Artesian Resources Corporation (ARTNA) vs Cadiz, Inc. (CDZI)

Artesian Resources Corporation and Cadiz, Inc. are both Utilities Regulated Water companies. Artesian Resources Corporation and Cadiz, Inc. are of similar size ($344.3M and $315.0M). Cadiz, Inc. has negative trailing earnings, so its P/E is not meaningful; Artesian Resources Corporation trades at 14.5×. Artesian Resources Corporation grew revenue faster over the last twelve months: 5.90% against −21.3%. Artesian Resources Corporation has the higher net margin (20.2% vs −353.9%) and the higher return on invested capital (4.24% vs −15.1%). Across the 19 metrics below, Artesian Resources Corporation leads on 16 and Cadiz, Inc. on 3.

Valuation

Metric ARTNA CDZI Utilities Regulated Water median
P/E 14.46 n/m 20.64
P/S 2.94 25.93 4.37
P/B 1.34 65.87 1.91
Price to free cash flow n/m n/m —
EV/EBITDA 12.25 n/m 14.48
EV/Sales 4.43 35.31 6.20
Earnings yield 6.92% (13.70%) 4.83%
Free cash flow yield (5.26%) (10.17%) (4.54%)

Profitability

Metric ARTNA CDZI Utilities Regulated Water median
Gross margin 100.00% 27.14% 71.91%
Operating margin 25.03% (236.05%) 29.22%
Net margin 20.19% (353.94%) 20.19%
Free cash flow margin (15.44%) (263.64%) (19.49%)
Return on equity 9.42% (208.42%) 9.00%
Return on assets 2.77% (30.92%) 3.21%
Return on invested capital 4.24% (15.09%) 4.08%

Growth

Metric ARTNA CDZI Utilities Regulated Water median
Revenue growth (TTM) 5.90% (21.32%) 6.92%
EPS growth (last fiscal year) 11.62% 9.43% —
Revenue growth, 5-year CAGR 5.08% 97.64% 7.24%
Net income growth, 5-year CAGR 6.30% 0.00% 9.40%

Health

Metric ARTNA CDZI Utilities Regulated Water median
Debt to equity 0.72 24.96 0.93
Current ratio 1.01 1.16 1.01
Net debt to EBITDA 4.34 (4.12) 4.42

Dividend

Metric ARTNA CDZI Utilities Regulated Water median
Dividend yield 4.00% — 2.27%
Payout ratio 0.64 0.00 0.55

Size

Metric ARTNA CDZI Utilities Regulated Water median
Market cap 344.27m 315.00m 997.03m

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