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