ARTNAArtesian Resources Corporation
Is the business good?
A genuinely good business: earnings fully cash-backed (1.7×) and margins widening.
Operating profit is fully backed by cash.
Profits are tracking sales roughly one-for-one, limited operating leverage either way.
Margin-driven, fat margins on slower asset turns. ROE 9% = margin × turnover × leverage.
Unless marked, from derived.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is ARTNA?
Artesian Resources Corporation earns 5.4% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 3.6 points below what the capital costs: growth destroys value
- Operating margin
- 25%
Operating margin · Utilities - Regulated Water median 29% · 12 months to Q2 2026
- Cash conversion
- 1.74×
Cash conversion · 1.66× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- +0.19%
Share count, year on year · flat: no meaningful dilution
| Year | Operating margin |
|---|---|
| FY2020 | 25% |
| FY2021 | 25% |
| FY2022 | 24% |
| FY2023 | 23% |
| FY2024 | 24% |
| FY2025 | 25% |
Details›
- Operating margin12 months to Q2 2026
- 25%
- Net margin12 months to Q2 2026
- 20%
- Free cash flow margin
- −16%
- Revenue, trailing twelve months
- $117M
- Free cash flow, trailing twelve months
- −$18M
- Net income, trailing twelve months
- $24M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 5.4%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Utilities, Regulated Water
Ranks #7 of 9 by RyuScore