Essential Utilities
WTRGActiveCIK 78128 · Water Utilities
Essential Utilities, Inc. is a public company in Regulated Water, tracked in the water utilities sub-sector, with $2.6B TTM revenue and $1.3B TTM EBITDA.
Market data as of May 10, 2026
Financials: LTM / latest available company filings
Sources: FMP, WTRG filings, SEC EDGAR
$10,628
Market cap ($MM)
$18,996
Enterprise value ($MM)
$2,553
Revenue · LTM ($MM)
$1,343
EBITDA · LTM ($MM)
53%
EBITDA margin
7.4x
EV / revenue
14.1x
EV / EBITDA
6.2x
Net debt / EBITDA
Coverage
Coverage view
The analytical read on the name and the balance-sheet capacity behind the program.
Key points
- 01WTRG is a scaled public consolidator in Water Utilities, a benchmark for how the sub-sector buys, pays, and trades.
- 02The relevant peer set is AWK, PCYO, CWCO, CDZI, ARTNA, MSEX.
Balance sheet & capacity
Indicative capacity read: 6.2x net debt / EBITDA with EBITDA of $1.3B.
$76
Cash & equiv. ($MM)
$8,388
Total debt ($MM)
$8,312
Net debt ($MM)
6.2x
Net debt / EBITDA
Valuation
Where it trades against its peer set
WTRG versus the scaled public Water Utilities comparables.
EV / EBITDA distribution · peer set
WTRG 14.1x
| Company | Ticker | Revenue ($MM) | EBITDA ($MM) | Margin | Market cap ($MM) | EV ($MM) | EV / rev | EV / EBITDA | Net debt / EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| Essential Utilities, Inc. | WTRG | $2,553 | $1,343 | 53% | $10,628 | $18,996 | 7.4x | 14.1x | 6.2x |
| American Water Works Company, Inc. | AWK | $5,205 | $2,771 | 53% | $24,420 | $39,981 | 7.7x | 14.4x | 5.1x |
| Pure Cycle Corporation | PCYO | $31 | $20 | 65% | $280 | $283 | 9.2x | 14.1x | 0.2x |
| Consolidated Water Co. Ltd. | CWCO | $132 | $26 | 20% | $527 | $406 | 3.1x | 15.7x | -4.9x |
| Artesian Resources Corporation | ARTNA | $115 | $52 | 45% | $330 | $328 | 2.9x | 6.4x | 3.5x |
| Middlesex Water Company | MSEX | $199 | $96 | 48% | $960 | $1,386 | 7.0x | 14.4x | 3.9x |
| American States Water Co | AWR | $679 | $257 | 38% | $3,026 | $3,934 | 5.8x | 15.3x | 3.0x |
| California Water Service Group | CWT | $1,011 | $324 | 32% | $2,602 | $4,201 | 4.2x | 13.0x | 5.1x |
| Water Utilities median | $439 | $177 | 47% | $1,781 | $2,660 | 6.4x | 14.3x | 3.7x |
Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.
M&A program
A sustained, programmatic tuck-in cadence
WTRG's disclosed acquisition footprint and the deals behind it.
Disclosed acquisitions
184
Active years
10
Named deals
10
Avg / active year
18.4
Acq. cash outflow ($MM)
N/A
Annual acquisition count
named acquisitionWTRG cadence shown by annual acquisition count because verified spend is N/A.
Selected transactions
| Date | Target | Segment | Consideration ($MM) | Strategic rationale | Source |
|---|---|---|---|---|---|
| 2022 | Delaware County Regional Water Quality Control Authority (DELCORA) | Water utilities | $276,500 | This includes the Company’s agreement to acquire the Delaware County Regional Water Quality Control Authority (DELCORA) for $276,500. DELCORA, a Pennsylvania sewer authority, se... | 10-K† |
| 2024 | Delaware County Regional Water Quality Control Authority (DELCORA) | Water utilities | $276,000 | As of December 31, 2024, the Company has seven signed purchase agreements for additional water and wastewater systems that are expected to serve approximately 213,000 equivalent... | 10-K† |
| Jan 1, 2024 | Sale of interest in three non-utility local microgrid and distributed energy projects | Water utilities | $165,000 | In January 2024, the Company completed the sale of its interest in three non-utility local microgrid and distributed energy projects for $165,000. These transactions are consist... | 10-K† |
| Dec 31, 2018 | Six municipalities water/wastewater utility system assets acquisitions | Water utilities | $150,700 | As part of the Company’s growth-through-acquisition strategy, the Company has entered into purchase agreements to acquire the water or wastewater utility system assets of six mu... | 10-K† |
| Oct 1, 2023 | Sale of regulated natural gas utility assets in West Virginia | Water utilities | $41,000 | In October 2023, the Company completed the sale of its regulated natural gas utility assets in West Virginia, which represented approximately two percent of the Company’s regula... | 10-K† |
| Dec 31, 2018 | Seven water and wastewater utility systems acquisitions | Water utilities | $43 | Additionally, during 2018, the Company completed seven acquisitions of water and wastewater utility systems in three states adding 8,661 customers. The total purchase price of t... | 10-K† |
| Dec 1, 2018 | Tredyffrin Township Municipal Authority | Water utilities | $28 | Further, in December 2018, the Company acquired the Valley Creek Trunk Sewer System, serving area municipalities in Pennsylvania, from the Tredyffrin Township Municipal Authorit... | 10-K† |
| Dec 31, 2017 | Four water and wastewater utility systems | Water utilities | $6 | In 2017, the Company completed four acquisitions of water and wastewater utility systems in two states adding 1,003 customers. The total purchase price of these utility systems... | 10-K† |
Acquisitions disclosed/extracted from SEC filings; not necessarily full M&A history. Disclosed acquisition cash outflow is cumulative "payments for acquisitions, net of cash acquired" from the 10-K cash-flow statements (a cash outflow, not deal value). Built on 16 SEC-backed facts across 6 cited filings.
Strategy
In management's own words
The acquisition thesis as management frames it in its filings and why each line matters.
| Theme | Excerpt | Why it matters | Source |
|---|---|---|---|
| Management language | N/A | N/A until a source excerpt is available. | N/A |
Excerpts drawn from SEC filings; the right-hand read turns each into a coverage talking point.
Evidence
Source ledger
Every figure above traces to a dated SEC filing.
| Claim | Excerpt | Source type | Filing date | Evidence | Source |
|---|---|---|---|---|---|
| Delaware County Regional Water Quality Control Authority (DELCORA) acquisition agreement | This includes the Company’s agreement to acquire the Delaware County Regional Water Quality Control Authority (DELCORA) for $276,500. DELCORA, a Pennsylvania sewer authority, serves approximately 198,000 equivalent dwel… | 10-K | Mar 1, 2023 | Medium | SEC source |
| Acquisition of Delaware County Regional Water Quality Control Authority (DELCORA) | As of December 31, 2024, the Company has seven signed purchase agreements for additional water and wastewater systems that are expected to serve approximately 213,000 equivalent retail customers or equivalent dwelling u… | 10-K | Feb 27, 2025 | Medium | SEC source |
| Sale of interest in three non-utility local microgrid and distributed energy projects | In January 2024, the Company completed the sale of its interest in three non-utility local microgrid and distributed energy projects for $165,000. These transactions are consistent with the Company’s long-term strategy… | 10-K | Feb 27, 2025 | Medium | SEC source |
| Six municipalities water/wastewater utility system assets acquisitions | As part of the Company’s growth-through-acquisition strategy, the Company has entered into purchase agreements to acquire the water or wastewater utility system assets of six municipalities for a total combined purchase… | 10-K | Feb 28, 2018 | Medium | SEC source |
| Sale of regulated natural gas utility assets in West Virginia | In October 2023, the Company completed the sale of its regulated natural gas utility assets in West Virginia, which represented approximately two percent of the Company’s regulated natural gas customers. The Company ini… | 10-K | Feb 27, 2025 | Medium | SEC source |
| Seven water and wastewater utility systems acquisitions | Additionally, during 2018, the Company completed seven acquisitions of water and wastewater utility systems in three states adding 8,661 customers. The total purchase price of these utility systems... | 10-K | Feb 26, 2019 | Medium | SEC source |