Artesian Resources (ARTNA) financial statements
Artesian Resources reported revenue of $113M in fiscal 2025, up 4.0% a year over 9 years.
Net income was $23M and the operating margin 24.6%, against 23.8% in 2016.
Free cash flow was -$18M, and the company returned $13M in dividends.
The diluted share count rose 13% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Artesian Resources's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $79M | $82M | $80M | $84M | $88M | $91M | $99M | $99M | $108M | $113M |
| Operating income | $19M | $20M | $19M | $20M | $22M | $22M | $24M | $22M | $26M | $28M |
| Interest expense | $7M | $6M | $6M | $7M | $8M | $8M | $9M | $9M | $9M | $9M |
| Pre-tax income | $20M | $20M | $21M | $22M | $24M | $23M | $24M | $23M | $28M | $31M |
| Income tax | $8M | $7M | $5M | $5M | $6M | $6M | $6M | $6M | $7M | $8M |
| Net income | $13M | $14M | $14M | $15M | $17M | $17M | $18M | $17M | $20M | $23M |
| EPS (diluted) | $1.41 | $1.51 | $1.54 | $1.60 | $1.79 | $1.79 | $1.90 | $1.67 | $1.98 | $2.21 |
| Diluted shares | 9M | 9M | 9M | 9M | 9M | 9M | 9M | 10M | 10M | 10M |
| Operating margin | 23.8% | 23.8% | 23.6% | 23.8% | 25.3% | 24.5% | 24.2% | 22.7% | 24.2% | 24.6% |
| Net margin | 16.4% | 17.0% | 17.8% | 17.9% | 19.1% | 18.5% | 18.2% | 16.9% | 18.9% | 20.2% |
Balance sheet
Fiscal years, from Artesian Resources's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $226,000 | $952,000 | $293,000 | $596,000 | $28,000 | $92,000 | $1M | $3M | $1M | $52,000 |
| Receivables | $8M | $8M | $8M | $7M | $10M | $8M | $14M | $13M | $11M | $9M |
| Total current assets | $15M | $19M | $16M | $14M | $18M | $19M | $28M | $31M | $25M | $21M |
| Property, plant and equipment | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M |
| Goodwill | — | — | $0 | $0 | $0 | $0 | $2M | $2M | $2M | $2M |
| Total assets | $451M | $495M | $530M | $560M | $593M | $625M | $720M | $767M | $799M | $851M |
| Total current liabilities | $19M | $28M | $38M | $26M | $44M | $47M | $44M | $22M | $26M | $34M |
| Long-term debt | $102M | $106M | $116M | $144M | $142M | $143M | $176M | $178M | $177M | $174M |
| Total liabilities | $312M | $348M | $377M | $400M | $424M | $447M | $532M | $536M | $559M | $601M |
| Shareholders' equity | $139M | $147M | $153M | $160M | $169M | $178M | $188M | $230M | $239M | $250M |
| Net debt | $103M | $106M | $117M | $145M | $144M | $145M | $176M | $178M | $178M | $176M |
Cash flow
Fiscal years, from Artesian Resources's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $30M | $36M | $29M | $19M | $20M | $31M | $24M | $32M | $37M | $40M |
| Capital spending | $28M | $41M | $49M | $41M | $34M | $41M | $48M | $62M | $46M | $59M |
| Free cash flow | $2M | -$5M | -$20M | -$22M | -$14M | -$10M | -$24M | -$30M | -$9M | -$18M |
| Stock-based compensation | $92,000 | $423,000 | $192,000 | $181,000 | $178,000 | $193,000 | $152,000 | $254,000 | $219,000 | $246,000 |
| Dividends paid | $8M | $8M | $9M | $9M | $9M | $10M | $10M | $11M | $12M | $13M |
| Net borrowing | -$1M | -$1M | $11M | -$2M | -$2M | -$2M | -$2M | -$2M | -$2M | -$2M |
| Free cash flow margin | 1.9% | -6.5% | -24.8% | -26.1% | -15.8% | -10.5% | -24.5% | -30.7% | -8.4% | -16.4% |
| Dividends per share | $0.89 | $0.92 | $0.95 | $0.98 | $1.00 | $1.04 | $1.09 | $1.12 | $1.18 | $1.23 |
Questions
What was Artesian Resources's revenue in 2025?
$113M in fiscal 2025, from its 10-K filing.
How much free cash flow does Artesian Resources generate?
-$18M in fiscal 2025 (operating cash flow minus capital spending).
From Artesian Resources's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.