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ARTNA

Artesian Resources Corporation

ARTNA

Artesian Resources Corporation • NASDAQ
$31.50 ▼ -0.10% (-0.03)
Market Cap $324.60 M
52w High $36.19
52w Low $29.45
Dividend Yield 1.23%
P/E 14.45
Volume 15.38K
Outstanding Shares 10.30M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $30.491M ▲ $1.206M ▼ $6.962M ▲ 22.833% ▲ $0.68 ▲ $15.125M ▲
Q2-2025 $28.549M ▲ $7.18M ▲ $6.29M ▲ 22.032% ▲ $0.61 ▲ $14.022M ▲
Q1-2025 $25.886M ▼ $6.894M ▲ $5.435M ▲ 20.996% ▲ $0.53 ▲ $12.809M ▲
Q4-2024 $26.85M ▼ $6.403M ▼ $3.845M ▼ 14.32% ▼ $0.37 ▼ $10.874M ▼
Q3-2024 $29.142M $7.214M $6.813M 23.379% $0.66 $14.649M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $0 ▼ $833.908M ▲ $585.065M ▲ $248.843M ▲
Q2-2025 $349K ▼ $819.296M ▲ $574.391M ▲ $244.905M ▲
Q1-2025 $3.707M ▲ $808.852M ▲ $567.202M ▲ $241.65M ▲
Q4-2024 $1.147M ▼ $798.623M ▲ $559.434M ▲ $239.189M ▲
Q3-2024 $10.703M $796.02M $557.706M $238.314M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $6.962M ▲ $10.986M ▲ $-14.224M ▲ $3.594M ▼ $0 ▲ $37.245M ▲
Q2-2025 $6.29M ▲ $7.937M ▼ $-15.776M ▼ $4.481M ▲ $-3.358M ▼ $-7.924M ▼
Q1-2025 $5.435M ▲ $10.958M ▲ $-10.395M ▲ $1.997M ▲ $2.56M ▲ $560K ▲
Q4-2024 $3.845M ▼ $6.702M ▼ $-15.006M ▼ $-1.252M ▼ $-9.556M ▼ $-8.307M ▼
Q3-2024 $6.813M $10.662M $-12.553M $6.343M $4.452M $-1.899M

Revenue by Products

Product Q2-2024Q3-2024Q4-2024Q1-2025
NonUtility Operating Revenue
NonUtility Operating Revenue
 $0 ▲$0 ▲$0 ▲$0 ▲
Other Utility Operating Revenue
Other Utility Operating Revenue
 $0 ▲$0 ▲$10.00M ▲$0 ▼
Water Sales
Water Sales
 $20.00M ▲$20.00M ▲$40.00M ▲$20.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue has trended gradually upward over the last several years, with gross profit and operating profit rising in a relatively steady way. Profit margins have been fairly consistent, which is common for a regulated water utility that has predictable demand and regulated pricing. Earnings per share dipped slightly in the middle of the period but have since recovered, suggesting that any pressure on earnings was manageable rather than structural. Overall, the income statement points to a stable, slow-growth business with relatively steady profitability, rather than rapid expansion or sharp volatility.

Balance Sheet

Balance Sheet The balance sheet has grown as the company has invested in its network, with total assets increasing over time. Equity has also been building, which indicates that retained earnings and capital investments are strengthening the company’s underlying financial base. Debt levels have risen but not dramatically, and they remain in line with what you would expect for a capital‑intensive utility. The combination of rising assets and equity with manageable leverage suggests a generally solid, utility‑style balance sheet, though it does depend on continued supportive regulation and access to financing.

Cash Flow

Cash Flow Operating cash flow is consistently positive and has been improving, which is important for a utility that must fund ongoing maintenance and expansion. Free cash flow is negative in most years because capital spending is high, reflecting continuous investment in infrastructure, treatment facilities, and system upgrades. This pattern—strong cash generation from operations but negative free cash flow after heavy investment—is typical for regulated utilities. The key risk is that these large projects must eventually be reflected in regulated rates to keep cash flows healthy over the long run.

Competitive Edge

Competitive Edge Artesian operates in a regulated water market where it effectively enjoys local monopoly positions in its core territories. High barriers to entry—such as the cost of building networks and the need for regulatory approvals—protect it from direct competition. Its long history in the region, reputation for reliability, and relationships with regulators add another layer of protection. The company’s integrated water and wastewater capabilities, plus value‑added offerings like service line protection plans and contract operations for municipalities, give it extra ways to deepen customer relationships and defend its regional stronghold. The main sensitivities remain regulatory decisions and local economic conditions rather than traditional competitive threats.

Innovation and R&D

Innovation and R&D Innovation is practical and operations‑focused rather than flashy. The company has invested in PFAS treatment ahead of many peers, strengthened leak detection with acoustic technologies, and developed wastewater recycling programs that support sustainable water use and agriculture. It also allocates resources to cybersecurity and systematic infrastructure upgrades, which are critical for resilience and regulatory compliance. While it is not a heavy R&D spender in a traditional tech sense, its strategy of selectively adopting proven technologies and gradually enhancing metering and system intelligence supports efficiency, reliability, and long‑term regulatory credibility.

Summary

Artesian looks like a classic regional water utility: slow but steady revenue growth, broadly stable margins, and a balance sheet shaped by ongoing infrastructure investment. Cash flows from operations are reliable, while free cash flow is negative because the company is continually upgrading and expanding its network—typical for this sector. Its competitive strength comes from regulated monopoly positions, scale in its region, and long‑standing trust with customers and regulators. Operational innovation focuses on water quality, system reliability, and sustainability rather than breakthrough technologies. The main watch points are execution on large capital projects, regulatory outcomes that allow cost recovery, and the impact of environmental and quality standards on future spending needs.

NEWS

November 19, 2025 · 4:00 PM UTC

Artesian Water Company Announces Credit to Delaware Customers With Proceeds From PFAS Settlement Agreement

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October 30, 2025 · 4:10 PM UTC

Artesian Resources Corporation Reports Third Quarter and Year-To-Date 2025 Results

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October 30, 2025 · 3:10 PM UTC

Artesian Resources Corporation Announces Second 2% Increase This Year in Quarterly Common Stock Dividend

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