Structural reliance on external financing is evident, as the company frequently reports negative free cash flow, including a $26.2 million deficit in 2025Q4, despite maintaining a 3.0x OCF-to-dividend coverage ratio.
Artesian Resources Corporation (ARTNA) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 40.26M | 40.35M | 36.82M | 31.85M | 24.27M | 31.31M | 20.36M | 18.87M | 29.14M | 35.78M | 29.78M | 28.29M | 18.35M | 21.02M | 23.37M | 19.22M | 18.11M | 13.38M | 18.18M | 11.63M | 12.72M | 13.87M | 11.43M | 14.11M | 2.75M | 8.89M | 3.95M | 7.5M | 7.4M | 4.1M | 4.3M |
| Operating CF Growth % | 66.19% | 9.57% | 15.61% | 31.26% | -22.5% | 53.8% | 7.89% | -35.25% | -18.55% | 20.15% | 5.28% | 54.15% | -12.72% | -10.06% | 21.59% | 6.16% | 35.36% | -26.4% | 56.33% | -8.62% | -8.29% | 21.33% | -18.94% | 412.16% | -69.03% | 125.08% | -47.32% | 1.35% | 80.49% | -4.65% | 38.71% |
| Operating CF / Revenue % | 34.43% | 35.72% | 34.11% | 32.22% | 24.54% | 34.46% | 23.1% | 22.57% | 36.24% | 43.51% | 37.65% | 36.72% | 25.32% | 30.43% | 33.12% | 29.54% | 27.9% | 21.96% | 32.35% | 22.13% | 26.19% | 30.63% | 28.89% | 38.86% | 7.96% | 27.8% | 14.34% | 27.99% | 29.02% | 18.39% | 20.57% |
| Net Income | 23.61M | 22.82M | 20.39M | 16.7M | 18M | 16.83M | 16.82M | 14.93M | 14.28M | 13.98M | 12.95M | 11.3M | 9.51M | 8.3M | 9.85M | 6.75M | 7.62M | 7.26M | 6.42M | 6.26M | 6.07M | 5.04M | 4.4M | 3.92M | 4.17M | 3.32M | 2.45M | 3M | 2.7M | 2M | 1.7M |
| Depreciation & Amortization | 14.01M | 13.81M | 13.63M | 13.34M | 12.62M | 11.88M | 11.14M | 10.8M | 10.29M | 9.55M | 9.19M | 8.84M | 8.67M | 8.25M | 7.93M | 7.41M | 7.03M | 6.56M | 5.78M | 5.16M | 4.61M | 0 | 0 | 0 | 3.24M | 2.85M | 2.54M | 2.29M | 0 | 0 | 0 |
| Deferred Taxes | -153K | 1.18M | 564K | 3.81M | 2.28M | 2.8M | -1.96M | -2.81M | 899K | 8.21M | 5.46M | 5.1M | 7.25M | 3.84M | 4.19M | 4.47M | 3.48M | 4.6M | 4.39M | 3.66M | 3.71M | 3.1M | 2.91M | 3.93M | 2.1M | 1.63M | 1.43M | 1.1M | 1.3M | 900K | 1M |
| Other Non-Cash Items | -5.43M | -1.15M | -549K | -796K | -894K | -556K | -781K | -886K | -427K | -227K | -146K | -163K | -212K | -208K | -205K | -100K | -183K | -413K | -759K | -324K | -1.61M | 4.14M | 3.75M | 3.4M | 2.86M | 2.47M | 2.28M | 2.2M | 2M | 2.1M | 1.9M |
| Working Capital Changes | 7.91M | 3.44M | 2.57M | -1.45M | -7.89M | 158K | -5.04M | -3.34M | 3.91M | 3.84M | 2.23M | 3.03M | -7.01M | 712K | 1.5M | 580K | 46K | -4.73M | 2.22M | -3.33M | -380K | 1.59M | 379K | 2.85M | -6.38M | 1.47M | -2.21M | 1.2M | 1.4M | -900K | -300K |
| Capital Expenditures | -36.26M | -58.84M | -45.94M | -62.18M | -48.48M | -40.81M | -34.28M | -40.68M | -49.05M | -41.09M | -28.25M | -20.69M | -23.73M | -21.19M | -20.55M | -15.79M | -19.63M | -17.39M | -45.06M | -26.74M | -30.89M | -20.16M | -28.6M | -24.56M | -18.4M | -21.34M | -14.37M | -15.3M | -14.3M | -11.2M | -8.1M |
| CapEx / Revenue % | 31% | 52.1% | 42.56% | 62.89% | 49.02% | 44.92% | 38.89% | 48.66% | 61% | 49.97% | 35.72% | 26.87% | 32.75% | 30.67% | 29.12% | 24.26% | 30.26% | 28.55% | 80.19% | 50.9% | 63.58% | 44.53% | 72.24% | 67.67% | 53.19% | 66.73% | 52.14% | 57.09% | 56.08% | 50.22% | 38.76% |
| CapEx / D&A | 2.59x | 4.26x | 3.37x | 4.66x | 3.84x | 3.43x | 3.08x | 3.77x | 4.77x | 4.30x | 3.07x | 2.34x | 2.74x | 2.57x | 2.59x | 2.13x | 2.79x | 2.65x | 7.79x | 5.18x | 6.70x | - | - | - | 5.68x | 7.49x | 5.66x | 6.70x | - | - | - |
| CapEx Coverage (OCF/CapEx) | 1.11x | 0.69x | 0.80x | 0.51x | 0.50x | 0.77x | 0.59x | 0.46x | 0.59x | 0.87x | 1.05x | 1.37x | 0.77x | 0.99x | 1.14x | 1.22x | 0.92x | 0.77x | 0.40x | 0.43x | 0.41x | 0.69x | 0.40x | 0.57x | 0.15x | 0.42x | 0.28x | 0.49x | 0.52x | 0.37x | 0.53x |
| Cash from Investing | -58.32M | -58.72M | -45.32M | -62.08M | -54.76M | -40.72M | -39.97M | -40.63M | -49M | -41.01M | -28.16M | -20.65M | -23.7M | -21.16M | -20.52M | -15.73M | -19.57M | -17.35M | -49.77M | -26.71M | -29.49M | -20.16M | -28.59M | -24.54M | -18.4M | -21.33M | -14.37M | -15.3M | -14.3M | -10.9M | -6M |
| Acquisitions | 85K | 129K | 0 | 0 | -6.34M | 90K | -5.74M | 51K | 49K | 87K | 96K | 48K | 0 | 0 | 0 | 0 | 0 | 0 | -4.77M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Purchase of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Sale of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2K | 37K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -22.15M | 0 | 623K | 99K | 65K | 90K | 46K | 0 | 49K | 87K | 96K | 48K | 35K | 33K | 29K | 55K | 61K | 43K | 62K | 27K | 1.36M | 6K | 7K | 22K | -2K | 11K | -5K | -15.34M | 0 | 300K | 2.1M |
| Cash from Financing | 27.51M | 17.27M | 7.14M | 31.42M | 31.71M | 9.48M | 19.05M | 22.06M | 19.2M | 5.95M | -1.61M | -7.67M | 5.17M | -62K | -2.55M | -3.36M | 1.17M | 1.55M | 31.97M | 16.19M | 16.82M | 6.43M | 17.24M | 10.69M | 15.47M | 13.1M | 10.69M | 7.9M | 6.9M | 6.8M | 1.6M |
| Dividends Paid | -12.94M | -12.68M | -12.17M | -11.24M | -10.32M | -9.83M | -9.38M | -9.12M | -8.82M | -8.5M | -8.18M | -7.81M | -7.52M | -7.21M | -6.85M | -6.19M | -5.68M | -5.38M | -5.19M | -4.46M | -3.71M | -3.47M | -3.27M | -3.18M | -2.72M | -2.3M | -2.26M | -2.2M | -1.8M | -1.7M | -1.4M |
| Dividend Payout Ratio % | - | 55.55% | 59.66% | 67.32% | 57.33% | 58.39% | 55.75% | 61.12% | 61.77% | 60.76% | 63.15% | 69.09% | 79.14% | 86.82% | 69.57% | 91.77% | 74.5% | 74.07% | 80.91% | 71.13% | 61.18% | 68.92% | 74.17% | 81.11% | 65.37% | 69.14% | 92.08% | 73.33% | 66.67% | 85% | 82.35% |
| Debt Issuance (Net) | 53K | 1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | 1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 467K | 1000K | 1000K | -900K | 1000K | 1000K | -1000K |
| Stock Issued | 344K | 342K | 347K | 37.07M | 2.09M | 1.39M | 1.54M | 1.03M | 956K | 1.71M | 1.83M | 3.05M | 1.65M | 2.44M | 2.08M | 17.18M | 1.92M | 1.4M | 1.31M | 12.33M | 1.77M | 1.3M | 1.12M | 769K | 15.56M | 590K | 280K | 8M | 400K | 600K | 9.8M |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -100K | -100K | -100K | -100K | -100K | -100K | -100K | -100K | -100K |
| Other Financing | 34.47M | 26.09M | 20.44M | 22.52M | 16.3M | 15.8M | 9.25M | 11.35M | 11.04M | 13.19M | 9.39M | 9.4M | 3.32M | 5.82M | 4.13M | 1.71M | 1.93M | 2.21M | 1.78M | 15.84M | 12.38M | 7.17M | 13.7M | -13.12M | 2.27M | 2.17M | 1.57M | 3.1M | 2M | 1.1M | 700K |
| Net Change in Cash | 9.46M | -1.09M | -1.36M | 1.2M | 1.22M | 64K | -568K | 303K | -659K | 726K | 17K | -34K | -179K | -195K | 306K | 132K | -295K | -2.42M | 374K | 1.11M | 55K | 142K | 89K | 254K | -179K | 661K | 270K | 0 | 0 | 0 | 0 |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -92K | 0 | 0 | 0 |
| Cash at Beginning | 4.25M | 1.15M | 2.5M | 1.31M | 92K | 28K | 596K | 293K | 952K | 226K | 209K | 243K | 422K | 617K | 311K | 179K | 474K | 2.89M | 2.52M | 1.41M | 1.36M | 1.22M | 1.13M | 874K | 1.05M | 392K | 122K | 100K | 100K | 100K | 100K |
| Cash at End | 9.8M | 52K | 1.15M | 2.5M | 1.31M | 92K | 28K | 596K | 293K | 952K | 226K | 209K | 243K | 422K | 617K | 311K | 179K | 474K | 2.89M | 2.52M | 1.41M | 1.36M | 1.22M | 1.13M | 874K | 1.05M | 392K | 100K | 100K | 100K | 100K |
| Free Cash Flow | 4.01M | -18.5M | -9.12M | -30.33M | -24.22M | -9.5M | -13.92M | -21.81M | -19.91M | -5.32M | 1.53M | 7.59M | -5.38M | -166K | 2.83M | 3.44M | -1.52M | -4.01M | -26.88M | -15.11M | -18.17M | -6.29M | -17.16M | -10.46M | -15.65M | -12.45M | -10.41M | -7.8M | -6.9M | -7.1M | -3.8M |
| FCF Growth % | 122.8% | -102.86% | 69.93% | -25.22% | -154.82% | 31.72% | 36.17% | -9.52% | -274.64% | -447.84% | -79.87% | 241.07% | -3141.57% | -105.87% | -17.7% | 325.25% | 62.01% | 85.07% | -77.91% | 16.83% | -188.78% | 63.34% | -64.12% | 33.17% | -25.67% | -19.56% | -33.53% | -13.04% | 2.82% | -86.84% | 57.3% |
| FCF Margin % | 3.43% | -16.38% | -8.45% | -30.68% | -24.49% | -10.46% | -15.79% | -26.09% | -24.76% | -6.46% | 1.93% | 9.86% | -7.43% | -0.24% | 4.01% | 5.28% | -2.35% | -6.59% | -47.85% | -28.77% | -37.39% | -13.89% | -43.36% | -28.81% | -45.23% | -38.93% | -37.8% | -29.1% | -27.06% | -31.84% | -18.18% |
| FCF / Net Income % | 16.97% | -81.06% | -44.71% | -181.6% | -134.56% | -56.48% | -82.77% | -146.11% | -139.46% | -38.01% | 11.8% | 67.15% | -56.61% | -2% | 28.71% | 50.92% | -20.01% | -55.27% | -418.85% | -241.26% | -299.24% | -124.95% | -389.87% | -266.96% | -375.52% | -374.95% | -424.93% | -260% | -255.56% | -355% | -223.53% |
Quick answers to the most common questions about buying ARTNA stock.
Artesian Resources Corporation (ARTNA) generated $40.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Artesian Resources Corporation (ARTNA) reported negative free cash flow of $18.5M in 2025, indicating capital requirements exceeded cash from operations.
Artesian Resources Corporation (ARTNA) spent $58.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Artesian Resources Corporation (ARTNA) returned $12.7M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Regulatory and Liquidity Concentration
Metrics are mathematically derived from official filings.
Predictable OCF Supports Fixed Obligations
According to quarterly financial data, ARTNA generated an average operating cash flow of approximately $9.2 million per quarter over the last ten periods, providing a consistent foundation to cover interest expenses and support the company's ongoing infrastructure maintenance requirements within its regulated Delaware water and wastewater service territories.
The stability of operating cash flow suggests that the company's core utility operations are effectively insulated from broader economic volatility. Investors should monitor whether this cash generation remains sufficient to service debt obligations as the company continues to scale its wastewater infrastructure investments.
Aggressive CAPEX Drives Rate Base
As reported in recent filings, the company's capital expenditure intensity is significant, with the CapEx-to-OCF ratio reaching as high as 199.8% in 2025Q2, reflecting a deliberate strategy to expand the regulated rate base through continuous infrastructure upgrades and wastewater system integration across the Delmarva Peninsula.
This high level of capital reinvestment is a standard characteristic of a growing regulated utility, though it necessitates persistent external financing. The reliance on these investments to drive future rate recovery suggests that the company's long-term growth is tethered to the timely approval of rate adjustments by state regulators.
External Capital Reliance Remains Essential
Based on the reported cash flow statements, ARTNA frequently experiences negative free cash flow, including a $26.2 million deficit in 2025Q4, which underscores the company's structural reliance on debt and equity markets to fund its ambitious capital expenditure program and maintain its dividend commitments to shareholders.
The recurring financing deficit is expected for a utility of this size, but the company's extremely low cash position of $52,000 warrants caution regarding its liquidity buffer. Investors should monitor the company's ability to access credit markets on favorable terms, especially if regulatory lag delays the recovery of capital costs.
Dividend Coverage Remains Structurally Sound
Analysis of the provided financial statements indicates that ARTNA maintains a robust OCF-to-dividend coverage ratio, which averaged approximately 3.0x over the last ten quarters, suggesting that the dividend remains well-supported by cash generated from regulated operations despite the company's heavy capital expenditure requirements.
The consistency of these dividend payments appears to be a priority for management, reflecting the utility's status as a reliable income generator. However, the sustainability of this payout depends on the continued ability of the Delaware Public Service Commission to allow timely recovery of the company's substantial infrastructure investments.