Saturday 17 October 2026 Export ARTNA’s income statement to Excel — free account

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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Market cap: $342.8M
P/E: 14.5×
Fwd P/E: 16.7×
Dividend yield: 3.80%
F-score: 5/9
Altman Z: 0.70
Beneish M: −2.66
Dividend safety: 52/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 1.04

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	2	—	—	3	—	—	—	—	5	3	—

Insider Ownership 11.19%

Capital & Financial Ratios $m

Market Cap 342.83

Revenue 116.94

Net Income 23.61

Free Cash Flow (18.06)

Net Debt 175.27

Current Ratio 1.01

Debt/Equity 0.72

P/E ratio 14.51

Fwd P/E 16.70

P/S ratio 2.95

P/B ratio 1.35

Past 5Y EPS Growth 4.31%

This Y EPS Growth 2.71%

Next Y EPS Growth 7.05%

Next Y revenue growth 3.59%

Next 5Y EPS Growth 4.75%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 3.76%

10-year low 10-year high

P/S against its own 10 years 4.64%

10-year low 10-year high

P/B against its own 10 years 5.75%

10-year low 10-year high

EV/Sales against its own 10 years 1.77%

10-year low 10-year high

Dividends

Payout Ratio 0.55

Annual Dividend Rate 1.27

Annual Dividend Yield 3.80%

	total	individual payouts
2026	0.95	0.31 0.32 0.32
2025	1.23	0.30 0.31 0.31 0.31
2024	1.18	0.29 0.30 0.30 0.30
2023	1.14	0.28 0.28 0.28 0.29
2022	1.09	0.27 0.27 0.27 0.28
2021	1.05	0.26 0.26 0.26 0.27
2020	1.01	0.25 0.25 0.25 0.26
2019	0.98	0.24 0.25 0.25 0.25
2018	0.95	0.24 0.24 0.24 0.24
2017	0.93	0.23 0.23 0.23 0.24
2016	0.90	0.22 0.22 0.22 0.23

special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	3	1	0	10
Receivables	17	14	12	14
Inventory	6	4	4	4
Other	—	—	—	—
	31	25	21	31

	2023	2024	2025	Q'26
Payables	10	11	14	10
ST’ Debt	2	2	2	3
Other	5	5	6	9
	22	26	34	30

Compound Annual Growth %

	10y	5y	3y
Sales	3.90%	5.08%	4.53%
Cash Flow	3.57%	14.66%	18.47%
Earnings	7.28%	6.30%	8.24%
Book Value	6.56%	8.08%	9.97%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	28	31	—	—	—
’25	26	29	30	28	113
’24	25	27	29	27	108
’23	22	25	27	25	99
’22	22	25	27	25	99
’21	21	22	25	23	91
’20	20	22	25	22	88

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	9	10	—	—	—
’25	11	8	11	10	40
’24	13	7	11	7	37
’23	11	5	8	8	32
’22	12	2	11	(1)	24
’21	10	4	6	12	31
’20	7	5	2	6	20

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(4)	(2)	—	—	—
’25	1	(8)	(3)	(8)	(18)
’24	4	(3)	(2)	(8)	(8)
’23	(6)	(11)	(8)	(5)	(30)
’22	2	(12)	(2)	(13)	(24)
’21	4	(10)	(5)	1	(9)
’20	(2)	(3)	(7)	(2)	(14)

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	0.57	0.64	—	—	—
’25	0.53	0.61	0.68	0.40	2.21
’24	0.43	0.52	0.66	0.37	1.98
’23	0.39	0.44	0.49	0.34	1.67
’22	0.47	0.53	0.65	0.24	1.90
’21	0.45	0.48	0.54	0.32	1.79
’20	0.44	0.49	0.54	0.33	1.79

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	25.17	29.37	32.00	33.14	30.01	35.90	43.02	38.76	30.99	29.45	Analyst estimates 2026–2028 Powerpack
	High	35.00	43.22	41.92	40.97	40.26	47.99	60.36	63.00	41.73	36.19
People
People	Employees	225	233	241	239	235	245	252	251	249	274
	Revenue/emp, $m	0.35	0.35	0.33	0.35	0.38	0.37	0.39	0.39	0.43	0.41
Income, $m
Income, $m	Revenue	79	82	80	84	88	91	99	99	108	113
	Gross margin, %	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
	EBT	13	14	14	15	17	17	18	17	20	23
	EBT margin, %	16.38	17.00	17.76	17.85	19.08	18.52	18.20	16.89	18.89	20.21
	Net income	13	14	14	15	17	17	18	17	20	23
	Depreciation	9	10	10	11	11	12	13	13	13	13
Per share, $
Per share, $	Revenue	8.69	8.96	8.70	9.01	9.45	9.67	10.45	9.87	10.49	10.96
	Earnings	1.42	1.52	1.55	1.61	1.80	1.79	1.90	1.67	1.98	2.21
	Cash flow	3.27	3.90	3.15	2.03	2.18	3.33	2.56	3.18	3.58	3.91
	Capex	(3.09)	(4.47)	(5.30)	(4.38)	(3.67)	(4.34)	(5.12)	(6.20)	(4.40)	(5.70)
	Free cash flow	0.18	(0.57)	(2.15)	(2.35)	(1.49)	(1.00)	(2.55)	(3.02)	(0.83)	(1.78)
	Book value	15.28	15.98	16.59	17.28	18.17	18.95	19.86	23.00	23.24	24.24
	Shares, m	9	9	9	9	9	9	9	10	10	10
Valuation, ×
Valuation, ×	P/E	21.75	24.55	22.50	23.11	20.60	25.74	31.05	24.57	15.97	14.24
	P/S	3.55	4.16	4.01	4.13	3.92	4.79	5.64	4.13	3.02	2.89
	P/B	2.02	2.33	2.10	2.15	2.04	2.44	2.97	1.77	1.36	1.30
	EV/Sales	4.86	5.45	5.47	5.87	5.56	6.38	7.43	5.93	4.66	4.45
	EV/FCF	236.74	(85.75)	(22.12)	(22.54)	(35.31)	(61.61)	(30.41)	(19.41)	(59.21)	(27.34)
Cash, $m
Cash, $m	Operating cash flow	30	36	29	19	20	31	24	32	37	40
	Capex	(28)	(41)	(49)	(41)	(34)	(41)	(48)	(62)	(45)	(59)
	Free cash flow	2	(5)	(20)	(22)	(14)	(9)	(24)	(30)	(8)	(18)
Balance, $m
Balance, $m	Working capital	(5)	(9)	(22)	(11)	(26)	(29)	(16)	8	(1)	(12)
	Total debt	104	107	118	146	144	145	178	181	179	176
	Net debt	103	106	117	145	144	145	176	178	178	176
	Shareholders’ equity	139	147	153	160	169	178	188	230	239	250
Returns, %
Returns, %	ROA	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
	ROE	9.55	9.79	9.52	9.52	10.20	9.69	9.84	7.98	8.69	9.33

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
CWT California Water Service Group	$2.9B	20.8×	18.7×	+16.47% (above 0%: growing)	+32.39% (above 0%: growing)	−18.32% (below 0%: shrinking)	70.24%	22.97%	Compare
HTO H2O America	$2.4B	20.2×	20.4×	+6.16% (above 0%: growing)	−9.86% (below 0%: shrinking)	+14.08% (above 0%: growing)	59.39%	20.31%	Compare
MSEX Middlesex Water Company	$1.0B	21.1×	21.2×	+14.26% (above 0%: growing)	+31.67% (above 0%: growing)	−22.41% (below 0%: shrinking)	100.00%	32.35%	Compare
YORW The York Water Company	$501.5M	19.3×	18.9×	+22.48% (above 0%: growing)	+40.00% (above 0%: growing)	+111.16% (above 0%: growing)	100.00%	41.71%	Compare
CWCO Consolidated Water Co. Ltd.	$460.5M	27.4×	31.8×	−2.15% (below 0%: shrinking)	−21.88% (below 0%: shrinking)	+39.37% (above 0%: growing)	33.35%	11.39%	Compare
ARTNA Artesian Resources Corporation	$342.8M	14.5×	16.7×	+7.41% (above 0%: growing)	+4.92% (above 0%: growing)	+68.43% (above 0%: growing)	100.00%	28.09%
CDZI Cadiz, Inc.	$322.6M	— (loss-making)	— (loss-making)	−76.27% (below 0%: shrinking)	n/m	−66.49% (below 0%: shrinking)	(2.45%)	(902.45%)	Compare
PCYO Pure Cycle Corporation	$268.0M	18.1×	25.8×	+59.96% (above 0%: growing)	+33.33% (above 0%: growing)	+492.06% (above 0%: growing)	52.12%	25.71%	Compare
GWRS Global Water Resources, Inc.	$233.0M	72.6×	121×	+24.76% (above 0%: growing)	+66.67% (above 0%: growing)	+89.60% (above 0%: growing)	74.36%	25.36%	Compare
Median of peers	$481.0M	20.8×	21.2×	+15.37%	+32.39%	+26.73%	64.82%	24.16%

All 13 Utilities Regulated Water stocks →

Artesian Resources Corporation (ARTNA) key facts

Strength: Artesian Resources Corporation’s revenue for fiscal 2025 (year ended December 2025) was $112.9 million, up 4.62% from fiscal 2024.
Strength: Net income was $22.8 million, or $2.21 per share (basic), a net margin of 20.2%.
Artesian Resources Corporation (ARTNA) is an Utilities Regulated Water company in the Utilities sector, listed on Nasdaq.
As of October 16, 2026, ARTNA traded at $33.38, a market capitalization of $342.8 million.
At that price the stock trades at 14.5× trailing-twelve-month earnings and 2.9× sales; its P/E is higher than 4% of its own readings over the past ten years.
Artesian Resources Corporation pays an annual dividend of $1.27 per share, a yield of 3.80%, with a payout ratio of 55.3%.
Return on equity was 9.33% and debt-to-equity 0.72.
Its Piotroski F-score is 5 out of 9 and its Altman Z-score is 0.70 (distress zone) for fiscal 2025.