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CIK 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
The analytical read on the name and the balance-sheet capacity behind the program.
Key points
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
WTRG versus the scaled public Water Utilities comparables.
EV / EBITDA distribution · peer set
WTRG 14.1x
Indexed share-price performance
WTRG versus available Water Utilities peers and SPY.
-22%
WTRG
-21%
Peer med.
+79%
SPY
Indexed to 100 from May 28, 2021 through May 26, 2026. Source: FMP month-end close history.
| 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 | $2,660 | 6.4x | 14.3x | 3.7x |
Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.
M&A program
WTRG's disclosed acquisition footprint and the deals behind it.
Disclosed acquisitions
184
Active years
10
Named deals
10
Avg / active year
18.4
Acq. cash outflow ($MM)
N/A
Banker read
Annual acquisitions + disclosed spend
WTRG count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.
Program diagnostics
Recent / prior
12 / 21
Last three years is down 43% vs prior three.
Peak count year
FY07
132 disclosed acquisitions in the peak visible year.
Recent spend
$103MM
is down 32% vs prior three; peak FY18 at $146MM.
Named evidence
10 rows
5.4% selected source-cited transaction coverage.
Selected transactions
| Date | Target | Segment | Consideration ($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† |
| Mar 16, 2020 | Peoples Natural Gas | Water utilities | $3,465 | On March 16, 2020 (the “Closing Date”), the Company completed the acquisition of Peoples Natural Gas (the “Peoples Gas Acquisition”), which expanded the Company’s regulated util... | 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† |
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 7 cited filings.
Evidence
A collapsed investigation trail for the SEC filings behind the financials, annual M&A cadence, named transactions, and management language.
Annual 10-Ks
21
Named deal filings
6
Recent SEC filings
10
Evidence clips
6
| Fiscal year | Filing date | Form | Status | Count | Cash spend | Purchase consideration | Source |
|---|---|---|---|---|---|---|---|
| FY2025 | Feb 26, 2026 | Annual M&A 10-K | warning (1 warn) | 3 | $58.7MM | N/A | SEC filing |
| FY2024 | Feb 27, 2025 | Annual M&A 10-K | warning (1 warn) | 2 | $0.7MM | N/A | SEC filing |
| FY2023 | Feb 29, 2024 | Annual M&A 10-K | accepted | 7 | $45.3MM | $45.3MM | SEC filing |
| FY2022 | Mar 1, 2023 | Annual M&A 10-K | quarantined (1 warn, 1 issue) | 3 | $123MM | N/A | SEC filing |
| FY2021 | Mar 1, 2022 | Annual M&A 10-K | quarantined (1 issue) | 2 | $36.3MM | $36.1MM | SEC filing |
| FY2020 | Mar 1, 2021 | Annual M&A 10-K | accepted | 7 | $3.5B | $3.5B | SEC filing |
| FY2019 | Feb 28, 2020 | Annual M&A 10-K | accepted | 8 | $59.7MM | $59.7MM | SEC filing |
| FY2018 | Feb 26, 2019 | Annual M&A 10-K | accepted | 9 | $146MM | $146MM | SEC filing |
| FY2017 | Feb 28, 2018 | Annual M&A 10-K | accepted | 4 | $5.9MM | $5.9MM | SEC filing |
| FY2016 | Feb 24, 2017 | Annual M&A 10-K | accepted | 19 | $9.4MM | $25.2MM | SEC filing |
| FY2015 | Feb 26, 2016 | Annual M&A 10-K | warning (1 warn) | N/A | $26.7MM | N/A | SEC filing |
| FY2014 | Feb 27, 2015 | Annual M&A 10-K | warning (1 warn) | N/A | $9.3MM | N/A | SEC filing |
| FY2013 | Mar 3, 2014 | Annual M&A 10-K | warning (1 warn) | N/A | $0.3MM | N/A | SEC filing |
| FY2012 | Feb 28, 2013 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2011 | Feb 27, 2012 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2010 | Feb 25, 2011 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2009 | Feb 26, 2010 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2008 | Feb 27, 2009 | Annual M&A 10-K | accepted | 122 | N/A | N/A | SEC filing |
| FY2007 | Feb 27, 2008 | Annual M&A 10-K | accepted | 132 | N/A | N/A | SEC filing |
| FY2005 | Mar 14, 2006 | Annual M&A 10-K | accepted | 1 | N/A | N/A | SEC filing |
| FY2003 | Mar 15, 2004 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| Filing date | Form | Targets / topics | Support | Source |
|---|---|---|---|---|
| Feb 27, 2025 | 10-K | Delaware County Regional Water Quality Control Authority (DELCORA); Sale of interest in three non-utility local microgrid and distributed energy projects; Sale of regulated natural gas utility assets in West Virginia; Union Rome wastewater utility assets | Annual M&ANamed deals | SEC filing |
| Mar 1, 2023 | 10-K | Delaware County Regional Water Quality Control Authority (DELCORA) | Annual M&ANamed deals | SEC filing |
| Mar 1, 2022 | 10-K | Peoples Natural Gas | Annual M&ANamed deals | SEC filing |
| Feb 28, 2020 | 10-K | Tredyffrin Township Municipal Authority | Annual M&ANamed deals | SEC filing |
| Feb 26, 2019 | 10-K | Seven water and wastewater utility systems acquisitions | Annual M&ANamed deals | SEC filing |
| Feb 28, 2018 | 10-K | Six municipalities water/wastewater utility system assets acquisitions; Four water and wastewater utility systems | Annual M&ANamed deals | SEC filing |
| Filing date | Form | Items | Description | Support | Source |
|---|---|---|---|---|---|
| May 8, 2026 | 8-K | 7.01,9.01 | 8-K | FinancialsRecent SEC | SEC filing |
| May 7, 2026 | 8-K | 2.02,9.01 | 8-K | Recent SEC | SEC filing |
| May 7, 2026 | 10-Q | N/A | FORM 10-Q | Recent SEC | SEC filing |
| May 1, 2026 | 10-Q | N/A | Quarterly report from SEC company index | Recent SEC | SEC filing |
| Apr 30, 2026 | 8-K | 5.07 | 8-K | Recent SEC | SEC filing |
| Apr 27, 2026 | 425 | N/A | 425 | Recent SEC | SEC filing |
| Apr 24, 2026 | 425 | N/A | 425 | Recent SEC | SEC filing |
| Apr 22, 2026 | 8-K | 7.01,9.01 | 8-K | Recent SEC | SEC filing |
| Apr 22, 2026 | 425 | N/A | 425 | Recent SEC | SEC filing |
| Apr 22, 2026 | 425 | N/A | 425 | Recent SEC | SEC filing |
Delaware County Regional Water Quality Control Authority (DELCORA) acquisition agreement
10-K - Mar 1, 2023
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…
Acquisition of Delaware County Regional Water Quality Control Authority (DELCORA)
10-K - Feb 27, 2025
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…
Sale of interest in three non-utility local microgrid and distributed energy projects
10-K - Feb 27, 2025
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…
Six municipalities water/wastewater utility system assets acquisitions
10-K - Feb 28, 2018
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…
Sale of regulated natural gas utility assets in West Virginia
10-K - Feb 27, 2025
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…
Peoples Gas Acquisition
10-K - Mar 1, 2022
On March 16, 2020 (the “Closing Date”), the Company completed the acquisition of Peoples Natural Gas (the “Peoples Gas Acquisition”), which expanded the Company’s regulated utility business to incl...
Annual M&A counts and disclosed spend are extracted from SEC acquisition disclosures and cash-flow statements; named-deal rows carry direct filing links where the filing identifies the target or consideration.