Saturday 17 October 2026
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Artesian Resources Corporation
ARTNA Utilities Utilities Regulated Water
Artesian Resources Corporation’s revenue for fiscal 2025 (year ended December 2025) was $112.9 million, up 4.62% from fiscal 2024. In the quarter to June 2026, revenue grew 7.41%, EPS grew 4.92%, free cash flow grew 68.4% and total debt rose 4.36%, each against the same quarter a year earlier. Dividend growth for twenty-five consecutive years, operating cash flow growth for three.
33.38
0.22
+0.66%
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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
21.75 | 24.55 | 22.50 | 23.11 | 20.60 | 25.74 | 31.05 | 24.57 | 15.97 | 14.24 |
Piotroski F-Score |
6 | 5 | 3 | 4 | 5 | 4 | 4 | 5 | 6 | 5 |
P/S ratio |
3.55 | 4.16 | 4.01 | 4.13 | 3.92 | 4.79 | 5.64 | 4.13 | 3.02 | 2.89 |
Altman Z-Score |
0.96 | 0.99 | 0.85 | 0.88 | 0.84 | 0.94 | 0.98 | 0.84 | 0.74 | 0.70 |
Altman Z″-Score (non-manufacturers) |
0.91 | 0.83 | 0.67 | 0.81 | 0.69 | 0.69 | 0.77 | 1.04 | 1.01 | 0.93 |
P/FCF ratio |
173.05 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Beneish M-Score |
(2.69) | (2.18) | (2.84) | (2.72) | (2.11) | (2.63) | (1.96) | (2.59) | (2.60) | (2.66) |
P/Operating CF |
35.79 | 33.60 | 39.91 | 59.86 | 57.07 | 37.43 | (711.04) | 48.13 | 48.57 | 31.14 |
Dividend Safety Score |
— | — | — | — | — | — | — | — | — | 52 |
P/B ratio |
2.02 | 2.33 | 2.10 | 2.15 | 2.04 | 2.44 | 2.97 | 1.77 | 1.36 | 1.30 |
Price to Tangible BV |
2.02 | 2.33 | 2.10 | 2.15 | 2.05 | 2.45 | 3.00 | 1.79 | 1.37 | 1.31 |
EV/Sales |
4.86 | 5.45 | 5.47 | 5.87 | 5.56 | 6.38 | 7.43 | 5.93 | 4.66 | 4.45 |
EV/EBITDA |
13.73 | 15.38 | 15.03 | 15.96 | 14.65 | 16.97 | 19.92 | 16.44 | 12.83 | 12.36 |
EV/Operating CF |
12.91 | 12.53 | 15.08 | 25.99 | 24.06 | 18.52 | 30.27 | 18.42 | 13.66 | 12.45 |
EV/FCF |
236.74 | (85.75) | (22.12) | (22.54) | (35.31) | (61.61) | (30.41) | (19.41) | (59.21) | (27.34) |
Quick Ratio |
0.50 | 0.48 | 0.28 | 0.34 | 0.27 | 0.25 | 0.41 | 0.85 | 0.59 | 0.36 |
Current Ratio |
0.76 | 0.67 | 0.43 | 0.56 | 0.40 | 0.40 | 0.63 | 1.37 | 0.96 | 0.64 |
Net Debt/EBITDA |
3.69 | 3.64 | 4.01 | 4.73 | 4.31 | 4.24 | 4.78 | 4.99 | 4.53 | 4.34 |
Debt/Assets |
22.98% | 21.62% | 22.19% | 26.03% | 24.29% | 23.19% | 24.68% | 23.54% | 22.37% | 20.72% |
Debt/Equity |
0.75 | 0.73 | 0.77 | 0.91 | 0.85 | 0.81 | 0.95 | 0.78 | 0.75 | 0.71 |
Asset Turnover |
0.18 | 0.17 | 0.16 | 0.15 | 0.15 | 0.15 | 0.15 | 0.13 | 0.14 | 0.14 |
Operating CF/Net income |
2.30 | 2.56 | 2.04 | 1.26 | 1.21 | 1.86 | 1.35 | 1.91 | 1.81 | 1.77 |
Capex/Depreciation |
(3.06) | (4.29) | (4.76) | (3.76) | (3.07) | (3.43) | (3.73) | (4.69) | (3.47) | (4.57) |
Interest Coverage |
2.83 | 3.17 | 3.03 | 2.84 | 2.93 | 2.94 | 2.81 | 2.45 | 2.98 | 3.20 |
| 9.55% | 9.79% | 9.52% | 9.52% | 10.20% | 9.69% | 9.84% | 7.98% | 8.69% | 9.33% | |
| 2.94% | 2.96% | 2.79% | 2.74% | 2.92% | 2.76% | 2.68% | 2.25% | 2.61% | 2.77% | |
ROIC |
4.85% | 4.85% | 4.38% | 4.08% | 4.44% | 4.32% | 4.10% | 3.43% | 3.92% | 4.07% |
Return on Tangible Assets |
3.05% | 3.07% | 2.97% | 2.85% | 3.13% | 2.97% | 2.75% | 2.30% | 2.72% | 2.88% |
Average Days of Receivables |
43.15 | 56.27 | 47.08 | 35.55 | 49.52 | 46.93 | 61.74 | 61.15 | 46.74 | 39.32 |
Research and Development Expense of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Selling, General and Administrative Expense of Revenue |
54.05% | 55.68% | 57.43% | 57.04% | 55.61% | 56.07% | 57.12% | 57.39% | 56.37% | 56.24% |
Intangible Assets out of Total Assets |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Share Based Compensation of Revenue |
0.12% | 0.51% | 0.24% | 0.22% | 0.20% | 0.21% | 0.15% | 0.26% | 0.20% | 0.22% |
Graham Net Nets |
(1.06) | (0.96) | (1.12) | (1.12) | (1.17) | (0.98) | (0.90) | (1.24) | (1.64) | (1.78) |
Graham Number |
22.10 | 23.38 | 24.05 | 25.02 | 27.12 | 27.70 | 29.14 | 29.31 | 32.17 | 34.80 |
Earnings Yield |
4.60% | 4.07% | 4.45% | 4.33% | 4.85% | 3.89% | 3.22% | 4.07% | 6.26% | 7.02% |
Free Cash Flow Yield |
0.58% | (1.53%) | (6.17%) | (6.30%) | (4.01%) | (2.16%) | (4.33%) | (7.40%) | (2.61%) | (5.64%) |
Revenue per Share |
8.69 | 8.96 | 8.70 | 9.01 | 9.45 | 9.67 | 10.45 | 9.87 | 10.49 | 10.96 |
Operating CF per Share |
3.27 | 3.90 | 3.15 | 2.03 | 2.18 | 3.33 | 2.56 | 3.18 | 3.58 | 3.91 |
Capex per Share |
(3.09) | (4.47) | (5.30) | (4.38) | (3.67) | (4.34) | (5.12) | (6.20) | (4.40) | (5.70) |
Free Cash Flow per Share |
0.18 | (0.57) | (2.15) | (2.35) | (1.49) | (1.00) | (2.55) | (3.02) | (0.83) | (1.78) |
Cash per Share |
0.02 | 0.10 | 0.03 | 0.06 | 0.00 | 0.01 | 0.14 | 0.25 | 0.11 | 0.01 |
Shareholders Equity per Share |
15.28 | 15.98 | 16.59 | 17.28 | 18.17 | 18.95 | 19.86 | 23.00 | 23.24 | 24.24 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
15.28 | 15.98 | 16.59 | 17.28 | 18.17 | 18.95 | 19.86 | 23.00 | 23.24 | 24.24 |
Free Cash Flow |
1.62 | (5.23) | (19.86) | (21.76) | (13.87) | (9.41) | (24.15) | (30.23) | (8.50) | (18.37) |
Working Capital |
(4.69) | (9.48) | (21.61) | (11.39) | (26.10) | (28.54) | (16.27) | 8.20 | (1.06) | (12.30) |
Capital Expenditures |
(28.15) | (41.01) | (49.00) | (40.63) | (34.23) | (40.72) | (48.42) | (62.08) | (45.32) | (58.72) |
Net Current Asset Value |
(297.32) | (329.01) | (360.46) | (385.89) | (406.17) | (428.05) | (504.06) | (505.82) | (534.91) | (579.89) |
EV/EBIT |
20.43 | 22.87 | 23.18 | 24.62 | 21.97 | 26.02 | 30.72 | 26.14 | 19.24 | 18.08 |
Capex to Sales |
0.36 | 0.50 | 0.61 | 0.49 | 0.39 | 0.45 | 0.49 | 0.63 | 0.42 | 0.52 |
Price to Operating Income |
14.93 | 17.47 | 17.00 | 17.32 | 15.51 | 19.52 | 23.35 | 18.21 | 12.45 | 11.73 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 |
Cash ROIC |
0.67% | (2.05%) | (7.33%) | (7.09%) | (4.42%) | (2.91%) | (6.58%) | (7.31%) | (2.03%) | (4.31%) |
Accounts Receivable Turnover |
8.48 | 7.47 | 6.98 | 9.03 | 8.77 | 7.69 | 6.96 | 5.94 | 7.11 | 8.69 |
Accounts Payable Turnover |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Inventory Turnover |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Days of Payables |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Days of Inventory on Hand |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Receivables |
9.33 | 11.01 | 11.52 | 9.26 | 10.05 | 11.82 | 14.21 | 16.65 | 15.19 | 13.00 |
Average Payables |
5.22 | 7.19 | 8.52 | 8.18 | 7.26 | 8.27 | 10.57 | 10.31 | 10.46 | 12.62 |
Average Inventory |
1.64 | 1.54 | 1.49 | 1.36 | 1.40 | 1.73 | 3.32 | 5.34 | 5.13 | 4.00 |
Average Assets |
441.30 | 472.81 | 512.23 | 545.10 | 576.79 | 608.97 | 672.25 | 743.31 | 782.73 | 824.93 |
Average Common Equity |
135.68 | 142.83 | 149.95 | 156.76 | 164.85 | 173.72 | 182.97 | 209.16 | 234.79 | 244.56 |
Columns are period end dates