An industry chapter · Water Utilities

Water Utilities

13 members, ARTNA to YORW, A to Z by ticker.

Gross profitability: median 15% — gross profit as a share of total assets, each member's median across its readable years; read on 3 of 13 members
Capital intensity: median 46.1% — capital expenditure as a share of revenue, each member's median across its readable years; read on 11 of 13 members
Net cash: 1 of the 13 members with a readable debt line hold more cash and short-term investments than total debt

Figures describe the list as a group, from each member's own filed record; they name no member and form no rank. A member missing an input is absent from that median, never counted against the others.

From the latest filings · data as of July 9, 2026.

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ARTNA Artesian Resources Corporation

Artesian Water, our principal subsidiary, distributes and sells water to residential, commercial, industrial, governmental, municipal and utility customers throughout the State of Delaware.

Owner earnings 2016–2025 $21M$26M$19M$8M$9M$19M$12M$19M$23M$27M

Retained capital Retained $67M of earnings over 2016–2025; annual owner earnings grew $861K, $0.01 per $1 retained.

Balance sheet Heavy net debt, $176M · dividend paid 10 of 10 yrs, never cut

AWK American Water Works Company Inc.

The Company's primary business involves the ownership of utilities that provide water and wastewater services to residential, commercial, industrial, public authority, fire service and sale for resale customers.

Owner earnings 2016–2025 $819M$957M$841M$801M$822M$805M$459M$1.2B$1.3B$1.2B

Retained capital Retained $3.5B of earnings over 2016–2025; annual owner earnings grew $325M, $0.09 per $1 retained.

Balance sheet Heavy net debt, $12.7B · buybacks at an average near $74.07 · dividend paid 10 of 10 yrs, never cut

AWR American States Water

GSWC is a public water and wastewater utility engaged in the purchase, production, distribution and sale of water in 11 counties in the state of California and provides wastewater collection and treatment services in some areas.

Owner earnings 2017–2025 $106M$96M$81M$85M$76M$76M$25M$155M$182M

Retained capital Retained $375M of earnings over 2017–2025; annual owner earnings grew $26M, $0.07 per $1 retained.

Balance sheet Meaningful net debt, $775M · dividend paid 9 of 9 yrs, never cut

CDZI CADIZ Inc.

We are a water solutions provider with a unique combination of land, water, pipeline and water filtration assets located in Southern California between major water systems serving population centers in the Southwestern United States.

Owner earnings 2017–2025 ($11M)($12M)($14M)($14M)($16M)($19M)($22M)($22M)($20M)

Retained capital not read

Balance sheet Net debt against an operating loss, $64M

CDZIP Cadiz Inc.

Owner earnings 2017–2025 ($11M)($12M)($14M)($14M)($16M)($19M)($22M)($22M)($20M)

Retained capital not read

Balance sheet Net debt against an operating loss, $64M

CWCO Consolidated Water Co. Ltd.

Consists of water treatment plants for which we are the "Certified Operator in Responsible Charge" under operations and maintenance and other service agreements.

Owner earnings 2016–2025 $4M$11M$2M$12M$16M$5M$14M$3M$30M$33M

Retained capital Retained $66M of earnings over 2016–2025; annual owner earnings grew $16M, $0.25 per $1 retained.

Balance sheet Net cash, +$124M · dividend paid 10 of 10 yrs, never cut

CWT California Water Service

Utility Services holds non-utility property and provides non-regulated services to private companies and municipalities outside of California.

Owner earnings 2016–2025 $95M$69M$93M$78M$17M$120M$126M$95M$157M$156M

Retained capital Retained $415M of earnings over 2016–2025; annual owner earnings grew $50M, $0.12 per $1 retained.

Balance sheet Heavy net debt, $1.4B · dividend paid 10 of 10 yrs, never cut

HTO H2O America

H2O America is the holding company for SJWTX, Inc., doing business as The Texas Water Company, Texas Water Operation Services, LLC and Texas Water Resources, LLC.

Owner earnings not read

Retained capital not read

Balance sheet Heavy net debt, $1.9B

MSEX Middlesex Water

Middlesex also operates water and wastewater systems under contract on behalf of municipal and private clients primarily in New Jersey and Delaware.

Owner earnings 2016–2024 $34M$28M$30M$19M$33M$6M$34M$23M$31M

Retained capital Retained $141M of earnings over 2016–2024; annual owner earnings fell $1M, $-0.01 per $1 retained.

Balance sheet Heavy net debt, $384M · dividend paid 9 of 9 yrs, never cut

SBS COMPANHIA DE SANEAMENTO BASICO DO ESTADO DE SAO PAULO-SABESP

A regulated utility, earning a set return on the capital it sinks into its network.

Owner earnings 2015–2024 R$2.6BR$3.0BR$3.3BR$3.8BR$4.1BR$4.9BR$3.9BR$3.9BR$4.7BR$7.3B

Retained capital Retained R$25.7B of earnings over 2015–2024; annual owner earnings grew R$2.4B, R$0.09 per R$1 retained.

Balance sheet Modest net debt, R$20.4B · dividend paid 10 of 10 yrs

SJW SJW Group

A regulated utility, earning a set return on the capital it sinks into its network.

Owner earnings not read

Retained capital not read

Balance sheet Heavy net debt, $1.9B

WTRG Essential Utilities

Essential Utilities, Inc. is the holding company for regulated utilities providing water, wastewater, or natural gas services to an estimated 5.5 million people in Pennsylvania, Ohio, Texas, Illinois, North Carolina, New Jersey, Indiana, Virginia, and Kentucky under the Aqua and Peoples brands.

Owner earnings 2016–2018 $263M$245M$222M

Retained capital not read

Balance sheet Heavy net debt, $8.1B

YORW York Water

Also owns and operates three wastewater collection systems and twelve wastewater collection and treatment systems.

Owner earnings 2017–2025 $13M$11M$11M$12M$14M$19M$31M$30M$30M

Retained capital Retained $65M of earnings over 2017–2025; annual owner earnings grew $18M, $0.28 per $1 retained.

Balance sheet Heavy net debt, $222M · buybacks at an average near $33.93 · dividend paid 9 of 9 yrs, never cut

The same four lines for every member, in strict ticker order; a figure that could not be read renders as "not read," never as a mark against the record beside it. The header describes the list and names no member; the entries carry no ranking and form no score. What a chapter cannot carry — understanding of the business, and a price — is yours.