American Water Works

The company exhibits high predictability driven by regulated returns, decoupling in some states, and a long pipeline of capital projects and tuck‑in acquisitions. Management affirmed long‑term EPS and dividend CAGR targets of 7–9 percent and rate base growth of 8–9 percent.

The Military Services Group adds multi‑decade, fixed‑fee O&M contracts with remaining performance obligations around the mid‑single digit billions. 2025 quarterly results show steady EPS progression and weather‑normalized guidance. Macro cyclicality is low, though weather and interest rates can cause short‑term noise.