Capital expenditure requirements frequently outpace internal cash generation, as evidenced by a CAPEX-to-OCF ratio of 190.6% in 2025Q3, necessitating consistent quarterly debt issuance of $1.0 million.
| 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 |
|---|
| Cash from Operations | 29.22M | 29.86M | 30.56M | 31.91M | 22.02M | 22.96M | 20.23M | 18.88M | 18.37M | 20.11M | 19.36M | 20.71M | 18.77M | 18.44M | 16.42M | 17.47M | 14.76M | 15.8M | 11.53M | 10.04M | 7.12M | 9.26M | 7.75M | 6.97M | 6.37M | 6.91M | 6.4M | 5.5M | 6.21M | 5.09M | 4.31M |
| Operating CF Growth % | -10.67% | -2.29% | -4.23% | 44.92% | -4.1% | 13.46% | 7.17% | 2.77% | -8.65% | 3.85% | -6.49% | 10.36% | 1.78% | 12.28% | -6.02% | 18.43% | -6.62% | 37.08% | 14.81% | 41.09% | -23.12% | 19.45% | 11.21% | 9.3% | -7.74% | 8.04% | 16.37% | -11.46% | 21.9% | 18.14% | 43.67% |
| Operating CF / Revenue % | -158.34% | 38.53% | 40.77% | 44.92% | 36.66% | 41.65% | 37.58% | 36.61% | 37.93% | 41.39% | 40.7% | 43.98% | 40.88% | 43.5% | 39.62% | 43.01% | 37.83% | 42.66% | 35.1% | 31.94% | 24.83% | 34.53% | 34.43% | 33.36% | 32.6% | 35.61% | 34.6% | 31.38% | 36.22% | 29.96% | 27.42% |
| Net Income | 21.23M | 20.06M | 20.32M | 23.76M | 19.58M | 16.98M | 16.6M | 14.4M | 13.38M | 12.97M | 11.85M | 12.49M | 11.48M | 9.65M | 9.3M | 9.08M | 8.93M | 7.51M | 6.43M | 6.41M | 6.09M | 5.83M | 5.3M | 4.45M | 3.79M | 4.01M | 3.76M | 3.15M | 3.14M | 3.12M | 2.76M |
| Depreciation & Amortization | 14.34M | 14.24M | 12.96M | 11.75M | 10.14M | 8.86M | 8.18M | 7.69M | 7.01M | 6.77M | 6.42M | 6.15M | 5.93M | 5.74M | 5.17M | 4.91M | 4.59M | 4.41M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.64M | 1.55M | 1.37M |
| Deferred Taxes | -1.36M | -714K | 476K | 530K | 4K | 164K | 88K | 641K | 58K | 2.48M | 1.65M | 2.27M | 4.75M | 1.94M | 2.31M | 3.19M | 2.59M | 2.52M | 1.91M | 1.14M | 1.5M | 688K | 1.87M | 775.78K | 1.27M | 1.04M | 924.78K | 947.65K | 589.08K | 634.07K | 552.56K |
| Other Non-Cash Items | -2.69M | -273K | 353K | -1.11M | -54K | 15K | 37K | 251K | 295K | 54K | 295K | -1.98M | -11.62M | 213K | 208K | 9.46M | 99K | 39K | 3.46M | 3.16M | 2.41M | 2.28M | 1.18M | 1.88M | 1.75M | 1.66M | 1.76M | 1.71M | -75.92K | 97.92K | -60.92K |
| Working Capital Changes | -2.53M | -3.71M | -3.8M | -3.31M | -7.93M | -3.28M | -4.82M | -4.27M | -2.45M | -2.22M | -866K | -389K | -3.29M | 888K | -570K | -82K | -1.46M | 1.32M | -271K | -673K | -2.88M | 456K | -605.36K | -132.65K | -440.66K | 207.76K | -46.3K | -312.14K | 921.89K | -312.37K | -311.63K |
| Capital Expenditures | -59.28M | -48.73M | -49.01M | -65.27M | -53.92M | -46.4M | -33.3M | -20.54M | -16.88M | -25.07M | -13.21M | -14.2M | -14.51M | -9.88M | -12.2M | 0 | -10.54M | -14.77M | -24.7M | -18.15M | -20.68M | -15.56M | -25.88M | -10.32M | -6.31M | -7.1M | -6.41M | -7.05M | -4.99M | -4.5M | -4.94M |
| CapEx / Revenue % | -321.22% | 62.88% | 64.34% | 91.88% | 89.78% | 84.18% | 61.83% | 39.82% | 34.85% | 51.6% | 27.76% | 30.15% | 31.61% | 23.31% | 29.44% | 0% | 27.02% | 39.88% | 75.21% | 57.75% | 72.15% | 58.06% | 114.98% | 49.41% | 32.27% | 36.57% | 34.7% | 40.26% | 29.12% | 26.48% | 31.4% |
| CapEx / D&A | 4.14x | 3.42x | 3.72x | 5.56x | 5.32x | 5.24x | 4.07x | 2.67x | 2.41x | 3.70x | 2.06x | 2.31x | 2.45x | 1.72x | 2.36x | 0.00x | 2.30x | 3.35x | - | - | - | - | - | - | - | - | - | - | 3.05x | 2.90x | 3.60x |
| CapEx Coverage (OCF/CapEx) | 0.49x | 0.61x | 0.63x | 0.49x | 0.41x | 0.49x | 0.61x | 0.92x | 1.09x | 0.80x | 1.47x | 1.46x | 1.29x | 1.87x | 1.35x | - | 1.40x | 1.07x | 0.47x | 0.55x | 0.34x | 0.59x | 0.30x | 0.68x | 1.01x | 0.97x | 1.00x | 0.78x | 1.24x | 1.13x | 0.87x |
| Cash from Investing | -48.44M | -48.73M | -49.01M | -65.27M | -53.92M | -46.4M | -32.63M | -20.54M | -16.77M | -25.07M | -12.53M | -14.19M | -14.12M | -9.35M | -12.17M | -9.43M | -10.47M | -15.21M | -24.62M | -18.19M | -20.42M | -17.52M | -25.07M | -8.8M | -4.71M | -5.57M | -5.43M | -5.31M | -3.3M | -3.5M | -4.22M |
| Acquisitions | 0 | 0 | -783K | 0 | 0 | -11.99M | 0 | 0 | 0 | -472K | -10K | -352K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -896K | 0 | -1.99M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Purchase of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -366.24K | -3.29M | -2.94M | -249.05K | -3.28M | 0 | 0 | 0 |
| Sale of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 32K | 0 | 39K | 69K | 60K | 0 | 0 | 0 | 0 | 0 | 366.24K | 3.29M | 2.94M | 249.05K | 3.28M | 0 | 0 | 0 |
| Other Investing | 10.85M | 0 | 0 | 0 | 0 | 11.99M | 672K | 0 | 108K | -25.07M | 682K | 11K | 386K | 500K | 30K | -9.47M | 0 | -500K | 74K | 858K | 255K | 41K | 809.62K | 1.52M | 1.6M | 1.52M | 987.96K | 1.74M | 1.69M | 1M | 721.18K |
| Cash from Financing | 19.21M | 18.86M | 18.45M | 33.36M | 31.9M | 18.44M | 17.39M | 1.66M | -1.6M | 756K | -5.51M | -5.13M | -10.72M | -5.54M | -4.24M | -5.36M | -2.96M | -590K | 13.1M | 8.15M | 13.31M | 8.1M | 17.48M | 1.83M | -1.77M | -1.24M | -969.58K | -444.46K | -2.65M | -2.29M | 599.9K |
| Dividends Paid | -12.76M | -12.63M | -12.09M | -11.59M | -10.67M | -9.81M | -9.39M | -8.99M | -8.58M | -8.23M | -7.96M | -7.68M | -7.4M | -7.16M | -6.86M | -6.67M | -6.46M | -5.85M | -5.46M | -5.28M | -4.67M | -4.31M | -3.8M | -3.45M | -3.32M | -3.13M | -2.95M | -2.82M | -2.74M | -2.65M | -2.38M |
| Dividend Payout Ratio % | - | 62.95% | 59.47% | 48.79% | 54.51% | 57.75% | 56.6% | 62.39% | 64.17% | 63.43% | 67.16% | 61.51% | 64.45% | 74.12% | 73.76% | 73.39% | 72.34% | 77.86% | 84.9% | 82.34% | 76.7% | 73.91% | 71.75% | 77.49% | 86.89% | 78.03% | 78.5% | 89.52% | 87.54% | 84.94% | 86.12% |
| Debt Issuance (Net) | 3M | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -53K | 1000K | -43K | -47K | -42K | -156K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 700.1K | -686.45K | 1000K | 1000K | 100.86K | -394K | -1000K |
| Stock Issued | 1.58M | 1.6M | 1.67M | 1.65M | 45.71M | 2.08M | 1.8M | 2.5M | 2.02M | 1.91M | 2.51M | 2.31M | 2.7M | 3.02M | 2.19M | 1.63M | 1.91M | 15.69M | 1.31M | 1.01M | 13.54M | 1M | 7.78M | 903.81K | 857.98K | 2.57M | 800.31K | 806.47K | 79.03K | 81.68K | 79.5K |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.26M | -1.34M | -2.55M | -5.69M | -1.77M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -687.8K | 0 | 0 | 0 |
| Other Financing | 9.44M | 4M | 2.45M | 4.39M | 2.52M | 3.06M | 2.57M | 686K | 3.61M | 1.23M | 1.33M | 2.68M | -287K | 420K | 476K | -171K | -116K | -483K | -685K | 978K | 2.6M | 4.19M | 1.95M | 1.99M | -29.58K | 0 | 0 | 29.28K | -83.18K | 673.07K | 5.82M |
| Net Change in Cash | 0 | 0 | 0 | 0 | 0 | -5M | 5M | 0 | 0 | -4.21M | 1.33M | 1.39M | -6.08M | 3.55M | 6K | 2.68M | 1.33M | 0 | 0 | 0 | 0 | -164K | 164.24K | 0 | -97.45K | 97.45K | 0 | -257.71K | 257.71K | -694.49K | 694.49K |
| Exchange Rate Effect | 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 |
| Cash at Beginning | 1K | 1K | 1K | 1K | 1K | 5M | 2K | 2K | 2K | 4.21M | 2.88M | 1.49M | 7.57M | 4.01M | 4.01M | 1.33M | 0 | 0 | 0 | 0 | 0 | 164K | 0 | 0 | 97.45K | 0 | 0 | 257.71K | 0 | 694.49K | 0 |
| Cash at End | 1K | 1K | 1K | 1K | 1K | 1K | 5M | 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 |
| Free Cash Flow | -30.06M | -18.86M | -18.45M | -33.36M | -31.9M | -23.44M | -13.06M | -1.66M | 1.49M | -4.96M | 6.16M | 6.51M | 4.26M | 8.56M | 4.22M | 17.47M | 4.21M | 1.03M | -13.17M | -8.11M | -13.56M | -6.31M | -18.13M | -3.35M | 64.69K | -186.16K | -18.38K | -1.55M | 1.22M | 591.5K | -626.59K |
| FCF Growth % | -316.33% | -2.25% | 44.69% | -4.56% | -36.09% | -79.43% | -688.89% | -211.14% | 130.02% | -180.61% | -5.48% | 52.98% | -50.25% | 102.89% | -75.86% | 314.67% | 309.13% | 107.82% | -62.31% | 40.17% | -115.06% | 65.21% | -440.52% | -5284.04% | 134.75% | -912.85% | 98.82% | -227.74% | 105.75% | 194.4% | 72.24% |
| FCF Margin % | 162.88% | -24.35% | -24.61% | -46.96% | -53.12% | -42.53% | -24.26% | -3.21% | 3.08% | -10.21% | 12.94% | 13.83% | 9.28% | 20.19% | 10.18% | 43.01% | 10.8% | 2.78% | -40.11% | -25.81% | -47.32% | -23.53% | -80.55% | -16.05% | 0.33% | -0.96% | -0.1% | -8.88% | 7.1% | 3.48% | -3.99% |
| FCF / Net Income % | -141.57% | -94.05% | -90.77% | -140.41% | -162.93% | -138.02% | -78.71% | -11.5% | 11.14% | -38.25% | 51.98% | 52.16% | 37.08% | 88.65% | 45.34% | 192.36% | 47.19% | 13.71% | -204.79% | -126.5% | -222.66% | -108.11% | -341.98% | -75.39% | 1.71% | -4.65% | -0.49% | -49.29% | 38.82% | 18.96% | -22.7% |
Regulatory lag and liquidity
As reported in the quarterly cash flow data, YORW consistently records CAPEX-to-OCF ratios exceeding 100%, such as the 190.6% observed in 2025Q3, which highlights the company's reliance on external financing to fund the ongoing rehabilitation of critical assets like the Lake Williams dam and reservoir infrastructure.
The persistent gap between operating cash flow and capital expenditures is a standard feature of a regulated utility in a growth phase, yet the magnitude of these outflows suggests significant pressure on liquidity. Investors should monitor whether the Distribution System Improvement Charge mechanism is sufficient to bridge this funding gap without necessitating dilutive equity issuances or excessive debt accumulation.
Based on the provided financial statements, YORW has maintained a consistent pattern of issuing $1.0 million in long-term debt nearly every quarter, a trend that underscores the company's structural requirement for external capital to sustain its dividend and infrastructure investment programs amidst negative free cash flow.
The reliance on incremental debt issuance suggests that the company's internal cash generation is insufficient to cover both its capital-intensive growth projects and its long-standing dividend obligations. This financing strategy appears to be a deliberate approach to managing regulatory lag, though it leaves the company sensitive to shifts in interest rates and credit market accessibility.
According to the cash flow data, YORW maintains an OCF-to-dividend coverage ratio that has fluctuated between 1.6x and 3.3x over the last ten quarters, indicating that while the dividend is currently supported by operating cash, the margin of safety is compressed by the company's heavy capital expenditure requirements.
The company's 200-year dividend streak is a core component of its investment thesis, yet the cash flow data reveals that this payout is effectively being funded by external debt and equity issuance rather than organic free cash flow. Analysts should evaluate whether the PA PUC will continue to permit rate increases that prioritize dividend sustainability over the potential for lower consumer costs.
As indicated by the reported $1,000 cash balance, the company's liquidity position appears exceptionally thin, which may mask underlying risks related to the timing of rate case recoveries and the potential for un-forecasted environmental compliance costs associated with emerging federal PFAS standards.
The near-zero cash position suggests that the company operates with virtually no buffer for operational volatility, relying entirely on the availability of revolving credit facilities. This structure warrants further investigation into the terms of these credit lines, as any disruption in access to capital could immediately threaten the company's ability to meet its ongoing infrastructure obligations.
Quick answers to the most common questions about buying YORW stock.
The York Water Company (YORW) generated $29.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
The York Water Company (YORW) reported negative free cash flow of $18.9M in 2025, indicating capital requirements exceeded cash from operations.
The York Water Company (YORW) spent $48.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, The York Water Company (YORW) returned $12.6M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.