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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%
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
EV/Sales is 4.4×, against a ten-year median of 5.5×; over the ten years it ranged from 4.4× in 2026 to 7.6× in 2022.
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.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
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

Artesian Resources Corporation vs peers in Utilities Regulated Water (Q) = latest quarter vs a year earlier

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.

Source: company filings (standardised) and stockrow calculations.

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stockrow.com/ARTNA · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com