American States Water Company (AWR)

Operating return on assets (Operating ROA)

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Operating income (ttm)	US$ in thousands	196,740	189,475	178,064	153,436	126,636	129,039	131,483	135,013	140,977	140,237	137,260	135,129	130,499	125,946	128,863	132,577	127,073	125,098	116,349	102,487
Total assets	US$ in thousands	2,246,120	2,205,230	2,139,640	2,060,370	2,034,370	1,982,580	1,949,650	1,913,930	1,900,980	1,874,800	1,842,360	1,792,820	1,791,600	1,726,420	1,697,970	1,660,890	1,641,330	1,604,380	1,567,280	1,526,100
Operating ROA		8.76%	8.59%	8.32%	7.45%	6.22%	6.51%	6.74%	7.05%	7.42%	7.48%	7.45%	7.54%	7.28%	7.30%	7.59%	7.98%	7.74%	7.80%	7.42%	6.72%

December 31, 2023 calculation

Operating ROA = Operating income (ttm) ÷ Total assets
= $196,740K ÷ $2,246,120K
= 8.76%

American States Water Co.'s operating return on assets (ROA) has shown a positive trend over the past eight quarters. The operating ROA has gradually increased from 5.63% in Q4 2022 to 8.75% in Q4 2023. This indicates that the company has been able to generate more operating income relative to its assets over time.

The operating ROA fluctuated slightly in the middle quarters of 2023, with a peak of 9.01% in Q3 2023 and a low of 7.73% in Q1 2023. Despite these fluctuations, the general upward trend suggests improved operational efficiency and profitability.

Comparing the operating ROA to the industry average and historical performance can provide a more comprehensive understanding of American States Water Co.'s operational effectiveness. Overall, the increasing trend in operating ROA indicates positive performance and efficient asset utilization by the company.