American Water Works Co Inc (AWK)

The second-largest investor-owned water and wastewater utility in the United States, bidding against American Water for the same municipal systems and acquisitions across overlapping states such as Pennsylvania, New Jersey, Ohio and Texas, although the two agreed an all-stock merger in October 2025 that has not yet closed.

Third-largest publicly traded investor-owned water utility in the country, serving roughly two million people in California, Hawaii, New Mexico and Washington and competing with American Water for regulated water customers and for municipal systems put up for sale in the West.

Through Golden State Water it serves regulated water customers in California, and through American States Utility Services it bids for the same 50-year US Department of Defense privatisation contracts on military bases that American Water's Military Services Group depends on.

A multi-state regulated water utility serving California, Texas, Connecticut and Maine, competing for the same regulated household and business water customers and for the same small municipal systems coming to market.

Operates regulated water and wastewater systems in New Jersey and Delaware, the same territory where New Jersey American Water is American Water's single largest state business, and also sells contract operations to municipalities there.

Its North American arm, enlarged by the acquisition of Suez's international business, runs regulated water utilities and municipal operation-and-maintenance contracts in the United States, chasing the same towns and industrial customers that American Water targets.