MSEX · Middlesex Water Co - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $44.30M | - | $54.09M | - | - | - | - | - | - | - |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - | - | - | - | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | - | - | - | - | - | - | - | - | - | - |
| Total Operating Expenses | $35.61M | - | $36.39M | $35.41M | $32.74M | - | $37.60M | $33.83M | $30.66M | - |
| D&A | $8.19M | - | $6.94M | $6.70M | $5.98M | - | $6.31M | $6.30M | $5.98M | - |
| Operating Income | $13.10M | - | $17.70M | $13.91M | $11.56M | - | $17.50M | $15.31M | $9.87M | - |
| Interest Expense | $3.21M | - | $3.41M | $3.62M | $3.27M | - | $3.41M | $4.04M | $3.27M | - |
| Income Tax | $1.28M | - | $1.43M | $1.41M | $1.16M | - | $1.74M | $3.38M | $1.28M | - |
| Net Income | $10.61M | - | $13.96M | $10.78M | $9.48M | - | $14.32M | $10.55M | $10.68M | - |
| EPS - Basic | $0.57 | - | $0.77 | $0.60 | $0.53 | - | $0.80 | $0.59 | $0.60 | - |
| EPS - Diluted | $0.57 | - | $0.77 | $0.60 | $0.53 | - | $0.80 | $0.59 | $0.59 | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.04M | $2.80M | $3.38M | $2.56M | $2.66M | $4.23M | $6.34M | $8.03M | $2.85M | $2.39M |
| Accounts Receivable | $18.69M | $19.21M | $22.74M | $20.89M | $20.12M | $18.84M | $22.70M | $20.17M | $15.73M | $18.17M |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | $29.50M | $31.33M | $28.14M | $30.78M | $31.50M | $28.05M | $32.35M | $25.22M | $23.24M | $27.62M |
| Current Assets | $46.83M | $41.77M | $49.60M | $49.51M | $46.50M | $42.97M | $52.15M | $121.00M | $111.21M | $108.54M |
| Total Assets | $1.39B | $1.37B | $1.34B | $1.32B | $1.28B | $1.26B | $1.23B | $1.27B | $1.25B | $1.24B |
| Current Liabilities | $119.66M | $93.80M | $118.28M | $121.48M | $101.22M | $82.89M | $79.91M | $134.98M | $117.16M | $103.83M |
| Long-term Debt | $371.68M | $378.87M | $350.15M | $351.08M | $351.26M | $352.82M | $352.28M | $355.98M | $356.96M | $358.15M |
| Total Liabilities | - | - | - | - | - | - | - | - | - | - |
| Stockholders' Equity | $501.05M | $494.03M | $482.55M | $457.78M | $449.05M | $445.26M | $441.94M | $432.88M | $427.69M | $422.99M |
| Retained Earnings | $218.80M | $214.88M | $212.91M | $205.09M | $200.44M | $197.06M | $194.36M | $185.86M | $181.14M | $176.23M |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $11.73M | - | - | - | $13.78M | - | - | - | $6.65M | - |
| Investing Cash Flow | ($20.64M) | - | - | - | ($18.91M) | - | - | - | ($14.39M) | - |
| Financing Cash Flow | $8.15M | - | - | - | $3.56M | - | - | - | $8.20M | - |
| CapEx | - | - | - | - | - | - | - | - | $14.39M | - |
| Free Cash Flow | - | - | - | - | - | - | - | - | ($7.74M) | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | - | - | - | - | - | - | - | - | - | - |
| Operating margin | 29.6% | - | 32.7% | - | - | - | - | - | - | - |
| EBITDA margin | 48.1% | - | 45.6% | - | - | - | - | - | - | - |
| Net margin | 23.9% | - | 25.8% | - | - | - | - | - | - | - |
| Free cash flow margin | - | - | - | - | - | - | - | - | - | - |
| FCF / Net income | - | - | - | - | - | - | - | - | -0.72 | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | - | - | - | - | - | - | - | - | - | - |
| Effective tax rate | 10.8% | - | 9.3% | 11.6% | 10.9% | - | 10.8% | 24.3% | 10.7% | - |
| Return on assets | 0.8% | - | 1.0% | 0.8% | 0.7% | - | 1.2% | 0.8% | 0.9% | - |
| Return on equity | 2.1% | - | 2.9% | 2.4% | 2.1% | - | 3.2% | 2.4% | 2.5% | - |
| Return on invested capital | 1.3% | - | 1.9% | 1.5% | 1.3% | - | 2.0% | 1.5% | 1.1% | - |
| Liquidity | ||||||||||
| Current ratio | 0.39 | 0.45 | 0.42 | 0.41 | 0.46 | 0.52 | 0.65 | 0.90 | 0.95 | 1.05 |
| Quick ratio | 0.39 | 0.45 | 0.42 | 0.41 | 0.46 | 0.52 | 0.65 | 0.90 | 0.95 | 1.05 |
| Cash ratio | 0.02 | 0.03 | 0.03 | 0.02 | 0.03 | 0.05 | 0.08 | 0.06 | 0.02 | 0.02 |
| Leverage | ||||||||||
| Debt / Equity | 0.74 | 0.77 | 0.73 | 0.77 | 0.78 | 0.79 | 0.80 | 0.82 | 0.83 | 0.85 |
| Debt / Assets | 0.27 | 0.28 | 0.26 | 0.27 | 0.27 | 0.28 | 0.29 | 0.28 | 0.29 | 0.29 |
| Debt / EBITDA | 17.46 | - | 14.21 | 17.03 | 20.03 | - | 14.80 | 16.47 | 22.53 | - |
| Interest coverage | 4.1x | - | 5.2x | 3.8x | 3.5x | - | 5.1x | 3.8x | 3.0x | - |
| Equity multiplier | 2.77 | 2.76 | 2.78 | 2.87 | 2.85 | 2.82 | 2.78 | 2.94 | 2.92 | 2.92 |
| Liabilities / Assets | - | - | - | - | - | - | - | - | - | - |
| Efficiency | ||||||||||
| Asset turnover | 0.03 | - | 0.04 | - | - | - | - | - | - | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | 154d | - | 153d | - | - | - | - | - | - | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | 91.3x | - | 70.3x | 90.3x | 120.9x | - | 81.5x | 88.6x | 89.0x | - |
| P / B | 1.9x | - | 2.0x | 2.1x | 2.6x | - | 2.7x | 2.2x | 2.2x | - |
| P / S | 21.8x | - | 18.2x | - | - | - | - | - | - | - |
| EV / EBITDA | 62.8x | - | 53.9x | 64.2x | 85.5x | - | 63.7x | 59.5x | 81.8x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Revenue CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | 13.4% | - | 1.2% | -9.2% | 17.2% | - | 36.5% | 43.5% | 31.7% | - |
| Net income growth (YoY) | 11.9% | - | -2.5% | 2.2% | -11.3% | - | 43.3% | 6.5% | 82.0% | - |
| EPS growth (YoY) | 7.5% | - | -3.8% | 1.7% | -10.2% | - | 42.9% | 7.3% | 78.8% | - |
| EPS CAGR (3y) | 20.0% | - | -1.3% | 6.3% | -8.0% | - | 7.2% | -1.6% | 14.8% | - |
| EPS CAGR (5y) | 7.9% | - | 1.4% | 1.8% | 3.8% | - | 3.9% | 3.8% | 8.6% | - |
| FCF growth (YoY) | - | - | - | - | - | - | - | - | 9.5% | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | 11.6% | 11.0% | 9.2% | 5.8% | 5.0% | 5.3% | 11.0% | 5.2% | 6.0% | - |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$195.64M totalRegulated Segment$182.65M · 93.4%
Non Regulated Segment$12.98M · 6.6%
Product / service
$114.94M totalRegulated Tariff Based Services$102.44M · 89.1%
Unregulated Service Contracts$12.50M · 10.9%
Peer comparison
Same SIC group: Water Supply
Comparing MIDDLESEX WATER CO against the 5 most active filers in the same SIC group.
Dividends
$1.42/share trailing 12 months · +5.6% YoY
| Ex-date | Per share |
|---|---|
| May 15, 2026 | $0.3600 |
| Feb 17, 2026 | $0.3600 |
| Nov 17, 2025 | $0.3600 |
| Aug 15, 2025 | $0.3400 |
| May 15, 2025 | $0.3400 |
| Feb 18, 2025 | $0.3400 |
| Nov 15, 2024 | $0.3400 |
| Aug 15, 2024 | $0.3250 |
| May 14, 2024 | $0.3250 |
| Feb 14, 2024 | $0.3250 |
| Nov 15, 2023 | $0.3250 |
| Aug 10, 2023 | $0.3130 |
| May 11, 2023 | $0.3130 |
| Feb 13, 2023 | $0.3130 |
| Nov 15, 2022 | $0.3130 |
| Aug 11, 2022 | $0.2900 |
| May 12, 2022 | $0.2900 |
| Feb 11, 2022 | $0.2900 |
| Nov 15, 2021 | $0.2900 |
| Nov 10, 2021 | $0.2900 |
| Aug 12, 2021 | $0.2730 |
| May 13, 2021 | $0.2730 |
| Feb 11, 2021 | $0.2730 |
| Nov 12, 2020 | $0.2730 |