<p>許多投資者將成功投資定義為長期超越市場平均水平。但在任何投資組合中，可能會有一些股票未能達到這一基準。我們遺憾地報告，長期持有 <strong>American States Water Company</strong>（紐約證券交易所代碼：AWR）的股東經歷了這一情況，股價在三年內下跌了 20%，而市場回報約為 86%。</p>
<p>那麼，讓我們看看公司的長期表現是否與其基本業務的進展相符。</p>
<p>我們發現 21 只美國股票預計明年將支付超過 6% 的股息收益率。請查看完整列表，免費獲取。</p>
<p>不可否認，市場有時是有效的，但價格並不總是反映基本業務的表現。評估公司情緒變化的一種有缺陷但合理的方法是將每股收益（EPS）與股價進行比較。</p>
<p>儘管股價在三年內下跌，但 <strong>American States Water</strong> 實際上在此期間每年實現了 16% 的 EPS 增長。考慮到股價反應，人們可能會懷疑 EPS 是否是該期間業務表現的良好指標（可能由於一次性損失或收益）。或者，該公司在過去被過度炒作，因此其增長令人失望。</p>
<p>由於 EPS 的變化似乎與股價的變化沒有關聯，因此值得關注其他指標。</p>
<p>我們注意到，在三年內，收入實際上以 6.8% 的年增長率增長，因此這似乎不是拋售股票的理由。可能值得進一步調查 <strong>American States Water</strong>；雖然我們可能在此分析中遺漏了一些信息，但也可能存在機會。</p>
<p>下圖顯示了收益和收入隨時間的變化（如果您點擊圖像，可以看到更詳細的信息）。</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>紐約證券交易所：AWR 收益和收入增長 2025 年 12 月 15 日</p>
<p>我們知道 <strong>American States Water</strong> 最近改善了其底線，但未來會怎樣呢？您可以在這個 <strong>互動</strong> 圖表中查看分析師對 <strong>American States Water</strong> 的未來利潤預測。</p>
<h2>股息情況如何？</h2>
<p>在考慮投資回報時，重要的是要考慮 <em>總股東回報</em>（TSR）與 <em>股價回報</em> 之間的差異。TSR 包括任何分拆或折扣融資的價值，以及任何股息，假設股息被再投資。可以説，TSR 提供了股票產生的回報的更全面的圖景。我們注意到，<strong>American States Water</strong> 在過去三年的 TSR 為-14%，這比上述的股價回報要好。並且可以猜測，股息支付在很大程度上解釋了這種差異！</p>
<h2>不同的視角</h2>
<p><strong>American States Water</strong> 的股東今年下跌了 9.2%（即使包括股息），但市場本身上漲了 14%。即使是優質股票的股價有時也會下跌，但我們希望在對業務的基本指標產生濃厚興趣之前，看到這些指標的改善。長期投資者不會太沮喪，因為他們在五年內每年獲得了 1.4% 的回報。如果基本數據繼續表明長期可持續增長，目前的拋售可能是一個值得考慮的機會。我發現從長期來看觀察股價作為業務表現的代理非常有趣。但要真正獲得洞察，我們還需要考慮其他信息。例如，投資風險的無處不在的陰影。<strong>我們已識別出 2 個警告信號</strong> 與 <strong>American States Water</strong> 相關，理解這些信號應該是您投資過程的一部分。</p>
<p>如果您喜歡與管理層一起購買股票，那麼您可能會喜歡這個 <strong>免費</strong> 的公司列表。（提示：其中許多公司不被注意，並且具有吸引力的估值）。</p>
<p><em>請注意，本文中引用的市場回報反映了目前在美國交易所交易的股票的市場加權平均回報。</em></p>
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<p>美國州水務公司（NYSE:AWR）股東在過去三年中經歷了 20% 的股價下跌，而同期市場回報為 86%。儘管每股收益（EPS）年增長率為 16%，年收入增長率為 6.8%，但同期的總回報率（TSR）為-14%。該公司的近期表現和未來利潤預估顯示出潛在機會，但投資者應考慮相關風險</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>許多投資者將成功投資定義為長期超越市場平均水平。但在任何投資組合中，可能會有一些股票未能達到這一基準。我們遺憾地報告，長期持有 <strong>American States Water Company</strong>（紐約證券交易所代碼：AWR）的股東經歷了這一情況，股價在三年內下跌了 20%，而市場回報約為 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>那麼，讓我們看看公司的長期表現是否與其基本業務的進展相符。</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>我們發現 21 只美國股票預計明年將支付超過 6% 的股息收益率。請查看完整列表，免費獲取。</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>不可否認，市場有時是有效的，但價格並不總是反映基本業務的表現。評估公司情緒變化的一種有缺陷但合理的方法是將每股收益（EPS）與股價進行比較。</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>儘管股價在三年內下跌，但 <strong>American States Water</strong> 實際上在此期間每年實現了 16% 的 EPS 增長。考慮到股價反應，人們可能會懷疑 EPS 是否是該期間業務表現的良好指標（可能由於一次性損失或收益）。或者，該公司在過去被過度炒作，因此其增長令人失望。</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>由於 EPS 的變化似乎與股價的變化沒有關聯，因此值得關注其他指標。</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>我們注意到，在三年內，收入實際上以 6.8% 的年增長率增長，因此這似乎不是拋售股票的理由。可能值得進一步調查 <strong>American States Water</strong>；雖然我們可能在此分析中遺漏了一些信息，但也可能存在機會。</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>下圖顯示了收益和收入隨時間的變化（如果您點擊圖像，可以看到更詳細的信息）。</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>紐約證券交易所：AWR 收益和收入增長 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>我們知道 <strong>American States Water</strong> 最近改善了其底線，但未來會怎樣呢？您可以在這個 <strong>互動</strong> 圖表中查看分析師對 <strong>American States Water</strong> 的未來利潤預測。</p>
</div><h2>What About Dividends?</h2>
<div class="lb-trans"><h2>股息情況如何？</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>在考慮投資回報時，重要的是要考慮 <em>總股東回報</em>（TSR）與 <em>股價回報</em> 之間的差異。TSR 包括任何分拆或折扣融資的價值，以及任何股息，假設股息被再投資。可以説，TSR 提供了股票產生的回報的更全面的圖景。我們注意到，<strong>American States Water</strong> 在過去三年的 TSR 為-14%，這比上述的股價回報要好。並且可以猜測，股息支付在很大程度上解釋了這種差異！</p>
</div><h2>A Different Perspective</h2>
<div class="lb-trans"><h2>不同的視角</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> 的股東今年下跌了 9.2%（即使包括股息），但市場本身上漲了 14%。即使是優質股票的股價有時也會下跌，但我們希望在對業務的基本指標產生濃厚興趣之前，看到這些指標的改善。長期投資者不會太沮喪，因為他們在五年內每年獲得了 1.4% 的回報。如果基本數據繼續表明長期可持續增長，目前的拋售可能是一個值得考慮的機會。我發現從長期來看觀察股價作為業務表現的代理非常有趣。但要真正獲得洞察，我們還需要考慮其他信息。例如，投資風險的無處不在的陰影。<strong>我們已識別出 2 個警告信號</strong> 與 <strong>American States Water</strong> 相關，理解這些信號應該是您投資過程的一部分。</p>
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<div class="lb-trans"><p>如果您喜歡與管理層一起購買股票，那麼您可能會喜歡這個 <strong>免費</strong> 的公司列表。（提示：其中許多公司不被注意，並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>請注意，本文中引用的市場回報反映了目前在美國交易所交易的股票的市場加權平均回報。</em></p>
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<div class="lb-trans"><p>下一波機器人技術不是類人型的。它是完全自主的塔，在 30 分鐘內提供 5G、ISR 和雷達，隨處可達。</p>
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如果股東在三年前投資了 American States Water（NYSE:AWR），他們現在處於虧損狀態