<p>许多投资者将成功投资定义为长期超越市场平均水平。但在任何投资组合中，可能会有一些股票未能达到这一基准。我们遗憾地报告，长期持有 <strong>American States Water Company</strong>（纽约证券交易所代码：AWR）的股东经历了这一情况，股价在三年内下跌了 20%，而市场回报约为 86%。</p>
<p>那么，让我们看看公司的长期表现是否与其基本业务的进展相符。</p>
<p>我们发现 21 只美国股票预计明年将支付超过 6% 的股息收益率。请查看完整列表，免费获取。</p>
<p>不可否认，市场有时是有效的，但价格并不总是反映基本业务的表现。评估公司情绪变化的一种有缺陷但合理的方法是将每股收益（EPS）与股价进行比较。</p>
<p>尽管股价在三年内下跌，但 <strong>American States Water</strong> 实际上在此期间每年实现了 16% 的 EPS 增长。考虑到股价反应，人们可能会怀疑 EPS 是否是该期间业务表现的良好指标（可能由于一次性损失或收益）。或者，该公司在过去被过度炒作，因此其增长令人失望。</p>
<p>由于 EPS 的变化似乎与股价的变化没有关联，因此值得关注其他指标。</p>
<p>我们注意到，在三年内，收入实际上以 6.8% 的年增长率增长，因此这似乎不是抛售股票的理由。可能值得进一步调查 <strong>American States Water</strong>；虽然我们可能在此分析中遗漏了一些信息，但也可能存在机会。</p>
<p>下图显示了收益和收入随时间的变化（如果您点击图像，可以看到更详细的信息）。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/304353-earnings-and-revenue-growth-1-dark-2/1765809006916?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/304353-earnings-and-revenue-growth-1-dark-2/1765809006916"/></p>
<p>纽约证券交易所：AWR 收益和收入增长 2025 年 12 月 15 日</p>
<p>我们知道 <strong>American States Water</strong> 最近改善了其底线，但未来会怎样呢？您可以在这个 <strong>互动</strong> 图表中查看分析师对 <strong>American States Water</strong> 的未来利润预测。</p>
<h2>股息情况如何？</h2>
<p>在考虑投资回报时，重要的是要考虑 <em>总股东回报</em>（TSR）与 <em>股价回报</em> 之间的差异。TSR 包括任何分拆或折扣融资的价值，以及任何股息，假设股息被再投资。可以说，TSR 提供了股票产生的回报的更全面的图景。我们注意到，<strong>American States Water</strong> 在过去三年的 TSR 为-14%，这比上述的股价回报要好。并且可以猜测，股息支付在很大程度上解释了这种差异！</p>
<h2>不同的视角</h2>
<p><strong>American States Water</strong> 的股东今年下跌了 9.2%（即使包括股息），但市场本身上涨了 14%。即使是优质股票的股价有时也会下跌，但我们希望在对业务的基本指标产生浓厚兴趣之前，看到这些指标的改善。长期投资者不会太沮丧，因为他们在五年内每年获得了 1.4% 的回报。如果基本数据继续表明长期可持续增长，目前的抛售可能是一个值得考虑的机会。我发现从长期来看观察股价作为业务表现的代理非常有趣。但要真正获得洞察，我们还需要考虑其他信息。例如，投资风险的无处不在的阴影。<strong>我们已识别出 2 个警告信号</strong> 与 <strong>American States Water</strong> 相关，理解这些信号应该是您投资过程的一部分。</p>
<p>如果您喜欢与管理层一起购买股票，那么您可能会喜欢这个 <strong>免费</strong> 的公司列表。（提示：其中许多公司不被注意，并且具有吸引力的估值）。</p>
<p><em>请注意，本文中引用的市场回报反映了目前在美国交易所交易的股票的市场加权平均回报。</em></p>
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<p>美国州水务公司（NYSE:AWR）股东在过去三年中经历了 20% 的股价下跌，而同期市场回报为 86%。尽管每股收益（EPS）年增长率为 16%，年收入增长率为 6.8%，但同期的总回报率（TSR）为-14%。该公司的近期表现和未来利润预估显示出潜在机会，但投资者应考虑相关风险</p>

<p>Many investors define successful investing as beating the market average over the long term. But in any portfolio, there are likely to be some stocks that fall short of that benchmark. We regret to report that long term <strong>American States Water Company</strong> (NYSE:AWR) shareholders have had that experience, with the share price dropping 20% in three years, versus a market return of about 86%.</p>
<div class="lb-trans"><p>许多投资者将成功投资定义为长期超越市场平均水平。但在任何投资组合中，可能会有一些股票未能达到这一基准。我们遗憾地报告，长期持有 <strong>American States Water Company</strong>（纽约证券交易所代码：AWR）的股东经历了这一情况，股价在三年内下跌了 20%，而市场回报约为 86%。</p>
</div><p>So let's have a look and see if the longer term performance of the company has been in line with the underlying business' progress.</p>
<div class="lb-trans"><p>那么，让我们看看公司的长期表现是否与其基本业务的进展相符。</p>
</div><p>We've found 21 US stocks that are forecast to pay a dividend yield of over 6% next year. See the full list for free.</p>
<div class="lb-trans"><p>我们发现 21 只美国股票预计明年将支付超过 6% 的股息收益率。请查看完整列表，免费获取。</p>
</div><p>There is no denying that markets are sometimes efficient, but prices do not always reflect underlying business performance. One flawed but reasonable way to assess how sentiment around a company has changed is to compare the earnings per share (EPS) with the share price.</p>
<div class="lb-trans"><p>不可否认，市场有时是有效的，但价格并不总是反映基本业务的表现。评估公司情绪变化的一种有缺陷但合理的方法是将每股收益（EPS）与股价进行比较。</p>
</div><p>Although the share price is down over three years, American States Water actually managed to grow EPS by 16% per year in that time. Given the share price reaction, one might suspect that EPS is not a good guide to the business performance during the period (perhaps due to a one-off loss or gain). Or else the company was over-hyped in the past, and so its growth has disappointed.</p>
<div class="lb-trans"><p>尽管股价在三年内下跌，但 <strong>American States Water</strong> 实际上在此期间每年实现了 16% 的 EPS 增长。考虑到股价反应，人们可能会怀疑 EPS 是否是该期间业务表现的良好指标（可能由于一次性损失或收益）。或者，该公司在过去被过度炒作，因此其增长令人失望。</p>
</div><p>Since the change in EPS doesn't seem to correlate with the change in share price, it's worth taking a look at other metrics.</p>
<div class="lb-trans"><p>由于 EPS 的变化似乎与股价的变化没有关联，因此值得关注其他指标。</p>
</div><p>We note that, in three years, revenue has actually grown at a 6.8% annual rate, so that doesn't seem to be a reason to sell shares. It's probably worth investigating American States Water further; while we may be missing something on this analysis, there might also be an opportunity.</p>
<div class="lb-trans"><p>我们注意到，在三年内，收入实际上以 6.8% 的年增长率增长，因此这似乎不是抛售股票的理由。可能值得进一步调查 <strong>American States Water</strong>；虽然我们可能在此分析中遗漏了一些信息，但也可能存在机会。</p>
</div><p>The image below shows how earnings and revenue have tracked over time (if you click on the image you can see greater detail).</p>
<div class="lb-trans"><p>下图显示了收益和收入随时间的变化（如果您点击图像，可以看到更详细的信息）。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/304353-earnings-and-revenue-growth-1-dark-2/1765809006916" alt="" original-src="https://images.simplywall.st/asset/chart/304353-earnings-and-revenue-growth-1-dark-2/1765809006916"/></p>
<p>NYSE:AWR Earnings and Revenue Growth December 15th 2025</p>
<div class="lb-trans"><p>纽约证券交易所：AWR 收益和收入增长 2025 年 12 月 15 日</p>
</div><p>We know that American States Water has improved its bottom line lately, but what does the future have in store? You can see what analysts are predicting for American States Water in this <strong>interactive</strong> graph of future profit estimates.</p>
<div class="lb-trans"><p>我们知道 <strong>American States Water</strong> 最近改善了其底线，但未来会怎样呢？您可以在这个 <strong>互动</strong> 图表中查看分析师对 <strong>American States Water</strong> 的未来利润预测。</p>
</div><h2>What About Dividends?</h2>
<div class="lb-trans"><h2>股息情况如何？</h2>
</div><p>When looking at investment returns, it is important to consider the difference between <em>total shareholder return</em> (TSR) and <em>share price return</em>. The TSR incorporates the value of any spin-offs or discounted capital raisings, along with any dividends, based on the assumption that the dividends are reinvested. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. We note that for American States Water the TSR over the last 3 years was -14%, which is better than the share price return mentioned above. And there's no prize for guessing that the dividend payments largely explain the divergence!</p>
<div class="lb-trans"><p>在考虑投资回报时，重要的是要考虑 <em>总股东回报</em>（TSR）与 <em>股价回报</em> 之间的差异。TSR 包括任何分拆或折扣融资的价值，以及任何股息，假设股息被再投资。可以说，TSR 提供了股票产生的回报的更全面的图景。我们注意到，<strong>American States Water</strong> 在过去三年的 TSR 为-14%，这比上述的股价回报要好。并且可以猜测，股息支付在很大程度上解释了这种差异！</p>
</div><h2>A Different Perspective</h2>
<div class="lb-trans"><h2>不同的视角</h2>
</div><p>American States Water shareholders are down 9.2% for the year (even including dividends), but the market itself is up 14%. Even the share prices of good stocks drop sometimes, but we want to see improvements in the fundamental metrics of a business, before getting too interested. Longer term investors wouldn't be so upset, since they would have made 1.4%, each year, over five years. If the fundamental data continues to indicate long term sustainable growth, the current sell-off could be an opportunity worth considering. I find it very interesting to look at share price over the long term as a proxy for business performance. But to truly gain insight, we need to consider other information, too. Consider for instance, the ever-present spectre of investment risk. <strong>We've identified 2 warning signs</strong> with American States Water , and understanding them should be part of your investment process.</p>
<div class="lb-trans"><p><strong>American States Water</strong> 的股东今年下跌了 9.2%（即使包括股息），但市场本身上涨了 14%。即使是优质股票的股价有时也会下跌，但我们希望在对业务的基本指标产生浓厚兴趣之前，看到这些指标的改善。长期投资者不会太沮丧，因为他们在五年内每年获得了 1.4% 的回报。如果基本数据继续表明长期可持续增长，目前的抛售可能是一个值得考虑的机会。我发现从长期来看观察股价作为业务表现的代理非常有趣。但要真正获得洞察，我们还需要考虑其他信息。例如，投资风险的无处不在的阴影。<strong>我们已识别出 2 个警告信号</strong> 与 <strong>American States Water</strong> 相关，理解这些信号应该是您投资过程的一部分。</p>
</div><p>If you like to buy stocks alongside management, then you might just love this <strong>free</strong> list of companies. (Hint: many of them are unnoticed AND have attractive valuation).</p>
<div class="lb-trans"><p>如果您喜欢与管理层一起购买股票，那么您可能会喜欢这个 <strong>免费</strong> 的公司列表。（提示：其中许多公司不被注意，并且具有吸引力的估值）。</p>
</div><p><em>Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on American exchanges.</em></p>
<div class="lb-trans"><p><em>请注意，本文中引用的市场回报反映了目前在美国交易所交易的股票的市场加权平均回报。</em></p>
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<div class="lb-trans"><p>下一波机器人技术不是类人型的。它是完全自主的塔，在 30 分钟内提供 5G、ISR 和雷达，随处可达。</p>
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如果股东在三年前投资了 American States Water（NYSE:AWR），他们现在处于亏损状态