Forensic Analysis · Water Utilities · as of Nov 11, 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.
B · Sound & dependable
Forensic grade
Clean
Earnings quality
2
Forensic signals
9.3%
ROE
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 (auditor quality, say on pay, board independence, going concern). 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 B (Sound & dependable) forensic quality grade. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
2.8%
FY2025
Return on invested capital.Return on invested capital is 2.8% in the latest fiscal year and steady across FY2023–FY2025, inside a 0.4-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 went from $744M in FY2023 to $797M in FY2025 (+7%), while the revenue it carried went from $99M to $113M. Across FY2024–FY2025, $105M went into capital expenditure against $27M of total depreciation and amortisation. The base is struck net of amortisation, write-downs and the current liabilities that fund it, so it moved by less than that spending net of the wear, and this row does not say which of those absorbed the difference.
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. Capex and the payout together ran $31M past operating cash flow — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of. It came out of the balance sheet's own liquid holdings, not new debt: cash fell $1M over FY2025, while total debt fell $2M — $1M of the $31M. The FY2025 cash-flow statement filed $2M of debt repaid; $342,000 from shares issued; $129,000 from sales of property and equipment; net cash used in investing activities of $59M; net cash provided by financing activities of $17M.
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 Equity9.3%
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?