HIGHBuilt-inGeographic
California
“10-K Item 1A: 'Our water and electric utility services are provided in California.'”
AWR · Concentration risk · 10-K extracted
American States Water (AWR) concentration risks
Updated
The most significant concentration American States Water discloses is California, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: American States Water’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 3 disclosed concentrations
HIGH2
MEDIUM1
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
HIGHBuilt-inRegulatory
California Public Utilities Commission (CPUC)
“10-K Item 1: 'GSWC is regulated by the California Public Utilities Commission ... also regulated by the CPUC.'”
MEDIUMBuilt-in & outside partyCustomer
U.S. government
“10-K Item 1: 'the U.S. government is the primary customer for ASUS's contracted services'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's disclosed concentration profile is structured around three interlocking exposures that are each structural in nature and collectively define the boundaries of the business. Water and electric utility services are provided entirely in California — a high-share geographic concentration by disclosed size that is not a choice subject to reversal but rather the legal and operational footprint of a franchised utility. This single-state geographic exposure means California-specific drought conditions, wildfire risk, and water supply dynamics are the dominant environmental variables for the regulated utility operations. Regulatory dependence reinforces this geographic tilt: the core utility subsidiary and related operations are subject to comprehensive regulation, examination, and supervision by the California Public Utilities Commission, also a high-share structural concentration. Rate cases, approved capital structures, and allowed returns on equity are all determined by this single regulatory body, making the regulatory relationship itself a material factor in the company's financial profile. A third moderate-share exposure diversifies the revenue base somewhat: the U.S. government is the primary customer for contracted services provided through the company's services subsidiary, a mixed-character dependency that is governed by long-term government contracts. This federal customer relationship provides some geographic diversification from the California utility base but introduces its own dependency on federal funding and contract renewal decisions. Together, the profile is typical of a regulated utility with a services arm: state-level regulatory and geographic concentration in the core, federal customer dependency in the services segment.
For the engine’s reasoning on AWR’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Utilities - Regulated Water
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| AWR● | American States Water Company | 2 | 1 | 0 | 3 |
| CWT | California Water Service Group | 2 | 0 | 0 | 2 |
| HTO | H2O America | 0 | 1 | 0 | 1 |
| AWK | American Water Works Company, I | 0 | 0 | 0 | 0 |
| WTRG | Essential Utilities, Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.