Essential Utilities, Inc.WTRG
NYSE•Utilities•Utilities - Regulated Water
Essential Utilities, Inc., through its subsidiaries, operates regulated utilities that provide water, wastewater, and natural gas services in the United States. The company operates through Regulated Water; and Regulated Natural Gas segments. It also provides utility service line protection solutions and repair services to households; gas marketing and production activities; and natural gas distribution services. The company serves approximately 5.5 million residential water, commercial water, fire protection, industrial water, wastewater, and other water and utility customers in Pennsylvania, Ohio, Texas, Illinois, North Carolina, New Jersey, Indiana, Virginia, and Kentucky under the Aqua and Peoples brands. The company was formerly known as Aqua America, Inc. and changed its name to Essential Utilities, Inc. in February 2020. Essential Utilities, Inc. was founded in 1886 and is headquartered in Bryn Mawr, Pennsylvania.
Essential Utilities, Inc. (WTRG) reported trailing twelve months revenue of $2.55B as of March 2026, a 13.1% increase year-over-year. Quarterly revenue reached $861.76M, reflecting continued top-line momentum.
Essential Utilities, Inc. generated $556.97M in TTM net income, with quarterly EBITDA of $421.37M. The operating margin contracted from 43.2% to 36.0%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (36.0%) and net margin (26.0%) indicates moderate non-operating costs. Net margin has narrowed from 36.2% a year ago, reflecting increased costs or interest expense.
WTRG trades at a P/E of 20.9x (in line with broad market averages) and a P/S of 4.6x. The price-to-book ratio of 1.7x reflects a moderate premium to book value.
The company reported negative free cash flow of $-22.05M, indicating cash consumption over the period. The balance sheet shows $19.78B in total assets with $8.36B in long-term debt against $6.89B in stockholders equity for a debt-to-equity ratio of 1.2. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~36.2% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is positive at ~9.2% on average, adequate but below the threshold typically associated with wide moats.
Only 1 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
TTM revenue has grown consistently (7 of 7 quarters up), with ~31.8% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Operating margins declined 6.5% — watch for continued compression, which may signal competitive or cost pressure.
Free cash flow has been negative in 7 of the last 8 quarters — earnings are not translating to cash.
D/E ratio is 1.2 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
The last 4 consecutive quarters had negative FCF — the company is burning cash and may need external funding.
Shares outstanding rose 3.5% — mild dilution. Compare to earnings growth to assess net per-share impact.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation