Forensic Analysis · Utilities · as of Sep 25, 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.
D · Weak — demands caution
Forensic grade
Distress
Financial health
1.1
Distress distance
Clean
Earnings quality
3
Forensic signals
15.0
P / E (ttm)
9.1%
ROE
$349M
Market cap
2.67%
Dividend yield
4.6%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Artesian Resources Corp earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 1.1, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
2.7%
FY2025
Return on invested capital.Return on invested capital is 2.7% in the latest fiscal year and steady across FY2023–FY2025, inside a 0.3-point range. After-tax operating profit was $18M in FY2023 and $22M in FY2025, with operating income at 22.7% of revenue in FY2023, 24.2% in FY2024 and 24.6% in FY2025. The capital base behind it grew +10% across FY2023–FY2025, from $744M to $820M, and the return did not fall doing it, so the dollars added over that window earned at least the 2.4% the older base was already earning.
+1.4%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +3% over the last 2 years to FY2025 (+1.4%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~1.4% 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 FY2023 has been diluted ~3%.
FCF ($18M)
FY2025
Shareholder returns.Returned $13M to shareholders (buybacks + dividends) in FY2025, but free cash flow was ($18M) after capex — there was no free cash flow to fund the payout from at all, though operating cash flow alone was $40M — 31% of that. The entire return is coming from debt or cash reserves, not cash the business itself generated — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of.
Key fundamentals
Latest Revenue$112.9M
Revenue Growth YoY+4.6%
Revenue CAGR (2yr)+6.9%
Net Margin20.2%
Free Cash Flow-$18.5M
Return on Equity9.1%
Debt / Equity0.71x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Artesian Resources Corp's actual 10-K/10-Q/8-K filings?