American States Water Company (AWR)

Debt-to-assets ratio

		Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Long-term debt	US$ in thousands	640,382	575,555	446,547	412,176	440,348
Total assets	US$ in thousands	2,500,210	2,246,120	2,034,370	1,900,980	1,791,600
Debt-to-assets ratio		0.26	0.26	0.22	0.22	0.25

December 31, 2024 calculation

Debt-to-assets ratio = Long-term debt ÷ Total assets
= $640,382K ÷ $2,500,210K
= 0.26

The debt-to-assets ratio of American States Water Company has shown relatively stable performance over the past five years. It decreased from 0.25 in December 31, 2020, to 0.22 in both December 31, 2021, and December 31, 2022, indicating a favorable trend of decreasing leverage. However, there was a slight uptick in the ratio to 0.26 in both December 31, 2023, and December 31, 2024, suggesting a potential increase in the company's debt relative to its total assets. Overall, the company has maintained a relatively conservative debt level compared to its asset base, which can be seen as a positive indicator of financial stability and risk management.