ARTESIAN RESOURCES CORP
ARTNA, ARTNB · Water Supply · 7.8M shares · +2%/yr ↑ shares · EDGAR filings ↗
Reference price $31.25 · est. market cap ~$243M — last insider sale, 2026-03-23 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C59Profitable, stable regulated water utility with solid returns but structurally weak liquidity.
Strengths
- Strong relative returns — ROE 9.1% (73rd pct), ROIC 80th pct, net income growth 91.7th pct
- Healthy net margin 20.2% and OCF margin 35.7% with double-digit earnings growth
Risks
- Very weak liquidity: current/quick ratio 0.63, near-zero cash and ~0-quarter cash runway
- Negative FCF (capex-driven) and elevated leverage typical of capital-intensive utilities
Notable findings
- Cash burnNegative free cash flow (-18.5M)
- Weak liquidityCurrent ratio 0.64 (<1)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
24.6%
Net margin
20.2%
Return on equity
9.1%
Return on assets
2.7%
ROIC
5.2%
Revenue growth (QoQ)
-0.9%
Net-income growth
11.9%
Debt / equity
0.7×
Net debt / EBITDA
4.2×
Interest coverage
3.2×
Current ratio
0.6×
Free cash flow
-$18M
EBITDA
$42M
Tangible book value
$248M
Cash & investments
$52K
Cash runway
0q
Stock comp / revenue
0.2%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-19 | DiNunzio Joseph A | Inherited | 193 | — |
| 2026-05-05 | Rossi Salvatore J JR | Other | 1.0K | $31.41 |
| 2026-05-05 | Houghton Michael | Other | 1.0K | $31.41 |
| 2026-05-05 | TAYLOR DIAN C | Other | 1.0K | $31.41 |
| 2026-05-05 | Taylor Nicholle Renee | Other | 1.0K | $31.41 |
| 2026-05-05 | EISENBREY JOHN R JR | Other | 1.0K | $31.41 |
| 2026-03-23 | TAYLOR DIAN C | Sell | 1.0K | $31.25 |
| 2026-03-20 | TAYLOR DIAN C | Sell | 2.0K | $31.00 |
| 2026-03-19 | TAYLOR DIAN C | Sell | 2.0K | $31.00 |
| 2025-12-22 | TAYLOR DIAN C | Sell | 2.2K | $31.97 |
| 2025-12-19 | TAYLOR DIAN C | Sell | 2.2K | $31.73 |
| 2025-08-28 | THAEDER JOHN M | Sell | 1.0K | $33.37 |
| 2025-08-22 | THAEDER JOHN M | Sell | 1.0K | $33.49 |
| 2025-08-21 | THAEDER JOHN M | Sell | 1.0K | $32.92 |
| 2025-05-06 | EISENBREY JOHN R JR | Other | 1.0K | $37.07 |
| 2025-05-06 | Houghton Michael | Other | 1.0K | $37.07 |
| 2025-05-06 | TAYLOR DIAN C | Other | 1.0K | $37.07 |
| 2025-05-06 | Taylor Nicholle Renee | Other | 1.0K | $37.07 |
| 2025-05-06 | BIEDERMAN KENNETH R | Other | 1.0K | $37.07 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-07 | Shareholder vote | filing ↗ |
| 2026-05-06 | ResultsExhibits | filing ↗ |
| 2026-03-13 | ResultsExhibits | filing ↗ |
| 2025-11-03 | Exec/director changeShareholder voteExhibits | filing ↗ |
| 2025-10-31 | ResultsExhibits | filing ↗ |
| 2025-08-05 | ResultsExhibits | filing ↗ |
| 2025-07-01 | Exec/director changeExhibits | filing ↗ |
| 2025-06-05 | Delisting notice | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 10-Q | 2026-05-08 | 2026-03-31 | 0000863110-26-000055 ↗ |
| 8-K | 2026-05-07 | 2026-05-06 | 0000863110-26-000051 ↗ |
| 8-K | 2026-05-06 | 2026-05-05 | 0000863110-26-000038 ↗ |
| 10-K/A | 2026-04-01 | 2025-12-31 | 0000863110-26-000034 ↗ |
| 10-K | 2026-03-16 | 2025-12-31 | 0000863110-26-000025 ↗ |
| 8-K | 2026-03-13 | 2026-03-12 | 0000863110-26-000022 ↗ |
| 10-Q | 2025-11-07 | 2025-09-30 | 0000863110-25-000109 ↗ |
| 8-K | 2025-11-03 | 2025-10-30 | 0000863110-25-000106 ↗ |
| 8-K | 2025-10-31 | 2025-10-30 | 0000863110-25-000099 ↗ |
| 10-Q | 2025-08-08 | 2025-06-30 | 0000863110-25-000055 ↗ |
| 8-K | 2025-08-05 | 2025-08-04 | 0000863110-25-000052 ↗ |
| 8-K | 2025-07-01 | 2025-07-01 | 0000863110-25-000048 ↗ |