Operating cash flow has consistently covered dividend payments with an average OCF/Dividend ratio of 2.5x, but the company's capital expenditure program has averaged 141% of operating cash flow, necessitating external financing.
The York Water Company (YORW) cash flow statement — 30-year operating, investing & financing cash flows
| 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 | 33.5M | 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 % | 32.24% | -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 % | 564.51% | 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 | 23.8M | 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 | 14.48M | 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 | -1.24M | -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 | -128K | -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 | -3.63M | -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 | -67.48M | -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 % | 1137.24% | 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 | 4.66x | 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) | 0.50x | 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 | -46.81M | -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 | -470K | 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 | 1.3M | 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 | 19.85M | 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 | 13.87M | 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 | -12.89M | -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) | 2M | 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 | 49.16M | 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 | 5.66M | 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 | 554K | 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 | 555K | 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 | -33.99M | -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 % | -337.68% | -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 % | -572.73% | -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 % | -142.82% | -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% |
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.
Key Metrics
Top Statement Risk
Regulatory lag on capital recovery
Metrics are mathematically derived from official filings.
Stable Operating Cash Flow Generation
Operating cash flow has remained consistently positive, averaging approximately $7.8 million per quarter over the last ten periods, providing a reliable base for dividend payments and a portion of capital investment.
The stability of operating cash flow, with a low of $5.4 million in Q1 2026 and a high of $11.9 million in Q2 2026, suggests the regulated revenue model provides predictable cash generation. This consistency is a hallmark of a mature regulated utility and supports the company's ability to cover its fixed obligations like dividends and interest, which averaged $3.2 million and $2.1 million per quarter, respectively.
Aggressive Capital Investment Cycle
Capital expenditures have consistently exceeded operating cash flow, with the CapEx/OCF ratio averaging 141% over the last ten quarters, indicating a sustained investment program funded primarily by external capital.
The company's CapEx program is clearly the primary driver of its negative free cash flow, which is typical for a growth-oriented regulated utility. The Q4 2025 CapEx of $31.5 million was a significant quarterly outlay, suggesting a major infrastructure project or acquisition. This level of investment, relative to depreciation (implied by the gap between Net Income and OCF), indicates management is actively growing the rate base to drive future earnings.
Equity-Funded Growth Strategy
The persistent free cash flow deficit has been financed primarily through significant equity issuances, with net stock issuances totaling over $400 million in the last two quarters alone, suggesting strong capital market access.
The company's financing strategy appears heavily weighted toward equity, as evidenced by the $48.0 million net stock issuance in Q2 2026 and $372.0 million in Q1 2026. This approach avoids increasing leverage but may dilute existing shareholders. The minimal net long-term debt issuance over the period suggests a deliberate choice to fund growth with equity, which could be a response to higher interest rates or a strategic decision to maintain a conservative balance sheet.
Dividend Well-Covered by Operations
Operating cash flow has consistently covered dividend payments, with the OCF/Dividend ratio averaging 2.5x over the last ten quarters, indicating a sustainable payout from core operations.
The dividend appears secure based on operating cash flow generation, with the lowest coverage ratio of 1.6x in Q1 2026 still providing a comfortable margin. This strong coverage suggests the dividend is not reliant on external financing or drawing down cash reserves, which is a positive sign for income-focused investors. The consistent quarterly dividend payment of approximately $3.2 million reflects a stable and predictable payout policy.
Cash Flow Exceeds Reported Earnings
Operating cash flow has consistently exceeded net income, with the OCF/Net Income ratio averaging 1.5x, suggesting significant non-cash charges or favorable working capital adjustments are boosting cash generation.
The persistent gap between operating cash flow and net income, such as in Q2 2026 where OCF was $11.9 million versus net income of $7.6 million, indicates that GAAP earnings understate the company's cash-generating ability. This is common in utilities due to depreciation and amortization, but the magnitude suggests investors should focus on cash flow metrics for valuation. The difference may also reflect the timing of regulatory rate recoveries and deferred cost mechanisms.
Financing Dependency and Regulatory Risk
The company's growth model is entirely dependent on continuous access to capital markets, as evidenced by the $48.0 million equity issuance in Q2 2026, which may become challenging if market conditions deteriorate or regulatory returns are compressed.
The primary risk is that the current capital-intensive growth strategy requires uninterrupted access to equity financing. A sustained period of market volatility or a regulatory decision that limits the allowed return on equity could force the company to either curtail its investment program or take on more debt, potentially straining its balance sheet. Furthermore, the large Q4 2025 CapEx suggests project-specific timing that may not be smoothly replicated, creating potential lumps in future financing needs.