The balance sheet has been strengthened by significant equity infusions, improving the debt-to-equity ratio to 0.64 from 0.85 over ten quarters, though this has been necessary to fund a capital program that has grown PPE net by 16.7% to $588.1 million.
The York Water Company (YORW) balance sheet — 30-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Total Assets | 703.97M | 680.89M | 633.47M | 588.21M | 510.6M | 458.85M | 406.96M | 363.53M | 345.14M | 332.03M | 320.49M | 313.49M | 304.34M | 282.53M | 282.49M | 274.22M | 259.93M | 248.84M | 240.44M | 210.97M | 196.06M | 172.3M | 156.07M | 127.51M | 118.41M | 113.35M | 116.39M | 108.6M | 102.48M | 98.85M | 96.74M |
| Asset Growth % | 30% | 7.48% | 7.7% | 15.2% | 11.28% | 12.75% | 11.95% | 5.33% | 3.95% | 3.6% | 2.23% | 3.01% | 7.72% | 0.01% | 3.02% | 5.5% | 4.46% | 3.49% | 13.97% | 7.6% | 13.79% | 10.4% | 22.4% | 7.69% | 4.46% | -2.61% | 7.17% | 5.97% | 3.67% | 2.19% | 6.94% |
| PP&E (Net) | 588.05M | 569.93M | 532.54M | 495.27M | 431.9M | 383.63M | 344.37M | 313.99M | 299.87M | 289.52M | 271.65M | 262.19M | 253.96M | 245M | 240.31M | 232.98M | 228.39M | 222.03M | 211.38M | 191.62M | 174.37M | 155.3M | 139.96M | 116.47M | 106.73M | 102.26M | 96.95M | 92.24M | 86.9M | 83.65M | 80.76M |
| PP&E / Total Assets % | 83.53% | 83.7% | 84.07% | 84.2% | 84.59% | 83.61% | 84.62% | 86.37% | 86.88% | 87.2% | 84.76% | 83.64% | 83.45% | 86.72% | 85.07% | 84.96% | 87.87% | 89.23% | 87.91% | 90.83% | 88.93% | 90.14% | 89.68% | 91.34% | 90.13% | 90.22% | 83.3% | 84.94% | 84.79% | 84.62% | 83.48% |
| Total Current Assets | 20.07M | 0 | 16.45M | 15.58M | 14.23M | 11.26M | 16.29M | 9.38M | 9.01M | 8.61M | 12.62M | 11.79M | 11.23M | 15.23M | 11.64M | 11.39M | 8.79M | 7.15M | 7.35M | 6.81M | 6.7M | 5.12M | 5.03M | 4.11M | 3.7M | 3.86M | 3.6M | 3.46M | 3.36M | 3.69M | 3.96M |
| Cash & Equivalents | 555K | 1K | 1K | 1K | 1K | 1K | 2K | 2K | 2K | 2K | 4.21M | 2.88M | 1.49M | 7.57M | 4.01M | 4.01M | 1.33M | 0 | 0 | 0 | 0 | 0 | 164.24K | 0 | 0 | 97.45K | 0 | 0 | 257.71K | 0 | 694.49K |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Inventory | 3.24M | 3.36M | 3.41M | 3.11M | 2.33M | 1.92M | 1.01M | 1.01M | 876K | 906K | 746K | 771K | 771K | 722K | 728K | 692K | 608K | 716K | 741K | 802K | 820K | 843K | 693.39K | 592.38K | 480.57K | 449.78K | 402.77K | 390.44K | 361.4K | 337.84K | 302.82K |
| Other Current Assets | 5.55M | -18.44M | 0 | 0 | 0 | 0 | 5M | 0 | 0 | 0 | 0 | 0 | 1.06M | 314K | 208K | 228K | 167K | 154K | 133K | 132K | 1.04M | 499K | 462.13K | 351.63K | 382.53K | 317.9K | 346.89K | 312.64K | 81.84K | 75.02K | 61.38K |
| Long-Term Investments | 255K | 0 | 255K | 255K | 0 | 0 | 0 | 0 | 255K | 255K | 255K | 255K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 95.84M | 92.52M | 84.23M | 77.09M | 64.46M | 63.97M | 46.3M | 40.15M | -704K | -859K | -17.95M | -10.98M | -6.88M | -12.3M | -1.9M | 42K | 22.75M | 15.96M | 21.71M | 12.54M | 1.6M | 11.87M | 11.08M | 6.93M | 7.98M | 7.23M | 15.83M | 12.9M | 12.22M | 11.51M | 12.02M |
| Total Liabilities | 409.69M | 440.54M | 402.28M | 367.03M | 303.41M | 306.23M | 263.7M | 229.34M | 218.94M | 212.63M | 206.43M | 204.42M | 199.78M | 179.02M | 182.66M | 178.95M | 168.67M | 161.91M | 170.68M | 143.7M | 130.7M | 121.88M | 108.03M | 88.45M | 81.19M | 77.46M | 83.95M | 77.77M | 72.1M | 69.7M | 68.73M |
| Total Debt | 189.7M | 232.23M | 205.56M | 180.01M | 139.47M | 146.37M | 123.57M | 101.03M | 94.36M | 91.14M | 84.65M | 87.31M | 84.89M | 84.93M | 84.97M | 85.02M | 85.17M | 82.57M | 92.35M | 73.5M | 62.34M | 59.17M | 51.91M | 39.81M | 35.43M | 34.73M | 35.41M | 34.23M | 32M | 32.84M | 33.24M |
| Net Debt | 189.15M | 232.23M | 205.56M | 180.01M | 139.46M | 146.37M | 123.57M | 101.03M | 94.36M | 91.14M | 80.44M | 84.43M | 83.4M | 77.36M | 80.96M | 81.01M | 83.85M | 82.57M | 92.35M | 73.5M | 62.34M | 59.17M | 51.75M | 39.81M | 35.43M | 34.63M | 35.41M | 34.23M | 31.74M | 32.84M | 32.54M |
| Long-Term Debt | 189.36M | 221.9M | 205.56M | 180.01M | 139.47M | 138.87M | 123.57M | 94.53M | 93.33M | 90.1M | 84.61M | 87.03M | 84.84M | 84.89M | 84.93M | 84.97M | 85.13M | 73.23M | 83.61M | 58.47M | 61.09M | 39.84M | 35.57M | 29.91M | 32.65M | 32.69M | 32.73M | 32.77M | 32M | 32M | 32M |
| Short-Term Borrowings | 340K | 10.33M | 0 | 0 | 0 | 7.5M | 0 | 6.5M | 1.03M | 1.04M | 44K | 44K | 43K | 43K | 42K | 42K | 41K | 9.34M | 8.74M | 15.04M | 1.24M | 19.33M | 16.34M | 9.89M | 2.78M | 2.04M | 2.69M | 1.47M | 0 | 843K | 1.24M |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -10.44M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 116.28M | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 19.16M | 27.63M | 18.29M | 18.14M | 16.98M | 20.09M | 11.99M | 15.16M | 10.84M | 9.14M | 8.18M | 6.2M | 5.93M | 7.84M | 5.47M | 5.28M | 5.33M | 14.61M | 14.2M | 21.36M | 5.92M | 24.65M | 21.16M | 14.05M | 5.49M | 4.84M | 5.76M | 3.93M | 2.37M | 3.2M | 3.49M |
| Accounts Payable | 9.34M | 8.42M | 9.53M | 10.87M | 10.77M | 6.71M | 6.54M | 3.45M | 3.03M | 3.14M | 3.67M | 1.77M | 1.59M | 1.76M | 1.12M | 1.11M | 1.25M | 892K | 2.01M | 3.16M | 1.63M | 2.64M | 1.8M | 1.74M | 738.72K | 478.42K | 1.17M | 600.99K | 290.18K | 551.4K | 376.47K |
| Accrued Expenses | 11.99M | 3.07M | 3.2M | 2.24M | 1.45M | 1.4M | 1.32M | 1.25M | 1.19M | 1.13M | 1.44M | 1.17M | 1.08M | 1.13M | 1.08M | 1.01M | 1.62M | 2.49M | 2.18M | 2.03M | 1.98M | 1.75M | 2.18M | 1.69M | 1.33M | 1.7M | 1.33M | 1.33M | 1.36M | 1.14M | 1.18M |
| Deferred Revenue | 27.95M | 22.36M | 20.55M | 18.85M | 14.91M | 12.82M | 10.33M | 7.84M | 150K | 531K | 7.1M | 7.5M | 10.71M | 1.72M | 96K | 13.76M | 19K | 488K | 0 | 0 | 1.82M | -16.65M | 0 | -7.48M | 0 | 0 | -777.62K | 0 | 0 | 1.63M | 1.72M |
| Other Current Liabilities | 937K | 2.77M | 2.67M | 2.27M | 2.13M | 2.18M | 1.94M | 1.86M | 5.44M | 3.3M | 1.23M | 3.21M | 3.22M | 3.19M | 3.13M | 3.12M | 985K | 0 | 0 | 0 | 1M | 0 | -409 | 0 | 0 | 0 | 0 | 0 | 216.48K | 182.12K | 164.26K |
| Deferred Taxes | 273.19M | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Liabilities | 101.96M | 101.38M | 96.73M | 94.79M | 84.15M | 84.87M | 74.28M | 71.38M | 70.97M | 70.11M | 45.64M | 93.78M | 55.49M | 49.47M | 56.37M | 45.13M | 78.21M | 41.13M | -103.16M | -75.43M | -76.62M | -53.26M | -48.11M | -40.49M | -43.14M | -41.21M | 76.37M | -44.88M | 26.76M | 24.69M | 23.49M |
| Total Equity | 294.28M | 240.35M | 231.19M | 221.18M | 207.18M | 152.62M | 143.25M | 134.19M | 126.19M | 119.41M | 114.06M | 109.07M | 104.56M | 103.51M | 99.83M | 95.27M | 91.26M | 86.92M | 69.77M | 67.27M | 65.36M | 50.41M | 48.04M | 39.06M | 37.22M | 35.89M | 32.44M | 30.83M | 30.38M | 29.15M | 28M |
| Equity Growth % | 37.87% | 3.96% | 4.53% | 6.75% | 35.75% | 6.54% | 6.76% | 6.33% | 5.69% | 4.69% | 4.58% | 4.31% | 1.02% | 3.69% | 4.79% | 4.39% | 4.99% | 24.59% | 3.71% | 2.92% | 29.65% | 4.95% | 22.99% | 4.94% | 3.69% | 10.65% | 5.22% | 1.48% | 4.22% | 4.1% | 28.62% |
| Shareholders Equity | 294.28M | 240.35M | 231.19M | 221.18M | 207.18M | 152.62M | 143.25M | 134.19M | 126.19M | 119.41M | 114.06M | 109.07M | 104.56M | 103.51M | 99.83M | 95.27M | 91.26M | 86.92M | 69.77M | 67.27M | 65.36M | 50.41M | 48.04M | 39.06M | 37.22M | 35.89M | 32.44M | 30.83M | 30.38M | 29.15M | 28M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Common Stock | 188.44M | 139.95M | 138.09M | 136.17M | 134.22M | 88.23M | 85.94M | 83.98M | 81.31M | 79.2M | 78.51M | 77.32M | 77.56M | 80.55M | 79.3M | 77.11M | 0 | 0 | 57.88M | 56.57M | 55.56M | 42.02M | 41.01M | 33.23M | 32.33M | 31.47M | 28.9M | 28.1M | 27.29M | 26.45M | 7.25M |
| Additional Paid-in Capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 79.3M | 77.11M | 75.48M | 73.57M | 57.88M | 0 | 0 | 42.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 18.52M |
| Retained Earnings | 105.83M | 100.39M | 93.1M | 85M | 72.96M | 64.39M | 57.32M | 50.21M | 44.89M | 40.2M | 35.55M | 31.75M | 27.01M | 22.97M | 20.53M | 18.15M | 15.78M | 13.35M | 11.89M | 10.99M | 9.9M | 8.63M | 7.19M | 5.82M | 4.89M | 4.42M | 4.23M | 3.42M | 3.09M | 2.7M | 2.23M |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -78.93M | -73.75M | -68.84M | -64.27M | -59.81M | -54.67M | -50.26M | -46.07M | -42.37M | -38.54M | -34.59M | -280K | -101K | -233K | -168.63K | -22.62M | -21M | -19.45M | -18.4M | -17.16M | -15.69M | -14.33M | -13.16M |
| Return on Assets (ROA) | 3.47% | 3.05% | 3.33% | 4.32% | 4.04% | 3.92% | 4.31% | 4.06% | 3.95% | 3.98% | 3.74% | 4.04% | 3.91% | 3.42% | 3.34% | 3.4% | 3.51% | 3.07% | 2.85% | 3.15% | 3.31% | 3.55% | 3.74% | 3.62% | 3.27% | 3.49% | 3.34% | 2.99% | 3.11% | 3.19% | 2.95% |
| Return on Equity (ROE) | 9.38% | 8.51% | 8.99% | 11.09% | 10.88% | 11.48% | 11.97% | 11.06% | 10.89% | 11.11% | 10.62% | 11.69% | 11.04% | 9.5% | 9.54% | 9.74% | 10.02% | 9.59% | 9.39% | 9.67% | 10.52% | 11.85% | 12.17% | 11.66% | 10.37% | 11.73% | 11.88% | 10.31% | 10.53% | 10.92% | 11.09% |
| Debt / Equity | 0.64x | 0.97x | 0.89x | 0.81x | 0.67x | 0.96x | 0.86x | 0.75x | 0.75x | 0.76x | 0.74x | 0.80x | 0.81x | 0.82x | 0.85x | 0.89x | 0.93x | 0.95x | 1.32x | 1.09x | 0.95x | 1.17x | 1.08x | 1.02x | 0.95x | 0.97x | 1.09x | 1.11x | 1.05x | 1.13x | 1.19x |
| Debt / Assets | 26.95% | 34.11% | 32.45% | 30.6% | 27.31% | 31.9% | 30.37% | 27.79% | 27.34% | 27.45% | 26.41% | 27.85% | 27.89% | 30.06% | 30.08% | 31% | 32.77% | 33.18% | 38.41% | 34.84% | 31.79% | 34.34% | 33.26% | 31.22% | 29.92% | 30.64% | 30.43% | 31.52% | 31.23% | 33.22% | 34.36% |
| Net Debt / EBITDA | 4.21x | 5.54x | 5.01x | 4.36x | 4.03x | 4.54x | 3.79x | 3.21x | 3.20x | 3.12x | 2.74x | 2.93x | 2.98x | 2.92x | 3.15x | 3.27x | 3.44x | 3.79x | 5.03x | 4.23x | 4.04x | 3.90x | 4.11x | 3.58x | 3.54x | 3.30x | 3.49x | 3.86x | 4.36x | 4.54x | 4.92x |
| Book Value per Share | 18.53 | 16.68 | 16.11 | 15.47 | 14.84 | 11.67 | 10.99 | 10.35 | 9.78 | 9.29 | 8.88 | 8.5 | 8.12 | 8.01 | 7.77 | 7.48 | 7.23 | 7.43 | 6.17 | 5.99 | 6.22 | 4.84 | 4.83 | 4.1 | 3.93 | 3.92 | 3.6 | 3.42 | 3.42 | 3.33 | 3.55 |
Quick answers to the most common questions about buying YORW stock.
As of 2025, The York Water Company (YORW) had total assets of $680.9M including $0.0M in current assets.
The York Water Company (YORW) carries total debt of $232.2M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
The York Water Company (YORW) has total shareholders' equity (book value) of $240.3M ($16.68 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Key Metrics
Top Statement Risk
Regulatory lag on capital recovery
Metrics are mathematically derived from official filings.
Rate Base Growth Driven by Sustained CAPEX
York Water's regulated asset base has expanded 16.7% over the last ten quarters, with PPE net growing from $504.0M to $588.1M, indicating a consistent capital investment program that is translating into a larger rate base for future earnings growth.
The steady quarterly increase in PPE net, averaging approximately $8.4M per quarter, suggests the company is successfully deploying capital into its regulated infrastructure. This trajectory implies a growing rate base that should support future revenue and earnings growth through regulatory rate adjustments, assuming continued approval from the Pennsylvania PUC.
Leverage Constrained by Equity Infusions
Despite a 10.4% increase in total debt to $189.7M, the debt-to-equity ratio has improved significantly from 0.85 to 0.64 over ten quarters, suggesting that recent large equity issuances have been the primary tool for funding growth while maintaining a conservative capital structure.
The sharp improvement in the D/E ratio, particularly the drop from 0.98 in Q1 2026 to 0.64 in Q2 2026, appears directly linked to the substantial equity raise noted in prior cash flow analysis. This indicates management is prioritizing a strong balance sheet to support its capital program, potentially to maintain credit quality and favorable borrowing terms for future regulated investments.
Equity Base Expanding to Fund Growth
Total equity has grown 32.0% from $222.9M to $294.3M over the last ten quarters, with the most recent quarterly increase of $52.0M suggesting a significant equity issuance that has strengthened the balance sheet to support ongoing capital expenditures.
The rapid expansion of the equity base, far outpacing retained earnings growth implied by the modest ROE, indicates the company is relying on external equity markets to fund its growth. This strategy appears to be a deliberate choice to maintain a conservative leverage profile, which may be necessary to secure regulatory approval for its capital investment program and associated rate increases.
Minimal Cash Buffer Amidst Heavy Investment
Cash on hand has dwindled to just $555K as of Q2 2026 from $3.3M in Q1 2024, indicating that operational and investment cash flows are being fully deployed, leaving the company with a minimal liquidity buffer that may necessitate reliance on external financing facilities.
The consistently low cash balance, often near zero, suggests the company operates with a very tight liquidity profile, typical for a regulated utility that can access capital markets. However, this minimal buffer means the company is likely dependent on its revolver or commercial paper program to manage short-term cash needs, making its access to and cost of short-term financing a key monitorable.
CAPEX Recovery Tied to Regulatory Approvals
With capital expenditures consistently exceeding operating cash flow, the company's ability to recover its growing rate base investment through future rate cases is critical, as the current capital structure appears designed to support a multi-year infrastructure program.
The sustained CAPEX program, which has driven the growth in PPE net, creates a clear forward visibility for rate base growth. However, the realization of earnings on this invested capital is contingent on timely and favorable regulatory outcomes. The company's conservative leverage position may provide some headroom in rate case negotiations, but investors should monitor the Pennsylvania PUC's stance on allowed returns and capital recovery timelines.
Regulatory Disallowance Risk on Capital Spend
The company's entire growth model is predicated on the full recovery of its substantial capital investments through regulated rates, and any future disallowance or reduction in the authorized return on equity by the Pennsylvania PUC could impair the earnings growth trajectory.
While the balance sheet shows a strong equity base, the fundamental risk is regulatory. The rapid expansion of the rate base must be matched by corresponding rate increases. If regulators determine that a portion of the capital spending was imprudent or that the allowed return is too high, it could lead to a disallowance, directly impacting the company's ability to earn its cost of capital on the newly invested assets.