Artesian Resources (ARTNA) AI Stock Analysis

• Market Cap: $345.72M
• Dividend Yield: 3.87%
• Average Volume (3M): 26.21K
• Price to Earnings (P/E): 15.3
• Beta (1Y): 0.20
• Revenue Growth: 5.80%
• EPS Growth: 12.33%
• Country: US
• Employees: 245
• Sector: Utilities
• Sector Strength: 65
• Industry: Regulated Water
• EPS (TTM): 0.68
• Shares Outstanding: 9,431,693
• 10 Day Avg. Volume: 23,876
• 30 Day Avg. Volume: 26,215
• PEG Ratio: 0.86
• Price to Book (P/B): 1.36
• Price to Sales (P/S): 3.02
• P/FCF Ratio: -35.69
• Enterprise Value/Market Cap: 1.50
• Enterprise Value/Revenue: 4.65
• Enterprise Value/Gross Profit: 10.03
• Enterprise Value/Ebitda: 9.83
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 70 Outperform
• Price Target: $36.00 ▲(14.18% Upside)

ARTNA scores well on stable financial performance (steady growth, strong margins, improving leverage), but the overall rating is held back by historically volatile free cash flow despite a positive TTM rebound. Valuation is supportive (moderate P/E and strong dividend yield), while technicals are mildly constructive rather than strongly bullish.

Positive Factors

Revenue Growth

Consistent revenue growth indicates a positive trajectory, reflecting the company's ability to expand its customer base and increase sales.

Profit Margins

Strong profit margins suggest efficient operations and pricing power, contributing to sustainable profitability over the long term.

Balance Sheet Health

A manageable level of leverage indicates financial stability, providing flexibility for future investments and growth opportunities.

Negative Factors

Negative Free Cash Flow

Negative free cash flow highlights challenges in cash management and capital expenditure, potentially limiting the company's ability to fund growth internally.

Cost Pressures

A decline in gross profit margin suggests rising costs, which could pressure profitability if not managed effectively.

Cash Management Challenges

Challenges in cash management could impact the company's ability to maintain its growth trajectory and invest in future opportunities.

Artesian Resources Business Overview & Revenue Model

Company Description

Artesian 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.

How the Company Makes Money

Artesian Resources generates revenue primarily through the sale of water to its customers, which includes residential, commercial, and industrial users. The company operates under regulated rates set by the Delaware Public Service Commission, allowing it to collect fees based on consumption and service availability. In addition to water sales, Artesian generates revenue through its wastewater management services. Key revenue streams include monthly water bills, connection fees for new customers, and infrastructure investment recoveries. The company also benefits from partnerships with local governments and organizations to ensure compliance with environmental standards and enhance community service offerings, contributing to its overall financial stability.

Artesian Resources Financial Statement Overview

Summary

Profitability and revenue growth are steady (revenue ~9% in 2024 and ~12% TTM; net margin ~20% TTM), and leverage is improving (debt-to-equity ~0.70 TTM). The main drag is cash-flow quality: free cash flow has been historically inconsistent with a sharp TTM rebound, and FCF is still below net income (~59% in TTM), consistent with capital intensity.

Income Statement

ARTNA shows steady top-line momentum, with revenue up ~9% in 2024 and accelerating to ~12% in TTM (Trailing-Twelve-Months). Profitability is consistently strong for a regulated utility profile, with net margin improving from ~18.9% (2024) to ~20.2% in TTM and solid operating profitability. The main weakness is that gross margin has drifted down versus prior years (about ~50% in 2020–2021 to ~46% in TTM), suggesting some cost pressure even as earnings remain healthy.

Balance Sheet

Leverage looks reasonable and improving: debt-to-equity has come down from above 1.0 (2020–2022) to ~0.75 (2024) and ~0.70 in TTM (Trailing-Twelve-Months). Equity has also grown over time, supporting a larger asset base. Return on equity is steady but not high (roughly ~7%–10% across the period, ~9% in TTM), reflecting the capital-intensive, regulated nature of the business; debt remains meaningful in absolute terms, so balance-sheet flexibility is good but not exceptional.

Cash Flow

Operating cash flow is positive and improved versus earlier years, and in TTM (Trailing-Twelve-Months) free cash flow turned solidly positive (~$21.6M) after multiple years of negative free cash flow. However, cash generation has been volatile: free cash flow was negative in 2024 and 2021–2023, and the TTM rebound is flagged as a sharp swing versus the prior period (very large negative growth rate). Also, free cash flow remains below net income in TTM (about ~59%), indicating earnings are not fully translating into surplus cash after investment needs.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	111.78M	107.95M	98.86M	98.90M	90.86M	88.14M
Gross Profit	51.82M	53.41M	48.23M	48.27M	45.50M	44.53M
EBITDA	52.83M	50.12M	42.13M	42.40M	39.92M	39.12M
Net Income	22.53M	20.39M	16.70M	18.00M	16.83M	16.82M
Balance Sheet
Total Assets	833.91M	798.62M	766.83M	720.30M	625.31M	593.22M
Cash, Cash Equivalents and Short-Term Investments	0.00	1.15M	2.50M	1.31M	92.00K	28.00K
Total Debt	174.66M	179.11M	181.06M	198.31M	172.03M	171.34M
Total Liabilities	585.07M	559.43M	536.43M	532.37M	447.30M	423.79M
Stockholders Equity	248.84M	239.19M	230.40M	187.93M	178.01M	169.43M
Cash Flow
Free Cash Flow	21.57M	-9.12M	-30.33M	-24.22M	-9.50M	-13.92M
Operating Cash Flow	36.58M	36.82M	31.85M	24.27M	31.31M	20.36M
Investing Cash Flow	-55.40M	-45.32M	-62.08M	-54.76M	-40.72M	-39.97M
Financing Cash Flow	8.82M	7.14M	31.42M	31.71M	9.48M	19.05M

Artesian Resources Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 31.53
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ARTNA, the sentiment is Positive. The current price of 31.53 is below the 20-day moving average (MA) of 32.73, below the 50-day MA of 32.04, and below the 200-day MA of 32.64, indicating a bullish trend. The MACD of 0.36 indicates Negative momentum. The RSI at 57.15 is Neutral, neither overbought nor oversold. The STOCH value of 36.51 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ARTNA.

Artesian Resources Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PCYO	74 Outperform	$278.97M	20.36	9.62%	―	-9.25%	12.89%
ARTNA	70 Outperform	$345.72M	15.26	9.25%	3.87%	5.80%	12.33%
YORW	69 Neutral	$484.72M	24.12	8.58%	2.68%	3.63%	-5.82%
Sector *	66 Neutral	$17.65B	18.10	5.60%	3.62%	6.62%	11.55%
MSEX	59 Neutral	$960.53M	21.99	9.27%	2.67%	6.24%	3.35%
GWRS	58 Neutral	$249.26M	53.03	6.30%	3.56%	7.06%	-38.94%
CDZI	55 Neutral	$468.74M	-11.53	-136.36%	―	188.33%	4.12%

Artesian Resources Corporate Events

Artesian Resources Approves New Equity Compensation Plan

On October 30, 2025, Artesian Resources Corporation’s Class B stockholders approved the 2025 Equity Compensation Plan, replacing the expiring 2015 Plan. The new plan, effective immediately, allows for the issuance of 263,932 shares of Class A non-voting common stock and includes various forms of stock-based awards, enhancing the company’s compensation strategy.

The most recent analyst rating on (ARTNA) stock is a Buy with a $36.00 price target. To see the full list of analyst forecasts on Artesian Resources stock, see the ARTNA Stock Forecast page.