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Artesian Resources (ARTNA) Financials

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$33.37 -0.01 (-0.03%)
Closing price 10/24/2025 04:00 PM Eastern
Extended Trading
$33.36 0.00 (-0.01%)
As of 10/24/2025 04:10 PM Eastern
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Annual Income Statements for Artesian Resources

Annual Income Statements for Artesian Resources

This table shows Artesian Resources' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 18 17 20
Consolidated Net Income / (Loss)		 18 17 20
Net Income / (Loss) Continuing Operations		 27 26 29
Total Pre-Tax Income 		27 26 29
Total Operating Income		 24 22 26
Total Gross Profit		 99 99 108
Total Revenue		 99 99 108
Operating Revenue		 99 99 108
Total Cost of Revenue		 0.00 0.00 0.00
Total Operating Expenses		 75 76 82
Selling, General & Admin Expense		 6.85 4.43 4.74
Depreciation Expense		 13 13 14
Other Operating Expenses / (Income)		 56 59 63
Total Other Income / (Expense), net		 2.59 3.41 3.02
Other Income / (Expense), net		 2.59 3.41 3.02
Other Adjustments to Consolidated Net Income / (Loss)		 -8.50 -9.16 -8.78
Basic Earnings per Share		 $1.90 $1.67 $1.98
Weighted Average Basic Shares Outstanding		 9.46M 10.02M 10.29M
Diluted Earnings per Share		 $1.90 $1.67 $1.98
Weighted Average Diluted Shares Outstanding		 9.48M 10.02M 10.30M
Weighted Average Basic & Diluted Shares Outstanding		 9.50M 10.29M 10.30M
Cash Dividends to Common per Share		 $1.09 $1.14 $1.18

Quarterly Income Statements for Artesian Resources

This table shows Artesian Resources' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 6.14 2.33 3.71 4.44 5.07 3.48 4.41 5.33 6.81 3.85
Consolidated Net Income / (Loss)		 6.14 2.33 3.71 4.44 5.07 3.48 4.41 5.33 6.81 3.85
Net Income / (Loss) Continuing Operations		 8.37 6.51 6.12 6.78 7.27 5.68 6.58 7.50 9.01 6.09
Total Pre-Tax Income 		8.37 7.96 6.12 6.78 7.27 5.68 6.58 7.50 9.01 6.09
Total Operating Income		 8.08 4.24 4.06 6.21 6.66 5.52 4.72 7.20 8.59 5.64
Total Gross Profit		 27 25 22 25 27 25 25 27 29 27
Total Revenue		 27 25 22 25 27 25 25 27 29 27
Operating Revenue		 27 25 22 25 27 25 25 27 29 27
Total Operating Expenses		 19 21 18 19 20 19 20 20 21 21
Selling, General & Admin Expense		 1.57 2.43 1.09 1.12 1.12 1.10 1.12 1.15 1.21 1.27
Depreciation Expense		 3.21 3.27 3.22 3.22 3.44 3.45 3.47 3.43 3.29 3.45
Other Operating Expenses / (Income)		 14 15 14 15 15 14 15 16 16 16
Total Other Income / (Expense), net		 0.29 3.72 2.06 0.58 0.61 0.16 1.86 0.30 0.42 0.45
Other Income / (Expense), net		 0.29 1.83 2.06 0.58 0.61 0.16 1.86 0.30 0.42 0.45
Other Adjustments to Consolidated Net Income / (Loss)		 -2.23 - -2.42 -2.34 -2.20 -2.20 -2.17 -2.18 -2.19 -2.24
Basic Earnings per Share		 $0.65 $0.24 $0.39 $0.44 $0.49 $0.35 $0.43 $0.52 $0.66 $0.37
Weighted Average Basic Shares Outstanding		 9.48M 9.46M 9.50M 10.00M 10.28M 10.02M 10.29M 10.29M 10.30M 10.29M
Diluted Earnings per Share		 $0.65 $0.25 $0.39 $0.44 $0.49 $0.35 $0.43 $0.52 $0.66 $0.37
Weighted Average Diluted Shares Outstanding		 9.49M 9.48M 9.51M 10.00M 10.28M 10.02M 10.29M 10.30M 10.30M 10.30M
Weighted Average Basic & Diluted Shares Outstanding		 9.49M 9.50M 9.51M 10.28M 10.28M 10.29M 10.29M 10.30M 10.30M 10.30M
Cash Dividends to Common per Share		 $0.27 $0.28 $0.28 $0.28 $0.28 $0.29 $0.29 $0.30 $0.30 $0.30

Annual Cash Flow Statements for Artesian Resources

This table details how cash moves in and out of Artesian Resources' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 1.22 1.20 -1.36
Net Cash From Operating Activities		 24 32 37
Net Cash From Continuing Operating Activities		 24 32 37
Net Income / (Loss) Continuing Operations		 18 17 20
Consolidated Net Income / (Loss)		 18 17 20
Depreciation Expense		 13 13 14
Amortization Expense		 0.35 0.36 0.35
Non-Cash Adjustments To Reconcile Net Income		 -0.67 -1.25 -0.68
Changes in Operating Assets and Liabilities, net		 -6.03 2.71 3.13
Net Cash From Investing Activities		 -55 -62 -45
Net Cash From Continuing Investing Activities		 -55 -62 -45
Purchase of Property, Plant & Equipment		 -48 -62 -46
Acquisitions		 -6.34 0.00 0.00
Sale of Property, Plant & Equipment		 0.07 0.10 0.62
Net Cash From Financing Activities		 32 31 7.14
Net Cash From Continuing Financing Activities		 32 31 7.14
Repayment of Debt		 -43 -25 -2.24
Repurchase of Common Equity		 0.00 -0.32 0.00
Payment of Dividends		 -10 -11 -12
Issuance of Debt		 66 8.88 0.76
Issuance of Common Equity		 2.09 37 0.35
Other Financing Activities, net		 16 23 20
Cash Interest Paid		 8.43 7.52 9.77
Cash Income Taxes Paid		 3.48 3.59 5.73

Quarterly Cash Flow Statements for Artesian Resources

This table details how cash moves in and out of Artesian Resources' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Net Change in Cash & Equivalents		 -0.11 1.20 -1.19 5.81 0.54 -3.95 7.00 -3.25 4.45 -9.56
Net Cash From Operating Activities		 11 -0.79 11 4.71 8.14 8.49 13 6.87 11 6.70
Net Cash From Continuing Operating Activities		 11 -0.79 11 4.71 8.14 8.49 13 6.87 11 6.70
Net Income / (Loss) Continuing Operations		 6.14 2.33 3.71 4.44 5.07 3.48 4.41 5.33 6.81 3.85
Consolidated Net Income / (Loss)		 6.14 2.33 3.71 4.44 5.07 3.48 4.41 5.33 6.81 3.85
Depreciation Expense		 3.21 3.27 3.22 3.22 3.44 3.45 3.47 3.42 3.29 3.45
Amortization Expense		 - - 0.09 0.09 0.09 0.09 0.14 0.04 0.09 0.09
Non-Cash Adjustments To Reconcile Net Income		 -0.05 0.32 0.10 -0.54 -0.69 -0.12 -0.07 -1.03 0.31 0.11
Changes in Operating Assets and Liabilities, net		 2.16 -7.06 3.39 -2.49 0.22 1.59 4.65 -0.90 0.16 -0.79
Net Cash From Investing Activities		 -13 -12 -17 -16 -17 -13 -8.32 -9.44 -13 -15
Net Cash From Continuing Investing Activities		 -13 -12 -17 -16 -17 -13 -8.32 -9.44 -13 -15
Purchase of Property, Plant & Equipment		 -13 -12 -17 -16 -17 -13 -8.92 -9.45 -13 -15
Sale of Property, Plant & Equipment		 0.01 0.02 0.05 0.01 0.01 0.02 0.60 0.01 0.01 0.00
Net Cash From Financing Activities		 1.81 14 5.04 17 8.91 0.87 2.73 -0.68 6.34 -1.25
Net Cash From Continuing Financing Activities		 1.81 14 5.04 17 8.91 0.87 2.73 -0.68 6.34 -1.25
Repayment of Debt		 -0.38 -41 -1.99 -23 -0.35 -0.50 -0.39 -0.83 -0.50 -0.52
Payment of Dividends		 -2.58 -2.64 -2.65 -2.54 -3.08 -2.98 -2.98 -3.04 -3.04 -3.10
Issuance of Debt		 0.44 53 4.32 0.73 5.24 -1.41 0.80 0.02 3.84 -3.91
Issuance of Common Equity		 0.77 0.39 0.09 36 0.27 0.23 0.09 0.09 0.08 0.09
Other Financing Activities, net		 3.56 4.86 5.26 4.89 6.84 5.53 5.20 3.08 5.96 6.19
Cash Interest Paid		 1.76 2.67 1.97 2.88 1.00 1.67 2.51 1.68 3.00 2.58
Cash Income Taxes Paid		 0.69 2.05 0.01 2.07 1.40 0.11 0.01 1.98 2.47 1.28

Annual Balance Sheets for Artesian Resources

This table presents Artesian Resources' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Total Assets		 720 767 799
Total Current Assets		 28 31 25
Cash & Equivalents		 1.31 2.51 1.15
Accounts Receivable		 15 15 13
Inventories, net		 4.70 5.98 4.28
Prepaid Expenses		 2.88 3.30 3.09
Current Deferred & Refundable Income Taxes		 3.82 4.07 2.81
Plant, Property, & Equipment, net		 3.74 3.69 3.60
Total Noncurrent Assets		 688 733 770
Goodwill		 1.94 1.94 1.94
Other Noncurrent Operating Assets		 686 731 769
Total Liabilities & Shareholders' Equity		 720 767 799
Total Liabilities		 532 536 559
Total Current Liabilities		 44 22 26
Short-Term Debt		 22 2.24 2.17
Accounts Payable		 11 9.70 11
Accrued Expenses		 4.25 3.52 5.34
Customer Deposits		 - 2.98 3.35
Current Deferred & Payable Income Tax Liabilities		 0.01 0.00 0.50
Other Current Liabilities		 3.23 1.70 2.09
Other Current Nonoperating Liabilities		 0.99 2.28 0.93
Total Noncurrent Liabilities		 488 514 534
Long-Term Debt		 176 178 177
Noncurrent Deferred Revenue		 3.69 2.80 1.58
Noncurrent Deferred & Payable Income Tax Liabilities		 55 59 53
Other Noncurrent Operating Liabilities		 253 274 303
Commitments & Contingencies		 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 188 230 239
Total Preferred & Common Equity		 188 230 239
Preferred Stock		 0.00 0.00 0.00
Total Common Equity		 188 230 239
Common Stock		 117 154 154
Retained Earnings		 71 77 85

Quarterly Balance Sheets for Artesian Resources

This table presents Artesian Resources' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024
Total Assets		 703 726 750 762 775 783 796
Total Current Assets		 23 22 30 34 31 29 34
Cash & Equivalents		 0.11 0.12 5.92 6.46 9.50 6.25 11
Accounts Receivable		 14 12 14 12 12 14 13
Inventories, net		 2.51 5.26 5.79 5.49 4.85 4.76 4.46
Prepaid Expenses		 2.72 2.90 3.83 3.29 2.89 3.47 3.18
Current Deferred & Refundable Income Taxes		 3.85 1.82 1.00 6.28 1.19 0.17 3.48
Plant, Property, & Equipment, net		 3.76 3.73 3.71 3.71 3.64 3.62 3.61
Total Noncurrent Assets		 676 700 716 724 741 750 758
Goodwill		 2.98 1.94 1.94 1.94 1.94 1.94 1.94
Other Noncurrent Operating Assets		 673 699 714 722 739 748 756
Total Liabilities & Shareholders' Equity		 703 726 750 762 775 783 796
Total Liabilities		 515 537 523 532 543 549 558
Total Current Liabilities		 33 44 25 27 22 22 28
Short-Term Debt		 11 24 2.10 2.22 2.21 2.23 2.33
Accounts Payable		 9.08 8.10 9.22 8.43 7.88 7.80 9.65
Accrued Expenses		 4.14 4.06 6.16 4.64 4.34 4.87 5.57
Customer Deposits		 2.48 2.51 2.57 2.75 2.93 - 3.21
Dividends Payable		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Current Deferred & Payable Income Tax Liabilities		 1.10 0.62 0.19 0.03 0.83 0.65 0.33
Other Current Liabilities		 3.29 3.11 3.62 7.28 1.70 1.75 5.59
Other Current Nonoperating Liabilities		 1.36 1.44 0.90 1.83 1.84 2.25 1.36
Total Noncurrent Liabilities		 482 493 498 505 522 526 530
Long-Term Debt		 174 176 176 176 178 177 177
Noncurrent Deferred Revenue		 3.96 3.63 3.49 3.26 2.77 2.59 2.39
Noncurrent Deferred & Payable Income Tax Liabilities		 55 55 56 59 59 51 53
Other Noncurrent Operating Liabilities		 249 258 263 267 282 295 298
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 188 189 227 230 232 234 238
Total Preferred & Common Equity		 188 189 227 230 232 234 238
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 188 189 227 230 232 234 238
Common Stock		 116 117 153 153 154 154 154
Retained Earnings		 72 72 74 76 78 80 84

Annual Metrics And Ratios for Artesian Resources

This table displays calculated financial ratios and metrics derived from Artesian Resources' official financial filings.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - -
Revenue Growth		 8.85% -0.04% 9.20%
EBITDA Growth		 7.69% 0.18% 9.13%
EBIT Growth		 8.52% -2.43% 12.83%
NOPAT Growth		 7.23% -6.11% 16.51%
Net Income Growth		 6.96% -7.22% 22.13%
EPS Growth		 6.15% -12.11% 18.56%
Operating Cash Flow Growth		 -22.50% 31.26% 15.61%
Free Cash Flow Firm Growth		 -184.59% 74.29% 772.45%
Invested Capital Growth		 9.99% 6.57% 1.69%
Revenue Q/Q Growth		 2.37% -0.58% 2.18%
EBITDA Q/Q Growth		 1.02% 0.37% 0.96%
EBIT Q/Q Growth		 -1.12% -1.49% 1.44%
NOPAT Q/Q Growth		 -2.56% 6.04% 0.49%
Net Income Q/Q Growth		 20.56% 7.43% 1.82%
EPS Q/Q Growth		 -3.55% 6.37% 1.02%
Operating Cash Flow Q/Q Growth		 -33.85% 41.09% -4.63%
Free Cash Flow Firm Q/Q Growth		 -3,572.50% 60.92% -8.08%
Invested Capital Q/Q Growth		 2.89% 1.90% 2.32%
Profitability Metrics		 - - -
Gross Margin		 100.00% 100.00% 100.00%
EBITDA Margin		 39.91% 40.00% 39.98%
Operating Margin		 24.17% 22.70% 24.22%
EBIT Margin		 26.80% 26.15% 27.02%
Profit (Net Income) Margin		 18.20% 16.89% 18.89%
Tax Burden Percent		 67.92% 64.59% 69.91%
Interest Burden Percent		 100.00% 100.00% 100.00%
Effective Tax Rate		 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 6.50% 5.64% 6.31%
ROIC Less NNEP Spread (ROIC-NNEP)		 3.30% 2.60% 3.10%
Return on Net Nonoperating Assets (RNNOA)		 3.34% 2.34% 2.37%
Return on Equity (ROE)		 9.84% 7.98% 8.69%
Cash Return on Invested Capital (CROIC)		 -3.02% -0.72% 4.64%
Operating Return on Assets (OROA)		 3.94% 3.48% 3.73%
Return on Assets (ROA)		 2.68% 2.25% 2.61%
Return on Common Equity (ROCE)		 9.84% 7.98% 8.69%
Return on Equity Simple (ROE_SIMPLE)		 9.58% 7.25% 8.53%
Net Operating Profit after Tax (NOPAT)		 24 22 26
NOPAT Margin		 24.17% 22.70% 24.22%
Net Nonoperating Expense Percent (NNEP)		 3.19% 3.04% 3.21%
Return On Investment Capital (ROIC_SIMPLE)		 6.20% 5.46% 6.26%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 6.93% 4.48% 4.39%
R&D to Revenue		 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 75.83% 77.30% 75.78%
Earnings before Interest and Taxes (EBIT)		 27 26 29
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 39 40 43
Valuation Ratios		 - - -
Price to Book Value (P/BV)		 2.77 1.77 1.35
Price to Tangible Book Value (P/TBV)		 2.80 1.79 1.36
Price to Revenue (P/Rev)		 5.27 4.13 2.99
Price to Earnings (P/E)		 28.96 24.46 15.81
Dividend Yield		 2.50% 2.86% 3.77%
Earnings Yield		 3.45% 4.09% 6.32%
Enterprise Value to Invested Capital (EV/IC)		 1.86 1.43 1.20
Enterprise Value to Revenue (EV/Rev)		 7.26 5.93 4.63
Enterprise Value to EBITDA (EV/EBITDA)		 18.18 14.83 11.59
Enterprise Value to EBIT (EV/EBIT)		 27.08 22.68 17.14
Enterprise Value to NOPAT (EV/NOPAT)		 30.02 26.13 19.12
Enterprise Value to Operating Cash Flow (EV/OCF)		 29.58 18.41 13.58
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 26.03
Leverage & Solvency		 - - -
Debt to Equity		 1.05 0.78 0.75
Long-Term Debt to Equity		 0.93 0.77 0.74
Financial Leverage		 1.01 0.90 0.76
Leverage Ratio		 3.67 3.55 3.33
Compound Leverage Factor		 3.67 3.55 3.33
Debt to Total Capital		 51.28% 43.93% 42.76%
Short-Term Debt to Total Capital		 5.75% 0.54% 0.52%
Long-Term Debt to Total Capital		 45.53% 43.39% 42.24%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00%
Common Equity to Total Capital		 48.72% 56.07% 57.24%
Debt to EBITDA		 5.01 4.57 4.14
Net Debt to EBITDA		 4.98 4.50 4.11
Long-Term Debt to EBITDA		 4.45 4.51 4.09
Debt to NOPAT		 8.27 8.04 6.83
Net Debt to NOPAT		 8.22 7.93 6.79
Long-Term Debt to NOPAT		 7.35 7.94 6.75
Altman Z-Score		 0.96 0.85 0.75
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00%
Liquidity Ratios		 - - -
Current Ratio		 0.63 1.37 0.96
Quick Ratio		 0.37 0.77 0.56
Cash Flow Metrics		 - - -
Free Cash Flow to Firm (FCFF)		 -11 -2.86 19
Operating Cash Flow to CapEx		 50.12% 51.31% 81.25%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00
Efficiency Ratios		 - - -
Asset Turnover		 0.15 0.13 0.14
Accounts Receivable Turnover		 8.06 6.62 7.72
Inventory Turnover		 0.00 0.00 0.00
Fixed Asset Turnover		 26.40 26.60 29.59
Accounts Payable Turnover		 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 45.29 55.12 47.28
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 45.29 55.12 47.28
Capital & Investment Metrics		 - - -
Invested Capital		 385 411 418
Invested Capital Turnover		 0.27 0.25 0.26
Increase / (Decrease) in Invested Capital		 35 25 6.94
Enterprise Value (EV)		 718 586 500
Market Capitalization		 521 408 322
Book Value per Share		 $19.80 $22.42 $23.23
Tangible Book Value per Share		 $19.60 $22.23 $23.04
Total Capital		 386 411 418
Total Debt		 198 181 179
Total Long-Term Debt		 176 178 177
Net Debt		 196 178 178
Capital Expenditures (CapEx)		 48 62 45
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 4.60 7.93 -0.05
Debt-free Net Working Capital (DFNWC)		 5.91 10 1.10
Net Working Capital (NWC)		 -16 8.20 -1.07
Net Nonoperating Expense (NNE)		 5.91 5.75 5.76
Net Nonoperating Obligations (NNO)		 197 180 178
Total Depreciation and Amortization (D&A)		 13 14 14
Debt-free, Cash-free Net Working Capital to Revenue		 4.65% 8.02% -0.04%
Debt-free Net Working Capital to Revenue		 5.98% 10.56% 1.02%
Net Working Capital to Revenue		 -16.45% 8.30% -0.99%
Earnings Adjustments		 - - -
Adjusted Basic Earnings per Share		 $1.90 $1.67 $1.98
Adjusted Weighted Average Basic Shares Outstanding		 9.46M 10.02M 10.29M
Adjusted Diluted Earnings per Share		 $1.90 $1.67 $1.98
Adjusted Weighted Average Diluted Shares Outstanding		 9.48M 10.02M 10.30M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 9.50M 10.29M 10.30M
Normalized Net Operating Profit after Tax (NOPAT)		 17 16 18
Normalized NOPAT Margin		 16.92% 15.89% 16.96%
Pre Tax Income Margin		 26.80% 26.15% 27.02%
Debt Service Ratios		 - - -
EBIT to Interest Expense		 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00
Payout Ratios		 - - -
Dividend Payout Ratio		 57.33% 67.32% 59.66%
Augmented Payout Ratio		 57.33% 69.22% 59.66%

Quarterly Metrics And Ratios for Artesian Resources

This table displays calculated financial ratios and metrics derived from Artesian Resources' official financial filings.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Growth Metrics		 - - - - - - - - - -
Revenue Growth		 6.67% 10.04% 1.39% 0.96% -0.05% -2.28% 9.11% 8.57% 9.68% 9.39%
EBITDA Growth		 16.59% 0.46% 17.81% -0.99% -6.73% -1.29% 7.93% 8.65% 14.61% 4.46%
EBIT Growth		 20.21% -4.71% 24.33% -4.91% -13.15% -6.46% 7.45% 10.55% 23.83% 7.28%
NOPAT Growth		 17.16% -12.92% -14.40% -9.28% -17.58% 30.18% 16.23% 15.95% 28.96% 2.30%
Net Income Growth		 -11.80% 412.50% -17.35% -11.95% -17.46% 49.68% 19.06% 19.85% 34.35% 10.49%
EPS Growth		 20.37% -21.88% -17.02% -16.98% -24.62% 40.00% 10.26% 18.18% 34.69% 5.71%
Operating Cash Flow Growth		 94.11% -106.75% -11.09% 166.42% -28.99% 1,181.66% 19.85% 45.66% 31.00% -21.07%
Free Cash Flow Firm Growth		 -68.68% -617.48% -254.24% -43.21% -35.23% 35.72% 70.59% 87.75% 115.89% 93.46%
Invested Capital Growth		 6.91% 9.99% 10.51% 8.29% 7.60% 6.57% 3.70% 2.55% 1.27% 1.69%
Revenue Q/Q Growth		 6.28% -5.51% -10.44% 12.25% 5.22% -7.62% 0.00% 11.70% 6.30% -7.86%
EBITDA Q/Q Growth		 13.69% -19.39% 1.04% 6.92% 7.10% -14.68% 11.55% 7.64% 12.96% -22.23%
EBIT Q/Q Growth		 17.38% -27.54% 0.89% 10.81% 7.21% -21.96% 15.89% 14.02% 20.08% -32.39%
NOPAT Q/Q Growth		 18.11% -47.56% -4.20% 52.91% 7.30% -17.17% -14.46% 52.53% 19.34% -34.30%
Net Income Q/Q Growth		 21.76% -62.16% 59.35% 19.92% 14.13% -31.37% 26.75% 20.72% 27.94% -43.56%
EPS Q/Q Growth		 22.64% -61.54% 56.00% 12.82% 11.36% -28.57% 22.86% 20.93% 26.92% -43.94%
Operating Cash Flow Q/Q Growth		 547.94% -106.85% 1,438.60% -55.15% 72.69% 4.32% 48.32% -45.49% 55.31% -37.14%
Free Cash Flow Firm Q/Q Growth		 5.33% -90.79% -7.42% 26.19% 10.61% 9.31% 50.85% 69.26% 215.96% -137.36%
Invested Capital Q/Q Growth		 1.42% 2.89% 1.30% 2.44% 0.78% 1.90% -1.42% 1.30% -0.47% 2.32%
Profitability Metrics		 - - - - - - - - - -
Gross Margin		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
EBITDA Margin		 43.58% 37.18% 41.94% 39.95% 40.66% 37.56% 41.49% 39.98% 42.49% 35.86%
Operating Margin		 30.40% 16.87% 18.05% 24.59% 25.07% 22.48% 19.23% 26.25% 29.48% 21.02%
EBIT Margin		 31.50% 24.16% 27.21% 26.87% 27.37% 23.12% 26.80% 27.36% 30.90% 22.68%
Profit (Net Income) Margin		 23.11% 9.26% 16.47% 17.60% 19.09% 14.18% 17.97% 19.42% 23.38% 14.32%
Tax Burden Percent		 73.37% 29.23% 60.52% 65.49% 69.72% 61.31% 67.06% 71.00% 75.65% 63.15%
Interest Burden Percent		 100.00% 131.10% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 8.10% 4.54% 4.81% 6.36% 6.41% 5.58% 4.88% 6.68% 7.68% 5.48%
ROIC Less NNEP Spread (ROIC-NNEP)		 7.03% 3.50% 4.63% 5.38% 5.53% 4.50% 4.71% 5.61% 6.64% 4.48%
Return on Net Nonoperating Assets (RNNOA)		 7.03% 3.54% 4.68% 4.76% 4.77% 4.07% 4.19% 4.23% 4.87% 3.42%
Return on Equity (ROE)		 15.14% 8.07% 9.49% 11.11% 11.18% 9.65% 9.07% 10.91% 12.55% 8.90%
Cash Return on Invested Capital (CROIC)		 0.09% -3.02% -3.74% -2.09% -1.88% -0.72% 2.18% 3.43% 5.15% 4.64%
Operating Return on Assets (OROA)		 4.61% 3.55% 3.92% 3.75% 3.72% 3.08% 3.60% 3.68% 4.19% 3.13%
Return on Assets (ROA)		 3.39% 1.36% 2.37% 2.46% 2.59% 1.89% 2.42% 2.61% 3.17% 1.98%
Return on Common Equity (ROCE)		 15.14% 8.07% 9.49% 11.11% 11.18% 9.65% 9.07% 10.91% 12.55% 8.90%
Return on Equity Simple (ROE_SIMPLE)		 7.95% 0.00% 9.10% 7.31% 6.77% 0.00% 7.50% 7.80% 8.40% 0.00%
Net Operating Profit after Tax (NOPAT)		 8.08 4.24 4.06 6.21 6.66 5.52 4.72 7.20 8.59 5.64
NOPAT Margin		 30.40% 16.87% 18.05% 24.59% 25.07% 22.48% 19.23% 26.25% 29.48% 21.02%
Net Nonoperating Expense Percent (NNEP)		 1.07% 1.03% 0.19% 0.98% 0.88% 1.08% 0.16% 1.08% 1.04% 1.00%
Return On Investment Capital (ROIC_SIMPLE)		 - 1.10% - - - 1.34% - - - 1.35%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 5.91% 9.68% 4.82% 4.44% 4.22% 4.48% 4.55% 4.18% 4.16% 4.73%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 69.60% 83.13% 81.95% 75.41% 74.93% 77.52% 80.77% 73.75% 70.52% 78.98%
Earnings before Interest and Taxes (EBIT)		 8.37 6.07 6.12 6.78 7.27 5.68 6.58 7.50 9.01 6.09
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 12 9.34 9.44 10 11 9.22 10 11 12 9.63
Valuation Ratios		 - - - - - - - - - -
Price to Book Value (P/BV)		 2.28 2.77 2.67 1.91 1.82 1.77 1.62 1.53 1.61 1.35
Price to Tangible Book Value (P/TBV)		 2.32 2.80 2.70 1.92 1.84 1.79 1.63 1.54 1.62 1.36
Price to Revenue (P/Rev)		 4.44 5.27 5.09 4.35 4.21 4.13 3.73 3.48 3.62 2.99
Price to Earnings (P/E)		 22.91 28.96 29.32 26.06 26.93 24.46 21.60 19.62 19.11 15.81
Dividend Yield		 2.38% 2.50% 2.60% 3.06% 3.44% 2.86% 3.14% 3.32% 3.15% 3.77%
Earnings Yield		 4.36% 3.45% 3.41% 3.84% 3.71% 4.09% 4.63% 5.10% 5.23% 6.32%
Enterprise Value to Invested Capital (EV/IC)		 1.64 1.86 1.80 1.51 1.46 1.43 1.35 1.30 1.35 1.20
Enterprise Value to Revenue (EV/Rev)		 6.36 7.26 7.10 6.08 5.94 5.93 5.42 5.16 5.22 4.63
Enterprise Value to EBITDA (EV/EBITDA)		 15.73 18.18 17.42 15.02 14.98 14.83 13.58 12.93 12.90 11.59
Enterprise Value to EBIT (EV/EBIT)		 22.93 27.08 25.44 22.12 22.49 22.68 20.79 19.69 19.17 17.14
Enterprise Value to NOPAT (EV/NOPAT)		 25.05 30.02 30.34 26.78 27.88 26.13 23.68 22.09 21.18 19.12
Enterprise Value to Operating Cash Flow (EV/OCF)		 16.75 29.58 30.70 23.35 26.15 18.41 16.12 14.75 14.28 13.58
Enterprise Value to Free Cash Flow (EV/FCFF)		 1,920.39 0.00 0.00 0.00 0.00 0.00 63.15 38.27 26.38 26.03
Leverage & Solvency		 - - - - - - - - - -
Debt to Equity		 0.99 1.05 1.06 0.78 0.78 0.78 0.78 0.77 0.75 0.75
Long-Term Debt to Equity		 0.93 0.93 0.93 0.77 0.77 0.77 0.77 0.76 0.74 0.74
Financial Leverage		 1.00 1.01 1.01 0.88 0.86 0.90 0.89 0.75 0.73 0.76
Leverage Ratio		 3.64 3.67 3.73 3.49 3.51 3.55 3.56 3.32 3.33 3.33
Compound Leverage Factor		 3.64 4.82 3.73 3.49 3.51 3.55 3.56 3.32 3.33 3.33
Debt to Total Capital		 49.68% 51.28% 51.39% 43.88% 43.68% 43.93% 43.77% 43.40% 42.92% 42.76%
Short-Term Debt to Total Capital		 3.06% 5.75% 6.09% 0.52% 0.54% 0.54% 0.54% 0.54% 0.56% 0.52%
Long-Term Debt to Total Capital		 46.62% 45.53% 45.30% 43.36% 43.14% 43.39% 43.23% 42.86% 42.36% 42.24%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 50.32% 48.72% 48.61% 56.12% 56.32% 56.07% 56.23% 56.60% 57.08% 57.24%
Debt to EBITDA		 4.75 5.01 4.94 4.41 4.52 4.57 4.48 4.37 4.19 4.14
Net Debt to EBITDA		 4.74 4.98 4.94 4.27 4.36 4.50 4.25 4.21 3.94 4.11
Long-Term Debt to EBITDA		 4.45 4.45 4.36 4.36 4.46 4.51 4.43 4.31 4.14 4.09
Debt to NOPAT		 7.56 8.27 8.61 7.87 8.41 8.04 7.81 7.46 6.89 6.83
Net Debt to NOPAT		 7.55 8.22 8.61 7.60 8.11 7.93 7.40 7.20 6.48 6.79
Long-Term Debt to NOPAT		 7.09 7.35 7.59 7.77 8.31 7.94 7.72 7.37 6.80 6.75
Altman Z-Score		 0.80 0.86 0.83 0.81 0.78 0.76 0.73 0.71 0.74 0.65
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - -
Current Ratio		 0.70 0.63 0.50 1.22 1.25 1.37 1.42 1.30 1.22 0.96
Quick Ratio		 0.42 0.37 0.27 0.79 0.70 0.77 1.01 0.92 0.83 0.56
Cash Flow Metrics		 - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -16 -31 -33 -24 -22 -20 -9.72 -2.99 3.47 -1.30
Operating Cash Flow to CapEx		 85.63% -6.65% 62.77% 30.39% 49.29% 63.77% 151.33% 72.74% 84.94% 44.66%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - -
Asset Turnover		 0.15 0.15 0.14 0.14 0.14 0.13 0.13 0.13 0.14 0.14
Accounts Receivable Turnover		 7.74 8.06 10.20 8.34 7.61 6.62 8.44 7.34 8.47 7.72
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 25.77 26.40 26.51 26.62 26.64 26.60 27.41 28.10 28.89 29.59
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 47.16 45.29 35.80 43.76 47.99 55.12 43.27 49.70 43.11 47.28
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 47.16 45.29 35.80 43.76 47.99 55.12 43.27 49.70 43.11 47.28
Capital & Investment Metrics		 - - - - - - - - - -
Invested Capital		 375 385 390 400 403 411 405 410 408 418
Invested Capital Turnover		 0.27 0.27 0.27 0.26 0.26 0.25 0.25 0.25 0.26 0.26
Increase / (Decrease) in Invested Capital		 24 35 37 31 28 25 14 10 5.12 6.94
Enterprise Value (EV)		 615 718 705 605 590 586 547 532 551 500
Market Capitalization		 429 521 505 433 419 408 376 359 383 322
Book Value per Share		 $19.90 $19.80 $19.90 $23.90 $22.34 $22.42 $22.55 $22.79 $23.15 $23.23
Tangible Book Value per Share		 $19.59 $19.60 $19.70 $23.70 $22.16 $22.23 $22.36 $22.60 $22.96 $23.04
Total Capital		 373 386 389 405 408 411 413 414 418 418
Total Debt		 185 198 200 178 178 181 181 180 179 179
Total Long-Term Debt		 174 176 176 176 176 178 178 177 177 177
Net Debt		 185 196 200 172 172 178 171 173 169 178
Capital Expenditures (CapEx)		 13 12 17 16 17 13 8.32 9.44 13 15
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 1.34 4.60 1.65 1.54 2.53 7.93 1.83 2.68 -2.07 -0.05
Debt-free Net Working Capital (DFNWC)		 1.45 5.91 1.77 7.46 8.99 10 11 8.93 8.64 1.10
Net Working Capital (NWC)		 -9.97 -16 -22 5.36 6.77 8.20 9.12 6.71 6.30 -1.07
Net Nonoperating Expense (NNE)		 1.94 1.91 0.36 1.77 1.59 2.04 0.31 1.87 1.78 1.80
Net Nonoperating Obligations (NNO)		 187 197 201 173 173 180 173 176 170 178
Total Depreciation and Amortization (D&A)		 3.21 3.27 3.31 3.30 3.53 3.54 3.61 3.46 3.38 3.54
Debt-free, Cash-free Net Working Capital to Revenue		 1.39% 4.65% 1.67% 1.55% 2.55% 8.02% 1.82% 2.60% -1.96% -0.04%
Debt-free Net Working Capital to Revenue		 1.50% 5.98% 1.78% 7.51% 9.04% 10.56% 11.23% 8.67% 8.17% 1.02%
Net Working Capital to Revenue		 -10.32% -16.45% -22.11% 5.39% 6.81% 8.30% 9.04% 6.51% 5.97% -0.99%
Earnings Adjustments		 - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.65 $0.24 $0.39 $0.44 $0.49 $0.35 $0.43 $0.52 $0.66 $0.37
Adjusted Weighted Average Basic Shares Outstanding		 9.48M 9.46M 9.50M 10.00M 10.28M 10.02M 10.29M 10.29M 10.30M 10.29M
Adjusted Diluted Earnings per Share		 $0.65 $0.25 $0.39 $0.44 $0.49 $0.35 $0.43 $0.52 $0.66 $0.37
Adjusted Weighted Average Diluted Shares Outstanding		 9.49M 9.48M 9.51M 10.00M 10.28M 10.02M 10.29M 10.30M 10.30M 10.30M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 9.49M 9.50M 9.51M 10.28M 10.28M 10.29M 10.29M 10.30M 10.30M 10.30M
Normalized Net Operating Profit after Tax (NOPAT)		 5.66 2.97 2.84 4.35 4.66 3.86 3.30 5.04 6.01 3.95
Normalized NOPAT Margin		 21.28% 11.81% 12.63% 17.21% 17.55% 15.73% 13.46% 18.38% 20.63% 14.71%
Pre Tax Income Margin		 31.50% 31.67% 27.21% 26.87% 27.37% 23.12% 26.80% 27.36% 30.90% 22.68%
Debt Service Ratios		 - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - -
Dividend Payout Ratio		 68.28% 57.33% 60.67% 62.62% 70.17% 67.32% 66.51% 66.07% 60.12% 59.66%
Augmented Payout Ratio		 68.28% 57.33% 60.67% 64.50% 72.21% 69.22% 68.33% 66.09% 60.12% 59.66%

Financials Breakdown Chart

Key Financial Trends

Artesian Resources (NASDAQ: ARTNA) - Financial Analysis Summary

Analyzing Artesian Resources' financial statements over the last several years reveals several key trends in revenue, earnings, operating cash flow, capital expenditures, and balance sheet strength. Here's a summary of the most important points affecting the company:

  • Steady growth in operating revenue and total revenue from 2022 through 2024, with Q4 2024 operating revenue at $26.85 million compared to $25.12 million in Q4 2022.
  • Net income attributable to common shareholders has generally increased over the past two years, reaching $3.85 million in Q4 2024 from $2.33 million in Q4 2022, indicating improved profitability.
  • Consistent positive net cash from operating activities, with $6.7 million in Q4 2024 and even higher in some quarters earlier in 2024 (e.g., $10.66 million in Q3 2024), supporting the company's operations and investments.
  • Capital investment in property, plant, and equipment remains strong, reflective of growth or system maintenance, with purchases of $15 million in Q4 2024 and around $9 million to $16 million in prior quarters, indicating ongoing reinvestment in infrastructure.
  • The company maintains a healthy equity base, with total common equity around $238 million as of Q3 2024, increasing from roughly $188 million in Q1 2023, showing an improving shareholder base.
  • Selling, general & administrative expenses (SG&A) are relatively stable quarter over quarter, typically around $1.1 to $1.3 million, which indicates efficient cost control but leaves little room for error if revenue growth slows.
  • Depreciation expense consistently around $3.2 to $3.5 million quarterly reflects significant capital assets and their aging, a natural aspect of the utility business.
  • The company paid dividends steadily across periods, ranging about $0.28 to $0.3 per share quarterly, reflecting a stable dividend policy attractive to income-focused investors.
  • Despite growing revenues, consolidated net income is somewhat pressured by other adjustments to consolidated net income, which have negatively impacted earnings by approximately $2.2 million each quarter, indicating non-operating or extraordinary items reducing reported profits.
  • Net cash flow from investing activities is consistently negative, driven primarily by high capital expenditures outpacing proceeds from asset sales, which could pressure free cash flow if operating cash flow slows significantly.

In summary, Artesian Resources shows steady revenue and profitability growth, solid operating cash generation, and ongoing reinvestment supporting its asset base. However, investors should monitor the negative impacts on net income from other adjustments and the sustained capital spending that could strain cash flow in weaker operating periods. The stable dividend and growing equity base are positives for shareholders seeking consistent income and capital preservation.

10/25/25 05:01 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Artesian Resources' Financials

When does Artesian Resources' fiscal year end?

According to the most recent income statement we have on file, Artesian Resources' financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Artesian Resources' net income changed over the last 2 years?

Artesian Resources' net income appears to be on an upward trend, with a most recent value of $20.39 million in 2024, rising from $18.00 million in 2022. The previous period was $16.70 million in 2023. View Artesian Resources' forecast to see where analysts expect Artesian Resources to go next.

What is Artesian Resources' operating income?
Artesian Resources' total operating income in 2024 was $26.15 million, based on the following breakdown:
  • Total Gross Profit: $107.95 million
  • Total Operating Expenses: $81.80 million
How has Artesian Resources' revenue changed over the last 2 years?

Over the last 2 years, Artesian Resources' total revenue changed from $98.90 million in 2022 to $107.95 million in 2024, a change of 9.2%.

How much debt does Artesian Resources have?

Artesian Resources' total liabilities were at $559.43 million at the end of 2024, a 4.3% increase from 2023, and a 5.2% increase since 2022.

How much cash does Artesian Resources have?

In the past 2 years, Artesian Resources' cash and equivalents has ranged from $1.15 million in 2024 to $2.51 million in 2023, and is currently $1.15 million as of their latest financial filing in 2024.

How has Artesian Resources' book value per share changed over the last 2 years?

Over the last 2 years, Artesian Resources' book value per share changed from 19.80 in 2022 to 23.23 in 2024, a change of 17.3%.


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This page (NASDAQ:ARTNA) was last updated on 10/25/2025 by MarketBeat.com Staff
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