NASDAQ : ARTNA
Artesian Resources Corporation — Financial statements
Utilities · Utilities - Regulated Water · United States
Last price 33.56 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 346.58M
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Financial statements
Artesian Resources Corporation (ARTNA) reported revenue of 116.94M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 116.94M | 112.94M | 107.95M | 98.86M | 98.90M | 90.86M |
| Depreciation & Amortization | 14.01M | 13.81M | 13.63M | 13.34M | 12.62M | 11.88M |
| Other Operating Expenses | 65.53M | 63.52M | 60.86M | 56.73M | 56.49M | 50.94M |
| Total Operating Expenses | 79.53M | 77.33M | 74.49M | 70.07M | 69.11M | 62.83M |
| Operating Income | 37.41M | 35.61M | 33.47M | 28.79M | 29.78M | 28.03M |
| Interest Expense | -8.94M | -8.69M | -8.78M | -9.16M | -8.50M | -7.59M |
| Net Interest Expense | -8.94M | -8.69M | -8.78M | -9.16M | -8.50M | -7.59M |
| Allowance for Equity Funds for Construction | 1.95M | 2.38M | 1.64M | 2.00M | 1.33M | 823.00K |
| Other Non-Operating Income (Expenses) | -28.00K | 1.30M | ||||
| EBT Excluding Unusual Items | 30.40M | 29.31M | 26.33M | 21.64M | 22.61M | 22.56M |
| Other Unusual Items | 1.35M | 1.35M | 1.38M | 1.41M | 1.26M | |
| Pretax Income | 31.74M | 30.65M | 27.71M | 23.05M | 23.88M | 22.56M |
| Income Tax Expense | 8.14M | 7.83M | 7.32M | 6.35M | 5.88M | 5.74M |
| Net Income | 23.61M | 22.82M | 20.39M | 16.70M | 18.00M | 16.83M |
| Net Income to Common | 23.61M | 22.82M | 20.39M | 16.70M | 18.00M | 16.83M |
| Shares Outstanding (Basic) | 10.32M | 10.31M | 10.29M | 10.02M | 9.46M | 9.39M |
| Shares Outstanding (Diluted) | 10.32M | 10.31M | 10.30M | 10.02M | 9.48M | 9.43M |
| EPS (Basic) | 2.29 | 2.21 | 1.98 | 1.67 | 1.90 | 1.79 |
| EPS (Diluted) | 2.28 | 2.21 | 1.98 | 1.67 | 1.90 | 1.79 |
| Free Cash Flow | -18.18M | -18.50M | -9.12M | -30.33M | -24.22M | -9.50M |
| Free Cash Flow Per Share | -1.76 | -1.79 | -0.89 | -3.03 | -2.55 | -1.01 |
| Dividend Per Share | 1.25 | 1.23 | 1.18 | 1.14 | 1.09 | 1.05 |
| Profit Margin | 20.19% | 20.21% | 18.89% | 16.89% | 18.20% | 18.52% |
| Free Cash Flow Margin | -15.55% | -16.38% | -8.45% | -30.68% | -24.49% | -10.46% |
| EBITDA | 51.42M | 49.42M | 47.09M | 42.13M | 42.40M | 39.92M |
| EBITDA Margin | 43.97% | 43.76% | 43.63% | 42.61% | 42.88% | 43.93% |
| D&A For EBITDA | 14.01M | 13.81M | 13.63M | 13.34M | 12.62M | 11.88M |
| EBIT | 37.41M | 35.61M | 33.47M | 28.79M | 29.78M | 28.03M |
| EBIT Margin | 31.99% | 31.53% | 31.00% | 29.13% | 30.12% | 30.85% |
| Effective Tax Rate | 25.64% | 25.55% | 26.40% | 27.54% | 24.62% | 25.42% |
| Revenue as Reported | 116.94M | 112.94M | 107.95M | 98.86M | 98.90M | 90.86M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 9.80M | 52.00K | 1.15M | 2.50M | 1.31M | 92.00K |
| Accounts Receivable | 12.25M | 7.01M | 9.74M | 9.46M | 7.63M | 7.96M |
| Other Receivables | 686.00K | 3.13M | 1.56M | 4.36M | 6.56M | 3.72M |
| Inventory | 3.66M | 3.72M | 4.28M | 5.98M | 4.70M | 1.93M |
| Prepaid Expenses | 3.88M | 5.48M | 5.28M | 5.57M | 5.06M | 4.96M |
| Other Current Assets | 562.00K | 2.02M | 2.52M | 2.75M | 2.53M | |
| Total Current Assets | 30.84M | 21.42M | 24.53M | 30.62M | 27.80M | 18.66M |
| Property, Plant & Equipment | 829.75M | 805.65M | 751.20M | 718.48M | 672.24M | 594.63M |
| Regulatory Assets | 12.02M | 12.65M | 14.43M | 7.29M | 7.27M | 6.32M |
| Goodwill | 1.94M | 1.94M | 1.94M | 1.94M | 1.94M | |
| Long-Term Deferred Charges | 86.00K | 100.00K | 126.00K | 194.00K | 247.00K | |
| Other Long-Term Assets | 9.47M | 9.48M | 6.42M | 8.38M | 10.34M | 4.85M |
| Total Assets | 884.01M | 851.23M | 798.62M | 766.83M | 719.79M | 624.72M |
| Accounts Payable | 9.51M | 14.02M | 11.23M | 9.70M | 10.93M | 10.21M |
| Accrued Expenses | 8.23M | 5.52M | 6.27M | 5.79M | 5.24M | 4.96M |
| Short-Term Debt | 7.00K | 5.82M | 31.00K | 9.00K | 20.22M | 26.73M |
| Current Portion of Long-Term Debt | 2.52M | 2.13M | 2.17M | 2.23M | 2.00M | 1.59M |
| Current Unearned Revenue | 778.00K | 573.00K | 714.00K | 539.00K | 438.00K | 287.00K |
| Current Portion of Leases | 9.00K | 9.00K | 8.00K | 9.00K | 2.00K | 6.00K |
| Current Income Taxes Payable | 1.48M | 389.00K | 500.00K | 2.00K | 6.00K | |
| Other Current Liabilities | 7.85M | 5.26M | 4.68M | 4.13M | 5.24M | 3.43M |
| Total Current Liabilities | 30.39M | 33.72M | 25.59M | 22.41M | 44.07M | 47.21M |
| Long-Term Debt | 182.55M | 174.28M | 176.51M | 178.31M | 175.62M | 143.26M |
| Long-Term Leases | 403.00K | 407.00K | 404.00K | 503.00K | 466.00K | 440.00K |
| Long-Term Unearned Revenue | 332.57M | 311.08M | 272.40M | 247.93M | 224.31M | 176.66M |
| Long-Term Deferred Tax Liabilities | 81.34M | 81.34M | 80.17M | 58.80M | 76.19M | 74.70M |
| Other Long-Term Liabilities | 518.00K | 481.00K | 4.36M | 28.47M | 11.21M | 4.44M |
| Total Liabilities | 627.78M | 601.31M | 559.43M | 536.43M | 531.86M | 446.70M |
| Common Stock | 10.33M | 10.32M | 10.30M | 10.29M | 9.50M | 9.41M |
| Additional Paid-In Capital | 144.82M | 144.49M | 143.92M | 143.37M | 107.14M | 104.99M |
| Retained Earnings | 101.08M | 95.11M | 84.97M | 76.74M | 71.29M | 63.61M |
| Shareholders' Equity | 256.24M | 249.92M | 239.19M | 230.40M | 187.93M | 178.01M |
| Total Liabilities & Equity | 884.01M | 851.23M | 798.62M | 766.83M | 719.79M | 624.72M |
| Total Debt | 185.50M | 182.65M | 179.12M | 181.06M | 198.31M | 172.03M |
| Net Cash (Debt) | -175.69M | -182.59M | -177.97M | -178.56M | -197.00M | -171.94M |
| Net Cash Per Share | -17.02 | -17.71 | -17.29 | -17.82 | -20.78 | -18.24 |
| Filing Date Shares Outstanding | 10.33M | 10.32M | 10.30M | 10.29M | 9.50M | 9.42M |
| Total Common Shares Outstanding | 10.33M | 10.32M | 10.30M | 10.29M | 9.50M | 9.41M |
| Working Capital | 451.00K | -12.30M | -1.06M | 8.20M | -16.27M | -28.54M |
| Book Value Per Share | 24.81 | 24.23 | 23.22 | 22.40 | 19.78 | 18.91 |
| Tangible Book Value | 254.30M | 247.98M | 237.25M | 228.46M | 185.99M | 178.01M |
| Tangible Book Value Per Share | 24.62 | 24.04 | 23.03 | 22.21 | 19.57 | 18.91 |
| Machinery | 1.03B | 910.05M | 855.96M | 830.51M | 767.46M | 695.57M |
| Construction In Progress | 45.67M | 39.72M | 23.72M | 34.21M | 18.48M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 23.61M | 22.82M | 20.39M | 16.70M | 18.00M | 16.83M |
| Depreciation & Amortization | 14.01M | 13.81M | 13.63M | 13.34M | 12.62M | 11.88M |
| Other Amortization | 353.00K | 352.00K | 353.00K | 355.00K | 354.00K | 351.00K |
| Stock-Based Compensation | 323.00K | 246.00K | 219.00K | 254.00K | 152.00K | 193.00K |
| Change in Accounts Receivable | 408.00K | 4.98M | -184.00K | 459.00K | -3.99M | 404.00K |
| Change in Inventory | 884.00K | 562.00K | 1.71M | -1.28M | -2.77M | -398.00K |
| Change in Accounts Payable | -666.00K | 1.75M | 305.00K | 284.00K | -3.99M | 3.55M |
| Change in Income Taxes | 63.00K | -256.00K | 1.67M | -171.00K | 608.00K | -1.63M |
| Change in Other Net Operating Assets | 1.14M | -3.59M | -933.00K | -301.00K | 1.82M | -1.89M |
| Other Operating Activities | -6.00K | -462.00K | -571.00K | 2.13M | 1.39M | 2.25M |
| Operating Cash Flow | 40.26M | 40.35M | 36.82M | 31.85M | 24.27M | 31.31M |
| Capital Expenditures | -58.44M | -58.84M | -45.94M | -62.18M | -48.48M | -40.81M |
| Sale of Property, Plant & Equipment | 126.00K | 129.00K | 623.00K | 99.00K | 65.00K | 90.00K |
| Cash Acquisitions | -6.34M | |||||
| Investing Cash Flow | -58.32M | -58.72M | -45.32M | -62.08M | -54.76M | -40.72M |
| Short-Term Debt Issued | 8.13M | 22.00K | 3.30M | 34.52M | 10.69M | |
| Long-Term Debt Issued | 758.00K | 5.61M | 31.80M | 4.13M | ||
| Total Debt Issued | 20.97M | 8.13M | 780.00K | 8.91M | 66.33M | 14.81M |
| Short-Term Debt Repaid | -2.34M | -23.51M | -41.04M | -10.87M | ||
| Long-Term Debt Repaid | -2.27M | -2.26M | -2.01M | -1.64M | -1.82M | |
| Total Debt Repaid | -15.29M | -4.61M | -2.26M | -25.52M | -42.68M | -12.70M |
| Net Debt Issued (Repaid) | 5.68M | 3.52M | -1.48M | -16.61M | 23.64M | 2.12M |
| Issuance of Common Stock | 344.00K | 342.00K | 347.00K | 37.07M | 2.09M | 1.39M |
| Common Dividends Paid | -12.94M | -12.68M | -12.17M | -11.24M | -10.32M | -9.83M |
| Other Financing Activities | 34.42M | 26.09M | 20.44M | 22.20M | 16.30M | 15.80M |
| Financing Cash Flow | 27.51M | 17.27M | 7.14M | 31.42M | 31.71M | 9.48M |
| Net Cash Flow | 9.46M | -1.09M | -1.36M | 1.20M | 1.22M | 64.00K |
| Free Cash Flow | -18.18M | -18.50M | -9.12M | -30.33M | -24.22M | -9.50M |
| Free Cash Flow Margin | -15.55% | -16.38% | -8.45% | -30.68% | -24.49% | -10.46% |
| Free Cash Flow Per Share | -1.76 | -1.79 | -0.89 | -3.03 | -2.55 | -1.01 |
| Levered Free Cash Flow | -18.50M | -23.22M | -8.35M | -39.26M | -27.01M | -12.74M |
| Unlevered Free Cash Flow | -13.27M | -18.15M | -3.22M | -33.90M | -22.05M | -8.35M |
| Cash Interest Paid | 8.54M | 8.35M | 9.77M | 7.51M | 8.43M | 7.61M |
| Cash Income Tax Paid | 6.69M | 6.90M | 5.03M | 3.59M | 3.48M | 5.18M |
| Change in Working Capital | 1.83M | 3.44M | 2.57M | -1.01M | -8.31M | 31.00K |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 346.58M | 327.67M | 325.12M | 424.70M | 551.06M | 434.89M |
| Enterprise Value | 522.27M | 504.60M | 498.06M | 601.89M | 736.98M | 607.62M |
| PE Ratio | 14.72 | 14.36 | 15.94 | 25.43 | 30.62 | 25.84 |
| PS Ratio | 2.96 | 2.90 | 3.01 | 4.30 | 5.57 | 4.79 |
| PB Ratio | 1.35 | 1.31 | 1.36 | 1.84 | 2.93 | 2.44 |
| P/OCF Ratio | 8.61 | 8.12 | 8.83 | 13.33 | 22.71 | 13.89 |
| EV/Sales Ratio | 4.47 | 4.47 | 4.61 | 6.09 | 7.45 | 6.69 |
| EV/EBITDA Ratio | 10.16 | 10.21 | 10.58 | 14.29 | 17.38 | 15.22 |
| EV/EBIT Ratio | 13.96 | 14.17 | 14.88 | 20.90 | 24.74 | 21.68 |
| Debt / Equity Ratio | 0.72 | 0.73 | 0.75 | 0.79 | 1.05 | 0.97 |
| Debt / EBITDA Ratio | 3.60 | 3.68 | 3.79 | 4.28 | 4.66 | 4.30 |
| Net Debt / Equity Ratio | 0.69 | 0.73 | 0.74 | 0.78 | 1.05 | 0.97 |
| Net Debt / EBITDA Ratio | 3.42 | 3.69 | 3.78 | 4.24 | 4.65 | 4.31 |
| Net Debt / FCF Ratio | -9.66 | -9.87 | -19.52 | -5.89 | -8.13 | -18.09 |
| Quick Ratio | 0.75 | 0.30 | 0.49 | 0.73 | 0.35 | 0.25 |
| Current Ratio | 1.01 | 0.64 | 0.96 | 1.37 | 0.63 | 0.40 |
| Asset Turnover | 0.14 | 0.14 | 0.14 | 0.13 | 0.15 | 0.15 |
| Return on Equity (ROE) | 9.42% | 9.33% | 8.69% | 7.98% | 9.84% | 9.69% |
| Return on Assets (ROA) | 2.74% | 2.70% | 2.67% | 2.42% | 2.77% | 2.88% |
| Return on Capital Employed (ROCE) | 4.40% | 4.40% | 4.30% | 3.90% | 4.40% | 4.90% |
| Earnings Yield | 6.79% | 6.97% | 6.27% | 3.93% | 3.27% | 3.87% |
| FCF Yield | -5.25% | -5.65% | -2.80% | -7.14% | -4.40% | -2.19% |
| Dividend Yield | 3.81% | 3.87% | 3.74% | 2.76% | 1.88% | 2.27% |
| Payout Ratio | 55.57% | 55.55% | 59.66% | 67.32% | 57.33% | 58.39% |
| Buyback Yield / Dilution | -0.18% | -0.15% | -2.73% | -5.71% | -0.58% | -0.61% |
| Total Shareholder Return | 3.64% | 3.72% | 1.00% | -2.94% | 1.30% | 1.67% |