Artesian Resources Corporation (ARTNA) 10-Year Financial Performance & Capital Metrics

ARTNA • • Utilities

UtilitiesWater UtilitiesIntegrated Water UtilitiesRegional Water Utilities

AboutArtesian Resources Corporation, through its subsidiaries, provides water, wastewater, and other services in Delaware, Maryland, and Pennsylvania. The company distributes and sells water to residential, commercial, industrial, governmental, municipal, and utility customers, as well as for public and private fire protection in the states of Delaware, Maryland, and Pennsylvania; and offers wastewater collection, treatment infrastructure, and wastewater services to customers in Delaware. It also provides contract water and wastewater services; water, sewer, and internal service line protection plans; and wastewater management services, as well as design, construction, and engineering services. In addition, the company offers services to other water utilities, including operations and billing functions; owns real estate properties, including land for office buildings, a water treatment plant, and wastewater facility; and provides design, installation, maintenance, and repair services related to existing or proposed storm water management systems. As of December 31, 2021, it served approximately 91,700 customers in Delaware, 2,500 customers in Maryland, and 40 customers in Pennsylvania through 1,368 miles of transmission and distribution mains. Artesian Resources Corporation was founded in 1905 and is headquartered in Newark, Delaware.Show more

Revenue $108M +9.2%
EBITDA $40M +11.2%
Net Income $20M +22.1%
Free Cash Flow -$9M +69.9%
EBITDA Margin 36.85% +1.8%
Net Margin 18.89% +11.8%
ROE 8.69% +8.8%
Interest Coverage 2.98 +21.5%
Debt/Equity 0.75 -4.7%
Net Debt/EBITDA 4.47 -10.4%
CapEx / Revenue 42.56% -32.3%
CapEx Coverage 0.80 +56.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Dividend Aristocrat: 30 years of consecutive increases
✓Strong Piotroski F-Score: 7/9
✓30 years of consecutive dividend growth
✓Healthy dividend yield of 3.5%
✓Trading at only 1.4x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y4.07%

5Y5.25%

3Y5.91%

TTM5.8%

Profit (Net Income) CAGR

10Y7.93%

5Y6.44%

3Y6.62%

TTM12.5%

EPS CAGR

10Y6.35%

5Y4.35%

3Y3.42%

TTM12.31%

ROCE

10Y Avg3.96%

5Y Avg3.7%

3Y Avg3.47%

Latest3.45%

Peer Comparison

Regional Water Utilities

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	Debt/Equity
GWRSGlobal Water Resources, Inc.	255.3M	8.88	37	-0.63%	7.87%	4.87%	2.62
AWRAmerican States Water Company	2.95B	76.23	24.05	-0.04%	20.43%	12.89%	1.02
YORWThe York Water Company	487.89M	33.80	23.80	5.53%	26.06%	8.42%	0.89
MSEXMiddlesex Water Company	1.01B	55.09	22.30	15.4%	22.08%	8.91%	0.86
ARTNAArtesian Resources Corporation	316.06M	33.51	16.92	9.2%	20.16%	9.05%	0.75

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	77.02M	79.09M	82.23M	80.41M	83.59M	88.14M	90.86M	98.9M	98.86M	107.95M
Revenue Growth %	0.06%	0.03%	0.04%	-0.02%	0.04%	0.05%	0.03%	0.09%	-0%	0.09%
Cost of Revenue	38.45M	38.26M	41.05M	41.21M	42.5M	43.62M	45.36M	50.62M	50.63M	54.54M
Gross Profit+	38.57M	40.83M	41.18M	39.2M	41.09M	44.53M	45.5M	48.27M	48.23M	53.41M
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	0.09%	0.06%	0.01%	-0.05%	0.05%	0.08%	0.02%	0.06%	-0%	0.11%
Operating Expenses+	13.21M	13.68M	14.29M	15.26M	21.17M	22.23M	23.21M	24.37M	25.78M	27.26M
Other Operating Expenses	-	-	-	-	-	-	-	-	-	-
EBITDA+	26.42M	28.01M	29.16M	29.24M	30.73M	33.44M	34.18M	36.53M	35.78M	39.78M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
EBITDA Growth %	0.07%	0.06%	0.04%	0%	0.05%	0.09%	0.02%	0.07%	-0.02%	0.11%
Depreciation & Amortization+	8.84M	9.19M	9.55M	10.29M	10.8M	11.14M	11.88M	12.62M	13.34M	13.63M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income (EBIT)+	17.58M	18.82M	19.6M	18.95M	19.93M	22.3M	22.29M	23.91M	22.45M	26.15M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.1%	0.07%	0.04%	-0.03%	0.05%	0.12%	-0%	0.07%	-0.06%	0.17%
Interest Expense+	7M	6.64M	6.18M	6.25M	7.02M	7.62M	7.59M	8.5M	9.16M	8.78M
Interest Coverage	2.51x	2.83x	3.17x	3.03x	2.84x	2.93x	2.94x	2.81x	2.45x	2.98x
Interest / Revenue %	-	-	-	-	-	-	-	-	-	-
Non-Operating Income	1000K	1000K	1000K	314K	181K	206K	270K	-30K	601K	1000K
Pretax Income+	19.09M	21.29M	21.28M	19.27M	20.11M	22.5M	22.56M	23.88M	23.05M	27.71M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	7.78M	8.33M	7.29M	4.99M	5.18M	5.68M	5.74M	5.88M	6.35M	7.32M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	11.3M	12.95M	13.98M	14.28M	14.93M	16.82M	16.83M	18M	16.7M	20.39M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.19%	0.15%	0.08%	0.02%	0.05%	0.13%	0%	0.07%	-0.07%	0.22%
EPS (Diluted)+	1.26	1.41	1.51	1.54	1.60	1.79	1.79	1.90	1.67	1.98
EPS Growth %	0.18%	0.12%	0.07%	0.02%	0.04%	0.12%	0%	0.06%	-0.12%	0.19%
EPS (Basic)	1.26	1.42	1.52	1.55	1.61	1.80	1.79	1.90	1.67	1.98
Diluted Shares Outstanding	9.01M	9.16M	9.24M	9.29M	9.33M	9.37M	9.43M	9.48M	10.02M	10.3M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	431.63M	450.98M	494.64M	529.83M	561.09M	593.22M	625.31M	720.3M	766.83M	798.62M
Asset Growth %	0.02%	0.04%	0.1%	0.07%	0.06%	0.06%	0.05%	0.15%	0.06%	0.04%
PP&E (Net)+	409.56M	429.38M	464.38M	502.53M	535.01M	563.82M	594.63M	672.24M	718.48M	751.2M
PP&E / Total Assets %	-	-	-	-	-	-	-	-	-	-
Total Current Assets+	14.44M	14.63M	18.98M	16.12M	14.21M	17.62M	18.66M	27.8M	30.62M	24.53M
Cash & Equivalents	209K	226K	952K	293K	596K	28K	92K	1.31M	2.5M	1.15M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Inventory	1.71M	1.56M	1.52M	1.46M	1.26M	1.53M	1.93M	4.7M	5.98M	4.28M
Other Current Assets	1.62M	1.83M	2.04M	2.12M	2.25M	2.21M	2.65M	2.88M	3.3M	3.09M
Long-Term Investments	3.02M	3.2M	3.36M	3.61M	3.97M	4.37M	4.85M	10.34M	8.38M	6.42M
Goodwill	0	0	0	0	0	623K	0	1.94M	1.94M	1.94M
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Other Assets	6.8M	-61.49M	-42.87M	-43.87M	7.18M	-43.53M	6.57M	7.47M	7.42M	14.53M
Total Liabilities	299.3M	311.95M	348M	376.58M	400.82M	423.79M	447.3M	532.37M	536.43M	559.43M
Total Debt+	115.42M	110.78M	116.54M	133.53M	153.85M	171.34M	172.03M	198.31M	181.06M	179.11M
Net Debt	115.21M	110.55M	115.59M	133.24M	153.25M	171.31M	171.94M	197M	178.56M	177.96M
Long-Term Debt	103.65M	102.33M	105.59M	115.86M	144.16M	142.33M	143.26M	175.62M	178.31M	176.51M
Short-Term Borrowings	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Capital Lease Obligations	0	0	0	0	450K	432K	440K	466K	503K	404K
Total Current Liabilities+	23.22M	19.33M	28.46M	37.73M	25.6M	43.72M	47.21M	44.07M	22.41M	25.59M
Accounts Payable	4.91M	5.53M	8.85M	8.19M	8.18M	6.34M	10.21M	10.93M	9.7M	11.23M
Accrued Expenses	2.29M	2.31M	4.69M	4.69M	0	4.34M	0	0	5.79M	6.27M
Deferred Revenue	704K	864K	969K	1.04M	0	2.06M	0	0	2.98M	3.35M
Other Current Liabilities	2.18M	2.15M	2.69M	7.07M	7.84M	2.07M	8.67M	10.91M	1.69M	2.05M
Deferred Taxes	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Liabilities	108.9M	121.3M	213.95M	222.99M	177.15M	186.52M	202.21M	256.71M	276.41M	304.25M
Total Equity+	132.33M	139.02M	146.64M	153.25M	160.27M	169.43M	178.01M	187.93M	230.4M	239.19M
Equity Growth %	0.05%	0.05%	0.05%	0.05%	0.05%	0.06%	0.05%	0.06%	0.23%	0.04%
Shareholders Equity	132.33M	139.02M	146.64M	153.25M	160.27M	169.43M	178.01M	187.93M	230.4M	239.19M
Minority Interest	0	0	0	0	0	0	0	0	0	0
Common Stock	9.06M	9.13M	9.21M	9.25M	9.29M	9.36M	9.41M	9.5M	10.29M	10.3M
Additional Paid-in Capital	95.63M	97.48M	99.53M	100.64M	101.81M	103.46M	104.99M	107.14M	143.37M	143.92M
Retained Earnings	27.64M	32.42M	37.9M	43.36M	49.16M	56.61M	63.61M	71.29M	76.74M	84.97M
Accumulated OCI	-105.28M	-110.3M	-117.56M	-126.85M	0	0	0	0	0	0
Return on Assets (ROA)	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.02%	0.03%
Return on Equity (ROE)	0.09%	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.08%	0.09%
Debt / Equity	0.87x	0.80x	0.79x	0.87x	0.96x	1.01x	0.97x	1.06x	0.79x	0.75x
Debt / Assets	0.27%	0.25%	0.24%	0.25%	0.27%	0.29%	0.28%	0.28%	0.24%	0.22%
Net Debt / EBITDA	4.36x	3.95x	3.96x	4.56x	4.99x	5.12x	5.03x	5.39x	4.99x	4.47x
Book Value per Share	14.7	15.18	15.87	16.49	17.19	18.08	18.88	19.82	22.99	23.23

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	28.29M	29.78M	35.78M	29.14M	18.87M	20.36M	31.31M	24.27M	31.85M	36.82M
Operating CF Growth %	0.54%	0.05%	0.2%	-0.19%	-0.35%	0.08%	0.54%	-0.23%	0.31%	0.16%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	11.3M	12.95M	13.98M	14.28M	14.93M	16.82M	16.83M	18M	16.7M	20.39M
Depreciation & Amortization	8.84M	9.19M	9.55M	10.29M	10.8M	11.14M	11.88M	12.62M	13.34M	13.63M
Deferred Taxes	5.1M	5.46M	8.21M	899K	-2.81M	-1.96M	2.8M	2.28M	3.81M	564K
Other Non-Cash Items	-163K	-146K	-227K	-427K	-886K	-781K	-556K	-894K	-796K	-549K
Working Capital Changes	3.03M	2.23M	3.84M	3.91M	-3.34M	-5.04M	158K	-7.89M	-1.45M	2.57M
Capital Expenditures+	-20.69M	-28.25M	-41.09M	-49.05M	-40.68M	-34.28M	-40.81M	-48.48M	-62.18M	-45.94M
CapEx / Revenue %	-	-	-	-	-	-	-	-	-	-
CapEx / D&A	-	-	-	-	-	-	-	-	-	-
CapEx Coverage (OCF/CapEx)	-	-	-	-	-	-	-	-	-	-
Cash from Investing+	-20.65M	-28.16M	-41.01M	-49M	-40.63M	-39.97M	-40.72M	-54.76M	-62.08M	-45.32M
Acquisitions	48K	96K	87K	49K	51K	-5.74M	90K	-6.34M	0	0
Purchase of Investments	0	0	0	0	0	0	0	0	0	0
Sale of Investments	0	0	0	0	0	0	0	0	0	0
Other Investing	48K	96K	87K	49K	0	46K	0	65K	99K	623K
Cash from Financing+	-7.67M	-1.61M	5.95M	19.2M	22.06M	19.05M	9.48M	31.71M	31.42M	7.14M
Dividends Paid	-7.81M	-8.18M	-8.5M	-8.82M	-9.12M	-9.38M	-9.83M	-10.32M	-11.24M	-12.17M
Dividend Payout Ratio %	0.69%	0.63%	0.61%	0.62%	0.61%	0.56%	0.58%	0.57%	0.67%	0.6%
Debt Issuance (Net)	-1000K	-1000K	1000K	1000K	1000K	1000K	1000K	1000K	-1000K	-1000K
Stock Issued	3.05M	1.83M	1.71M	956K	1.03M	1.54M	1.39M	2.09M	37.07M	347K
Share Repurchases	0	0	0	0	0	0	0	0	0	0
Other Financing	9.4M	9.39M	13.19M	11.04M	11.35M	9.25M	15.8M	16.3M	22.52M	20.44M
Net Change in Cash+	-34K	17K	726K	-659K	303K	-568K	64K	1.22M	1.2M	-1.36M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	243K	209K	226K	952K	293K	596K	28K	92K	1.31M	2.5M
Cash at End	209K	226K	952K	293K	596K	28K	92K	1.31M	2.5M	1.15M
Free Cash Flow+	7.59M	1.53M	-5.32M	-19.91M	-21.81M	-13.92M	-9.5M	-24.22M	-30.33M	-9.12M
FCF Growth %	2.41%	-0.8%	-4.48%	-2.75%	-0.1%	0.36%	0.32%	-1.55%	-0.25%	0.7%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF / Net Income %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	8.77%	9.55%	9.79%	9.52%	9.52%	10.2%	9.69%	9.84%	7.98%	8.69%
EBITDA Margin	34.3%	35.41%	35.45%	36.37%	36.76%	37.94%	37.62%	36.93%	36.19%	36.85%
Net Debt / EBITDA	4.36x	3.95x	3.96x	4.56x	4.99x	5.12x	5.03x	5.39x	4.99x	4.47x
Interest Coverage	2.51x	2.83x	3.17x	3.03x	2.84x	2.93x	2.94x	2.81x	2.45x	2.98x
CapEx / Revenue	26.87%	35.72%	49.97%	61%	48.66%	38.89%	44.92%	49.02%	62.89%	42.56%
Dividend Payout Ratio	69.09%	63.15%	60.76%	61.77%	61.12%	55.75%	58.39%	57.33%	67.32%	59.66%
Debt / Equity	0.87x	0.80x	0.79x	0.87x	0.96x	1.01x	0.97x	1.06x	0.79x	0.75x
EPS Growth	17.76%	11.9%	7.09%	1.99%	3.9%	11.88%	0%	6.15%	-12.11%	18.56%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Water Sales	-	73.61M	76.48M	77.82M	78.32M	80.03M	88.08M
Water Sales Growth	-	-	3.89%	1.76%	0.64%	2.19%	10.05%
Other Utility Operating Revenue	4.46M	4.92M	6.53M	7.2M	11.51M	12.2M	13.13M
Other Utility Operating Revenue Growth	-	10.32%	32.73%	10.27%	59.92%	5.99%	7.66%
Non-Utility Operating Revenue	5.13M	5.07M	5.14M	5.84M	9.07M	6.63M	6.74M
Non-Utility Operating Revenue Growth	-	-1.09%	1.38%	13.68%	55.28%	-26.89%	1.67%

Frequently Asked Questions

Valuation & Price

Artesian Resources Corporation (ARTNA) has a price-to-earnings (P/E) ratio of 16.9x. This is roughly in line with market averages.

Growth & Financials

Artesian Resources Corporation (ARTNA) reported $111.8M in revenue for fiscal year 2024. This represents a 72% increase from $65.1M in 2011.

Artesian Resources Corporation (ARTNA) grew revenue by 9.2% over the past year. This is steady growth.

Yes, Artesian Resources Corporation (ARTNA) is profitable, generating $22.5M in net income for fiscal year 2024 (18.9% net margin).

Dividend & Returns

Yes, Artesian Resources Corporation (ARTNA) pays a dividend with a yield of 3.53%. This makes it attractive for income-focused investors.

Artesian Resources Corporation (ARTNA) has a return on equity (ROE) of 8.7%. This is below average, suggesting room for improvement.

Artesian Resources Corporation (ARTNA) generated $21.6M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

Industry Metrics

Artesian Resources Corporation (ARTNA) has a dividend payout ratio of 60%. This suggests the dividend is well-covered and sustainable.

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