What is a cash flow waterfall?

A cash flow waterfall is a bar chart that walks from operating cash flow through capital expenditure to free cash flow, then shows how the remaining cash is allocated — acquisitions, buybacks, dividends, debt, and other financing — ending at the net change in cash. Each step is colour-coded: green bars add to the running total, red bars subtract.

How does Artesian Resources (ARTNA) spend its free cash flow?

For TTM through Q1 2026, Artesian Resources generated $38M of operating cash flow and -$1.37M of free cash flow — a free cash flow margin of -3.6% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Artesian Resources (ARTNA) return via buybacks and dividends?

The waterfall shows buybacks (share repurchases) and dividends paid as separate steps in the financing section. Together these represent Artesian Resources's shareholder returns for TTM through Q1 2026. You can compare these against free cash flow to assess the capital-return payout ratio.

Artesian Resources (ARTNA) Cash Flow Waterfall

Operating CF

$38M

Capex

-$39.4M

Free Cash Flow

-$1.37M

FCF Margin

-3.6%

Cash flow waterfall for Artesian Resources (ARTNA) — TTM through Q1 2026

Free cash flow: -$1.37M

Note: Other Investing is large — driven mainly by acquisitions and investment activity.

Cash flow breakdown for Artesian Resources (ARTNA) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$38M	$38M
Capital Expenditure	-$39.4M	-$1.37M
Free Cash Flow	-$1.37M	-$1.37M
Other Investing	-$22M	-$23.4M
Dividends Paid	-$12.8M	-$36.2M
Net Debt Change	$7.47M	-$28.8M
Other Financing & FX	$29.3M	$548K
Net Cash Increase	$548K	$548K

Operating Cash Flow$38M
Capital Expenditure-$39.4M
Free Cash Flow-$1.37M
Other Investing-$22M
Dividends Paid-$12.8M
Net Debt Change$7.47M
Other Financing & FX$29.3M
Net Cash Increase$548K

Want to see what drove the FCF change?Free Cash Flow Bridge

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