Water utilities usually win by being boring. This one has taken that idea and run with it for more than two centuries, serving a slow-growing region, raising rates when regulators allow it, and investing steadily in pipes, treatment, and wastewater systems. The result is a business that rarely looks exciting on a quarterly screen but keeps compounding through customer growth, rate resets, and infrastructure spending.
York Water (YORW)
Financial Score: 90 / 99
Quick Tip
To keep your portfolio strong, stay on top of the financials for each company you hold. Solid companies mean better returns, so be sure to check in on their quarterly and annual numbers.Interesting stocks usually score 80+ on the Financial Scale, with top players hitting 90+. If that score dips below 80, it might be a good time to consider cutting ties before things take a turn.The York Water Company (YORW) is a York, Pennsylvania–based regulated water and wastewater utility serving southcentral Pennsylvania. Founded in 1816, it is the oldest investor-owned utility in the U.S., and it has built its business around water distribution, wastewater service, and long-lived infrastructure rather than flashy expansion.
Dividend engine: slow and steady
York Water pays $0.91 per share annually, a 3.01% yield, with a 61.90% payout ratio and a 5-year dividend-growth rate of +22.00%. That payout ratio is not especially low, but for a regulated utility with visible cash flow and a long operating history, it is still fairly comfortable. The 29-year streak of dividend growth is the real headline here, especially because this is the kind of business where dividend durability matters more than speed.
Latest quarter: small utility, real growth
For Q1 2026 ended March 31, York Water reported operating revenues of $20.074 million, up from $18.456 million a year earlier, net income of $4.814 million vs. $3.638 million, and diluted EPS of $0.33 vs. $0.25, in its May 5, 2026 release. The lift came mainly from rate increases effective March 1, 2026, a reset in the DSIC charge, and customer growth, while the company also invested $9.8 million in capital projects and expects another $38.1 million of 2026 spending excluding acquisitions.
Growth comes from pipes, not hype
York Water’s growth story is very old-school, and that is exactly the point. In 2026 it completed the acquisition of two wastewater systems, including CMV Sewage Co. in York County and Pine Run in Adams County, adding 141 customers with the Pine Run deal alone. It also won approval for new base rates that will add about $18.85 million in annual water and wastewater revenue, while the PUC said its original filing was reduced from more than $24 million in requested increases.
A utility with a fire-protection origin
York Water was founded in 1816 by local businessmen worried about fire protection, which is why it started as a water company rather than a broad utility. It is still the oldest investor-owned utility in the U.S., and it has paid dividends continuously since 1816, which is the kind of streak that makes most corporate histories look short by comparison. The company’s long life is tied to something very unglamorous: reliable water service in a region that still needs pipes, not buzzwords.
Final take
York Water offers 3.01% yield, $0.91 annual dividend, 29 years of hikes, +22.00% 5-year dividend growth, and a 61.90% payout ratio. The latest quarter showed higher revenue, higher net income, and continued capex plus acquisitions, but the business is still constrained by regulation, capital intensity, and its slow-growth geography. Financial Score: 90. Scores above 90 are considered elite, and this one fits that label on durability and dividend history; the main question is not survival, but how much incremental growth the rate base can still support.
Someone’s sitting in the shade today because someone planted a tree a long time ago. ― Warren Buffett.
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