ARTESIAN RESOURCES CORPORATION
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $22.8M | $20.4M | $16.7M | $18.0M | $16.8M | $16.8M | $14.9M | $14.3M |
| Depreciation & Amortization | $13.8M | $13.6M | $13.3M | $12.6M | $11.9M | $11.1M | $10.8M | $10.3M |
| Depreciation | — | — | — | — | — | — | — | — |
| Amortization | — | — | — | — | — | — | — | — |
| Stock-Based Compensation | $246.0K | $219.0K | $254.0K | $152.0K | $193.0K | $178.0K | $181.0K | $192.0K |
| Net Cash from Operating Activities | $40.3M | $36.8M | $31.9M | $24.3M | $31.3M | $20.4M | $18.9M | $29.1M |
| Investing Activities | ||||||||
| Capital Expenditures | $58.8M | $45.9M | $62.2M | $48.5M | $40.8M | $34.3M | $40.7M | $49.1M |
| Business Acquisitions | — | $0 | $0 | $6.3M | $0 | $5.7M | $0 | $0 |
| Net Cash from Investing Activities | $-58.7M | $-45.3M | $-62.1M | $-54.8M | $-40.7M | $-40.0M | $-40.6M | $-49.0M |
| Financing Activities | ||||||||
| Dividends Paid | $12.7M | $12.2M | $11.2M | $10.3M | $9.8M | $9.4M | $9.1M | $8.8M |
| Stock Repurchases | — | — | — | — | — | — | — | — |
| Net Cash from Financing Activities | $17.3M | $7.1M | $31.4M | $31.7M | $9.5M | $19.0M | $22.1M | $19.2M |
| Net Change in Cash | $-1.1M | $-1.4M | $1.2M | $1.2M | $64.0K | $-568.0K | $303.0K | $-659.0K |
| Free Cash Flow | $-18.5M | $-9.1M | $-30.3M | $-24.2M | $-9.5M | $-13.9M | $-21.8M | $-19.9M |
Ten years of filings tell you more than one hot tip ever will.