ARTNA on Nasdaq
ARTESIAN RESOURCES CORP
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Last updated Oct 16, 2026.
Overview
Compare with Consolidated Water Co. Ltd., The York Water Company or Middlesex Water Company, or pick any stock.
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
24.6%Operating margin2
20.2%Net margin2
4.6%Revenue growth, 20252
9.1%Return on equity2
0.70×Debt to equity2
-$18.5MFree cash flow2
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Water Sales brought in 80% of the revenue ARTESIAN RESOURCES CORP broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Water Sales | $80.0M | $88.1M | $90.9M |
| Other Utility Operating Revenue | $12.2M | $13.1M | $14.6M |
| Non Utility Operating Revenue | $6.6M | $6.7M | $7.4M |
Business segments
Regulated Utility brought in 48% of the revenue ARTESIAN RESOURCES CORP broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2023 | 2024 | 2025 |
|---|---|---|---|
| Regulated Utility | $92.2M | $101.2M | $105.5M |
| Reportable Segment, Aggregation before Other Operating | $92.2M | $101.2M | $105.5M |
| Other Operating | $6.9M | $7.0M | $7.7M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Other costs65¢$73.6M
- Interest8¢$8.7M
- Income tax7¢$7.8M
- Profit20¢$22.8M
Out of $112.9M in revenue.2
Where each dollar of operating cash went, fiscal 2025
- Capital spending82¢$58.8M
- Dividends paid18¢$12.7M
Out of $40.3M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.2
Financial statements
Every line of the income statement in the latest annual report, as filed.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Total Operating Revenues | $112.9M | $108.0M | $98.9M |
| Utility operating expenses | $52.4M | $49.8M | $46.2M |
| Non-utility operating expenses | $4.7M | $4.7M | $4.4M |
| Depreciation and amortization | $13.8M | $13.6M | $13.3M |
| Current | $6.6M | $6.7M | $3.0M |
| Deferred | $1.2M | $578.0K | $3.4M |
| Property and other taxes | $6.4M | $6.3M | $6.1M |
| Total Operating Expenses | $85.2M | $81.8M | $76.4M |
| Operating income | $27.8M | $26.2M | $22.4M |
| Allowance for funds used during construction (AFUDC) | $2.4M | $1.6M | $2.0M |
| Miscellaneous | $1.3M | $1.4M | $1.4M |
| Total other income, net | $3.7M | $3.0M | $3.4M |
| Income before interest charges | $31.5M | $29.2M | $25.9M |
| Interest charges | $8.7M | $8.8M | $9.2M |
| Net income applicable to common stock | $22.8M | $20.4M | $16.7M |
| Basic (in Dollars per share) | $2.21 | $1.98 | $1.67 |
| Diluted (in Dollars per share) | $2.21 | $1.98 | $1.67 |
| Basic (in Shares) | 10.3M shares | 10.3M shares | 10.0M shares |
| Diluted (in Shares) | 10.3M shares | 10.3M shares | 10.0M shares |
| Cash dividends per share of common stock (in Dollars per share) | $1.23 | $1.18 | $1.14 |
Every line of the balance sheet in the latest annual report, as filed.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Utility plant, at original cost less accumulated depreciation | $801.7M | $747.2M | |
| Cash and cash equivalents | $52.0K | $1.1M | |
| Accounts and other receivables (less provision for expected credit loss 2025 - $340; 2024 - $343) | $9.5M | $11.3M | $12.8M |
| Income tax receivable | $769.0K | $624.0K | |
| Unbilled operating revenues | $1.9M | $1.9M | |
| Materials and supplies | $3.7M | $4.3M | |
| Prepaid property taxes | $1.8M | $2.2M | |
| Prepaid expenses and other | $3.7M | $3.1M | |
| Total current assets | $21.4M | $24.5M | |
| Non-utility property (less accumulated depreciation 2025-$1,146; 2024-$1,116) | $3.5M | $3.6M | |
| Other deferred assets | $9.6M | $6.5M | |
| Goodwill | $1.9M | $1.9M | |
| Operating lease right of use assets | $414.0K | $414.0K | |
| Total other assets | $15.5M | $12.5M | |
| Regulatory assets, net | $12.7M | $14.4M | |
| Total Assets | $851.2M | $798.6M | |
| Common stock | $10.3M | $10.3M | |
| Preferred stock | $0 | $0 | |
| Additional paid-in capital | $144.5M | $143.9M | |
| Retained earnings | $95.1M | $85.0M | |
| Total stockholders' equity | $249.9M | $239.2M | $230.4M |
| Long-term debt, net of current portion | $174.3M | $176.5M | |
| Total stockholders' equity and long-term debt | $424.2M | $415.7M | |
| Lines of credit | $5.7M | $0 | |
| Current portion of long-term debt | $2.1M | $2.2M | |
| Accounts payable | $14.0M | $11.2M | |
| Accrued expenses | $4.6M | $5.3M | |
| Overdraft payable | $103.0K | $31.0K | |
| Accrued interest | $916.0K | $930.0K | |
| Income taxes payable | $389.0K | $500.0K | |
| Customer and other deposits | $3.5M | $3.3M | |
| Other | $2.4M | $2.1M | |
| Total current liabilities | $33.7M | $25.6M | |
| Net advances for construction | $374.0K | $1.6M | |
| Operating lease liabilities | $407.0K | $404.0K | |
| Regulatory liabilities | $26.3M | $30.3M | |
| Deferred investment tax credits | $395.0K | $409.0K | |
| Deferred income taxes | $54.8M | $52.3M | |
| Total deferred credits and other liabilities | $82.2M | $84.9M | |
| Net contributions in aid of construction | $311.1M | $272.4M | |
| Total Liabilities and Stockholders' Equity | $851.2M | $798.6M | |
| Less: provision for expected credit loss | $340.0K | $343.0K | $328.0K |
| Non-utility property, accumulated depreciation | $1.1M | $1.1M |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow in the latest annual report, as filed.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income | $22.8M | $20.4M | $16.7M |
| Depreciation and amortization | $13.8M | $13.6M | $13.3M |
| Amortization of debt expense | $352.0K | $353.0K | $355.0K |
| Amortization of deferred income tax regulatory liability | -$1.3M | -$916.0K | -$444.0K |
| Provision for expected credit loss | $140.0K | $233.0K | $92.0K |
| Deferred income taxes, net | $2.5M | $1.5M | $3.8M |
| Stock compensation expense | $246.0K | $219.0K | $254.0K |
| AFUDC, equity portion | -$1.6M | -$1.1M | -$1.2M |
| Accounts and other receivables | $5.0M | -$257.0K | $807.0K |
| Income tax receivable | -$145.0K | $1.2M | -$167.0K |
| Unbilled operating revenues | -$49.0K | $73.0K | -$348.0K |
| Materials and supplies | $562.0K | $1.7M | -$1.3M |
| Income taxes payable | -$111.0K | $498.0K | -$4.0K |
| Prepaid property taxes | $380.0K | $81.0K | -$83.0K |
| Prepaid expenses and other | -$582.0K | $206.0K | -$419.0K |
| Other deferred assets | -$485.0K | $1.9M | $2.0M |
| Regulatory assets | $152.0K | -$206.0K | -$497.0K |
| Regulatory liabilities | -$2.9M | -$2.8M | -$2.7M |
| Accounts payable | $1.7M | $305.0K | $284.0K |
| Accrued expenses | -$686.0K | $552.0K | $614.0K |
| Accrued interest | -$14.0K | -$1.3M | $1.3M |
| Customer deposits and other, net | $564.0K | $634.0K | -$476.0K |
| NET CASH PROVIDED BY OPERATING ACTIVITIES | $40.3M | $36.8M | $31.9M |
| Capital expenditures (net of AFUDC, equity portion) | -$58.8M | -$45.9M | -$62.2M |
| Proceeds from sale of assets | $129.0K | $623.0K | $99.0K |
| NET CASH USED IN INVESTING ACTIVITIES | -$58.7M | -$45.3M | -$62.1M |
| Repayments under lines of credit agreements | -$2.3M | -$23.5M | |
| Borrowings under lines of credit agreements | $8.1M | $3.3M | |
| Increase (decrease) in overdraft payable | $72.0K | $22.0K | -$34.0K |
| Proceeds from contributions in aid of construction and advances | $30.2M | $24.0M | $24.7M |
| Payouts for contributions in aid of construction and advances | -$4.1M | -$3.5M | -$2.2M |
| Net proceeds from issuance of common stock | $342.0K | $347.0K | $37.1M |
| Equity issuance cost | $0 | -$317.0K | |
| Issuance of long-term debt | $758.0K | $5.6M | |
| Dividends paid | -$12.7M | -$12.2M | -$11.2M |
| Debt issuance costs | $0 | $0 | |
| Principal repayments of long-term debt | -$2.3M | -$2.3M | -$2.0M |
| NET CASH PROVIDED BY FINANCING ACTIVITIES | $17.3M | $7.1M | $31.4M |
| NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | -$1.1M | -$1.4M | $1.2M |
| Utility plant received as construction advances and contributions | $10.6M | $8.7M | $3.5M |
| Contractual amounts of contributions in aid of construction due from developers included in accounts receivable and class action settlement funds included in other deferred assets (See Note 15 - Legal Proceedings) | $6.6M | $641.0K | $1.7M |
| Change in amounts included in accounts payable and accrued payables related to capital expenditures | $875.0K | $2.6M | -$3.4M |
| Interest paid | $8.3M | $9.8M | $7.5M |
| Income taxes paid | $7.1M | $5.7M | $3.6M |
| Income taxes refunded | $162.0K | $701.0K | $0 |
Recent filings
- Sep 28, 20263 PRIMARY DOCUMENT
- Sep 17, 20264 PRIMARY DOCUMENT
- Sep 17, 20264 PRIMARY DOCUMENT
- Sep 17, 20264 PRIMARY DOCUMENT
- Sep 17, 20264 PRIMARY DOCUMENT
- Sep 17, 20264 PRIMARY DOCUMENT
- Sep 17, 20264 PRIMARY DOCUMENT
- Sep 17, 20264 PRIMARY DOCUMENT
- Sep 14, 2026144
- Sep 11, 20264/A PRIMARY DOCUMENT
- Sep 4, 20264 PRIMARY DOCUMENT
- Sep 1, 20264 PRIMARY DOCUMENT
- Aug 31, 20264 PRIMARY DOCUMENT
- Aug 27, 20264 PRIMARY DOCUMENT
- Aug 21, 20264 PRIMARY DOCUMENT
Every filing from the last three years, summarized. The full record is on SEC EDGAR.1
Sources
The numbers on this page point here. Each one links to the record it came from.
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