Artesian Resources vs Middlesex Water
Middlesex Water is the larger business, with $195m of revenue in fiscal 2025 against $113m for Artesian Resources (1.7 times as much). Artesian Resources grew faster (4.6% against 1.5%). Middlesex Water kept more of each dollar of sales as profit: a net margin of 22.0% against 20.2%. Artesian Resources carries less debt relative to equity (72.9% against 84.0%).
| Latest fiscal year | Artesian ResourcesARTNA, 2025 | Middlesex WaterMSEX, 2025 |
|---|---|---|
| Revenue | $113m | $195m |
| Revenue growth | 4.6% | 1.5% |
| Net income | $22.8m | $42.8m |
| Operating margin | 24.6% | 27.9% |
| Net margin | 20.2% | 22.0% |
| Return on equity | 9.3% | 9.1% |
| Free cash flow | −$18.5m | $62.6m |
| Cash | $52,000 | $2.8m |
| Total debt | $182m | $415m |
| Debt to equity | 72.9% | 84.0% |
| Dividend per share | $1.23 | $1.38 |
| Dividend yield | 3.7% | 2.4% |
| Share buybacks | — | — |
| Employees | — | 395 |
| Market value | $348m | $1.11bn |
| Price vs our value range | — | Above our value range |
| Moat score | 41 (Weak) | 47 (Moderate) |
| Insider trades, 12 months | 0 buys, 16 sales | 1 buys, 4 sales |