<h2>关键要点</h2>
<ul>
<li>在过去 52 年中，股息股票的平均年回报率是非支付股票的两倍多。</li>
<li>我购买的股票在过去五年中损失了 44% 的价值，因其溢价估值、高通胀以及最近的公开发行使其股价跌至八年来的低点。</li>
<li>然而，这家常被忽视的公用事业公司实力强劲，提供了多个竞争优势——包括过去 210 年里从未间断的股息支付。</li>
<li>我们更看好的 10 只股票 ›</li>
</ul>
<p>在华尔街，赚钱的方式不胜枚举，但很少有方法比购买和持有高质量的股息股票更成功。在《股息的力量：过去、现在和未来》中，哈特福基金的分析师与内德·戴维斯研究公司合作发现，股息支付者在 52 年内的平均年回报率是非支付者的两倍多（年化 9.2% 对比年化 4.21%，1973-2025 年）。</p>
<p>但这并不总是关于强大的收益率。华尔街一些最安全和最优秀的收入股票提供适度的收益率和卓越的价值。这就是我决定投资我称之为 “华尔街最伟大的股息股票” 的原因，<strong>York Water</strong>（纳斯达克：YORW）。</p>
<p><em><strong>人工智能会创造出世界上第一个万亿富翁吗？</strong> 我们的团队刚刚发布了一份关于一家鲜为人知的公司报告，该公司被称为 “不可或缺的垄断”，提供英伟达和英特尔都需要的关键技术。<strong>继续 »</strong></em></p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg2ODAzMS9zdG9wd2F0Y2gtdGltZS10by1idXktc3RvY2stbWFya2V0LWNvcnJlY3Rpb24tZ2V0dHkuanBnBnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg2ODAzMS9zdG9wd2F0Y2gtdGltZS10by1idXktc3RvY2stbWFya2V0LWNvcnJlY3Rpb24tZ2V0dHkuanBnBnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>York Water 的股票在过去五年中几乎减半</h2>
<p>坦率地说，过去五年对 York 的投资者来说并不愉快。其股票在截至 2026 年 4 月 30 日的五年期间下跌了 44%，并且自 2021 年 5 月以来接近 50% 的跌幅。</p>
<p>多种因素对 York Water 的股票造成了压力，但也为机会投资者提供了出手的时机，我稍后会详细说明。</p>
<p>首先，公用事业公司在华尔街的科技驱动反弹中大多被抛在了后面。尽管部分公用事业公司受益于人工智能数据中心将提升电力需求的预期，但安全、经过时间考验的公用事业公司在股市以抛物线方式上涨时并不会激励投资者。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vbWVkaWEueWNoYXJ0cy5jb20vY2hhcnRzL2M5ZTZhNjg2ZDE0ZTM0OTJhMzllZDkwNjVhZGE4ZjkyLnBuZwZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vbWVkaWEueWNoYXJ0cy5jb20vY2hhcnRzL2M5ZTZhNjg2ZDE0ZTM0OTJhMzllZDkwNjVhZGE4ZjkyLnBuZwZ3PTcwMA"/></p>
<p>美国通胀率数据来源于 YCharts。</p>
<p>另一个影响公用事业公司的问题是 2022 年通胀飙升，促使美联储大幅加息。除了更高的借贷成本（公用事业公司通常依赖债务来融资大型项目），迅速上升的收益率使美国国债对收入寻求者变得有吸引力。当国债收益率达到 5% 或以上时，投资者选择安全性而非投资于股息股票的情况并不罕见，因为他们的本金没有得到保护。</p>
<p>更具体地说，York Water 在 2021 年的交易价格相当高。其过去 12 个月的市盈率（P/E）超过 40，而该行业的市盈率通常在 25 左右徘徊。</p>
<p>最后，该公司在 2026 年 4 月宣布、定价并完成了约 152 万股普通股的公开发行，发行价为 28.50 美元。以显著低于前一天收盘价的折扣发行股票导致 York 的股价跌至八年来的盘中低点。</p>
<p>尽管过去五年对 York 的股东来说是一个颠簸的旅程，但出手的时机已经到来。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg2ODAzMS9kcmlwcGluZy1mYXVjZXQtd2F0ZXItZHJvcC1vdXRkb29yLXNwaWdvdC11dGlsaXR5LWRpdmlkZW5kLWdldHR5LmpwZwZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg2ODAzMS9kcmlwcGluZy1mYXVjZXQtd2F0ZXItZHJvcC1vdXRkb29yLXNwaWdvdC11dGlsaXR5LWRpdmlkZW5kLWdldHR5LmpwZwZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>认识 “华尔街最伟大的股息股票”</h2>
<p>York Water 是一家水和废水公用事业公司，服务于宾夕法尼亚州南中部四个县的 58 个市镇。其市值为 4.7 亿美元，容易被超过 99% 的投资者忽视。</p>
<p>但这家鲜为人知的公用事业公司实力强劲，提供了一系列竞争优势。</p>
<p>可以说，York Water 的最大卖点是其股息。尽管其 3.1% 的收益率听起来平平无奇，但这笔支付背后的安全性使其在众多股票中脱颖而出。York 自 1816 年以来一直在支付持续的股息！</p>
<p>为了更好地理解这一点，York 在所有但三位美国总统任期内都向其股东支付了股息。下一个最接近的公司是 <strong>Stanley Black &amp; Decker</strong>，其持续的股息记录比 York 少整整 60 年。在收入稳定性方面，York 赢得了 “华尔街最伟大的股息股票” 的称号。</p>
<p>它能够连续支付股息超过两个世纪的原因之一是水和废水需求的可预测性。水服务是租房或拥有房屋的基本需求，York 的服务需求每年变化不大。</p>
<p>此外，大多数公用事业公司在其服务区域内充当垄断或双头垄断。水基础设施的高昂成本意味着 York 不必担心失去客户给其他水和废水公司。换句话说，其运营产生的现金流往往是高度可预测的。</p>
<p>公用事业公司的现金流可预测性（所有形式）是_极其_重要的。能够准确预测未来一到多年的现金流使管理团队能够在不明显损害利润的情况下为新项目和/或收购部署资本。York Water 的管理团队一直保持着稳定的附加收购，以扩大公司的影响力并增加其底线。</p>
<p>York Water 上升的另一个原因是其作为受监管公用事业的地位。受监管的公用事业在将涨价传递给客户之前，需要获得州公共事业委员会的许可。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vbWVkaWEueWNoYXJ0cy5jb20vY2hhcnRzLzQ3MjYzYWM2NWZmMDRmZTI4NWQ3ZjlmMmM4NDMyMDM2LnBuZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vbWVkaWEueWNoYXJ0cy5jb20vY2hhcnRzLzQ3MjYzYWM2NWZmMDRmZTI4NWQ3ZjlmMmM4NDMyMDM2LnBuZyZ3PTcwMA"/></p>
<p>YORW 运营现金流（年度）数据来自 YCharts。</p>
<p>虽然这听起来可能是坏消息，但从现金流的角度来看，这实际上是个好消息。受监管确保 York 不会面临不可预测的批发定价。今年二月，宾夕法尼亚州公共事业委员会批准 York 提高其水和废水客户的收费。这次涨价预计将使年收入增加 1885 万美元，或 24%，基于其 2025 年的总收入。</p>
<p>最后，当前的估值是合理的。根据分析师的估计，York 的股票在 2026 年的预期每股收益（EPS）交易价格不到 18 倍，2027 年的预期 EPS 交易价格大约为 16 倍。这远低于水务公用事业的行业平均市盈率，并且比过去五年的平均前瞻市盈率低 44%。</p>
<p>York Water 的股票在过去 25 年里没有这么便宜过，这也是我最终决定在华尔街的最佳分红股票中开仓的所有鼓励。</p>
<h2>你现在应该购买 York Water 的股票吗？</h2>
<p>在你购买 York Water 的股票之前，请考虑以下几点：</p>
<p><em>Motley Fool Stock Advisor</em> 分析师团队刚刚确定了他们认为现在投资者应该购买的 <strong>10 只最佳股票</strong>……而 York Water 并不在其中。这 10 只股票有可能在未来几年产生巨额回报。</p>
<p>考虑一下 <strong>Netflix</strong> 在 2004 年 12 月 17 日进入这个名单时……如果你在我们推荐时投资了 1000 美元，<strong>你现在将拥有 496,473 美元</strong>！* 或者 <strong>Nvidia</strong> 在 2005 年 4 月 15 日进入这个名单时……如果你在我们推荐时投资了 1000 美元，<strong>你现在将拥有 1,216,605 美元</strong>！*</p>
<p>现在值得注意的是，<em>Stock Advisor</em> 的总平均回报率为 968%——相比之下，标准普尔 500 指数的回报率为 202%，表现出色。<strong>不要错过最新的前 10 名股票列表，加入由个人投资者为个人投资者建立的投资社区，获取 <em>Stock Advisor</em> 的最新信息。</strong></p>
<p><strong>查看这 10 只股票 »</strong></p>
<p><em>*Stock Advisor 的回报截至 2026 年 5 月 5 日。</em></p>
<p><em>Sean Williams 持有 York Water 的股份。Motley Fool 在提到的任何股票中均没有持仓。Motley Fool 有披露政策。</em></p>
<p>此处表达的观点和意见是作者的观点和意见，并不一定反映 Nasdaq, Inc. 的观点。</p>

YORW

水资源 ETF - PowerShares

标普全球水资源指数 ETF - Invesco

公用事业 ETF - Vanguard

水资源 ETF - First Trust

AQWA

<p>这篇文章讨论了对 York Water（纳斯达克代码：YORW）的投资，这是一家自 1816 年以来以长期分红支付而闻名的公用事业公司。尽管过去五年股价下跌了 44%，但该公司仍提供竞争优势，包括稳定的 3.1% 的股息收益率。分析强调了分红股票的历史表现，显示其优于不支付分红的股票，并指出 York Water 在其服务区域内的持续需求和垄断地位使其成为一个引人注目的投资机会，尤其是在最近股价下跌之后</p>

<h2>Key Points</h2>
<div class="lb-trans"><h2>关键要点</h2>
</div><ul>
<li>Dividend stocks have more than doubled the average annual return of non-payers over the previous 52 years.</li>
<li>The stock I purchased has lost 44% of its value over the trailing five years, with a premium valuation, high inflation, and a recent public offering sending its shares to an eight-year low.</li>
<li>However, this oft-overlooked utility packs a punch and offers several competitive advantages -- including a dividend that's been paid, without fail, for the last 210 years.</li>
<li>10 stocks we like better than York Water ›</li>
</ul>
<div class="lb-trans"><ul>
<li>在过去 52 年中，股息股票的平均年回报率是非支付股票的两倍多。</li>
<li>我购买的股票在过去五年中损失了 44% 的价值，因其溢价估值、高通胀以及最近的公开发行使其股价跌至八年来的低点。</li>
<li>然而，这家常被忽视的公用事业公司实力强劲，提供了多个竞争优势——包括过去 210 年里从未间断的股息支付。</li>
<li>我们更看好的 10 只股票 ›</li>
</ul>
</div><p>There is no shortage of ways to make money on Wall Street, but few have proven more successful than buying and holding high-quality dividend stocks. In &#34;The Power of Dividends: Past, Present, and Future,&#34; the analysts at Hartford Funds, in collaboration with Ned Davis Research, found that dividend payers more than doubled the average annual return of non-payers over 52 years (9.2% annualized vs. 4.21% annualized, from 1973-2025).</p>
<div class="lb-trans"><p>在华尔街，赚钱的方式不胜枚举，但很少有方法比购买和持有高质量的股息股票更成功。在《股息的力量：过去、现在和未来》中，哈特福基金的分析师与内德·戴维斯研究公司合作发现，股息支付者在 52 年内的平均年回报率是非支付者的两倍多（年化 9.2% 对比年化 4.21%，1973-2025 年）。</p>
</div><p>But it's not always about the almighty yield. Some of Wall Street's safest and greatest income stocks offer modest yields and exceptional value. That's why I took the plunge and opened a position in what I've dubbed &#34;Wall Street's Greatest Dividend Stock,&#34; <strong>York Water</strong>(NASDAQ: YORW).</p>
<div class="lb-trans"><p>但这并不总是关于强大的收益率。华尔街一些最安全和最优秀的收入股票提供适度的收益率和卓越的价值。这就是我决定投资我称之为 “华尔街最伟大的股息股票” 的原因，<strong>York Water</strong>（纳斯达克：YORW）。</p>
</div><p><em><strong>Will AI create the world's first trillionaire?</strong> Our team just released a report on the one little-known company, called an &#34;Indispensable Monopoly&#34; providing the critical technology Nvidia and Intel both need. <strong>Continue »</strong></em></p>
<div class="lb-trans"><p><em><strong>人工智能会创造出世界上第一个万亿富翁吗？</strong> 我们的团队刚刚发布了一份关于一家鲜为人知的公司报告，该公司被称为 “不可或缺的垄断”，提供英伟达和英特尔都需要的关键技术。<strong>继续 »</strong></em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg2ODAzMS9zdG9wd2F0Y2gtdGltZS10by1idXktc3RvY2stbWFya2V0LWNvcnJlY3Rpb24tZ2V0dHkuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F868031%2Fstopwatch-time-to-buy-stock-market-correction-getty.jpg&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>York Water shares have been nearly halved over the last five years</h2>
<div class="lb-trans"><h2>York Water 的股票在过去五年中几乎减半</h2>
</div><p>To be upfront, the last five years haven't been pleasant for York's investors. Its shares are down by 44% over the trailing five-year period, ending April 30, 2026, and are closing in on a 50% decline from their intra-day high since May 2021.</p>
<div class="lb-trans"><p>坦率地说，过去五年对 York 的投资者来说并不愉快。其股票在截至 2026 年 4 月 30 日的五年期间下跌了 44%，并且自 2021 年 5 月以来接近 50% 的跌幅。</p>
</div><p>Several factors have weighed on York Water's stock, but also paved the way for opportunistic investors to pounce, which I'll touch on more later.</p>
<div class="lb-trans"><p>多种因素对 York Water 的股票造成了压力，但也为机会投资者提供了出手的时机，我稍后会详细说明。</p>
</div><p>For starters, utilities have mostly been left in the dust by Wall Street's tech-driven rally. Although select utilities are benefiting from the expectation that artificial intelligence data centers will boost electricity demand, safe, time-tested utilities simply aren't going to excite investors when the stock market is moving up in a parabolic fashion.</p>
<div class="lb-trans"><p>首先，公用事业公司在华尔街的科技驱动反弹中大多被抛在了后面。尽管部分公用事业公司受益于人工智能数据中心将提升电力需求的预期，但安全、经过时间考验的公用事业公司在股市以抛物线方式上涨时并不会激励投资者。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vbWVkaWEueWNoYXJ0cy5jb20vY2hhcnRzL2M5ZTZhNjg2ZDE0ZTM0OTJhMzllZDkwNjVhZGE4ZjkyLnBuZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fmedia.ycharts.com%2Fcharts%2Fc9e6a686d14e3492a39ed9065ada8f92.png&amp;w=700"/></p>
<p>US Inflation Rate data by YCharts.</p>
<div class="lb-trans"><p>美国通胀率数据来源于 YCharts。</p>
</div><p>Another issue for utilities is that inflation soared in 2022, prompting the Federal Reserve to raise interest rates aggressively. In addition to higher borrowing costs (utilities often rely on debt to finance major projects), rapidly rising yields made U.S. Treasury bonds attractive to income seekers. When Treasury bond yields touch 5% or above, it's not uncommon for investors to opt for their safety, as opposed to investing in dividend stocks where their principal isn't protected.</p>
<div class="lb-trans"><p>另一个影响公用事业公司的问题是 2022 年通胀飙升，促使美联储大幅加息。除了更高的借贷成本（公用事业公司通常依赖债务来融资大型项目），迅速上升的收益率使美国国债对收入寻求者变得有吸引力。当国债收益率达到 5% 或以上时，投资者选择安全性而非投资于股息股票的情况并不罕见，因为他们的本金没有得到保护。</p>
</div><p>More specific to York Water, it was trading at quite a premium in 2021. Its trailing 12-month price-to-earnings (P/E) ratio was above 40 in an industry that traditionally sees P/E ratios hover around 25.</p>
<div class="lb-trans"><p>更具体地说，York Water 在 2021 年的交易价格相当高。其过去 12 个月的市盈率（P/E）超过 40，而该行业的市盈率通常在 25 左右徘徊。</p>
</div><p>Lastly, the company announced, priced, and closed a public offering of around 1.52 million shares of its common stock at $28.50 in April 2026. Issuing shares at a notable discount to the prior-day close resulted in York's stock hitting an eight-year, intra-day low.</p>
<div class="lb-trans"><p>最后，该公司在 2026 年 4 月宣布、定价并完成了约 152 万股普通股的公开发行，发行价为 28.50 美元。以显著低于前一天收盘价的折扣发行股票导致 York 的股价跌至八年来的盘中低点。</p>
</div><p>Although it's been a bumpy ride over the last five years for York's shareholders, the time to pounce has arrived.</p>
<div class="lb-trans"><p>尽管过去五年对 York 的股东来说是一个颠簸的旅程，但出手的时机已经到来。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg2ODAzMS9kcmlwcGluZy1mYXVjZXQtd2F0ZXItZHJvcC1vdXRkb29yLXNwaWdvdC11dGlsaXR5LWRpdmlkZW5kLWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F868031%2Fdripping-faucet-water-drop-outdoor-spigot-utility-dividend-getty.jpg&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Say hello to &#34;Wall Street's Greatest Dividend Stock&#34;</h2>
<div class="lb-trans"><h2>认识 “华尔街最伟大的股息股票”</h2>
</div><p>York Water is a water and wastewater utility servicing just 58 municipalities in four counties in South-Central Pennsylvania. At a market cap of $470 million, it's easily overlooked by more than 99% of investors.</p>
<div class="lb-trans"><p>York Water 是一家水和废水公用事业公司，服务于宾夕法尼亚州南中部四个县的 58 个市镇。其市值为 4.7 亿美元，容易被超过 99% 的投资者忽视。</p>
</div><p>But this little-known utility packs a punch and offers a range of competitive advantages.</p>
<div class="lb-trans"><p>但这家鲜为人知的公用事业公司实力强劲，提供了一系列竞争优势。</p>
</div><p>Arguably, the No. 1 selling point for York Water is its dividend. While its yield of 3.1% might sound pedestrian, it's the safety behind this payout that helps it stand out from the pack. York has been paying a continuous dividend <em>since 1816</em>!</p>
<div class="lb-trans"><p>可以说，York Water 的最大卖点是其股息。尽管其 3.1% 的收益率听起来平平无奇，但这笔支付背后的安全性使其在众多股票中脱颖而出。York 自 1816 年以来一直在支付持续的股息！</p>
</div><p>To put this into perspective, York has paid a dividend to its shareholders under all but three U.S. presidents. The next-closest company is <strong>Stanley Black &amp; Decker</strong>, and its continuous dividend streak trails York by a full 60 years. When it comes to income stability, York has earned the title of Wall Street's Greatest Dividend Stock.</p>
<div class="lb-trans"><p>为了更好地理解这一点，York 在所有但三位美国总统任期内都向其股东支付了股息。下一个最接近的公司是 <strong>Stanley Black &amp; Decker</strong>，其持续的股息记录比 York 少整整 60 年。在收入稳定性方面，York 赢得了 “华尔街最伟大的股息股票” 的称号。</p>
</div><p>One of the reasons it's been able to pay a continuous dividend for over two centuries is the predictability of water and wastewater demand. Water service is a basic necessity if you rent or own a home, and demand for York's services doesn't change much from one year to the next.</p>
<div class="lb-trans"><p>它能够连续支付股息超过两个世纪的原因之一是水和废水需求的可预测性。水服务是租房或拥有房屋的基本需求，York 的服务需求每年变化不大。</p>
</div><p>Furthermore, most utilities act as monopolies or duopolies in the areas they serve. The prohibitively high costs of water infrastructure mean York doesn't have to worry about losing its customers to other water and wastewater companies. In other words, cash flow from its operations tends to be highly predictable.</p>
<div class="lb-trans"><p>此外，大多数公用事业公司在其服务区域内充当垄断或双头垄断。水基础设施的高昂成本意味着 York 不必担心失去客户给其他水和废水公司。换句话说，其运营产生的现金流往往是高度可预测的。</p>
</div><p>Cash flow predictability for utilities (of all forms) is <em>incredibly</em> important. Being able to accurately forecast cash flow one or more years into the future allows management teams to deploy capital for new projects and/or acquisitions without demonstrably impairing profits. York Water's management team has maintained a steady diet of bolt-on acquisitions to expand the company's reach and grow its bottom line.</p>
<div class="lb-trans"><p>公用事业公司的现金流可预测性（所有形式）是_极其_重要的。能够准确预测未来一到多年的现金流使管理团队能够在不明显损害利润的情况下为新项目和/或收购部署资本。York Water 的管理团队一直保持着稳定的附加收购，以扩大公司的影响力并增加其底线。</p>
</div><p>Another reason the arrow is pointing up for York Water is its status as a regulated utility. Regulated utilities require permission from a state's public utility commission before rate hikes can be passed along to customers.</p>
<div class="lb-trans"><p>York Water 上升的另一个原因是其作为受监管公用事业的地位。受监管的公用事业在将涨价传递给客户之前，需要获得州公共事业委员会的许可。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vbWVkaWEueWNoYXJ0cy5jb20vY2hhcnRzLzQ3MjYzYWM2NWZmMDRmZTI4NWQ3ZjlmMmM4NDMyMDM2LnBuZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fmedia.ycharts.com%2Fcharts%2F47263ac65ff04fe285d7f9f2c8432036.png&amp;w=700"/></p>
<p>YORW Cash from Operations (Annual) data by YCharts.</p>
<div class="lb-trans"><p>YORW 运营现金流（年度）数据来自 YCharts。</p>
</div><p>Though this might sound like bad news, it's actually great news from a cash flow perspective. Being regulated ensures that York doesn't deal with unpredictable wholesale pricing. In February, the Pennsylvania Public Utility Commission gave York the green light to increase rates on its water and wastewater customers. This rate hike is forecast to boost annual revenue by $18.85 million, or 24%, based on its total revenue from 2025.</p>
<div class="lb-trans"><p>虽然这听起来可能是坏消息，但从现金流的角度来看，这实际上是个好消息。受监管确保 York 不会面临不可预测的批发定价。今年二月，宾夕法尼亚州公共事业委员会批准 York 提高其水和废水客户的收费。这次涨价预计将使年收入增加 1885 万美元，或 24%，基于其 2025 年的总收入。</p>
</div><p>Lastly, the valuation now makes sense. Based on analysts' estimates, York is trading at less than 18 times forecast earnings per share (EPS) in 2026 and roughly 16 times projected EPS in 2027. That's well below the industry average P/E ratio for water utilities and represents a 44% discount to its average forward P/E ratio over the trailing five years.</p>
<div class="lb-trans"><p>最后，当前的估值是合理的。根据分析师的估计，York 的股票在 2026 年的预期每股收益（EPS）交易价格不到 18 倍，2027 年的预期 EPS 交易价格大约为 16 倍。这远低于水务公用事业的行业平均市盈率，并且比过去五年的平均前瞻市盈率低 44%。</p>
</div><p>York Water stock hasn't been this cheap in a quarter-century, which is all the encouragement I needed to finally open a position in Wall Street's Greatest Dividend Stock.</p>
<div class="lb-trans"><p>York Water 的股票在过去 25 年里没有这么便宜过，这也是我最终决定在华尔街的最佳分红股票中开仓的所有鼓励。</p>
</div><h2>Should you buy stock in York Water right now?</h2>
<div class="lb-trans"><h2>你现在应该购买 York Water 的股票吗？</h2>
</div><p>Before you buy stock in York Water, consider this:</p>
<div class="lb-trans"><p>在你购买 York Water 的股票之前，请考虑以下几点：</p>
</div><p>The <em>Motley Fool Stock Advisor</em> analyst team just identified what they believe are the <strong>10 best stocks</strong> for investors to buy now… and York Water wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.</p>
<div class="lb-trans"><p><em>Motley Fool Stock Advisor</em> 分析师团队刚刚确定了他们认为现在投资者应该购买的 <strong>10 只最佳股票</strong>……而 York Water 并不在其中。这 10 只股票有可能在未来几年产生巨额回报。</p>
</div><p>Consider when <strong>Netflix</strong> made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, <strong>you’d have $496,473</strong>!* Or when <strong>Nvidia</strong> made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, <strong>you’d have $1,216,605</strong>!*</p>
<div class="lb-trans"><p>考虑一下 <strong>Netflix</strong> 在 2004 年 12 月 17 日进入这个名单时……如果你在我们推荐时投资了 1000 美元，<strong>你现在将拥有 496,473 美元</strong>！* 或者 <strong>Nvidia</strong> 在 2005 年 4 月 15 日进入这个名单时……如果你在我们推荐时投资了 1000 美元，<strong>你现在将拥有 1,216,605 美元</strong>！*</p>
</div><p>Now, it’s worth noting <em>Stock Advisor’s</em> total average return is 968% — a market-crushing outperformance compared to 202% for the S&amp;P 500. <strong>Don't miss the latest top 10 list, available with <em>Stock Advisor</em>, and join an investing community built by individual investors for individual investors.</strong></p>
<div class="lb-trans"><p>现在值得注意的是，<em>Stock Advisor</em> 的总平均回报率为 968%——相比之下，标准普尔 500 指数的回报率为 202%，表现出色。<strong>不要错过最新的前 10 名股票列表，加入由个人投资者为个人投资者建立的投资社区，获取 <em>Stock Advisor</em> 的最新信息。</strong></p>
</div><p><strong>See the 10 stocks »</strong></p>
<div class="lb-trans"><p><strong>查看这 10 只股票 »</strong></p>
</div><p><em>*Stock Advisor returns as of May 5, 2026.</em></p>
<div class="lb-trans"><p><em>*Stock Advisor 的回报截至 2026 年 5 月 5 日。</em></p>
</div><p><em>Sean Williams has positions in York Water. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.</em></p>
<div class="lb-trans"><p><em>Sean Williams 持有 York Water 的股份。Motley Fool 在提到的任何股票中均没有持仓。Motley Fool 有披露政策。</em></p>
</div><p>The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.</p>
<div class="lb-trans"><p>此处表达的观点和意见是作者的观点和意见，并不一定反映 Nasdaq, Inc. 的观点。</p>
</div>

I Just Opened a Position in Wall Street's Greatest Dividend Stock -- a Company That's Been Paying Dividends Since the Early 1800s

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我刚刚在华尔街最杰出的股息股票中建立了一个头寸——这是一家自 19 世纪初以来一直支付股息的公司