<h2>關鍵要點</h2>
<ul>
<li>在過去 52 年中，股息股票的平均年回報率是非支付股票的兩倍多。</li>
<li>我購買的股票在過去五年中損失了 44% 的價值，因其溢價估值、高通脹以及最近的公開發行使其股價跌至八年來的低點。</li>
<li>然而，這家常被忽視的公用事業公司實力強勁，提供了多個競爭優勢——包括過去 210 年裏從未間斷的股息支付。</li>
<li>我們更看好的 10 只股票 ›</li>
</ul>
<p>在華爾街，賺錢的方式不勝枚舉，但很少有方法比購買和持有高質量的股息股票更成功。在《股息的力量：過去、現在和未來》中，哈特福基金的分析師與內德·戴維斯研究公司合作發現，股息支付者在 52 年內的平均年回報率是非支付者的兩倍多（年化 9.2% 對比年化 4.21%，1973-2025 年）。</p>
<p>但這並不總是關於強大的收益率。華爾街一些最安全和最優秀的收入股票提供適度的收益率和卓越的價值。這就是我決定投資我稱之為 “華爾街最偉大的股息股票” 的原因，<strong>York Water</strong>（納斯達克：YORW）。</p>
<p><em><strong>人工智能會創造出世界上第一個萬億富翁嗎？</strong> 我們的團隊剛剛發佈了一份關於一家鮮為人知的公司報告，該公司被稱為 “不可或缺的壟斷”，提供英偉達和英特爾都需要的關鍵技術。<strong>繼續 »</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>圖片來源：Getty Images。</p>
<h2>York Water 的股票在過去五年中幾乎減半</h2>
<p>坦率地説，過去五年對 York 的投資者來説並不愉快。其股票在截至 2026 年 4 月 30 日的五年期間下跌了 44%，並且自 2021 年 5 月以來接近 50% 的跌幅。</p>
<p>多種因素對 York Water 的股票造成了壓力，但也為機會投資者提供了出手的時機，我稍後會詳細説明。</p>
<p>首先，公用事業公司在華爾街的科技驅動反彈中大多被拋在了後面。儘管部分公用事業公司受益於人工智能數據中心將提升電力需求的預期，但安全、經過時間考驗的公用事業公司在股市以拋物線方式上漲時並不會激勵投資者。</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>美國通脹率數據來源於 YCharts。</p>
<p>另一個影響公用事業公司的問題是 2022 年通脹飆升，促使美聯儲大幅加息。除了更高的借貸成本（公用事業公司通常依賴債務來融資大型項目），迅速上升的收益率使美國國債對收入尋求者變得有吸引力。當國債收益率達到 5% 或以上時，投資者選擇安全性而非投資於股息股票的情況並不罕見，因為他們的本金沒有得到保護。</p>
<p>更具體地説，York Water 在 2021 年的交易價格相當高。其過去 12 個月的市盈率（P/E）超過 40，而該行業的市盈率通常在 25 左右徘徊。</p>
<p>最後，該公司在 2026 年 4 月宣佈、定價並完成了約 152 萬股普通股的公開發行，發行價為 28.50 美元。以顯著低於前一天收盤價的折扣發行股票導致 York 的股價跌至八年來的盤中低點。</p>
<p>儘管過去五年對 York 的股東來説是一個顛簸的旅程，但出手的時機已經到來。</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>圖片來源：Getty Images。</p>
<h2>認識 “華爾街最偉大的股息股票”</h2>
<p>York Water 是一家水和廢水公用事業公司，服務於賓夕法尼亞州南中部四個縣的 58 個市鎮。其市值為 4.7 億美元，容易被超過 99% 的投資者忽視。</p>
<p>但這家鮮為人知的公用事業公司實力強勁，提供了一系列競爭優勢。</p>
<p>可以説，York Water 的最大賣點是其股息。儘管其 3.1% 的收益率聽起來平平無奇，但這筆支付背後的安全性使其在眾多股票中脱穎而出。York 自 1816 年以來一直在支付持續的股息！</p>
<p>為了更好地理解這一點，York 在所有但三位美國總統任期內都向其股東支付了股息。下一個最接近的公司是 <strong>Stanley Black &amp; Decker</strong>，其持續的股息記錄比 York 少整整 60 年。在收入穩定性方面，York 贏得了 “華爾街最偉大的股息股票” 的稱號。</p>
<p>它能夠連續支付股息超過兩個世紀的原因之一是水和廢水需求的可預測性。水服務是租房或擁有房屋的基本需求，York 的服務需求每年變化不大。</p>
<p>此外，大多數公用事業公司在其服務區域內充當壟斷或雙頭壟斷。水基礎設施的高昂成本意味着 York 不必擔心失去客户給其他水和廢水公司。換句話説，其運營產生的現金流往往是高度可預測的。</p>
<p>公用事業公司的現金流可預測性（所有形式）是_極其_重要的。能夠準確預測未來一到多年的現金流使管理團隊能夠在不明顯損害利潤的情況下為新項目和/或收購部署資本。York Water 的管理團隊一直保持着穩定的附加收購，以擴大公司的影響力並增加其底線。</p>
<p>York Water 上升的另一個原因是其作為受監管公用事業的地位。受監管的公用事業在將漲價傳遞給客户之前，需要獲得州公共事業委員會的許可。</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 運營現金流（年度）數據來自 YCharts。</p>
<p>雖然這聽起來可能是壞消息，但從現金流的角度來看，這實際上是個好消息。受監管確保 York 不會面臨不可預測的批發定價。今年二月，賓夕法尼亞州公共事業委員會批准 York 提高其水和廢水客户的收費。這次漲價預計將使年收入增加 1885 萬美元，或 24%，基於其 2025 年的總收入。</p>
<p>最後，當前的估值是合理的。根據分析師的估計，York 的股票在 2026 年的預期每股收益（EPS）交易價格不到 18 倍，2027 年的預期 EPS 交易價格大約為 16 倍。這遠低於水務公用事業的行業平均市盈率，並且比過去五年的平均前瞻市盈率低 44%。</p>
<p>York Water 的股票在過去 25 年裏沒有這麼便宜過，這也是我最終決定在華爾街的最佳分紅股票中開倉的所有鼓勵。</p>
<h2>你現在應該購買 York Water 的股票嗎？</h2>
<p>在你購買 York Water 的股票之前，請考慮以下幾點：</p>
<p><em>Motley Fool Stock Advisor</em> 分析師團隊剛剛確定了他們認為現在投資者應該購買的 <strong>10 只最佳股票</strong>……而 York Water 並不在其中。這 10 只股票有可能在未來幾年產生鉅額回報。</p>
<p>考慮一下 <strong>Netflix</strong> 在 2004 年 12 月 17 日進入這個名單時……如果你在我們推薦時投資了 1000 美元，<strong>你現在將擁有 496,473 美元</strong>！* 或者 <strong>Nvidia</strong> 在 2005 年 4 月 15 日進入這個名單時……如果你在我們推薦時投資了 1000 美元，<strong>你現在將擁有 1,216,605 美元</strong>！*</p>
<p>現在值得注意的是，<em>Stock Advisor</em> 的總平均回報率為 968%——相比之下，標準普爾 500 指數的回報率為 202%，表現出色。<strong>不要錯過最新的前 10 名股票列表，加入由個人投資者為個人投資者建立的投資社區，獲取 <em>Stock Advisor</em> 的最新信息。</strong></p>
<p><strong>查看這 10 只股票 »</strong></p>
<p><em>*Stock Advisor 的回報截至 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沒有持倉。Motley Fool 有披露政策。</em></p>
<p>此處表達的觀點和意見是作者的觀點和意見，並不一定反映 Nasdaq, Inc. 的觀點。</p>

YORW

水資源 ETF - PowerShares

標普全球水資源指數 ETF - Invesco

公用事業 ETF - Vanguard

水資源 ETF - First Trust

AQWA

<p>這篇文章討論了對 York Water（納斯達克代碼：YORW）的投資，這是一家自 1816 年以來以長期分紅支付而聞名的公用事業公司。儘管過去五年股價下跌了 44%，但該公司仍提供競爭優勢，包括穩定的 3.1% 的股息收益率。分析強調了分紅股票的歷史表現，顯示其優於不支付分紅的股票，並指出 York Water 在其服務區域內的持續需求和壟斷地位使其成為一個引人注目的投資機會，尤其是在最近股價下跌之後</p>

<h2>Key Points</h2>
<div class="lb-trans"><h2>關鍵要點</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>在過去 52 年中，股息股票的平均年回報率是非支付股票的兩倍多。</li>
<li>我購買的股票在過去五年中損失了 44% 的價值，因其溢價估值、高通脹以及最近的公開發行使其股價跌至八年來的低點。</li>
<li>然而，這家常被忽視的公用事業公司實力強勁，提供了多個競爭優勢——包括過去 210 年裏從未間斷的股息支付。</li>
<li>我們更看好的 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>在華爾街，賺錢的方式不勝枚舉，但很少有方法比購買和持有高質量的股息股票更成功。在《股息的力量：過去、現在和未來》中，哈特福基金的分析師與內德·戴維斯研究公司合作發現，股息支付者在 52 年內的平均年回報率是非支付者的兩倍多（年化 9.2% 對比年化 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>但這並不總是關於強大的收益率。華爾街一些最安全和最優秀的收入股票提供適度的收益率和卓越的價值。這就是我決定投資我稱之為 “華爾街最偉大的股息股票” 的原因，<strong>York Water</strong>（納斯達克：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>人工智能會創造出世界上第一個萬億富翁嗎？</strong> 我們的團隊剛剛發佈了一份關於一家鮮為人知的公司報告，該公司被稱為 “不可或缺的壟斷”，提供英偉達和英特爾都需要的關鍵技術。<strong>繼續 »</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>圖片來源：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 的股票在過去五年中幾乎減半</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>坦率地説，過去五年對 York 的投資者來説並不愉快。其股票在截至 2026 年 4 月 30 日的五年期間下跌了 44%，並且自 2021 年 5 月以來接近 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>多種因素對 York Water 的股票造成了壓力，但也為機會投資者提供了出手的時機，我稍後會詳細説明。</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，公用事業公司在華爾街的科技驅動反彈中大多被拋在了後面。儘管部分公用事業公司受益於人工智能數據中心將提升電力需求的預期，但安全、經過時間考驗的公用事業公司在股市以拋物線方式上漲時並不會激勵投資者。</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>美國通脹率數據來源於 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>另一個影響公用事業公司的問題是 2022 年通脹飆升，促使美聯儲大幅加息。除了更高的借貸成本（公用事業公司通常依賴債務來融資大型項目），迅速上升的收益率使美國國債對收入尋求者變得有吸引力。當國債收益率達到 5% 或以上時，投資者選擇安全性而非投資於股息股票的情況並不罕見，因為他們的本金沒有得到保護。</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>更具體地説，York Water 在 2021 年的交易價格相當高。其過去 12 個月的市盈率（P/E）超過 40，而該行業的市盈率通常在 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>最後，該公司在 2026 年 4 月宣佈、定價並完成了約 152 萬股普通股的公開發行，發行價為 28.50 美元。以顯著低於前一天收盤價的折扣發行股票導致 York 的股價跌至八年來的盤中低點。</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>儘管過去五年對 York 的股東來説是一個顛簸的旅程，但出手的時機已經到來。</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>圖片來源：Getty Images。</p>
</div><h2>Say hello to &#34;Wall Street's Greatest Dividend Stock&#34;</h2>
<div class="lb-trans"><h2>認識 “華爾街最偉大的股息股票”</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 是一家水和廢水公用事業公司，服務於賓夕法尼亞州南中部四個縣的 58 個市鎮。其市值為 4.7 億美元，容易被超過 99% 的投資者忽視。</p>
</div><p>But this little-known utility packs a punch and offers a range of competitive advantages.</p>
<div class="lb-trans"><p>但這家鮮為人知的公用事業公司實力強勁，提供了一系列競爭優勢。</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>可以説，York Water 的最大賣點是其股息。儘管其 3.1% 的收益率聽起來平平無奇，但這筆支付背後的安全性使其在眾多股票中脱穎而出。York 自 1816 年以來一直在支付持續的股息！</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>為了更好地理解這一點，York 在所有但三位美國總統任期內都向其股東支付了股息。下一個最接近的公司是 <strong>Stanley Black &amp; Decker</strong>，其持續的股息記錄比 York 少整整 60 年。在收入穩定性方面，York 贏得了 “華爾街最偉大的股息股票” 的稱號。</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>它能夠連續支付股息超過兩個世紀的原因之一是水和廢水需求的可預測性。水服務是租房或擁有房屋的基本需求，York 的服務需求每年變化不大。</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，大多數公用事業公司在其服務區域內充當壟斷或雙頭壟斷。水基礎設施的高昂成本意味着 York 不必擔心失去客户給其他水和廢水公司。換句話説，其運營產生的現金流往往是高度可預測的。</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>公用事業公司的現金流可預測性（所有形式）是_極其_重要的。能夠準確預測未來一到多年的現金流使管理團隊能夠在不明顯損害利潤的情況下為新項目和/或收購部署資本。York Water 的管理團隊一直保持着穩定的附加收購，以擴大公司的影響力並增加其底線。</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 上升的另一個原因是其作為受監管公用事業的地位。受監管的公用事業在將漲價傳遞給客户之前，需要獲得州公共事業委員會的許可。</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 運營現金流（年度）數據來自 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>雖然這聽起來可能是壞消息，但從現金流的角度來看，這實際上是個好消息。受監管確保 York 不會面臨不可預測的批發定價。今年二月，賓夕法尼亞州公共事業委員會批准 York 提高其水和廢水客户的收費。這次漲價預計將使年收入增加 1885 萬美元，或 24%，基於其 2025 年的總收入。</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>最後，當前的估值是合理的。根據分析師的估計，York 的股票在 2026 年的預期每股收益（EPS）交易價格不到 18 倍，2027 年的預期 EPS 交易價格大約為 16 倍。這遠低於水務公用事業的行業平均市盈率，並且比過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 的股票在過去 25 年裏沒有這麼便宜過，這也是我最終決定在華爾街的最佳分紅股票中開倉的所有鼓勵。</p>
</div><h2>Should you buy stock in York Water right now?</h2>
<div class="lb-trans"><h2>你現在應該購買 York Water 的股票嗎？</h2>
</div><p>Before you buy stock in York Water, consider this:</p>
<div class="lb-trans"><p>在你購買 York Water 的股票之前，請考慮以下幾點：</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> 分析師團隊剛剛確定了他們認為現在投資者應該購買的 <strong>10 只最佳股票</strong>……而 York Water 並不在其中。這 10 只股票有可能在未來幾年產生鉅額回報。</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>考慮一下 <strong>Netflix</strong> 在 2004 年 12 月 17 日進入這個名單時……如果你在我們推薦時投資了 1000 美元，<strong>你現在將擁有 496,473 美元</strong>！* 或者 <strong>Nvidia</strong> 在 2005 年 4 月 15 日進入這個名單時……如果你在我們推薦時投資了 1000 美元，<strong>你現在將擁有 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>現在值得注意的是，<em>Stock Advisor</em> 的總平均回報率為 968%——相比之下，標準普爾 500 指數的回報率為 202%，表現出色。<strong>不要錯過最新的前 10 名股票列表，加入由個人投資者為個人投資者建立的投資社區，獲取 <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>查看這 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 的回報截至 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沒有持倉。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>此處表達的觀點和意見是作者的觀點和意見，並不一定反映 Nasdaq, Inc. 的觀點。</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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我剛剛在華爾街最傑出的股息股票中建立了一個頭寸——這是一家自 19 世紀初以來一直支付股息的公司