York Water Co (NASDAQ: YORW)

York Water Co is the oldest investor-owned water utility in the United States, operating continuously since 1816. The company's primary business activities revolve around the impoundment, purification, and distribution of water, as well as the operation of wastewater collection and treatment systems. York Water Co serves portions of 58 municipalities within four counties in south-central Pennsylvania, regulated by the Pennsylvania Public Utility Commission for both water and wastewater services.

The company generates revenue through the provision of water and wastewater services to a diverse customer base, including residential, commercial, and industrial clients. Water service is supplied through the company's own distribution system, with the bulk of its water supply obtained from the South Branch and East Branch of the Codorus Creek, supplemented by a pipeline from the Susquehanna River. The company's wastewater business involves the operation of three wastewater collection systems and twelve wastewater collection and treatment systems. In 2025, the company recognized revenue of $77,488, with 64% derived from residential customers, 29% from commercial and industrial customers, and 7% from other sources, primarily fire service provisions.

• Water Business: York Water Co's water business involves the impoundment, purification, and distribution of water to meet or exceed safe drinking water standards. The company operates two reservoirs, Lake Williams and Lake Redman, with a combined capacity of approximately 2.5 billion gallons of water. The water supply is supplemented by a 15-mile pipeline from the Susquehanna River, providing an additional 12.0 million gallons of untreated water per day. The company also owns fifteen wells capable of providing a safe yield of approximately 923,000 gallons per day. As of December 31, 2025, the company's average daily availability was 41.1 million gallons, with an average daily consumption of approximately 23.7 million gallons. The company's service territory had an estimated population of 214,000 as of December 31, 2025.

• Wastewater Business: The company owns and operates three wastewater collection systems and twelve wastewater collection and treatment systems. These systems are designed to collect, treat, and discharge wastewater in compliance with environmental regulations. The company's wastewater business is subject to regulation under the federal Clean Water Act and related state laws.

As a regulated utility, York Water Co operates within an exclusive franchised territory that is substantially free from direct competition with other public utilities, municipalities, and other entities. The company's ability to expand or acquire new service territories may be affected by competitors obtaining franchises to surrounding systems. Potential competitors include other investor-owned utilities, nearby municipally-owned utilities, and strategic or financial purchasers seeking to enter or expand in the water and wastewater industry. The company's competitive advantages include its long-standing presence in the market, its regulated status providing a stable operating environment, and its commitment to meeting or exceeding safe drinking water standards and environmental regulations.

The company's customer base is diverse, including residential, commercial, and industrial clients within its service territory. The service territory is home to various industries, such as manufacturing fixtures and furniture, electrical machinery, food products, paper, ordnance units, textile products, air conditioning systems, laundry detergent, barbells, and motorcycles. The company continues to grow its number of customers and distribution facilities, with an increase from 79,771 to 81,292 customers during the year ended December 31, 2025. The company's growth in revenues is primarily a result of customer growth and increases in water and wastewater rates.