The York Water Company (YORW) 10-Year Financial Performance & Capital Metrics

YORW • • Utilities

UtilitiesWater UtilitiesIntegrated Water UtilitiesRegional Water Utilities

AboutThe York Water Company impounds, purifies, and distributes drinking water. It owns and operates three wastewater collection systems; five wastewater collection and treatment systems; and two reservoirs, including Lake Williams and Lake Redman, which hold approximately 2.2 billion gallons of water. The company also operates a 15-mile pipeline from the Susquehanna River to Lake Redman; and owns nine groundwater wells that supply water to customers in the Adams County. It serves customers in the fixtures and furniture, electrical machinery, food products, paper, ordnance units, textile products, air conditioning systems, laundry detergents, barbells, and motorcycle industries in 51 municipalities within three counties in south-central Pennsylvania. The York Water Company was incorporated in 1816 and is based in York, Pennsylvania.Show more

Revenue $75M +5.5%
EBITDA $41M -0.7%
Net Income $20M -14.4%
Free Cash Flow -$18M +44.7%
EBITDA Margin 54.7% -5.9%
Net Margin 27.11% -18.9%
ROE 8.99% -19.0%
Interest Coverage 3.15 -24.8%
Debt/Equity 0.89 +9.2%
Net Debt/EBITDA 5.01 +15.0%
CapEx / Revenue 64.34% -30.0%
CapEx Coverage 0.63 +29.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Dividend Aristocrat: 30 years of consecutive increases
✓30 years of consecutive dividend growth
✓Strong interest coverage of 3.1x
✓Healthy dividend yield of 2.5%

✗Weaknesses

✗High leverage: 5.0x Debt/EBITDA

Price & Volume

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Growth Metrics

Revenue CAGR

10Y5.03%

5Y7.76%

3Y10.79%

TTM3.63%

Profit (Net Income) CAGR

10Y5.88%

5Y7.13%

3Y6.17%

TTM-5.48%

EPS CAGR

10Y4.78%

5Y5.05%

3Y2.99%

TTM-6.08%

ROCE

10Y Avg6.35%

5Y Avg5.54%

3Y Avg5.18%

Latest4.73%

Peer Comparison

Regional Water Utilities

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	Debt/Equity
GWRSGlobal Water Resources, Inc.	255.3M	8.88	37	-0.63%	7.87%	4.87%	2.62
AWRAmerican States Water Company	2.95B	76.23	24.05	-0.04%	20.43%	12.89%	1.02
YORWThe York Water Company	487.89M	33.80	23.80	5.53%	26.06%	8.42%	0.89
MSEXMiddlesex Water Company	1.01B	55.09	22.30	15.4%	22.08%	8.91%	0.86
ARTNAArtesian Resources Corporation	316.06M	33.51	16.92	9.2%	20.16%	9.05%	0.75

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	47.09M	47.58M	48.59M	48.44M	51.58M	53.85M	55.12M	60.06M	71.03M	74.96M
Revenue Growth %	0.03%	0.01%	0.02%	-0%	0.06%	0.04%	0.02%	0.09%	0.18%	0.06%
Cost of Revenue	8.07M	8.03M	8.89M	9.67M	10.39M	10.78M	11.82M	14.13M	17.36M	19.67M
Gross Profit+	39.02M	39.55M	39.7M	38.77M	41.19M	43.07M	43.3M	45.93M	53.67M	55.29M
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	0.03%	0.01%	0%	-0.02%	0.06%	0.05%	0.01%	0.06%	0.17%	0.03%
Operating Expenses+	16.36M	16.66M	17.23M	16.25M	17.41M	18.64M	19.9M	21.45M	24.14M	27.25M
Other Operating Expenses	-	-	-	-	-	-	-	-	-	-
EBITDA+	28.81M	29.31M	29.24M	29.53M	31.47M	32.61M	32.26M	34.62M	41.28M	41M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
EBITDA Growth %	0.03%	0.02%	-0%	0.01%	0.07%	0.04%	-0.01%	0.07%	0.19%	-0.01%
Depreciation & Amortization+	6.15M	6.42M	6.77M	7.01M	7.69M	8.18M	8.86M	10.14M	11.75M	12.96M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income (EBIT)+	22.66M	22.89M	22.47M	22.52M	23.79M	24.43M	23.4M	24.48M	29.53M	28.04M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.03%	0.01%	-0.02%	0%	0.06%	0.03%	-0.04%	0.05%	0.21%	-0.05%
Interest Expense+	5.18M	5.26M	5.35M	5.51M	5.12M	4.71M	4.93M	5.11M	7.05M	8.9M
Interest Coverage	4.37x	4.35x	4.20x	4.09x	4.64x	5.19x	4.75x	4.79x	4.19x	3.15x
Interest / Revenue %	-	-	-	-	-	-	-	-	-	-
Non-Operating Income	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Pretax Income+	17.23M	17.25M	17.52M	15.87M	16.64M	18.62M	18.1M	19.59M	25.03M	21.68M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	4.74M	5.41M	4.54M	2.49M	2.24M	2.02M	1.12M	15K	1.28M	1.35M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	12.49M	11.85M	12.97M	13.38M	14.4M	16.6M	16.98M	19.58M	23.76M	20.32M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.09%	-0.05%	0.1%	0.03%	0.08%	0.15%	0.02%	0.15%	0.21%	-0.14%
EPS (Diluted)+	0.97	0.92	1.01	1.04	1.11	1.27	1.30	1.40	1.66	1.42
EPS Growth %	0.09%	-0.05%	0.1%	0.03%	0.07%	0.14%	0.02%	0.08%	0.19%	-0.14%
EPS (Basic)	0.97	0.92	1.01	1.04	1.11	1.27	1.30	1.40	1.66	1.42
Diluted Shares Outstanding	12.83M	12.85M	12.85M	12.9M	12.97M	13.03M	13.08M	13.96M	14.3M	14.35M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	313.49M	320.49M	332.03M	345.14M	363.53M	406.96M	458.85M	510.6M	588.21M	633.47M
Asset Growth %	0.03%	0.02%	0.04%	0.04%	0.05%	0.12%	0.13%	0.11%	0.15%	0.08%
PP&E (Net)+	262.19M	271.65M	289.52M	299.87M	313.99M	344.37M	383.63M	431.9M	495.27M	532.54M
PP&E / Total Assets %	-	-	-	-	-	-	-	-	-	-
Total Current Assets+	11.79M	12.62M	8.61M	9.01M	9.38M	16.29M	11.26M	14.23M	15.58M	16.45M
Cash & Equivalents	2.88M	4.21M	2K	2K	2K	2K	1K	1K	1K	1K
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Inventory	771K	746K	906K	876K	1.01M	1.01M	1.92M	2.33M	3.11M	3.41M
Other Current Assets	0	0	0	0	0	5M	0	0	0	0
Long-Term Investments	255K	255K	255K	255K	0	0	0	0	255K	255K
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Other Assets	-10.98M	-17.95M	-859K	-704K	40.15M	46.3M	63.97M	64.46M	77.09M	84.23M
Total Liabilities	204.42M	206.43M	212.63M	218.94M	229.34M	263.7M	306.23M	303.41M	367.03M	402.28M
Total Debt+	87.31M	84.65M	91.14M	94.36M	101.03M	123.57M	146.37M	139.47M	180.01M	205.56M
Net Debt	84.43M	80.44M	91.14M	94.36M	101.03M	123.57M	146.37M	139.46M	180.01M	205.56M
Long-Term Debt	87.03M	84.61M	90.1M	93.33M	94.53M	123.57M	138.87M	139.47M	180.01M	205.56M
Short-Term Borrowings	44K	44K	1000K	1000K	1000K	0	1000K	0	0	0
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0
Total Current Liabilities+	6.2M	8.18M	9.14M	10.84M	15.16M	11.99M	20.09M	16.98M	18.14M	18.29M
Accounts Payable	1.77M	3.67M	3.14M	3.03M	3.45M	6.54M	6.71M	10.77M	10.87M	9.53M
Accrued Expenses	1.17M	1.44M	1.13M	1.19M	1.25M	1.32M	1.4M	1.45M	3.87M	0
Deferred Revenue	0	0	531K	150K	0	0	0	0	0	0
Other Current Liabilities	3.21M	1.23M	3.3M	5.44M	1.86M	1.94M	2.18M	2.13M	3.4M	8.76M
Deferred Taxes	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Liabilities	93.78M	45.64M	70.11M	70.97M	71.38M	74.28M	84.87M	84.15M	94.79M	96.73M
Total Equity+	109.07M	114.06M	119.41M	126.19M	134.19M	143.25M	152.62M	207.18M	221.18M	231.19M
Equity Growth %	0.04%	0.05%	0.05%	0.06%	0.06%	0.07%	0.07%	0.36%	0.07%	0.05%
Shareholders Equity	109.07M	114.06M	119.41M	126.19M	134.19M	143.25M	152.62M	207.18M	221.18M	231.19M
Minority Interest	0	0	0	0	0	0	0	0	0	0
Common Stock	77.32M	78.51M	79.2M	81.31M	83.98M	85.94M	88.23M	134.22M	136.17M	138.09M
Additional Paid-in Capital	0	0	0	0	0	0	0	0	0	0
Retained Earnings	31.75M	35.55M	40.2M	44.89M	50.21M	57.32M	64.39M	72.96M	85M	93.1M
Accumulated OCI	-64.27M	-68.84M	-73.75M	-78.93M	0	0	0	0	0	0
Return on Assets (ROA)	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.03%
Return on Equity (ROE)	0.12%	0.11%	0.11%	0.11%	0.11%	0.12%	0.11%	0.11%	0.11%	0.09%
Debt / Equity	0.80x	0.74x	0.76x	0.75x	0.75x	0.86x	0.96x	0.67x	0.81x	0.89x
Debt / Assets	0.28%	0.26%	0.27%	0.27%	0.28%	0.3%	0.32%	0.27%	0.31%	0.32%
Net Debt / EBITDA	2.93x	2.74x	3.12x	3.20x	3.21x	3.79x	4.54x	4.03x	4.36x	5.01x
Book Value per Share	8.5	8.88	9.29	9.78	10.35	10.99	11.67	14.84	15.47	16.11

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	20.71M	19.36M	20.11M	18.37M	18.88M	20.23M	22.96M	22.02M	31.91M	30.56M
Operating CF Growth %	0.1%	-0.06%	0.04%	-0.09%	0.03%	0.07%	0.13%	-0.04%	0.45%	-0.04%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	12.49M	11.85M	12.97M	13.38M	14.4M	16.6M	16.98M	19.58M	23.76M	20.32M
Depreciation & Amortization	6.15M	6.42M	6.77M	7.01M	7.69M	8.18M	8.86M	10.14M	11.75M	12.96M
Deferred Taxes	2.27M	1.65M	2.48M	58K	641K	88K	164K	4K	530K	476K
Other Non-Cash Items	-1.98M	295K	54K	295K	251K	37K	15K	-54K	-1.11M	353K
Working Capital Changes	-389K	-866K	-2.22M	-2.45M	-4.27M	-4.82M	-3.28M	-7.93M	-3.31M	-3.8M
Capital Expenditures+	-14.2M	-13.21M	-25.07M	-16.88M	-20.54M	-33.3M	-46.4M	-53.92M	-65.27M	-49.01M
CapEx / Revenue %	-	-	-	-	-	-	-	-	-	-
CapEx / D&A	-	-	-	-	-	-	-	-	-	-
CapEx Coverage (OCF/CapEx)	-	-	-	-	-	-	-	-	-	-
Cash from Investing+	-14.19M	-12.53M	-25.07M	-16.77M	-20.54M	-32.63M	-46.4M	-53.92M	-65.27M	-49.01M
Acquisitions	-352K	-10K	-472K	0	0	0	-11.99M	0	0	-783K
Purchase of Investments	0	0	0	0	0	0	0	0	0	0
Sale of Investments	0	0	0	0	0	0	0	0	0	0
Other Investing	11K	682K	-25.07M	108K	0	672K	11.99M	0	0	0
Cash from Financing+	-5.13M	-5.51M	756K	-1.6M	1.66M	17.39M	18.44M	31.9M	33.36M	18.45M
Dividends Paid	-7.68M	-7.96M	-8.23M	-8.58M	-8.99M	-9.39M	-9.81M	-10.67M	-11.59M	-12.09M
Dividend Payout Ratio %	0.62%	0.67%	0.63%	0.64%	0.62%	0.57%	0.58%	0.55%	0.49%	0.59%
Debt Issuance (Net)	1000K	-53K	1000K	1000K	1000K	1000K	1000K	-1000K	1000K	1000K
Stock Issued	2.31M	2.51M	1.91M	2.02M	2.5M	1.8M	2.08M	45.71M	1.65M	1.67M
Share Repurchases	-2.55M	-1.34M	-1.26M	0	0	0	0	0	0	0
Other Financing	2.68M	1.33M	1.23M	3.61M	686K	2.57M	3.06M	2.52M	4.39M	2.45M
Net Change in Cash+	1.39M	1.33M	-4.21M	0	0	5M	-5M	0	0	0
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	1.49M	2.88M	4.21M	2K	2K	2K	5M	1K	1K	1K
Cash at End	2.88M	4.21M	2K	2K	2K	5M	1K	1K	1K	1K
Free Cash Flow+	6.51M	6.16M	-4.96M	1.49M	-1.66M	-13.06M	-23.44M	-31.9M	-33.36M	-18.45M
FCF Growth %	0.53%	-0.05%	-1.81%	1.3%	-2.11%	-6.89%	-0.79%	-0.36%	-0.05%	0.45%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF / Net Income %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	11.69%	10.62%	11.11%	10.89%	11.06%	11.97%	11.48%	10.88%	11.09%	8.99%
EBITDA Margin	61.19%	61.6%	60.18%	60.96%	61.02%	60.55%	58.52%	57.64%	58.11%	54.7%
Net Debt / EBITDA	2.93x	2.74x	3.12x	3.20x	3.21x	3.79x	4.54x	4.03x	4.36x	5.01x
Interest Coverage	4.37x	4.35x	4.20x	4.09x	4.64x	5.19x	4.75x	4.79x	4.19x	3.15x
CapEx / Revenue	30.15%	27.76%	51.6%	34.85%	39.82%	61.83%	84.18%	89.78%	91.88%	64.34%
Dividend Payout Ratio	61.51%	67.16%	63.43%	64.17%	62.39%	56.6%	57.75%	54.51%	48.79%	59.47%
Debt / Equity	0.80x	0.74x	0.76x	0.75x	0.75x	0.86x	0.96x	0.67x	0.81x	0.89x
EPS Growth	8.99%	-5.15%	9.78%	2.97%	6.73%	14.41%	2.36%	7.69%	18.57%	-14.46%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Water Utility Service	30.35M	32.12M	33.99M	33.99M	35.38M	40.03M	41.5M
Water Utility Service Growth	-	5.83%	5.82%	-0.00%	4.11%	13.14%	3.66%
Wastewater Utility Service	933K	1.29M	1.75M	1.9M	3.81M	5.5M	6.11M
Wastewater Utility Service Growth	-	38.37%	35.24%	8.76%	100.84%	44.07%	11.25%
Billing and Revenue Collection Services	64K	70K	266K	481K	481K	474K	494K
Billing and Revenue Collection Services Growth	-	9.38%	280.00%	80.83%	0.00%	-1.46%	4.22%
Collection Services	54K	52K	15K	26K	157K	38K	34K
Collection Services Growth	-	-3.70%	-71.15%	73.33%	503.85%	-75.80%	-10.53%
Service Line Protection Plan	22K	13K	23K	37K	28K	50K	26K
Service Line Protection Plan Growth	-	-40.91%	76.92%	60.87%	-24.32%	78.57%	-48.00%

Frequently Asked Questions

Valuation & Price

The York Water Company (YORW) has a price-to-earnings (P/E) ratio of 23.8x. This is roughly in line with market averages.

Growth & Financials

The York Water Company (YORW) reported $76.9M in revenue for fiscal year 2024. This represents a 89% increase from $40.6M in 2011.

The York Water Company (YORW) grew revenue by 5.5% over the past year. This is steady growth.

Yes, The York Water Company (YORW) is profitable, generating $20.0M in net income for fiscal year 2024 (27.1% net margin).

Dividend & Returns

Yes, The York Water Company (YORW) pays a dividend with a yield of 2.49%. This makes it attractive for income-focused investors.

The York Water Company (YORW) has a return on equity (ROE) of 9.0%. This is below average, suggesting room for improvement.

The York Water Company (YORW) had negative free cash flow of $21.3M in fiscal year 2024, likely due to heavy capital investments.

Industry Metrics

The York Water Company (YORW) has a dividend payout ratio of 59%. This suggests the dividend is well-covered and sustainable.

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