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.

Price · MSEX

1Y 3Y 5Y Max

Annual Quarterly

Income Statement

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Revenue	$194.69M	$191.88M	$154.62M◇	-	-	-
Cost of Revenue	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-
R&D	-	-	-	-	-	-
SG&A	-	-	-	-	-	-
Total Operating Expenses	$140.32M	$138.67M	$127.05M	$120.33M	$109.93M	$104.17M
D&A	$32.49M	$28.04M	$29.44M	$27.48M	$26.80M	$20.84M
Operating Income	$54.38M	$53.21M	$39.22M	$47.33M	$33.21M	$37.42M
Interest Expense	$14.29M	$14.02M	$13.14M	$9.37M	$8.11M	$7.49M
Income Tax	$4.82M	$6.91M	$1.04M	$3.24M	($5.49M)	($4.12M)
Net Income	$42.82M	$44.35M	$31.52M	$42.43M	$36.54M	$38.42M
EPS - Basic	$2.36	$2.48	$1.77	$2.40	$2.08	$2.19
EPS - Diluted	$2.36	$2.47	$1.76	$2.39	$2.07	$2.18

Balance Sheet

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Cash & Equivalents	$2.80M	$4.23M	$2.39M	$3.83M	$3.53M	$4.49M
Accounts Receivable	$19.21M	$18.84M	$18.17M	$16.02M	$15.31M	$14.57M
Inventory	-	-	-	-	-	-
Accounts Payable	$31.33M	$28.05M	$27.62M	$24.85M	$21.13M	$30.44M
Current Assets	$41.77M	$42.97M	$108.54M	$37.31M	$34.35M	$34.12M
Total Assets	$1.37B	$1.26B	$1.24B	$1.07B	$1.02B	$976.47M
Current Liabilities	$93.80M	$82.89M	$103.83M	$117.86M	$56.62M	$56.85M
Long-term Debt	$378.87M	$352.82M	$358.15M	$290.28M	$306.52M	$273.24M
Total Liabilities	-	-	-	-	-	-
Stockholders' Equity	$494.03M	$445.26M	$346.21M	$400.33M◇	$145.81M◇	$346.21M◇
Retained Earnings	$214.88M	$197.06M	$176.23M	$167.27M	$145.81M	$128.76M

Cash Flow

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Operating Cash Flow	$62.60M	$58.73M	$52.78M	$61.36M	$33.03M	$53.35M
Investing Cash Flow	($100.96M)	($74.62M)	($90.18M)	($88.21M)	($79.38M)	($105.62M)
Financing Cash Flow	$38.61M	$17.73M	$35.96M	$27.15M	$39.48M	$16.17M
CapEx	-	$74.62M	$90.18M	$105.62M	$79.38M◇	-
Free Cash Flow	-	($15.89M)	($37.40M)	($44.26M)	($46.35M)◇	-

Ratios

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Profitability
Gross margin	-	-	-	-	-	-
Operating margin	27.9%	27.7%	25.4%	-	-	-
EBITDA margin	44.6%	42.3%	44.4%	-	-	-
Net margin	22.0%	23.1%	20.4%	-	-	-
Free cash flow margin	-	-8.3%	-24.2%	-	-	-
FCF / Net income	-	-0.36	-1.19	-1.04	-1.27	-
R&D / Revenue	-	-	-	-	-	-
SG&A / Revenue	-	-	-	-	-	-
Effective tax rate	10.1%	13.5%	3.2%	7.1%	-17.7%	-12.0%
Return on assets	3.1%	3.5%	2.6%	3.9%	3.6%	3.9%
Return on equity	8.7%	10.0%	9.1%	10.6%	25.1%	11.1%
Return on invested capital	5.6%	5.8%	5.4%	6.4%	7.3%	6.0%
Liquidity
Current ratio	0.45	0.52	1.05	0.32	0.61	0.60
Quick ratio	0.45	0.52	1.05	0.32	0.61	0.60
Cash ratio	0.03	0.05	0.02	0.03	0.06	0.08
Leverage
Debt / Equity	0.77	0.79	1.03	0.73	2.10	0.79
Debt / Assets	0.28	0.28	0.29	0.27	0.30	0.28
Debt / EBITDA	4.36	4.34	5.22	3.88	5.11	4.69
Interest coverage	3.8x	3.8x	3.0x	5.1x	4.1x	5.0x
Equity multiplier	2.76	2.82	3.57	2.68	7.00	2.82
Liabilities / Assets	-	-	-	-	-	-
Efficiency
Asset turnover	0.14	0.15	0.13	-	-	-
Inventory turnover	-	-	-	-	-	-
Days sales outstanding	36d	36d	43d	-	-	-
Days inventory outstanding	-	-	-	-	-	-
Days payable outstanding	-	-	-	-	-	-
Cash conversion cycle	-	-	-	-	-	-
Valuation
P / E	21.4x	21.3x	37.3x	32.9x	58.1x	33.2x
P / B	1.9x	2.1x	0.0x	0.0x	14.5x	0.0x
P / S	4.7x	4.9x	0.0x	-	-	-
EV / EBITDA	14.9x	15.9x	5.2x	3.8x	40.3x	4.6x
Growth
Revenue growth (YoY)	1.5%	24.1%	-	-	-	-
Revenue CAGR (3y)	-	-	-	-	-	-
Revenue CAGR (5y)	-	-	-	-	-	-
Gross profit growth (YoY)	-	-	-	-	-	-
Operating income growth (YoY)	2.2%	35.7%	-17.1%	42.5%	-11.2%	5.3%
Net income growth (YoY)	-3.4%	40.7%	-25.7%	16.1%	-4.9%	13.4%
EPS growth (YoY)	-4.5%	40.3%	-26.4%	15.5%	-5.0%	8.5%
EPS CAGR (3y)	-0.4%	6.1%	-6.9%	5.9%	1.8%	16.5%
EPS CAGR (5y)	1.6%	4.2%	-2.1%	11.6%	8.4%	12.3%
FCF growth (YoY)	-	57.5%	15.5%	4.5%	-	-
FCF CAGR (5y)	-	-	-	-	-	-
Book value growth (YoY)	11.0%	28.6%	-13.5%	174.6%	-57.9%	-

Sales by segment

From XBRL dimensional facts in the 10-K period ending 2025-12-31.

Business segments

$195.64M total

Regulated Segment$182.65M · 93.4%

Non Regulated Segment$12.98M · 6.6%

Product / service

$114.94M total

Regulated Tariff Based Services$102.44M · 89.1%

Unregulated Service Contracts$12.50M · 10.9%

Stability scores

Piotroski F-score

FY 2025 · 9-point quality

3/9

Weak

✓Net income positive
✓Operating cash flow positive
✗ROA improved YoY
✓Cash flow > net income
✗Long-term debt decreased
✗Current ratio improved
✗No share dilution
-Gross margin improved
✗Asset turnover improved

Peer comparison

Same SIC group: Water Supply

Company	Revenue (last FY)	Net margin	ROE
GWRS	$55.76M	5.3%	3.4%
CWT	$963.70M	13.3%	7.6%
YORW	$77.49M	25.9%	8.3%
HTO	$805.59M	12.7%	6.7%
AWR	$658.07M	19.8%	12.5%

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

Cells marked with a small ◇ are sourced from SEC's bulk Financial Statement Data Sets, which can lose dimensional context (notably Revenue and Operating Income for issuers that report by segment). These cells will be replaced with authoritative values from the Company Facts API as the backfill completes.