Artesian Resources Corporation Financial Ratios — ARTNA

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	26.02	34.87	27.32	29.68	32.41	33.11	31.54	28.63	26.88	27.03	24.21	23.4	19.9	22.37	22.74
Return on Assets (%)	1.8	2.56	2.09	2.3	2.65	2.94	2.96	2.79	2.74	2.92	2.76	2.68	2.25	2.61	2.77
Return on Capital (%)	7.18	9.51	8.42	9.09	9.95	11.15	11.41	10.8	10.11	10.01	9.32	9.31	8.53	9.9	10.41
Return on Invested Capital (%)	4.68	5.7	5.02	5.46	6.01	6.63	6.89	6.45	6.2	6.38	6.05	6.1	5.23	5.93	6.23
Gross Margin (%)	45.52	48.67	46.97	48.82	50.08	51.62	50.08	48.75	49.15	50.52	50.08	48.81	48.78	49.48	49.42
EBITDA Margin (%)	39.65	43.08	41	42.91	44.41	45.95	44.32	42.57	42.96	44.39	43.93	42.88	42.61	43.63	43.76
Operating Margin (%)	28.26	31.85	29.06	30.94	32.93	34.33	32.71	29.78	30.03	31.74	30.85	30.12	29.13	31	31.53
Incremental Operating Margin (%)	-518.92	74.29	161.01	69.25	64.6	86.39	-8.11	161.68	36.43	63.2	1.91	21.81	2,750	51.39	43.03
Pretax Margin (%)	17.52	23.33	20.11	21.92	24.78	26.91	25.87	23.96	24.05	25.53	24.83	24.14	23.31	25.67	27.14
Profit Margin (%)	10.37	13.95	12.02	13.12	14.68	16.38	17	17.76	17.85	19.08	18.52	18.2	16.89	18.89	20.21
Net Income to Common Margin (%)	10.37	13.95	12.02	13.12	14.68	16.38	17	17.76	17.85	19.08	18.52	18.2	16.89	18.89	20.21
Effective Tax Rate (%)	40.82	40.19	40.23	40.14	40.78	39.14	34.28	25.9	25.77	25.26	25.43	24.62	27.54	26.4	25.55
Dvd Payout Ratio (%)	91.77	69.57	86.82	79.14	69.09	63.15	60.76	61.77	61.12	55.75	58.39	57.33	67.32	59.66	55.55
Sustainable Growth Rate (%)	2.14	10.61	3.6	6.19	10.02	12.2	12.38	10.95	10.45	11.96	10.07	9.99	6.5	9.02	10.11

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	120	119	118	125	116	111	117	134	154	171	172	198	181	179	183
ST Debt	14	13	12	20	12	8	11	18	9	29	28	22	2	2	8
LT Debt	107	106	106	105	104	102	106	116	145	143	144	176	179	177	175
Total Debt/EBITDA	4.67	3.91	4.16	4.01	3.39	3.05	3.21	3.9	4.28	4.38	4.31	4.68	4.3	3.8	3.7
Net Debt/EBITDA	4.65	3.89	4.14	4.01	3.38	3.04	3.18	3.9	4.25	4.37	4.3	4.63	4.23	3.77	3.69
Total Debt/EBIT	6.54	5.29	5.86	5.57	4.57	4.08	4.34	5.58	6.13	6.13	6.14	6.66	6.29	5.35	5.13
Net Debt/EBIT	6.53	5.26	5.84	5.56	4.56	4.07	4.31	5.57	6.09	6.11	6.12	6.6	6.18	5.31	5.12
EBITDA to Interest Expense	3.54	4.32	4.01	4.21	4.89	5.47	5.9	5.48	5.11	5.13	5.26	4.99	4.6	5.36	5.69
EBITDA-CapEx/Interest Expense	3.54	4.32	4.01	4.21	4.89	5.47	5.9	5.48	5.11	5.13	5.26	4.99	4.6	5.36	5.69
EBIT to Interest Expense	2.52	3.19	2.85	3.03	3.62	4.09	4.35	3.83	3.57	3.67	3.69	3.5	3.14	3.81	4.1
Interest Expense	7	7	7	7	7	7	6	6	7	8	8	9	9	9	9
Common Equity/Total Assets	7.05	7.6	7.68	7.83	8.5	9.21	9.53	9.93	10.43	11.12	11.69	11.22	11.35	11.93	12.39
Long-Term Debt/Equity (%)	94.28	89.91	86.6	83.56	78.32	73.61	72	75.6	90.23	84.26	80.73	93.7	77.61	73.96	69.9
Long-Term Debt/Capital (%)	72.45	71.5	70.95	66.47	67.89	67.17	64.4	62.21	68.12	60.14	58.64	63.09	66.7	64.48	60.64
Long-Term Debt/Total Assets (%)	28.13	27.13	26.13	24.86	24.01	22.69	21.35	21.87	25.81	24.07	23	24.46	23.32	22.15	20.52
Total Debt/Equity (%)	106.52	100.55	96.62	99.38	87.64	79.71	79.68	87.21	95.98	101.19	96.64	105.52	78.58	74.88	73.08
Total Debt/Capital (%)	81.85	79.96	79.16	79.06	75.96	72.73	71.26	71.75	72.46	72.21	70.2	71.05	67.54	65.28	63.4
Total Debt/Total Assets (%)	31.78	30.34	29.15	29.57	26.87	24.57	23.62	25.22	27.45	28.9	27.54	27.55	23.61	22.43	21.46
Net Debt to Equity	106.24	100.03	96.28	99.19	87.48	79.54	79.03	87.02	95.33	100.92	96.34	104.58	77.28	74.23	72.89
Net Debt/Capital (%)	81.81	79.88	79.1	79.03	75.93	72.69	71.1	71.71	72.17	72.03	70.01	70.75	67.04	64.98	63.25
EBITDA	26	30	28	31	34	36	36	34	36	39	40	42	42	47	49
EBITDA-CapEx	26	30	28	31	34	36	36	34	36	39	40	42	42	47	49
Operating Income (Loss)	18	22	20	22	25	27	27	24	25	28	28	30	29	33	36

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	0.01	0.02	0.02	0.01	0.01	0.01	0.03	0.01	0.02	- -	- -	0.03	0.11	0.04	- -
Current Ratio	0.54	0.54	0.52	0.55	0.64	0.76	0.67	0.43	0.55	0.4	0.4	0.63	1.37	0.96	0.64
Quick Ratio	0.36	0.37	0.35	0.39	0.43	0.5	0.48	0.28	0.34	0.27	0.25	0.41	0.85	0.58	0.36
CFO/Avg Current Liab	0.58	0.94	0.83	0.66	1.08	1.43	1.5	0.88	0.6	0.59	0.69	0.53	0.96	1.53	1.36
Common Equity/Total Assets	7.05	7.6	7.68	7.83	8.5	9.21	9.53	9.93	10.43	11.12	11.69	11.22	11.35	11.93	12.39
Long-Term Debt/Equity (%)	94.28	89.91	86.6	83.56	78.32	73.61	72	75.6	90.23	84.26	80.73	93.7	77.61	73.96	69.9
Long-Term Debt/Capital (%)	72.45	71.5	70.95	66.47	67.89	67.17	64.4	62.21	68.12	60.14	58.64	63.09	66.7	64.48	60.64
Long-Term Debt/Total Assets (%)	28.13	27.13	26.13	24.86	24.01	22.69	21.35	21.87	25.81	24.07	23	24.46	23.32	22.15	20.52
Total Debt/Equity (%)	106.52	100.55	96.62	99.38	87.64	79.71	79.68	87.21	95.98	101.19	96.64	105.52	78.58	74.88	73.08
Total Debt/Capital (%)	81.85	79.96	79.16	79.06	75.96	72.73	71.26	71.75	72.46	72.21	70.2	71.05	67.54	65.28	63.4
Total Debt/Total Assets (%)	31.78	30.34	29.15	29.57	26.87	24.57	23.62	25.22	27.45	28.9	27.54	27.55	23.61	22.43	21.46
CFO/Total Liabilities	7.23	8.54	7.45	6.23	9.49	9.55	10.28	7.74	4.72	4.8	7.01	4.56	5.94	6.58	6.71
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	0.71	0.84	0.8	0.79	0.94	1.02	1.04	0.88	0.91	0.87	0.97	1.01	0.87	0.77	0.74

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	15.34	19.13	17.51	18.29	17.05	15.13	15.06	14.53	14.98	14.35	12.96	14.36	13.81	13.43	16.53
Days Sales Outstanding	23.79	19.08	20.85	19.95	21.41	24.12	24.24	25.13	24.36	25.43	28.16	25.42	26.42	27.17	22.08
Inventory Turnover	25.98	25.54	25.81	21.98	21.34	23.35	26.63	27.68	31.22	31.16	26.16	15.26	9.48	10.63	14.29
Days Inventory Outstanding	14.05	14.29	14.14	16.61	17.1	15.63	13.71	13.19	11.69	11.71	13.95	23.92	38.51	34.34	25.54
Accounts Payable Turnover	11.54	11.49	9.62	9.46	8.8	7.3	5.7	4.83	5.17	6.05	5.53	5.05	5.03	5.05	4.48
Accounts Payable Turnover Days	31.63	31.77	37.92	38.57	41.47	50.02	64.02	75.57	70.58	60.37	66	72.24	72.51	72.28	81.45
Cash Conversion Cycle	6.21	1.6	-2.94	-2.01	-2.96	-10.27	-26.07	-37.26	-34.53	-23.23	-23.89	-22.9	-7.57	-10.77	-33.84
Inventory to Cash Days	9.74	4.79	6.71	3.34	4.31	8.49	10.54	11.94	12.67	13.72	14.2	1.5	-12.09	-7.16	-3.46
Inventories	1	1	1	2	2	2	2	1	1	2	2	5	6	4	4
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	1	1	1	2	2	2	2	1	1	2	2	5	6	4	4

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	153	194	201	201	248	291	354	322	345	346	435	554	415	325	326
- Cash & Cash Equivalents	- -	1	- -	- -	- -	- -	1	- -	1	- -	- -	1	3	1	- -
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	120	119	118	125	116	111	117	134	154	171	172	198	181	179	183
Enterprise Value	273	313	319	325	364	401	470	456	498	517	607	751	594	503	508
Total Capital	147	149	149	158	153	152	164	186	212	237	245	279	268	274	288
Total Debt/Capital (%)	81.85	79.96	79.16	79.06	75.96	72.73	71.26	71.75	72.46	72.21	70.2	71.05	67.54	65.28	63.4
Total Debt / EV	0.44	0.38	0.37	0.38	0.32	0.28	0.25	0.29	0.31	0.33	0.28	0.26	0.3	0.36	0.36
EV/Sales	4.2	4.43	4.61	4.49	4.73	5.07	5.71	5.66	5.96	5.87	6.68	7.6	6.01	4.66	4.5
EV/EBITDA	10.58	10.28	11.25	10.46	10.64	11.04	12.89	13.31	13.88	13.22	15.21	17.72	14.09	10.69	10.29
EV/EBIT	14.84	13.91	15.88	14.51	14.35	14.78	17.46	19.02	19.85	18.49	21.66	25.22	20.62	15.04	14.28
EV/Cash Flow to Firm	11.6	11.33	12.63	14.21	11.18	11.86	11.79	13.49	20.7	19.85	16.42	24.49	15.43	11.63	10.86
EV/Free Cash Flow to Firm	11.6	11.33	12.63	14.21	11.18	11.86	11.79	13.49	20.7	19.85	16.42	24.49	15.43	11.63	10.86
Diluted Market Cap	154	196	203	202	249	293	356	324	347	347	437	555	415	326	326
Diluted Enterprise Value	274	314	320	326	365	403	472	457	500	519	609	752	594	504	509
EV per Share	33.61	36.07	36.32	36.61	40.62	44.09	51.19	49.3	53.73	55.46	64.63	79.4	59.27	48.91	49.32
TTM Sales	65	71	69	72	77	79	82	80	84	88	91	99	99	108	113
TTM EBITDA	26	30	28	31	34	36	36	34	36	39	40	42	42	47	49
TTM Operating Income	18	22	20	22	25	27	27	24	25	28	28	30	29	33	36
TTM Cash Flow to Firm	24	28	25	23	33	34	40	34	24	26	37	31	38	43	47
TTM Free Cash Flow to Firm	24	28	25	23	33	34	40	34	24	26	37	31	38	43	47

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	7.99	8.37	9.65	10.92	8.78	9.83	9.96	11.12	18.39	17.06	13.95	22.89	13.04	8.84	8.08
EV/EBIT	14.84	13.91	15.88	14.51	14.35	14.78	17.46	19.02	19.85	18.49	21.66	25.22	20.62	15.04	14.28
Enterprise Value	273	313	319	325	364	401	470	456	498	517	607	751	594	503	508
Low Price	15.16	18.2	21.52	19.85	20	25.17	29.37	32	33.14	30.01	35.9	43.02	38.76	30.99	29.45
EV/Sales	4.2	4.43	4.61	4.49	4.73	5.07	5.71	5.66	5.96	5.87	6.68	7.6	6.01	4.66	4.5
EV/EBITDA	10.58	10.28	11.25	10.46	10.64	11.04	12.89	13.31	13.88	13.22	15.21	17.72	14.09	10.69	10.29
Price/Earnings	22.67	19.74	24.26	21.11	21.95	22.43	25.3	22.56	23.13	20.57	25.86	30.8	24.87	15.96	14.28
Price/Earnings Average	22.42	18.18	23.74	20.41	18.03	20.65	24.11	23.84	22.75	20	22.26	26.23	29.63	18.23	14.75
Price/Earnings High	24.07	21.5	25.65	22.26	23.11	24.58	28.36	27.13	25.47	22.33	26.79	31.73	37.79	21.06	16.35
Price/Earnings Low	18.25	16.02	22.75	18.55	15.85	17.68	19.27	20.71	20.6	16.64	20.04	22.62	23.25	15.64	13.3
Price/Book Value	5.73	6.53	6.5	6.07	6.76	6.99	7.51	6.12	5.91	5.24	5.96	6.86	4.77	3.42	3.09
Price/Book Value Average	5.67	6.01	6.36	5.87	5.55	6.44	7.15	6.47	5.81	5.1	5.13	5.84	5.69	3.9	3.19
Price/Book Value High	6.08	7.11	6.87	6.4	7.12	7.67	8.42	7.36	6.5	5.69	6.17	7.07	7.25	4.51	3.54
Price/Book Value Low	4.61	5.3	6.09	5.33	4.88	5.51	5.72	5.62	5.26	4.24	4.62	5.04	4.46	3.35	2.88
Price/Tangible Book Value	1.35	1.64	1.65	1.6	1.88	2.09	2.41	2.1	2.15	2.04	2.44	2.98	1.82	1.37	1.31
Price/Tangible Book Value Average	1.34	1.51	1.62	1.54	1.54	1.92	2.3	2.22	2.12	1.99	2.1	2.54	2.17	1.57	1.36
Price/Tangible Book Value High	1.44	1.79	1.75	1.68	1.97	2.29	2.7	2.53	2.37	2.22	2.53	3.07	2.76	1.81	1.5
Price/Tangible Book Value Low	1.09	1.33	1.55	1.4	1.35	1.65	1.84	1.93	1.92	1.65	1.89	2.19	1.7	1.34	1.22
Price/Sales	2.35	2.75	2.92	2.77	3.22	3.67	4.3	4.01	4.13	3.92	4.79	5.6	4.2	3.02	2.89
Price/Sales Average	2.32	2.54	2.85	2.68	2.65	3.38	4.1	4.23	4.06	3.82	4.12	4.77	5.01	3.44	2.98
Price/Sales High	2.5	3	3.08	2.92	3.39	4.03	4.82	4.82	4.55	4.26	4.96	5.77	6.38	3.98	3.3
Price/Sales Low	1.89	2.24	2.73	2.43	2.33	2.9	3.28	3.68	3.68	3.18	3.71	4.12	3.93	2.96	2.69
Price/Cash Flow	7.96	8.32	9.58	10.87	8.74	9.76	9.89	11.06	18.29	16.99	13.9	22.84	13.04	8.84	8.08
Price/Cash Flow Average	7.87	7.66	9.37	10.51	7.18	8.98	9.42	11.68	18	16.52	11.96	19.46	15.54	10.09	8.34
Price/Cash Flow High	8.45	9.06	10.13	11.46	9.2	10.69	11.08	13.29	20.14	18.45	14.4	23.54	19.82	11.67	9.25
Price/Cash Flow Low	6.41	6.75	8.98	9.55	6.31	7.69	7.53	10.15	16.29	13.75	10.77	16.78	12.19	8.66	7.52
Price/Free Cash Flow Average	7.91	7.7	9.44	10.56	7.21	9.04	9.49	11.75	18.09	16.6	12	19.5	15.54	10.1	8.35
Price/Free Cash Flow High	8.49	9.11	10.2	11.51	9.24	10.77	11.16	13.37	20.25	18.53	14.45	23.58	19.82	11.67	9.25
Price/Free Cash Flow Low	6.44	6.79	9.05	9.59	6.34	7.74	7.59	10.2	16.38	13.81	10.81	16.81	12.2	8.67	7.53
EV/Sales Average	4.17	4.21	4.55	4.4	4.15	4.78	5.51	5.89	5.9	5.76	6.01	6.77	6.81	5.09	4.6
EV/Sales High	4.34	4.68	4.78	4.64	4.9	5.42	6.23	6.47	6.38	6.21	6.85	7.77	8.19	5.63	4.92
EV/Sales Low	3.74	3.91	4.43	4.15	3.83	4.29	4.69	5.34	5.51	5.12	5.6	6.11	5.73	4.6	4.3
EV/EBITDA Average	10.52	9.78	11.1	10.25	9.34	10.4	12.43	13.84	13.72	12.98	13.69	15.78	15.98	11.67	10.51
EV/EBITDA High	10.95	10.85	11.66	10.81	11.02	11.81	14.06	15.21	14.85	13.98	15.6	18.11	19.22	12.9	11.24
EV/EBITDA Low	9.43	9.08	10.81	9.68	8.62	9.35	10.57	12.53	12.83	11.54	12.76	14.25	13.46	10.55	9.84
EV/EBIT Average	14.75	13.23	15.66	14.21	12.6	13.92	16.84	19.79	19.63	18.15	19.49	22.47	23.39	16.42	14.58
EV/EBIT High	15.36	14.68	16.45	15	14.86	15.8	19.05	21.74	21.24	19.55	22.22	25.79	28.12	18.15	15.6
EV/EBIT Low	13.22	12.28	15.25	13.42	11.63	12.51	14.33	17.92	18.35	16.13	18.16	20.28	19.69	14.85	13.65
Last Price	18.83	22.43	22.95	22.59	27.7	31.94	38.56	34.87	37.21	37.08	46.33	58.58	41.45	31.62	31.61
High Price	19.99	24.43	24.27	23.82	29.16	35	43.22	41.92	40.97	40.26	47.99	60.36	63	41.73	36.19
Enterprise Value Average	271	297	314	319	320	378	453	474	493	508	546	669	673	550	519
Enterprise Value High	282	330	330	336	377	429	512	521	533	547	623	768	810	608	556
Enterprise Value Low	243	276	306	301	295	340	385	429	461	451	509	604	567	497	486

Shares Outstanding	9	9	9	9	9	9	9	9	9	9	9	10	10	10	10
Diluted Weighted Avg Shares	8	9	9	9	9	9	9	9	9	9	9	9	10	10	10
Basic Weighted Avg Shares	8	9	9	9	9	9	9	9	9	9	9	9	10	10	10
Revenue per Share	8.01	8.14	7.87	8.16	8.6	8.69	8.96	8.7	9.01	9.45	9.67	10.45	9.87	10.49	10.96
EBITDA per Share	3.18	3.51	3.23	3.5	3.82	3.99	3.97	3.71	3.87	4.19	4.25	4.48	4.21	4.57	4.79
Operating Income per Share	2.26	2.59	2.29	2.52	2.83	2.98	2.93	2.59	2.71	3	2.98	3.15	2.87	3.25	3.45
Basic EPS, GAAP	0.83	1.14	0.95	1.07	1.26	1.42	1.52	1.55	1.61	1.8	1.79	1.9	1.67	1.98	2.21
Basic EPS from Cont Ops	0.83	1.14	0.95	1.07	1.26	1.42	1.52	1.55	1.61	1.8	1.79	1.9	1.67	1.98	2.21
Diluted EPS, GAAP	0.83	1.13	0.94	1.06	1.26	1.41	1.51	1.54	1.6	1.79	1.79	1.9	1.67	1.98	2.21
Diluted EPS from Cont Ops	0.83	1.13	0.94	1.06	1.26	1.41	1.51	1.54	1.6	1.79	1.79	1.9	1.67	1.98	2.21
Dividend per Share	0.76	0.79	0.82	0.85	0.87	0.9	0.93	0.95	0.98	1.01	1.05	1.09	1.12	1.18	1.23
Cash Flow per Share	2.37	2.7	2.4	2.08	3.17	3.27	3.9	3.15	2.03	2.18	3.33	2.56	3.18	3.58	3.91
Free Cash Flow per Basic Share	2.37	2.7	2.4	2.08	3.17	3.27	3.9	3.15	2.03	2.18	3.33	2.56	3.18	3.58	3.91
Cash & Equivalents per Share	0.04	0.07	0.05	0.03	0.02	0.02	0.1	0.03	0.06	- -	0.01	0.14	0.25	0.11	0.01
Book Value per Share	3.29	3.44	3.53	3.72	4.1	4.57	5.14	5.69	6.3	7.07	7.77	8.54	8.69	9.25	10.23
Tangible Book Value per Share	13.91	13.64	13.89	14.14	14.77	15.28	15.98	16.59	17.28	18.17	18.95	19.66	22.8	23.05	24.06

Artesian Resources Corporation

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)