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Artesian Resources vs American States Water: revenue, profit, margins and growth compared

Artesian Resources brought in $112.9M of revenue in fiscal 2025, American States Water $658.1M in fiscal 2025. Revenue changed by +4.6% at Artesian Resources and +10.5% at American States Water on the year before, so American States Water grew faster. Artesian Resources kept 20.2% of its revenue as net profit, American States Water 19.8%. Free cash flow was -$18.5M at Artesian Resources and -$7.1M at American States Water.

Side by side, latest fiscal year

ARTNAAWR
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$112.9M$658.1M
Revenue growth+4.6%+10.5%
Net income$22.8M$130.4M
Net margin20.2%19.8%
Free cash flow-$18.5M-$7.1M
Free cash flow margin-16.4%-1.1%
Earnings per share (diluted)$2.21$3.37
Cash$52K$18.8M
Debt$176.4M$794.3M
Price to earnings14.924.1
Market value$339.7M$3.2B
Dividend yield3.74%2.38%
Rank by revenue in sector#103 of 125 · Utilities#89 of 125 · Utilities

Over the years

Revenue
ARTNA FY2018: $80.4MARTNA FY2019: $83.6MARTNA FY2020: $88.1MARTNA FY2021: $90.9MARTNA FY2022: $98.9MARTNA FY2023: $98.9MARTNA FY2024: $108MARTNA FY2025: $112.9MAWR FY2018: $436.8MAWR FY2019: $473.9MAWR FY2020: $488.2MAWR FY2021: $498.9MAWR FY2022: $491.5MAWR FY2023: $595.7MAWR FY2024: $595.5MAWR FY2025: $658.1MFY18FY19FY20FY21FY22FY23FY24FY25
ARTNA $112.9MAWR $658.1M
Net income
ARTNA FY2018: $14.3MARTNA FY2019: $14.9MARTNA FY2020: $16.8MARTNA FY2021: $16.8MARTNA FY2022: $18MARTNA FY2023: $16.7MARTNA FY2024: $20.4MARTNA FY2025: $22.8MAWR FY2018: $63.9MAWR FY2019: $84.3MAWR FY2020: $86.4MAWR FY2021: $94.3MAWR FY2022: $78.4MAWR FY2023: $124.9MAWR FY2024: $119.3MAWR FY2025: $130.4MFY18FY19FY20FY21FY22FY23FY24FY25
ARTNA $22.8MAWR $130.4M
Net margin
ARTNA FY2018: 17.8%ARTNA FY2019: 17.9%ARTNA FY2020: 19.1%ARTNA FY2021: 18.5%ARTNA FY2022: 18.2%ARTNA FY2023: 16.9%ARTNA FY2024: 18.9%ARTNA FY2025: 20.2%AWR FY2018: 14.6%AWR FY2019: 17.8%AWR FY2020: 17.7%AWR FY2021: 18.9%AWR FY2022: 15.9%AWR FY2023: 21.0%AWR FY2024: 20.0%AWR FY2025: 19.8%FY18FY19FY20FY21FY22FY23FY24FY25
ARTNA 20.2%AWR 19.8%
Revenue growth
ARTNA FY2019: +4.0%ARTNA FY2020: +5.4%ARTNA FY2021: +3.1%ARTNA FY2022: +8.8%ARTNA FY2023: -0.0%ARTNA FY2024: +9.2%ARTNA FY2025: +4.6%AWR FY2019: +8.5%AWR FY2020: +3.0%AWR FY2021: +2.2%AWR FY2022: -1.5%AWR FY2023: +21.2%AWR FY2024: -0.0%AWR FY2025: +10.5%FY19FY20FY21FY22FY23FY24FY25
ARTNA +4.6%AWR +10.5%
Free cash flow
ARTNA FY2018: -$19.9MARTNA FY2019: -$21.8MARTNA FY2020: -$13.9MARTNA FY2021: -$9.5MARTNA FY2022: -$24.2MARTNA FY2023: -$30.3MARTNA FY2024: -$9.1MARTNA FY2025: -$18.5MAWR FY2018: $10.2MAWR FY2019: -$35.1MAWR FY2020: -$8.3MAWR FY2021: -$28.9MAWR FY2022: -$48.4MAWR FY2023: -$120.9MAWR FY2024: -$33.2MAWR FY2025: -$7.1MFY18FY19FY20FY21FY22FY23FY24FY25
ARTNA -$18.5MAWR -$7.1M

Fiscal years as each company reports them; the two may end in different months.

Questions about Artesian Resources and American States Water

Which is bigger by revenue, Artesian Resources or American States Water?

American States Water is bigger by revenue: $658.1M in fiscal 2025, against $112.9M for Artesian Resources in fiscal 2025.

Which keeps more of its revenue as profit, Artesian Resources or American States Water?

Artesian Resources had a net margin of 20.2% in fiscal 2025; American States Water had 19.8% in fiscal 2025.

Which grew revenue faster, Artesian Resources or American States Water?

In their latest fiscal years revenue changed by +4.6% at Artesian Resources and +10.5% at American States Water.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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