Water Supply stocks: intrinsic value, ROIC & growth
13 U.S. water supply companies with at least three years of SEC filings, ranked by size. 4 of the 11 with a current price trade below their Graham intrinsic value. The median company earned a 5.3% average return on invested capital and grew revenue 5.6% a year.
Updated October 18, 2026
13companies
4below Graham value
5.3%median 10-yr ROIC
5.6%median revenue CAGR
Most undervalued water supply stocks
| Ticker | Company | Upside | Price | Graham value | Price vs value | Market cap | ROIC (10y) | Revenue CAGR |
|---|---|---|---|---|---|---|---|---|
| CWCO | Consolidated Water Co. Ltd. | +34% | $28.24 | $37.87 | 25% below | $452.1M | 8.7% | 9.2% |
| ARTNA | ARTESIAN RESOURCES CORP | +7% | $33.38 | $35.73 | 7% below | $344.2M | 5.0% | 4.0% |
| ARTNB | ARTESIAN RESOURCES CORP | +5% | $34.01 | $35.73 | 5% below | $350.7M | 5.0% | 4.0% |
Highest-ROIC water supply stocks
| Ticker | Company | 10-yr ROIC | Price | Graham value | Price vs value | Market cap | ROIC (10y) | Revenue CAGR |
|---|---|---|---|---|---|---|---|---|
| AWR | AMERICAN STATES WATER CO | 10.0% | $83.45 | $71.23 | 17% above | $3.2B | 10.0% | -12.1% |
| CWCO | Consolidated Water Co. Ltd. | 8.7% | $28.24 | $37.87 | 25% below | $452.1M | 8.7% | 9.2% |
| YORW | YORK WATER CO | 7.8% | $30.94 | $21.44 | 44% above | $445.7M | 7.8% | 5.5% |
| WTRG | Essential Utilities, Inc. | 6.5% | $40.83 | $38.30 | 7% above | $11.5B | 6.5% | 13.1% |
| AWK | American Water Works | 6.0% | $134.94 | $120.27 | 12% above | $26.3B | 6.0% | 5.0% |
| CWT | CALIFORNIA WATER SERVICE GROUP | 5.6% | $46.35 | $45.45 | 2% above | $2.8B | 5.6% | 5.6% |
| MSEX | MIDDLESEX WATER CO | 5.3% | $54.59 | $49.88 | 9% above | $990.1M | 5.3% | 4.3% |
| HTO | H2O AMERICA | 5.2% | $57.69 | $28.62 | 102% above | $2.0B | 5.2% | 10.5% |
| ARTNA | ARTESIAN RESOURCES CORP | 5.0% | $33.38 | $35.73 | 7% below | $344.2M | 5.0% | 4.0% |
| ARTNB | ARTESIAN RESOURCES CORP | 5.0% | $34.01 | $35.73 | 5% below | $350.7M | 5.0% | 4.0% |
All water supply stocks
| Ticker | Company | Price | Graham value | Price vs value | Market cap | ROIC (10y) | Revenue CAGR |
|---|---|---|---|---|---|---|---|
| AWK | American Water Works | $134.94 | $120.27 | 12% above | $26.3B | 6.0% | 5.0% |
| WTRG | Essential Utilities, Inc. | $40.83 | $38.30 | 7% above | $11.5B | 6.5% | 13.1% |
| AWR | AMERICAN STATES WATER CO | $83.45 | $71.23 | 17% above | $3.2B | 10.0% | -12.1% |
| CWT | CALIFORNIA WATER SERVICE GROUP | $46.35 | $45.45 | 2% above | $2.8B | 5.6% | 5.6% |
| HTO | H2O AMERICA | $57.69 | $28.62 | 102% above | $2.0B | 5.2% | 10.5% |
| MSEX | MIDDLESEX WATER CO | $54.59 | $49.88 | 9% above | $990.1M | 5.3% | 4.3% |
| CWCO | Consolidated Water Co. Ltd. | $28.24 | $37.87 | 25% below | $452.1M | 8.7% | 9.2% |
| YORW | YORK WATER CO | $30.94 | $21.44 | 44% above | $445.7M | 7.8% | 5.5% |
| ARTNB | ARTESIAN RESOURCES CORP | $34.01 | $35.73 | 5% below | $350.7M | 5.0% | 4.0% |
| ARTNA | ARTESIAN RESOURCES CORP | $33.38 | $35.73 | 7% below | $344.2M | 5.0% | 4.0% |
| PCYO | PURE CYCLE CORP | $11.02 | $17.94 | 39% below | $266.3M | 3.0% | 56.9% |
| GWRS | Global Water Resources, Inc. | $7.99 | — | — | $216.3M | 4.4% | 7.2% |
| CDZI | CADIZ INC | $3.87 | — | — | $132.3K | -26.5% | 50.5% |
Stock lists
Undervalued Stocks Below Graham Intrinsic Value
Highest ROIC Stocks (10-Year Average)
Highest Free Cash Flow Yield Stocks
Fastest-Growing Stocks by 10-Year Revenue