Artesian Resources Corporation Financial Ratios — ARTNB

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
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
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
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	0.59	0.7	0.67	0.69	0.78	0.9	0.92	0.8	0.84	0.82	0.91	0.92	0.84	0.76	0.76

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
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
Market Capitalization	102	131	137	150	168	228	285	272	300	310	393	473	387	320	345
- 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	222	249	255	274	284	338	401	405	453	481	565	670	566	498	528
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	0.54	0.48	0.46	0.46	0.41	0.33	0.29	0.33	0.34	0.36	0.3	0.3	0.32	0.36	0.35
EV/Sales	3.41	3.53	3.69	3.78	3.69	4.28	4.87	5.04	5.42	5.46	6.21	6.78	5.72	4.61	4.68
EV/EBITDA	8.6	8.18	8.99	8.82	8.3	9.3	10.99	11.84	12.61	12.31	14.14	15.81	13.43	10.57	10.68
EV/EBIT	12.07	11.07	12.68	12.23	11.19	12.45	14.9	16.93	18.03	17.21	20.14	22.51	19.65	14.87	14.83
EV/Cash Flow to Firm	9.43	9.02	10.09	11.98	8.72	10	10.06	12	18.8	18.48	15.27	21.86	14.71	11.5	11.28
EV/Free Cash Flow to Firm	9.43	9.02	10.09	11.98	8.72	10	10.06	12	18.8	18.48	15.27	21.86	14.71	11.5	11.28
Diluted Market Cap	102	131	138	150	169	229	287	274	301	311	394	474	388	320	346
Diluted Enterprise Value	222	250	256	275	285	340	403	407	454	483	566	671	566	498	528
EV per Share	27.32	28.71	29.02	30.86	31.68	37.16	43.67	43.87	48.81	51.62	60.09	70.85	56.49	48.34	51.22
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
Price/Free Cash Flow	5.32	5.62	6.58	8.14	5.95	7.69	8.02	9.39	15.96	15.3	12.58	19.55	12.17	8.68	8.56
EV/EBIT	12.07	11.07	12.68	12.23	11.19	12.45	14.9	16.93	18.03	17.21	20.14	22.51	19.65	14.87	14.83
Enterprise Value	222	249	255	274	284	338	401	405	453	481	565	670	566	498	528
Low Price	18	18	21.62	21.62	21.01	24.01	26	32	31.1	31.5	37	43.2	40	31.05	29.3
EV/Sales	3.41	3.53	3.69	3.78	3.69	4.28	4.87	5.04	5.42	5.46	6.21	6.78	5.72	4.61	4.68
EV/EBITDA	8.6	8.18	8.99	8.82	8.3	9.3	10.99	11.84	12.61	12.31	14.14	15.81	13.43	10.57	10.68
Price/Earnings	15.1	13.26	16.54	15.74	14.87	17.57	20.37	19.05	20.07	18.44	23.33	26.3	23.2	15.67	15.14
Price/Earnings Average	15.48	11.23	16.25	15.38	14.2	16.15	18.98	19.67	19.21	17.36	20.23	23.49	27.75	17.61	14.84
Price/Earnings High	24.08	19.04	22.86	21.68	21.4	22.47	27.23	25.3	23.93	21.19	29.03	30.49	34.05	20.19	16.6
Price/Earnings Low	21.67	15.84	22.85	20.21	16.65	16.86	17.06	20.71	19.33	17.47	20.66	22.71	24	15.67	13.24
Price/Book Value	3.82	4.39	4.43	4.53	4.58	5.48	6.04	5.17	5.12	4.7	5.38	5.86	4.45	3.36	3.28
Price/Book Value Average	3.91	3.71	4.35	4.42	4.37	5.04	5.63	5.34	4.9	4.43	4.66	5.23	5.32	3.77	3.21
Price/Book Value High	6.09	6.29	6.12	6.23	6.59	7.01	8.08	6.87	6.11	5.4	6.69	6.79	6.53	4.32	3.59
Price/Book Value Low	5.48	5.24	6.12	5.81	5.13	5.26	5.06	5.62	4.94	4.45	4.76	5.06	4.6	3.36	2.86
Price/Tangible Book Value	0.9	1.11	1.13	1.19	1.27	1.64	1.94	1.77	1.87	1.83	2.21	2.55	1.7	1.35	1.39
Price/Tangible Book Value Average	0.92	0.94	1.11	1.16	1.21	1.5	1.81	1.83	1.79	1.72	1.91	2.27	2.03	1.51	1.37
Price/Tangible Book Value High	1.44	1.59	1.56	1.64	1.83	2.09	2.6	2.36	2.23	2.1	2.74	2.95	2.49	1.74	1.53
Price/Tangible Book Value Low	1.29	1.32	1.56	1.53	1.42	1.57	1.63	1.93	1.8	1.73	1.95	2.2	1.75	1.35	1.22
Price/Sales	1.57	1.85	1.99	2.06	2.18	2.88	3.46	3.38	3.58	3.52	4.32	4.79	3.92	2.96	3.06
Price/Sales Average	1.61	1.57	1.95	2.02	2.08	2.65	3.23	3.49	3.43	3.31	3.75	4.28	4.69	3.33	3
Price/Sales High	2.5	2.66	2.75	2.84	3.14	3.68	4.63	4.49	4.27	4.04	5.38	5.55	5.75	3.81	3.35
Price/Sales Low	2.25	2.21	2.75	2.65	2.44	2.76	2.9	3.68	3.45	3.33	3.83	4.13	4.05	2.96	2.67
Price/Cash Flow	5.3	5.59	6.53	8.1	5.92	7.64	7.96	9.33	15.87	15.23	12.54	19.51	12.16	8.68	8.56
Price/Cash Flow Average	5.43	4.73	6.42	7.92	5.65	7.03	7.42	9.64	15.19	14.34	10.87	17.43	14.55	9.76	8.4
Price/Cash Flow High	8.45	8.02	9.03	11.16	8.52	9.78	10.64	12.4	18.93	17.5	15.6	22.62	17.85	11.18	9.39
Price/Cash Flow Low	7.61	6.67	9.02	10.4	6.63	7.34	6.67	10.15	15.29	14.43	11.1	16.85	12.58	8.68	7.49
Price/Free Cash Flow Average	5.46	4.76	6.46	7.95	5.68	7.07	7.47	9.69	15.27	14.4	10.91	17.46	14.55	9.76	8.4
Price/Free Cash Flow High	8.49	8.07	9.09	11.21	8.56	9.84	10.72	12.47	19.03	17.58	15.65	22.66	17.86	11.18	9.39
Price/Free Cash Flow Low	7.64	6.71	9.09	10.45	6.66	7.39	6.72	10.2	15.37	14.5	11.14	16.88	12.59	8.68	7.49
EV/Sales Average	3.45	3.24	3.65	3.74	3.59	4.04	4.64	5.15	5.26	5.26	5.64	6.27	6.49	4.98	4.62
EV/Sales High	4.34	4.33	4.45	4.56	4.64	5.08	6.04	6.15	6.11	5.99	7.27	7.54	7.56	5.46	4.97
EV/Sales Low	4.09	3.89	4.44	4.37	3.95	4.16	4.31	5.34	5.28	5.28	5.72	6.13	5.86	4.61	4.29
EV/EBITDA Average	8.7	7.53	8.9	8.71	8.08	8.8	10.46	12.1	12.25	11.84	12.84	14.62	15.24	11.41	10.55
EV/EBITDA High	10.95	10.05	10.84	10.64	10.46	11.06	13.63	14.45	14.21	13.49	16.55	17.59	17.73	12.52	11.36
EV/EBITDA Low	10.32	9.02	10.84	10.18	8.89	9.05	9.72	12.53	12.3	11.89	13.02	14.29	13.75	10.57	9.81
EV/EBIT Average	12.21	10.18	12.56	12.08	10.89	11.78	14.18	17.3	17.52	16.56	18.28	20.81	22.29	16.05	14.64
EV/EBIT High	15.36	13.6	15.3	14.75	14.1	14.8	18.47	20.65	20.33	18.86	23.56	25.04	25.95	17.62	15.77
EV/EBIT Low	14.48	12.2	15.29	14.12	11.98	12.12	13.18	17.92	17.6	16.63	18.53	20.34	20.12	14.87	13.61
Last Price	12.54	15.07	15.65	16.84	18.76	25.01	31.04	29.44	32.29	33.24	41.79	50.03	38.67	31.05	33.51
High Price	20	21.63	21.63	23.2	27	32	41.5	39.1	38.5	38.2	52	58	56.75	40	36.75
Enterprise Value Average	225	229	252	271	276	320	381	414	440	463	512	620	642	537	521
Enterprise Value High	282	306	307	331	358	402	497	495	510	528	660	746	747	590	561
Enterprise Value Low	266	274	307	317	304	329	354	429	442	465	520	606	579	498	485

	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
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)