Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| American Water Works Company, Inc.AWK · utilities | |
|---|---|
| Grade |  Dfourth fifth of 148 graded peers; percentile 70.1, sampling error 3.6 points; lower is stronger |
| Rank | 104 of 148 |
| Profitability | Dpercentile 66.3 |
| Solvency | D/Epercentile 77.1 |
| Growth and financing | Bpercentile 30.4 |
| Reliability | 0.94 AUCfailure model, filers with over $2.67B assets; 95% interval 0.88 to 0.97; 61 events, 2020 to 2025 |
| Peer failure rate | 0.52% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | over $2.67B assetstotal assets $35.4B[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | none activenot computable: distress |
| Inputs computable | 8 of 14 |
| Graded from | filings received through Feb 18, 2026233 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $128.242026-10-08; market equity $25.5B; iex feed |
| Price used in grade | None |
| Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history | ||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date. Open this report as it stood on | ||||||||||||||||||||||||||||||||||||
Each date opens the report as it stood on that rescan. |
Business, in the company's words. Opening of Item 1 of the 10-K received Feb 18, 2026; the document on sec.gov.
—Regulated Businesses—Regulation and Rate Making for a discussion of these practices and mechanisms. While these practices and mechanisms may serve to mitigate or reduce regulatory lag in certain of our regulated jurisdictions, we continue to seek approval of regulatory practices and mechanisms to mitigate or reduce regulatory lag in other jurisdictions that have not approved them. Furthermore, PUCs may fail to adopt new surcharges or those permitted by applicable law, and existing practices and mechanisms may not continue in their current form, or at all, and we may be unable or become ineligible to continue to utilize them in the future.
The Fourteen Inputs [top]
Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.
| Input | Percentile, 0 to 100 | Value | Source | Peer median | Percentile | Peers | Period end |
|---|---|---|---|---|---|---|---|
| Profitability, sleeve percentile 66.3 | |||||||
| Gross profitability | not computable | 17.5% | |||||
| one or more required annual facts are missing | |||||||
| Return on invested capital | 6.3% | [3-11] | 6.0% | 52.2 | 91 | 2025-12-31 | |
| Accruals ratio | (2.8%) | [1,12-14] | (5.0%) | 80.4 | 271 | 2025-12-31 | |
| Gross margin stability, five years | not computable | 4.6 pts | |||||
| five annual gross margins are required; found 0 | |||||||
| Solvency, sleeve percentile 77.1 | |||||||
| Twelve-month failure probability | not computable | 0.06% | |||||
| liabilities and a nearby cover-page share count are required at 2026-06-30 | |||||||
| Altman Z double-prime | not computable | 1.48 | |||||
| one or more required annual facts are missing | |||||||
| Net debt to EBITDA | 4.57x | [3,6,8,15] | 3.63x | 62.1 | 117 | 2025-12-31 | |
| Interest coverage | not computable | 2.37x | |||||
| latest aligned inputs end 2014-12-31; latest annual assets end 2025-12-31 | |||||||
| Current ratio | 0.46x | [16-17] | 0.97x | 92.2 | 282 | 2025-12-31 | |
| Growth and financing, sleeve percentile 30.4 | |||||||
| Revenue growth, three-year compound | 10.8% | [2,18-20] | 0.7% | 12.7 | 222 | 2025-12-31 | |
| Free cash flow growth, three-year compound | not computable | (11.8%) | |||||
| current FCF must be positive and base FCF must exceed $100,000 | |||||||
| Reinvestment rate | 109.7% | [3-5,15-17,21-23] | 59.0% | 33.8 | 72 | 2025-12-31 | |
| Asset growth, three years | 8.4% | [1,14,24-25] | 6.4% | 39.2 | 246 | 2025-12-31 | |
| Net share issuance, one year | 0.1% | [26-27] | 0.4% | 35.9 | 157 | 2026-02-09 | |
Gross profitability. Revenue less cost of goods sold, over total assets.
Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.
Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.
Twelve-month failure probability. CHS model; lower is stronger.
Net debt to EBITDA. Lower is stronger.
Net share issuance, one year. Split-adjusted; lower is stronger.
Sleeves are equal-weighted; within a sleeve each computable input carries equal weight. Composite 0.179; sampling error 3.6 percentile points on 148 peers.
Among 148 Peers [top]
Composite score of every graded peer, smoothed. Vertical rules are the letter band edges at the 20th, 40th, 60th and 80th percentiles. Small dots are the six largest peers by market equity.
| Rank | Company | Percentile | Letter | Warnings |
|---|---|---|---|---|
| 99 | Oneok Inc. (OKE) Oneok Inc. (OKE) Dfourth fifth; percentile 66.7 NYSE · Natural Gas Transmisison & Distribution market equity $56.9B; last close $90.31 No active warnings; 9 of 14 inputs | 66.7 | D | |
| 100 | BKV Corp. (BKV) BKV Corp. (BKV) Dfourth fifth; percentile 67.3 NYSE · Crude Petroleum & Natural Gas market equity $2.6B; last close $23.94 No active warnings; 7 of 14 inputs | 67.3 | D | |
| 101 | Delek US Holdings, Inc. (DK) Delek US Holdings, Inc. (DK) Dfourth fifth; percentile 68.0 NYSE · Petroleum Refining market equity $4.7B; last close $76.72 No active warnings; 9 of 14 inputs | 68.0 | D | |
| 102 | Exelon Corp. (EXC) Exelon Corp. (EXC) Dfourth fifth; percentile 68.7 Nasdaq · Electric & Other Services Combined market equity $42.7B; last close $41.73 No active warnings; 9 of 14 inputs | 68.7 | D | |
| 103 | Unitil Corp. (UTL) Unitil Corp. (UTL) Dfourth fifth; percentile 69.4 NYSE · Electric & Other Services Combined market equity $955.2M; last close $52.54 No active warnings; 7 of 14 inputs | 69.4 | D | |
| 104 | American Water Works Company, Inc. (AWK) American Water Works Company, Inc. (AWK) Dfourth fifth; percentile 70.1 NYSE · Water Supply market equity $25.5B; last close $128.24 No active warnings; 8 of 14 inputs | 70.1 | D | |
| 105 | Firstenergy Corp. (FE) Firstenergy Corp. (FE) Dfourth fifth; percentile 70.7 NYSE · Electric Services market equity $25.9B; last close $44.84 No active warnings; 9 of 14 inputs | 70.7 | D | |
| 106 | NEW Jersey Resources Corp. (NJR) NEW Jersey Resources Corp. (NJR) Dfourth fifth; percentile 71.4 NYSE · Natural Gas Distribution market equity $5.2B; last close $51.02 No active warnings; 7 of 14 inputs | 71.4 | D | |
| 107 | NorthWestern Energy Group, Inc. (NWE) NorthWestern Energy Group, Inc. (NWE) Dfourth fifth; percentile 72.1 Nasdaq · Electric & Other Services Combined market equity $4.6B; last close $74.66 No active warnings; 8 of 14 inputs | 72.1 | D | |
| 108 | Entergy Corp. (ETR) Entergy Corp. (ETR) Dfourth fifth; percentile 72.8 NYSE · Electric Services market equity $46.9B; last close $102.49 No active warnings; 8 of 14 inputs | 72.8 | D | |
| 109 | Avista Corp. (AVA) Avista Corp. (AVA) Dfourth fifth; percentile 73.5 NYSE · Electric & Other Services Combined market equity $3.0B; last close $35.52 No active warnings; 7 of 14 inputs | 73.5 | D |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | D/E | 80.8 | 2204 |
| sector peers, equal sleeves (the grade) | D | 70.1 | 148 |
| same exchange, equal sleeves | E | 84.6 | 984 |
| sector peers, equal inputs | C | 53.7 | 148 |
Each letter is one fifth of the 148 graded peers, about 29 companies. A boundary letter (A/B, B/C, C/D, D/E) marks a percentile within one sampling error of a band edge.
What the Price Implies [top]
Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.
| Measure | Value | Peer median | Percentile | Reading |
|---|---|---|---|---|
| Twelve-month price change, skipping the latest month | 2.0% | 15.5% | 29 | hotter than 29 of 100 peers |
| Distance from 52-week high | (11.9%) | (15.4%) | 65 | closer to its high than 65 of 100 peers |
| EBIT to enterprise value | 4.8% | 4.6% | 53 | pricier than 47 of 100 peers |
| Free cash flow yield | (4.2%) | 1.3% | 21 | pricier than 79 of 100 peers |
| Book value to price | 0.46 | 0.53 | 35 | pricier than 65 of 100 peers |
| Sales to price | 0.20 | 0.45 | 7 | pricier than 93 of 100 peers |
| Composite equity issuance, five years | (2.4%) | (7.2%) | 58 | more equity-funded than 58 of 100 peers |
| Relative strength against the sector, log excess return | 0.04 | 0.04 | 49 | ahead of 49 of 100 peers |
Inputs: market equity $25.5B; EBIT $1.9B; free cash flow -$1.1B; book equity $11.7B; sales $5.1B; debt $14.0B; cash $191.0M[28].
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: None of 9, period end 2025-12-31 | ||
|---|---|---|
| Return on assets above zero | 3.4% | ✓ pass[12,14] |
| Operating cash flow above zero | $2.1B | ✓ pass[13] |
| Return on assets improved | (0.1 pts) | ✗ fail[12,14,24,29] |
| Operating cash flow exceeds net income | $948.0M | ✓ pass[12-13] |
| Long-term leverage fell | (2.2 pts) | ✓ pass[1,6,9,14,24] |
| Current ratio improved | 7.6 pts | ✓ pass[16-17,22-23] |
| No new shares issued | 0.1% | ✗ fail[26-27] |
| Gross margin improved | n/a | |
| Asset turnover improved | 0.2 pts | ✓ pass[2,14,18,24] |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | $191.0M[30] |
| Operating cash flow, four quarters | $2.3B[13,30-34] |
| Months of runway | not finite |
| trailing operating cash flow is nonnegative, so runway is not finite | |
| Late filings, two years | 0 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 72 |
| 10-Q received Jul 29, 2026 | |
| Median daily dollar volume | $264.8M |
| 63 sessions | |
| Days since newest grade input | 233 |
Downloads [top]
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Sources [top]
Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.
| # | Concept | XBRL tag | Value | Period end | Received | Form | Links |
|---|---|---|---|---|---|---|---|
| 1 | assets | us-gaap:Assets | $35.4B | 2025-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $5.1B | 2025-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 3 | operating income | us-gaap:OperatingIncomeLoss | $1.9B | 2025-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 4 | pretax income | us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest | $1.4B | 2025-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 5 | income tax | us-gaap:IncomeTaxExpenseBenefit | $311.0M | 2025-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 6 | total debt | us-gaap:LongTermDebtAndCapitalLeaseObligations | $12.8B | 2025-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 7 | book equity | us-gaap:StockholdersEquity | $10.8B | 2025-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 8 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $98.0M | 2025-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 9 | total debt | us-gaap:LongTermDebtAndCapitalLeaseObligations | $12.5B | 2024-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 10 | book equity | us-gaap:StockholdersEquity | $10.3B | 2024-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 11 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $96.0M | 2024-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 12 | net income | us-gaap:NetIncomeLoss | $1.1B | 2025-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 13 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $2.1B | 2025-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 14 | assets | us-gaap:Assets | $32.8B | 2024-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 15 | depreciation amortization | us-gaap:DepreciationDepletionAndAmortization | $894.0M | 2025-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 16 | current assets | us-gaap:AssetsCurrent | $2.2B | 2025-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 17 | current liabilities | us-gaap:LiabilitiesCurrent | $4.7B | 2025-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 18 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $4.7B | 2024-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 19 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $4.2B | 2023-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 20 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $3.8B | 2022-12-31 | 2025-02-19 | 10-K | filing · viewer · series |
| 21 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $3.1B | 2025-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 22 | current assets | us-gaap:AssetsCurrent | $1.2B | 2024-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 23 | current liabilities | us-gaap:LiabilitiesCurrent | $3.1B | 2024-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 24 | assets | us-gaap:Assets | $30.3B | 2023-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 25 | assets | us-gaap:Assets | $27.8B | 2022-12-31 | 2025-02-19 | 10-K | filing · viewer · series |
| 26 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 195,208,666 | 2026-02-09 | 2026-02-18 | 10-K | filing · viewer · series |
| 27 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 194,947,313 | 2025-02-10 | 2025-02-19 | 10-K | filing · viewer · series |
| 28 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 198,728,989 | 2026-07-20 | 2026-07-29 | 10-Q | filing · viewer · series |
| 29 | net income | us-gaap:NetIncomeLoss | $1.1B | 2024-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 30 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $191.0M | 2026-06-30 | 2026-07-29 | 10-Q | filing · viewer · series |
| 31 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $907.0M | 2026-06-30 | 2026-07-29 | 10-Q | filing · viewer · series |
| 32 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $305.0M | 2026-03-31 | 2026-04-29 | 10-Q | filing · viewer · series |
| 33 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $1.4B | 2025-09-30 | 2025-10-29 | 10-Q | filing · viewer · series |
| 34 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $632.0M | 2025-06-30 | 2026-07-29 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 70.1 is 9.9 points from the nearest band edge; sampling error is 3.6 points.
Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.
Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.
Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.
Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.
Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.
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