# Utilities - Regulated Water — company-by-company sector analysis > Utilities - Regulated Water: American Water Works Company, Inc. owns the largest revenue base; Cadiz Inc. has the fastest current growth. Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice. ## Bottom line Utilities - Regulated Water has underperformed S&P 500 by 6.2% over 52 weeks and 1% over 13 weeks. 4 of 12 covered companies beat the S&P 500 on Mansfield relative strength, while 7 of 12 beat the sector itself. American Water Works Company, Inc. leads with revenue of $5,205 million, based on 12 of 12 comparable companies through Mar 2026. ### Is the Utilities - Regulated Water sector outperforming S&P 500? Utilities - Regulated Water has underperformed S&P 500 by 6.2% over 52 weeks and 1% over 13 weeks. 4 of 12 covered companies beat the S&P 500 on Mansfield relative strength, while 7 of 12 beat the sector itself. ### Which Utilities - Regulated Water company is largest by revenue? American Water Works Company, Inc. leads with revenue of $5,205 million, based on 12 of 12 comparable companies through Mar 2026. ### Which Utilities - Regulated Water company is growing fastest? Cadiz Inc. has the fastest current revenue growth at 25%, across 12 of 12 comparable companies. ### Which Utilities - Regulated Water company has the strongest 4-Factor Sector Score? American States Water Company ranks first at 59.9/100 with 82% evidence confidence. The score prioritizes research; it is not a buy recommendation. ### Which Utilities - Regulated Water company reports the most CAPEX? American Water Works Company, Inc. reports the largest latest CAPEX at $659 million, with 12 of 12 companies comparable. ### Which Utilities - Regulated Water company has the least gross debt? Consolidated Water Co. Ltd. has the lowest comparable gross debt at $3 million. American Water Works Company, Inc. has the highest at $15,698 million. ### Which Utilities - Regulated Water company has the lowest comparable PEG? Essential Utilities, Inc. has the lowest comparable Guarded PEG at 0.81, among 11 of 12 companies that pass the metric’s comparability rules. ### How much history does this Utilities - Regulated Water comparison include? The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated. ### How is the 4-Factor Sector Score calculated? The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral. ## Sector relative strength Utilities - Regulated Water has underperformed S&P 500 by 6.2% over the last 52 weeks. Over 13 weeks the gap is a lead of 1%. 4 of 12 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. H2O America is the strongest against the sector itself at +16.5%. 13-week sector return versus NIFTY 500: 1.0% 52-week sector return versus NIFTY 500: -6.2% Stocks leading NIFTY: 4/12 Stocks leading sector: 7/12 Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change. Companies: 12 Combined market value: ₹51.0K Cr ## 4-Factor Sector Score An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment. 1. American States Water Company (AWR): 60/100 — Mixed-positive evidence; evidence 82% - Growth & earnings 20.4/35 | Capital efficiency 16.2/25 | Valuation 5.1/20 | Relative strength 18.2/20 - Exact sum: 20.4 + 16.2 + 5.1 + 18.2 = 59.9 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 2. H2O America (HTO): 58/100 — Mixed-positive evidence; evidence 82% - Growth & earnings 16.2/35 | Capital efficiency 10.6/25 | Valuation 13.9/20 | Relative strength 17.1/20 - Exact sum: 16.2 + 10.6 + 13.9 + 17.1 = 57.8 - Decision use: Price leads the evidence: RS versus the benchmark is 11.3%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 3. Artesian Resources Corporation (ARTNA): 57/100 — Mixed-positive evidence; evidence 76% - Growth & earnings 20.6/35 | Capital efficiency 13.1/25 | Valuation 10.9/20 | Relative strength 12.5/20 - Exact sum: 20.6 + 13.1 + 10.9 + 12.5 = 57.1 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 4. Middlesex Water Company (MSEX): 57/100 — Mixed-positive evidence; evidence 76% - Growth & earnings 17.1/35 | Capital efficiency 14.1/25 | Valuation 11.7/20 | Relative strength 13.7/20 - Exact sum: 17.1 + 14.1 + 11.7 + 13.7 = 56.6 - Decision use: Price leads the evidence: RS versus the benchmark is 0.5%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 5. Pure Cycle Corporation (PCYO): 56/100 — Mixed-positive evidence; evidence 80% - Growth & earnings 23.5/35 | Capital efficiency 14.9/25 | Valuation 11.7/20 | Relative strength 5.9/20 - Exact sum: 23.5 + 14.9 + 11.7 + 5.9 = 56 - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -3.7% and the one-year return is 10.4%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. 6. Essential Utilities, Inc. (WTRG): 52/100 — Mixed-positive evidence; evidence 82% - Growth & earnings 12.3/35 | Capital efficiency 14.5/25 | Valuation 15.4/20 | Relative strength 9.3/20 - Exact sum: 12.3 + 14.5 + 15.4 + 9.3 = 51.5 - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. 7. California Water Service Group (CWT): 46/100 — Mixed-negative evidence; evidence 82% - Growth & earnings 9.6/35 | Capital efficiency 8.2/25 | Valuation 9.4/20 | Relative strength 18.3/20 - Exact sum: 9.6 + 8.2 + 9.4 + 18.3 = 45.5 - Decision use: Price leads the evidence: RS versus the benchmark is 6.1%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 8. Consolidated Water Co. Ltd. (CWCO): 45/100 — Mixed-negative evidence; evidence 76% - Growth & earnings 13.6/35 | Capital efficiency 15.9/25 | Valuation 11.2/20 | Relative strength 4.7/20 - Exact sum: 13.6 + 15.9 + 11.2 + 4.7 = 45.4 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 9. American Water Works Company, Inc. (AWK): 45/100 — Mixed-negative evidence; evidence 82% - Growth & earnings 18.4/35 | Capital efficiency 12.4/25 | Valuation 4.1/20 | Relative strength 10.2/20 - Exact sum: 18.4 + 12.4 + 4.1 + 10.2 = 45.1 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 10. The York Water Company (YORW): 41/100 — Mixed-negative evidence; evidence 76% - Growth & earnings 13.7/35 | Capital efficiency 12.8/25 | Valuation 6.4/20 | Relative strength 7.7/20 - Exact sum: 13.7 + 12.8 + 6.4 + 7.7 = 40.6 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 11. Cadiz Inc. (CDZI): 34/100 — Thin evidence · provisional; evidence 56% - Growth & earnings 18.8/35 | Capital efficiency 2.5/25 | Valuation 10.0/20 | Relative strength 3.0/20 - Exact sum: 18.8 + 2.5 + 10 + 3 = 34.3 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 12. Global Water Resources, Inc. (GWRS): 29/100 — Adverse evidence; evidence 76% - Growth & earnings 8.9/35 | Capital efficiency 4.6/25 | Valuation 12.0/20 | Relative strength 3.8/20 - Exact sum: 8.9 + 4.6 + 12 + 3.8 = 29.3 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. ## Revenue Scale & Growth Durability What the numbers say: American Water Works Company, Inc. is the scale leader at $5,205 million, 103.9% ahead of Essential Utilities, Inc.. Cadiz Inc.'s growth is 25% from a $15 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale. Investor read: American Water Works Company, Inc. is the scale benchmark; Cadiz Inc. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns. This conclusion weakens if: American Water Works Company, Inc.'s growth falls below Cadiz Inc.'s for two consecutive comparable reports while operating margin also compresses. Evidence: American Water Works Company, Inc. · $5,205 million | 103.9% versus #2 · Essential Utilities, Inc. | 8/8 recent comparable periods | 12/12 companies · 229 observations Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress. ### Revenue — largest 1. American Water Works Company, Inc. (AWK): ₹5.2K Cr 2. Essential Utilities, Inc. (WTRG): ₹2.6K Cr 3. California Water Service Group (CWT): ₹1.0K Cr 4. H2O America (HTO): ₹816 Cr 5. American States Water Company (AWR): ₹679 Cr ### Revenue growth — fastest growers 1. Cadiz Inc. (CDZI): 25% 2. Pure Cycle Corporation (PCYO): 18% 3. Essential Utilities, Inc. (WTRG): 13% 4. American States Water Company (AWR): 12% 5. American Water Works Company, Inc. (AWK): 8.1% ### 20-quarter Revenue history - AWK: Sep 2021 ₹1.1K Cr | Dec 2021 ₹951 Cr | Mar 2022 ₹842 Cr | Jun 2022 ₹937 Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹931 Cr | Mar 2023 ₹938 Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 — - WTRG: Sep 2021 ₹362 Cr | Dec 2021 ₹536 Cr | Mar 2022 ₹699 Cr | Jun 2022 ₹449 Cr | Sep 2022 ₹435 Cr | Dec 2022 ₹705 Cr | Mar 2023 ₹726 Cr | Jun 2023 ₹437 Cr | Sep 2023 ₹411 Cr | Dec 2023 ₹479 Cr | Mar 2024 ₹612 Cr | Jun 2024 ₹434 Cr | Sep 2024 ₹435 Cr | Dec 2024 ₹604 Cr | Mar 2025 ₹784 Cr | Jun 2025 ₹515 Cr | Sep 2025 ₹477 Cr | Dec 2025 ₹699 Cr | Mar 2026 ₹862 Cr | Jun 2026 — - AWR: Sep 2021 ₹137 Cr | Dec 2021 ₹117 Cr | Mar 2022 ₹109 Cr | Jun 2022 ₹123 Cr | Sep 2022 ₹135 Cr | Dec 2022 ₹125 Cr | Mar 2023 ₹161 Cr | Jun 2023 ₹157 Cr | Sep 2023 ₹152 Cr | Dec 2023 ₹125 Cr | Mar 2024 ₹135 Cr | Jun 2024 ₹155 Cr | Sep 2024 ₹162 Cr | Dec 2024 ₹143 Cr | Mar 2025 ₹148 Cr | Jun 2025 ₹163 Cr | Sep 2025 ₹183 Cr | Dec 2025 ₹164 Cr | Mar 2026 ₹169 Cr | Jun 2026 — - CWT: Sep 2021 ₹257 Cr | Dec 2021 ₹173 Cr | Mar 2022 ₹173 Cr | Jun 2022 ₹206 Cr | Sep 2022 ₹266 Cr | Dec 2022 ₹201 Cr | Mar 2023 ₹131 Cr | Jun 2023 ₹194 Cr | Sep 2023 ₹255 Cr | Dec 2023 ₹215 Cr | Mar 2024 ₹271 Cr | Jun 2024 ₹244 Cr | Sep 2024 ₹300 Cr | Dec 2024 ₹222 Cr | Mar 2025 ₹204 Cr | Jun 2025 ₹265 Cr | Sep 2025 ₹311 Cr | Dec 2025 ₹220 Cr | Mar 2026 ₹215 Cr | Jun 2026 — - HTO: Sep 2021 ₹167 Cr | Dec 2021 ₹140 Cr | Mar 2022 ₹124 Cr | Jun 2022 ₹149 Cr | Sep 2022 ₹176 Cr | Dec 2022 ₹171 Cr | Mar 2023 ₹137 Cr | Jun 2023 ₹157 Cr | Sep 2023 ₹205 Cr | Dec 2023 ₹171 Cr | Mar 2024 ₹149 Cr | Jun 2024 ₹176 Cr | Sep 2024 ₹225 Cr | Dec 2024 ₹198 Cr | Mar 2025 ₹168 Cr | Jun 2025 ₹198 Cr | Sep 2025 ₹241 Cr | Dec 2025 ₹194 Cr | Mar 2026 ₹183 Cr | Jun 2026 — - MSEX: Sep 2021 ₹40 Cr | Dec 2021 ₹34 Cr | Mar 2022 ₹36 Cr | Jun 2022 ₹40 Cr | Sep 2022 ₹48 Cr | Dec 2022 ₹39 Cr | Mar 2023 ₹38 Cr | Jun 2023 ₹43 Cr | Sep 2023 ₹47 Cr | Dec 2023 ₹39 Cr | Mar 2024 ₹41 Cr | Jun 2024 ₹49 Cr | Sep 2024 ₹55 Cr | Dec 2024 ₹47 Cr | Mar 2025 ₹44 Cr | Jun 2025 ₹49 Cr | Sep 2025 ₹54 Cr | Dec 2025 ₹47 Cr | Mar 2026 ₹49 Cr | Jun 2026 — - YORW: Sep 2021 ₹15 Cr | Dec 2021 ₹14 Cr | Mar 2022 ₹14 Cr | Jun 2022 ₹15 Cr | Sep 2022 ₹16 Cr | Dec 2022 ₹15 Cr | Mar 2023 ₹15 Cr | Jun 2023 ₹19 Cr | Sep 2023 ₹19 Cr | Dec 2023 ₹18 Cr | Mar 2024 ₹18 Cr | Jun 2024 ₹19 Cr | Sep 2024 ₹20 Cr | Dec 2024 ₹19 Cr | Mar 2025 ₹18 Cr | Jun 2025 ₹19 Cr | Sep 2025 ₹20 Cr | Dec 2025 ₹19 Cr | Mar 2026 ₹20 Cr | Jun 2026 — - CWCO: Sep 2021 ₹16 Cr | Dec 2021 ₹17 Cr | Mar 2022 ₹20 Cr | Jun 2022 ₹21 Cr | Sep 2022 ₹25 Cr | Dec 2022 ₹28 Cr | Mar 2023 ₹33 Cr | Jun 2023 ₹44 Cr | Sep 2023 ₹50 Cr | Dec 2023 ₹53 Cr | Mar 2024 ₹40 Cr | Jun 2024 ₹32 Cr | Sep 2024 ₹33 Cr | Dec 2024 ₹28 Cr | Mar 2025 ₹34 Cr | Jun 2025 ₹34 Cr | Sep 2025 ₹35 Cr | Dec 2025 ₹30 Cr | Mar 2026 ₹30 Cr | Jun 2026 — - ARTNA: Sep 2021 ₹25 Cr | Dec 2021 ₹23 Cr | Mar 2022 ₹22 Cr | Jun 2022 ₹25 Cr | Sep 2022 ₹27 Cr | Dec 2022 ₹25 Cr | Mar 2023 ₹22 Cr | Jun 2023 ₹25 Cr | Sep 2023 ₹27 Cr | Dec 2023 ₹25 Cr | Mar 2024 ₹25 Cr | Jun 2024 ₹27 Cr | Sep 2024 ₹29 Cr | Dec 2024 ₹27 Cr | Mar 2025 ₹26 Cr | Jun 2025 ₹29 Cr | Sep 2025 ₹30 Cr | Dec 2025 ₹28 Cr | Mar 2026 ₹28 Cr | Jun 2026 — - PCYO: Sep 2021 ₹5 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹11 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹5 Cr | Jun 2026 ₹8 Cr - CDZI: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹2 Cr | Jun 2026 — - GWRS: Sep 2021 ₹11 Cr | Dec 2021 ₹10 Cr | Mar 2022 ₹10 Cr | Jun 2022 ₹12 Cr | Sep 2022 ₹12 Cr | Dec 2022 ₹11 Cr | Mar 2023 ₹13 Cr | Jun 2023 ₹13 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹16 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹13 Cr | Jun 2026 — ### 20-quarter Revenue growth history - AWK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -6.2% | Sep 2022 -0.9% | Dec 2022 -2.1% | Mar 2023 11% | Jun 2023 17% | Sep 2023 7.9% | Dec 2023 11% | Mar 2024 7.8% | Jun 2024 4.7% | Sep 2024 13% | Dec 2024 16% | Mar 2025 13% | Jun 2025 11% | Sep 2025 9.7% | Dec 2025 5.8% | Mar 2026 5.7% | Jun 2026 — - WTRG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 13% | Sep 2022 20% | Dec 2022 32% | Mar 2023 3.9% | Jun 2023 -2.7% | Sep 2023 -5.5% | Dec 2023 -32% | Mar 2024 -16% | Jun 2024 -0.7% | Sep 2024 5.8% | Dec 2024 26% | Mar 2025 28% | Jun 2025 19% | Sep 2025 9.7% | Dec 2025 16% | Mar 2026 10.0% | Jun 2026 — - AWR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -3.9% | Sep 2022 -1.5% | Dec 2022 6.8% | Mar 2023 48% | Jun 2023 28% | Sep 2023 13% | Dec 2023 0.0% | Mar 2024 -16% | Jun 2024 -1.3% | Sep 2024 6.6% | Dec 2024 14% | Mar 2025 9.6% | Jun 2025 5.2% | Sep 2025 13% | Dec 2025 15% | Mar 2026 14% | Jun 2026 — - CWT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -3.3% | Sep 2022 3.5% | Dec 2022 16% | Mar 2023 -24% | Jun 2023 -5.8% | Sep 2023 -4.1% | Dec 2023 7.0% | Mar 2024 107% | Jun 2024 26% | Sep 2024 18% | Dec 2024 3.3% | Mar 2025 -25% | Jun 2025 8.6% | Sep 2025 3.7% | Dec 2025 -0.9% | Mar 2026 5.4% | Jun 2026 — - HTO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -2.0% | Sep 2022 5.4% | Dec 2022 22% | Mar 2023 10% | Jun 2023 5.4% | Sep 2023 16% | Dec 2023 0.0% | Mar 2024 8.8% | Jun 2024 12% | Sep 2024 9.8% | Dec 2024 16% | Mar 2025 13% | Jun 2025 13% | Sep 2025 7.1% | Dec 2025 -2.0% | Mar 2026 8.9% | Jun 2026 — - MSEX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 8.1% | Sep 2022 20% | Dec 2022 15% | Mar 2023 5.6% | Jun 2023 7.5% | Sep 2023 -2.1% | Dec 2023 0.0% | Mar 2024 7.9% | Jun 2024 14% | Sep 2024 17% | Dec 2024 21% | Mar 2025 7.3% | Jun 2025 0.0% | Sep 2025 -1.8% | Dec 2025 0.0% | Mar 2026 11% | Jun 2026 — - YORW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 7.1% | Sep 2022 6.7% | Dec 2022 7.1% | Mar 2023 7.1% | Jun 2023 27% | Sep 2023 19% | Dec 2023 20% | Mar 2024 20% | Jun 2024 0.0% | Sep 2024 5.3% | Dec 2024 5.6% | Mar 2025 0.0% | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 11% | Jun 2026 — - CWCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 24% | Sep 2022 56% | Dec 2022 65% | Mar 2023 65% | Jun 2023 110% | Sep 2023 100% | Dec 2023 89% | Mar 2024 21% | Jun 2024 -27% | Sep 2024 -34% | Dec 2024 -47% | Mar 2025 -15% | Jun 2025 6.3% | Sep 2025 6.1% | Dec 2025 7.1% | Mar 2026 -12% | Jun 2026 — - ARTNA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 14% | Sep 2022 8.0% | Dec 2022 8.7% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 14% | Jun 2024 8.0% | Sep 2024 7.4% | Dec 2024 8.0% | Mar 2025 4.0% | Jun 2025 7.4% | Sep 2025 3.5% | Dec 2025 3.7% | Mar 2026 7.7% | Jun 2026 — - PCYO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 120% | Dec 2022 -75% | Mar 2023 -40% | Jun 2023 133% | Sep 2023 -73% | Dec 2023 400% | Mar 2024 0.0% | Jun 2024 14% | Sep 2024 333% | Dec 2024 20% | Mar 2025 33% | Jun 2025 -38% | Sep 2025 -15% | Dec 2025 50% | Mar 2026 25% | Jun 2026 60% - CDZI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -100% | Dec 2023 0.0% | Mar 2024 — | Jun 2024 0.0% | Sep 2024 — | Dec 2024 400% | Mar 2025 200% | Jun 2025 300% | Sep 2025 33% | Dec 2025 0.0% | Mar 2026 -33% | Jun 2026 — - GWRS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 9.1% | Sep 2022 9.1% | Dec 2022 10% | Mar 2023 30% | Jun 2023 8.3% | Sep 2023 25% | Dec 2023 9.1% | Mar 2024 -7.7% | Jun 2024 7.7% | Sep 2024 -6.7% | Dec 2024 8.3% | Mar 2025 0.0% | Jun 2025 0.0% | Sep 2025 14% | Dec 2025 7.7% | Mar 2026 8.3% | Jun 2026 — ## Operating Economics & Margin Trend What the numbers say: Essential Utilities, Inc. leads opm at 36%; Artesian Resources Corporation leads margin change at +1.2 percentage points. Investor read: Essential Utilities, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current margin change signal. Evidence: Essential Utilities, Inc. · 36% | 11.1% versus #2 · American Water Works Company, Inc. | 4/8 recent comparable periods | 12/12 companies · 222 observations Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth. ### OPM — highest 1. Essential Utilities, Inc. (WTRG): 36% 2. American Water Works Company, Inc. (AWK): 32% 3. The York Water Company (YORW): 32% 4. American States Water Company (AWR): 30% 5. Middlesex Water Company (MSEX): 27% ### Margin change — fastest expanders 1. Artesian Resources Corporation (ARTNA): +1.2 pp 2. Middlesex Water Company (MSEX): +0.8 pp 3. American Water Works Company, Inc. (AWK): −0.1 pp 4. Pure Cycle Corporation (PCYO): −0.3 pp 5. American States Water Company (AWR): −0.4 pp ### 20-quarter OPM history - AWK: Sep 2021 38% | Dec 2021 23% | Mar 2022 29% | Jun 2022 35% | Sep 2022 41% | Dec 2022 28% | Mar 2023 31% | Jun 2023 39% | Sep 2023 41% | Dec 2023 29% | Mar 2024 32% | Jun 2024 39% | Sep 2024 41% | Dec 2024 33% | Mar 2025 33% | Jun 2025 38% | Sep 2025 42% | Dec 2025 32% | Mar 2026 32% | Jun 2026 — - WTRG: Sep 2021 28% | Dec 2021 26% | Mar 2022 33% | Jun 2022 31% | Sep 2022 29% | Dec 2022 24% | Mar 2023 31% | Jun 2023 36% | Sep 2023 33% | Dec 2023 36% | Mar 2024 38% | Jun 2024 33% | Sep 2024 36% | Dec 2024 38% | Mar 2025 43% | Jun 2025 36% | Sep 2025 36% | Dec 2025 33% | Mar 2026 36% | Jun 2026 — - AWR: Sep 2021 31% | Dec 2021 26% | Mar 2022 22% | Jun 2022 28% | Sep 2022 30% | Dec 2022 22% | Mar 2023 32% | Jun 2023 37% | Sep 2023 34% | Dec 2023 28% | Mar 2024 29% | Jun 2024 33% | Sep 2024 34% | Dec 2024 27% | Mar 2025 31% | Jun 2025 31% | Sep 2025 34% | Dec 2025 27% | Mar 2026 30% | Jun 2026 — - CWT: Sep 2021 28% | Dec 2021 42% | Mar 2022 5.3% | Jun 2022 13% | Sep 2022 24% | Dec 2022 45% | Mar 2023 -13% | Jun 2023 8.2% | Sep 2023 17% | Dec 2023 49% | Mar 2024 29% | Jun 2024 20% | Sep 2024 22% | Dec 2024 46% | Mar 2025 11% | Jun 2025 20% | Sep 2025 23% | Dec 2025 12% | Mar 2026 8.5% | Jun 2026 — - HTO: Sep 2021 20% | Dec 2021 23% | Mar 2022 13% | Jun 2022 18% | Sep 2022 21% | Dec 2022 29% | Mar 2023 18% | Jun 2023 20% | Sep 2023 28% | Dec 2023 21% | Mar 2024 19% | Jun 2024 23% | Sep 2024 26% | Dec 2024 22% | Mar 2025 21% | Jun 2025 22% | Sep 2025 27% | Dec 2025 17% | Mar 2026 20% | Jun 2026 — - MSEX: Sep 2021 29% | Dec 2021 19% | Mar 2022 35% | Jun 2022 25% | Sep 2022 35% | Dec 2022 21% | Mar 2023 20% | Jun 2023 25% | Sep 2023 27% | Dec 2023 21% | Mar 2024 24% | Jun 2024 31% | Sep 2024 32% | Dec 2024 22% | Mar 2025 26% | Jun 2025 28% | Sep 2025 33% | Dec 2025 24% | Mar 2026 27% | Jun 2026 — - YORW: Sep 2021 46% | Dec 2021 40% | Mar 2022 37% | Jun 2022 44% | Sep 2022 43% | Dec 2022 38% | Mar 2023 35% | Jun 2023 45% | Sep 2023 45% | Dec 2023 40% | Mar 2024 35% | Jun 2024 38% | Sep 2024 41% | Dec 2024 36% | Mar 2025 34% | Jun 2025 37% | Sep 2025 39% | Dec 2025 33% | Mar 2026 32% | Jun 2026 — - CWCO: Sep 2021 8.1% | Dec 2021 6.7% | Mar 2022 12% | Jun 2022 12% | Sep 2022 4.9% | Dec 2022 11% | Mar 2023 14% | Jun 2023 21% | Sep 2023 22% | Dec 2023 23% | Mar 2024 18% | Jun 2024 15% | Sep 2024 15% | Dec 2024 3.8% | Mar 2025 14% | Jun 2025 16% | Sep 2025 16% | Dec 2025 9.1% | Mar 2026 12% | Jun 2026 — - ARTNA: Sep 2021 28% | Dec 2021 21% | Mar 2022 21% | Jun 2022 27% | Sep 2022 30% | Dec 2022 17% | Mar 2023 18% | Jun 2023 25% | Sep 2023 25% | Dec 2023 23% | Mar 2024 19% | Jun 2024 26% | Sep 2024 30% | Dec 2024 21% | Mar 2025 21% | Jun 2025 28% | Sep 2025 28% | Dec 2025 21% | Mar 2026 23% | Jun 2026 — - PCYO: Sep 2021 40% | Dec 2021 35% | Mar 2022 32% | Jun 2022 20% | Sep 2022 60% | Dec 2022 -111% | Mar 2023 -8.0% | Jun 2023 55% | Sep 2023 1.3% | Dec 2023 33% | Mar 2024 -12% | Jun 2024 40% | Sep 2024 62% | Dec 2024 30% | Mar 2025 -33% | Jun 2025 26% | Sep 2025 53% | Dec 2025 48% | Mar 2026 5.1% | Jun 2026 26% - CDZI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -742% | Dec 2022 -859% | Mar 2023 — | Jun 2023 -690% | Sep 2023 — | Dec 2023 -796% | Mar 2024 -438% | Jun 2024 — | Sep 2024 -148% | Dec 2024 -140% | Mar 2025 -255% | Jun 2025 -140% | Sep 2025 -118% | Dec 2025 -145% | Mar 2026 -419% | Jun 2026 — - GWRS: Sep 2021 20% | Dec 2021 13% | Mar 2022 14% | Jun 2022 21% | Sep 2022 23% | Dec 2022 11% | Mar 2023 29% | Jun 2023 23% | Sep 2023 26% | Dec 2023 13% | Mar 2024 11% | Jun 2024 21% | Sep 2024 28% | Dec 2024 9.9% | Mar 2025 10% | Jun 2025 18% | Sep 2025 19% | Dec 2025 2.7% | Mar 2026 2.9% | Jun 2026 — ### 20-quarter Margin change history - AWK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.9 pp | Sep 2022 +2.4 pp | Dec 2022 +4.9 pp | Mar 2023 +2.2 pp | Jun 2023 +4.5 pp | Sep 2023 +0.4 pp | Dec 2023 +1.0 pp | Mar 2024 +0.8 pp | Jun 2024 −0.3 pp | Sep 2024 0.0 pp | Dec 2024 +4.3 pp | Mar 2025 +0.3 pp | Jun 2025 −0.8 pp | Sep 2025 +1.3 pp | Dec 2025 −1.4 pp | Mar 2026 −0.1 pp | Jun 2026 — - WTRG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.9 pp | Sep 2022 +1.0 pp | Dec 2022 −2.0 pp | Mar 2023 −1.6 pp | Jun 2023 +4.9 pp | Sep 2023 +4.4 pp | Dec 2023 +12.2 pp | Mar 2024 +6.7 pp | Jun 2024 −2.2 pp | Sep 2024 +2.2 pp | Dec 2024 +1.2 pp | Mar 2025 +5.5 pp | Jun 2025 +2.6 pp | Sep 2025 0.0 pp | Dec 2025 −5.0 pp | Mar 2026 −7.2 pp | Jun 2026 — - AWR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.5 pp | Sep 2022 −1.4 pp | Dec 2022 −3.7 pp | Mar 2023 +9.3 pp | Jun 2023 +9.4 pp | Sep 2023 +4.2 pp | Dec 2023 +5.9 pp | Mar 2024 −2.9 pp | Jun 2024 −4.1 pp | Sep 2024 −0.1 pp | Dec 2024 −0.9 pp | Mar 2025 +2.0 pp | Jun 2025 −2.0 pp | Sep 2025 −0.2 pp | Dec 2025 +0.4 pp | Mar 2026 −0.4 pp | Jun 2026 — - CWT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −6.6 pp | Sep 2022 −3.3 pp | Dec 2022 +3.2 pp | Mar 2023 −18.7 pp | Jun 2023 −5.0 pp | Sep 2023 −7.3 pp | Dec 2023 +4.2 pp | Mar 2024 +42.2 pp | Jun 2024 +11.5 pp | Sep 2024 +5.2 pp | Dec 2024 −3.2 pp | Mar 2025 −17.8 pp | Jun 2025 −0.1 pp | Sep 2025 +0.4 pp | Dec 2025 −34.4 pp | Mar 2026 −2.5 pp | Jun 2026 — - HTO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −3.7 pp | Sep 2022 +1.2 pp | Dec 2022 +6.7 pp | Mar 2023 +5.0 pp | Jun 2023 +2.2 pp | Sep 2023 +6.2 pp | Dec 2023 −8.1 pp | Mar 2024 +0.4 pp | Jun 2024 +3.1 pp | Sep 2024 −1.7 pp | Dec 2024 +0.8 pp | Mar 2025 +2.7 pp | Jun 2025 −0.9 pp | Sep 2025 +1.0 pp | Dec 2025 −5.0 pp | Mar 2026 −1.0 pp | Jun 2026 — - MSEX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.3 pp | Sep 2022 +6.0 pp | Dec 2022 +2.4 pp | Mar 2023 −15.0 pp | Jun 2023 −0.5 pp | Sep 2023 −7.3 pp | Dec 2023 +0.4 pp | Mar 2024 +4.7 pp | Jun 2024 +6.3 pp | Sep 2024 +4.4 pp | Dec 2024 +1.0 pp | Mar 2025 +1.8 pp | Jun 2025 −3.0 pp | Sep 2025 +0.9 pp | Dec 2025 +1.5 pp | Mar 2026 +0.8 pp | Jun 2026 — - YORW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.3 pp | Sep 2022 −2.7 pp | Dec 2022 −1.6 pp | Mar 2023 −2.0 pp | Jun 2023 +1.3 pp | Sep 2023 +1.5 pp | Dec 2023 +1.5 pp | Mar 2024 +0.1 pp | Jun 2024 −7.7 pp | Sep 2024 −4.0 pp | Dec 2024 −4.0 pp | Mar 2025 −1.3 pp | Jun 2025 −0.8 pp | Sep 2025 −2.0 pp | Dec 2025 −2.6 pp | Mar 2026 −2.4 pp | Jun 2026 — - CWCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +21.4 pp | Sep 2022 −3.2 pp | Dec 2022 +4.5 pp | Mar 2023 +2.1 pp | Jun 2023 +9.3 pp | Sep 2023 +16.6 pp | Dec 2023 +12.1 pp | Mar 2024 +4.6 pp | Jun 2024 −6.0 pp | Sep 2024 −6.9 pp | Dec 2024 −19.5 pp | Mar 2025 −4.7 pp | Jun 2025 +0.3 pp | Sep 2025 +1.8 pp | Dec 2025 +5.3 pp | Mar 2026 −2.2 pp | Jun 2026 — - ARTNA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.3 pp | Sep 2022 +2.7 pp | Dec 2022 −4.4 pp | Mar 2023 −3.4 pp | Jun 2023 −2.8 pp | Sep 2023 −5.3 pp | Dec 2023 +5.6 pp | Mar 2024 +1.2 pp | Jun 2024 +1.7 pp | Sep 2024 +4.4 pp | Dec 2024 −1.5 pp | Mar 2025 +2.2 pp | Jun 2025 +1.2 pp | Sep 2025 −1.2 pp | Dec 2025 −0.4 pp | Mar 2026 +1.2 pp | Jun 2026 — - PCYO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +19.8 pp | Dec 2022 −145.7 pp | Mar 2023 −40.3 pp | Jun 2023 +35.0 pp | Sep 2023 −58.3 pp | Dec 2023 +143.7 pp | Mar 2024 −3.5 pp | Jun 2024 −14.3 pp | Sep 2024 +60.7 pp | Dec 2024 −2.7 pp | Mar 2025 −21.7 pp | Jun 2025 −14.3 pp | Sep 2025 −8.9 pp | Dec 2025 +18.1 pp | Mar 2026 +38.3 pp | Jun 2026 −0.3 pp - CDZI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +2,660.8 pp | Sep 2022 +2,192.6 pp | Dec 2022 +1,824.5 pp | Mar 2023 −528.3 pp | Jun 2023 +1,143.3 pp | Sep 2023 −823.1 pp | Dec 2023 +63.2 pp | Mar 2024 +2,756.0 pp | Jun 2024 −664.4 pp | Sep 2024 +1,417.1 pp | Dec 2024 +656.6 pp | Mar 2025 +182.8 pp | Jun 2025 +1,214.6 pp | Sep 2025 +29.9 pp | Dec 2025 −5.9 pp | Mar 2026 −163.8 pp | Jun 2026 — - GWRS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.4 pp | Sep 2022 +3.2 pp | Dec 2022 −1.6 pp | Mar 2023 +15.2 pp | Jun 2023 +2.2 pp | Sep 2023 +3.1 pp | Dec 2023 +2.3 pp | Mar 2024 −17.9 pp | Jun 2024 −2.5 pp | Sep 2024 +1.4 pp | Dec 2024 −3.5 pp | Mar 2025 −0.8 pp | Jun 2025 −2.3 pp | Sep 2025 −9.0 pp | Dec 2025 −7.2 pp | Mar 2026 −7.2 pp | Jun 2026 — ## Profit Scale & Acceleration What the numbers say: American Water Works Company, Inc. leads with $1,102 million of TTM profit, 95% above Essential Utilities, Inc.. Consolidated Water Co. Ltd. shows 12.5% growth from a $18 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale. Investor read: American Water Works Company, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current profit growth signal. Evidence: American Water Works Company, Inc. · $1,102 million | 95% versus #2 · Essential Utilities, Inc. | 5/8 recent comparable periods | 12/12 companies · 229 observations Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank. ### Net profit — largest 1. American Water Works Company, Inc. (AWK): ₹1.1K Cr 2. Essential Utilities, Inc. (WTRG): ₹565 Cr 3. American States Water Company (AWR): ₹134 Cr 4. California Water Service Group (CWT): ₹118 Cr 5. H2O America (HTO): ₹105 Cr ### Profit growth — fastest growers 1. Consolidated Water Co. Ltd. (CWCO): 13% 2. American States Water Company (AWR): 8.9% 3. Pure Cycle Corporation (PCYO): 7.1% 4. Artesian Resources Corporation (ARTNA): 6.7% 5. H2O America (HTO): 5.0% ### 20-quarter Net profit history - AWK: Sep 2021 ₹278 Cr | Dec 2021 ₹645 Cr | Mar 2022 ₹158 Cr | Jun 2022 ₹218 Cr | Sep 2022 ₹297 Cr | Dec 2022 ₹147 Cr | Mar 2023 ₹170 Cr | Jun 2023 ₹280 Cr | Sep 2023 ₹323 Cr | Dec 2023 ₹171 Cr | Mar 2024 ₹185 Cr | Jun 2024 ₹277 Cr | Sep 2024 ₹350 Cr | Dec 2024 ₹239 Cr | Mar 2025 ₹205 Cr | Jun 2025 ₹289 Cr | Sep 2025 ₹379 Cr | Dec 2025 ₹238 Cr | Mar 2026 ₹196 Cr | Jun 2026 — - WTRG: Sep 2021 ₹51 Cr | Dec 2021 ₹117 Cr | Mar 2022 ₹199 Cr | Jun 2022 ₹82 Cr | Sep 2022 ₹69 Cr | Dec 2022 ₹115 Cr | Mar 2023 ₹191 Cr | Jun 2023 ₹91 Cr | Sep 2023 ₹80 Cr | Dec 2023 ₹135 Cr | Mar 2024 ₹266 Cr | Jun 2024 ₹77 Cr | Sep 2024 ₹85 Cr | Dec 2024 ₹185 Cr | Mar 2025 ₹284 Cr | Jun 2025 ₹112 Cr | Sep 2025 ₹96 Cr | Dec 2025 ₹133 Cr | Mar 2026 ₹224 Cr | Jun 2026 — - AWR: Sep 2021 ₹28 Cr | Dec 2021 ₹20 Cr | Mar 2022 ₹14 Cr | Jun 2022 ₹20 Cr | Sep 2022 ₹26 Cr | Dec 2022 ₹19 Cr | Mar 2023 ₹34 Cr | Jun 2023 ₹39 Cr | Sep 2023 ₹32 Cr | Dec 2023 ₹20 Cr | Mar 2024 ₹23 Cr | Jun 2024 ₹32 Cr | Sep 2024 ₹36 Cr | Dec 2024 ₹28 Cr | Mar 2025 ₹27 Cr | Jun 2025 ₹34 Cr | Sep 2025 ₹41 Cr | Dec 2025 ₹29 Cr | Mar 2026 ₹30 Cr | Jun 2026 — - CWT: Sep 2021 ₹62 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹19 Cr | Sep 2022 ₹56 Cr | Dec 2022 ₹19 Cr | Mar 2023 ₹-22 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹34 Cr | Dec 2023 ₹30 Cr | Mar 2024 ₹70 Cr | Jun 2024 ₹40 Cr | Sep 2024 ₹61 Cr | Dec 2024 ₹19 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹42 Cr | Sep 2025 ₹61 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹4 Cr | Jun 2026 — - HTO: Sep 2021 ₹19 Cr | Dec 2021 ₹18 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹12 Cr | Sep 2022 ₹25 Cr | Dec 2022 ₹33 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹18 Cr | Sep 2023 ₹36 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹21 Cr | Sep 2024 ₹39 Cr | Dec 2024 ₹23 Cr | Mar 2025 ₹17 Cr | Jun 2025 ₹25 Cr | Sep 2025 ₹45 Cr | Dec 2025 ₹16 Cr | Mar 2026 ₹19 Cr | Jun 2026 — - MSEX: Sep 2021 ₹11 Cr | Dec 2021 ₹7 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹9 Cr | Sep 2022 ₹14 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹11 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹14 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹11 Cr | Jun 2026 — - YORW: Sep 2021 ₹5 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹5 Cr | Jun 2026 — - CWCO: Sep 2021 ₹1 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹4 Cr | Jun 2026 — - ARTNA: Sep 2021 ₹3 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹4 Cr | Jun 2026 — - PCYO: Sep 2021 ₹3 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹1 Cr | Jun 2026 ₹3 Cr - CDZI: Sep 2021 ₹-8 Cr | Dec 2021 ₹-6 Cr | Mar 2022 ₹-6 Cr | Jun 2022 ₹-5 Cr | Sep 2022 ₹-7 Cr | Dec 2022 ₹-7 Cr | Mar 2023 ₹-11 Cr | Jun 2023 ₹-7 Cr | Sep 2023 ₹-7 Cr | Dec 2023 ₹-7 Cr | Mar 2024 ₹-7 Cr | Jun 2024 ₹-9 Cr | Sep 2024 ₹-7 Cr | Dec 2024 ₹-9 Cr | Mar 2025 ₹-10 Cr | Jun 2025 ₹-8 Cr | Sep 2025 ₹-7 Cr | Dec 2025 ₹-10 Cr | Mar 2026 ₹-9 Cr | Jun 2026 — - GWRS: Sep 2021 ₹1 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹-1 Cr | Mar 2026 ₹0 Cr | Jun 2026 — ### 20-quarter Profit growth history - AWK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 5.3% | Sep 2022 6.8% | Dec 2022 -77% | Mar 2023 7.6% | Jun 2023 28% | Sep 2023 8.8% | Dec 2023 16% | Mar 2024 8.8% | Jun 2024 -1.1% | Sep 2024 8.4% | Dec 2024 40% | Mar 2025 11% | Jun 2025 4.3% | Sep 2025 8.3% | Dec 2025 -0.4% | Mar 2026 -4.4% | Jun 2026 — - WTRG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.2% | Sep 2022 35% | Dec 2022 -1.7% | Mar 2023 -4.0% | Jun 2023 11% | Sep 2023 16% | Dec 2023 17% | Mar 2024 39% | Jun 2024 -15% | Sep 2024 6.3% | Dec 2024 37% | Mar 2025 6.8% | Jun 2025 45% | Sep 2025 13% | Dec 2025 -28% | Mar 2026 -21% | Jun 2026 — - AWR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -26% | Sep 2022 -7.1% | Dec 2022 -5.0% | Mar 2023 143% | Jun 2023 95% | Sep 2023 23% | Dec 2023 5.3% | Mar 2024 -32% | Jun 2024 -18% | Sep 2024 13% | Dec 2024 40% | Mar 2025 17% | Jun 2025 6.3% | Sep 2025 14% | Dec 2025 3.6% | Mar 2026 11% | Jun 2026 — - CWT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -50% | Sep 2022 -9.7% | Dec 2022 533% | Mar 2023 -2,300% | Jun 2023 -53% | Sep 2023 -39% | Dec 2023 58% | Mar 2024 — | Jun 2024 344% | Sep 2024 79% | Dec 2024 -37% | Mar 2025 -81% | Jun 2025 5.0% | Sep 2025 0.0% | Dec 2025 -42% | Mar 2026 -69% | Jun 2026 — - HTO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -43% | Sep 2022 32% | Dec 2022 83% | Mar 2023 200% | Jun 2023 50% | Sep 2023 44% | Dec 2023 -42% | Mar 2024 0.0% | Jun 2024 17% | Sep 2024 8.3% | Dec 2024 21% | Mar 2025 42% | Jun 2025 19% | Sep 2025 15% | Dec 2025 -30% | Mar 2026 12% | Jun 2026 — - MSEX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -18% | Sep 2022 27% | Dec 2022 0.0% | Mar 2023 -50% | Jun 2023 11% | Sep 2023 -29% | Dec 2023 -14% | Mar 2024 83% | Jun 2024 10% | Sep 2024 40% | Dec 2024 50% | Mar 2025 -18% | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 22% | Jun 2026 — - YORW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 25% | Sep 2022 20% | Dec 2022 25% | Mar 2023 0.0% | Jun 2023 40% | Sep 2023 33% | Dec 2023 20% | Mar 2024 0.0% | Jun 2024 -29% | Sep 2024 -25% | Dec 2024 -17% | Mar 2025 0.0% | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 25% | Jun 2026 — - CWCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | Dec 2022 50% | Mar 2023 33% | Jun 2023 167% | Sep 2023 800% | Dec 2023 233% | Mar 2024 75% | Jun 2024 -50% | Sep 2024 -44% | Dec 2024 -80% | Mar 2025 -29% | Jun 2025 25% | Sep 2025 20% | Dec 2025 50% | Mar 2026 -20% | Jun 2026 — - ARTNA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0% | Sep 2022 33% | Dec 2022 -33% | Mar 2023 -33% | Jun 2023 0.0% | Sep 2023 -25% | Dec 2023 50% | Mar 2024 50% | Jun 2024 0.0% | Sep 2024 33% | Dec 2024 33% | Mar 2025 33% | Jun 2025 33% | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 0.0% | Jun 2026 — - PCYO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 200% | Dec 2022 -100% | Mar 2023 -100% | Jun 2023 200% | Sep 2023 -89% | Dec 2023 — | Mar 2024 — | Jun 2024 0.0% | Sep 2024 600% | Dec 2024 100% | Mar 2025 — | Jun 2025 -33% | Sep 2025 -14% | Dec 2025 25% | Mar 2026 0.0% | Jun 2026 50% - GWRS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0% | Sep 2022 100% | Dec 2022 — | Mar 2023 100% | Jun 2023 0.0% | Sep 2023 50% | Dec 2023 0.0% | Mar 2024 -50% | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 -100% | Mar 2025 0.0% | Jun 2025 0.0% | Sep 2025 -33% | Dec 2025 — | Mar 2026 -100% | Jun 2026 — ## Capacity Spending & Returns On It What the numbers say: American Water Works Company, Inc. reports $659 million of CAPEX; California Water Service Group has the highest covered intensity at 60%. Coverage is only 12 of 12 companies and 226 reported observations, so this is partial evidence—not a complete sector rank. Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation. This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns. Evidence: American Water Works Company, Inc. · $659 million | 145% versus #2 · Essential Utilities, Inc. | 8/8 recent comparable periods | 12/12 companies · 226 observations Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns. ### CAPEX — largest spenders 1. American Water Works Company, Inc. (AWK): ₹659 Cr 2. Essential Utilities, Inc. (WTRG): ₹269 Cr 3. California Water Service Group (CWT): ₹129 Cr 4. H2O America (HTO): ₹93 Cr 5. American States Water Company (AWR): ₹49 Cr ### CAPEX intensity — highest reinvestment intensity 1. California Water Service Group (CWT): 60% 2. American Water Works Company, Inc. (AWK): 55% 3. H2O America (HTO): 51% 4. The York Water Company (YORW): 50% 5. Artesian Resources Corporation (ARTNA): 46% ### 20-quarter CAPEX history - AWK: Sep 2021 ₹453 Cr | Dec 2021 ₹559 Cr | Mar 2022 ₹424 Cr | Jun 2022 ₹571 Cr | Sep 2022 ₹602 Cr | Dec 2022 ₹700 Cr | Mar 2023 ₹526 Cr | Jun 2023 ₹627 Cr | Sep 2023 ₹626 Cr | Dec 2023 ₹796 Cr | Mar 2024 ₹609 Cr | Jun 2024 ₹670 Cr | Sep 2024 ₹683 Cr | Dec 2024 ₹894 Cr | Mar 2025 ₹548 Cr | Jun 2025 ₹733 Cr | Sep 2025 ₹797 Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹659 Cr | Jun 2026 — - WTRG: Sep 2021 ₹271 Cr | Dec 2021 ₹345 Cr | Mar 2022 ₹183 Cr | Jun 2022 ₹241 Cr | Sep 2022 ₹295 Cr | Dec 2022 ₹343 Cr | Mar 2023 ₹244 Cr | Jun 2023 ₹304 Cr | Sep 2023 ₹327 Cr | Dec 2023 ₹325 Cr | Mar 2024 ₹253 Cr | Jun 2024 ₹296 Cr | Sep 2024 ₹384 Cr | Dec 2024 ₹397 Cr | Mar 2025 ₹271 Cr | Jun 2025 ₹342 Cr | Sep 2025 ₹370 Cr | Dec 2025 ₹447 Cr | Mar 2026 ₹269 Cr | Jun 2026 — - AWR: Sep 2021 ₹31 Cr | Dec 2021 ₹38 Cr | Mar 2022 ₹35 Cr | Jun 2022 ₹41 Cr | Sep 2022 ₹46 Cr | Dec 2022 ₹44 Cr | Mar 2023 ₹49 Cr | Jun 2023 ₹39 Cr | Sep 2023 ₹47 Cr | Dec 2023 ₹52 Cr | Mar 2024 ₹48 Cr | Jun 2024 ₹62 Cr | Sep 2024 ₹64 Cr | Dec 2024 ₹58 Cr | Mar 2025 ₹68 Cr | Jun 2025 ₹51 Cr | Sep 2025 ₹55 Cr | Dec 2025 ₹64 Cr | Mar 2026 ₹49 Cr | Jun 2026 — - CWT: Sep 2021 ₹69 Cr | Dec 2021 ₹85 Cr | Mar 2022 ₹68 Cr | Jun 2022 ₹76 Cr | Sep 2022 ₹78 Cr | Dec 2022 ₹106 Cr | Mar 2023 ₹82 Cr | Jun 2023 ₹95 Cr | Sep 2023 ₹97 Cr | Dec 2023 ₹110 Cr | Mar 2024 ₹110 Cr | Jun 2024 ₹105 Cr | Sep 2024 ₹118 Cr | Dec 2024 ₹139 Cr | Mar 2025 ₹110 Cr | Jun 2025 ₹119 Cr | Sep 2025 ₹135 Cr | Dec 2025 — | Mar 2026 ₹129 Cr | Jun 2026 — - HTO: Sep 2021 ₹74 Cr | Dec 2021 ₹69 Cr | Mar 2022 ₹49 Cr | Jun 2022 ₹66 Cr | Sep 2022 ₹63 Cr | Dec 2022 ₹63 Cr | Mar 2023 ₹55 Cr | Jun 2023 ₹70 Cr | Sep 2023 ₹85 Cr | Dec 2023 ₹79 Cr | Mar 2024 ₹74 Cr | Jun 2024 ₹97 Cr | Sep 2024 ₹101 Cr | Dec 2024 ₹106 Cr | Mar 2025 ₹84 Cr | Jun 2025 ₹132 Cr | Sep 2025 ₹153 Cr | Dec 2025 ₹150 Cr | Mar 2026 ₹93 Cr | Jun 2026 — - MSEX: Sep 2021 ₹15 Cr | Dec 2021 ₹18 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹39 Cr | Sep 2022 ₹27 Cr | Dec 2022 ₹25 Cr | Mar 2023 ₹25 Cr | Jun 2023 ₹26 Cr | Sep 2023 ₹22 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹21 Cr | Dec 2024 ₹25 Cr | Mar 2025 ₹19 Cr | Jun 2025 ₹32 Cr | Sep 2025 ₹21 Cr | Dec 2025 ₹25 Cr | Mar 2026 ₹21 Cr | Jun 2026 — - YORW: Sep 2021 ₹11 Cr | Dec 2021 ₹7 Cr | Mar 2022 ₹8 Cr | Jun 2022 ₹12 Cr | Sep 2022 ₹15 Cr | Dec 2022 ₹16 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹19 Cr | Sep 2023 ₹17 Cr | Dec 2023 ₹18 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹15 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹10 Cr | Jun 2026 — - CWCO: Sep 2021 ₹0 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹2 Cr | Jun 2026 — - ARTNA: Sep 2021 ₹11 Cr | Dec 2021 ₹10 Cr | Mar 2022 ₹10 Cr | Jun 2022 ₹13 Cr | Sep 2022 ₹13 Cr | Dec 2022 ₹12 Cr | Mar 2023 ₹17 Cr | Jun 2023 ₹16 Cr | Sep 2023 ₹17 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹15 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹16 Cr | Sep 2025 ₹14 Cr | Dec 2025 ₹18 Cr | Mar 2026 ₹13 Cr | Jun 2026 — - PCYO: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 ₹0 Cr - CDZI: Sep 2021 ₹1 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹0 Cr | Jun 2026 — - GWRS: Sep 2021 ₹5 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹11 Cr | Dec 2022 ₹9 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹20 Cr | Sep 2025 ₹14 Cr | Dec 2025 ₹18 Cr | Mar 2026 ₹6 Cr | Jun 2026 — ### 20-quarter CAPEX intensity history - AWK: Sep 2021 42% | Dec 2021 59% | Mar 2022 50% | Jun 2022 61% | Sep 2022 56% | Dec 2022 75% | Mar 2023 56% | Jun 2023 57% | Sep 2023 54% | Dec 2023 77% | Mar 2024 60% | Jun 2024 58% | Sep 2024 52% | Dec 2024 74% | Mar 2025 48% | Jun 2025 57% | Sep 2025 55% | Dec 2025 83% | Mar 2026 55% | Jun 2026 — - WTRG: Sep 2021 75% | Dec 2021 64% | Mar 2022 26% | Jun 2022 54% | Sep 2022 68% | Dec 2022 49% | Mar 2023 34% | Jun 2023 70% | Sep 2023 80% | Dec 2023 68% | Mar 2024 41% | Jun 2024 68% | Sep 2024 88% | Dec 2024 66% | Mar 2025 35% | Jun 2025 66% | Sep 2025 78% | Dec 2025 64% | Mar 2026 31% | Jun 2026 — - AWR: Sep 2021 23% | Dec 2021 33% | Mar 2022 32% | Jun 2022 33% | Sep 2022 34% | Dec 2022 35% | Mar 2023 30% | Jun 2023 25% | Sep 2023 31% | Dec 2023 42% | Mar 2024 36% | Jun 2024 40% | Sep 2024 40% | Dec 2024 41% | Mar 2025 46% | Jun 2025 31% | Sep 2025 30% | Dec 2025 39% | Mar 2026 29% | Jun 2026 — - CWT: Sep 2021 27% | Dec 2021 49% | Mar 2022 39% | Jun 2022 37% | Sep 2022 29% | Dec 2022 53% | Mar 2023 63% | Jun 2023 49% | Sep 2023 38% | Dec 2023 51% | Mar 2024 41% | Jun 2024 43% | Sep 2024 39% | Dec 2024 63% | Mar 2025 54% | Jun 2025 45% | Sep 2025 43% | Dec 2025 — | Mar 2026 60% | Jun 2026 — - HTO: Sep 2021 44% | Dec 2021 49% | Mar 2022 40% | Jun 2022 44% | Sep 2022 36% | Dec 2022 37% | Mar 2023 40% | Jun 2023 45% | Sep 2023 42% | Dec 2023 46% | Mar 2024 50% | Jun 2024 55% | Sep 2024 45% | Dec 2024 54% | Mar 2025 50% | Jun 2025 67% | Sep 2025 64% | Dec 2025 77% | Mar 2026 51% | Jun 2026 — - MSEX: Sep 2021 38% | Dec 2021 53% | Mar 2022 0.0% | Jun 2022 98% | Sep 2022 56% | Dec 2022 64% | Mar 2023 66% | Jun 2023 61% | Sep 2023 47% | Dec 2023 44% | Mar 2024 34% | Jun 2024 29% | Sep 2024 38% | Dec 2024 53% | Mar 2025 43% | Jun 2025 65% | Sep 2025 39% | Dec 2025 53% | Mar 2026 43% | Jun 2026 — - YORW: Sep 2021 73% | Dec 2021 50% | Mar 2022 57% | Jun 2022 80% | Sep 2022 94% | Dec 2022 107% | Mar 2023 73% | Jun 2023 100% | Sep 2023 90% | Dec 2023 100% | Mar 2024 44% | Jun 2024 63% | Sep 2024 60% | Dec 2024 79% | Mar 2025 50% | Jun 2025 68% | Sep 2025 75% | Dec 2025 63% | Mar 2026 50% | Jun 2026 — - CWCO: Sep 2021 0.0% | Dec 2021 5.9% | Mar 2022 5.0% | Jun 2022 4.8% | Sep 2022 4.0% | Dec 2022 18% | Mar 2023 3.0% | Jun 2023 4.5% | Sep 2023 2.0% | Dec 2023 1.9% | Mar 2024 2.5% | Jun 2024 3.1% | Sep 2024 6.1% | Dec 2024 11% | Mar 2025 5.9% | Jun 2025 8.8% | Sep 2025 5.7% | Dec 2025 6.7% | Mar 2026 6.7% | Jun 2026 — - ARTNA: Sep 2021 44% | Dec 2021 44% | Mar 2022 46% | Jun 2022 52% | Sep 2022 48% | Dec 2022 48% | Mar 2023 77% | Jun 2023 64% | Sep 2023 63% | Dec 2023 52% | Mar 2024 36% | Jun 2024 33% | Sep 2024 45% | Dec 2024 56% | Mar 2025 39% | Jun 2025 55% | Sep 2025 47% | Dec 2025 64% | Mar 2026 46% | Jun 2026 — - PCYO: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 — | Mar 2024 0.0% | Jun 2024 — | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 0.0% | Jun 2025 0.0% | Sep 2025 9.1% | Dec 2025 0.0% | Mar 2026 0.0% | Jun 2026 0.0% - CDZI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 100% | Dec 2022 100% | Mar 2023 — | Jun 2023 100% | Sep 2023 — | Dec 2023 200% | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 33% | Jun 2025 125% | Sep 2025 0.0% | Dec 2025 20% | Mar 2026 0.0% | Jun 2026 — - GWRS: Sep 2021 46% | Dec 2021 60% | Mar 2022 60% | Jun 2022 67% | Sep 2022 92% | Dec 2022 82% | Mar 2023 54% | Jun 2023 54% | Sep 2023 33% | Dec 2023 33% | Mar 2024 50% | Jun 2024 43% | Sep 2024 50% | Dec 2024 100% | Mar 2025 125% | Jun 2025 143% | Sep 2025 88% | Dec 2025 129% | Mar 2026 46% | Jun 2026 — ## Debt Load & Balance-Sheet Headroom What the numbers say: Consolidated Water Co. Ltd. has the clearest covered balance-sheet capacity with $123 million net cash and gross debt of $3 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information. Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt. This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods. Evidence: Consolidated Water Co. Ltd. · $3 million | 78.6% versus #2 · Pure Cycle Corporation | 8/8 recent comparable periods | 12/12 companies · 229 observations Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business. ### Gross debt — lowest gross debt 1. Consolidated Water Co. Ltd. (CWCO): ₹3 Cr 2. Pure Cycle Corporation (PCYO): ₹14 Cr 3. Cadiz Inc. (CDZI): ₹118 Cr 4. Global Water Resources, Inc. (GWRS): ₹139 Cr 5. Artesian Resources Corporation (ARTNA): ₹186 Cr ### Net debt — lowest net debt 1. Consolidated Water Co. Ltd. (CWCO): ₹-123 Cr 2. Pure Cycle Corporation (PCYO): ₹6 Cr 3. Cadiz Inc. (CDZI): ₹101 Cr 4. Global Water Resources, Inc. (GWRS): ₹137 Cr 5. Artesian Resources Corporation (ARTNA): ₹182 Cr ### 20-quarter Gross debt history - AWK: Sep 2021 ₹11.2K Cr | Dec 2021 ₹11.1K Cr | Mar 2022 ₹10.8K Cr | Jun 2022 ₹11.7K Cr | Sep 2022 ₹11.9K Cr | Dec 2022 ₹12.5K Cr | Mar 2023 ₹11.3K Cr | Jun 2023 ₹12.3K Cr | Sep 2023 ₹12.3K Cr | Dec 2023 ₹12.4K Cr | Mar 2024 ₹13.2K Cr | Jun 2024 ₹13.2K Cr | Sep 2024 ₹13.4K Cr | Dec 2024 ₹14.1K Cr | Mar 2025 ₹14.5K Cr | Jun 2025 ₹15.1K Cr | Sep 2025 ₹15.4K Cr | Dec 2025 ₹15.9K Cr | Mar 2026 ₹15.7K Cr | Jun 2026 — - WTRG: Sep 2021 ₹5.8K Cr | Dec 2021 ₹6.1K Cr | Mar 2022 ₹6.1K Cr | Jun 2022 ₹6.3K Cr | Sep 2022 ₹6.6K Cr | Dec 2022 ₹6.9K Cr | Mar 2023 ₹6.8K Cr | Jun 2023 ₹6.9K Cr | Sep 2023 ₹6.9K Cr | Dec 2023 ₹7.1K Cr | Mar 2024 ₹7.1K Cr | Jun 2024 ₹7.2K Cr | Sep 2024 ₹7.4K Cr | Dec 2024 ₹7.8K Cr | Mar 2025 ₹7.8K Cr | Jun 2025 ₹7.8K Cr | Sep 2025 ₹8.0K Cr | Dec 2025 ₹8.3K Cr | Mar 2026 ₹8.5K Cr | Jun 2026 — - AWR: Sep 2021 ₹614 Cr | Dec 2021 ₹629 Cr | Mar 2022 ₹645 Cr | Jun 2022 ₹681 Cr | Sep 2022 ₹698 Cr | Dec 2022 ₹734 Cr | Mar 2023 ₹787 Cr | Jun 2023 ₹829 Cr | Sep 2023 ₹858 Cr | Dec 2023 ₹918 Cr | Mar 2024 ₹921 Cr | Jun 2024 ₹944 Cr | Sep 2024 ₹947 Cr | Dec 2024 ₹938 Cr | Mar 2025 ₹947 Cr | Jun 2025 ₹951 Cr | Sep 2025 ₹922 Cr | Dec 2025 ₹938 Cr | Mar 2026 ₹931 Cr | Jun 2026 — - CWT: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 — - HTO: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹560 Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹569 Cr | Mar 2026 ₹1.9K Cr | Jun 2026 — - MSEX: Sep 2021 ₹328 Cr | Dec 2021 ₹331 Cr | Mar 2022 ₹332 Cr | Jun 2022 ₹345 Cr | Sep 2022 ₹353 Cr | Dec 2022 ₹367 Cr | Mar 2023 ₹379 Cr | Jun 2023 ₹395 Cr | Sep 2023 ₹407 Cr | Dec 2023 ₹412 Cr | Mar 2024 ₹426 Cr | Jun 2024 ₹439 Cr | Sep 2024 ₹380 Cr | Dec 2024 ₹386 Cr | Mar 2025 ₹395 Cr | Jun 2025 ₹416 Cr | Sep 2025 ₹415 Cr | Dec 2025 ₹417 Cr | Mar 2026 ₹428 Cr | Jun 2026 — - YORW: Sep 2021 ₹132 Cr | Dec 2021 ₹146 Cr | Mar 2022 ₹151 Cr | Jun 2022 ₹117 Cr | Sep 2022 ₹124 Cr | Dec 2022 ₹139 Cr | Mar 2023 ₹150 Cr | Jun 2023 ₹158 Cr | Sep 2023 ₹168 Cr | Dec 2023 ₹180 Cr | Mar 2024 ₹190 Cr | Jun 2024 ₹191 Cr | Sep 2024 ₹198 Cr | Dec 2024 ₹206 Cr | Mar 2025 ₹212 Cr | Jun 2025 ₹218 Cr | Sep 2025 ₹227 Cr | Dec 2025 ₹232 Cr | Mar 2026 ₹237 Cr | Jun 2026 — - CWCO: Sep 2021 ₹3 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹3 Cr | Jun 2026 — - ARTNA: Sep 2021 ₹173 Cr | Dec 2021 ₹172 Cr | Mar 2022 ₹172 Cr | Jun 2022 ₹186 Cr | Sep 2022 ₹186 Cr | Dec 2022 ₹198 Cr | Mar 2023 ₹201 Cr | Jun 2023 ₹179 Cr | Sep 2023 ₹184 Cr | Dec 2023 ₹590 Cr | Mar 2024 ₹181 Cr | Jun 2024 ₹180 Cr | Sep 2024 ₹184 Cr | Dec 2024 ₹179 Cr | Mar 2025 ₹179 Cr | Jun 2025 ₹180 Cr | Sep 2025 ₹178 Cr | Dec 2025 ₹183 Cr | Mar 2026 ₹186 Cr | Jun 2026 — - PCYO: Sep 2021 ₹0 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹8 Cr | Jun 2026 ₹14 Cr - CDZI: Sep 2021 ₹68 Cr | Dec 2021 ₹69 Cr | Mar 2022 ₹69 Cr | Jun 2022 ₹71 Cr | Sep 2022 ₹69 Cr | Dec 2022 ₹70 Cr | Mar 2023 ₹59 Cr | Jun 2023 ₹59 Cr | Sep 2023 ₹60 Cr | Dec 2023 ₹61 Cr | Mar 2024 ₹80 Cr | Jun 2024 ₹81 Cr | Sep 2024 ₹83 Cr | Dec 2024 ₹86 Cr | Mar 2025 ₹87 Cr | Jun 2025 ₹89 Cr | Sep 2025 ₹91 Cr | Dec 2025 ₹104 Cr | Mar 2026 ₹118 Cr | Jun 2026 — - GWRS: Sep 2021 ₹115 Cr | Dec 2021 ₹113 Cr | Mar 2022 ₹113 Cr | Jun 2022 ₹112 Cr | Sep 2022 ₹113 Cr | Dec 2022 ₹111 Cr | Mar 2023 ₹114 Cr | Jun 2023 ₹116 Cr | Sep 2023 ₹109 Cr | Dec 2023 ₹109 Cr | Mar 2024 ₹127 Cr | Jun 2024 ₹125 Cr | Sep 2024 ₹126 Cr | Dec 2024 ₹125 Cr | Mar 2025 ₹125 Cr | Jun 2025 ₹123 Cr | Sep 2025 ₹132 Cr | Dec 2025 ₹138 Cr | Mar 2026 ₹139 Cr | Jun 2026 — ### 20-quarter Net debt history - AWK: Sep 2021 ₹11.1K Cr | Dec 2021 ₹10.9K Cr | Mar 2022 ₹10.7K Cr | Jun 2022 ₹11.6K Cr | Sep 2022 ₹11.8K Cr | Dec 2022 ₹12.4K Cr | Mar 2023 ₹11.1K Cr | Jun 2023 ₹11.5K Cr | Sep 2023 ₹11.6K Cr | Dec 2023 ₹12.1K Cr | Mar 2024 ₹12.6K Cr | Jun 2024 ₹13.2K Cr | Sep 2024 ₹13.3K Cr | Dec 2024 ₹14.0K Cr | Mar 2025 ₹14.4K Cr | Jun 2025 ₹15.0K Cr | Sep 2025 ₹15.2K Cr | Dec 2025 ₹15.8K Cr | Mar 2026 ₹15.6K Cr | Jun 2026 — - WTRG: Sep 2021 ₹5.8K Cr | Dec 2021 ₹6.1K Cr | Mar 2022 ₹6.1K Cr | Jun 2022 ₹6.3K Cr | Sep 2022 ₹6.6K Cr | Dec 2022 ₹6.9K Cr | Mar 2023 ₹6.7K Cr | Jun 2023 ₹6.9K Cr | Sep 2023 ₹6.9K Cr | Dec 2023 ₹7.1K Cr | Mar 2024 ₹7.0K Cr | Jun 2024 ₹7.2K Cr | Sep 2024 ₹7.4K Cr | Dec 2024 ₹7.8K Cr | Mar 2025 ₹7.8K Cr | Jun 2025 ₹7.8K Cr | Sep 2025 ₹8.0K Cr | Dec 2025 ₹8.3K Cr | Mar 2026 ₹8.4K Cr | Jun 2026 — - AWR: Sep 2021 ₹607 Cr | Dec 2021 ₹624 Cr | Mar 2022 ₹635 Cr | Jun 2022 ₹670 Cr | Sep 2022 ₹696 Cr | Dec 2022 ₹728 Cr | Mar 2023 ₹785 Cr | Jun 2023 ₹828 Cr | Sep 2023 ₹849 Cr | Dec 2023 ₹904 Cr | Mar 2024 ₹904 Cr | Jun 2024 ₹940 Cr | Sep 2024 ₹931 Cr | Dec 2024 ₹911 Cr | Mar 2025 ₹926 Cr | Jun 2025 ₹931 Cr | Sep 2025 ₹896 Cr | Dec 2025 ₹919 Cr | Mar 2026 ₹909 Cr | Jun 2026 — - CWT: Sep 2021 ₹1.0K Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹1.0K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.0K Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 — - HTO: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹559 Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹569 Cr | Mar 2026 ₹1.7K Cr | Jun 2026 — - MSEX: Sep 2021 ₹323 Cr | Dec 2021 ₹327 Cr | Mar 2022 ₹329 Cr | Jun 2022 ₹341 Cr | Sep 2022 ₹350 Cr | Dec 2022 ₹363 Cr | Mar 2023 ₹374 Cr | Jun 2023 ₹391 Cr | Sep 2023 ₹404 Cr | Dec 2023 ₹410 Cr | Mar 2024 ₹423 Cr | Jun 2024 ₹431 Cr | Sep 2024 ₹374 Cr | Dec 2024 ₹382 Cr | Mar 2025 ₹392 Cr | Jun 2025 ₹413 Cr | Sep 2025 ₹412 Cr | Dec 2025 ₹414 Cr | Mar 2026 ₹426 Cr | Jun 2026 — - YORW: Sep 2021 ₹132 Cr | Dec 2021 ₹146 Cr | Mar 2022 ₹151 Cr | Jun 2022 ₹114 Cr | Sep 2022 ₹124 Cr | Dec 2022 ₹139 Cr | Mar 2023 ₹150 Cr | Jun 2023 ₹158 Cr | Sep 2023 ₹168 Cr | Dec 2023 ₹180 Cr | Mar 2024 ₹187 Cr | Jun 2024 ₹191 Cr | Sep 2024 ₹198 Cr | Dec 2024 ₹206 Cr | Mar 2025 ₹212 Cr | Jun 2025 ₹218 Cr | Sep 2025 ₹227 Cr | Dec 2025 ₹232 Cr | Mar 2026 ₹237 Cr | Jun 2026 — - CWCO: Sep 2021 ₹-40 Cr | Dec 2021 ₹-40 Cr | Mar 2022 ₹-43 Cr | Jun 2022 ₹-49 Cr | Sep 2022 ₹-48 Cr | Dec 2022 ₹-49 Cr | Mar 2023 ₹-49 Cr | Jun 2023 ₹-46 Cr | Sep 2023 ₹-47 Cr | Dec 2023 ₹-40 Cr | Mar 2024 ₹-44 Cr | Jun 2024 ₹-93 Cr | Sep 2024 ₹-101 Cr | Dec 2024 ₹-96 Cr | Mar 2025 ₹-105 Cr | Jun 2025 ₹-109 Cr | Sep 2025 ₹-121 Cr | Dec 2025 ₹-121 Cr | Mar 2026 ₹-123 Cr | Jun 2026 — - ARTNA: Sep 2021 ₹172 Cr | Dec 2021 ₹172 Cr | Mar 2022 ₹172 Cr | Jun 2022 ₹186 Cr | Sep 2022 ₹186 Cr | Dec 2022 ₹197 Cr | Mar 2023 ₹201 Cr | Jun 2023 ₹173 Cr | Sep 2023 ₹178 Cr | Dec 2023 ₹587 Cr | Mar 2024 ₹171 Cr | Jun 2024 ₹174 Cr | Sep 2024 ₹173 Cr | Dec 2024 ₹178 Cr | Mar 2025 ₹175 Cr | Jun 2025 ₹180 Cr | Sep 2025 ₹177 Cr | Dec 2025 ₹183 Cr | Mar 2026 ₹182 Cr | Jun 2026 — - PCYO: Sep 2021 ₹-20 Cr | Dec 2021 ₹-12 Cr | Mar 2022 ₹-4 Cr | Jun 2022 ₹-4 Cr | Sep 2022 ₹-31 Cr | Dec 2022 ₹-28 Cr | Mar 2023 ₹-18 Cr | Jun 2023 ₹-22 Cr | Sep 2023 ₹-19 Cr | Dec 2023 ₹-15 Cr | Mar 2024 ₹-14 Cr | Jun 2024 ₹-14 Cr | Sep 2024 ₹-15 Cr | Dec 2024 ₹-12 Cr | Mar 2025 ₹-10 Cr | Jun 2025 ₹-7 Cr | Sep 2025 ₹-15 Cr | Dec 2025 ₹-9 Cr | Mar 2026 ₹3 Cr | Jun 2026 ₹6 Cr - CDZI: Sep 2021 ₹48 Cr | Dec 2021 ₹57 Cr | Mar 2022 ₹49 Cr | Jun 2022 ₹56 Cr | Sep 2022 ₹61 Cr | Dec 2022 ₹59 Cr | Mar 2023 ₹31 Cr | Jun 2023 ₹38 Cr | Sep 2023 ₹47 Cr | Dec 2023 ₹56 Cr | Mar 2024 ₹61 Cr | Jun 2024 ₹71 Cr | Sep 2024 ₹80 Cr | Dec 2024 ₹69 Cr | Mar 2025 ₹65 Cr | Jun 2025 ₹76 Cr | Sep 2025 ₹87 Cr | Dec 2025 ₹95 Cr | Mar 2026 ₹101 Cr | Jun 2026 — - GWRS: Sep 2021 ₹94 Cr | Dec 2021 ₹100 Cr | Mar 2022 ₹102 Cr | Jun 2022 ₹107 Cr | Sep 2022 ₹97 Cr | Dec 2022 ₹104 Cr | Mar 2023 ₹112 Cr | Jun 2023 ₹114 Cr | Sep 2023 ₹104 Cr | Dec 2023 ₹106 Cr | Mar 2024 ₹106 Cr | Jun 2024 ₹107 Cr | Sep 2024 ₹108 Cr | Dec 2024 ₹116 Cr | Mar 2025 ₹94 Cr | Jun 2025 ₹113 Cr | Sep 2025 ₹117 Cr | Dec 2025 ₹134 Cr | Mar 2026 ₹137 Cr | Jun 2026 — ## Return On Capital Employed What the numbers say: American States Water Company leads ROCE at 2.1%, 0.4 percentage points above Essential Utilities, Inc.. Cadiz Inc. has the strongest latest improvement at +0.9 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability. Investor read: American States Water Company sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current roce change signal. Evidence: American States Water Company · 2.1% | 23.5% versus #2 · Essential Utilities, Inc. | 2/8 recent comparable periods | 12/12 companies · 228 observations Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability. ### ROCE — highest 1. American States Water Company (AWR): 2.1% 2. Essential Utilities, Inc. (WTRG): 1.7% 3. Consolidated Water Co. Ltd. (CWCO): 1.5% 4. Pure Cycle Corporation (PCYO): 1.4% 5. American Water Works Company, Inc. (AWK): 1.3% ### ROCE change — fastest improvers 1. Cadiz Inc. (CDZI): +0.9 pp 2. Pure Cycle Corporation (PCYO): +0.4 pp 3. Artesian Resources Corporation (ARTNA): +0.1 pp 4. American Water Works Company, Inc. (AWK): +0.1 pp 5. Middlesex Water Company (MSEX): +0.1 pp ### 20-quarter ROCE history - AWK: Sep 2021 1.8% | Dec 2021 1.0% | Mar 2022 1.1% | Jun 2022 1.4% | Sep 2022 1.8% | Dec 2022 1.1% | Mar 2023 1.2% | Jun 2023 1.6% | Sep 2023 1.8% | Dec 2023 1.1% | Mar 2024 1.2% | Jun 2024 1.6% | Sep 2024 1.9% | Dec 2024 1.4% | Mar 2025 1.2% | Jun 2025 1.6% | Sep 2025 2.0% | Dec 2025 1.3% | Mar 2026 1.3% | Jun 2026 — - WTRG: Sep 2021 0.8% | Dec 2021 1.0% | Mar 2022 1.7% | Jun 2022 1.0% | Sep 2022 0.9% | Dec 2022 1.2% | Mar 2023 1.5% | Jun 2023 1.0% | Sep 2023 0.9% | Dec 2023 1.1% | Mar 2024 1.5% | Jun 2024 0.9% | Sep 2024 1.0% | Dec 2024 1.4% | Mar 2025 2.0% | Jun 2025 1.1% | Sep 2025 1.0% | Dec 2025 1.3% | Mar 2026 1.7% | Jun 2026 — - AWR: Sep 2021 2.6% | Dec 2021 1.8% | Mar 2022 1.4% | Jun 2022 2.1% | Sep 2022 2.4% | Dec 2022 1.6% | Mar 2023 2.9% | Jun 2023 3.3% | Sep 2023 2.9% | Dec 2023 1.9% | Mar 2024 2.0% | Jun 2024 2.6% | Sep 2024 2.7% | Dec 2024 1.8% | Mar 2025 2.1% | Jun 2025 2.3% | Sep 2025 2.7% | Dec 2025 1.9% | Mar 2026 2.1% | Jun 2026 — - CWT: Sep 2021 2.3% | Dec 2021 2.4% | Mar 2022 0.3% | Jun 2022 0.8% | Sep 2022 1.9% | Dec 2022 2.5% | Mar 2023 -0.5% | Jun 2023 0.5% | Sep 2023 1.2% | Dec 2023 2.6% | Mar 2024 2.0% | Jun 2024 1.2% | Sep 2024 1.6% | Dec 2024 2.3% | Mar 2025 0.5% | Jun 2025 1.1% | Sep 2025 1.5% | Dec 2025 0.5% | Mar 2026 0.4% | Jun 2026 — - HTO: Sep 2021 1.1% | Dec 2021 1.0% | Mar 2022 0.5% | Jun 2022 0.8% | Sep 2022 1.2% | Dec 2022 1.5% | Mar 2023 0.7% | Jun 2023 0.9% | Sep 2023 1.7% | Dec 2023 1.0% | Mar 2024 0.7% | Jun 2024 1.1% | Sep 2024 1.5% | Dec 2024 1.5% | Mar 2025 0.8% | Jun 2025 1.0% | Sep 2025 1.4% | Dec 2025 1.6% | Mar 2026 0.8% | Jun 2026 — - MSEX: Sep 2021 1.3% | Dec 2021 0.7% | Mar 2022 1.3% | Jun 2022 1.1% | Sep 2022 1.7% | Dec 2022 0.8% | Mar 2023 0.8% | Jun 2023 1.1% | Sep 2023 1.2% | Dec 2023 0.8% | Mar 2024 0.9% | Jun 2024 1.4% | Sep 2024 1.5% | Dec 2024 0.9% | Mar 2025 1.0% | Jun 2025 1.2% | Sep 2025 1.5% | Dec 2025 0.9% | Mar 2026 1.1% | Jun 2026 — - YORW: Sep 2021 1.7% | Dec 2021 1.3% | Mar 2022 1.3% | Jun 2022 1.5% | Sep 2022 1.5% | Dec 2022 1.2% | Mar 2023 1.1% | Jun 2023 1.7% | Sep 2023 1.7% | Dec 2023 1.3% | Mar 2024 1.1% | Jun 2024 1.3% | Sep 2024 1.4% | Dec 2024 1.1% | Mar 2025 1.0% | Jun 2025 1.2% | Sep 2025 1.3% | Dec 2025 1.0% | Mar 2026 1.0% | Jun 2026 — - CWCO: Sep 2021 0.8% | Dec 2021 0.7% | Mar 2022 1.3% | Jun 2022 1.5% | Sep 2022 0.7% | Dec 2022 1.9% | Mar 2023 2.7% | Jun 2023 5.4% | Sep 2023 6.1% | Dec 2023 6.8% | Mar 2024 4.0% | Jun 2024 2.6% | Sep 2024 2.4% | Dec 2024 0.5% | Mar 2025 2.2% | Jun 2025 2.4% | Sep 2025 2.6% | Dec 2025 1.2% | Mar 2026 1.5% | Jun 2026 — - ARTNA: Sep 2021 1.2% | Dec 2021 0.9% | Mar 2022 0.8% | Jun 2022 1.1% | Sep 2022 1.3% | Dec 2022 0.7% | Mar 2023 0.6% | Jun 2023 0.9% | Sep 2023 0.9% | Dec 2023 0.8% | Mar 2024 0.7% | Jun 2024 1.0% | Sep 2024 1.1% | Dec 2024 0.7% | Mar 2025 0.7% | Jun 2025 1.0% | Sep 2025 1.1% | Dec 2025 0.7% | Mar 2026 0.8% | Jun 2026 — - PCYO: Sep 2021 — | Dec 2021 1.5% | Mar 2022 1.4% | Jun 2022 0.6% | Sep 2022 5.8% | Dec 2022 -1.3% | Mar 2023 -0.2% | Jun 2023 3.2% | Sep 2023 0.0% | Dec 2023 1.4% | Mar 2024 -0.3% | Jun 2024 2.4% | Sep 2024 5.9% | Dec 2024 1.3% | Mar 2025 -1.0% | Jun 2025 1.0% | Sep 2025 4.1% | Dec 2025 2.9% | Mar 2026 0.2% | Jun 2026 1.4% - CDZI: Sep 2021 -4.5% | Dec 2021 -4.2% | Mar 2022 -3.7% | Jun 2022 -3.2% | Sep 2022 -4.1% | Dec 2022 -4.6% | Mar 2023 -3.5% | Jun 2023 -5.0% | Sep 2023 -5.5% | Dec 2023 -5.3% | Mar 2024 -4.1% | Jun 2024 -6.2% | Sep 2024 -4.5% | Dec 2024 -6.0% | Mar 2025 -6.1% | Jun 2025 -4.9% | Sep 2025 -4.4% | Dec 2025 -6.0% | Mar 2026 -5.2% | Jun 2026 — - GWRS: Sep 2021 0.8% | Dec 2021 0.5% | Mar 2022 0.5% | Jun 2022 0.9% | Sep 2022 0.9% | Dec 2022 0.4% | Mar 2023 1.2% | Jun 2023 1.0% | Sep 2023 1.2% | Dec 2023 0.5% | Mar 2024 0.4% | Jun 2024 0.8% | Sep 2024 1.1% | Dec 2024 0.4% | Mar 2025 0.3% | Jun 2025 0.7% | Sep 2025 0.7% | Dec 2025 0.1% | Mar 2026 0.1% | Jun 2026 — ### 20-quarter ROCE change history - AWK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 +0.1 pp | Mar 2023 +0.1 pp | Jun 2023 +0.2 pp | Sep 2023 0.0 pp | Dec 2023 0.0 pp | Mar 2024 0.0 pp | Jun 2024 0.0 pp | Sep 2024 +0.1 pp | Dec 2024 +0.3 pp | Mar 2025 0.0 pp | Jun 2025 0.0 pp | Sep 2025 +0.1 pp | Dec 2025 −0.1 pp | Mar 2026 +0.1 pp | Jun 2026 — - WTRG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 +0.2 pp | Mar 2023 −0.2 pp | Jun 2023 0.0 pp | Sep 2023 0.0 pp | Dec 2023 −0.1 pp | Mar 2024 0.0 pp | Jun 2024 −0.1 pp | Sep 2024 +0.1 pp | Dec 2024 +0.3 pp | Mar 2025 +0.5 pp | Jun 2025 +0.2 pp | Sep 2025 0.0 pp | Dec 2025 −0.1 pp | Mar 2026 −0.3 pp | Jun 2026 — - AWR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.2 pp | Dec 2022 −0.2 pp | Mar 2023 +1.5 pp | Jun 2023 +1.2 pp | Sep 2023 +0.5 pp | Dec 2023 +0.3 pp | Mar 2024 −0.9 pp | Jun 2024 −0.7 pp | Sep 2024 −0.2 pp | Dec 2024 −0.1 pp | Mar 2025 +0.1 pp | Jun 2025 −0.3 pp | Sep 2025 0.0 pp | Dec 2025 +0.1 pp | Mar 2026 0.0 pp | Jun 2026 — - CWT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.4 pp | Dec 2022 +0.1 pp | Mar 2023 −0.8 pp | Jun 2023 −0.3 pp | Sep 2023 −0.7 pp | Dec 2023 +0.1 pp | Mar 2024 +2.5 pp | Jun 2024 +0.7 pp | Sep 2024 +0.4 pp | Dec 2024 −0.3 pp | Mar 2025 −1.5 pp | Jun 2025 −0.1 pp | Sep 2025 −0.1 pp | Dec 2025 −1.8 pp | Mar 2026 −0.1 pp | Jun 2026 — - HTO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 +0.5 pp | Mar 2023 +0.2 pp | Jun 2023 +0.1 pp | Sep 2023 +0.5 pp | Dec 2023 −0.5 pp | Mar 2024 0.0 pp | Jun 2024 +0.2 pp | Sep 2024 −0.2 pp | Dec 2024 +0.5 pp | Mar 2025 +0.1 pp | Jun 2025 −0.1 pp | Sep 2025 −0.1 pp | Dec 2025 +0.1 pp | Mar 2026 0.0 pp | Jun 2026 — - MSEX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.4 pp | Dec 2022 +0.1 pp | Mar 2023 −0.5 pp | Jun 2023 0.0 pp | Sep 2023 −0.5 pp | Dec 2023 0.0 pp | Mar 2024 +0.1 pp | Jun 2024 +0.3 pp | Sep 2024 +0.3 pp | Dec 2024 +0.1 pp | Mar 2025 +0.1 pp | Jun 2025 −0.2 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 +0.1 pp | Jun 2026 — - YORW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.2 pp | Dec 2022 −0.1 pp | Mar 2023 −0.2 pp | Jun 2023 +0.2 pp | Sep 2023 +0.2 pp | Dec 2023 +0.1 pp | Mar 2024 0.0 pp | Jun 2024 −0.4 pp | Sep 2024 −0.3 pp | Dec 2024 −0.2 pp | Mar 2025 −0.1 pp | Jun 2025 −0.1 pp | Sep 2025 −0.1 pp | Dec 2025 −0.1 pp | Mar 2026 0.0 pp | Jun 2026 — - CWCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 +1.2 pp | Mar 2023 +1.4 pp | Jun 2023 +3.9 pp | Sep 2023 +5.4 pp | Dec 2023 +4.9 pp | Mar 2024 +1.3 pp | Jun 2024 −2.8 pp | Sep 2024 −3.7 pp | Dec 2024 −6.3 pp | Mar 2025 −1.8 pp | Jun 2025 −0.2 pp | Sep 2025 +0.2 pp | Dec 2025 +0.7 pp | Mar 2026 −0.7 pp | Jun 2026 — - ARTNA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 −0.2 pp | Mar 2023 −0.2 pp | Jun 2023 −0.2 pp | Sep 2023 −0.4 pp | Dec 2023 +0.1 pp | Mar 2024 +0.1 pp | Jun 2024 +0.1 pp | Sep 2024 +0.2 pp | Dec 2024 −0.1 pp | Mar 2025 0.0 pp | Jun 2025 0.0 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 +0.1 pp | Jun 2026 — - PCYO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −2.8 pp | Mar 2023 −1.6 pp | Jun 2023 +2.6 pp | Sep 2023 −5.8 pp | Dec 2023 +2.7 pp | Mar 2024 −0.1 pp | Jun 2024 −0.8 pp | Sep 2024 +5.9 pp | Dec 2024 −0.1 pp | Mar 2025 −0.7 pp | Jun 2025 −1.4 pp | Sep 2025 −1.8 pp | Dec 2025 +1.6 pp | Mar 2026 +1.2 pp | Jun 2026 +0.4 pp - CDZI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.4 pp | Dec 2022 −0.4 pp | Mar 2023 +0.2 pp | Jun 2023 −1.8 pp | Sep 2023 −1.4 pp | Dec 2023 −0.7 pp | Mar 2024 −0.6 pp | Jun 2024 −1.2 pp | Sep 2024 +1.0 pp | Dec 2024 −0.7 pp | Mar 2025 −2.0 pp | Jun 2025 +1.3 pp | Sep 2025 +0.1 pp | Dec 2025 0.0 pp | Mar 2026 +0.9 pp | Jun 2026 — - GWRS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 −0.1 pp | Mar 2023 +0.7 pp | Jun 2023 +0.1 pp | Sep 2023 +0.3 pp | Dec 2023 +0.1 pp | Mar 2024 −0.8 pp | Jun 2024 −0.2 pp | Sep 2024 −0.1 pp | Dec 2024 −0.1 pp | Mar 2025 −0.1 pp | Jun 2025 −0.1 pp | Sep 2025 −0.4 pp | Dec 2025 −0.3 pp | Mar 2026 −0.2 pp | Jun 2026 — ## Valuation Against Growth & Quality What the numbers say: Essential Utilities, Inc. has the lowest comparable Guarded PEG at 0.81×, 23.6% below Global Water Resources, Inc.. Only 11 of 12 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree. Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy. This conclusion weakens if: The next two comparable reports reverse the current p/e signal. Evidence: Essential Utilities, Inc. · 0.81× | 23.6% versus #2 · Global Water Resources, Inc. | 0/8 recent comparable periods | 11/12 companies · 54 observations Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction. ### Guarded PEG — lowest PEG 1. Essential Utilities, Inc. (WTRG): 0.8 2. Global Water Resources, Inc. (GWRS): 1.1 3. H2O America (HTO): 1.1 4. Consolidated Water Co. Ltd. (CWCO): 1.2 5. Middlesex Water Company (MSEX): 1.3 ### P/E — lowest P/E 1. Artesian Resources Corporation (ARTNA): 14.1 2. Pure Cycle Corporation (PCYO): 17.0 3. H2O America (HTO): 20.1 4. Essential Utilities, Inc. (WTRG): 20.4 5. The York Water Company (YORW): 20.7 ### 20-quarter Guarded PEG history - AWK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 3.2 | Mar 2024 3.0 | Jun 2024 — | Sep 2024 — | Dec 2024 2.3 | Mar 2025 2.4 | Jun 2025 1.9 | Sep 2025 1.9 | Dec 2025 4.1 | Mar 2026 — | Jun 2026 — - WTRG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 4.0 | Mar 2024 0.8 | Jun 2024 1.1 | Sep 2024 1.7 | Dec 2024 1.0 | Mar 2025 3.1 | Jun 2025 1.2 | Sep 2025 0.8 | Dec 2025 — | Mar 2026 — | Jun 2026 — - AWR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 2.6 | Jun 2023 0.6 | Sep 2023 0.4 | Dec 2023 0.4 | Mar 2024 1.8 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 3.9 | Jun 2025 1.7 | Sep 2025 1.6 | Dec 2025 3.4 | Mar 2026 4.0 | Jun 2026 — - HTO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.0 | Jun 2023 — | Sep 2023 — | Dec 2023 2.3 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 2.5 | Mar 2025 1.5 | Jun 2025 1.4 | Sep 2025 1.1 | Dec 2025 — | Mar 2026 — | Jun 2026 — - MSEX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 1.1 | Dec 2024 0.5 | Mar 2025 1.4 | Jun 2025 1.3 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - YORW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 5.6 | Sep 2023 2.1 | Dec 2023 1.6 | Mar 2024 1.1 | Jun 2024 4.4 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 2.8 | Jun 2026 — - ARTNA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.8 | Dec 2024 0.8 | Mar 2025 0.7 | Jun 2025 0.7 | Sep 2025 1.2 | Dec 2025 1.2 | Mar 2026 1.6 | Jun 2026 — - PCYO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 1.8 | Dec 2025 — | Mar 2026 — | Jun 2026 1.6 - GWRS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.1 | Jun 2023 1.7 | Sep 2023 0.7 | Dec 2023 1.1 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — ### 20-quarter P/E history - AWK: Sep 2021 40.3 | Dec 2021 27.2 | Mar 2022 23.4 | Jun 2022 20.8 | Sep 2022 18.0 | Dec 2022 33.8 | Mar 2023 32.2 | Jun 2023 29.8 | Sep 2023 25.7 | Dec 2023 26.9 | Mar 2024 24.8 | Jun 2024 26.3 | Sep 2024 29.0 | Dec 2024 23.1 | Mar 2025 26.9 | Jun 2025 25.1 | Sep 2025 24.5 | Dec 2025 22.9 | Mar 2026 24.1 | Jun 2026 — - WTRG: Sep 2021 28.3 | Dec 2021 32.2 | Mar 2022 29.9 | Jun 2022 27.0 | Sep 2022 23.4 | Dec 2022 27.0 | Mar 2023 25.2 | Jun 2023 22.7 | Sep 2023 19.1 | Dec 2023 20.1 | Mar 2024 17.6 | Jun 2024 18.2 | Sep 2024 19.3 | Dec 2024 16.7 | Mar 2025 17.7 | Jun 2025 15.9 | Sep 2025 16.6 | Dec 2025 17.4 | Mar 2026 20.4 | Jun 2026 — - AWR: Sep 2021 33.5 | Dec 2021 40.6 | Mar 2022 36.9 | Jun 2022 36.6 | Sep 2022 36.1 | Dec 2022 43.9 | Mar 2023 32.8 | Jun 2023 27.1 | Sep 2023 23.4 | Dec 2023 23.9 | Mar 2024 23.6 | Jun 2024 25.3 | Sep 2024 28.0 | Dec 2024 24.5 | Mar 2025 24.2 | Jun 2025 23.4 | Sep 2025 21.7 | Dec 2025 21.5 | Mar 2026 22.1 | Jun 2026 — - CWT: Sep 2021 26.8 | Dec 2021 36.7 | Mar 2022 29.1 | Jun 2022 33.7 | Sep 2022 35.6 | Dec 2022 34.3 | Mar 2023 43.4 | Jun 2023 44.9 | Sep 2023 65.7 | Dec 2023 57.0 | Mar 2024 18.6 | Jun 2024 16.0 | Sep 2024 15.7 | Dec 2024 14.0 | Mar 2025 21.3 | Jun 2025 19.9 | Sep 2025 20.0 | Dec 2025 20.2 | Mar 2026 22.7 | Jun 2026 — - HTO: Sep 2021 35.1 | Dec 2021 36.1 | Mar 2022 33.9 | Jun 2022 35.9 | Sep 2022 30.0 | Dec 2022 33.4 | Mar 2023 28.6 | Jun 2023 24.5 | Sep 2023 19.0 | Dec 2023 24.4 | Mar 2024 21.3 | Jun 2024 19.9 | Sep 2024 21.1 | Dec 2024 17.2 | Mar 2025 18.4 | Jun 2025 17.0 | Sep 2025 15.5 | Dec 2025 16.8 | Mar 2026 20.1 | Jun 2026 — - MSEX: Sep 2021 48.3 | Dec 2021 58.1 | Mar 2022 44.6 | Jun 2022 39.1 | Sep 2022 32.3 | Dec 2022 32.9 | Mar 2023 38.5 | Jun 2023 38.8 | Sep 2023 36.0 | Dec 2023 37.3 | Mar 2024 26.0 | Jun 2024 25.4 | Sep 2024 28.4 | Dec 2024 21.3 | Mar 2025 26.6 | Jun 2025 22.4 | Sep 2025 22.6 | Dec 2025 21.4 | Mar 2026 21.7 | Jun 2026 — - YORW: Sep 2021 34.4 | Dec 2021 38.3 | Mar 2022 33.8 | Jun 2022 30.2 | Sep 2022 27.9 | Dec 2022 32.1 | Mar 2023 33.9 | Jun 2023 29.3 | Sep 2023 24.3 | Dec 2023 23.3 | Mar 2024 22.8 | Jun 2024 24.9 | Sep 2024 27.3 | Dec 2024 23.0 | Mar 2025 25.3 | Jun 2025 23.1 | Sep 2025 21.9 | Dec 2025 22.9 | Mar 2026 20.7 | Jun 2026 — - CWCO: Sep 2021 — | Dec 2021 177.3 | Mar 2022 100.6 | Jun 2022 39.2 | Sep 2022 41.6 | Dec 2022 39.0 | Mar 2023 31.0 | Jun 2023 28.9 | Sep 2023 20.8 | Dec 2023 19.1 | Mar 2024 14.7 | Jun 2024 10.5 | Sep 2024 11.2 | Dec 2024 14.6 | Mar 2025 14.8 | Jun 2025 30.3 | Sep 2025 33.6 | Dec 2025 31.0 | Mar 2026 31.0 | Jun 2026 — - ARTNA: Sep 2021 21.2 | Dec 2021 25.9 | Mar 2022 26.7 | Jun 2022 26.3 | Sep 2022 24.3 | Dec 2022 30.8 | Mar 2023 30.6 | Jun 2023 27.5 | Sep 2023 26.9 | Dec 2023 24.8 | Mar 2024 21.8 | Jun 2024 19.8 | Sep 2024 19.1 | Dec 2024 16.0 | Mar 2025 15.7 | Jun 2025 15.5 | Sep 2025 14.9 | Dec 2025 14.3 | Mar 2026 14.1 | Jun 2026 — - PCYO: Sep 2021 — | Dec 2021 16.6 | Mar 2022 51.5 | Jun 2022 49.1 | Sep 2022 25.8 | Dec 2022 31.2 | Mar 2023 31.5 | Jun 2023 24.9 | Sep 2023 55.0 | Dec 2023 35.7 | Mar 2024 36.9 | Jun 2024 37.2 | Sep 2024 22.2 | Dec 2024 26.4 | Mar 2025 20.1 | Jun 2025 19.3 | Sep 2025 18.7 | Dec 2025 20.3 | Mar 2026 18.2 | Jun 2026 17.0 - GWRS: Sep 2021 133.7 | Dec 2021 106.9 | Mar 2022 75.6 | Jun 2022 60.1 | Sep 2022 53.3 | Dec 2022 55.3 | Mar 2023 41.4 | Jun 2023 45.3 | Sep 2023 30.5 | Dec 2023 39.6 | Mar 2024 49.4 | Jun 2024 46.5 | Sep 2024 46.6 | Dec 2024 47.9 | Mar 2025 44.8 | Jun 2025 46.3 | Sep 2025 64.4 | Dec 2025 76.8 | Mar 2026 108.4 | Jun 2026 — ## Enterprise Value & Book Value What the numbers say: H2O America leads ev/ebitda at 13.8×; Artesian Resources Corporation leads p/bv at 1.3×. Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy. This conclusion weakens if: The next two comparable reports reverse the current p/bv signal. Evidence: H2O America · 13.8× | 7.4% versus #2 · American States Water Company | 0/8 recent comparable periods | 11/12 companies · 209 observations Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts. ### EV/EBITDA — lowest EV/EBITDA 1. H2O America (HTO): 13.8 2. American States Water Company (AWR): 14.9 3. Essential Utilities, Inc. (WTRG): 15.0 4. American Water Works Company, Inc. (AWK): 15.6 5. Global Water Resources, Inc. (GWRS): 16.0 ### P/BV — lowest P/BV 1. Artesian Resources Corporation (ARTNA): 1.3 2. H2O America (HTO): 1.3 3. California Water Service Group (CWT): 1.6 4. Pure Cycle Corporation (PCYO): 1.7 5. Essential Utilities, Inc. (WTRG): 1.7 ### 20-quarter EV/EBITDA history - AWK: Sep 2021 23.1 | Dec 2021 25.5 | Mar 2022 22.9 | Jun 2022 21.7 | Sep 2022 19.7 | Dec 2022 21.6 | Mar 2023 20.7 | Jun 2023 19.5 | Sep 2023 17.3 | Dec 2023 17.8 | Mar 2024 16.8 | Jun 2024 17.4 | Sep 2024 18.2 | Dec 2024 15.9 | Mar 2025 17.4 | Jun 2025 16.5 | Sep 2025 16.0 | Dec 2025 15.5 | Mar 2026 15.6 | Jun 2026 — - WTRG: Sep 2021 19.6 | Dec 2021 21.8 | Mar 2022 21.1 | Jun 2022 20.0 | Sep 2022 18.4 | Dec 2022 19.8 | Mar 2023 18.6 | Jun 2023 17.3 | Sep 2023 15.8 | Dec 2023 16.7 | Mar 2024 16.4 | Jun 2024 16.7 | Sep 2024 16.9 | Dec 2024 15.7 | Mar 2025 15.0 | Jun 2025 14.0 | Sep 2025 14.5 | Dec 2025 14.3 | Mar 2026 15.0 | Jun 2026 — - AWR: Sep 2021 21.0 | Dec 2021 24.6 | Mar 2022 22.4 | Jun 2022 21.4 | Sep 2022 21.0 | Dec 2022 24.7 | Mar 2023 20.7 | Jun 2023 18.3 | Sep 2023 16.2 | Dec 2023 16.2 | Mar 2024 15.8 | Jun 2024 16.6 | Sep 2024 18.2 | Dec 2024 17.0 | Mar 2025 16.8 | Jun 2025 16.4 | Sep 2025 15.3 | Dec 2025 14.9 | Mar 2026 14.9 | Jun 2026 — - CWT: Sep 2021 7.8 | Dec 2021 20.8 | Mar 2022 8.0 | Jun 2022 8.0 | Sep 2022 7.6 | Dec 2022 18.0 | Mar 2023 8.8 | Jun 2023 8.4 | Sep 2023 8.2 | Dec 2023 20.7 | Mar 2024 6.7 | Jun 2024 6.9 | Sep 2024 6.8 | Dec 2024 12.5 | Mar 2025 7.0 | Jun 2025 6.6 | Sep 2025 6.5 | Dec 2025 27.0 | Mar 2026 27.2 | Jun 2026 — - HTO: Sep 2021 17.7 | Dec 2021 18.3 | Mar 2022 17.2 | Jun 2022 16.7 | Sep 2022 15.7 | Dec 2022 17.5 | Mar 2023 16.4 | Jun 2023 15.4 | Sep 2023 13.3 | Dec 2023 14.9 | Mar 2024 13.7 | Jun 2024 12.9 | Sep 2024 13.4 | Dec 2024 7.8 | Mar 2025 12.6 | Jun 2025 12.3 | Sep 2025 11.8 | Dec 2025 7.9 | Mar 2026 13.8 | Jun 2026 — - MSEX: Sep 2021 39.0 | Dec 2021 42.7 | Mar 2022 37.7 | Jun 2022 29.5 | Sep 2022 24.3 | Dec 2022 25.0 | Mar 2023 24.3 | Jun 2023 27.1 | Sep 2023 24.9 | Dec 2023 24.8 | Mar 2024 22.0 | Jun 2024 20.8 | Sep 2024 21.9 | Dec 2024 18.5 | Mar 2025 20.3 | Jun 2025 18.8 | Sep 2025 18.7 | Dec 2025 17.7 | Mar 2026 17.9 | Jun 2026 — - YORW: Sep 2021 22.0 | Dec 2021 24.8 | Mar 2022 22.8 | Jun 2022 20.7 | Sep 2022 19.8 | Dec 2022 22.6 | Mar 2023 22.5 | Jun 2023 19.9 | Sep 2023 17.8 | Dec 2023 17.8 | Mar 2024 16.7 | Jun 2024 17.6 | Sep 2024 17.9 | Dec 2024 16.5 | Mar 2025 17.1 | Jun 2025 16.1 | Sep 2025 15.9 | Dec 2025 16.5 | Mar 2026 16.1 | Jun 2026 — - CWCO: Sep 2021 105.9 | Dec 2021 14.6 | Mar 2022 42.2 | Jun 2022 24.8 | Sep 2022 27.0 | Dec 2022 12.1 | Mar 2023 18.6 | Jun 2023 18.5 | Sep 2023 14.5 | Dec 2023 12.0 | Mar 2024 9.1 | Jun 2024 7.9 | Sep 2024 8.3 | Dec 2024 12.8 | Mar 2025 13.0 | Jun 2025 16.6 | Sep 2025 19.0 | Dec 2025 17.7 | Mar 2026 17.0 | Jun 2026 — - ARTNA: Sep 2021 20.8 | Dec 2021 23.0 | Mar 2022 23.9 | Jun 2022 24.2 | Sep 2022 23.3 | Dec 2022 26.8 | Mar 2023 26.6 | Jun 2023 25.1 | Sep 2023 30.0 | Dec 2023 35.3 | Mar 2024 22.1 | Jun 2024 21.0 | Sep 2024 20.7 | Dec 2024 19.5 | Mar 2025 19.6 | Jun 2025 19.8 | Sep 2025 19.6 | Dec 2025 19.7 | Mar 2026 19.6 | Jun 2026 — - PCYO: Sep 2021 — | Dec 2021 44.5 | Mar 2022 39.8 | Jun 2022 36.3 | Sep 2022 17.7 | Dec 2022 24.3 | Mar 2023 25.2 | Jun 2023 29.7 | Sep 2023 98.4 | Dec 2023 118.3 | Mar 2024 31.2 | Jun 2024 31.7 | Sep 2024 16.8 | Dec 2024 23.6 | Mar 2025 20.0 | Jun 2025 21.2 | Sep 2025 22.9 | Dec 2025 20.9 | Mar 2026 18.2 | Jun 2026 16.9 - GWRS: Sep 2021 32.4 | Dec 2021 29.6 | Mar 2022 28.3 | Jun 2022 23.9 | Sep 2022 21.5 | Dec 2022 23.8 | Mar 2023 20.0 | Jun 2023 19.8 | Sep 2023 14.7 | Dec 2023 17.8 | Mar 2024 19.4 | Jun 2024 18.5 | Sep 2024 19.3 | Dec 2024 17.9 | Mar 2025 16.7 | Jun 2025 17.4 | Sep 2025 18.6 | Dec 2025 17.0 | Mar 2026 16.0 | Jun 2026 — ### 20-quarter P/BV history - AWK: Sep 2021 4.5 | Dec 2021 4.7 | Mar 2022 4.0 | Jun 2022 3.6 | Sep 2022 3.1 | Dec 2022 3.6 | Mar 2023 3.0 | Jun 2023 2.9 | Sep 2023 2.4 | Dec 2023 2.6 | Mar 2024 2.4 | Jun 2024 2.5 | Sep 2024 2.8 | Dec 2024 2.4 | Mar 2025 2.7 | Jun 2025 2.5 | Sep 2025 2.5 | Dec 2025 2.4 | Mar 2026 2.4 | Jun 2026 — - WTRG: Sep 2021 2.3 | Dec 2021 2.6 | Mar 2022 2.5 | Jun 2022 2.3 | Sep 2022 2.0 | Dec 2022 2.3 | Mar 2023 2.1 | Jun 2023 1.9 | Sep 2023 1.6 | Dec 2023 1.7 | Mar 2024 1.7 | Jun 2024 1.7 | Sep 2024 1.7 | Dec 2024 1.6 | Mar 2025 1.7 | Jun 2025 1.6 | Sep 2025 1.7 | Dec 2025 1.6 | Mar 2026 1.7 | Jun 2026 — - AWR: Sep 2021 4.7 | Dec 2021 5.6 | Mar 2022 4.8 | Jun 2022 4.3 | Sep 2022 4.1 | Dec 2022 4.8 | Mar 2023 4.5 | Jun 2023 4.3 | Sep 2023 3.8 | Dec 2023 3.8 | Mar 2024 3.4 | Jun 2024 3.3 | Sep 2024 3.6 | Dec 2024 3.2 | Mar 2025 3.2 | Jun 2025 3.0 | Sep 2025 2.8 | Dec 2025 2.7 | Mar 2026 2.8 | Jun 2026 — - CWT: Sep 2021 2.8 | Dec 2021 3.3 | Mar 2022 2.7 | Jun 2022 2.5 | Sep 2022 2.3 | Dec 2022 2.6 | Mar 2023 2.5 | Jun 2023 2.1 | Sep 2023 1.9 | Dec 2023 2.1 | Mar 2024 1.8 | Jun 2024 1.9 | Sep 2024 2.0 | Dec 2024 1.7 | Mar 2025 1.8 | Jun 2025 1.6 | Sep 2025 1.6 | Dec 2025 1.5 | Mar 2026 1.6 | Jun 2026 — - HTO: Sep 2021 2.0 | Dec 2021 2.1 | Mar 2022 2.1 | Jun 2022 1.8 | Sep 2022 1.7 | Dec 2022 2.3 | Mar 2023 2.1 | Jun 2023 1.9 | Sep 2023 1.6 | Dec 2023 1.7 | Mar 2024 1.5 | Jun 2024 1.4 | Sep 2024 1.5 | Dec 2024 1.2 | Mar 2025 1.3 | Jun 2025 1.3 | Sep 2025 1.1 | Dec 2025 1.2 | Mar 2026 1.3 | Jun 2026 — - MSEX: Sep 2021 4.9 | Dec 2021 5.7 | Mar 2022 4.9 | Jun 2022 4.0 | Sep 2022 3.4 | Dec 2022 3.5 | Mar 2023 3.4 | Jun 2023 3.5 | Sep 2023 2.8 | Dec 2023 2.8 | Mar 2024 2.2 | Jun 2024 2.1 | Sep 2024 2.6 | Dec 2024 2.1 | Mar 2025 2.5 | Jun 2025 2.1 | Sep 2025 2.1 | Dec 2025 1.9 | Mar 2026 1.9 | Jun 2026 — - YORW: Sep 2021 3.8 | Dec 2021 4.3 | Mar 2022 3.8 | Jun 2022 2.9 | Sep 2022 2.7 | Dec 2022 3.1 | Mar 2023 3.1 | Jun 2023 2.8 | Sep 2023 2.5 | Dec 2023 2.5 | Mar 2024 2.3 | Jun 2024 2.4 | Sep 2024 2.4 | Dec 2024 2.0 | Mar 2025 2.2 | Jun 2025 1.9 | Sep 2025 1.8 | Dec 2025 1.9 | Mar 2026 1.8 | Jun 2026 — - CWCO: Sep 2021 1.1 | Dec 2021 1.0 | Mar 2022 1.1 | Jun 2022 1.4 | Sep 2022 1.5 | Dec 2022 1.4 | Mar 2023 1.6 | Jun 2023 2.2 | Sep 2023 2.5 | Dec 2023 3.0 | Mar 2024 2.4 | Jun 2024 2.0 | Sep 2024 1.9 | Dec 2024 2.0 | Mar 2025 1.8 | Jun 2025 2.2 | Sep 2025 2.6 | Dec 2025 2.5 | Mar 2026 2.4 | Jun 2026 — - ARTNA: Sep 2021 2.1 | Dec 2021 2.5 | Mar 2022 2.5 | Jun 2022 2.6 | Sep 2022 2.4 | Dec 2022 3.0 | Mar 2023 2.8 | Jun 2023 2.1 | Sep 2023 2.0 | Dec 2023 1.9 | Mar 2024 1.7 | Jun 2024 1.5 | Sep 2024 1.6 | Dec 2024 1.4 | Mar 2025 1.4 | Jun 2025 1.4 | Sep 2025 1.4 | Dec 2025 1.3 | Mar 2026 1.3 | Jun 2026 — - PCYO: Sep 2021 — | Dec 2021 3.3 | Mar 2022 2.7 | Jun 2022 2.5 | Sep 2022 2.2 | Dec 2022 2.3 | Mar 2023 1.9 | Jun 2023 2.0 | Sep 2023 2.2 | Dec 2023 2.0 | Mar 2024 2.0 | Jun 2024 1.8 | Sep 2024 2.0 | Dec 2024 2.6 | Mar 2025 2.1 | Jun 2025 1.9 | Sep 2025 1.7 | Dec 2025 1.9 | Mar 2026 1.7 | Jun 2026 1.7 - CDZI: Sep 2021 6.4 | Dec 2021 4.2 | Mar 2022 2.3 | Jun 2022 3.0 | Sep 2022 3.0 | Dec 2022 4.1 | Mar 2023 4.4 | Jun 2023 5.1 | Sep 2023 4.6 | Dec 2023 4.7 | Mar 2024 5.3 | Jun 2024 7.6 | Sep 2024 10.0 | Dec 2024 11.5 | Mar 2025 5.4 | Jun 2025 6.9 | Sep 2025 14.0 | Dec 2025 20.1 | Mar 2026 26.4 | Jun 2026 — - GWRS: Sep 2021 13.7 | Dec 2021 12.9 | Mar 2022 12.7 | Jun 2022 10.1 | Sep 2022 6.2 | Dec 2022 7.1 | Mar 2023 6.5 | Jun 2023 6.4 | Sep 2023 4.8 | Dec 2023 6.5 | Mar 2024 6.5 | Jun 2024 6.2 | Sep 2024 6.2 | Dec 2024 5.9 | Mar 2025 3.7 | Jun 2025 3.7 | Sep 2025 3.3 | Dec 2025 2.8 | Mar 2026 2.6 | Jun 2026 — ## Market action H2O America has the strongest one-year price move in Utilities - Regulated Water at +29.8%. It also leads on Mansfield relative strength against the S&P 500 at +11.3%. 4 of 12 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28. ### Strongest one-year price performers 1. H2O America (HTO): 30% 2. American States Water Company (AWR): 18% 3. California Water Service Group (CWT): 13% 4. Middlesex Water Company (MSEX): 10% 5. Pure Cycle Corporation (PCYO): 10% ### Strongest relative strength versus NIFTY 500 1. H2O America (HTO): 11% 2. American States Water Company (AWR): 7.9% 3. California Water Service Group (CWT): 6.1% 4. Middlesex Water Company (MSEX): 0.5% 5. Artesian Resources Corporation (ARTNA): -0.6% ## What can make this comparison misleading? - A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason. - A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment. - The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed. - An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion. ## Every company - American Water Works Company, Inc. (AWK) — market value ₹27.0K Cr; latest fundamentals Mar 2026 - Essential Utilities, Inc. (WTRG) — market value ₹11.5K Cr; latest fundamentals Mar 2026 - American States Water Company (AWR) — market value ₹3.5K Cr; latest fundamentals Mar 2026 - California Water Service Group (CWT) — market value ₹3.1K Cr; latest fundamentals Mar 2026 - H2O America (HTO) — market value ₹2.7K Cr; latest fundamentals Mar 2026 - Middlesex Water Company (MSEX) — market value ₹1.1K Cr; latest fundamentals Mar 2026 - The York Water Company (YORW) — market value ₹517 Cr; latest fundamentals Mar 2026 - Consolidated Water Co. Ltd. (CWCO) — market value ₹484 Cr; latest fundamentals Mar 2026 - Artesian Resources Corporation (ARTNA) — market value ₹361 Cr; latest fundamentals Mar 2026 - Pure Cycle Corporation (PCYO) — market value ₹259 Cr; latest fundamentals Jun 2026 - Cadiz Inc. (CDZI) — market value ₹259 Cr; latest fundamentals Mar 2026 - Global Water Resources, Inc. (GWRS) — market value ₹215 Cr; latest fundamentals Mar 2026 ## Methodology and freshness Fundamentals through Jun 2026; prices through 2026-07-28. Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable. ## Frequently asked questions ### Which Utilities - Regulated Water company is the biggest? American Water Works Company, Inc. is the largest, with trailing-twelve-month revenue of $5,205 million, ahead of Essential Utilities, Inc. at $2,553 million. That covers 12 of 12 companies with comparable reporting through Mar 2026. ### Which Utilities - Regulated Water company is growing fastest? Cadiz Inc. has the fastest revenue growth at 25% year on year, across 12 of 12 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend. ### Which Utilities - Regulated Water company has the best profit margins? Essential Utilities, Inc. has the highest operating margin at 36%, from 12 of 12 comparable companies. Artesian Resources Corporation shows the biggest recent improvement, at +1.2 percentage points. A high margin matters most when it is holding or rising, not when it is peaking. ### Which Utilities - Regulated Water company makes the most profit? American Water Works Company, Inc. earns the most, at $1,102 million of trailing-twelve-month net profit, from 12 of 12 comparable companies. Consolidated Water Co. Ltd. has the fastest profit growth at 12.5%, though growth off a small or recovering profit base overstates how much has actually changed. ### Which Utilities - Regulated Water company earns the highest return on capital? American States Water Company leads on return on capital employed at 2.1%, across 12 of 12 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year. ### Which Utilities - Regulated Water stock is the cheapest? On guarded PEG — where a LOWER number is cheaper — Essential Utilities, Inc. screens cheapest at 0.81×. Only 11 of 12 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own. ### Which Utilities - Regulated Water company has the strongest balance sheet? Consolidated Water Co. Ltd. carries the lowest comparable gross debt at $3 million, from 12 of 12 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment. ### Which Utilities - Regulated Water company is investing most in new capacity? American Water Works Company, Inc. reports the largest capital spending at $659 million, across 12 of 12 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation. ### Is the Utilities - Regulated Water sector beating the market? Utilities - Regulated Water has underperformed S&P 500 by 6.2% over the last 52 weeks and 1% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 4 of 12 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it. ### Which Utilities - Regulated Water stock has the strongest price momentum? H2O America has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all. ### Which Utilities - Regulated Water company scores highest for research priority? American States Water Company scores 59.9 out of 100 with 82% evidence confidence, from 20.4 points on growth and earnings, 16.2 on capital efficiency, 5.1 on valuation and 18.2 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research. ### How many Utilities - Regulated Water companies does this comparison cover, and over what period? It compares 12 listed companies over up to 20 reported quarters of fundamentals and 6 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data. ### What is the total market cap of the Utilities - Regulated Water sector? The 12 Utilities - Regulated Water companies on this page carry $50,956 million of combined market value. American Water Works Company, Inc. is the largest at $26,957 million, about 53% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28. ### What is the Utilities - Regulated Water sector's P/E ratio? The median price-to-earnings ratio across the 12 Utilities - Regulated Water companies on this page is 21.7×, measured on the 11 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28. ### How is the Utilities - Regulated Water sector performing? 4 of the 12 covered Utilities - Regulated Water companies are beating S&P 500 on Mansfield relative strength. The sector itself is 6.2% behind S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28. ### How many Utilities - Regulated Water stocks are listed in the US? This comparison covers 12 listed Utilities - Regulated Water companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data. ### Why are some values on this page blank? A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad. ### Is this investment advice? No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser. Narrative sector analysis: https://www.sectoralpha.in/sectors/utilities-regulated-water