1. United States of America Stocks

  2. •

    Utilities

  3. •

    Regulated Water
Artesian Resources Corporation

Artesian Resources Corporation

ARTNB
Artesian Resources CorporationUS flagOther OTC
33.51
USD
- -
- -
345.60MMarket Cap
Artesian Resources Corporation
ARTNB
(Other OTC)

Recent

price

33.51

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
8.59
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
11.13
Revenue per Share
1.01
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
2.26
Basic EPS, GAAP
2.41
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
3.69
Free Cash Flow per Basic Share
0.75
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
1.24
Dividend per Share
3.33
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
10.49
Book Value per Share
12.54
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
24.33
Tangible Book Value per Share
8
8
9
9
9
9
9
9
9
9
9
9
9
10
10
10
10
Basic Weighted Avg Shares
65
65
71
69
72
77
79
82
80
84
88
91
99
99
108
113
115
Sales/Revenue/Turnover
29.82
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
32.37
Operating Margin (%)
7
7
8
8
9
9
9
10
10
11
11
12
13
13
14
14
14
Depreciation Expense
8
7
10
8
10
11
13
14
14
15
17
17
18
17
20
23
23
Net Income, GAAP
40.01
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
25.63
Effective Tax Rate (%)
11.74
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
20.31
Profit Margin (%)
-28
-11
-11
-12
-14
-8
-5
-9
-22
-11
-26
-29
-16
8
-1
-12
- -
Working Capital
105
107
106
106
105
104
102
106
116
145
143
144
176
179
177
175
184
LT Debt
95
113
118
122
126
132
139
147
153
160
169
178
188
230
239
250
253
Total Equity
5.1
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
6.4
Return on Invested Capital (%)
7.58
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
10.45
Return on Capital (%)
31.59
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
22.67
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
3
8
3
LT Borrowings
175
174
183
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
10
10
10
Market Capitalization
348
345
346

Working Capital

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
20
21
26
Cash, Cash Equivalents & STI
1
- -
4
Accounts Receivable, Net
8
5
8
Inventories
4
4
3
Total Current Liabilities
29
34
26
Payables & Accruals
21
20
17
ST Debt
3
8
3
Deferred Revenue
3
3
4

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
6.69%
8.31%
4.49%
Free Cash Flow
6.68%
17.55%
9.57%
Net Income, GAAP
7.57%
6.77%
11.91%
Sales/Revenue/Turnover
3.96%
5.14%
4.62%
Total Cash Common Dividend
4.98%
6.24%
4.18%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
25
27
29
27
108
2025
26
29
30
28
113
2026
28
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.43
0.52
0.66
0.37
1.98
2025
0.53
0.61
0.68
- -
2.21
2026
0.58
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.29
0.3
0.3
0.3
1.18
2025
0.3
0.31
0.31
- -
1.23
2026
0.31
- -
- -
- -
- -
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Business
Artesian Resources Corporation operates as a holding company for wholly owned subsidiaries that provide water distribution, wastewater collection and treatment, and related services primarily on the Delmarva Peninsula; core offerings include regulated water utility services through Artesian Water Company, the oldest and largest investor-owned water utility in Delaware serving residential, commercial, industrial, governmental, municipal, and fire protection customers; wastewater services via subsidiaries such as Artesian Wastewater Maryland, Inc. and Artesian Wastewater Management, Inc.; contract operations for water and wastewater systems; service line protection plans for water, sewer, and internal lines; engineering, design, construction, and maintenance of storm water management systems; and real estate holdings supporting utility infrastructure including treatment plants and office buildings. The company supplies over 8.8 billion gallons of water annually through 1,470 miles of mains and 75 treatment facilities with 177.5 million gallons of storage capacity across a 305-square-mile water service territory and 58-square-mile wastewater territory in Delaware, Maryland, and Pennsylvania. Founded in 1905 and headquartered in Newark, Delaware, Artesian Resources ranks as the eighth largest investor-owned water utility in the United States by total capitalization and trades on Nasdaq under ARTNA (Class A common stock) and ARTNB (Class B common stock). Recent developments include the completion of the acquisition of CECO Utilities, Inc.'s water assets in Cecil County, Maryland in October 2024 serving 160 customers and supporting $20 million in regional investments for system integration; a 12.41% rate increase approved for Delaware water customers and addition of three PFAS treatment facilities in 2024 for EPA compliance; launch of a Route 40 Hydraulic Improvement Project, six water main replacements, a new acoustic leak detection program, and Sussex Regional Recharge Facility construction permit for 625,000 gallons per day wastewater treatment; reduced reliance on Chester Water Authority purchases; Meadowview tank expansion to 400,000 gallons; new Elkton interconnection; a $15 million acquisition of a Maryland wastewater facility, $5 million share repurchase program, and $10 million federal grant for infrastructure announced post-Q3 2025; and a customer credit from PFAS settlement proceeds in November 2025.