American Water Works Company, Inc.

AWKActive

CIK 1410636 · Water Utilities

American Water Works Company, Inc. is a public company in Regulated Water, tracked in the water utilities sub-sector, with $5.2B TTM revenue and $2.8B TTM EBITDA.

Market data as of May 10, 2026

Financials: LTM / latest available company filings

Sources: FMP, AWK filings, SEC EDGAR

$24,420

Market cap ($MM)

$39,981

Enterprise value ($MM)

$5,205

Revenue · LTM ($MM)

$2,771

EBITDA · LTM ($MM)

53%

EBITDA margin

7.7x

EV / revenue

14.4x

EV / EBITDA

5.1x

Net debt / EBITDA

Coverage

Coverage view

The analytical read on the name and the balance-sheet capacity behind the program.

Key points

01AWK is a scaled public consolidator in Water Utilities, a benchmark for how the sub-sector buys, pays, and trades.
02The relevant peer set is PCYO, WTRG, CWCO, CDZI, ARTNA, MSEX.

Balance sheet & capacity

Indicative capacity read: 5.1x net debt / EBITDA with EBITDA of $2.8B.

$137

Cash & equiv. ($MM)

$14,132

Total debt ($MM)

$13,995

Net debt ($MM)

5.1x

Net debt / EBITDA

Valuation

Where it trades against its peer set

AWK versus the scaled public Water Utilities comparables.

EV / EBITDA distribution · peer set

AWK 14.4x

Indexed share-price performance

AWK versus available Water Utilities peers and SPY.

-20%

AWK

-22%

Peer med.

+79%

SPY

Indexed to 100 from May 28, 2021 through May 26, 2026. Source: FMP month-end close history.

Company	Ticker	Revenue ($MM)	EBITDA ($MM)	Margin	Market cap ($MM)	EV ($MM)	EV / rev	EV / EBITDA	Net debt / EBITDA
American Water Works Company, Inc.	AWK	$5,205	$2,771	53%	$24,420	$39,981	7.7x	14.4x	5.1x
Pure Cycle Corporation	PCYO	$31	$20	65%	$280	$283	9.2x	14.1x	0.2x
Essential Utilities, Inc.	WTRG	$2,553	$1,343	53%	$10,628	$18,996	7.4x	14.1x	6.2x
Consolidated Water Co. Ltd.	CWCO	$132	$26	20%	$527	$406	3.1x	15.7x	-4.9x
Artesian Resources Corporation	ARTNA	$115	$52	45%	$330	$328	2.9x	6.4x	3.5x
Middlesex Water Company	MSEX	$199	$96	48%	$960	$1,386	7.0x	14.4x	3.9x
American States Water Co	AWR	$679	$257	38%	$3,026	$3,934	5.8x	15.3x	3.0x
California Water Service Group	CWT	$1,011	$324	32%	$2,602	$4,201	4.2x	13.0x	5.1x
Water Utilities median		$439	$177	47%	$1,781	$2,660	6.4x	14.3x	3.7x

Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.

M&A program

A sustained, programmatic tuck-in cadence

AWK's disclosed acquisition footprint and the deals behind it.

Disclosed acquisitions

Active years

Named deals

Avg / active year

4.3

Acq. cash outflow ($MM)

N/A

Banker read

01AWK reads as a programmatic acquirer: 98 disclosed acquisitions across 23 active years, or 4.3 per active year. The chart shows activity in 12 of the last 12 visible years.
02In the last three years, the file shows 8 acquisitions versus 23 in the prior three; recent activity has cooled versus the prior three-year period.
03Spend is not clean enough for the visual yet, so the banker read should lean on cadence, named deals, and management language.

Annual acquisition count

count named deal

AWK cadence shown by annual acquisition count because verified spend is N/A.

Program diagnostics

Recent / prior

8 / 23

Last three years is down 65% vs prior three.

Peak count year

FY22

11 disclosed acquisitions in the peak visible year.

Spend check

N/A

Disclosed spend is not clean enough for the chart.

Named evidence

10 rows

10% selected source-cited transaction coverage.

Selected transactions

Date	Target	Segment	Consideration ($MM)	Strategic rationale	Source
Jul 1, 2011	Seven regulated water systems in New York acquisition	Water utilities	$71,000	In July of 2011, the Company entered into an agreement to purchase seven regulated water systems in New York for approximately $71,000, adding approximately fifty thousand custo...	10-K^†
May 1, 2012	Aqua New York, Inc.	Water utilities	$36,688	Included in this total was the Company’s May 1, 2012 acquisition of all of the capital stock of Aqua New York, Inc. for a total cash purchase price of $36,688 plus assumed liabi...	10-K^†
Dec 31, 2009	Seven acquisitions including six regulated water and wastewater systems and one Market-Based Operations segment	Water utilities	$18,144	During 2009, the Company closed on seven acquisitions (six regulated water and wastewater systems, and one in its Market-Based Operations segment) for an aggregate purchase pric...	10-K^†
Nov 1, 2007	S.J. Services, Inc.	Water utilities	$13,458	During 2007, the Company acquired nine regulated water systems for a total aggregate purchase price of $15,877. Included in this total was the Company’s acquisition on November...	10-K^†
Sep 1, 2008	San Lorenzo Valley Water District	Water utilities	$13,400	In September of 2008, the Company’s California subsidiary completed its transfer of ownership of the Felton water system to the San Lorenzo Valley Water District (“SLVWD”). Unde...	10-K^†
2010	Sale of Texas subsidiary assets and certain liabilities	Water utilities	$6	The Company also announced prior to December 31, 2010 that it had reached an agreement to sell all the assets and certain liabilities of its Texas subsidiary. The assets and rev...	10-K^†
Dec 31, 2011	Nine regulated water and wastewater systems acquisitions	Water utilities	$7,220	During 2011, the Company closed on nine acquisitions of regulated water and wastewater systems for an aggregate purchase price of $7,220. The purchase price for each acquisition...	10-K^†
Dec 31, 2010	Six regulated water and wastewater systems acquisitions	Water utilities	$1,642	During 2010, the Company closed on six acquisitions of regulated water and wastewater systems for an aggregate purchase price of $1,642. The purchase price for each acquisition...	10-K^†

Acquisitions disclosed/extracted from SEC filings; not necessarily full M&A history. Disclosed acquisition cash outflow is cumulative "payments for acquisitions, net of cash acquired" from the 10-K cash-flow statements (a cash outflow, not deal value). Built on 16 SEC-backed facts across 7 cited filings.

Evidence

Source archive

A collapsed investigation trail for the SEC filings behind the financials, annual M&A cadence, named transactions, and management language.

Annual 10-Ks

Named deal filings

Recent SEC filings

Evidence clips

Annual 10-K M&A evidenceAccepted annual filings used for disclosed acquisition count and spend.18 rows+

Fiscal year	Filing date	Form	Status	Count	Cash spend	Purchase consideration	Source
FY2025	Feb 18, 2026	Annual M&A 10-K	accepted	18	$81.0MM	$83.0MM	SEC filing
FY2024	Feb 19, 2025	Annual M&A 10-K	accepted	13	$417MM	$417MM	SEC filing
FY2023	Feb 14, 2024	Annual M&A 10-K	accepted	23	$81.0MM	$77.0MM	SEC filing
FY2022	Feb 15, 2023	Annual M&A 10-K	accepted	26	$315MM	$335MM	SEC filing
FY2021	Feb 16, 2022	Annual M&A 10-K	accepted	23	$135MM	$112MM	SEC filing
FY2020	Feb 24, 2021	Annual M&A 10-K	accepted	23	$135MM	$135MM	SEC filing
FY2019	Feb 18, 2020	Annual M&A 10-K	accepted	21	$235MM	$235MM	SEC filing
FY2018	Feb 19, 2019	Annual M&A 10-K	accepted	16	$0.4MM	$398MM	SEC filing
FY2017	Feb 20, 2018	Annual M&A 10-K	accepted	18	$177MM	$210MM	SEC filing
FY2016	Feb 21, 2017	Annual M&A 10-K	accepted	15	$0.2MM	$199MM	SEC filing
FY2015	Feb 25, 2016	Annual M&A 10-K	quarantined (1 issue)	15	$0.2MM	$197MM	SEC filing
FY2014	Feb 25, 2015	Annual M&A 10-K	accepted	13	$8.9B	$8.9B	SEC filing
FY2013	Feb 27, 2014	Annual M&A 10-K	accepted	15	$23.7MM	$23.7MM	SEC filing
FY2012	Mar 1, 2013	Annual M&A 10-K	accepted	10	$44.6MM	$44.6MM	SEC filing
FY2011	Feb 28, 2012	Annual M&A 10-K	accepted	9	N/A	$7.2MM	SEC filing
FY2010	Feb 28, 2011	Annual M&A 10-K	accepted	6	$1.6MM	$1.6MM	SEC filing
FY2009	Mar 1, 2010	Annual M&A 10-K	accepted	7	$18.1MM	$18.1MM	SEC filing
FY2008	Feb 27, 2009	Annual M&A 10-K	accepted	10	$12.5MM	$12.5MM	SEC filing

Named transaction source filingsFilings behind selected named-deal rows and transaction excerpts.6 rows+

Filing date	Form	Targets / topics	Support	Source
Feb 19, 2025	10-K	Homeowner Services Group	Annual M&ANamed deals	SEC filing
Feb 15, 2023	10-K	subsidiaries that comprised HOS	Annual M&ANamed deals	SEC filing
Feb 25, 2015	10-K	Aqua New York, Inc.	Annual M&ANamed deals	SEC filing
Feb 28, 2012	10-K	Seven regulated water systems in New York acquisition; Seven acquisitions including six regulated water and wastewater systems and one Market-Based Operations segment; Nine regulated water and wastewater systems acquisitions; Six regulated water and wastewater systems acquisitions	Annual M&ANamed deals	SEC filing
Feb 28, 2011	10-K	Sale of Texas subsidiary assets and certain liabilities	Annual M&ANamed deals	SEC filing
Mar 1, 2010	10-K	S.J. Services, Inc.; San Lorenzo Valley Water District	Annual M&ANamed deals	SEC filing

Recent SEC filingsThe latest profile filings, kept separate so someone can investigate beyond M&A.10 rows+

Filing date	Form	Items	Description	Support	Source
May 8, 2026	DEFA14A	N/A	DEFA14A - PROPOSAL 3 RESPONSE	FinancialsRecent SEC	SEC filing
Apr 29, 2026	8-K	2.02,9.01	8-K	Recent SEC	SEC filing
Apr 29, 2026	10-Q	N/A	10-Q	Recent SEC	SEC filing
Apr 27, 2026	425	N/A	425	Recent SEC	SEC filing
Apr 22, 2026	425	N/A	425	Recent SEC	SEC filing
Apr 9, 2026	425	N/A	425	Recent SEC	SEC filing
Apr 1, 2026	8-K	8.01,9.01	8-K	Recent SEC	SEC filing
Apr 1, 2026	10-Q	N/A	Quarterly report from SEC company index	Recent SEC	SEC filing
Mar 24, 2026	DEFA14A	N/A	DEFA14A	Recent SEC	SEC filing
Mar 24, 2026	DEF 14A	N/A	DEF 14A	Recent SEC	SEC filing

Evidence clipsShort excerpts used on the page; expand only when you want the language.6 rows+

Seven regulated water systems in New York acquisition

10-K - Feb 28, 2012

Medium

In July of 2011, the Company entered into an agreement to purchase seven regulated water systems in New York for approximately $71,000, adding approximately fifty thousand customers to its regulated operations. This tra…

SEC source

Aqua New York, Inc. acquisition

10-K - Feb 25, 2015

Medium

Included in this total was the Company’s May 1, 2012 acquisition of all of the capital stock of Aqua New York, Inc. for a total cash purchase price of $36,688 plus assumed liabilities.

SEC source

Seven acquisitions including six regulated water and wastewater systems and one Market-Based Operations segment

10-K - Feb 28, 2012

Medium

During 2009, the Company closed on seven acquisitions (six regulated water and wastewater systems, and one in its Market-Based Operations segment) for an aggregate purchase price of $18,144. The purchase price for each…

SEC source

S.J. Services, Inc. acquisition

10-K - Mar 1, 2010

Medium

During 2007, the Company acquired nine regulated water systems for a total aggregate purchase price of $15,877. Included in this total was the Company’s acquisition on November 1, 2007 of all of the capital stock of S.J…

SEC source

Felton water system divestiture

10-K - Mar 1, 2010

Medium

In September of 2008, the Company’s California subsidiary completed its transfer of ownership of the Felton water system to the San Lorenzo Valley Water District (“SLVWD”). Under the terms of the agreement, SLVWD paid $…

SEC source

Sale of Texas subsidiary assets and certain liabilities

10-K - Feb 28, 2011

Medium

The Company also announced prior to December 31, 2010 that it had reached an agreement to sell all the assets and certain liabilities of its Texas subsidiary. The assets and revenues of this subsid...

SEC source

Annual M&A counts and disclosed spend are extracted from SEC acquisition disclosures and cash-flow statements; named-deal rows carry direct filing links where the filing identifies the target or consideration.

Search

Coverage view

Where it trades against its peer set

A sustained, programmatic tuck-in cadence

Source archive