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ARTNA, Artesian Resources Corporation

Water Utilities capital-intensive Regulated utility

Artesian Water, our principal subsidiary, distributes and sells water to residential, commercial, industrial, governmental, municipal and utility customers throughout the State of Delaware.

Our principal subsidiary, Artesian Water Company, Inc., is the oldest and largest investor-owned public water utility on the Delmarva Peninsula and has been providing superior water service since 1905.

We distribute and sell water, including water for public and private fire protection, to residential, commercial, industrial, municipal and utility customers in the states of Delaware, Maryland and Pennsylvania.

Latest annual: FY2025 10-K

ARTNA · Artesian Resources Corporation

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$113M

+4.6% YoY · 5% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $115M 5-yr avg $102M

Operating margin 24.8% 5-yr avg 24.0%

ROIC 5% 5-yr avg 5%

Owner-earnings margin 21% 5-yr avg 19%

Free cash flow margin −21% 5-yr avg −18%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: Revenue is Water Sales (80%), Other Utility Operating Revenue (13%) and Non-Utility Operating Revenue (7%).
Situation: Regulated utility. Returns are set by regulation on an approved rate base; the capital spending regulators approve becomes the growth, recovered through allowed rates.
What moves the needle: Operating margin has run about 24% through the cycle, a solid margin the cost base and competition set as much as the price does. That margin has held in a narrow 23%–25% band over the years, so steadiness itself is the evidence — the lever is unit growth and cost discipline, not a moving line. Capital spending runs about 49% of sales, well above depreciation, so the return earned on what it sinks into that plant weighs as much as the margin. Read this kind of business on rate base and the allowed return. On its own account, the filing leans hardest on concentrated dependence, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median 5%, above 15% in 0 of 10 years). By owner earnings: roughly 21% of revenue reaches owners as cash, consistently. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

Water Sales is 80% of revenue, with Other Utility Operating Revenue the other meaningful line at 13%.

Revenue by product line, FY2025

Water Sales80%$91M
Other Utility Operating Revenue13%$15M
Non-Utility Operating Revenue7%$7M

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
											Income statement
$79M	$82M	$80M	$84M	$88M	$91M	$99M	$99M	$108M	$113M	$115M	RevenueRevenue
$19M	$20M	$19M	$20M	$22M	$22M	$24M	$22M	$26M	$28M	$29M	Operating incomeOp. inc.
23.8%	23.8%	23.6%	23.8%	25.3%	24.5%	24.2%	22.7%	24.2%	24.6%	24.8%	Operating marginOp. mgn
$13M	$14M	$14M	$15M	$17M	$17M	$18M	$17M	$20M	$23M	$23M	Net incomeNet inc.
39%	34%	26%	26%	25%	25%	25%	28%	26%	26%	25%	Effective tax rateTax rate
											Cash flow & returns
$30M	$36M	$29M	$19M	$20M	$31M	$24M	$32M	$37M	$40M	$38M	Operating cash flowOp. cash
$9M	$10M	$10M	$11M	$11M	$12M	$13M	$13M	$14M	$14M	$14M	DepreciationDeprec.
$8M	$12M	$4M	($7M)	($8M)	$2M	($7M)	$2M	$3M	$3M	$510K	Working capital & otherWC & other
$28M	$41M	$49M	$41M	$34M	$41M	$48M	$62M	$46M	$59M	$62M	CapexCapex
35.7%	50.0%	61.0%	48.7%	38.9%	44.9%	49.0%	62.9%	42.6%	52.1%	53.6%	Capex / revenueCapex/rev
$21M	$26M	$19M	$8M	$9M	$19M	$12M	$19M	$23M	$27M	$24M	Owner earningsOwner earn.
26.0%	31.9%	23.4%	9.7%	10.5%	21.4%	11.8%	18.7%	21.5%	23.5%	21.0%	Owner earnings marginOE mgn
$2M	($5M)	($20M)	($22M)	($14M)	($10M)	($24M)	($30M)	($9M)	($18M)	($24M)	Free cash flowFCF
1.9%	−6.5%	−24.8%	−26.1%	−15.8%	−10.5%	−24.5%	−30.7%	−8.4%	−16.4%	−20.5%	Free cash flow marginFCF mgn
—	—	$0	$0	$6M	$0	$6M	$0	$0	—	$0	AcquisitionsAcquis.
$8M	$8M	$9M	$9M	$9M	$10M	$10M	$11M	$12M	$13M	$13M	Dividends paidDiv. paid
5%	5%	5%	5%	5%	5%	5%	4%	5%	5%	5%	ROICROIC
9%	10%	9%	9%	10%	9%	10%	7%	9%	9%	9%	Return on equityROE
3%	4%	4%	4%	4%	4%	4%	2%	3%	4%	4%	Retained to equityRetained/eq
											Balance sheet
$226K	$952K	$293K	$596K	$28K	$92K	$1M	$3M	$1M	$52K	$4M	Cash & investmentsCash+inv
$8M	$8M	$8M	$7M	$10M	$8M	$14M	$13M	$11M	$9M	$13M	ReceivablesReceiv.
$6M	$9M	$8M	$8M	$6M	$10M	$11M	$10M	$11M	$14M	$8M	Accounts payablePayables
$2M	($1M)	($28K)	($1M)	$4M	($2M)	$3M	$3M	$111K	($5M)	$5M	Operating working capitalOper. WC
$15M	$19M	$16M	$14M	$18M	$19M	$28M	$31M	$25M	$21M	$26M	Current assetsCur. assets
$19M	$28M	$38M	$26M	$44M	$47M	$44M	$22M	$26M	$34M	$26M	Current liabilitiesCur. liab.
0.8×	0.7×	0.4×	0.6×	0.4×	0.4×	0.6×	1.4×	1.0×	0.6×	1.0×	Current ratioCurr. ratio
—	—	$0	$0	$0	$0	$2M	$2M	$2M	$2M	$2M	GoodwillGoodwill
$451M	$495M	$530M	$560M	$593M	$625M	$720M	$767M	$799M	$851M	$867M	Total assetsAssets
$104M	$107M	$118M	$146M	$144M	$145M	$178M	$181M	$179M	$176M	$186M	Total debtDebt
$103M	$106M	$117M	$145M	$144M	$145M	$176M	$178M	$178M	$176M	$181M	Net debt / (cash)Net debt
2.8×	3.2×	3.0×	2.8×	2.9×	2.9×	2.8×	2.5×	3.0×	3.2×	3.3×	Interest coverageInt. cov.
$139M	$147M	$153M	$160M	$169M	$178M	$188M	$230M	$239M	$250M	$253M	Shareholders’ equityEquity
0.1%	0.5%	0.2%	0.2%	0.2%	0.2%	0.2%	0.3%	0.2%	0.2%	0.3%	Stock comp / revenueSBC/rev
											Per share
9.2M	9.2M	9.3M	9.3M	9.4M	9.4M	9.5M	10.0M	10.3M	10.3M	10.3M	Shares out (diluted)Shares
$8.63	$8.90	$8.65	$8.96	$9.41	$9.64	$10.43	$9.86	$10.48	$10.95	$11.12	Revenue / shareRev/sh
$1.41	$1.51	$1.54	$1.60	$1.79	$1.79	$1.90	$1.67	$1.98	$2.21	$2.26	EPS (diluted)EPS
$2.25	$2.84	$2.03	$0.87	$0.98	$2.06	$1.23	$1.85	$2.25	$2.57	$2.34	Owner earnings / shareOE/sh
$0.17	$-0.58	$-2.14	$-2.34	$-1.49	$-1.01	$-2.55	$-3.03	$-0.89	$-1.79	$-2.28	Free cash flow / shareFCF/sh
$0.89	$0.92	$0.95	$0.98	$1.00	$1.04	$1.09	$1.12	$1.18	$1.23	$1.24	Dividends / shareDiv/sh
$3.08	$4.45	$5.28	$4.36	$3.66	$4.33	$5.11	$6.20	$4.46	$5.71	$5.97	Cap. spending / shareCapex/sh
$15.18	$15.87	$16.49	$17.19	$18.08	$18.88	$19.82	$22.99	$23.23	$24.24	$24.49	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+2.7%/yr	+3.1%/yr
Owner earnings / share	+1.5%/yr	+21.2%/yr
EPS	+5.1%/yr	+4.3%/yr
Dividends / share	+3.6%/yr	+4.2%/yr
Capital spending / share	+7.1%/yr	+9.3%/yr
Book value / share	+5.3%/yr	+6.0%/yr

The year, in the company's words

the filing →

Verbatim from the 10-K's management discussion. Each sentence is shown only because its subject, direction, and stated figures check out against the filed numbers on this page. The words are the company's; the arithmetic is the record's.

Water Sales+3.2%
“Water sales revenue increased $2.8 million, or 3.2%, for the year ended December 31, 2025 from the corresponding period in 2024, primarily the result of two temporary rate increases as permitted under Delaware law, until permanent rates are determined by the DEPSC, as well as an increase in the number of customers served and DSIC revenue.”
✓ figure matches the filed record

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked.

Share count

10Mpeak FY2025

ROIC

5%low FY2023

Net debt ÷ owner earnings

6.6×peak FY2019

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$27Mowner earningsvs.$23Mnet incomelow FY2019

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2016FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business earned $27M of owner earnings, the operating cash left after the $14M it takes just to hold its position. It put $45M more into growth; free cash flow, after that spending, was ($18M).

Reported net income$23M

Owner earnings$27M · 23% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$23M	$20M	$17M	$18M	$17M
Depreciation & amortizationnon-cash charge added back	+$14M	+$14M	+$13M	+$13M	+$12M
Stock-based compensationreal costnon-cash, but a real cost	+$246K	+$219K	+$254K	+$152K	+$193K
Working capital & othertiming of cash in and out, other non-cash items	+$3M	+$3M	+$2M	−$7M	+$2M
Cash from operations	$40M	$37M	$32M	$24M	$31M
Maintenance capital expenditurethe spending needed just to hold position and volume	−$14M	−$14M	−$13M	−$13M	−$12M
Owner earnings	$27M	$23M	$19M	$12M	$19M
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	−$45M	−$32M	−$49M	−$36M	−$29M
Free cash flow	($18M)	($9M)	($30M)	($24M)	($10M)
Owner-earnings marginowner earnings ÷ revenue	23%	21%	19%	12%	21%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the maintenance capital it must spend to hold its position (here about $14M, roughly its depreciation, the rate its assets wear out). The other $45M of its capital spending is growth it chose, not upkeep it owed; charged only with the maintenance it must do, the business earns well more than the year's free cash flow shows. The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $246K), owner earnings is nearer $26M.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 3.2×

Adequate

Operating income $28M ÷ interest expense $9M

What this means
Comfortable in a normal year, but below the margin of safety Graham looked for. Worth checking how stable the coverage has been across a full cycle.
How heavy is the debt, net of cash? $176M · 6.3× operating profit

Heavy net debt

Cash $52K − debt $176M

What this means
Netting $52K of cash and short-term investments against $176M of debt leaves $176M owed, about 6.3× a year's operating profit. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? —

Not enough data

What this means
The filing data didn't include the inputs for this check.

Is it a good business?

Return on invested capital 5%

Below average through the cycle

10-yr median, range 4%–5%; 5% latest = NOPAT $21M ÷ invested capital $426M

Industry peers: median 6%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 10 years (it ran 5% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 21%

High through the cycle

10-yr median margin, range 10%–32%; latest $27M = operating cash $40M − maintenance capex $14M

Industry peers: median 17%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 23% of revenue this year, a 21% median across 10 years. It chose to put $45M more into growth, so free cash flow this year was ($18M) — the gap is investment, not weakness. Treating stock comp as the real expense it is (less $246K of SBC) leaves $26M.
Are earnings backed by cash? 1.77×

Cash-backed

Cash from ops $40M ÷ net income $23M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 48%

Returns about half

Dividends + buybacks $13M ÷ Owner Earnings $27M

What this means
Of $27M Owner Earnings, $13M (48%) went back to shareholders, $13M dividends, $0 buybacks. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 4.26×

Expanding

Capex $59M ÷ depreciation $14M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 3 of 6 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Miss

Revenue ≥ $2B · $113M

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Miss

Current ratio ≥ 2× · 0.64×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Miss

Debt ≤ working capital · $176M vs ($12M) WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Pass

A profit every year (10-yr record) · no losses

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Pass

Uninterrupted dividends · paid every year (10)

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Pass

Earnings +33% over the record · +45%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $1.94/share (latest year $2.21), the averaged base the calculator's gate runs on, and book value is $24.22/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 10 of 10

What this means
Never lost money over the record, the earnings stability Graham insisted on.
Return on capital ≥ 15% 0 of 10 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 24% → 24% (3-yr avg ends)

What this means
Through the cycle the operating margin held roughly steady — about 24% early, 24% lately, median 24%.
Reinvestment, incremental ROIC 4%

What this means
Reinvested capital came back at only a modest incremental return — near the cost of capital, where extra growth adds little per dollar. The record shows whether it is a soft stretch or a thinning moat.
Owner earnings growth +1%/yr

What this means
Owner earnings grew about 1% a year over the record.
Worst year 2023 · 22.7% op. margin

What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
Share count +1.3%/yr

What this means
The share count is rising, dilution works against you on a per-share basis.
Dividend record rising

What this means
Paid and raised the dividend across the record, the continuity Graham prized.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$26M

Cash & short-term investments$4M
Receivables$13M
Other current assets$9M

Current liabilities$26M

Debt due within a year$2M
Accounts payable$8M
Other current liabilities$16M

Current ratio1.01×all current assets ÷ what's due · Graham looked for 2×

Quick ratio1.01×stricter: inventory excluded

Cash ratio0.16×strictest: cash alone against what's due

Working capital$306Kthe cushion left after near-term bills

Debt due this year vs. cash$2M due · $4M cash covered by cash on hand, no refinancing forced · both figures from the Mar 31, 2026 balance sheet

Revenue, latest quarter vs. a year ago+7.3%the freshest read on whether the business is still growing

Current ratio, recent quarters1.3× → 1.0×

Deeper floors

Tangible book value$251Mequity stripped of goodwill & intangibles

Debt incl. operating leases$186M$414K of it operating leases

Deferred revenue$4Mcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2016–2025

Over the record, the business generated $299M of operating cash; how management split it reads as a reinvestor, most operating cash is plowed back into the business.

Reinvested$450M · 151%
Dividends$100M · 34%

Returned to owners$100M
55% of the owner earnings the business produced over the span, $100M as dividends and $0 as buybacks.
Source of funding−$251M
Reinvestment and shareholder returns ran $251M beyond the operating cash the business generated, so the gap was financed off the balance sheet: debt rose from $104M to $186M.
Net change in share count12.7%
The diluted count rose from 9M to 10M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record$1.23/sh
Paid in 10 of the years on record, the per-share dividend growing about 4% a year. It was never cut over the span.
Return on what it retained1%
Of the earnings it kept rather than paid out ($67M over the span), annual owner earnings (first three years vs last three) grew $861K, so each retained $1 added about 0.01 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Management, ownership & pay

From the proxy: how much of the business the people running it own, and how they are paid.

Stock-based compensation$246K
The slice of the business handed to employees in shares this year, 0% of revenue, equal to 1% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Artesian Resources Corporation is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2025.

3 of the 5 tests turned up something to look into; the other 2 came back clean.

Look hereIs it less profitable than it was?21.2% vs 27.1%
The owner-earnings margin averaged 27.1% early in the record and 21.2% across the last three years, and the latest year has not recovered. Ask the filing whether that is a structural drift or a cyclical trough — price, mix, cost, or a competitor — and whether it is permanent.
Look hereDid the share count rise anyway?12.7%
Diluted shares grew 12.7% over 2016–2025. Owners were diluted on net; each share owns less of the business than it did. Read the buyback line beside this one, not on its own.
Look hereDid debt outgrow the business?$104M → $186M
Debt rose from $104M to $186M while owner earnings went from about $22M to $23M — about 4.7 years of owner earnings in debt then, about 8.2 now: measured against what the business earns, the balance sheet carries more debt than it did. Debt raised for buybacks or deals rather than growth is the kind that bites in a downturn.

And these came back clean

Did reported profit become cash?
Did receivables and inventory outpace sales?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

Peers, Water Utilities

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
CWTCalifornia Water Service	$964M	—	16.5%	5%	15%
HTOH2O America	$806M	—	22.0%	5%	—
AWRAmerican States Water	$658M	89%	28.3%	10%	17%
MSEXMiddlesex Water	$195M	—	27.3%	6%	21%
CWCOConsolidated Water Co. Ltd.	$132M	36%	11.8%	9%	16%
ARTNAArtesian Resources Corporation	$113M	—	24.0%	5%	21%
YORWYork Water	$77M	—	42.9%	7%	28%
CDZICADIZ Inc.	$16M	-7%	-2204.0%	-22%	-2458%
Group median	—	—	23.0%	6%	17%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Artesian Resources Corporation has delivered.

Artesian Resources Corporation’s latest year shows negative owner earnings, the mark of a build-out: total capital spending outruns the cash the business throws off today. So the tool opens on the steady-state base (maintenance capex in place of the build-out spend), the cash it would earn at rest; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, Artesian Resources Corporation earns about $24M on its 21.4% median owner-earnings margin. This year’s 23.5% margin runs in line with that. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($24M) Net of stock comp (−$292K) Steady-state · maintenance capex ($24M)

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The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’25+12%/yr

Owner-earnings growth · ’16→’25+1%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Free cash flow ($24M) on 10M shares outstanding (a weighted basic average, the only count this filer tags); net debt $181M. The base opens on the steady-state figure (the latest year is negative on total capex mid-build-out); clear Steady-state to use the year as filed. Net of stock comp treats option pay as the expense it is. Capex ($62M) runs well above depreciation ($14M), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $24M, the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh ARTNA against another business →

Cite: Owner Scorecard, "Artesian Resources Corporation (ARTNA), the owner's record," https://ownerscorecard.com/c/ARTNA, data as of 2026-07-09.

Manual order: ← ARRY its page in the Manual ARVN →

Industry order: the Water Utilities chapter AWK →