Company Snapshot

Investment Thesis

American Water Works is the largest U.S. regulated water utility with operations across 14 states. Infrastructure replacement and tuck-in acquisitions support 7-9% EPS growth.

  • Regulated Returns: Water assets earn constructive allowed ROEs.
  • Pipeline Replacement: Aging infrastructure drives multi-decade capex visibility.
  • Military Services: Long-term contracts manage on-base water systems.

Strategic Mix

Regulated Businesses State-regulated water/wastewater systems
Market-Based Businesses Military services and contracted operations
Geographic Operations concentrated in NJ, PA, MO, IL, CA, etc.
Customers Residential, commercial, industrial, fire protection

Mix reflects American Water's regulated core plus market-based services.

Recent Performance

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5Y TBD

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Strategic Insights

M&A Runway

Tuck-in municipal acquisitions grow customer base.

ESG Leadership

Water quality and conservation programs align with regulators.

Balanced Capital

Equity needs manageable thanks to strong cash flow.

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