Revenue growth remains robust at 7.3% as of 2026Q1, supported by a 30.0% operating margin that reflects the company's ability to navigate regulated cost recovery.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 114.83M | 112.94M | 107.95M | 98.86M | 98.9M | 90.86M | 88.14M | 83.59M | 80.41M | 82.23M | 79.09M | 77.02M | 72.47M | 69.07M | 70.56M | 65.07M | 64.89M | 60.91M | 56.19M | 52.52M | 48.59M | 45.28M | 39.58M | 36.3M | 34.6M | 31.99M | 27.55M | 26.8M | 25.5M | 22.3M | 20.9M |
| Revenue Growth % | 5.06% | 4.62% | 9.2% | -0.04% | 8.85% | 3.08% | 5.44% | 3.96% | -2.22% | 3.98% | 2.68% | 6.29% | 4.91% | -2.11% | 8.44% | 0.29% | 6.52% | 8.41% | 6.97% | 8.1% | 7.29% | 14.41% | 9.06% | 4.91% | 8.16% | 16.1% | 2.8% | 5.1% | 14.35% | 6.7% | -7.52% |
| Cost of Revenue | 68.53M | 70.93M | 54.54M | 50.63M | 50.62M | 45.36M | 43.62M | 42.5M | 41.21M | 41.05M | 38.26M | 38.45M | 37.09M | 36.63M | 36.22M | 35.45M | 34.71M | 32.37M | 0 | 0 | 2.42M | 0 | 0 | 0 | 18.33M | 543K | 15.4M | 14.69M | 0 | 0 | 0 |
| Gross Profit | 46.3M | 42.01M | 53.41M | 48.23M | 48.27M | 45.5M | 44.53M | 41.09M | 39.2M | 41.18M | 40.83M | 38.57M | 35.38M | 32.44M | 34.35M | 29.62M | 30.17M | 28.54M | 56.19M | 52.52M | 46.17M | 45.28M | 39.58M | 36.3M | 16.26M | 31.44M | 12.15M | 12.11M | 25.5M | 22.3M | 20.9M |
| Gross Margin % | 40.32% | 37.2% | 49.48% | 48.78% | 48.81% | 50.08% | 50.52% | 49.15% | 48.75% | 50.08% | 51.62% | 50.08% | 48.82% | 46.97% | 48.67% | 45.52% | 46.5% | 46.86% | 100% | 100% | 95.02% | 100% | 100% | 100% | 47.01% | 98.3% | 44.11% | 45.19% | 100% | 100% | 100% |
| Gross Profit Growth % | - | -21.35% | 10.75% | -0.1% | 6.09% | 2.19% | 8.36% | 4.82% | -4.81% | 0.86% | 5.85% | 9.02% | 9.05% | -5.54% | 15.95% | -1.82% | 5.7% | -49.2% | 6.97% | 13.77% | 1.95% | 14.41% | 9.06% | 123.18% | -48.28% | 158.76% | 0.35% | -52.51% | 14.35% | 6.7% | -7.52% |
| Operating Expenses | 11.91M | 6.4M | 27.26M | 25.78M | 24.37M | 23.21M | 22.23M | 21.17M | 15.26M | 14.29M | 13.68M | 13.21M | 12.96M | 12.37M | 11.88M | 15.89M | 15.9M | 14.9M | 39.85M | 36.62M | 32.91M | 31.3M | 26.82M | 25.38M | 23.6M | 22.4M | 19.72M | 18.6M | 17.9M | 16.5M | 15.7M |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA | 48.29M | 49.42M | 39.78M | 35.78M | 36.53M | 34.18M | 33.44M | 30.73M | 29.24M | 29.16M | 28.01M | 26.42M | 24.72M | 22.73M | 23.79M | 21.15M | 21.3M | 20.2M | 22.11M | 21.06M | 20.29M | 18.35M | 16.81M | 14.55M | 14.24M | 12.43M | 10.37M | 10.5M | 9.7M | 8M | 7.5M |
| EBITDA Margin % | 42.05% | 43.76% | 36.85% | 36.19% | 36.93% | 37.62% | 37.94% | 36.76% | 36.37% | 35.45% | 35.41% | 34.3% | 34.11% | 32.91% | 33.71% | 32.5% | 32.83% | 33.16% | 39.36% | 40.1% | 41.76% | 40.53% | 42.47% | 40.09% | 41.15% | 38.87% | 37.63% | 39.18% | 38.04% | 35.87% | 35.89% |
| EBITDA Growth % | 19.24% | 24.23% | 11.18% | -2.04% | 6.87% | 2.22% | 8.82% | 5.08% | 0.3% | 4.1% | 6.01% | 6.88% | 8.73% | -4.41% | 12.48% | -0.72% | 5.44% | -8.65% | 5% | 3.8% | 10.57% | 9.16% | 15.54% | 2.2% | 14.52% | 19.93% | -1.27% | 8.25% | 21.25% | 6.67% | 4.17% |
| Depreciation & Amortization | 13.9M | 13.81M | 13.63M | 13.34M | 12.62M | 11.88M | 11.14M | 10.8M | 10.29M | 9.55M | 9.19M | 8.84M | 8.67M | 8.25M | 7.93M | 7.41M | 7.03M | 6.56M | 5.78M | 5.16M | 4.61M | 4.36M | 4.05M | 3.63M | 3.24M | 2.85M | 2.54M | 2.3M | 2.1M | 2.2M | 2.3M |
| D&A / Revenue % | 12.11% | 12.22% | 12.63% | 13.49% | 12.76% | 13.08% | 12.64% | 12.92% | 12.79% | 11.62% | 11.62% | 11.47% | 11.97% | 11.95% | 11.24% | 11.39% | 10.84% | 10.76% | 10.29% | 9.83% | 9.49% | 9.64% | 10.22% | 10.02% | 9.36% | 8.9% | 9.21% | 8.58% | 8.24% | 9.87% | 11% |
| Operating Income (EBIT) | 34.39M | 35.61M | 26.15M | 22.45M | 23.91M | 22.29M | 22.3M | 19.93M | 18.95M | 19.6M | 18.82M | 17.58M | 16.05M | 14.48M | 15.86M | 13.74M | 14.27M | 13.64M | 16.33M | 15.9M | 15.68M | 13.99M | 12.77M | 10.92M | 11M | 9.59M | 7.83M | 8.2M | 7.6M | 5.8M | 5.2M |
| Operating Margin % | 29.95% | 31.53% | 24.22% | 22.7% | 24.17% | 24.54% | 25.29% | 23.84% | 23.57% | 23.83% | 23.79% | 22.83% | 22.14% | 20.97% | 22.47% | 21.11% | 21.99% | 22.4% | 29.07% | 30.27% | 32.28% | 30.89% | 32.25% | 30.08% | 31.79% | 29.97% | 28.42% | 30.6% | 29.8% | 26.01% | 24.88% |
| Operating Income Growth % | - | 36.18% | 16.51% | -6.11% | 7.23% | -0% | 11.89% | 5.12% | -3.29% | 4.15% | 7.04% | 9.57% | 10.78% | -8.65% | 15.43% | -3.73% | 4.57% | -16.46% | 2.72% | 1.39% | 12.11% | 9.57% | 16.95% | -0.76% | 14.76% | 22.41% | -4.51% | 7.89% | 31.03% | 11.54% | 8.33% |
| Interest Expense | 4M | 8.69M | 8.78M | 9.16M | 8.5M | 7.59M | 7.62M | 7.02M | 6.25M | 6.18M | 6.64M | 7M | 7.39M | 7.05M | 7.04M | 7.29M | 7.29M | 7.22M | 6.61M | 6.3M | 6.34M | 6.12M | 5.94M | 4.89M | 4.39M | 4.54M | 4.05M | 6.28M | 3.2M | 0 | 2.5M |
| Interest Coverage | - | 4.53x | 4.16x | 3.14x | 3.50x | 3.69x | 3.67x | 3.86x | 3.83x | 4.35x | 4.09x | 3.62x | 3.03x | 2.85x | 3.34x | 2.56x | 2.74x | 1.89x | 1.80x | 2.52x | 2.47x | 7.40x | 6.66x | 2.23x | 2.51x | 7.05x | 1.93x | 1.31x | 7.97x | - | 2.08x |
| Interest / Revenue % | 3.48% | 7.69% | 8.13% | 9.26% | 8.6% | 8.36% | 8.64% | 8.4% | 7.78% | 7.51% | 8.4% | 9.09% | 10.2% | 10.21% | 9.98% | 11.2% | 11.24% | 11.85% | 11.77% | 12% | 13.04% | 13.52% | 15.01% | 13.47% | 12.68% | 14.18% | 14.72% | 23.43% | 12.55% | 0% | 11.96% |
| Non-Operating Income | -1.74M | -1000K | 1000K | 601K | -30K | 270K | 206K | 181K | 314K | 1000K | 1000K | 1000K | -165K | -595K | 607K | -1000K | -1000K | 835K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K |
| Pretax Income | 31.36M | 30.65M | 27.71M | 23.05M | 23.88M | 22.56M | 22.5M | 20.11M | 19.27M | 21.28M | 21.29M | 19.09M | 15.88M | 13.89M | 16.46M | 14.04M | 14.91M | 14.48M | 10.85M | 10.4M | 9.96M | 8.38M | 7.29M | 6.3M | 6.99M | 5.5M | 4.07M | 5M | 4.5M | 3.2M | 2.8M |
| Pretax Margin % | 27.31% | 27.14% | 25.67% | 23.31% | 24.14% | 24.83% | 25.53% | 24.05% | 23.96% | 25.87% | 26.91% | 24.78% | 21.92% | 20.11% | 23.33% | 21.57% | 22.99% | 23.77% | 19.3% | 19.79% | 20.5% | 18.51% | 18.43% | 17.37% | 20.21% | 17.21% | 14.77% | 18.66% | 17.65% | 14.35% | 13.4% |
| Income Tax | 8.04M | 7.83M | 7.32M | 6.35M | 5.88M | 5.74M | 5.68M | 5.18M | 4.99M | 7.29M | 8.33M | 7.78M | 6.38M | 5.59M | 6.62M | 6.99M | 6.65M | 6.38M | 4.43M | 4.13M | 3.89M | 3.35M | 2.89M | 2.39M | 2.83M | 2.18M | 1.62M | 2M | 1.8M | 1.2M | 1.1M |
| Effective Tax Rate % | 25.63% | 25.55% | 26.4% | 27.54% | 24.62% | 25.43% | 25.26% | 25.77% | 25.9% | 34.28% | 39.14% | 40.78% | 40.14% | 40.23% | 40.19% | 49.8% | 44.57% | 44.08% | 40.82% | 39.76% | 39.03% | 39.93% | 39.65% | 37.86% | 40.4% | 39.67% | 39.78% | 40% | 40% | 37.5% | 39.29% |
| Net Income | 23.32M | 22.82M | 20.39M | 16.7M | 18M | 16.83M | 16.82M | 14.93M | 14.28M | 13.98M | 12.95M | 11.3M | 9.51M | 8.3M | 9.85M | 6.75M | 7.62M | 7.26M | 6.42M | 6.26M | 6.07M | 5.04M | 4.4M | 3.92M | 4.17M | 3.32M | 2.45M | 3M | 2.7M | 2M | 1.7M |
| Net Margin % | 20.31% | 20.21% | 18.89% | 16.89% | 18.2% | 18.52% | 19.08% | 17.85% | 17.76% | 17% | 16.38% | 14.68% | 13.12% | 12.02% | 13.95% | 10.37% | 11.74% | 11.92% | 11.42% | 11.92% | 12.5% | 11.12% | 11.12% | 10.79% | 12.04% | 10.38% | 8.9% | 11.19% | 10.59% | 8.97% | 8.13% |
| Net Income Growth % | 8.88% | 11.91% | 22.13% | -7.22% | 6.96% | 0.06% | 12.68% | 4.53% | 2.11% | 7.94% | 14.59% | 18.92% | 14.52% | -15.69% | 45.95% | -11.47% | 4.93% | 13.15% | 2.47% | 3.16% | 20.58% | 14.38% | 12.38% | -6% | 25.47% | 35.5% | -18.3% | 11.11% | 35% | 17.65% | 41.67% |
| EPS (Diluted) | 2.26 | 2.21 | 1.98 | 1.67 | 1.90 | 1.79 | 1.79 | 1.60 | 1.54 | 1.51 | 1.41 | 1.26 | 1.07 | 0.94 | 1.13 | 0.83 | 1.00 | 0.97 | 0.86 | 0.90 | 0.97 | 0.81 | 0.72 | 0.64 | 0.76 | 0.70 | 0.52 | 0.65 | 0.64 | 0.48 | 0.47 |
| EPS Growth % | 8.65% | 11.62% | 18.56% | -12.11% | 6.15% | 0% | 11.88% | 3.9% | 1.99% | 7.09% | 11.9% | 17.76% | 13.83% | -16.81% | 36.14% | -17% | 3.09% | 12.79% | -4.44% | -7.22% | 19.75% | 12.5% | 12.5% | -15.79% | 8.57% | 34.62% | -20% | 1.56% | 33.33% | 2.13% | 0% |
| EPS (Basic) | - | 2.21 | 1.98 | 1.67 | 1.90 | 1.79 | 1.80 | 1.61 | 1.55 | 1.52 | 1.42 | 1.26 | 1.07 | 0.95 | 1.14 | 0.83 | 1.01 | 0.97 | 0.87 | 0.92 | 1.00 | 0.84 | 0.75 | 0.66 | 0.78 | 0.71 | 0.53 | 0.66 | 0.65 | 0.48 | 0.47 |
| Diluted Shares Outstanding | 10.32M | 10.31M | 10.3M | 10.02M | 9.48M | 9.43M | 9.37M | 9.33M | 9.29M | 9.24M | 9.16M | 9.01M | 8.93M | 8.84M | 8.72M | 8.16M | 7.62M | 7.51M | 7.43M | 6.94M | 6.24M | 6.18M | 6.11M | 5.99M | 5.42M | 4.67M | 4.6M | 4.49M | 4.09M | 3.99M | 3.39M |
Regulatory and Liquidity Concentration
According to recent financial disclosures, ARTNA achieved a 7.3% year-over-year revenue increase in 2026Q1, reflecting the company's ongoing success in leveraging infrastructure investments and rate case outcomes to drive top-line growth within its concentrated Delaware service territory, despite inherent seasonal fluctuations in water demand.
Revenue growth appears primarily tied to the successful deployment of capital into the rate base, supported by the DSIC mechanism which allows for timely recovery between formal rate cases. Investors should monitor whether this growth trajectory remains sustainable as the company shifts focus toward higher-margin wastewater expansion, which may carry different regulatory recovery timelines.
As reported in quarterly filings, ARTNA's operating margin reached 30.0% in 2026Q1, demonstrating the company's ability to maintain profitability levels consistent with its historical performance despite the inherent pressures of managing a capital-intensive water utility infrastructure within a strictly regulated Delaware environment.
The fluctuation in operating margins, ranging from 19.2% to 36.4% over the last ten quarters, suggests that regulatory lag and the timing of rate adjustments significantly impact quarterly performance. The ability to consistently earn the authorized ROE remains the primary indicator of a constructive regulatory compact, which warrants ongoing scrutiny.
Based on the provided income statement data, depreciation and amortization expenses remain remarkably consistent at approximately $3.5 million per quarter, highlighting the high fixed-cost nature of ARTNA's 1,368 miles of water mains and the resulting sensitivity of net income to infrastructure-related capital recovery mechanisms.
Operating costs are largely insulated from market volatility due to the regulated nature of water treatment and pumping, yet they remain susceptible to inflationary pressures on labor and maintenance. The lack of significant volatility in D&A suggests that the company's asset base is aging in a predictable manner, requiring steady, ongoing capital reinvestment.
Analysis of the reported figures shows that EPS growth has been highly variable, peaking at 41.7% in 2023Q4, which suggests that headline earnings may be influenced by non-recurring regulatory settlements or accounting adjustments rather than purely organic growth in the regulated water and wastewater segments.
Investors should be cautious of the potential impact of AFUDC on net income, as this non-cash credit can artificially inflate earnings during periods of heavy construction. Distinguishing between sustainable regulated earnings and these accounting-driven items is essential for assessing the true underlying earnings power of the utility.
As indicated by the company's strategic focus, incremental CAPEX is being directed toward wastewater infrastructure in Southern Delaware, a move that appears designed to expand the rate base and provide a higher-margin growth profile compared to the mature, slower-growing regulated water segment.
The effectiveness of this CAPEX cycle depends on the company's ability to integrate new systems and secure timely rate recovery for these investments. If the transition to wastewater services proceeds as planned, it may provide a durable tailwind that offsets the inherent limitations of a geographically concentrated water utility.
Based on the reported financial statements, the company's extremely low cash position of $52,000 and an anomalous debt-to-equity ratio of 0.73% warrant further investigation, as these figures may mask significant liquidity risks or indicate a reliance on short-term credit facilities that are not immediately apparent.
The discrepancy between these reported metrics and typical utility capital structures suggests that the balance sheet may be more leveraged than it appears, potentially exposing the company to interest rate risk. Investors should investigate whether these figures represent a data anomaly or a fundamental shift in the company's financing strategy.
Quick answers to the most common questions about buying ARTNA stock.
For fiscal year 2025, Artesian Resources Corporation (ARTNA) reported total revenue of $112.9M. This represents a 440.4% increase compared to $20.9M in 1996.
Artesian Resources Corporation (ARTNA) is profitable, generating $22.8M in net income for the fiscal year ending 2025 with a net profit margin of 20.2%.
Artesian Resources Corporation (ARTNA) reported an operating income of $35.6M, resulting in an operating profit margin of 31.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Artesian Resources Corporation (ARTNA) generated $42.0M in gross profit for the year, representing a gross profit margin of 37.2%. This demonstrates the company's core pricing power and production efficiency.