American States Water Company (AWR)

Financial leverage ratio

		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
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
Total stockholders’ equity	US$ in thousands	776,109	771,337	755,066	730,848	709,549	705,504	694,225	687,425	685,947	678,935	664,134	649,393	641,673	633,820	619,288	604,583	601,530	595,947	578,787	561,500
Financial leverage ratio		2.89	2.86	2.83	2.82	2.87	2.81	2.81	2.78	2.77	2.76	2.77	2.76	2.79	2.72	2.74	2.75	2.73	2.69	2.71	2.72

December 31, 2023 calculation

Financial leverage ratio = Total assets ÷ Total stockholders’ equity
= $2,246,120K ÷ $776,109K
= 2.89

The financial leverage ratio of American States Water Co. has been relatively stable over the past eight fiscal quarters, ranging from 2.78 to 2.89. This indicates that the company utilizes a moderate level of financial leverage to fund its operations and growth. A financial leverage ratio above 1 suggests that the company relies more on debt financing than equity financing.

The slight fluctuations in the ratio show that there have been some variations in the company's debt levels during the given period. However, the overall trend indicates that the company has maintained a consistent level of leverage in its capital structure. It is essential for investors and analysts to monitor the financial leverage ratio over time to assess the company's risk profile and financial health.