Forensic Analysis · Energy / Oil & Gas · as of Jun 28, 2026
ARTESIAN RESOURCES CORP (ARTNA)
A forensic read on ARTESIAN RESOURCES CORP built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Distress
Financial health
0.9
Altman Z-score
Clean
Earnings quality
2
Forensic signals
14.9
P / E (ttm)
9.4%
ROE
$347M
Market cap
3.86%
Dividend yield
ARTESIAN RESOURCES CORP earns a C (Mixed — selective) forensic quality grade, and its Altman Z-score is 0.9, placing it in the Distress zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
3%Return on invested capital.Return on invested capital is 3% and steady — well below its ~8% cost of capital, so reinvested dollars may be destroying value, not building it.
+2.9%/yrShare-count dilution.Diluted share count changed +9% over the last 3 years to FY2025 (+2.9%/yr). The count is GROWING — existing holders are being diluted. That's ~2.9% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~9%.
Key fundamentals
Net Margin20.2%
Debt / Equity0.71x
Free Cash Flow$-18.5M
Latest Revenue$112.9M
Return on Equity9.1%
Revenue Growth YoY+4.6%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on ARTESIAN RESOURCES CORP:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about ARTNA's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown