Forensic Analysis · Utilities · as of Aug 12, 2026

York Water Co (YORW)

A forensic read on York Water Co built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

B · Sound & dependable

Forensic grade

Grey Zone

Financial health

1.9

Distress distance

Clean

Earnings quality

Forensic signals

24.1

P / E (ttm)

8.3%

ROE

$527M

Market cap

2.88%

Dividend yield

3.4%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

York Water Co earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 1.9, placing it in the Grey zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

3.8%

FY2025

Return on invested capital. Return on invested capital is 3.8% in the latest fiscal year and steady — well below its ~6% cost of capital, so reinvested dollars may be destroying value, not building it.

+1.1%/yr

FY2022–FY2025

Share-count dilution. Diluted share count changed +3% over the last 3 years to FY2025 (+1.1%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~1.1% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~3%.

FCF ($19M)

FY2025

Shareholder returns. Returned $13M to shareholders (buybacks + dividends) in FY2025, but free cash flow was ($19M) after capex — there was no free cash flow to fund the payout from at all, though operating cash flow alone was $30M — 42% of that. The entire return is coming from debt or cash reserves, not cash the business itself generated — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of.

Key fundamentals

Latest Revenue$77.5M

Revenue Growth YoY+3.4%

Revenue CAGR (3yr)+8.9%

Net Margin25.9%

Free Cash Flow-$18.9M

Return on Equity8.3%

Debt / Equity0.92x

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Data from SEC EDGAR public filings · metrics as of Aug 12, 2026. Forensic signals flag probability, not certainty.