Artesian Resources Corporation (ARTNA) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-456.2%

-$121.14

vs $34.01 price

Levered DCF

-$147.65

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.78

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	14.3×	15.97×	24.82×	30.83×	25.88×	20.6×	23.11×	22.5×
P/B	1.3×	1.36×	1.8×	2.95×	2.44×	2.04×	2.15×	2.1×
P/S	2.89×	3.02×	4.2×	5.6×	4.79×	3.92×	4.13×	4.01×
EV / EBITDA	9.57×	10.05×	14.09×	17.72×	15.21×	13.22×	13.14×	13.3×
Gross margin	37.2%	49.5%	48.8%	48.8%	50.1%	50.5%	49.2%	48.8%
Operating margin	31.5%	24.2%	22.7%	24.2%	24.5%	25.3%	23.8%	23.6%
Net margin	20.2%	18.9%	16.9%	18.2%	18.5%	19.1%	17.9%	17.8%
Current ratio	0.64×	0.96×	1.37×	0.63×	0.4×	0.4×	0.55×	0.43×
Debt / equity	0.73×	0.75×	0.79×	1.06×	0.97×	1.01×	0.96×	0.87×
Interest coverage	4.1×	2.98×	2.45×	2.81×	2.94×	2.93×	2.84×	3.03×
Dividend yield	3.9%	3.7%	2.7%	1.9%	2.3%	2.7%	2.6%	2.7%
Payout ratio	55.5%	59.7%	67.3%	57.3%	58.4%	55.8%	61.1%	61.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.1%	8.5%	7.2%	9.6%	9.5%	9.9%	9.3%	9.3%
Return on invested capital	3.2%	2.5%	2.2%	2.6%	2.7%	2.9%	2.7%	2.8%
Return on assets	2.7%	2.6%	2.2%	2.5%	2.7%	2.8%	2.7%	2.7%
Free cash flow yield	-5.7%	-2.8%	-7.3%	-4.4%	-2.2%	-4.0%	-6.3%	-6.2%
Earnings yield	7.0%	6.3%	4.0%	3.2%	3.9%	4.9%	4.3%	4.4%
Enterprise value	$508.5M	$503.5M	$593.8M	$751.3M	$607.2M	$517.2M	$498.4M	$455.4M
Net debt / EBITDA	3.44×	3.55×	4.24×	4.65×	4.31×	4.38×	4.04×	3.89×
Cash conversion cycle (days)	-14	0	34	17	-20	9	-24	-13