Latest Ratios: P/E Ratio 15.4x · EV/EBITDA 10.8x · ROE 9.3%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $352M | $326M | $326M | $415M | $555M | $437M | $347M | $347M | $324M | $356M | $293M |
| Enterprise Value | $535M | $509M | $504M | $594M | $752M | $609M | $519M | $500M | $457M | $472M | $403M |
| P/E Ratio → | 15.44 | 14.30 | 15.97 | 24.82 | 30.83 | 25.88 | 20.72 | 23.26 | 22.64 | 25.54 | 22.65 |
| P/S Ratio | 3.12 | 2.89 | 3.02 | 4.20 | 5.62 | 4.81 | 3.94 | 4.15 | 4.03 | 4.33 | 3.70 |
| P/B Ratio | 1.41 | 1.30 | 1.36 | 1.80 | 2.96 | 2.45 | 2.05 | 2.17 | 2.11 | 2.43 | 2.10 |
| P/FCF | — | — | — | — | — | — | — | — | — | — | 191.49 |
| P/OCF | 8.73 | 8.08 | 8.84 | 13.04 | 22.89 | 13.95 | 17.06 | 18.39 | 11.12 | 9.96 | 9.83 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.50 | 4.66 | 6.01 | 7.61 | 6.70 | 5.88 | 5.98 | 5.69 | 5.74 | 5.10 |
| EV / EBITDA | 10.83 | 10.29 | 12.66 | 16.60 | 20.60 | 17.81 | 15.51 | 16.28 | 15.64 | 16.19 | 14.39 |
| EV / EBIT | 15.02 | 12.93 | 13.80 | 20.63 | 25.26 | 21.71 | 18.54 | 18.44 | 19.10 | 17.55 | 14.85 |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | 263.84 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 37.2% | 37.2% | 49.5% | 48.8% | 48.8% | 50.1% | 50.5% | 49.2% | 48.8% | 50.1% | 51.6% |
| Operating Margin | 31.5% | 31.5% | 24.2% | 22.7% | 24.2% | 24.5% | 25.3% | 23.8% | 23.6% | 23.8% | 23.8% |
| Net Profit Margin | 20.2% | 20.2% | 18.9% | 16.9% | 18.2% | 18.5% | 19.1% | 17.9% | 17.8% | 17.0% | 16.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.3% | 9.3% | 8.7% | 8.0% | 9.8% | 9.7% | 10.2% | 9.5% | 9.5% | 9.8% | 9.5% |
| ROA | 2.8% | 2.8% | 2.6% | 2.2% | 2.7% | 2.8% | 2.9% | 2.7% | 2.8% | 3.0% | 2.9% |
| ROIC | 6.3% | 6.3% | 4.7% | 4.2% | 4.9% | 4.8% | 5.1% | 5.0% | 5.2% | 5.7% | 5.7% |
| ROCE | 4.5% | 4.5% | 3.4% | 3.2% | 3.8% | 4.0% | 4.1% | 3.9% | 4.0% | 4.4% | 4.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.73 | 0.73 | 0.75 | 0.79 | 1.06 | 0.97 | 1.01 | 0.96 | 0.87 | 0.79 | 0.80 |
| Debt / EBITDA | 3.70 | 3.70 | 4.50 | 5.06 | 5.43 | 5.03 | 5.12 | 5.01 | 4.57 | 4.00 | 3.96 |
| Net Debt / Equity | — | 0.73 | 0.74 | 0.78 | 1.05 | 0.97 | 1.01 | 0.96 | 0.87 | 0.79 | 0.80 |
| Net Debt / EBITDA | 3.69 | 3.69 | 4.47 | 4.99 | 5.39 | 5.03 | 5.12 | 4.99 | 4.56 | 3.96 | 3.95 |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | 72.35 |
| Interest Coverage | 4.53 | 4.53 | 4.16 | 3.14 | 3.50 | 3.69 | 3.67 | 3.86 | 3.83 | 4.35 | 4.09 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.64 | 0.64 | 0.96 | 1.37 | 0.63 | 0.40 | 0.40 | 0.55 | 0.43 | 0.67 | 0.76 |
| Quick Ratio | 0.52 | 0.52 | 0.79 | 1.10 | 0.52 | 0.35 | 0.37 | 0.51 | 0.39 | 0.61 | 0.68 |
| Cash Ratio | 0.00 | 0.00 | 0.04 | 0.11 | 0.03 | 0.00 | 0.00 | 0.02 | 0.01 | 0.03 | 0.01 |
| Asset Turnover | — | 0.13 | 0.14 | 0.13 | 0.14 | 0.15 | 0.15 | 0.15 | 0.15 | 0.17 | 0.18 |
| Inventory Turnover | 19.09 | 19.09 | 12.75 | 8.46 | 10.77 | 23.46 | 28.41 | 33.63 | 28.24 | 27.03 | 24.46 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.6% | 3.9% | 3.7% | 2.7% | 1.9% | 2.3% | 2.7% | 2.6% | 2.7% | 2.4% | 2.8% |
| Payout Ratio | 55.5% | 55.5% | 59.7% | 67.3% | 57.3% | 58.4% | 55.8% | 61.1% | 61.8% | 60.8% | 63.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.5% | 7.0% | 6.3% | 4.0% | 3.2% | 3.9% | 4.8% | 4.3% | 4.4% | 3.9% | 4.4% |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | 0.5% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 3.6% | 3.9% | 3.7% | 2.7% | 1.9% | 2.3% | 2.7% | 2.6% | 2.7% | 2.4% | 2.8% |
| Shares Outstanding | — | $10M | $10M | $10M | $9M | $9M | $9M | $9M | $9M | $9M | $9M |
Regulatory and Liquidity Concentration
According to current market data, ARTNA trades at a forward P/E of 16.81, which appears to reflect its status as a regional water utility, though the 3.7% dividend yield suggests investors are pricing in a defensive premium relative to broader market volatility and interest rate expectations.
The valuation multiple remains tightly bound to the company's ability to secure rate increases in Delaware, as the market treats the stock as a bond proxy. The forward PEG ratio of 3.90 indicates that investors are paying a significant premium for growth, which may be justified only if the wastewater expansion strategy delivers consistent margin accretion.
Based on quarterly financial reports, ARTNA's ROE has fluctuated between 1.5% and 2.9% over the last ten quarters, a range that warrants further investigation to determine how much of this variance is driven by regulatory lag versus the timing of infrastructure-related capital recovery mechanisms.
The modest ROE figures suggest that the company may be experiencing difficulty in consistently hitting its authorized returns, likely due to the high capital intensity of its Delaware operations. Investors should monitor whether future rate cases effectively bridge the gap between current earned returns and the regulatory allowed levels.
As reported in recent financial statements, the debt-to-capital ratio has remained relatively stable near 0.42, yet the anomalous 0.73% debt-to-equity figure and the minimal $52,000 cash balance suggest a potentially strained liquidity profile that requires deeper scrutiny by institutional observers.
The reliance on external financing to fund aggressive capital expenditure programs creates a vulnerability to interest rate shifts. If the reported leverage metrics are accurate, the company may have limited flexibility to absorb unexpected capital calls without further diluting equity or increasing its debt burden.
Analysis of the provided financial data indicates that the dividend payout ratio has varied significantly, reaching as high as 85.5% in 2023Q4, which highlights the tension between returning capital to shareholders and funding the company's extensive infrastructure renewal program in the Delmarva Peninsula.
While the dividend appears supported by operating cash flow, the high payout volatility suggests that management's commitment to growth is competing with shareholder distributions. The sustainability of the dividend will likely depend on the successful integration of wastewater assets to provide more predictable, higher-margin cash flows.
The most commonly misapplied metric for ARTNA is the standard P/E ratio, which obscures the impact of non-cash AFUDC credits and regulatory assets that artificially inflate earnings, potentially leading investors to overestimate the company's true organic profitability and cash-generating capacity.
Analysts should instead focus on the relationship between rate base growth and regulatory allowed ROE, as these are the primary drivers of long-term value. Relying on P/E without adjusting for regulatory accounting nuances risks misinterpreting the company's fundamental ability to convert infrastructure investment into sustainable shareholder returns.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying ARTNA stock.
Artesian Resources Corporation's current P/E ratio is 15.4x. The historical average is 21.5x. This places it at the 3th percentile of its historical range.
Artesian Resources Corporation's current EV/EBITDA is 10.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.8x.
Artesian Resources Corporation's return on equity (ROE) is 9.3%. The historical average is 8.7%.
Based on historical data, Artesian Resources Corporation is trading at a P/E of 15.4x. This is at the 3th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Artesian Resources Corporation's current dividend yield is 3.60% with a payout ratio of 55.5%.
Artesian Resources Corporation has 37.2% gross margin and 31.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Artesian Resources Corporation's Debt/EBITDA ratio is 3.7x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.