (XBRL) due to $2.3B in capital expenditures (XBRL).
- Revenue fell 3.9% YoY to $3.8B (XBRL), but FY2025 guidance projects 9.7% growth to $4.2B (XBRL).
- Current ratio of 0.65x (XBRL) and 26.3% equity ratio (XBRL) highlight liquidity and leverage risks.
- CapEx intensity of 61.0% (XBRL) underscores infrastructure investment focus.
American Water Works Company, Incの売上高変化の要因
- •Total revenue declined 3.9% YoY to $3.8B (XBRL), with FY2024 revenue below FY2023's $3.9B. Growth drivers included rate increases in regulated businesses from capital/acquisition investments, while declines were partially offset by higher production costs and financing costs (10-K). Weather impacts (warmer, drier conditions) positively affected results by ~$0.12/share (10-K). FY2025 guidance projects revenue growth to $4.2B (XBRL), reflecting expected capital investments and regulated acquisitions.
American Water Works Company, Incの営業利益変化の要因
- •Operating income rose 6.4% YoY to $1.3B (XBRL), driven by rate increases and weather impacts (10-K). Operating margin expanded to 33.8% (XBRL), but net margin fell 35.1% YoY to 21.8% (XBRL) due to higher costs, interest, and taxes (10-K). EBITDA margin of 51.1% (XBRL) highlights strong core profitability despite net income decline.
American Water Works Company, Incの事業リスクと対応
Regulatory risks from PUCs affecting rates, operations, and approvals (10-K).
Environmental compliance risks leading to fines, penalties, or operational shutdowns (10-K).
Inability to achieve required rate of return on equity despite approved rates (10-K).
Revenue volatility due to water usage fluctuations or customer conservation (10-K).
Legal liabilities from non-compliance with water quality or environmental laws (10-K).
American Water Works Company, Incの今後の見通し・業績予想
American Water Works Company, Incの事業内容
American Water Works Company operates as the largest publicly traded water and wastewater utility in the U.S., serving 14 million people across 24 states through regulated utilities (10-K). Revenue is generated primarily from regulated businesses (92% of operating revenue in 2024) providing drinking water, wastewater, and related services to residential, commercial, industrial, and public authority customers. The 'Other' segment includes services for U.S. government military installations and municipalities. With ~6,700 employees (10-K), the company faces no significant customer concentration, though residential customers form a substantial portion in all states.
American Water Works Company, IncのAI業績分析レポート（2024年度）
American Water Works Company (AWK) FY2024 Annual Report Analysis
Highlights
Business Overview
American Water Works Company operates as the largest publicly traded water and wastewater utility in the U.S., serving 14 million people across 24 states through regulated utilities (10-K). Revenue is generated primarily from regulated businesses (92% of operating revenue in 2024) providing drinking water, wastewater, and related services to residential, commercial, industrial, and public authority customers. The 'Other' segment includes services for U.S. government military installations and municipalities. With ~6,700 employees (10-K), the company faces no significant customer concentration, though residential customers form a substantial portion in all states.
Revenue Analysis
Total revenue declined 3.9% YoY to $3.8B (XBRL), with FY2024 revenue below FY2023's $3.9B. Growth drivers included rate increases in regulated businesses from capital/acquisition investments, while declines were partially offset by higher production costs and financing costs (10-K). Weather impacts (warmer, drier conditions) positively affected results by ~$0.12/share (10-K). FY2025 guidance projects revenue growth to $4.2B (XBRL), reflecting expected capital investments and regulated acquisitions.
Profitability Analysis
Operating income rose 6.4% YoY to $1.3B (XBRL), driven by rate increases and weather impacts (10-K). Operating margin expanded to 33.8% (XBRL), but net margin fell 35.1% YoY to 21.8% (XBRL) due to higher costs, interest, and taxes (10-K). EBITDA margin of 51.1% (XBRL) highlights strong core profitability despite net income decline.
Balance Sheet Analysis
Total assets grew to $27.8B (XBRL) in FY2024, with total equity reaching $7.3B (XBRL). The equity ratio of 26.3% (XBRL) and current ratio of 0.65x (XBRL) indicate moderate leverage and potential liquidity constraints. Cash balances stood at $330M (XBRL), while total debt was $12.5B (10-K).
Cash Flow Analysis
Operating cash flow declined to $1.1B (XBRL) from $1.4B in prior years. Free cash flow turned negative at -$1.2B (XBRL) due to $2.3B in capital expenditures (XBRL), including $2.8B for infrastructure and $417M for acquisitions (10-K). Dividends paid totaled $467M (XBRL), representing a 57.0% payout ratio (XBRL).
Working Capital Analysis
Receivables days: 33 days (XBRL); Payables days: 28 days (XBRL). Asset turnover of 0.14x (XBRL) indicates low asset utilization efficiency.
Risks
Outlook
Management projects FY2025 revenue growth to $4.2B (XBRL), driven by capital investments, regulated acquisitions, and weather impacts (10-K). Key trends include continued infrastructure spending and expansion of regulated utility operations.
Historical Time Series
| Metric | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | 3.7B | 3.6B | 3.7B | 3.9B | 3.8B | 4.2B |
| Operating Income | 1.1B | 1.2B | 1.2B | 1.2B | 1.3B | 1.5B |
| Net Income | 567M | 621M | 709M | 1.3B | 820M | 944M |
| Total Assets | 21.2B | 22.7B | 24.8B | 26.1B | 27.8B | 30.3B |
| Total Equity | 5.4B | 5.9B | 6.1B | 6.5B | 7.3B | 7.7B |
| Operating Cash Flow | 1.4B | 1.4B | 1.4B | 1.4B | 1.1B | 1.9B |
Utilitiesの企業一覧
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