ARTESIAN RESOURCES CORP ARTNA
Artesian Resources Corporation, or Artesian Resources, is a Delaware corporation incorporated in 1927, that is the holding company of seven wholly-owned subsidiaries offering water, wastewater and other services in Delaware, Maryland and Pennsylvania. The Company's principal executive offices are located at 664 Churchmans Road, Newark, Delaware 19702. Our principal subsidiary, Artesian Water Company, Inc., is the oldest and largest investor-owned public water utility on the Delmarva Peninsula and has been providing superior water service since 1905. We distribute and sell water, including water for public and private fire protection, to residential, commercial, industrial, municipal and utility customers in the states of Delaware, Maryland and Pennsylvania. We provide wastewater services to customers in Delaware. In addition, we provide contract water and wastewater operations, and water, sewer and internal Service Line Protection Plans. Our Class A Non-Voting Common Stock is listed on the Nasdaq Global Select Market and trades under the symbol "ARTNA." Our Class B Common Stock trades on the Nasdaq's OTC Bulletin Board under the symbol "ARTNB."
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $112.9M | $108.0M | $98.9M | $98.9M | $90.9M | $88.1M | $83.6M | $80.4M | $82.2M | $79.1M |
| Total operating expenses | $85.2M | $81.8M | $76.4M | $75.0M | $68.6M | $65.8M | $63.7M | $61.5M | $62.6M | $60.3M |
| Operating income | $27.8M | $26.2M | $22.4M | $23.9M | $22.3M | $22.3M | $19.9M | $19.0M | $19.6M | $18.8M |
| Interest expense | $8.7M | $8.8M | $9.2M | $8.5M | $7.6M | $7.6M | $7.0M | $6.3M | $6.2M | $6.6M |
| Pre-tax income | $30.7M | $27.7M | $23.0M | $23.9M | $22.6M | $22.5M | $20.1M | $19.3M | $21.3M | $21.3M |
| Income tax | $7.8M | $7.3M | $6.3M | $5.9M | $5.7M | $5.7M | $5.2M | $5.0M | $7.3M | $8.3M |
| Net income | $22.8M | $20.4M | $16.7M | $18.0M | $16.8M | $16.8M | $14.9M | $14.3M | $14.0M | $13.0M |
| EPS, basic | 2.21 | 1.98 | 1.67 | 1.90 | 1.79 | 1.80 | 1.61 | 1.55 | 1.52 | 1.42 |
| EPS, diluted | 2.21 | 1.98 | 1.67 | 1.90 | 1.79 | 1.79 | 1.60 | 1.54 | 1.51 | 1.41 |
| Shares, diluted (wtd. avg.) | $10.3M | $10.3M | $10.0M | $9.5M | $9.4M | $9.4M | $9.3M | $9.3M | $9.2M | $9.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $52.0K | $1.1M | $2.5M | $1.3M | $92.0K | $28.0K | $596.0K | $293.0K | $952.0K | $226.0K |
| Receivables | $9.5M | $11.3M | $12.8M | $13.5M | $8.4M | $10.2M | $6.9M | $8.2M | $7.8M | $7.8M |
| Total current assets | $21.4M | $24.5M | $30.6M | $27.8M | $18.7M | $17.6M | $14.2M | $16.1M | $19.0M | $14.6M |
| Property, plant and equipment | $3.5M | $3.6M | $3.7M | $3.7M | $3.8M | $3.8M | $3.8M | $3.8M | $3.9M | $3.9M |
| Goodwill | $1.9M | $1.9M | $1.9M | $1.9M | $0 | $0 | $0 | $0 | — | — |
| Total assets | $851.2M | $798.6M | $766.8M | $719.8M | $624.7M | $593.2M | $560.4M | $529.8M | $494.6M | $451.0M |
| Accounts payable | $14.0M | $11.2M | $9.7M | $10.9M | $10.2M | $6.3M | $8.2M | $8.2M | $8.9M | $5.5M |
| Short-term debt | $2.1M | $2.2M | $2.2M | $2.0M | $1.6M | $1.8M | $1.7M | $1.7M | $1.3M | $1.3M |
| Total current liabilities | $33.7M | $25.6M | $22.4M | $44.1M | $47.2M | $43.7M | $25.6M | $37.7M | $28.5M | $19.3M |
| Long-term debt | $174.3M | $176.5M | $178.3M | $175.6M | $143.3M | $142.3M | $144.2M | $115.9M | $105.6M | $102.3M |
| Retained earnings | $95.1M | $85.0M | $76.7M | $71.3M | $63.6M | $56.6M | $49.2M | $43.4M | $37.9M | $32.4M |
| Total equity | $249.9M | $239.2M | $230.4M | $187.9M | $178.0M | $169.4M | $160.3M | $153.3M | $146.6M | $139.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $40.3M | $36.8M | $31.9M | $24.3M | $31.3M | $20.4M | $18.9M | $29.1M | $35.8M | $29.8M |
| Depreciation and amortisation | $13.8M | $13.6M | $13.3M | $12.6M | $11.9M | $11.1M | $10.8M | $10.3M | $9.6M | $9.2M |
| Stock-based compensation | $246.0K | $219.0K | $254.0K | $152.0K | $193.0K | $178.0K | $181.0K | $192.0K | $423.0K | $92.0K |
| Capital expenditure | $58.8M | $45.9M | $62.2M | $48.5M | $40.8M | $34.3M | $40.7M | $49.1M | $41.1M | $28.3M |
| Investing cash flow | -$58.7M | -$45.3M | -$62.1M | -$54.8M | -$40.7M | -$40.0M | -$40.6M | -$49.0M | -$41.0M | -$28.2M |
| Financing cash flow | $17.3M | $7.1M | $31.4M | $31.7M | $9.5M | $19.0M | $22.1M | $19.2M | $6.0M | -$1.6M |
| Dividends paid | $12.7M | $12.2M | $11.2M | $10.3M | $9.8M | $9.4M | $9.1M | $8.8M | $8.5M | $8.2M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000863110-26-000025.
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