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what it is
Artesian sells water, wastewater service, and utility operations support across Delaware, Maryland, and Pennsylvania.
how it gets paid
Last year Artesian Res made $108M in revenue. regulated water service was the main engine at $82M, or 76% of sales.
what just happened
Full-year EPS rebounded to $1.98 in 2024 from $1.67 in 2023, while fourth-quarter EPS improved to $0.37 from $0.34.
At a glance
B balance sheet — gets the job done, barely
90/100 earnings predictability — you can trust these numbers
14.6x trailing p/e — the market's not buying it — or you found a deal
3.8% dividend yield — cash in your pocket every quarter
6.0% return on capital — nothing to write home about
xvary composite: 48/100 — below average
What they do
Artesian sells water, wastewater service, and utility operations support across Delaware, Maryland, and Pennsylvania.
This is a regulated water utility, which means the state helps set customer rates. Plain English: Artesian gets unusually visible revenue. So what: you are buying a business with a 24.2% operating margin and a beta of 0.7, not a science project. Water service is boring until you try replacing buried pipes and local permits from scratch.
How they make money
$108M
annual revenue
regulated water service
$82M
wastewater service
$12M
service line protection plans
$8M
contract operations and other utility services
$6M
The products that matter
regulated water distribution
Artesian Water Company
$~85M · ~79% of revenue
this is the main engine, serving 90,000+ connections and generating about $85M of the company\'s $108M annual revenue.
core utility
regulated wastewater utility
Wastewater Services
$~20M · ~18.5% of revenue
it contributes about $20M in revenue. smaller than water, but meaningful enough to diversify the rate base a bit.
secondary rate base
service line protection plans
SLP Plans
$~3M · ~2.5% of revenue
this is the side business. at roughly $3M, it adds recurring revenue, but it will not move the valuation on its own.
small add-on
Key numbers
14.6x
trailing p/e
You are paying a market multiple for a utility with 3.0% historical sales growth, which tells you this is an income stock first.
3.8%
dividend yield
That yield is the main part of your return when revenue only grew 2.7% vs. prior year.
24.2%
operating margin
Operating margin → profit after running the system → so what: Artesian keeps about $24 from every $100 of revenue before interest and taxes.
$175M
long-term debt
Debt equals 36% of capital, which is manageable for a utility but still large against a $309M market cap.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 4 — safer than 20% of stocks
- price stability 80 / 100
- long-term debt $175M (36% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for ARTNA right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Full-year EPS rebounded to $1.98 in 2024 from $1.67 in 2023, while fourth-quarter EPS improved to $0.37 from $0.34.
The story here is recovery, not speed. Revenue was about $108M and annual EPS climbed back to the 2022 level of $1.98 after the 2023 dip.
$108M
revenue
$1.98
fy eps
24.2%
operating margin
the number that mattered
$1.98 matters because it put annual earnings back above 2023's $1.67, which is the cleanest proof that the dip was not permanent.
source: company filings and quarterly history, 2024
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What could go wrong
the #1 risk is regulatory denial or delay of rate increases in Delaware. that is company-specific and it matters because ARTNA does not have another engine to bail it out.
high
regulatory rate setting
this is the whole model. rates are set by commissions, and a weak outcome hits earnings directly. with return on capital at 6.0%, there is not much excess profitability to absorb a bad decision.
exposes most of the $108M revenue base to regulatory timing and allowed-return pressure
med
mandated infrastructure upgrades
lead service line work and PFAS treatment are not optional. they require capital now and recovery later. when you already carry $175M in long-term debt, timing matters.
could pressure free cash flow and make the 3.8% dividend feel less comfortable
med
geographic concentration
ARTNA is mostly a Delaware story with limited exposure outside nearby states. concentration helps focus, but it also means local regulation, weather, and customer trends hit the whole equity story at once.
concentrates operational and regulatory risk in one region
low
valuation staying dull
a 14.6x trailing p/e is not demanding, but low-multiple utilities can remain low-multiple utilities for years. if earnings growth stays modest, you may collect the dividend and not much else.
caps upside even if the business remains stable
ARTNA carries $175M in long-term debt against a $309M market cap, earns 6.0% on capital, and depends on approved returns to keep the dividend case intact. that is a narrow path, not a broken one.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
next rate case filing
this is the real catalyst. ARTNA can grow connections slowly for years, but the stock usually cares more about when management files for higher rates and what regulators approve.
metric
return on capital above 6.0%
6.0% return on capital is serviceable, not exciting. if that number moves higher, the investment case gets better fast because ARTNA is not priced for a step-change in profitability.
risk
infrastructure cost recovery
lead line replacement and PFAS treatment spending can be sensible for the system and still painful for shareholders if recovery lags. watch the pace of capex versus approved reimbursement.
trend
eps after the $2.21 base year
2025 set a $2.21 eps base. the next question is simple: does ARTNA keep growing from there, or was that a good year in a business that still compounds slowly.
Analyst rankings
earnings predictability
90 / 100
a 90 / 100 score means reported results tend to be steady and readable. in human-speak, this is not a surprise factory.
risk rank
4
risk rank is a relative safety score. plain english: stable demand helps, but the balance sheet and regulatory dependence keep this from feeling bulletproof.
source: institutional data
Institutional activity
institutional ownership data for ARTNA is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$32
current price
n/a
target midpoint · n/a from current
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