20-quarter listed-company comparison

Utilities - Regulated Water Stocks

Utilities - Regulated Water: Essential Utilities, Inc. owns the largest revenue base; Cadiz Inc. has the fastest current growth.

01 · the industry itself · before any single company

How has Utilities - Regulated Water moved against S&P 500?

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the most recent two of them this industry is 41% behind S&P 500. Earnings across its companies grew 5% on average over the last four reported quarters — close to flat.

BASING · +3 joined~Price down, no fundamental support3 of 13 companies ahead of S&P 500 by 5% or more over three months

RS — · 7/13 >200d (+1) · 3/13 lead (+3) · EPS 6/13↑

Utilities - Regulated Water, equal-weighted, based at 200 S&P 500, same base, same start trailing 12-month earnings per share rising falling

Both lines start at 200 in the same week, so the distance between them is the whole story: the industry line is an equal-weighted index of its 13 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member rebased to 100 at the start and the industry taking the median — so a price line pulling away from flat bars is a re-rating, not earnings. A bar turns red when that figure is lower than the quarter before. Rules are fixed and applied identically everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover any point to read both values and the gap. This is a description of what the numbers did, not advice.

02 · sector relative strength, before individual stocks

Is Utilities - Regulated Water outperforming S&P 500?

Utilities - Regulated Water has underperformed S&P 500 by 11.8% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 3.9%. 2 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 +14.7%.

-3.9%Sector vs S&P 500 · 13 weeks

-11.8%Sector vs S&P 500 · 52 weeks

2/12Stocks leading S&P 500

7/12Stocks leading sector

Sector metric: — as of latest available · unclassified · direction unavailable.

The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Start with scale. Then earnings trajectory. Then business quality. Only after those three agree should price leadership carry much weight.

Bottom line

Utilities - Regulated Water has underperformed S&P 500 by 11.8% over 52 weeks and 3.9% over 13 weeks. 2 of 12 covered companies beat the S&P 500 on Mansfield relative strength, while 7 of 12 beat the sector itself. Essential Utilities, Inc. leads with revenue of $2,553 million, based on 8 of 12 comparable companies through Mar 2026.

Companies

complete canonical membership

Combined market value

$50.1B

American Water Works Company, Inc.

Revenue growing

8/8

positive TTM year-on-year growth

Beating S&P 500

2/12

positive Mansfield relative strength

Comparing 5 of 12

03 · research priority, made explicit

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.

Growth & earnings · 35%Capital efficiency · 25%Valuation · 20%Relative strength · 20%

Middlesex Water Company has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 51.8% evidence confidence.

Essential Utilities, Inc. looks inexpensive relative to peers or its own history, but its earnings trajectory has not yet earned the valuation signal.

California Water Service Group has stronger price confirmation than earnings confirmation; that is a research prompt, not permission to chase.

How this score is built, and what the marks mean

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led S&P 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led S&P 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.

Company	Score	Price stage	Growth & earnings/35	Capital efficiency/25	Valuation/20	Relative strength/20
1Middlesex Water CompanyMSEX	58.1/100Thin evidence · provisional52% evidence	TURNING	21.1/35 Revenue — · PAT — · OPM change 0.8 pp 45% evidence	14.0/25 ROCE 1.5% · OPM 26.9% 76% evidence	10.0/20 P/E 21.7× · PEG — 15% evidence	13.0/20 RS sector 7.1% · RS bench -3.6% · 1Y 8.7%3 of 12 weeks ahead 70% evidence
Exact sum: 21.1 + 14 + 10 + 13 = 58.1 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
2American States Water CompanyAWR	57.8/100Mixed-positive evidence81% evidence	TURNING	19.3/35 Revenue 11.7% · PAT 8.9% · OPM change -0.4 pp 83% evidence	16.6/25 ROCE 2.1% · OPM 30.4% 76% evidence	4.4/20 P/E 22× · PEG 3.98 65% evidence	17.5/20 RS sector 11.7% · RS bench 0.7% · 1Y 12.9%4 of 12 weeks ahead 100% evidence
Exact sum: 19.3 + 16.6 + 4.4 + 17.5 = 57.8 · Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
3American Water Works Company, Inc.AWK	54.4/100Thin evidence · provisional58% evidence	TURNING	19.5/35 Revenue — · PAT — · OPM change -0.1 pp 45% evidence	16.0/25 ROCE 1.7% · OPM 32.4% 76% evidence	9.1/20 P/E 22.8× · PEG — 15% evidence	9.8/20 RS sector 0.2% · RS bench -10% · 1Y -7.8%0 of 12 weeks ahead 100% evidence
Exact sum: 19.5 + 16 + 9.1 + 9.8 = 54.4 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
4Essential Utilities, Inc.WTRG	53.5/100Mixed-positive evidence81% evidence	TURNING	11.7/35 Revenue 13.1% · PAT -10.5% · OPM change -7.2 pp 83% evidence	16.2/25 ROCE 1.7% · OPM 36% 76% evidence	15.7/20 P/E 20.4× · PEG 0.81 65% evidence	9.9/20 RS sector 0.9% · RS bench -9.3% · 1Y 2%0 of 12 weeks ahead 100% evidence
Exact sum: 11.7 + 16.2 + 15.7 + 9.9 = 53.5 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
5California Water Service GroupCWT	52.9/100Thin evidence · provisional58% evidence	TURNING	16.8/35 Revenue — · PAT — · OPM change -2.5 pp 45% evidence	9.3/25 ROCE 1.4% · OPM 8.5% 76% evidence	9.7/20 P/E 21.9× · PEG — 15% evidence	17.1/20 RS sector 8.9% · RS bench -1.9% · 1Y 7.5%4 of 12 weeks ahead 100% evidence
Exact sum: 16.8 + 9.3 + 9.7 + 17.1 = 52.9 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
6H2O AmericaHTO	52.7/100Thin evidence · provisional58% evidence	TURNING	16.4/35 Revenue — · PAT — · OPM change -1 pp 45% evidence	10.3/25 ROCE 0.9% · OPM 20.4% 76% evidence	10.3/20 P/E 21.5× · PEG — 15% evidence	15.7/20 RS sector 14.7% · RS bench 3.5% · 1Y 23.8%1 of 12 weeks ahead 100% evidence
Exact sum: 16.4 + 10.3 + 10.3 + 15.7 = 52.7 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
7Pure Cycle CorporationPCYO	51.0/100Mixed-positive evidence79% evidence	BASING	22.5/35 Revenue 17.9% · PAT 7.1% · OPM change -0.3 pp 95% evidence	10.8/25 ROCE 1.4% · OPM 25.7% 76% evidence	11.7/20 P/E 17× · PEG 1.55 65% evidence	6.0/20 RS sector -3.5% · RS bench -13.1% · 1Y 6.8%0 of 12 weeks ahead 70% evidence
Exact sum: 22.5 + 10.8 + 11.7 + 6 = 51 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8Artesian Resources CorporationARTNA	50.9/100Mixed-positive evidence75% evidence	TURNING	18.7/35 Revenue 5.5% · PAT 6.7% · OPM change 1.2 pp 83% evidence	9.8/25 ROCE 0.8% · OPM 22.6% 76% evidence	11.0/20 P/E 14.1× · PEG 1.63 65% evidence	11.4/20 RS sector 3.4% · RS bench -6.9% · 1Y 1.2%1 of 12 weeks ahead 70% evidence
Exact sum: 18.7 + 9.8 + 11 + 11.4 = 50.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9Consolidated Water Co. Ltd.CWCO	41.7/100Mixed-negative evidence75% evidence	BASING	13.6/35 Revenue 1.6% · PAT 12.5% · OPM change -2.2 pp 83% evidence	12.3/25 ROCE 1.5% · OPM 11.5% 76% evidence	11.1/20 P/E 31× · PEG 1.17 65% evidence	4.7/20 RS sector -11% · RS bench -20.2% · 1Y 1.8%0 of 12 weeks ahead 70% evidence
Exact sum: 13.6 + 12.3 + 11.1 + 4.7 = 41.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10The York Water CompanyYORW	38.4/100Mixed-negative evidence75% evidence	TURNING	12.3/35 Revenue 2.6% · PAT 5% · OPM change -2.4 pp 83% evidence	12.1/25 ROCE 1% · OPM 31.6% 76% evidence	6.6/20 P/E 20.7× · PEG 2.84 65% evidence	7.4/20 RS sector -1.5% · RS bench -11.4% · 1Y 0.2%0 of 12 weeks ahead 70% evidence
Exact sum: 12.3 + 12.1 + 6.6 + 7.4 = 38.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11Cadiz Inc.CDZI	34.8/100Thin evidence · provisional55% evidence	ASLEEP	18.8/35 Revenue 25% · PAT — · OPM change -163.8 pp 62% evidence	3.0/25 ROCE -5.2% · OPM -418.8% 76% evidence	10.0/20 P/E — · PEG — 0% evidence	3.0/20 RS sector -33% · RS bench -40% · 1Y -6.2%0 of 12 weeks ahead 70% evidence
Exact sum: 18.8 + 3 + 10 + 3 = 34.8 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
12Global Water Resources, Inc.GWRS	28.9/100Adverse evidence75% evidence	BASING	8.4/35 Revenue 7.5% · PAT -50% · OPM change -7.2 pp 83% evidence	4.9/25 ROCE 0.1% · OPM 2.9% 76% evidence	11.8/20 P/E 108.4× · PEG 1.06 65% evidence	3.8/20 RS sector -13.3% · RS bench -22.3% · 1Y -25.4%0 of 12 weeks ahead 70% evidence
Exact sum: 8.4 + 4.9 + 11.8 + 3.8 = 28.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

Showing 10 of 12 companies

04 · what price has already done

Market action

H2O America has the strongest one-year price move in Utilities - Regulated Water at +23.8%. It also leads on Mansfield relative strength against the S&P 500 at +3.5%. 2 of 12 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-08-04.

Price and relative strength

Every company, the sector's own index and S&P 500 all start level on the left edge of the window, so only the distance between the lines counts — the highest line has risen the most since then, and the chart at the top of this page is drawn the same way. It opens on one year; the buttons beside it stretch that to three or five.

05 · compare level, then change

Revenue Scale & Growth Durability

Essential Utilities, Inc. has the highest Revenue among the 12 Utilities - Regulated Water companies compared here, at $2,553 million. American States Water Company is next at $679 million. Cadiz Inc. has the highest Revenue growth at 25%, so level and change sit with different companies. 8 of 12 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Essential Utilities, Inc. is the scale leader at $2,553 million, 276% ahead of American States Water Company. 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.

LeaderEssential Utilities, Inc. · $2,553 million

Gap276% versus #2 · American States Water Company

Persistence7/8 recent comparable periods

Coverage8/12 companies · 229 observations

Investor read: Essential Utilities, 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: Essential Utilities, Inc.'s growth falls below Cadiz Inc.'s for two consecutive comparable reports while operating margin also compresses.

Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

Revenuelargest

1Essential Utilities, Inc. WTRG$2.6B

2American States Water Company AWR$679M

3Consolidated Water Co. Ltd. CWCO$129M

4Artesian Resources Corporation ARTNA$115M

5The York Water Company YORW$78M

Revenue growthfastest growers

1Cadiz Inc. CDZI25%

2Pure Cycle Corporation PCYO18%

3Essential Utilities, Inc. WTRG13%

4American States Water Company AWR12%

5Global Water Resources, Inc. GWRS7.6%

Revenue · company comparison

8/12 level · 8/12 change

On every company-comparison chart on this page: solid lines show level, dotted lines show change when “Both” is selected, and a missing report breaks the line rather than being invented.

All-company data · latest reported quarter

In every all-company table on this page, each figure is the company’s latest single reported quarter. The rankings above them use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	Revenue	Revenue growth	Reported
American Water Works Company, Inc. AWK	$1.2B	5.7%	Jun 2026
Essential Utilities, Inc. WTRG	$862M	10.0%	Mar 2026
California Water Service Group CWT	$215M	5.4%	Jun 2026
H2O America HTO	$183M	8.9%	Jun 2026
American States Water Company AWR	$169M	14%	Mar 2026
Middlesex Water Company MSEX	$49M	11%	Jun 2026
Consolidated Water Co. Ltd. CWCO	$30M	-12%	Mar 2026
Artesian Resources Corporation ARTNA	$28M	7.7%	Mar 2026
The York Water Company YORW	$20M	11%	Mar 2026
Global Water Resources, Inc. GWRS	$13M	8.3%	Mar 2026
Pure Cycle Corporation PCYO	$8M	60%	Jun 2026
Cadiz Inc. CDZI	$2M	-33%	Mar 2026

Full 20-quarter history · every available company

Revenue · reported quarter history

American States Water Company · AWR

Sep 2021$137M

Dec 2021$117M

Mar 2022$109M

Jun 2022$123M

Sep 2022$135M

Dec 2022$125M

Mar 2023$161M

Jun 2023$157M

Sep 2023$152M

Dec 2023$125M

Mar 2024$135M

Jun 2024$155M

Sep 2024$162M

Dec 2024$143M

Mar 2025$148M

Jun 2025$163M

Sep 2025$183M

Dec 2025$164M

Mar 2026$169M

Jun 2026—

American Water Works Company, Inc. · AWK

Sep 2021$1.1B

Dec 2021$951M

Mar 2022$842M

Jun 2022$937M

Sep 2022$1.1B

Dec 2022$931M

Mar 2023$938M

Jun 2023$1.1B

Sep 2023$1.2B

Dec 2023$1.0B

Mar 2024$1.0B

Jun 2024$1.1B

Sep 2024$1.3B

Dec 2024$1.2B

Mar 2025$1.1B

Jun 2025$1.3B

Sep 2025$1.5B

Dec 2025$1.3B

Mar 2026$1.2B

Jun 2026—

Artesian Resources Corporation · ARTNA

Sep 2021$25M

Dec 2021$23M

Mar 2022$22M

Jun 2022$25M

Sep 2022$27M

Dec 2022$25M

Mar 2023$22M

Jun 2023$25M

Sep 2023$27M

Dec 2023$25M

Mar 2024$25M

Jun 2024$27M

Sep 2024$29M

Dec 2024$27M

Mar 2025$26M

Jun 2025$29M

Sep 2025$30M

Dec 2025$28M

Mar 2026$28M

Jun 2026—

Cadiz Inc. · CDZI

Sep 2021$0M

Dec 2021$0M

Mar 2022$0M

Jun 2022$0M

Sep 2022$1M

Dec 2022$1M

Mar 2023$0M

Jun 2023$1M

Sep 2023$0M

Dec 2023$1M

Mar 2024$1M

Jun 2024$1M

Sep 2024$3M

Dec 2024$5M

Mar 2025$3M

Jun 2025$4M

Sep 2025$4M

Dec 2025$5M

Mar 2026$2M

Jun 2026—

California Water Service Group · CWT

Sep 2021$257M

Dec 2021$173M

Mar 2022$173M

Jun 2022$206M

Sep 2022$266M

Dec 2022$201M

Mar 2023$131M

Jun 2023$194M

Sep 2023$255M

Dec 2023$215M

Mar 2024$271M

Jun 2024$244M

Sep 2024$300M

Dec 2024$222M

Mar 2025$204M

Jun 2025$265M

Sep 2025$311M

Dec 2025$220M

Mar 2026$215M

Jun 2026—

Consolidated Water Co. Ltd. · CWCO

Sep 2021$16M

Dec 2021$17M

Mar 2022$20M

Jun 2022$21M

Sep 2022$25M

Dec 2022$28M

Mar 2023$33M

Jun 2023$44M

Sep 2023$50M

Dec 2023$53M

Mar 2024$40M

Jun 2024$32M

Sep 2024$33M

Dec 2024$28M

Mar 2025$34M

Jun 2025$34M

Sep 2025$35M

Dec 2025$30M

Mar 2026$30M

Jun 2026—

Essential Utilities, Inc. · WTRG

Sep 2021$362M

Dec 2021$536M

Mar 2022$699M

Jun 2022$449M

Sep 2022$435M

Dec 2022$705M

Mar 2023$726M

Jun 2023$437M

Sep 2023$411M

Dec 2023$479M

Mar 2024$612M

Jun 2024$434M

Sep 2024$435M

Dec 2024$604M

Mar 2025$784M

Jun 2025$515M

Sep 2025$477M

Dec 2025$699M

Mar 2026$862M

Jun 2026—

Global Water Resources, Inc. · GWRS

Sep 2021$11M

Dec 2021$10M

Mar 2022$10M

Jun 2022$12M

Sep 2022$12M

Dec 2022$11M

Mar 2023$13M

Jun 2023$13M

Sep 2023$15M

Dec 2023$12M

Mar 2024$12M

Jun 2024$14M

Sep 2024$14M

Dec 2024$13M

Mar 2025$12M

Jun 2025$14M

Sep 2025$16M

Dec 2025$14M

Mar 2026$13M

Jun 2026—

H2O America · HTO

Sep 2021$167M

Dec 2021$140M

Mar 2022$124M

Jun 2022$149M

Sep 2022$176M

Dec 2022$171M

Mar 2023$137M

Jun 2023$157M

Sep 2023$205M

Dec 2023$171M

Mar 2024$149M

Jun 2024$176M

Sep 2024$225M

Dec 2024$198M

Mar 2025$168M

Jun 2025$198M

Sep 2025$241M

Dec 2025$194M

Mar 2026$183M

Jun 2026—

Middlesex Water Company · MSEX

Sep 2021$40M

Dec 2021$34M

Mar 2022$36M

Jun 2022$40M

Sep 2022$48M

Dec 2022$39M

Mar 2023$38M

Jun 2023$43M

Sep 2023$47M

Dec 2023$39M

Mar 2024$41M

Jun 2024$49M

Sep 2024$55M

Dec 2024$47M

Mar 2025$44M

Jun 2025$49M

Sep 2025$54M

Dec 2025$47M

Mar 2026$49M

Jun 2026—

Pure Cycle Corporation · PCYO

Sep 2021$5M

Dec 2021$4M

Mar 2022$5M

Jun 2022$3M

Sep 2022$11M

Dec 2022$1M

Mar 2023$3M

Jun 2023$7M

Sep 2023$3M

Dec 2023$5M

Mar 2024$3M

Jun 2024$8M

Sep 2024$13M

Dec 2024$6M

Mar 2025$4M

Jun 2025$5M

Sep 2025$11M

Dec 2025$9M

Mar 2026$5M

Jun 2026$8M

The York Water Company · YORW

Sep 2021$15M

Dec 2021$14M

Mar 2022$14M

Jun 2022$15M

Sep 2022$16M

Dec 2022$15M

Mar 2023$15M

Jun 2023$19M

Sep 2023$19M

Dec 2023$18M

Mar 2024$18M

Jun 2024$19M

Sep 2024$20M

Dec 2024$19M

Mar 2025$18M

Jun 2025$19M

Sep 2025$20M

Dec 2025$19M

Mar 2026$20M

Jun 2026—

Revenue growth · reported quarter history

American States Water Company · AWR

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022-3.9%

Sep 2022-1.5%

Dec 20226.8%

Mar 202348%

Jun 202328%

Sep 202313%

Dec 20230.0%

Mar 2024-16%

Jun 2024-1.3%

Sep 20246.6%

Dec 202414%

Mar 20259.6%

Jun 20255.2%

Sep 202513%

Dec 202515%

Mar 202614%

Jun 2026—

American Water Works Company, Inc. · AWK

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022-6.2%

Sep 2022-0.9%

Dec 2022-2.1%

Mar 202311%

Jun 202317%

Sep 20237.9%

Dec 202311%

Mar 20247.8%

Jun 20244.7%

Sep 202413%

Dec 202416%

Mar 202513%

Jun 202511%

Sep 20259.7%

Dec 20255.8%

Mar 20265.7%

Jun 2026—

Artesian Resources Corporation · ARTNA

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202214%

Sep 20228.0%

Dec 20228.7%

Mar 20230.0%

Jun 20230.0%

Sep 20230.0%

Dec 20230.0%

Mar 202414%

Jun 20248.0%

Sep 20247.4%

Dec 20248.0%

Mar 20254.0%

Jun 20257.4%

Sep 20253.5%

Dec 20253.7%

Mar 20267.7%

Jun 2026—

Cadiz Inc. · CDZI

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023-100%

Dec 20230.0%

Mar 2024—

Jun 20240.0%

Sep 2024—

Dec 2024400%

Mar 2025200%

Jun 2025300%

Sep 202533%

Dec 20250.0%

Mar 2026-33%

Jun 2026—

California Water Service Group · CWT

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022-3.3%

Sep 20223.5%

Dec 202216%

Mar 2023-24%

Jun 2023-5.8%

Sep 2023-4.1%

Dec 20237.0%

Mar 2024107%

Jun 202426%

Sep 202418%

Dec 20243.3%

Mar 2025-25%

Jun 20258.6%

Sep 20253.7%

Dec 2025-0.9%

Mar 20265.4%

Jun 2026—

Consolidated Water Co. Ltd. · CWCO

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202224%

Sep 202256%

Dec 202265%

Mar 202365%

Jun 2023110%

Sep 2023100%

Dec 202389%

Mar 202421%

Jun 2024-27%

Sep 2024-34%

Dec 2024-47%

Mar 2025-15%

Jun 20256.3%

Sep 20256.1%

Dec 20257.1%

Mar 2026-12%

Jun 2026—

Essential Utilities, Inc. · WTRG

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202213%

Sep 202220%

Dec 202232%

Mar 20233.9%

Jun 2023-2.7%

Sep 2023-5.5%

Dec 2023-32%

Mar 2024-16%

Jun 2024-0.7%

Sep 20245.8%

Dec 202426%

Mar 202528%

Jun 202519%

Sep 20259.7%

Dec 202516%

Mar 202610.0%

Jun 2026—

Global Water Resources, Inc. · GWRS

Sep 2021—

Dec 2021—

Mar 2022—

Jun 20229.1%

Sep 20229.1%

Dec 202210%

Mar 202330%

Jun 20238.3%

Sep 202325%

Dec 20239.1%

Mar 2024-7.7%

Jun 20247.7%

Sep 2024-6.7%

Dec 20248.3%

Mar 20250.0%

Jun 20250.0%

Sep 202514%

Dec 20257.7%

Mar 20268.3%

Jun 2026—

H2O America · HTO

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022-2.0%

Sep 20225.4%

Dec 202222%

Mar 202310%

Jun 20235.4%

Sep 202316%

Dec 20230.0%

Mar 20248.8%

Jun 202412%

Sep 20249.8%

Dec 202416%

Mar 202513%

Jun 202513%

Sep 20257.1%

Dec 2025-2.0%

Mar 20268.9%

Jun 2026—

Middlesex Water Company · MSEX

Sep 2021—

Dec 2021—

Mar 2022—

Jun 20228.1%

Sep 202220%

Dec 202215%

Mar 20235.6%

Jun 20237.5%

Sep 2023-2.1%

Dec 20230.0%

Mar 20247.9%

Jun 202414%

Sep 202417%

Dec 202421%

Mar 20257.3%

Jun 20250.0%

Sep 2025-1.8%

Dec 20250.0%

Mar 202611%

Jun 2026—

Pure Cycle Corporation · PCYO

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022120%

Dec 2022-75%

Mar 2023-40%

Jun 2023133%

Sep 2023-73%

Dec 2023400%

Mar 20240.0%

Jun 202414%

Sep 2024333%

Dec 202420%

Mar 202533%

Jun 2025-38%

Sep 2025-15%

Dec 202550%

Mar 202625%

Jun 202660%

The York Water Company · YORW

Sep 2021—

Dec 2021—

Mar 2022—

Jun 20227.1%

Sep 20226.7%

Dec 20227.1%

Mar 20237.1%

Jun 202327%

Sep 202319%

Dec 202320%

Mar 202420%

Jun 20240.0%

Sep 20245.3%

Dec 20245.6%

Mar 20250.0%

Jun 20250.0%

Sep 20250.0%

Dec 20250.0%

Mar 202611%

Jun 2026—

06 · compare level, then change

Operating Economics & Margin Trend

Essential Utilities, Inc. has the highest OPM among the 12 Utilities - Regulated Water companies compared here, at 36%. American Water Works Company, Inc. is next at 32.4%. Artesian Resources Corporation has the highest Margin change at +1.2 percentage points, so level and change sit with different companies. Its OPM series carries 19 reported observations across the 20-quarter window.

What the numbers say: Essential Utilities, Inc. leads opm at 36%; Artesian Resources Corporation leads margin change at +1.2 percentage points.

LeaderEssential Utilities, Inc. · 36%

Gap11.1% versus #2 · American Water Works Company, Inc.

Persistence4/8 recent comparable periods

Coverage12/12 companies · 222 observations

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.

Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

OPMhighest

1Essential Utilities, Inc. WTRG36%

2American Water Works Company, Inc. AWK32%

3The York Water Company YORW32%

4American States Water Company AWR30%

5Middlesex Water Company MSEX27%

Margin changefastest expanders

1Artesian Resources Corporation ARTNA+1.2 pp

2Middlesex Water Company MSEX+0.8 pp

3American Water Works Company, Inc. AWK−0.1 pp

4Pure Cycle Corporation PCYO−0.3 pp

5American States Water Company AWR−0.4 pp

Operating margin · company comparison

12/12 level · 12/12 change

All-company data · latest reported quarter

Company	OPM	Margin change	Reported
Essential Utilities, Inc. WTRG	36%	−7.2 pp	Mar 2026
American Water Works Company, Inc. AWK	32%	−0.1 pp	Jun 2026
The York Water Company YORW	32%	−2.4 pp	Mar 2026
American States Water Company AWR	30%	−0.4 pp	Mar 2026
Middlesex Water Company MSEX	27%	+0.8 pp	Jun 2026
Pure Cycle Corporation PCYO	26%	−0.3 pp	Jun 2026
Artesian Resources Corporation ARTNA	23%	+1.2 pp	Mar 2026
H2O America HTO	20%	−1.0 pp	Jun 2026
Consolidated Water Co. Ltd. CWCO	12%	−2.2 pp	Mar 2026
California Water Service Group CWT	8.5%	−2.5 pp	Jun 2026
Global Water Resources, Inc. GWRS	2.9%	−7.2 pp	Mar 2026
Cadiz Inc. CDZI	-419%	−163.8 pp	Mar 2026

Full 20-quarter history · every available company

OPM · reported quarter history

American States Water Company · AWR

Sep 202131%

Dec 202126%

Mar 202222%

Jun 202228%

Sep 202230%

Dec 202222%

Mar 202332%

Jun 202337%

Sep 202334%

Dec 202328%

Mar 202429%

Jun 202433%

Sep 202434%

Dec 202427%

Mar 202531%

Jun 202531%

Sep 202534%

Dec 202527%

Mar 202630%

Jun 2026—

American Water Works Company, Inc. · AWK

Sep 202138%

Dec 202123%

Mar 202229%

Jun 202235%

Sep 202241%

Dec 202228%

Mar 202331%

Jun 202339%

Sep 202341%

Dec 202329%

Mar 202432%

Jun 202439%

Sep 202441%

Dec 202433%

Mar 202533%

Jun 202538%

Sep 202542%

Dec 202532%

Mar 202632%

Jun 2026—

Artesian Resources Corporation · ARTNA

Sep 202128%

Dec 202121%

Mar 202221%

Jun 202227%

Sep 202230%

Dec 202217%

Mar 202318%

Jun 202325%

Sep 202325%

Dec 202323%

Mar 202419%

Jun 202426%

Sep 202430%

Dec 202421%

Mar 202521%

Jun 202528%

Sep 202528%

Dec 202521%

Mar 202623%

Jun 2026—

Cadiz Inc. · 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—

California Water Service Group · CWT

Sep 202128%

Dec 202142%

Mar 20225.3%

Jun 202213%

Sep 202224%

Dec 202245%

Mar 2023-13%

Jun 20238.2%

Sep 202317%

Dec 202349%

Mar 202429%

Jun 202420%

Sep 202422%

Dec 202446%

Mar 202511%

Jun 202520%

Sep 202523%

Dec 202512%

Mar 20268.5%

Jun 2026—

Consolidated Water Co. Ltd. · CWCO

Sep 20218.1%

Dec 20216.7%

Mar 202212%

Jun 202212%

Sep 20224.9%

Dec 202211%

Mar 202314%

Jun 202321%

Sep 202322%

Dec 202323%

Mar 202418%

Jun 202415%

Sep 202415%

Dec 20243.8%

Mar 202514%

Jun 202516%

Sep 202516%

Dec 20259.1%

Mar 202612%

Jun 2026—

Essential Utilities, Inc. · WTRG

Sep 202128%

Dec 202126%

Mar 202233%

Jun 202231%

Sep 202229%

Dec 202224%

Mar 202331%

Jun 202336%

Sep 202333%

Dec 202336%

Mar 202438%

Jun 202433%

Sep 202436%

Dec 202438%

Mar 202543%

Jun 202536%

Sep 202536%

Dec 202533%

Mar 202636%

Jun 2026—

Global Water Resources, Inc. · GWRS

Sep 202120%

Dec 202113%

Mar 202214%

Jun 202221%

Sep 202223%

Dec 202211%

Mar 202329%

Jun 202323%

Sep 202326%

Dec 202313%

Mar 202411%

Jun 202421%

Sep 202428%

Dec 20249.9%

Mar 202510%

Jun 202518%

Sep 202519%

Dec 20252.7%

Mar 20262.9%

Jun 2026—

H2O America · HTO

Sep 202120%

Dec 202123%

Mar 202213%

Jun 202218%

Sep 202221%

Dec 202229%

Mar 202318%

Jun 202320%

Sep 202328%

Dec 202321%

Mar 202419%

Jun 202423%

Sep 202426%

Dec 202422%

Mar 202521%

Jun 202522%

Sep 202527%

Dec 202517%

Mar 202620%

Jun 2026—

Middlesex Water Company · MSEX

Sep 202129%

Dec 202119%

Mar 202235%

Jun 202225%

Sep 202235%

Dec 202221%

Mar 202320%

Jun 202325%

Sep 202327%

Dec 202321%

Mar 202424%

Jun 202431%

Sep 202432%

Dec 202422%

Mar 202526%

Jun 202528%

Sep 202533%

Dec 202524%

Mar 202627%

Jun 2026—

Pure Cycle Corporation · PCYO

Sep 202140%

Dec 202135%

Mar 202232%

Jun 202220%

Sep 202260%

Dec 2022-111%

Mar 2023-8.0%

Jun 202355%

Sep 20231.3%

Dec 202333%

Mar 2024-12%

Jun 202440%

Sep 202462%

Dec 202430%

Mar 2025-33%

Jun 202526%

Sep 202553%

Dec 202548%

Mar 20265.1%

Jun 202626%

The York Water Company · YORW

Sep 202146%

Dec 202140%

Mar 202237%

Jun 202244%

Sep 202243%

Dec 202238%

Mar 202335%

Jun 202345%

Sep 202345%

Dec 202340%

Mar 202435%

Jun 202438%

Sep 202441%

Dec 202436%

Mar 202534%

Jun 202537%

Sep 202539%

Dec 202533%

Mar 202632%

Jun 2026—

Margin change · reported quarter history

American States Water Company · 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—

American Water Works Company, Inc. · 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 20240.0 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—

Artesian Resources Corporation · 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—

Cadiz Inc. · 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—

California Water Service Group · 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—

Consolidated Water Co. Ltd. · 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—

Essential Utilities, Inc. · 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 20250.0 pp

Dec 2025−5.0 pp

Mar 2026−7.2 pp

Jun 2026—

Global Water Resources, Inc. · 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—

H2O America · 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—

Middlesex Water Company · 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—

Pure Cycle Corporation · 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

The York Water Company · 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—

07 · compare level, then change

Profit Scale & Acceleration

Essential Utilities, Inc. has the highest Net profit among the 12 Utilities - Regulated Water companies compared here, at $565 million. American States Water Company is next at $134 million. Consolidated Water Co. Ltd. has the highest Profit growth at 12.5%, so level and change sit with different companies.

What the numbers say: Essential Utilities, Inc. leads with $565 million of TTM profit, 321.6% above American States Water Company. 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.

LeaderEssential Utilities, Inc. · $565 million

Gap321.6% versus #2 · American States Water Company

Persistence5/8 recent comparable periods

Coverage8/12 companies · 229 observations

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 profit growth signal.

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 profitlargest

1Essential Utilities, Inc. WTRG$565M

2American States Water Company AWR$134M

3The York Water Company YORW$21M

4Consolidated Water Co. Ltd. CWCO$18M

5Artesian Resources Corporation ARTNA$16M

Profit growthfastest growers

1Consolidated Water Co. Ltd. CWCO13%

2American States Water Company AWR8.9%

3Pure Cycle Corporation PCYO7.1%

4Artesian Resources Corporation ARTNA6.7%

5The York Water Company YORW5.0%

Net profit · company comparison

8/12 level · 7/12 change

All-company data · latest reported quarter

Company	Net profit	Profit growth	Reported
Essential Utilities, Inc. WTRG	$224M	-21%	Mar 2026
American Water Works Company, Inc. AWK	$196M	-4.4%	Jun 2026
American States Water Company AWR	$30M	11%	Mar 2026
H2O America HTO	$19M	12%	Jun 2026
Middlesex Water Company MSEX	$11M	22%	Jun 2026
The York Water Company YORW	$5M	25%	Mar 2026
California Water Service Group CWT	$4M	-69%	Jun 2026
Consolidated Water Co. Ltd. CWCO	$4M	-20%	Mar 2026
Artesian Resources Corporation ARTNA	$4M	0.0%	Mar 2026
Pure Cycle Corporation PCYO	$3M	50%	Jun 2026
Global Water Resources, Inc. GWRS	$0M	-100%	Mar 2026
Cadiz Inc. CDZI	$-9M	—	Mar 2026

Full 20-quarter history · every available company

Net profit · reported quarter history

American States Water Company · AWR

Sep 2021$28M

Dec 2021$20M

Mar 2022$14M

Jun 2022$20M

Sep 2022$26M

Dec 2022$19M

Mar 2023$34M

Jun 2023$39M

Sep 2023$32M

Dec 2023$20M

Mar 2024$23M

Jun 2024$32M

Sep 2024$36M

Dec 2024$28M

Mar 2025$27M

Jun 2025$34M

Sep 2025$41M

Dec 2025$29M

Mar 2026$30M

Jun 2026—

American Water Works Company, Inc. · AWK

Sep 2021$278M

Dec 2021$645M

Mar 2022$158M

Jun 2022$218M

Sep 2022$297M

Dec 2022$147M

Mar 2023$170M

Jun 2023$280M

Sep 2023$323M

Dec 2023$171M

Mar 2024$185M

Jun 2024$277M

Sep 2024$350M

Dec 2024$239M

Mar 2025$205M

Jun 2025$289M

Sep 2025$379M

Dec 2025$238M

Mar 2026$196M

Jun 2026—

Artesian Resources Corporation · ARTNA

Sep 2021$3M

Dec 2021$3M

Mar 2022$3M

Jun 2022$3M

Sep 2022$4M

Dec 2022$2M

Mar 2023$2M

Jun 2023$3M

Sep 2023$3M

Dec 2023$3M

Mar 2024$3M

Jun 2024$3M

Sep 2024$4M

Dec 2024$4M

Mar 2025$4M

Jun 2025$4M

Sep 2025$4M

Dec 2025$4M

Mar 2026$4M

Jun 2026—

Cadiz Inc. · CDZI

Sep 2021$-8M

Dec 2021$-6M

Mar 2022$-6M

Jun 2022$-5M

Sep 2022$-7M

Dec 2022$-7M

Mar 2023$-11M

Jun 2023$-7M

Sep 2023$-7M

Dec 2023$-7M

Mar 2024$-7M

Jun 2024$-9M

Sep 2024$-7M

Dec 2024$-9M

Mar 2025$-10M

Jun 2025$-8M

Sep 2025$-7M

Dec 2025$-10M

Mar 2026$-9M

Jun 2026—

California Water Service Group · CWT

Sep 2021$62M

Dec 2021$3M

Mar 2022$1M

Jun 2022$19M

Sep 2022$56M

Dec 2022$19M

Mar 2023$-22M

Jun 2023$9M

Sep 2023$34M

Dec 2023$30M

Mar 2024$70M

Jun 2024$40M

Sep 2024$61M

Dec 2024$19M

Mar 2025$13M

Jun 2025$42M

Sep 2025$61M

Dec 2025$11M

Mar 2026$4M

Jun 2026—

Consolidated Water Co. Ltd. · CWCO

Sep 2021$1M

Dec 2021$2M

Mar 2022$3M

Jun 2022$3M

Sep 2022$1M

Dec 2022$3M

Mar 2023$4M

Jun 2023$8M

Sep 2023$9M

Dec 2023$10M

Mar 2024$7M

Jun 2024$4M

Sep 2024$5M

Dec 2024$2M

Mar 2025$5M

Jun 2025$5M

Sep 2025$6M

Dec 2025$3M

Mar 2026$4M

Jun 2026—

Essential Utilities, Inc. · WTRG

Sep 2021$51M

Dec 2021$117M

Mar 2022$199M

Jun 2022$82M

Sep 2022$69M

Dec 2022$115M

Mar 2023$191M

Jun 2023$91M

Sep 2023$80M

Dec 2023$135M

Mar 2024$266M

Jun 2024$77M

Sep 2024$85M

Dec 2024$185M

Mar 2025$284M

Jun 2025$112M

Sep 2025$96M

Dec 2025$133M

Mar 2026$224M

Jun 2026—

Global Water Resources, Inc. · GWRS

Sep 2021$1M

Dec 2021$0M

Mar 2022$1M

Jun 2022$2M

Sep 2022$2M

Dec 2022$1M

Mar 2023$2M

Jun 2023$2M

Sep 2023$3M

Dec 2023$1M

Mar 2024$1M

Jun 2024$2M

Sep 2024$3M

Dec 2024$0M

Mar 2025$1M

Jun 2025$2M

Sep 2025$2M

Dec 2025$-1M

Mar 2026$0M

Jun 2026—

H2O America · HTO

Sep 2021$19M

Dec 2021$18M

Mar 2022$4M

Jun 2022$12M

Sep 2022$25M

Dec 2022$33M

Mar 2023$12M

Jun 2023$18M

Sep 2023$36M

Dec 2023$19M

Mar 2024$12M

Jun 2024$21M

Sep 2024$39M

Dec 2024$23M

Mar 2025$17M

Jun 2025$25M

Sep 2025$45M

Dec 2025$16M

Mar 2026$19M

Jun 2026—

Middlesex Water Company · MSEX

Sep 2021$11M

Dec 2021$7M

Mar 2022$12M

Jun 2022$9M

Sep 2022$14M

Dec 2022$7M

Mar 2023$6M

Jun 2023$10M

Sep 2023$10M

Dec 2023$6M

Mar 2024$11M

Jun 2024$11M

Sep 2024$14M

Dec 2024$9M

Mar 2025$9M

Jun 2025$11M

Sep 2025$14M

Dec 2025$9M

Mar 2026$11M

Jun 2026—

Pure Cycle Corporation · PCYO

Sep 2021$3M

Dec 2021$2M

Mar 2022$3M

Jun 2022$1M

Sep 2022$9M

Dec 2022$0M

Mar 2023$0M

Jun 2023$3M

Sep 2023$1M

Dec 2023$2M

Mar 2024$0M

Jun 2024$3M

Sep 2024$7M

Dec 2024$4M

Mar 2025$1M

Jun 2025$2M

Sep 2025$6M

Dec 2025$5M

Mar 2026$1M

Jun 2026$3M

The York Water Company · YORW

Sep 2021$5M

Dec 2021$4M

Mar 2022$4M

Jun 2022$5M

Sep 2022$6M

Dec 2022$5M

Mar 2023$4M

Jun 2023$7M

Sep 2023$8M

Dec 2023$6M

Mar 2024$4M

Jun 2024$5M

Sep 2024$6M

Dec 2024$5M

Mar 2025$4M

Jun 2025$5M

Sep 2025$6M

Dec 2025$5M

Mar 2026$5M

Jun 2026—

Profit growth · reported quarter history

American States Water Company · AWR

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022-26%

Sep 2022-7.1%

Dec 2022-5.0%

Mar 2023143%

Jun 202395%

Sep 202323%

Dec 20235.3%

Mar 2024-32%

Jun 2024-18%

Sep 202413%

Dec 202440%

Mar 202517%

Jun 20256.3%

Sep 202514%

Dec 20253.6%

Mar 202611%

Jun 2026—

American Water Works Company, Inc. · AWK

Sep 2021—

Dec 2021—

Mar 2022—

Jun 20225.3%

Sep 20226.8%

Dec 2022-77%

Mar 20237.6%

Jun 202328%

Sep 20238.8%

Dec 202316%

Mar 20248.8%

Jun 2024-1.1%

Sep 20248.4%

Dec 202440%

Mar 202511%

Jun 20254.3%

Sep 20258.3%

Dec 2025-0.4%

Mar 2026-4.4%

Jun 2026—

Artesian Resources Corporation · ARTNA

Sep 2021—

Dec 2021—

Mar 2022—

Jun 20220.0%

Sep 202233%

Dec 2022-33%

Mar 2023-33%

Jun 20230.0%

Sep 2023-25%

Dec 202350%

Mar 202450%

Jun 20240.0%

Sep 202433%

Dec 202433%

Mar 202533%

Jun 202533%

Sep 20250.0%

Dec 20250.0%

Mar 20260.0%

Jun 2026—

California Water Service Group · CWT

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022-50%

Sep 2022-9.7%

Dec 2022533%

Mar 2023-2,300%

Jun 2023-53%

Sep 2023-39%

Dec 202358%

Mar 2024—

Jun 2024344%

Sep 202479%

Dec 2024-37%

Mar 2025-81%

Jun 20255.0%

Sep 20250.0%

Dec 2025-42%

Mar 2026-69%

Jun 2026—

Consolidated Water Co. Ltd. · CWCO

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 20220.0%

Dec 202250%

Mar 202333%

Jun 2023167%

Sep 2023800%

Dec 2023233%

Mar 202475%

Jun 2024-50%

Sep 2024-44%

Dec 2024-80%

Mar 2025-29%

Jun 202525%

Sep 202520%

Dec 202550%

Mar 2026-20%

Jun 2026—

Essential Utilities, Inc. · WTRG

Sep 2021—

Dec 2021—

Mar 2022—

Jun 20221.2%

Sep 202235%

Dec 2022-1.7%

Mar 2023-4.0%

Jun 202311%

Sep 202316%

Dec 202317%

Mar 202439%

Jun 2024-15%

Sep 20246.3%

Dec 202437%

Mar 20256.8%

Jun 202545%

Sep 202513%

Dec 2025-28%

Mar 2026-21%

Jun 2026—

Global Water Resources, Inc. · GWRS

Sep 2021—

Dec 2021—

Mar 2022—

Jun 20220.0%

Sep 2022100%

Dec 2022—

Mar 2023100%

Jun 20230.0%

Sep 202350%

Dec 20230.0%

Mar 2024-50%

Jun 20240.0%

Sep 20240.0%

Dec 2024-100%

Mar 20250.0%

Jun 20250.0%

Sep 2025-33%

Dec 2025—

Mar 2026-100%

Jun 2026—

H2O America · HTO

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022-43%

Sep 202232%

Dec 202283%

Mar 2023200%

Jun 202350%

Sep 202344%

Dec 2023-42%

Mar 20240.0%

Jun 202417%

Sep 20248.3%

Dec 202421%

Mar 202542%

Jun 202519%

Sep 202515%

Dec 2025-30%

Mar 202612%

Jun 2026—

Middlesex Water Company · MSEX

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022-18%

Sep 202227%

Dec 20220.0%

Mar 2023-50%

Jun 202311%

Sep 2023-29%

Dec 2023-14%

Mar 202483%

Jun 202410%

Sep 202440%

Dec 202450%

Mar 2025-18%

Jun 20250.0%

Sep 20250.0%

Dec 20250.0%

Mar 202622%

Jun 2026—

Pure Cycle Corporation · PCYO

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022200%

Dec 2022-100%

Mar 2023-100%

Jun 2023200%

Sep 2023-89%

Dec 2023—

Mar 2024—

Jun 20240.0%

Sep 2024600%

Dec 2024100%

Mar 2025—

Jun 2025-33%

Sep 2025-14%

Dec 202525%

Mar 20260.0%

Jun 202650%

The York Water Company · YORW

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202225%

Sep 202220%

Dec 202225%

Mar 20230.0%

Jun 202340%

Sep 202333%

Dec 202320%

Mar 20240.0%

Jun 2024-29%

Sep 2024-25%

Dec 2024-17%

Mar 20250.0%

Jun 20250.0%

Sep 20250.0%

Dec 20250.0%

Mar 202625%

Jun 2026—

08 · compare level, then change

Return On Capital Employed

American States Water Company has the highest ROCE among the 12 Utilities - Regulated Water companies compared here, at 2.1%. American Water Works Company, Inc. is next at 1.7%. Cadiz Inc. has the highest ROCE change at +0.9 percentage points, so level and change sit with different companies. Its ROCE series carries 19 reported observations across the 20-quarter window.

What the numbers say: American States Water Company leads ROCE at 2.1%, 0.4 percentage points above American Water Works Company, 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.

LeaderAmerican States Water Company · 2.1%

Gap23.5% versus #2 · American Water Works Company, Inc.

Persistence2/8 recent comparable periods

Coverage12/12 companies · 232 observations

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.

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.

ROCEhighest

1American States Water Company AWR2.1%

2American Water Works Company, Inc. AWK1.7%

3Essential Utilities, Inc. WTRG1.7%

4Consolidated Water Co. Ltd. CWCO1.5%

5Middlesex Water Company MSEX1.5%

ROCE changefastest improvers

1Cadiz Inc. CDZI+0.9 pp

2Pure Cycle Corporation PCYO+0.4 pp

3California Water Service Group CWT+0.3 pp

4Middlesex Water Company MSEX+0.3 pp

5Artesian Resources Corporation ARTNA+0.1 pp

Return on capital · company comparison

12/12 level · 12/12 change

All-company data · latest reported quarter

Company	ROCE	ROCE change	Reported
American States Water Company AWR	2.1%	0.0 pp	Mar 2026
American Water Works Company, Inc. AWK	1.7%	+0.1 pp	Jun 2026
Essential Utilities, Inc. WTRG	1.7%	−0.3 pp	Mar 2026
Middlesex Water Company MSEX	1.5%	+0.3 pp	Jun 2026
Consolidated Water Co. Ltd. CWCO	1.5%	−0.7 pp	Mar 2026
California Water Service Group CWT	1.4%	+0.3 pp	Jun 2026
Pure Cycle Corporation PCYO	1.4%	+0.4 pp	Jun 2026
The York Water Company YORW	1.0%	0.0 pp	Mar 2026
H2O America HTO	0.9%	−0.1 pp	Jun 2026
Artesian Resources Corporation ARTNA	0.8%	+0.1 pp	Mar 2026
Global Water Resources, Inc. GWRS	0.1%	−0.2 pp	Mar 2026
Cadiz Inc. CDZI	-5.2%	+0.9 pp	Mar 2026

Full 20-quarter history · every available company

ROCE · reported quarter history

American States Water Company · AWR

Sep 20212.6%

Dec 20211.8%

Mar 20221.4%

Jun 20222.1%

Sep 20222.4%

Dec 20221.6%

Mar 20232.9%

Jun 20233.3%

Sep 20232.9%

Dec 20231.9%

Mar 20242.0%

Jun 20242.6%

Sep 20242.7%

Dec 20241.8%

Mar 20252.1%

Jun 20252.3%

Sep 20252.7%

Dec 20251.9%

Mar 20262.1%

Jun 2026—

American Water Works Company, Inc. · AWK

Sep 20211.8%

Dec 20211.0%

Mar 20221.1%

Jun 20221.4%

Sep 20221.8%

Dec 20221.1%

Mar 20231.2%

Jun 20231.6%

Sep 20231.8%

Dec 20231.1%

Mar 20241.2%

Jun 20241.6%

Sep 20241.9%

Dec 20241.4%

Mar 20251.2%

Jun 20251.6%

Sep 20252.0%

Dec 20251.3%

Mar 20261.3%

Jun 20261.7%

Artesian Resources Corporation · ARTNA

Sep 20211.2%

Dec 20210.9%

Mar 20220.8%

Jun 20221.1%

Sep 20221.3%

Dec 20220.7%

Mar 20230.6%

Jun 20230.9%

Sep 20230.9%

Dec 20230.8%

Mar 20240.7%

Jun 20241.0%

Sep 20241.1%

Dec 20240.7%

Mar 20250.7%

Jun 20251.0%

Sep 20251.1%

Dec 20250.7%

Mar 20260.8%

Jun 2026—

Cadiz Inc. · 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—

California Water Service Group · CWT

Sep 20212.3%

Dec 20212.4%

Mar 20220.3%

Jun 20220.8%

Sep 20221.9%

Dec 20222.5%

Mar 2023-0.5%

Jun 20230.5%

Sep 20231.2%

Dec 20232.6%

Mar 20242.0%

Jun 20241.2%

Sep 20241.6%

Dec 20242.3%

Mar 20250.5%

Jun 20251.1%

Sep 20251.5%

Dec 20250.5%

Mar 20260.4%

Jun 20261.4%

Consolidated Water Co. Ltd. · CWCO

Sep 20210.8%

Dec 20210.7%

Mar 20221.3%

Jun 20221.5%

Sep 20220.7%

Dec 20221.9%

Mar 20232.7%

Jun 20235.4%

Sep 20236.1%

Dec 20236.8%

Mar 20244.0%

Jun 20242.6%

Sep 20242.4%

Dec 20240.5%

Mar 20252.2%

Jun 20252.4%

Sep 20252.6%

Dec 20251.2%

Mar 20261.5%

Jun 2026—

Essential Utilities, Inc. · WTRG

Sep 20210.8%

Dec 20211.0%

Mar 20221.7%

Jun 20221.0%

Sep 20220.9%

Dec 20221.2%

Mar 20231.5%

Jun 20231.0%

Sep 20230.9%

Dec 20231.1%

Mar 20241.5%

Jun 20240.9%

Sep 20241.0%

Dec 20241.4%

Mar 20252.0%

Jun 20251.1%

Sep 20251.0%

Dec 20251.3%

Mar 20261.7%

Jun 2026—

Global Water Resources, Inc. · GWRS

Sep 20210.8%

Dec 20210.5%

Mar 20220.5%

Jun 20220.9%

Sep 20220.9%

Dec 20220.4%

Mar 20231.2%

Jun 20231.0%

Sep 20231.2%

Dec 20230.5%

Mar 20240.4%

Jun 20240.8%

Sep 20241.1%

Dec 20240.4%

Mar 20250.3%

Jun 20250.7%

Sep 20250.7%

Dec 20250.1%

Mar 20260.1%

Jun 2026—

H2O America · HTO

Sep 20211.1%

Dec 20211.0%

Mar 20220.5%

Jun 20220.8%

Sep 20221.2%

Dec 20221.5%

Mar 20230.7%

Jun 20230.9%

Sep 20231.7%

Dec 20231.0%

Mar 20240.7%

Jun 20241.1%

Sep 20241.5%

Dec 20241.5%

Mar 20250.8%

Jun 20251.0%

Sep 20251.4%

Dec 20251.6%

Mar 20260.8%

Jun 20260.9%

Middlesex Water Company · MSEX

Sep 20211.3%

Dec 20210.7%

Mar 20221.3%

Jun 20221.1%

Sep 20221.7%

Dec 20220.8%

Mar 20230.8%

Jun 20231.1%

Sep 20231.2%

Dec 20230.8%

Mar 20240.9%

Jun 20241.4%

Sep 20241.5%

Dec 20240.9%

Mar 20251.0%

Jun 20251.2%

Sep 20251.5%

Dec 20250.9%

Mar 20261.1%

Jun 20261.5%

Pure Cycle Corporation · PCYO

Sep 2021—

Dec 20211.5%

Mar 20221.4%

Jun 20220.6%

Sep 20225.8%

Dec 2022-1.3%

Mar 2023-0.2%

Jun 20233.2%

Sep 20230.0%

Dec 20231.4%

Mar 2024-0.3%

Jun 20242.4%

Sep 20245.9%

Dec 20241.3%

Mar 2025-1.0%

Jun 20251.0%

Sep 20254.1%

Dec 20252.9%

Mar 20260.2%

Jun 20261.4%

The York Water Company · YORW

Sep 20211.7%

Dec 20211.3%

Mar 20221.3%

Jun 20221.5%

Sep 20221.5%

Dec 20221.2%

Mar 20231.1%

Jun 20231.7%

Sep 20231.7%

Dec 20231.3%

Mar 20241.1%

Jun 20241.3%

Sep 20241.4%

Dec 20241.1%

Mar 20251.0%

Jun 20251.2%

Sep 20251.3%

Dec 20251.0%

Mar 20261.0%

Jun 2026—

ROCE change · reported quarter history

American States Water Company · 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 20250.0 pp

Dec 2025+0.1 pp

Mar 20260.0 pp

Jun 2026—

American Water Works Company, Inc. · AWK

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 20220.0 pp

Dec 2022+0.1 pp

Mar 2023+0.1 pp

Jun 2023+0.2 pp

Sep 20230.0 pp

Dec 20230.0 pp

Mar 20240.0 pp

Jun 20240.0 pp

Sep 2024+0.1 pp

Dec 2024+0.3 pp

Mar 20250.0 pp

Jun 20250.0 pp

Sep 2025+0.1 pp

Dec 2025−0.1 pp

Mar 2026+0.1 pp

Jun 2026+0.1 pp

Artesian Resources Corporation · 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 20250.0 pp

Jun 20250.0 pp

Sep 20250.0 pp

Dec 20250.0 pp

Mar 2026+0.1 pp

Jun 2026—

Cadiz Inc. · 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 20250.0 pp

Mar 2026+0.9 pp

Jun 2026—

California Water Service Group · 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+0.3 pp

Consolidated Water Co. Ltd. · 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—

Essential Utilities, Inc. · 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 20230.0 pp

Sep 20230.0 pp

Dec 2023−0.1 pp

Mar 20240.0 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 20250.0 pp

Dec 2025−0.1 pp

Mar 2026−0.3 pp

Jun 2026—

Global Water Resources, Inc. · 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—

H2O America · 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 20240.0 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 20260.0 pp

Jun 2026−0.1 pp

Middlesex Water Company · 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 20230.0 pp

Sep 2023−0.5 pp

Dec 20230.0 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 20250.0 pp

Dec 20250.0 pp

Mar 2026+0.1 pp

Jun 2026+0.3 pp

Pure Cycle Corporation · 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

The York Water Company · 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 20240.0 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 20260.0 pp

Jun 2026—

09 · compare level, then change

Valuation Against Growth & Quality

Essential Utilities, Inc. has the lowest PEG among the 12 Utilities - Regulated Water companies compared here, at 0.81×. Global Water Resources, Inc. is next at 1.06×. Artesian Resources Corporation has the lowest P/E at 14.1×, so level and change sit with different companies. 7 of 12 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Essential Utilities, Inc. has the lowest comparable PEG at 0.81×, 23.6% below Global Water Resources, Inc.. Only 7 of 12 companies have earnings and growth steady enough for the ratio to mean anything, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

LeaderEssential Utilities, Inc. · 0.81×

Gap23.6% versus #2 · Global Water Resources, Inc.

Persistence0/8 recent comparable periods

Coverage7/12 companies · 54 observations

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.

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 feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

PEGlowest PEG

1Essential Utilities, Inc. WTRG0.8

2Global Water Resources, Inc. GWRS1.1

3Consolidated Water Co. Ltd. CWCO1.2

4Pure Cycle Corporation PCYO1.6

5Artesian Resources Corporation ARTNA1.6

P/Elowest P/E

1Artesian Resources Corporation ARTNA14.1

2Pure Cycle Corporation PCYO17.0

3Essential Utilities, Inc. WTRG20.4

4The York Water Company YORW20.7

5H2O America HTO21.5

Valuation · company comparison

7/12 level · 11/12 change

All-company data · latest reported quarter

Company	PEG	P/E	Reported
American Water Works Company, Inc. AWK	4.1	22.8	Jun 2026
American States Water Company AWR	4.0	22.1	Mar 2026
The York Water Company YORW	2.8	20.7	Mar 2026
Artesian Resources Corporation ARTNA	1.6	14.1	Mar 2026
Pure Cycle Corporation PCYO	1.6	17.0	Jun 2026
Middlesex Water Company MSEX	1.3	21.7	Jun 2026
H2O America HTO	1.1	21.5	Jun 2026
Global Water Resources, Inc. GWRS	1.1	108.4	Mar 2026
Essential Utilities, Inc. WTRG	0.8	20.4	Mar 2026
California Water Service Group CWT	—	21.9	Jun 2026
Consolidated Water Co. Ltd. CWCO	—	31.0	Mar 2026

Full 20-quarter history · every available company

PEG · reported quarter history

American States Water Company · AWR

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 20232.6

Jun 20230.6

Sep 20230.4

Dec 20230.4

Mar 20241.8

Jun 2024—

Sep 2024—

Dec 2024—

Mar 20253.9

Jun 20251.7

Sep 20251.6

Dec 20253.4

Mar 20264.0

Jun 2026—

American Water Works Company, Inc. · AWK

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 20233.2

Mar 20243.0

Jun 2024—

Sep 2024—

Dec 20242.3

Mar 20252.4

Jun 20251.9

Sep 20251.9

Dec 20254.1

Mar 2026—

Jun 2026—

Artesian Resources Corporation · 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 20240.8

Dec 20240.8

Mar 20250.7

Jun 20250.7

Sep 20251.2

Dec 20251.2

Mar 20261.6

Jun 2026—

Essential Utilities, Inc. · WTRG

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 20234.0

Mar 20240.8

Jun 20241.1

Sep 20241.7

Dec 20241.0

Mar 20253.1

Jun 20251.2

Sep 20250.8

Dec 2025—

Mar 2026—

Jun 2026—

Global Water Resources, Inc. · GWRS

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 20231.1

Jun 20231.7

Sep 20230.7

Dec 20231.1

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 2025—

Jun 2025—

Sep 2025—

Dec 2025—

Mar 2026—

Jun 2026—

H2O America · HTO

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 20231.0

Jun 2023—

Sep 2023—

Dec 20232.3

Mar 2024—

Jun 2024—

Sep 2024—

Dec 20242.5

Mar 20251.5

Jun 20251.4

Sep 20251.1

Dec 2025—

Mar 2026—

Jun 2026—

Middlesex Water Company · 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 20241.1

Dec 20240.5

Mar 20251.4

Jun 20251.3

Sep 2025—

Dec 2025—

Mar 2026—

Jun 2026—

Pure Cycle Corporation · 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 20251.8

Dec 2025—

Mar 2026—

Jun 20261.6

The York Water Company · YORW

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 20235.6

Sep 20232.1

Dec 20231.6

Mar 20241.1

Jun 20244.4

Sep 2024—

Dec 2024—

Mar 2025—

Jun 2025—

Sep 2025—

Dec 2025—

Mar 20262.8

Jun 2026—

P/E · reported quarter history

American States Water Company · AWR

Sep 202133.5

Dec 202140.6

Mar 202236.9

Jun 202236.6

Sep 202236.1

Dec 202243.9

Mar 202332.8

Jun 202327.1

Sep 202323.4

Dec 202323.9

Mar 202423.6

Jun 202425.3

Sep 202428.0

Dec 202424.5

Mar 202524.2

Jun 202523.4

Sep 202521.7

Dec 202521.5

Mar 202622.1

Jun 2026—

American Water Works Company, Inc. · AWK

Sep 202140.3

Dec 202127.2

Mar 202223.4

Jun 202220.8

Sep 202218.0

Dec 202233.8

Mar 202332.2

Jun 202329.8

Sep 202325.7

Dec 202326.9

Mar 202424.8

Jun 202426.3

Sep 202429.0

Dec 202423.1

Mar 202526.9

Jun 202525.1

Sep 202524.5

Dec 202522.9

Mar 202624.1

Jun 202622.8

Artesian Resources Corporation · ARTNA

Sep 202121.2

Dec 202125.9

Mar 202226.7

Jun 202226.3

Sep 202224.3

Dec 202230.8

Mar 202330.6

Jun 202327.5

Sep 202326.9

Dec 202324.8

Mar 202421.8

Jun 202419.8

Sep 202419.1

Dec 202416.0

Mar 202515.7

Jun 202515.5

Sep 202514.9

Dec 202514.3

Mar 202614.1

Jun 2026—

California Water Service Group · CWT

Sep 202126.8

Dec 202136.7

Mar 202229.1

Jun 202233.7

Sep 202235.6

Dec 202234.3

Mar 202343.4

Jun 202344.9

Sep 202365.7

Dec 202357.0

Mar 202418.6

Jun 202416.0

Sep 202415.7

Dec 202414.0

Mar 202521.3

Jun 202519.9

Sep 202520.0

Dec 202520.2

Mar 202622.7

Jun 202621.9

Consolidated Water Co. Ltd. · CWCO

Sep 2021—

Dec 2021177.3

Mar 2022100.6

Jun 202239.2

Sep 202241.6

Dec 202239.0

Mar 202331.0

Jun 202328.9

Sep 202320.8

Dec 202319.1

Mar 202414.7

Jun 202410.5

Sep 202411.2

Dec 202414.6

Mar 202514.8

Jun 202530.3

Sep 202533.6

Dec 202531.0

Mar 202631.0

Jun 2026—

Essential Utilities, Inc. · WTRG

Sep 202128.3

Dec 202132.2

Mar 202229.9

Jun 202227.0

Sep 202223.4

Dec 202227.0

Mar 202325.2

Jun 202322.7

Sep 202319.1

Dec 202320.1

Mar 202417.6

Jun 202418.2

Sep 202419.3

Dec 202416.7

Mar 202517.7

Jun 202515.9

Sep 202516.6

Dec 202517.4

Mar 202620.4

Jun 2026—

Global Water Resources, Inc. · GWRS

Sep 2021133.7

Dec 2021106.9

Mar 202275.6

Jun 202260.1

Sep 202253.3

Dec 202255.3

Mar 202341.4

Jun 202345.3

Sep 202330.5

Dec 202339.6

Mar 202449.4

Jun 202446.5

Sep 202446.6

Dec 202447.9

Mar 202544.8

Jun 202546.3

Sep 202564.4

Dec 202576.8

Mar 2026108.4

Jun 2026—

H2O America · HTO

Sep 202135.1

Dec 202136.1

Mar 202233.9

Jun 202235.9

Sep 202230.0

Dec 202233.4

Mar 202328.6

Jun 202324.5

Sep 202319.0

Dec 202324.4

Mar 202421.3

Jun 202419.9

Sep 202421.1

Dec 202417.2

Mar 202518.4

Jun 202517.0

Sep 202515.5

Dec 202516.8

Mar 202620.1

Jun 202621.5

Middlesex Water Company · MSEX

Sep 202148.3

Dec 202158.1

Mar 202244.6

Jun 202239.1

Sep 202232.3

Dec 202232.9

Mar 202338.5

Jun 202338.8

Sep 202336.0

Dec 202337.3

Mar 202426.0

Jun 202425.4

Sep 202428.4

Dec 202421.3

Mar 202526.6

Jun 202522.4

Sep 202522.6

Dec 202521.4

Mar 202621.7

Jun 202621.7

Pure Cycle Corporation · PCYO

Sep 2021—

Dec 202116.6

Mar 202251.5

Jun 202249.1

Sep 202225.8

Dec 202231.2

Mar 202331.5

Jun 202324.9

Sep 202355.0

Dec 202335.7

Mar 202436.9

Jun 202437.2

Sep 202422.2

Dec 202426.4

Mar 202520.1

Jun 202519.3

Sep 202518.7

Dec 202520.3

Mar 202618.2

Jun 202617.0

The York Water Company · YORW

Sep 202134.4

Dec 202138.3

Mar 202233.8

Jun 202230.2

Sep 202227.9

Dec 202232.1

Mar 202333.9

Jun 202329.3

Sep 202324.3

Dec 202323.3

Mar 202422.8

Jun 202424.9

Sep 202427.3

Dec 202423.0

Mar 202525.3

Jun 202523.1

Sep 202521.9

Dec 202522.9

Mar 202620.7

Jun 2026—

10 · before the conclusion, check the blind spots

What can make this comparison misleading?

This Utilities - Regulated Water comparison names 4 specific ways its own evidence can mislead, all listed below. All 12 companies here report on comparable dates, so no rank carries a stale marker. A high growth rate can still be a low-base artefact.

Keep these limits visible

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.

11 · evidence and freshness

How was this comparison built?

This comparison is built from the reported filings of 12 Utilities - Regulated Water companies, normalized to a common $ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Jun 2026 and market data through 2026-08-04. A second data feed fills gaps only after identity and scale reconciliation, and missing observations are never interpolated.

FundamentalsThrough Jun 2026 · up to 20 quarters per company

Market dataThrough 2026-08-04 · weekly price and relative-strength history

Derived metricsGrowth, changes and PEG are calculated only when their inputs are comparable.

Score confidenceMissing and stale evidence reduces confidence and pulls the 0–100 research-priority score toward neutral.

12 · questions investors ask, short speakable answers

Utilities - Regulated Water company comparison FAQs

These 22 answers restate the Utilities - Regulated Water comparison above in question form. Every one is computed from the same 12 companies and the same reported filings as the rankings and charts, current through Jun 2026. Price and relative-strength answers run through 2026-08-04. Nothing here is estimated, and none of it is a recommendation.

Is the Utilities - Regulated Water sector outperforming S&P 500?

Which Utilities - Regulated Water company is largest by revenue?

Essential Utilities, Inc. leads with revenue of $2,553 million, based on 8 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 8 of 12 comparable companies.

Which Utilities - Regulated Water company has the strongest 4-Factor Sector Score?

Middlesex Water Company ranks first at 58.1/100 with 51.8% evidence confidence. The score prioritizes research; it is not a buy recommendation.

Which Utilities - Regulated Water company has the lowest comparable PEG?

Essential Utilities, Inc. has the lowest comparable PEG at 0.81, among 7 of 12 companies whose earnings and growth are steady enough for the ratio to mean anything.

How much history does this Utilities - Regulated Water comparison include?

The page compares up to 20 reported quarters per company for fundamentals, returns 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.

Which Utilities - Regulated Water company is the biggest?

Essential Utilities, Inc. is the largest, with trailing-twelve-month revenue of $2,553 million, ahead of American States Water Company at $679 million. That covers 8 of 12 companies with comparable reporting through Mar 2026.

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?

Essential Utilities, Inc. earns the most, at $565 million of trailing-twelve-month net profit, from 8 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 PEG — where a LOWER number is cheaper — Essential Utilities, Inc. screens cheapest at 0.81×. Only 7 of 12 companies have earnings and growth steady enough for the ratio to mean anything, 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.

Is the Utilities - Regulated Water sector beating the market?

Utilities - Regulated Water has underperformed S&P 500 by 11.8% over the last 52 weeks and 3.9% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 2 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?

Middlesex Water Company scores 58.1 out of 100 with 51.8% evidence confidence, from 21.1 points on growth and earnings, 14 on capital efficiency, 10 on valuation and 13 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, 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 $50,063 million of combined market value. American Water Works Company, Inc. is the largest at $26,632 million, about 53% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-04.

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 2026-08-04.

How is the Utilities - Regulated Water sector performing?

2 of the 12 covered Utilities - Regulated Water companies are beating S&P 500 on Mansfield relative strength. The sector itself is 11.8% behind S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-04.

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.