TakeoverPE & activists

WTRGEssential Utilities, Inc.

Water Supply · $7.7B market cap · 3,303 employees

1.3×

More likely than average to be taken private

Top 13% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

2of 15 firedHow well they predict deals →
13 other checks
  • TSR below peersNo
    —
    3+ of last 5 years
  • High CEO pay despite TSRNo
    —
    Median CEO pay ≥ $15M while TSR trails
  • Earnings not backed by cashNo
    185% of net income
    Cash flow under 80% of net income
  • Dilutive SBCNo
    0% of revenue
    Over 10% of revenue
  • Payouts exceed cash flowNo
    31% of cash flow
    Buybacks + dividends over cash flow
  • Goodwill-heavyNo
    12% of assets
    Over 40% of assets
  • Shareholder dissentNo
    90% lowest support
    Any vote under 80% support
  • Low revenue per employeeNo
    $2M · 56th pct
    Bottom quartile of its SIC industry
  • Net cashNo
    4.6× EBITDA net debt
    More cash than debt, positive EBITDA
  • Buyout-sizedNo
    $7.7B market cap
    Market cap $500M–$5B
  • AI-rollup shapedNo
    0 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months
  • Net insider sellingNo
    −$113K net
    Net sales over $10M in 12 months

Deal filings

FiledFormAcquirerPricePremium
Dec 31, 2025DEFM14AAmerican Water Works Company, Inc.$0.3031%
Oct 27, 20258-KAmerican Water Works Company, Inc.——

Key numbers

Revenue
$5.1BFY2021: $1.9BFY2022: $2.3BFY2023: $4.2BFY2024: $4.7BFY2025: $5.1B
10% YoY
Operating margin
36.7%FY2021: 32.1%FY2022: 28.9%FY2023: 35.7%FY2024: 36.9%FY2025: 36.7%
0.6% YoY
EBITDA
$2.8BFY2021: $901MFY2022: $982MFY2023: $2.2BFY2024: $2.5BFY2025: $2.8B
11% YoY
Net debt / EBITDA
4.6×
$12.8B net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$1.9B$2.3B$4.2B$4.7B$5.1B 10% FY2021: $1.9BFY2022: $2.3BFY2023: $4.2BFY2024: $4.7BFY2025: $5.1B
Operating income$603M$661M$1.5B$1.7B$1.9B 9.4% FY2021: $603MFY2022: $661MFY2023: $1.5BFY2024: $1.7BFY2025: $1.9B
Net income$432M$465M$944M$1.1B$1.1B 5.7% FY2021: $432MFY2022: $465MFY2023: $944MFY2024: $1.1BFY2025: $1.1B
Operating cash flow$645M$600M$1.9B$2.0B$2.1B 0.7% FY2021: $645MFY2022: $600MFY2023: $1.9BFY2024: $2.0BFY2025: $2.1B
Capex——$2.6B$2.9B$3.1B 9.5% FY2023: $2.6BFY2024: $2.9BFY2025: $3.1B
Stock-based comp$10M$12M$11M$10M$13M 31% FY2021: $10MFY2022: $12MFY2023: $11MFY2024: $10MFY2025: $13M
Buybacks$3M$1M$4M$4M$2M 44% FY2021: $3MFY2022: $1MFY2023: $4MFY2024: $4MFY2025: $2M
Dividends$259M$289M$532M$585M$633M 8.2% FY2021: $259MFY2022: $289MFY2023: $532MFY2024: $585MFY2025: $633M

13D filers

FiledFilerFormStakeIntent
Jun 5, 2025CANADA PENSION PLAN INVESTMENT BOARDSCHEDULE 13D/A4.2%Passive
Nov 8, 2024CANADA PENSION PLAN INVESTMENT BOARDSC 13D/A7.9%Passive
Mar 24, 2020CANADA PENSION PLAN INVESTMENT BOARDSC 13D8.8%Passive

Insider trading

−$113Knet selling by insiders, open market, last 12 months
Bought $0 · 0 tradesSold $113K · 1 trade

Pay vs performance

No pay-versus-performance disclosure yet.