# Utilities - Regulated Water — company-by-company sector analysis

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

Sector Alpha — machine-written from the numbers. Data as of 2026-08-04. Not investment advice.

## 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.

## Sector relative strength

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%.

13-week sector return versus NIFTY 500: -3.9%
52-week sector return versus NIFTY 500: -12%
Stocks leading NIFTY: 2/12
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: ₹50.1K 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. Middlesex Water Company (MSEX): 58/100 — Thin evidence · provisional; evidence 52%
   - Growth & earnings 21.1/35 | Capital efficiency 14.0/25 | Valuation 10.0/20 | Relative strength 13.0/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of the last 12 weeks
   - Exact sum: 21.1 + 14 + 10 + 13 = 58.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
2. American States Water Company (AWR): 58/100 — Mixed-positive evidence; evidence 81%
   - Growth & earnings 19.3/35 | Capital efficiency 16.6/25 | Valuation 4.4/20 | Relative strength 17.5/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 4 of the last 12 weeks
   - 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.
3. American Water Works Company, Inc. (AWK): 54/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 19.5/35 | Capital efficiency 16.0/25 | Valuation 9.1/20 | Relative strength 9.8/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - 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.
4. Essential Utilities, Inc. (WTRG): 54/100 — Mixed-positive evidence; evidence 81%
   - Growth & earnings 11.7/35 | Capital efficiency 16.2/25 | Valuation 15.7/20 | Relative strength 9.9/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - 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.
5. California Water Service Group (CWT): 53/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 16.8/35 | Capital efficiency 9.3/25 | Valuation 9.7/20 | Relative strength 17.1/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 4 of the last 12 weeks
   - 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.
6. H2O America (HTO): 53/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 16.4/35 | Capital efficiency 10.3/25 | Valuation 10.3/20 | Relative strength 15.7/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of the last 12 weeks
   - 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.
7. Pure Cycle Corporation (PCYO): 51/100 — Mixed-positive evidence; evidence 79%
   - Growth & earnings 22.5/35 | Capital efficiency 10.8/25 | Valuation 11.7/20 | Relative strength 6.0/20
   - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - 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.
8. Artesian Resources Corporation (ARTNA): 51/100 — Mixed-positive evidence; evidence 75%
   - Growth & earnings 18.7/35 | Capital efficiency 9.8/25 | Valuation 11.0/20 | Relative strength 11.4/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of the last 12 weeks
   - 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.
9. Consolidated Water Co. Ltd. (CWCO): 42/100 — Mixed-negative evidence; evidence 75%
   - Growth & earnings 13.6/35 | Capital efficiency 12.3/25 | Valuation 11.1/20 | Relative strength 4.7/20
   - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - 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.
10. The York Water Company (YORW): 38/100 — Mixed-negative evidence; evidence 75%
   - Growth & earnings 12.3/35 | Capital efficiency 12.1/25 | Valuation 6.6/20 | Relative strength 7.4/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - 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.
11. Cadiz Inc. (CDZI): 35/100 — Thin evidence · provisional; evidence 55%
   - Growth & earnings 18.8/35 | Capital efficiency 3.0/25 | Valuation 10.0/20 | Relative strength 3.0/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 18.8 + 3 + 10 + 3 = 34.8
   - 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 75%
   - Growth & earnings 8.4/35 | Capital efficiency 4.9/25 | Valuation 11.8/20 | Relative strength 3.8/20
   - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - 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.

## 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.

### Strongest one-year price performers
1. H2O America (HTO): 24%
2. American States Water Company (AWR): 13%
3. Middlesex Water Company (MSEX): 8.7%
4. California Water Service Group (CWT): 7.5%
5. Pure Cycle Corporation (PCYO): 6.8%

### Strongest relative strength versus NIFTY 500
1. H2O America (HTO): 3.5%
2. American States Water Company (AWR): 0.7%
3. California Water Service Group (CWT): -1.9%
4. Middlesex Water Company (MSEX): -3.6%
5. Artesian Resources Corporation (ARTNA): -6.9%

## Revenue Scale & Growth Durability

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.

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.

Evidence: Essential Utilities, Inc. · $2,553 million | 276% versus #2 · American States Water Company | 7/8 recent comparable periods | 8/12 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. Essential Utilities, Inc. (WTRG): ₹2.6K Cr
2. American States Water Company (AWR): ₹679 Cr
3. Consolidated Water Co. Ltd. (CWCO): ₹129 Cr
4. Artesian Resources Corporation (ARTNA): ₹115 Cr
5. The York Water Company (YORW): ₹78 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. Global Water Resources, Inc. (GWRS): 7.6%

### 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 —
- 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 —
- 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
- 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 —
- 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 —
- 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%
- 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 —
- 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 —
- 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%
- 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 —
- 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 —
- 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
- 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: 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.

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.

Evidence: Essential Utilities, Inc. · $565 million | 321.6% versus #2 · American States Water Company | 5/8 recent comparable periods | 8/12 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. Essential Utilities, Inc. (WTRG): ₹565 Cr
2. American States Water Company (AWR): ₹134 Cr
3. The York Water Company (YORW): ₹21 Cr
4. Consolidated Water Co. Ltd. (CWCO): ₹18 Cr
5. Artesian Resources Corporation (ARTNA): ₹16 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. The York Water Company (YORW): 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 —
- 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 —
- 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
- 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 —

## Return On Capital Employed

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.

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 · American Water Works Company, Inc. | 2/8 recent comparable periods | 12/12 companies · 232 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. American Water Works Company, Inc. (AWK): 1.7%
3. Essential Utilities, Inc. (WTRG): 1.7%
4. Consolidated Water Co. Ltd. (CWCO): 1.5%
5. Middlesex Water Company (MSEX): 1.5%

### ROCE change — fastest improvers
1. Cadiz Inc. (CDZI): +0.9 pp
2. Pure Cycle Corporation (PCYO): +0.4 pp
3. California Water Service Group (CWT): +0.3 pp
4. Middlesex Water Company (MSEX): +0.3 pp
5. Artesian Resources Corporation (ARTNA): +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 1.7%
- 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 1.4%
- 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 0.9%
- 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 1.5%
- 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 —
- 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 —
- 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%
- 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 +0.1 pp
- 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 +0.3 pp
- 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 −0.1 pp
- 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 +0.3 pp
- 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 —
- 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 —
- 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
- 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 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.

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 | 7/12 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 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.

### PEG — lowest PEG
1. Essential Utilities, Inc. (WTRG): 0.8
2. Global Water Resources, Inc. (GWRS): 1.1
3. Consolidated Water Co. Ltd. (CWCO): 1.2
4. Pure Cycle Corporation (PCYO): 1.6
5. Artesian Resources Corporation (ARTNA): 1.6

### P/E — lowest P/E
1. Artesian Resources Corporation (ARTNA): 14.1
2. Pure Cycle Corporation (PCYO): 17.0
3. Essential Utilities, Inc. (WTRG): 20.4
4. The York Water Company (YORW): 20.7
5. H2O America (HTO): 21.5

### 20-quarter 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 22.8
- 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 21.9
- 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 21.5
- 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 21.7
- 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 —


## 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 ₹26.6K Cr; latest fundamentals Jun 2026
- Essential Utilities, Inc. (WTRG) — market value ₹11.2K Cr; latest fundamentals Mar 2026
- American States Water Company (AWR) — market value ₹3.3K Cr; latest fundamentals Mar 2026
- California Water Service Group (CWT) — market value ₹3.1K Cr; latest fundamentals Jun 2026
- H2O America (HTO) — market value ₹2.6K Cr; latest fundamentals Jun 2026
- Middlesex Water Company (MSEX) — market value ₹1.1K Cr; latest fundamentals Jun 2026
- The York Water Company (YORW) — market value ₹502 Cr; latest fundamentals Mar 2026
- Consolidated Water Co. Ltd. (CWCO) — market value ₹477 Cr; latest fundamentals Mar 2026
- Artesian Resources Corporation (ARTNA) — market value ₹351 Cr; latest fundamentals Mar 2026
- Cadiz Inc. (CDZI) — market value ₹267 Cr; latest fundamentals Mar 2026
- Pure Cycle Corporation (PCYO) — market value ₹255 Cr; latest fundamentals Jun 2026
- Global Water Resources, Inc. (GWRS) — market value ₹211 Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-08-04.
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

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

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.

### 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.