Latest Ratios: P/E Ratio 22.1x · EV/EBITDA 17.4x · ROE 8.5%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $499M | $459M | $470M | $552M | $628M | $651M | $607M | $598M | $414M | $436M | $491M |
| Enterprise Value | $731M | $691M | $675M | $732M | $767M | $797M | $731M | $699M | $508M | $527M | $571M |
| P/E Ratio → | 22.13 | 22.91 | 23.04 | 23.27 | 32.13 | 38.29 | 36.69 | 41.54 | 30.83 | 33.56 | 41.52 |
| P/S Ratio | 6.43 | 5.92 | 6.27 | 7.77 | 10.45 | 11.81 | 11.28 | 11.59 | 8.54 | 8.96 | 10.31 |
| P/B Ratio | 1.84 | 1.91 | 2.03 | 2.50 | 3.03 | 4.27 | 4.24 | 4.46 | 3.28 | 3.65 | 4.30 |
| P/FCF | — | — | — | — | — | — | — | — | 277.65 | — | 79.70 |
| P/OCF | 16.70 | 15.37 | 15.37 | 17.30 | 28.52 | 28.35 | 30.02 | 31.67 | 22.52 | 21.66 | 25.34 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 8.92 | 9.01 | 10.31 | 12.78 | 14.47 | 13.57 | 13.55 | 10.49 | 10.84 | 12.00 |
| EV / EBITDA | 17.42 | 16.48 | 16.47 | 17.74 | 22.16 | 24.72 | 22.42 | 22.21 | 17.21 | 18.01 | 19.49 |
| EV / EBIT | 26.38 | 35.92 | 21.90 | 22.82 | 29.98 | 35.19 | 31.69 | 32.11 | 23.77 | 23.04 | 25.36 |
| EV / FCF | — | — | — | — | — | — | — | — | 340.98 | — | 92.77 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 54.8% | 54.8% | 73.8% | 75.6% | 76.5% | 78.6% | 80.0% | 79.9% | 80.0% | 81.7% | 83.1% |
| Operating Margin | 35.8% | 35.8% | 37.4% | 41.6% | 40.8% | 42.4% | 45.4% | 46.1% | 46.5% | 46.3% | 48.1% |
| Net Profit Margin | 25.9% | 25.9% | 27.1% | 33.4% | 32.6% | 30.8% | 30.8% | 27.9% | 27.6% | 26.7% | 24.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.5% | 8.5% | 9.0% | 11.1% | 10.9% | 11.5% | 12.0% | 11.1% | 10.9% | 11.1% | 10.6% |
| ROA | 3.1% | 3.1% | 3.3% | 4.3% | 4.0% | 3.9% | 4.3% | 4.1% | 4.0% | 4.0% | 3.7% |
| ROIC | 4.6% | 4.6% | 5.0% | 5.9% | 5.7% | 6.2% | 7.3% | 7.8% | 7.8% | 8.3% | 8.8% |
| ROCE | 4.4% | 4.4% | 4.7% | 5.6% | 5.3% | 5.6% | 6.6% | 7.0% | 6.9% | 7.1% | 7.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.97 | 0.97 | 0.89 | 0.81 | 0.67 | 0.96 | 0.86 | 0.75 | 0.75 | 0.76 | 0.74 |
| Debt / EBITDA | 5.54 | 5.54 | 5.01 | 4.36 | 4.03 | 4.54 | 3.79 | 3.21 | 3.20 | 3.12 | 2.89 |
| Net Debt / Equity | — | 0.97 | 0.89 | 0.81 | 0.67 | 0.96 | 0.86 | 0.75 | 0.75 | 0.76 | 0.71 |
| Net Debt / EBITDA | 5.54 | 5.54 | 5.01 | 4.36 | 4.03 | 4.54 | 3.79 | 3.21 | 3.20 | 3.12 | 2.74 |
| Debt / FCF | — | — | — | — | — | — | — | — | 63.33 | — | 13.07 |
| Interest Coverage | 1.92 | 1.92 | 3.46 | 4.55 | 5.00 | 4.60 | 4.90 | 4.25 | 3.88 | 4.28 | 4.28 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | — | — | 0.90 | 0.86 | 0.84 | 0.56 | 1.36 | 0.62 | 0.83 | 0.94 | 1.54 |
| Quick Ratio | -0.12 | -0.12 | 0.71 | 0.69 | 0.70 | 0.47 | 1.27 | 0.55 | 0.75 | 0.84 | 1.45 |
| Cash Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.51 |
| Asset Turnover | — | 0.11 | 0.12 | 0.12 | 0.12 | 0.12 | 0.13 | 0.14 | 0.14 | 0.15 | 0.15 |
| Inventory Turnover | 10.43 | 10.43 | 5.76 | 5.58 | 6.05 | 6.17 | 10.67 | 10.31 | 11.04 | 9.81 | 10.77 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.8% | 2.8% | 2.6% | 2.1% | 1.7% | 1.5% | 1.5% | 1.5% | 2.1% | 1.9% | 1.6% |
| Payout Ratio | 62.9% | 62.9% | 59.5% | 48.8% | 54.5% | 57.7% | 56.6% | 62.4% | 64.2% | 63.4% | 67.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.5% | 4.4% | 4.3% | 4.3% | 3.1% | 2.6% | 2.7% | 2.4% | 3.2% | 3.0% | 2.4% |
| FCF Yield | — | — | — | — | — | — | — | — | 0.4% | — | 1.3% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.3% | 0.3% |
| Total Shareholder Yield | 2.8% | 2.8% | 2.6% | 2.1% | 1.7% | 1.5% | 1.5% | 1.5% | 2.1% | 2.2% | 1.9% |
| Shares Outstanding | — | $14M | $14M | $14M | $14M | $13M | $13M | $13M | $13M | $13M | $13M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying YORW stock.
The York Water Company's current P/E ratio is 22.1x. The historical average is 27.6x. This places it at the 20th percentile of its historical range.
The York Water Company's current EV/EBITDA is 17.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.1x.
The York Water Company's return on equity (ROE) is 8.5%. The historical average is 10.7%.
Based on historical data, The York Water Company is trading at a P/E of 22.1x. This is at the 20th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
The York Water Company's current dividend yield is 2.85% with a payout ratio of 62.9%.
The York Water Company has 54.8% gross margin and 35.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
The York Water Company's Debt/EBITDA ratio is 5.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Regulatory lag on capital recovery
Metrics are mathematically derived from official filings.
Premium Valuation Anchored to Regulated Stability
York Water's P/E of 24.52 and dividend yield of 2.6% reflect a significant premium to peers like Artesian Resources (16.18 P/E, 3.4% yield), suggesting the market is pricing in its long dividend history and perceived regulatory safety.
The forward P/E of 20.91 indicates the market expects earnings growth to moderate from the current elevated level, which aligns with the company's capital-intensive, regulated growth model. The P/B ratio of 2.04 is in line with peer Middlesex Water (2.13) but well above Artesian (1.48), implying investors are willing to pay a premium for York Water's asset base and its track record of translating capital investment into rate base growth. The valuation appears to be anchored more to interest rate movements as a bond proxy than to near-term earnings acceleration.
Earned ROE Approaching Authorized Levels
The quarterly ROE of 2.8% in Q2 2026, when annualized, suggests an earned return approaching the typical authorized ROE range for regulated water utilities, indicating the company is effectively recovering its cost of capital.
The significant improvement from a negative ROE in Q4 2025 to 2.8% in Q2 2026 suggests the regulatory lag is closing as new rates take effect. The volatility in quarterly ROE, including the Q4 2025 loss, highlights the timing mismatch between capital investment and rate recovery. Investors should monitor whether the current earned ROE can be sustained, as it is the primary driver of the company's valuation and dividend growth capacity.
Operating Margin Recovery Signals Effective Rate Mechanisms
Operating margin rebounded to 41.7% in Q2 2026 from a negative -11.1% in Q4 2025, suggesting that regulatory cost recovery mechanisms are functioning to restore profitability after a period of elevated expenses or timing adjustments.
The sharp margin recovery indicates that the company's rate structure allows for the pass-through of most operating costs, with the Q4 2025 anomaly likely reflecting a non-recurring charge or timing issue rather than a structural cost problem. The current margin level is approaching peer Global Water Resources' gross margin, suggesting York Water is operating near its authorized return. The sustainability of this margin depends on the efficiency of its O&M spending relative to its growing rate base.
Conservative Leverage Supported by Equity Infusions
The debt-to-capital ratio of 0.39 in Q2 2026, down from 0.49 a year earlier, indicates a strengthening capital structure driven by significant equity issuances that have funded growth while reducing financial risk.
The improvement in leverage metrics, including FFO/Debt rising to 5.90 and interest coverage to 4.41, suggests the company's equity-heavy financing strategy is successfully maintaining credit quality despite a heavy capital expenditure program. This conservative leverage profile provides financial flexibility and supports the company's access to capital markets for future infrastructure investments. The trend appears sustainable as long as the company can continue to issue equity at favorable terms.
Dividend Growth Constrained by Payout Ratio Volatility
The dividend payout ratio has fluctuated widely from 43.2% to 86.5% over the last ten quarters, suggesting that while the dividend is covered by earnings, its growth may be moderated by the need to retain capital for the ongoing CAPEX program.
The 2.6% dividend yield is competitive within the peer group but below Artesian Resources' 3.4%, indicating the market values York Water's growth prospects over immediate income. The volatile payout ratio reflects the mismatch between quarterly earnings timing and the steady dividend payment, which is typical for regulated utilities. The company's ability to grow the dividend will depend on the sustained recovery of its earned ROE and its success in funding growth primarily through equity rather than debt.
Misapplied Metric: Standard Payout Ratio
The dividend payout ratio is frequently misapplied to utilities like York Water because it ignores the external funding model where equity is raised specifically to fund growth CAPEX, making the ratio appear volatile and potentially misleading.
A standard payout ratio analysis suggests instability, as seen in the swing from 86.5% to 43.2%, but this obscures the reality that the company's growth is funded by new equity, not retained earnings. A more appropriate metric is the dividend coverage from operating cash flow, which has consistently been around 2.5x, indicating a secure dividend. Investors should focus on the sustainability of the cash flow payout rather than the earnings payout, as the latter is distorted by the capital structure decisions inherent to a regulated utility's growth model.