What is Artesian Resources' operating income?

Artesian Resources' total operating income in 2025 was $27.78 million, based on the following breakdown: Total Gross Profit: $112.94 million Total Operating Expenses: $85.16 million

Artesian Resources (ARTNA) Financials

$33.98 +0.06 (+0.18%)

Closing price 07/10/2026 04:00 PM Eastern

Extended Trading

$33.98 +0.01 (+0.01%)

As of 07/10/2026 05:05 PM Eastern

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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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	11	13	14	14	15	-71	17	18	17	20	23
Consolidated Net Income / (Loss)	11	13	14	21	15	17	17	18	17	20	23
Net Income / (Loss) Continuing Operations	18	20	20	21	22	-71	24	27	26	29	32
Total Pre-Tax Income	18	20	20	21	22	-71	24	27	26	29	32
Total Operating Income	18	19	20	19	20	22	22	24	22	26	28
Total Gross Profit	77	79	82	80	84	0.00	91	99	99	108	113
Total Revenue	77	79	82	80	84	0.00	91	99	99	108	113
Operating Revenue	73	79	82	80	84	-	91	99	99	108	113
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Operating Expenses	59	60	63	61	64	66	69	75	76	82	85
Selling, General & Admin Expense	2.31	2.60	2.78	2.88	3.32	3.28	3.94	6.85	4.43	4.74	4.72
Depreciation Expense	8.84	9.19	9.56	10	11	11	12	13	13	14	14
Other Operating Expenses / (Income)	48	48	50	48	50	51	53	56	59	63	67
Total Other Income / (Expense), net	0.72	0.78	0.56	1.58	2.02	-5.48	2.13	2.59	3.41	3.02	3.73
Other Income / (Expense), net	0.72	0.78	0.56	1.58	2.02	2.14	2.13	2.59	3.41	3.02	3.73
Other Adjustments to Consolidated Net Income / (Loss)	-7.00	-6.64	-6.18	-	-7.02	-	-7.59	-8.50	-9.16	-8.78	-8.69
Basic Earnings per Share	$1.26	$1.42	$1.52	$1.55	$1.61	$1.80	$1.79	$1.90	$1.67	$1.98	$2.21
Weighted Average Basic Shares Outstanding	8.96M	9.10M	9.18M	9.24M	9.28M	9.33M	9.39M	9.46M	10.02M	10.29M	10.31M
Diluted Earnings per Share	$1.26	$1.41	$1.51	$1.54	$1.60	$1.79	$1.79	$1.90	$1.67	$1.98	$2.21
Weighted Average Diluted Shares Outstanding	9.01M	9.16M	9.24M	9.29M	9.33M	9.37M	9.43M	9.48M	10.02M	10.30M	10.31M
Weighted Average Basic & Diluted Shares Outstanding	800K	800K	900K	900K	9.30M	9.36M	9.42M	9.50M	10.29M	10.30M	10.32M
Cash Dividends to Common per Share	$0.87	$0.90	$0.93	$0.95	$0.98	$1.01	$1.05	$1.09	$1.14	$1.18	$1.23

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	5.07	3.48	4.41	5.33	6.81	3.85	5.44	6.29	6.96	4.14	5.93
Consolidated Net Income / (Loss)	5.07	3.48	4.41	5.33	6.81	3.85	5.44	6.29	6.96	4.14	5.93
Net Income / (Loss) Continuing Operations	7.27	5.68	6.58	7.50	9.01	6.09	7.60	8.45	9.16	6.31	8.16
Total Pre-Tax Income	7.27	5.68	6.58	7.50	9.01	6.09	7.60	8.45	9.16	6.31	8.16
Total Operating Income	6.66	5.52	4.72	7.20	8.59	5.64	5.55	7.86	8.62	5.76	6.28
Total Gross Profit	27	25	25	27	29	27	26	29	30	28	28
Total Revenue	27	25	25	27	29	27	26	29	30	28	28
Operating Revenue	27	25	25	27	29	27	26	29	30	28	28
Total Cost of Revenue	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Operating Expenses	20	19	20	20	21	21	20	21	22	22	21
Selling, General & Admin Expense	1.12	1.10	1.12	1.15	1.21	1.27	1.12	1.01	1.27	1.32	1.22
Depreciation Expense	3.44	3.45	3.47	3.43	3.29	3.45	3.36	3.41	3.50	3.54	3.45
Other Operating Expenses / (Income)	15	14	15	16	16	16	16	16	17	17	17
Total Other Income / (Expense), net	0.61	0.16	1.86	0.30	0.42	0.45	2.06	0.59	0.54	0.55	1.89
Other Income / (Expense), net	0.61	0.16	1.86	0.30	0.42	0.45	2.06	0.59	0.54	0.55	1.89
Other Adjustments to Consolidated Net Income / (Loss)	-2.20	-2.20	-2.17	-2.18	-2.19	-2.24	-2.17	-2.16	-2.19	-2.17	-2.23
Basic Earnings per Share	$0.49	$0.35	$0.43	$0.52	$0.66	$0.37	$0.53	$0.61	$0.68	$0.39	$0.58
Weighted Average Basic Shares Outstanding	10.28M	10.02M	10.29M	10.29M	10.30M	10.29M	10.30M	10.31M	10.31M	10.31M	10.32M
Diluted Earnings per Share	$0.49	$0.35	$0.43	$0.52	$0.66	$0.37	$0.53	$0.61	$0.68	$0.39	$0.57
Weighted Average Diluted Shares Outstanding	10.28M	10.02M	10.29M	10.30M	10.30M	10.30M	10.31M	10.31M	10.31M	10.31M	10.32M
Weighted Average Basic & Diluted Shares Outstanding	10.28M	10.29M	10.29M	10.30M	10.30M	10.30M	10.31M	10.31M	10.31M	10.32M	10.32M
Cash Dividends to Common per Share	$0.28	$0.29	$0.29	$0.30	$0.30	$0.30	$0.30	$0.31	$0.31	$0.31	$0.31

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-0.03	0.02	0.73	-0.66	0.30	-0.57	0.06	1.22	1.20	-1.36	-1.10
Net Cash From Operating Activities	28	30	36	29	19	20	31	24	32	37	40
Net Cash From Continuing Operating Activities	28	30	36	29	19	20	31	24	32	37	40
Net Income / (Loss) Continuing Operations	11	13	14	14	15	17	17	18	17	20	23
Consolidated Net Income / (Loss)	11	13	14	14	15	17	17	18	17	20	23
Depreciation Expense	8.84	9.19	9.56	10	11	11	12	13	13	14	14
Amortization Expense	-	-	-	-	-	-	0.35	0.35	0.36	0.35	0.35
Non-Cash Adjustments To Reconcile Net Income	-0.16	-0.01	0.82	3.05	-4.00	-0.56	-0.50	-0.67	-1.25	-0.61	-1.30
Changes in Operating Assets and Liabilities, net	8.43	7.65	11	1.53	-2.86	-7.04	2.75	-6.03	2.71	3.06	4.67
Net Cash From Investing Activities	-21	-28	-41	-49	-41	-40	-41	-55	-62	-45	-59
Net Cash From Continuing Investing Activities	-21	-28	-41	-49	-41	-40	-41	-55	-62	-45	-59
Purchase of Property, Plant & Equipment	-21	-28	-41	-49	-41	-34	-41	-48	-62	-46	-59
Sale of Property, Plant & Equipment	0.05	0.10	0.09	0.05	0.05	0.05	0.09	0.07	0.10	0.62	0.13
Net Cash From Financing Activities	-7.80	-1.61	5.95	19	22	19	9.48	32	31	7.14	17
Net Cash From Continuing Financing Activities	-7.80	-1.61	5.95	19	22	19	9.48	32	31	7.14	17
Repayment of Debt	-9.27	-5.16	-1.37	-1.73	-1.92	-1.80	-13	-43	-25	-2.26	-4.61
Repurchase of Common Equity	-	-	-	-	-	-	0.00	0.00	-0.32	0.00	0.00
Payment of Dividends	-7.81	-8.18	-8.50	-8.82	-9.12	-9.38	-9.83	-10	-11	-12	-13
Issuance of Debt	0.41	0.00	2.75	18	22	19	15	66	8.88	0.78	8.13
Issuance of Common Equity	3.05	1.83	1.71	0.96	1.03	1.54	1.39	2.09	37	0.35	0.34
Other Financing Activities, net	5.83	9.91	11	10	11	9.28	16	16	23	20	26
Cash Interest Paid	7.39	6.68	5.37	7.27	6.98	7.52	7.61	8.43	7.52	9.77	8.35
Cash Income Taxes Paid	2.61	1.43	1.28	3.29	7.33	8.79	5.18	3.48	3.59	5.73	7.07

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	0.54	-3.95	7.00	-3.25	4.45	-9.56	2.56	-3.36	0.36	-0.65	4.20
Net Cash From Operating Activities	8.14	8.49	13	6.87	11	6.70	11	7.94	11	10	8.64
Net Cash From Continuing Operating Activities	8.14	8.49	13	6.87	11	6.70	11	7.94	11	10	8.64
Net Income / (Loss) Continuing Operations	5.07	3.48	4.41	5.33	6.81	3.85	5.44	6.29	6.96	4.14	5.93
Consolidated Net Income / (Loss)	5.07	3.48	4.41	5.33	6.81	3.85	5.44	6.29	6.96	4.14	5.93
Depreciation Expense	3.44	3.45	3.47	3.42	3.29	3.45	3.36	3.41	3.50	3.54	3.45
Amortization Expense	0.09	0.09	0.09	0.04	0.09	0.09	0.09	0.09	0.09	0.09	0.09
Non-Cash Adjustments To Reconcile Net Income	-0.69	-0.12	0.13	-1.03	0.31	0.11	-0.29	-0.43	-0.29	-0.35	-0.20
Changes in Operating Assets and Liabilities, net	0.22	1.59	4.50	-0.90	0.16	-0.79	2.37	-1.43	0.73	3.06	-0.63
Net Cash From Investing Activities	-17	-13	-8.32	-9.44	-13	-15	-10	-16	-14	-18	-13
Net Cash From Continuing Investing Activities	-17	-13	-8.32	-9.44	-13	-15	-10	-16	-14	-18	-13
Purchase of Property, Plant & Equipment	-17	-13	-8.92	-9.45	-13	-15	-10	-16	-14	-18	-13
Sale of Property, Plant & Equipment	0.01	0.02	0.60	0.01	0.01	0.00	0.00	0.09	0.03	0.01	0.02
Net Cash From Financing Activities	8.91	0.87	2.73	-0.68	6.34	-1.25	2.00	4.48	3.59	7.20	8.69
Net Cash From Continuing Financing Activities	8.91	0.87	2.73	-0.68	6.34	-1.25	2.00	4.48	3.59	7.20	8.69
Repayment of Debt	-0.35	-0.50	-0.39	-0.83	-0.50	-0.52	-0.55	-0.86	-2.14	-0.71	-11
Payment of Dividends	-3.08	-2.98	-2.98	-3.04	-3.04	-3.10	-3.10	-3.17	-3.17	-3.24	-3.24
Issuance of Debt	5.24	-1.41	0.80	0.02	3.84	-3.91	0.36	1.75	-0.03	5.72	15
Issuance of Common Equity	0.27	0.23	0.09	0.09	0.08	0.09	0.09	0.09	0.09	0.09	0.08
Other Financing Activities, net	6.84	5.53	5.20	3.08	5.96	6.19	5.21	6.68	8.85	5.35	8.09
Cash Interest Paid	1.00	1.67	2.51	1.68	3.00	2.58	1.67	2.51	1.66	2.51	1.69
Cash Income Taxes Paid	1.40	0.11	0.01	1.98	2.47	1.28	0.68	2.26	2.52	1.61	0.03

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	432	451	495	530	560	593	625	720	767	799	851
Total Current Assets	14	15	19	16	14	18	19	28	31	25	21
Cash & Equivalents	0.21	0.23	0.95	0.29	0.60	0.03	0.09	1.31	2.51	1.15	0.05
Accounts Receivable	7.89	9.20	10	9.60	8.12	11	9.45	15	15	13	11
Inventories, net	1.71	1.56	1.52	1.46	1.26	1.54	1.93	4.70	5.98	4.28	3.72
Prepaid Expenses	1.62	1.83	2.04	2.12	2.25	2.21	2.65	2.88	3.30	3.09	3.67
Current Deferred & Refundable Income Taxes	3.02	1.82	4.15	2.64	1.97	2.52	4.54	3.82	4.07	2.81	2.58
Plant, Property, & Equipment, net	3.96	3.88	3.88	3.85	3.81	3.80	3.75	3.74	3.69	3.60	3.54
Total Noncurrent Assets	413	432	472	510	542	572	602	688	733	770	826
Goodwill	-	-	-	-	-	-	0.00	1.94	1.94	1.94	1.94
Other Noncurrent Operating Assets	413	432	472	510	542	572	602	686	731	769	824
Total Liabilities & Shareholders' Equity	432	451	495	530	560	593	625	720	767	799	851
Total Liabilities	299	312	348	377	400	424	447	532	536	559	601
Total Current Liabilities	22	19	28	38	26	44	47	44	22	26	34
Short-Term Debt	12	8.45	11	18	9.21	29	28	22	2.24	2.17	7.85
Accounts Payable	4.91	5.53	8.85	8.19	8.18	6.34	10	11	9.70	11	14
Accrued Expenses	1.25	1.31	2.89	3.90	3.11	3.41	4.04	4.25	3.52	5.34	4.60
Customer Deposits	0.70	0.86	0.97	5.15	0.00	2.06	2.27	-	2.98	3.35	3.47
Current Deferred & Payable Income Tax Liabilities	-	-	-	0.00	0.34	0.24	0.00	0.01	0.00	0.50	0.39
Other Current Liabilities	2.72	2.18	2.99	2.04	1.96	2.17	1.48	3.23	1.70	2.09	2.47
Other Current Nonoperating Liabilities	1.03	1.00	1.81	0.78	0.83	0.93	0.92	0.99	2.28	0.93	0.92
Total Noncurrent Liabilities	277	293	320	339	375	380	399	488	514	534	568
Long-Term Debt	104	102	106	116	144	142	143	176	178	177	174
Noncurrent Deferred Revenue	8.75	8.17	7.80	6.60	5.42	4.58	4.30	3.69	2.80	1.58	0.37
Noncurrent Deferred & Payable Income Tax Liabilities	64	69	55	56	53	51	54	55	59	53	55
Other Noncurrent Operating Liabilities	100	112	151	161	172	182	198	253	274	303	338
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	132	139	147	153	160	169	178	188	230	239	250
Total Preferred & Common Equity	132	139	147	153	160	169	178	188	230	239	250
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	132	139	147	153	160	169	178	188	230	239	250
Common Stock	105	107	109	110	111	113	114	117	154	154	155
Retained Earnings	28	32	38	43	49	57	64	71	77	85	95

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	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	703	726	750	762	775	783	796	809	819	834	867
Total Current Assets	23	22	30	34	31	29	34	25	22	20	26
Cash & Equivalents	0.11	0.12	5.92	6.46	9.50	6.25	11	3.71	0.35	0.71	4.26
Accounts Receivable	14	12	14	12	12	14	13	12	14	11	15
Inventories, net	2.51	5.26	5.79	5.49	4.85	4.76	4.46	5.53	4.54	4.04	3.30
Prepaid Expenses	2.72	2.90	3.83	3.29	2.89	3.47	3.18	2.72	3.62	3.73	3.00
Current Deferred & Refundable Income Taxes	3.85	1.82	1.00	6.28	1.19	0.17	3.48	1.38	0.11	0.37	1.18
Plant, Property, & Equipment, net	3.76	3.73	3.71	3.71	3.64	3.62	3.61	3.59	3.58	3.58	3.53
Total Noncurrent Assets	676	700	716	724	741	750	758	780	793	811	837
Goodwill	2.98	1.94	1.94	1.94	1.94	1.94	1.94	1.94	1.94	1.94	1.94
Other Noncurrent Operating Assets	673	699	714	722	739	748	756	778	791	809	835
Total Liabilities & Shareholders' Equity	703	726	750	762	775	783	796	809	819	834	867
Total Liabilities	515	537	523	532	543	549	558	567	574	585	614
Total Current Liabilities	33	44	25	27	22	22	28	26	26	29	26
Short-Term Debt	11	24	2.10	2.22	2.21	2.23	2.33	2.28	4.20	2.53	2.49
Accounts Payable	9.08	8.10	9.22	8.43	7.88	7.80	9.65	9.18	10	12	8.30
Accrued Expenses	4.14	4.06	6.16	4.64	4.34	4.87	5.57	5.25	3.11	6.71	5.24
Customer Deposits	2.48	2.51	2.57	2.75	2.93	-	3.21	3.40	3.39	3.48	3.55
Current Deferred & Payable Income Tax Liabilities	1.10	0.62	0.19	0.03	0.83	0.65	0.33	1.76	1.31	0.63	1.96
Other Current Liabilities	3.29	3.11	3.62	7.28	1.70	1.75	5.59	2.43	2.25	2.06	3.27
Other Current Nonoperating Liabilities	1.36	1.44	0.90	1.83	1.84	2.25	1.36	1.33	0.89	1.34	1.37
Total Noncurrent Liabilities	482	493	498	505	522	526	530	542	549	556	588
Long-Term Debt	174	176	176	176	178	177	177	176	175	175	183
Noncurrent Deferred Revenue	3.96	3.63	3.49	3.26	2.77	2.59	2.39	1.55	1.45	1.37	0.37
Noncurrent Deferred & Payable Income Tax Liabilities	55	55	56	59	59	51	53	53	53	54	55
Other Noncurrent Operating Liabilities	249	258	263	267	282	295	298	312	319	326	349
Commitments & Contingencies	0.00	0.00	0.00	0.00	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	242	245	249	253
Total Preferred & Common Equity	188	189	227	230	232	234	238	242	245	249	253
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	188	189	227	230	232	234	238	242	245	249	253
Common Stock	116	117	153	153	154	154	154	154	154	155	155
Retained Earnings	72	72	74	76	78	80	84	87	90	94	98

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	9,003,228.00	9,115,207.00	9,193,049.00	9,246,255.00	9,285,325.00	9,340,960.00	9,406,289.00	-	-	-	10,308,085.00
DEI Adjusted Shares Outstanding	9,003,228.00	9,115,207.00	9,193,049.00	9,246,255.00	9,285,325.00	9,340,960.00	9,406,289.00	-	-	-	10,308,085.00
DEI Earnings Per Adjusted Shares Outstanding	1.26	1.42	1.52	1.54	1.61	-7.64	1.79	-	-	-	2.21
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	6.29%	2.68%	3.98%	-2.22%	3.96%	-100.00%	0.00%	8.85%	-0.04%	9.20%	4.62%
EBITDA Growth	6.13%	6.06%	3.23%	3.71%	6.28%	8.63%	3.02%	7.69%	0.18%	9.13%	5.82%
EBIT Growth	8.31%	7.08%	2.87%	1.84%	6.91%	11.33%	-0.07%	8.52%	-2.43%	12.83%	8.00%
NOPAT Growth	9.57%	7.04%	4.15%	-3.29%	5.12%	-21.67%	42.85%	7.23%	-6.11%	16.51%	6.24%
Net Income Growth	18.92%	14.59%	7.94%	46.82%	-27.30%	12.68%	0.06%	6.96%	-7.22%	22.13%	11.91%
EPS Growth	17.76%	11.90%	7.09%	1.99%	3.90%	11.88%	0.00%	6.15%	-12.11%	18.56%	11.62%
Operating Cash Flow Growth	53.81%	4.83%	20.15%	-18.55%	-35.25%	7.89%	53.80%	-22.50%	31.26%	15.61%	9.57%
Free Cash Flow Firm Growth	411.10%	-17.88%	-63.52%	-169.72%	-55.87%	-76.37%	211.70%	-184.59%	74.29%	772.45%	-34.85%
Invested Capital Growth	-1.15%	0.80%	5.37%	8.80%	9.26%	8.72%	2.68%	9.99%	6.57%	1.69%	3.66%
Revenue Q/Q Growth	0.88%	0.85%	0.95%	-1.04%	-18.51%	-100.00%	5,430.07%	2.37%	-0.58%	2.18%	1.04%
EBITDA Q/Q Growth	-0.82%	3.25%	3.74%	-1.54%	0.80%	0.94%	4.98%	1.02%	0.37%	0.96%	0.67%
EBIT Q/Q Growth	-1.84%	4.22%	4.64%	-2.92%	1.10%	0.64%	5.74%	-1.12%	-1.49%	1.44%	0.70%
NOPAT Q/Q Growth	-2.16%	4.56%	4.33%	-3.38%	0.45%	-29.21%	43.03%	-2.56%	6.04%	0.49%	0.43%
Net Income Q/Q Growth	-2.66%	7.36%	7.55%	36.53%	-72.06%	2,272.74%	187.25%	20.56%	7.43%	1.82%	1.29%
EPS Q/Q Growth	-3.08%	6.02%	7.86%	-4.35%	-0.62%	0.00%	0.00%	-3.55%	6.37%	1.02%	0.91%
Operating Cash Flow Q/Q Growth	43.72%	-17.87%	6.98%	-6.76%	-10.89%	1.46%	21.63%	-33.85%	41.09%	-4.63%	10.29%
Free Cash Flow Firm Q/Q Growth	29.26%	-18.47%	-4.17%	-34.53%	-9.35%	-197.81%	1,601.20%	-3,572.50%	60.92%	-8.08%	36.43%
Invested Capital Q/Q Growth	-0.34%	1.53%	1.87%	1.88%	1.93%	2.19%	0.01%	2.89%	1.90%	2.32%	1.46%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	0.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	35.24%	36.40%	36.13%	38.33%	39.18%	0.00%	40.34%	39.91%	40.00%	39.98%	40.43%
Operating Margin	22.83%	23.79%	23.83%	23.57%	23.84%	0.00%	24.54%	24.17%	22.70%	24.22%	24.60%
EBIT Margin	23.76%	24.78%	24.52%	25.53%	26.26%	0.00%	26.88%	26.80%	26.15%	27.02%	27.90%
Profit (Net Income) Margin	14.68%	16.38%	17.00%	25.53%	17.85%	0.00%	18.52%	18.20%	16.89%	18.89%	20.21%
Tax Burden Percent	61.77%	66.10%	69.36%	100.00%	68.00%	-23.58%	68.91%	67.92%	64.59%	69.91%	72.43%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	-291.88%	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%	0.00%
Return on Invested Capital (ROIC)	7.03%	7.54%	7.62%	6.88%	6.63%	0.00%	6.45%	6.50%	5.64%	6.31%	6.53%
ROIC Less NNEP Spread (ROIC-NNEP)	1.85%	2.39%	2.71%	8.13%	3.15%	0.00%	3.27%	3.30%	2.60%	3.10%	3.79%
Return on Net Nonoperating Assets (RNNOA)	1.73%	2.01%	2.17%	6.82%	2.89%	0.00%	3.24%	3.34%	2.34%	2.37%	2.80%
Return on Equity (ROE)	8.77%	9.55%	9.79%	13.69%	9.52%	10.20%	9.69%	9.84%	7.98%	8.69%	9.33%
Cash Return on Invested Capital (CROIC)	8.19%	6.74%	2.38%	-1.55%	-2.22%	-3.59%	3.80%	-3.02%	-0.72%	4.64%	2.94%
Operating Return on Assets (OROA)	4.29%	4.44%	4.26%	4.01%	4.03%	0.00%	4.01%	3.94%	3.48%	3.73%	3.82%
Return on Assets (ROA)	2.65%	2.94%	2.96%	4.01%	2.74%	0.00%	2.76%	2.68%	2.25%	2.61%	2.77%
Return on Common Equity (ROCE)	8.77%	9.55%	9.79%	13.69%	9.52%	10.20%	9.69%	9.84%	7.98%	8.69%	9.33%
Return on Equity Simple (ROE_SIMPLE)	8.54%	9.32%	9.54%	13.40%	9.31%	9.93%	9.45%	9.58%	7.25%	8.53%	0.00%
Net Operating Profit after Tax (NOPAT)	18	19	20	19	20	16	22	24	22	26	28
NOPAT Margin	22.83%	23.79%	23.83%	23.57%	23.84%	0.00%	24.54%	24.17%	22.70%	24.22%	24.60%
Net Nonoperating Expense Percent (NNEP)	5.19%	5.15%	4.91%	-1.25%	3.48%	-0.74%	3.18%	3.19%	3.04%	3.21%	2.74%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	6.20%	5.46%	6.26%	6.43%
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%	0.00%
SG&A Expenses to Revenue	2.99%	3.29%	3.38%	3.58%	3.97%	0.00%	4.34%	6.93%	4.48%	4.39%	4.17%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	77.17%	76.21%	76.17%	76.43%	76.16%	0.00%	75.46%	75.83%	77.30%	75.78%	75.40%
Earnings before Interest and Taxes (EBIT)	18	20	20	21	22	24	24	27	26	29	32
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	27	29	30	31	33	36	37	39	40	43	46
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.49	1.70	2.02	1.80	1.90	1.85	2.27	2.77	1.77	1.35	0.00
Price to Tangible Book Value (P/TBV)	1.49	1.70	2.02	1.80	1.90	1.85	2.27	2.80	1.79	1.36	0.00
Price to Revenue (P/Rev)	2.55	2.99	3.60	3.44	3.64	0.00	4.46	5.27	4.13	2.99	0.00
Price to Earnings (P/E)	17.40	18.28	21.16	19.35	20.38	0.00	24.06	28.96	24.46	15.81	0.00
Dividend Yield	4.00%	3.46%	2.88%	3.20%	3.00%	3.00%	2.43%	2.50%	2.86%	3.77%	3.93%
Earnings Yield	5.75%	5.47%	4.73%	5.17%	4.91%	0.00%	4.16%	3.45%	4.09%	6.32%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.25	1.39	1.56	1.43	1.46	1.42	1.64	1.86	1.43	1.20	0.00
Enterprise Value to Revenue (EV/Rev)	4.05	4.39	5.00	5.09	5.47	0.00	6.34	7.26	5.93	4.63	0.00
Enterprise Value to EBITDA (EV/EBITDA)	11.49	12.07	13.85	13.29	13.95	13.62	15.72	18.18	14.83	11.59	0.00
Enterprise Value to EBIT (EV/EBIT)	17.04	17.72	20.41	19.95	20.82	19.83	23.60	27.08	22.68	17.14	0.00
Enterprise Value to NOPAT (EV/NOPAT)	17.74	18.46	21.00	21.60	22.93	31.04	25.85	30.02	26.13	19.12	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	10.98	11.66	11.50	14.05	24.22	23.80	18.41	29.58	18.41	13.58	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	15.23	20.65	67.07	0.00	0.00	0.00	43.87	0.00	0.00	26.03	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.87	0.80	0.79	0.87	0.96	1.01	0.96	1.05	0.78	0.75	0.73
Long-Term Debt to Equity	0.78	0.74	0.72	0.76	0.90	0.84	0.80	0.93	0.77	0.74	0.70
Financial Leverage	0.94	0.84	0.80	0.84	0.92	0.99	0.99	1.01	0.90	0.76	0.74
Leverage Ratio	3.31	3.25	3.31	3.42	3.48	3.50	3.51	3.67	3.55	3.33	3.37
Compound Leverage Factor	3.31	3.25	3.31	3.42	3.48	-10.21	3.51	3.67	3.55	3.33	3.37
Debt to Total Capital	46.59%	44.35%	44.28%	46.56%	48.90%	50.22%	49.08%	51.28%	43.93%	42.76%	42.15%
Short-Term Debt to Total Capital	4.75%	3.38%	4.16%	6.16%	2.94%	8.39%	8.09%	5.75%	0.54%	0.52%	1.82%
Long-Term Debt to Total Capital	41.83%	40.97%	40.12%	40.40%	45.96%	41.82%	40.98%	45.53%	43.39%	42.24%	40.34%
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%	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%	0.00%
Common Equity to Total Capital	53.41%	55.65%	55.72%	53.44%	51.10%	49.78%	50.92%	48.72%	56.07%	57.24%	57.85%
Debt to EBITDA	4.25	3.85	3.92	4.33	4.68	4.80	4.68	5.01	4.57	4.14	3.99
Net Debt to EBITDA	4.25	3.84	3.89	4.32	4.66	4.80	4.68	4.98	4.50	4.11	3.99
Long-Term Debt to EBITDA	3.82	3.55	3.55	3.76	4.40	4.00	3.91	4.45	4.51	4.09	3.82
Debt to NOPAT	6.56	5.89	5.95	7.04	7.70	10.95	7.70	8.27	8.04	6.83	6.56
Net Debt to NOPAT	6.55	5.87	5.90	7.03	7.67	10.95	7.69	8.22	7.93	6.79	6.55
Long-Term Debt to NOPAT	5.90	5.44	5.39	6.11	7.23	9.12	6.43	7.35	7.94	6.75	6.27
Altman Z-Score	0.78	0.86	0.90	0.79	0.83	0.66	0.91	0.96	0.85	0.75	0.00
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.64	0.76	0.67	0.43	0.56	0.40	0.40	0.63	1.37	0.96	0.64
Quick Ratio	0.36	0.49	0.40	0.26	0.34	0.26	0.20	0.37	0.77	0.56	0.34
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	20	17	6.14	-4.28	-6.67	-12	13	-11	-2.86	19	13
Operating Cash Flow to CapEx	137.59%	105.77%	87.25%	59.47%	46.45%	59.47%	76.88%	50.12%	51.31%	81.25%	68.71%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	-1.54	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	2.67	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	-1.82	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.18	0.18	0.17	0.16	0.15	0.00	0.15	0.15	0.13	0.14	0.14
Accounts Receivable Turnover	9.47	9.26	8.42	8.07	9.43	0.00	8.75	8.06	6.62	7.72	9.18
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	19.29	20.18	21.19	20.80	21.82	0.00	24.08	26.40	26.60	29.59	0.30
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	38.54	39.42	43.33	45.22	38.69	0.00	41.73	45.29	55.12	47.28	39.75
Days Inventory Outstanding (DIO)	0.00	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	0.00
Cash Conversion Cycle (CCC)	38.54	39.42	43.33	45.22	38.69	0.00	41.73	45.29	55.12	47.28	39.75
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	249	251	264	287	314	341	350	385	411	418	433
Invested Capital Turnover	0.31	0.32	0.32	0.29	0.28	0.00	0.26	0.27	0.25	0.26	0.27
Increase / (Decrease) in Invested Capital	-2.90	2.00	13	23	27	27	9.16	35	25	6.94	15
Enterprise Value (EV)	312	347	412	409	457	484	576	718	586	500	0.00
Market Capitalization	197	237	296	276	304	314	405	521	408	322	0.00
Book Value per Share	$14.70	$15.25	$15.95	$16.57	$17.26	$18.14	$18.92	$19.80	$22.42	$23.23	$24.24
Tangible Book Value per Share	$14.70	$15.25	$15.95	$16.57	$17.26	$18.14	$18.92	$19.60	$22.23	$23.04	$24.06
Total Capital	248	250	263	287	314	340	350	386	411	418	432
Total Debt	115	111	117	134	153	171	172	198	181	179	182
Total Long-Term Debt	104	102	106	116	144	142	143	176	178	177	174
Net Debt	115	111	116	133	153	171	171	196	178	178	182
Capital Expenditures (CapEx)	21	28	41	49	41	34	41	48	62	45	59
Debt-free, Cash-free Net Working Capital (DFCFNWC)	3.61	3.53	0.53	-4.24	-2.78	2.44	-0.34	4.60	7.93	-0.05	-4.51
Debt-free Net Working Capital (DFNWC)	3.82	3.75	1.48	-3.95	-2.19	2.47	-0.25	5.91	10	1.10	-4.45
Net Working Capital (NWC)	-7.96	-4.69	-9.48	-22	-11	-26	-29	-16	8.20	-1.07	-12
Net Nonoperating Expense (NNE)	6.28	5.87	5.62	-1.58	5.00	-1.21	5.47	5.91	5.75	5.76	4.96
Net Nonoperating Obligations (NNO)	116	112	117	134	154	172	172	197	180	178	183
Total Depreciation and Amortization (D&A)	8.84	9.19	9.56	10	11	11	12	13	14	14	14
Debt-free, Cash-free Net Working Capital to Revenue	4.68%	4.46%	0.64%	-5.27%	-3.33%	0.00%	-0.37%	4.65%	8.02%	-0.04%	-3.99%
Debt-free Net Working Capital to Revenue	4.96%	4.75%	1.80%	-4.91%	-2.62%	0.00%	-0.27%	5.98%	10.56%	1.02%	-3.94%
Net Working Capital to Revenue	-10.33%	-5.93%	-11.52%	-26.88%	-13.63%	0.00%	-31.41%	-16.45%	8.30%	-0.99%	-10.90%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.26	$1.42	$1.52	$1.55	$1.61	$1.80	$1.79	$1.90	$1.67	$1.98	$2.21
Adjusted Weighted Average Basic Shares Outstanding	8.96M	9.10M	9.18M	9.24M	9.28M	9.33M	9.39M	9.46M	10.02M	10.29M	10.31M
Adjusted Diluted Earnings per Share	$1.26	$1.41	$1.51	$1.54	$1.60	$1.79	$1.79	$1.90	$1.67	$1.98	$2.21
Adjusted Weighted Average Diluted Shares Outstanding	9.01M	9.16M	9.24M	9.29M	9.33M	9.37M	9.43M	9.48M	10.02M	10.30M	10.31M
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	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	9.07M	9.13M	9.22M	9.25M	9.30M	9.36M	9.42M	9.50M	10.29M	10.30M	10.32M
Normalized Net Operating Profit after Tax (NOPAT)	12	13	14	13	14	16	16	17	16	18	19
Normalized NOPAT Margin	15.98%	16.66%	16.68%	16.50%	16.68%	0.00%	17.18%	16.92%	15.89%	16.96%	17.22%
Pre Tax Income Margin	23.76%	24.78%	24.52%	25.53%	26.26%	0.00%	26.88%	26.80%	26.15%	27.02%	27.90%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	3.21	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	2.05	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	-1.29	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	-2.44	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	69.09%	63.15%	60.76%	42.96%	61.12%	55.75%	58.39%	57.33%	67.32%	59.66%	55.55%
Augmented Payout Ratio	69.09%	63.15%	60.76%	42.96%	61.12%	55.75%	58.39%	57.33%	69.22%	59.66%	55.55%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	10,302,994.00	10,308,085.00	10,308,085.00	10,308,085.00	10,308,085.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	10,302,994.00	10,308,085.00	10,308,085.00	10,308,085.00	10,308,085.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	0.53	0.61	0.68	0.40	0.58
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-0.05%	-2.28%	9.11%	8.57%	9.68%	9.39%	5.47%	4.13%	4.63%	4.34%	7.29%
EBITDA Growth	-6.73%	-1.29%	7.93%	8.65%	14.61%	4.46%	9.02%	8.49%	2.89%	3.16%	5.94%
EBIT Growth	-13.15%	-6.46%	7.45%	10.55%	23.83%	7.28%	15.55%	12.60%	1.65%	3.58%	7.38%
NOPAT Growth	-17.58%	30.18%	16.23%	15.95%	28.96%	2.30%	17.52%	9.13%	0.34%	2.09%	13.16%
Net Income Growth	-17.46%	49.68%	19.06%	19.85%	34.35%	10.49%	23.21%	18.12%	2.19%	7.54%	9.18%
EPS Growth	-24.62%	40.00%	10.26%	18.18%	34.69%	5.71%	23.26%	17.31%	3.03%	5.41%	7.55%
Operating Cash Flow Growth	-28.99%	1,181.66%	19.85%	45.66%	31.00%	-21.07%	-12.99%	15.62%	3.04%	56.15%	-21.19%
Free Cash Flow Firm Growth	-35.23%	35.72%	70.59%	87.75%	115.89%	93.46%	27.25%	-127.47%	-384.77%	-633.82%	-70.71%
Invested Capital Growth	7.60%	6.57%	3.70%	2.55%	1.27%	1.69%	3.12%	3.57%	4.53%	3.66%	4.40%
Revenue Q/Q Growth	5.22%	-7.62%	0.00%	11.70%	6.30%	-7.86%	-3.59%	10.29%	6.80%	-8.12%	-0.86%
EBITDA Q/Q Growth	7.10%	-14.68%	11.55%	7.64%	12.96%	-22.23%	14.72%	8.16%	6.64%	-22.03%	17.81%
EBIT Q/Q Growth	7.21%	-21.96%	15.89%	14.02%	20.08%	-32.39%	24.83%	11.10%	8.41%	-31.11%	29.41%
NOPAT Q/Q Growth	7.30%	-17.17%	-14.46%	52.53%	19.34%	-34.30%	-1.74%	41.63%	9.73%	-33.15%	8.92%
Net Income Q/Q Growth	14.13%	-31.37%	26.75%	20.72%	27.94%	-43.56%	41.35%	15.73%	10.68%	-40.61%	43.51%
EPS Q/Q Growth	11.36%	-28.57%	22.86%	20.93%	26.92%	-43.94%	43.24%	15.09%	11.48%	-42.65%	46.15%
Operating Cash Flow Q/Q Growth	72.69%	4.32%	48.32%	-45.49%	55.31%	-37.14%	63.50%	-27.57%	38.42%	-4.74%	-17.48%
Free Cash Flow Firm Q/Q Growth	10.61%	9.31%	50.85%	69.26%	215.96%	-137.36%	-446.25%	3.89%	-45.17%	3.72%	-27.08%
Invested Capital Q/Q Growth	0.78%	1.90%	-1.42%	1.30%	-0.47%	2.32%	-0.04%	1.75%	0.44%	1.46%	0.68%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	40.66%	37.56%	41.49%	39.98%	42.49%	35.86%	42.67%	41.85%	41.78%	35.46%	42.13%
Operating Margin	25.07%	22.48%	19.23%	26.25%	29.48%	21.02%	21.42%	27.51%	28.27%	20.57%	22.60%
EBIT Margin	27.37%	23.12%	26.80%	27.36%	30.90%	22.68%	29.36%	29.58%	30.03%	22.51%	29.39%
Profit (Net Income) Margin	19.09%	14.18%	17.97%	19.42%	23.38%	14.32%	21.00%	22.03%	22.83%	14.76%	21.37%
Tax Burden Percent	69.72%	61.31%	67.06%	71.00%	75.65%	63.15%	71.50%	74.48%	76.05%	65.56%	72.70%
Interest Burden Percent	100.00%	100.00%	100.00%	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%	0.00%
Return on Invested Capital (ROIC)	6.41%	5.58%	4.88%	6.68%	7.68%	5.48%	5.69%	7.28%	7.57%	5.46%	6.08%
ROIC Less NNEP Spread (ROIC-NNEP)	5.53%	4.50%	4.71%	5.61%	6.64%	4.48%	5.63%	6.40%	6.62%	4.56%	5.89%
Return on Net Nonoperating Assets (RNNOA)	4.77%	4.07%	4.19%	4.23%	4.87%	3.42%	4.15%	4.75%	4.72%	3.37%	4.28%
Return on Equity (ROE)	11.18%	9.65%	9.07%	10.91%	12.55%	8.90%	9.84%	12.02%	12.29%	8.83%	10.36%
Cash Return on Invested Capital (CROIC)	-1.88%	-0.72%	2.18%	3.43%	5.15%	4.64%	3.49%	3.11%	2.20%	2.94%	2.38%
Operating Return on Assets (OROA)	3.72%	3.08%	3.60%	3.68%	4.19%	3.13%	4.05%	4.08%	4.12%	3.08%	4.03%
Return on Assets (ROA)	2.59%	1.89%	2.42%	2.61%	3.17%	1.98%	2.90%	3.04%	3.13%	2.02%	2.93%
Return on Common Equity (ROCE)	11.18%	9.65%	9.07%	10.91%	12.55%	8.90%	9.84%	12.02%	12.29%	8.83%	10.36%
Return on Equity Simple (ROE_SIMPLE)	6.77%	0.00%	7.50%	7.80%	8.40%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	6.66	5.52	4.72	7.20	8.59	5.64	5.55	7.86	8.62	5.76	6.28
NOPAT Margin	25.07%	22.48%	19.23%	26.25%	29.48%	21.02%	21.42%	27.51%	28.27%	20.57%	22.60%
Net Nonoperating Expense Percent (NNEP)	0.88%	1.08%	0.16%	1.08%	1.04%	1.00%	0.06%	0.88%	0.95%	0.90%	0.19%
Return On Investment Capital (ROIC_SIMPLE)	-	1.34%	-	-	-	1.35%	1.32%	1.85%	2.02%	1.33%	1.43%
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%	0.00%
SG&A Expenses to Revenue	4.22%	4.48%	4.55%	4.18%	4.16%	4.73%	4.33%	3.53%	4.15%	4.71%	4.37%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	74.93%	77.52%	80.77%	73.75%	70.52%	78.98%	78.58%	72.49%	71.73%	79.43%	77.40%
Earnings before Interest and Taxes (EBIT)	7.27	5.68	6.58	7.50	9.01	6.09	7.60	8.45	9.16	6.31	8.16
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	11	9.22	10	11	12	9.63	11	12	13	9.93	12
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.82	1.77	1.62	1.53	1.61	1.35	1.34	1.41	1.35	0.00	0.00
Price to Tangible Book Value (P/TBV)	1.84	1.79	1.63	1.54	1.62	1.36	1.35	1.42	1.36	0.00	0.00
Price to Revenue (P/Rev)	4.21	4.13	3.73	3.48	3.62	2.99	2.96	3.13	3.01	0.00	0.00
Price to Earnings (P/E)	26.93	24.46	21.60	19.62	19.11	15.81	15.13	15.46	14.91	0.00	0.00
Dividend Yield	3.44%	2.86%	3.14%	3.32%	3.15%	3.77%	3.80%	3.59%	3.74%	3.93%	3.90%
Earnings Yield	3.71%	4.09%	4.63%	5.10%	5.23%	6.32%	6.61%	6.47%	6.71%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.46	1.43	1.35	1.30	1.35	1.20	1.19	1.24	1.20	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	5.94	5.93	5.42	5.16	5.22	4.63	4.56	4.75	4.58	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	14.98	14.83	13.58	12.93	12.90	11.59	11.31	11.66	11.30	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	22.49	22.68	20.79	19.69	19.17	17.14	16.51	16.86	16.38	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	27.88	26.13	23.68	22.09	21.18	19.12	18.48	19.00	18.53	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	26.15	18.41	16.12	14.75	14.28	13.58	14.17	14.48	14.01	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	63.15	38.27	26.38	26.03	34.72	40.44	55.86	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.78	0.78	0.78	0.77	0.75	0.75	0.74	0.73	0.71	0.73	0.74
Long-Term Debt to Equity	0.77	0.77	0.77	0.76	0.74	0.74	0.73	0.72	0.70	0.70	0.73
Financial Leverage	0.86	0.90	0.89	0.75	0.73	0.76	0.74	0.74	0.71	0.74	0.73
Leverage Ratio	3.51	3.55	3.56	3.32	3.33	3.33	3.34	3.34	3.35	3.37	3.39
Compound Leverage Factor	3.51	3.55	3.56	3.32	3.33	3.33	3.34	3.34	3.35	3.37	3.39
Debt to Total Capital	43.68%	43.93%	43.77%	43.40%	42.92%	42.76%	42.45%	42.27%	41.59%	42.15%	42.38%
Short-Term Debt to Total Capital	0.54%	0.54%	0.54%	0.54%	0.56%	0.52%	0.54%	0.99%	0.59%	1.82%	0.57%
Long-Term Debt to Total Capital	43.14%	43.39%	43.23%	42.86%	42.36%	42.24%	41.90%	41.28%	41.00%	40.34%	41.81%
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%	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%	0.00%
Common Equity to Total Capital	56.32%	56.07%	56.23%	56.60%	57.08%	57.24%	57.55%	57.73%	58.41%	57.85%	57.62%
Debt to EBITDA	4.52	4.57	4.48	4.37	4.19	4.14	4.04	3.98	3.91	3.99	4.01
Net Debt to EBITDA	4.36	4.50	4.25	4.21	3.94	4.11	3.96	3.98	3.89	3.99	3.92
Long-Term Debt to EBITDA	4.46	4.51	4.43	4.31	4.14	4.09	3.99	3.89	3.85	3.82	3.96
Debt to NOPAT	8.41	8.04	7.81	7.46	6.89	6.83	6.61	6.49	6.41	6.56	6.52
Net Debt to NOPAT	8.11	7.93	7.40	7.20	6.48	6.79	6.47	6.48	6.38	6.55	6.37
Long-Term Debt to NOPAT	8.31	7.94	7.72	7.37	6.80	6.75	6.52	6.34	6.31	6.27	6.43
Altman Z-Score	0.78	0.76	0.73	0.71	0.74	0.65	0.66	0.68	0.66	0.00	0.00
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.25	1.37	1.42	1.30	1.22	0.96	0.98	0.87	0.68	0.64	1.01
Quick Ratio	0.70	0.77	1.01	0.92	0.83	0.56	0.61	0.55	0.39	0.34	0.73
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-22	-20	-9.72	-2.99	3.47	-1.30	-7.07	-6.80	-9.87	-9.50	-12
Operating Cash Flow to CapEx	49.29%	63.77%	151.33%	72.74%	84.94%	44.66%	105.42%	50.31%	77.24%	57.12%	65.81%
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	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	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	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.14	0.13	0.13	0.13	0.14	0.14	0.14	0.14	0.14	0.14	0.14
Accounts Receivable Turnover	7.61	6.62	8.44	7.34	8.47	7.72	9.01	7.84	9.61	9.18	8.64
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	26.64	26.60	27.41	28.10	28.89	29.59	30.26	30.65	31.09	0.30	32.27
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	47.99	55.12	43.27	49.70	43.11	47.28	40.49	46.54	37.97	39.75	42.23
Days Inventory Outstanding (DIO)	0.00	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	0.00
Cash Conversion Cycle (CCC)	47.99	55.12	43.27	49.70	43.11	47.28	40.49	46.54	37.97	39.75	42.23
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	403	411	405	410	408	418	417	425	427	433	436
Invested Capital Turnover	0.26	0.25	0.25	0.25	0.26	0.26	0.27	0.26	0.27	0.27	0.27
Increase / (Decrease) in Invested Capital	28	25	14	10	5.12	6.94	13	15	18	15	18
Enterprise Value (EV)	590	586	547	532	551	500	498	525	512	0.00	0.00
Market Capitalization	419	408	376	359	383	322	324	346	336	0.00	0.00
Book Value per Share	$22.34	$22.42	$22.55	$22.79	$23.15	$23.23	$23.45	$23.76	$24.13	$24.24	$24.50
Tangible Book Value per Share	$22.16	$22.23	$22.36	$22.60	$22.96	$23.04	$23.27	$23.57	$23.94	$24.06	$24.31
Total Capital	408	411	413	414	418	418	420	424	426	432	439
Total Debt	178	181	181	180	179	179	178	179	177	182	186
Total Long-Term Debt	176	178	178	177	177	177	176	175	175	174	183
Net Debt	172	178	171	173	169	178	175	179	176	182	182
Capital Expenditures (CapEx)	17	13	8.32	9.44	13	15	10	16	14	18	13
Debt-free, Cash-free Net Working Capital (DFCFNWC)	2.53	7.93	1.83	2.68	-2.07	-0.05	-1.88	0.58	-7.57	-4.51	-1.46
Debt-free Net Working Capital (DFNWC)	8.99	10	11	8.93	8.64	1.10	1.83	0.93	-6.86	-4.45	2.79
Net Working Capital (NWC)	6.77	8.20	9.12	6.71	6.30	-1.07	-0.46	-3.27	-9.40	-12	0.31
Net Nonoperating Expense (NNE)	1.59	2.04	0.31	1.87	1.78	1.80	0.11	1.57	1.66	1.63	0.34
Net Nonoperating Obligations (NNO)	173	180	173	176	170	178	176	180	178	183	183
Total Depreciation and Amortization (D&A)	3.53	3.54	3.61	3.46	3.38	3.54	3.45	3.50	3.59	3.63	3.54
Debt-free, Cash-free Net Working Capital to Revenue	2.55%	8.02%	1.82%	2.60%	-1.96%	-0.04%	-1.72%	0.53%	-6.77%	-3.99%	-1.27%
Debt-free Net Working Capital to Revenue	9.04%	10.56%	11.23%	8.67%	8.17%	1.02%	1.67%	0.84%	-6.14%	-3.94%	2.43%
Net Working Capital to Revenue	6.81%	8.30%	9.04%	6.51%	5.97%	-0.99%	-0.42%	-2.96%	-8.41%	-10.90%	0.27%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.49	$0.35	$0.43	$0.52	$0.66	$0.37	$0.53	$0.61	$0.68	$0.39	$0.58
Adjusted Weighted Average Basic Shares Outstanding	10.28M	10.02M	10.29M	10.29M	10.30M	10.29M	10.30M	10.31M	10.31M	10.31M	10.32M
Adjusted Diluted Earnings per Share	$0.49	$0.35	$0.43	$0.52	$0.66	$0.37	$0.53	$0.61	$0.68	$0.39	$0.57
Adjusted Weighted Average Diluted Shares Outstanding	10.28M	10.02M	10.29M	10.30M	10.30M	10.30M	10.31M	10.31M	10.31M	10.31M	10.32M
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	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	10.28M	10.29M	10.29M	10.30M	10.30M	10.30M	10.31M	10.31M	10.31M	10.32M	10.32M
Normalized Net Operating Profit after Tax (NOPAT)	4.66	3.86	3.30	5.04	6.01	3.95	3.88	5.50	6.03	4.03	4.39
Normalized NOPAT Margin	17.55%	15.73%	13.46%	18.38%	20.63%	14.71%	15.00%	19.26%	19.79%	14.40%	15.82%
Pre Tax Income Margin	27.37%	23.12%	26.80%	27.36%	30.90%	22.68%	29.36%	29.58%	30.03%	22.51%	29.39%
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	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	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	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	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	70.17%	67.32%	66.51%	66.07%	60.12%	59.66%	57.39%	55.48%	55.68%	55.55%	54.92%
Augmented Payout Ratio	72.21%	69.22%	68.33%	66.09%	60.12%	59.66%	57.39%	55.48%	55.68%	55.55%	54.92%

Financials Breakdown Chart

Key Financial Trends

Artesian Resources (NASDAQ: ARTNA) showed solid earnings growth in Q1 2026, but cash flow was mixed and the balance sheet still reflects a highly leveraged utility-style business. Revenue was essentially flat year over year, while net income improved modestly. At the same time, the company continued to spend heavily on capital projects and funded those needs with a combination of debt, financing activity, and operating cash.

Key takeaways from the last several years:

Q1 2026 net income rose to $5.9 million, up from $4.1 million in Q4 2025 and $5.4 million in Q1 2025, showing earnings stability with some improvement versus late 2025.
Operating cash flow was strong at $8.6 million in Q1 2026, compared with $7.9 million in Q2 2025 and $6.7 million in Q4 2025.
Revenue remained resilient, with Q1 2026 sales of $27.8 million versus $25.9 million in Q1 2025, indicating modest top-line growth over the year.
Retained earnings continue to build, reaching $97.8 million in Q1 2026 from $87.3 million in Q1 2025, reflecting ongoing profitability.
The company continues to invest in infrastructure, with $13.1 million of property, plant and equipment purchases in Q1 2026, supporting long-term regulated utility asset growth.
Quarterly earnings per share improved sequentially, with diluted EPS at $0.57 in Q1 2026 versus $0.39 in Q4 2025, though still not dramatically above prior-year quarters.
Dividends remain consistent, with cash dividends per share around $0.31 in Q1 2026, highlighting ARTNA’s income-oriented profile.
Cash balance improved sharply in Q1 2026 to $4.3 million from $349,000 in Q2 2025 and $705,000 in Q3 2025, but it remains modest relative to liabilities.
Capital spending remains heavy, and Q1 2026 investing cash flow was a negative $13.1 million, which continues to pressure near-term cash generation.
Debt load is still substantial, with long-term debt of $183.4 million in Q1 2026 and total liabilities of $614.1 million against equity of $252.8 million.

Looking at the broader trend, ARTNA has been a fairly steady producer of earnings and operating cash over the last four years, which is typical for a regulated water utility. Quarterly revenue has generally hovered in the mid-$20 million to low-$30 million range, while net income has mostly stayed profitable. That said, depreciation, other operating expenses, and ongoing infrastructure investment keep margins under pressure.

Balance sheet trends are the biggest story. Total assets increased to $866.9 million in Q1 2026 from $775.4 million in Q1 2024, but liabilities also climbed to $614.1 million from $543.4 million over the same period. Equity improved as well, yet the company still operates with meaningful leverage and large long-term obligations tied to its utility operations.

Cash flow also shows the classic utility trade-off: strong operating cash generation, but persistent reinvestment needs. ARTNA’s operations are generating enough cash to cover dividends and support a portion of capex, but not enough to fully fund expansion and debt service without additional financing.

Bottom line: Artesian Resources appears financially stable and consistently profitable, but investors should expect slow, regulated-growth characteristics rather than rapid expansion. The dividend is supported by recurring earnings and cash flow, but leverage and capital intensity remain the main risks to monitor.

07/11/26 10:51 AM ETAI Generated. May Contain Errors.

Artesian Resources Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Artesian Resources' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Artesian Resources' net income appears to be on an upward trend, with a most recent value of $22.82 million in 2025, rising from $11.31 million in 2015. The previous period was $20.39 million in 2024. View Artesian Resources' forecast to see where analysts expect Artesian Resources to go next.

Artesian Resources' total operating income in 2025 was $27.78 million, based on the following breakdown:

Total Gross Profit: $112.94 million
Total Operating Expenses: $85.16 million

Over the last 10 years, Artesian Resources' total revenue changed from $77.02 million in 2015 to $112.94 million in 2025, a change of 46.6%.

Artesian Resources' total liabilities were at $601.31 million at the end of 2025, a 7.5% increase from 2024, and a 100.9% increase since 2015.

In the past 10 years, Artesian Resources' cash and equivalents has ranged from $28 thousand in 2020 to $2.51 million in 2023, and is currently $52 thousand as of their latest financial filing in 2025.

Over the last 10 years, Artesian Resources' book value per share changed from 14.70 in 2015 to 24.24 in 2025, a change of 64.9%.

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Financial statements for NASDAQ:ARTNA last updated on 7/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Artesian Resources (ARTNA) Financials

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Artesian Resources (ARTNA) Financials

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