Artesian Resources Corporation

ARTNAActive

CIK 863110 · Water Utilities

N/A

Market data as of N/A

Financials: LTM / latest available company filings

Sources: FMP, ARTNA filings, SEC EDGAR

$330

Market cap ($MM)

$328

Enterprise value ($MM)

$115

Revenue · LTM ($MM)

$52

EBITDA · LTM ($MM)

45%

EBITDA margin

2.9x

EV / revenue

6.4x

EV / EBITDA

3.5x

Net debt / EBITDA

Coverage

Coverage view

The analytical read on the name and the balance-sheet capacity behind the program.

Key points

01ARTNA is a scaled public consolidator in Water Utilities, a benchmark for how the sub-sector buys, pays, and trades.
02The relevant peer set is AWK, PCYO, WTRG, CWCO, CDZI, MSEX.

Balance sheet & capacity

Indicative capacity read: 3.5x net debt / EBITDA with EBITDA of $51.6MM.

Cash & equiv. ($MM)

$183

Total debt ($MM)

$179

Net debt ($MM)

3.5x

Net debt / EBITDA

Valuation

Where it trades against its peer set

ARTNA versus the scaled public Water Utilities comparables.

Indexed share-price performance

ARTNA versus available Water Utilities peers and SPY.

-21%

ARTNA

N/A

Peer med.

+79%

SPY

Indexed to 100 from May 28, 2021 through May 26, 2026. Source: FMP month-end close history.

Company	Ticker	Revenue ($MM)	EBITDA ($MM)	Margin	Market cap ($MM)	EV ($MM)	EV / rev	EV / EBITDA	Net debt / EBITDA
Artesian Resources Corporation	ARTNA	$115	$52	45%	$330	$328	2.9x	6.4x	3.5x

Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.

M&A program

A sustained, programmatic tuck-in cadence

ARTNA's disclosed acquisition footprint and the deals behind it.

Disclosed acquisitions

Active years

Named deals

Avg / active year

13.0

Acq. cash outflow ($MM)

N/A

Banker read

01ARTNA reads as a programmatic acquirer: 26 disclosed acquisitions across 2 active years, or 13.0 per active year. The chart shows activity in 2 of the last 2 visible years.
02In the last three years, the file shows 2 acquisitions versus 0 in the prior three; recent activity is the visible baseline.
03Spend changes the read: $2.7MM of disclosed spend is concentrated in lumpy years, with FY11 the largest year at $2.2MM. Recent spend is the visible baseline.

Annual acquisitions + disclosed spend

count spend named deal

ARTNA count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.

Program diagnostics

Recent / prior

2 / 0

Last three years sets the visible baseline vs prior three.

Peak count year

FY11

1 disclosed acquisitions in the peak visible year.

Recent spend

$2.7MM

sets the visible baseline vs prior three; peak FY11 at $2.2MM.

Named evidence

1 rows

3.8% selected source-cited transaction coverage.

Selected transactions

Date	Target	Segment	Consideration ($MM)	Strategic rationale	Source
May 26, 2022	Clayton Water System acquisition	Water utilities	$5	Additionally, as part of the Company’s growth strategy, on May 26, 2022, Artesian Water completed its purchase of substantially all of the water system operating assets from the...	10-K^†

Acquisitions disclosed/extracted from SEC filings; not necessarily full M&A history. Disclosed acquisition cash outflow is cumulative "payments for acquisitions, net of cash acquired" from the 10-K cash-flow statements (a cash outflow, not deal value). Built on 2 SEC-backed facts across 1 cited filings.

Evidence

Source archive

A collapsed investigation trail for the SEC filings behind the financials, annual M&A cadence, named transactions, and management language.

Annual 10-Ks

Named deal filings

Recent SEC filings

Evidence clips

Annual 10-K M&A evidenceAccepted annual filings used for disclosed acquisition count and spend.23 rows+

Fiscal year	Filing date	Form	Status	Count	Cash spend	Purchase consideration	Source
FY2025	Mar 16, 2026	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2024	Mar 26, 2025	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2023	Mar 18, 2024	Annual M&A 10-K	quarantined (1 warn, 1 issue)	0	N/A	N/A	SEC filing
FY2022	Mar 10, 2023	Annual M&A 10-K	accepted	2	$6.3MM	$11.4MM	SEC filing
FY2021	Mar 11, 2022	Annual M&A 10-K	quarantined (1 issue)	2	N/A	$5.7MM	SEC filing
FY2020	Mar 12, 2021	Annual M&A 10-K	quarantined (1 issue)	2	$5.7MM	$5.7MM	SEC filing
FY2019	Mar 13, 2020	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2018	Mar 15, 2019	Annual M&A 10-K	accepted	1	N/A	$0.5MM	SEC filing
FY2017	Mar 15, 2018	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2016	Mar 10, 2017	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2015	Mar 11, 2016	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2014	Mar 13, 2015	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2013	Mar 14, 2014	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2012	Mar 14, 2013	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2011	Mar 15, 2012	Annual M&A 10-K	accepted	1	N/A	$2.2MM	SEC filing
FY2010	Mar 15, 2011	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2009	Mar 11, 2010	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2008	Mar 12, 2009	Annual M&A 10-K	accepted	1	$4.8MM	$7.1MM	SEC filing
FY2007	Mar 12, 2008	Annual M&A 10-K	accepted	2	N/A	N/A	SEC filing
FY2006	Mar 16, 2007	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2005	Mar 17, 2006	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2004	Mar 31, 2005	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2003	Mar 10, 2004	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing

Named transaction source filingsFilings behind selected named-deal rows and transaction excerpts.1 rows+

Filing date	Form	Targets / topics	Support	Source
Mar 18, 2024	10-K	Clayton Water System acquisition	Annual M&ANamed deals	SEC filing

Recent SEC filingsThe latest profile filings, kept separate so someone can investigate beyond M&A.0 rows+

No filing source clears this category.

Evidence clipsShort excerpts used on the page; expand only when you want the language.1 rows+

Clayton Water System acquisition

10-K - Mar 18, 2024

Medium

Additionally, as part of the Company’s growth strategy, on May 26, 2022, Artesian Water completed its purchase of substantially all of the water system operating assets from the Town of Clayton, or...

SEC source

Annual M&A counts and disclosed spend are extracted from SEC acquisition disclosures and cash-flow statements; named-deal rows carry direct filing links where the filing identifies the target or consideration.

Search

Coverage view

Where it trades against its peer set

A sustained, programmatic tuck-in cadence

Source archive