# Artesian Resources Corporation (ARTNA)

> Source: Nexqual · https://nexqual.com/ARTNA · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Artesian Resources Corporation (ARTNA), nexqual.com/ARTNA" · informational, not investment advice.

**Price:** USD 34.01 (+3.19% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 34.01 · day 32.78–34.02 · 52w 30.5–36.98 · market cap null · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $117M, net income $23.6M (20.2% margin), free cash flow -$18.2M (SEC filings).
- Insider open-market sales, last ~7 months: 7 Form 4 filings, $677K; 7 not under a Rule 10b5-1 plan ($677K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Total return with dividends: 1Y +5.8% vs S&P 500 +14.9%; 5Y +0.4% vs S&P 500 +80.3%.
- Next earnings: 2026-11-10, EPS estimate USD —, revenue estimate $0K.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $90.9M | $98.9M | $98.9M | $108M | $113M | $117M |
| Operating income | $22.3M | $23.9M | $22.4M | $26.2M | $27.8M | $29.3M |
| Net income | $16.8M | $18.0M | $16.7M | $20.4M | $22.8M | $23.6M |
| EPS (diluted) | $1.79 | $1.90 | $1.67 | $1.98 | $2.21 | — |
| Free cash flow | -$9.5M | -$24.2M | -$30.3M | -$9.1M | -$18.5M | -$18.2M |
| Operating margin | 24.5% | 24.2% | 22.7% | 24.2% | 24.6% | 25.0% |
| Net margin | 18.5% | 18.2% | 16.9% | 18.9% | 20.2% | 20.2% |
| Revenue growth | +3.1% | +8.8% | +0.0% | +9.2% | +4.6% | — |
| Cash + short-term investments | $92K | $1.3M | $2.5M | $1.1M | $52K | — |
| Total debt | $145M | $178M | $181M | $179M | $176M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)

P/E at fiscal year-ends: Dec 2025 14.3x, Dec 2024 16.0x, Dec 2023 24.9x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 7 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-16…2026-09-17 | Taylor Dian C | Director | 4,000 | $141K | 16% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-02…2026-09-03 | Taylor Dian C | Director | 3,124 | $113K | 11.1% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-31 | Taylor Dian C | Director | 2,000 | $71K | 6.7% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-28 | Taylor Dian C | Director | 2,000 | $71K | 6.2% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-25 | Taylor Dian C | Director | 2,000 | $71K | 5.9% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-20 | Taylor Dian C | Director | 2,000 | $71K | 5.5% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-17…2026-08-18 | Taylor Dian C | Director | 4,000 | $140K | 10% | No | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +5.8% | +0.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +5.8% | +0.1% |
| Volatility (annualized) | 19.7% | 24.5% |
| Max drawdown | -12.3% (Feb 2026→Mar 2026) | -49.0% (Jan 2023→Jan 2025) |

## Peers (Utilities - Regulated Water)
CWCO (Consolidated Water Co. Ltd.) USD 28.05 +3.31% · YORW (The York Water Company) USD 31.69 +3.70% · MSEX (Middlesex Water Company) USD 55.8 +4.05% · HTO (H2O America) USD 58.66 +4.41% · CWT (California Water Service Group) USD 47.54 +3.55% · AWR (American States Water Company) USD 85.05 +3.54%

## More
Full page: https://nexqual.com/ARTNA · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in ARTNA's own 10-K filed 2026-03-16 (https://www.sec.gov/Archives/edgar/data/863110/000086311026000025/form10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | 3M (MMM) | "received from 3M to Artesian Water's customers through a one-time bill credit," |
| Partner | Artesian Water Maryland | "Artesian Water Maryland has one interconnection agreement with the Town of North East that has a "take or pay" clause requiring us to purchase a minimum of 35,000 gallons of water per day." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Regulated Utility | $28.6M | 93.4% | +7.2% | $8.1M | 28.3% |
| Reportable Segment Aggregation Before Other Operating | $28.6M | 93.4% | +7.2% | $8.1M | 28.3% |
| All Other Segments | $2.1M | 6.8% | +9.8% | $493,000 | 23.7% |
| Total revenue | $30.7M | 100% | — | $8.6M | 28.1% |
The lines above cover 193.6% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Water Sales | $24.4M | 79.7% | +5.8% |
| Other Utility Operating Revenue | $4.2M | 13.8% | +16.0% |
| Non Utility Operating Revenue | $2.0M | 6.6% | +10.2% |
| Total revenue | $30.7M | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-06-30) | — | — | — | $0 | — |
| Next quarter | — | — | — | $0 | — |
| Current fiscal year (ends 2026-12-31) | — | — | — | $0 | — |
| Next fiscal year | — | — | — | $0 | — |