Middlesex Water Company (MSEX) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.7	$0.79	+12.9%	—	$56.4M	—
Q1 26	$0.59	$0.57	-3.4%	—	$48.7M	—
Q4 25	$0.46	$0.46	0.0%	—	$47M	—
Q3 25	$0.85	$0.77	-9.4%	—	$54.1M	—
Q2 25	$0.67	$0.6	-10.4%	—	$49.3M	—
Q1 25	$0.57	$0.53	-7.0%	—	$44.3M	—
Q4 24	$0.37	$0.49	+32.4%	—	$47.1M	—
Q3 24	$0.68	$0.8	+17.6%	—	$55.1M	—
Q2 24	$0.64	$0.59	-7.8%	—	$49.1M	—
Q1 24	$0.45	$0.59	+31.1%	—	$40.5M	—
Q4 23	$0.51	$0.32	-37.3%	—	$38.6M	—
Q3 23	$0.87	$0.56	-35.6%	—	$46.7M	—
Q2 23	$0.6	$0.55	-8.3%	—	$42.8M	—
Q1 23	$0.47	$0.33	-29.8%	—	$38.2M	—
Q4 22	$0.54	$0.4	-25.9%	—	$38.8M	—
Q3 22	$0.88	$0.8	-9.1%	—	$47.7M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$2.36	—	—	$194.7M	—
FY24	—	$2.48	—	—	$191.9M	—
FY23	—	$1.77	—	—	$166.3M	—
FY22	—	$2.4	—	—	$162.4M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$132.9M	$130.8M	$138.1M	$134.6M	$141.6M	$143.1M	$162.4M	$166.3M	$191.9M	$194.7M
YoY change	+5.46%	-1.6%	+5.58%	-2.52%	+5.2%	+1.09%	+13.5%	+2.36%	+15.4%	+1.47%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	132.9M	130.8M	138.1M	134.6M	141.6M	143.1M	162.4M	166.3M	191.9M	194.7M
Cost of revenue	65.9M	65.5M	71.6M	68M	70.8M	73.7M	79.1M	83.1M	92.4M	91.3M
Gross profit	67M	65.3M	66.5M	66.6M	70.8M	69.5M	83.3M	83.2M	99.5M	103.4M
Gross margin	50.4%	49.9%	48.2%	49.5%	50%	48.5%	51.3%	50%	51.9%	53.1%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	—	—
Operating expenses	-619K	-702K	-1.4M	-3.1M	-4M	-2.7M	-2.3M	—	—	—
Operating income	40.3M	37.8M	37.1M	35.5M	37.4M	33.2M	42.1M	39.2M	53.2M	54.4M
Operating margin	30.3%	28.9%	26.9%	26.4%	26.4%	23.2%	25.9%	23.6%	27.7%	27.9%
Non-operating income, net	-1.2M	915K	1.6M	-654K	363K	3.3M	10.6M	4.1M	10.8M	7.6M
Pretax income	34.5M	33.9M	33.4M	30.7M	34.3M	31.1M	45.7M	32.6M	51.3M	47.6M
Income tax	11.7M	11.1M	924K	-3.1M	-4.1M	-5.5M	3.2M	1M	6.9M	4.8M
Net income	22.7M	22.8M	32.5M	33.9M	38.4M	36.5M	42.4M	31.5M	44.4M	42.8M
Net margin	17.1%	17.4%	23.5%	25.2%	27.1%	25.5%	26.1%	19%	23.1%	22%
EBITDA	52.7M	53.6M	54.6M	52.1M	58.6M	63.3M	75M	72.7M	92.1M	92.8M
EPS	1.39	1.39	1.97	2.02	2.19	2.08	2.4	1.77	2.48	2.36
Diluted EPS	1.38	1.38	1.96	2.01	2.18	2.07	2.39	1.76	2.47	2.36

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	46.7M	38.6M	40.5M	49.1M	55.1M	47.1M	44.3M	49.3M	54.1M	47M	48.7M	56.4M
Cost of revenue	22.6M	19.1M	20.5M	21.8M	25.4M	24.7M	21.1M	23.1M	23.7M	23.4M	23M	25.4M
Gross profit	24.1M	19.5M	20.1M	27.3M	29.7M	22.4M	23.2M	26.3M	30.4M	23.6M	25.7M	31M
Gross margin	51.7%	50.6%	49.5%	55.6%	54%	47.5%	52.4%	53.2%	56.1%	50.2%	52.8%	54.9%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	—	—	—	—
Operating expenses	—	—	—	—	—	—	—	—	—	—	—	—
Operating income	12.8M	8.2M	9.9M	15.3M	17.5M	10.5M	11.6M	13.9M	17.7M	11.2M	13.1M	18.2M
Operating margin	27.4%	21.4%	24.3%	31.2%	31.8%	22.4%	26.1%	28.2%	32.7%	23.9%	26.9%	32.3%
Non-operating income, net	936K	928K	5.4M	2.7M	1.6M	1.6M	1.8M	1.9M	1.9M	2M	2M	2.3M
Pretax income	10.7M	5.7M	12M	13.9M	16.1M	9.3M	10.6M	12.2M	15.4M	9.4M	11.9M	16.6M
Income tax	746K	-102K	1.3M	3.4M	1.7M	503K	1.2M	1.4M	1.4M	820K	1.3M	1.8M
Net income	10M	5.8M	10.7M	10.5M	14.3M	8.8M	9.5M	10.8M	14M	8.6M	10.6M	14.8M
Net margin	21.4%	14.9%	26.4%	21.5%	26%	18.7%	21.4%	21.9%	25.8%	18.3%	21.8%	26.2%
EBITDA	21.3M	16.5M	21.2M	25M	26.3M	19.9M	20.9M	22.9M	27.7M	21.3M	22.7M	26.8M
EPS	0.56	—	0.6	0.59	0.8	0.49	0.53	0.6	0.77	0.46	0.57	0.79
Diluted EPS	0.56	—	0.59	0.59	0.8	0.49	0.53	0.6	0.77	0.46	0.57	0.79

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	698.1M	650.8M	874.9M	1.1B	1.3B	2.1B	1.4B	1.2B	939M	912.4M	988.4M
Enterprise value	846.9M	819.7M	1.1B	1.3B	1.5B	2.4B	1.7B	1.6B	1.3B	1.3B	1.4B
Shares outstanding	16.3M	16.3M	16.4M	16.7M	17.5M	17.5M	17.6M	17.7M	17.8M	18.1M	18.1M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	30.7	28.5	27	31.3	32.9	57.6	32.7	36.9	21.2	21.3	20.2
P/S	5.25	4.98	6.34	7.89	8.94	14.7	8.54	7	4.89	4.69	4.79
P/B	3.16	2.81	3.48	3.26	3.63	5.7	3.45	2.74	2.1	1.84	1.89
EV/EBITDA	16.1	15.3	19.8	25.4	26.4	38.4	23.3	21.6	14.3	14.3	14.9
EV/Sales	6.37	6.27	7.82	9.83	10.9	17	10.8	9.46	6.88	6.81	7.01
Earnings yield	3.26%	3.5%	3.71%	3.19%	3.04%	1.73%	3.06%	2.71%	4.72%	4.69%	4.94%
FCF yield	-0.04%	-1.15%	-3%	-5%	-4.13%	-2.2%	-2.16%	-3.21%	-1.69%	-3.7%	-2.87%
PEG	—	—	—	—	—	—	—	—	—	—	0.64

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	50.4%	49.9%	48.2%	49.5%	50%	48.5%	51.3%	50%	51.9%	53.1%	54.9%
Operating margin	30.3%	28.9%	26.9%	26.4%	26.4%	23.2%	25.9%	23.6%	27.7%	27.9%	34.4%
Net margin	17.1%	17.4%	23.5%	25.2%	27.1%	25.5%	26.1%	19%	23.1%	22%	23.3%
ROE	10.3%	9.85%	12.9%	10.4%	11%	9.88%	10.5%	7.42%	9.92%	8.64%	9.77%
ROA	3.67%	3.45%	4.23%	3.72%	3.94%	3.58%	3.95%	2.55%	3.53%	3.14%	2.96%
ROIC	7.19%	6.35%	7.92%	6.05%	5.93%	4.77%	5.11%	4.55%	5.56%	5.37%	5.65%
Return on tangible assets	3.67%	3.45%	4.23%	3.72%	3.94%	3.58%	3.95%	2.55%	3.53%	3.14%	3.37%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.57	0.45	0.33	0.45	0.6	0.61	0.32	1.05	0.52	0.45	0.5
Quick ratio	0.48	0.39	0.27	0.36	0.51	0.51	0.26	0.98	0.44	0.36	0.41
Debt / equity	0.69	0.75	0.83	0.81	0.83	0.89	0.91	0.97	0.86	0.84	0.84
Debt / assets	0.25	0.26	0.27	0.29	0.29	0.32	0.34	0.33	0.31	0.31	0.31
Net debt / EBITDA	2.82	3.15	3.76	5.02	4.83	5.17	4.84	5.63	4.15	4.46	4.44
Interest coverage	8.38	8.06	7.19	8.47	10.9	6.69	7.48	4.04	5.01	4.33	4.51
Effective tax rate	34%	32.7%	2.77%	0%	0%	0%	7.09%	3.2%	13.5%	10.1%	10%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	8.18	8.02	8.42	8.05	8.11	8.17	9.21	9.38	10.8	10.8	11.2
EPS (basic)	1.39	1.39	1.97	2.02	2.19	2.08	2.4	1.77	2.48	2.36	2.36
EPS (diluted)	1.38	1.38	1.96	2.01	2.18	2.07	2.39	1.76	2.47	2.36	2.59
Book value per share	13.6	14.2	15.3	19.5	19.9	21.1	22.8	24	25	27.4	27.7
FCF per share	-0.02	-0.46	-1.6	-3.18	-2.99	-2.65	-1.7	-2.11	-0.89	-1.87	-2.16
Cash per share	0.24	0.3	0.23	0.13	0.26	0.2	0.22	0.13	0.24	0.15	0.1
Capex per share	2.91	3.08	4.4	5.33	6.05	—	—	—	—	5.32	5.29

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	35.6%	38.5%	52.2%	66.2%	74.6%	—	—	—	—	49.5%	48.1%
Capex / operating cash flow	108.1%	113.8%	167.3%	214.1%	206%	—	—	—	—	153.9%	169.1%
Payout ratio	58.4%	62%	46.5%	48.1%	47.6%	53.3%	49.3%	71.6%	53%	58.4%	54.8%
Dividend yield	1.9%	2.17%	1.72%	1.53%	1.45%	0.93%	1.51%	1.94%	2.5%	2.74%	2.74%

Yield

2.74%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.36

ex-dividend Aug 17, 2026

Payout ratio

55%

of earnings

Dividend growth

12 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 17, 2026	$0.36
May 15, 2026	$0.36
Feb 17, 2026	$0.36

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$46.7M	$38.6M	$40.5M	$49.1M	$55.1M	$47.1M	$44.3M	$49.3M	$54.1M	$47M	$48.7M	$56.4M
YoY change	-2.13%	-0.57%	+6.21%	+14.8%	+17.9%	+22%	+9.32%	+0.36%	-1.83%	-0.27%	+9.96%	+14.3%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	3.9M	4.9M	3.7M	2.2M	4.5M	3.5M	3.8M	2.4M	4.2M	2.8M
Receivables	10.1M	10.8M	11.8M	11.9M	14.6M	15.3M	16M	18.2M	18.8M	19.2M
Inventory	4.1M	4.1M	5.4M	5.4M	5.1M	5.4M	6.2M	7M	6.7M	7.5M
Total current assets	26.7M	29.2M	30.8M	29.1M	34.1M	34.4M	37.3M	108.5M	43M	41.8M
Property, plant & equipment	-259.3M	-281M	-124.5M	-88.8M	-100.1M	-170.3M	-157.5M	-212.7M	-217.6M	-228.7M
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—
Total assets	620.2M	661.1M	767.8M	909.9M	976.5M	1B	1.1B	1.2B	1.3B	1.4B
Accounts payable	12.3M	13.9M	19.3M	23.3M	30.4M	21.1M	24.8M	27.6M	28.1M	31.3M
Short-term debt	18.2M	34.9M	55.8M	27.2M	9.3M	19.7M	73M	50.5M	30.7M	36.1M
Total current liabilities	47.1M	64.5M	94.4M	65M	56.8M	56.6M	117.9M	103.8M	82.9M	93.8M
Long-term debt	134.5M	139M	152.9M	236.5M	278.3M	310.9M	294M	361.2M	355.3M	380.7M
Total liabilities	399.3M	429.5M	516.6M	584M	628.2M	650.2M	672M	811M	808.3M	870.4M
Shareholders' equity	220.9M	231.6M	251.2M	325.9M	348.3M	369.8M	402.4M	425.1M	446.9M	495.4M
Total debt	152.7M	173.9M	208.7M	263.7M	287.5M	330.6M	366.9M	411.7M	386M	416.8M
Net debt	148.8M	169M	205M	261.5M	283.1M	327.1M	363.1M	409.3M	381.7M	414M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	3M	2.4M	2.9M	8M	6.3M	4.2M	2.7M	2.6M	3.4M	2.8M	2M	1.8M
Receivables	19M	18.2M	15.7M	20.2M	22.7M	18.8M	20.1M	20.9M	22.7M	19.2M	18.7M	21M
Inventory	6.4M	7M	7.1M	6.5M	6.5M	6.7M	7M	6.9M	7.3M	7.5M	8.1M	9M
Total current assets	135.8M	108.5M	111.2M	121M	52.1M	43M	46.5M	49.5M	49.6M	41.8M	46.8M	52M
Property, plant & equipment	-194.5M	-212.7M	-212.5M	-211.5M	-211.6M	-217.6M	-224.7M	-218.6M	-230.9M	-228.7M	-225M	-218.7M
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—	—	—
Total assets	1.2B	1.2B	1.3B	1.3B	1.2B	1.3B	1.3B	1.3B	1.3B	1.4B	1.4B	1.4B
Accounts payable	28.6M	27.6M	23.2M	25.2M	32.4M	28.1M	31.5M	30.8M	28.1M	31.3M	29.5M	31M
Short-term debt	49.7M	50.5M	65.8M	80.2M	25.2M	30.7M	41.7M	62.8M	62.6M	36.1M	54.7M	41.7M
Total current liabilities	121.3M	103.8M	117.2M	135M	79.9M	82.9M	101.2M	121.5M	118.3M	93.8M	119.7M	104.7M
Long-term debt	357.5M	361.2M	359.9M	358.7M	354.9M	355.3M	353.5M	353.2M	352.1M	380.7M	373.3M	397.1M
Total liabilities	821.7M	811M	820.3M	839.7M	785.8M	808.3M	828.3M	856.8M	858.1M	870.4M	883.6M	901M
Shareholders' equity	421.7M	425.1M	429.8M	435M	443.8M	446.9M	450.7M	459.1M	483.9M	495.4M	502.4M	522.4M
Total debt	407.2M	411.7M	425.7M	438.9M	380.1M	386M	395.2M	416M	414.8M	416.8M	428M	438.7M
Net debt	404.2M	409.3M	422.8M	430.9M	373.8M	381.7M	392.6M	413.5M	411.4M	414M	426M	436.9M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	22.7M	22.8M	32.5M	33.9M	38.4M	36.5M	42.4M	31.5M	44.4M	42.8M
Depreciation & amortization	13.5M	14.8M	15.8M	17.2M	20.8M	26.8M	27.5M	29.4M	28M	32.5M
Stock-based compensation	829K	840K	1.1M	637K	1.1M	1.3M	1.6M	2.2M	1.5M	1.2M
Change in working capital	3.7M	-1.6M	3.4M	3.8M	7.3M	-17.4M	-3M	-2.8M	-13.2M	-11.4M
Operating cash flow	43.8M	44.2M	43.1M	41.6M	51.3M	34.7M	62.2M	53M	58.1M	62.6M
Capital expenditure	-47.4M	-50.3M	-72.1M	-89.1M	-105.6M	—	—	—	—	-96.4M
Investing cash flow	-47.4M	-51.3M	-72.1M	-89.1M	-105.6M	0	3.1M	0	0	-101M
Dividends paid	-13.3M	-14.1M	-15.1M	-16.3M	-18.3M	-19.5M	-20.9M	-22.6M	-23.5M	-25M
Share repurchases	0	—	—	—	—	—	—	—	—	—
Financing cash flow	714K	9.5M	25.5M	93.9M	16.2M	39.5M	27.1M	36M	17.7M	38.6M
Net change in cash	-2.8M	2.4M	-3.5M	46.4M	-38.2M	74.2M	92.5M	89M	75.8M	249K
Free cash flow	-304K	-7.5M	-26.2M	-53.1M	-52.3M	-46.4M	-30M	-37.4M	-15.9M	-33.8M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	10M	5.8M	10.7M	10.5M	14.3M	8.8M	9.5M	10.8M	14M	8.6M	10.6M	14.8M
Depreciation & amortization	7.6M	7.3M	6M	7M	7.2M	7.8M	7.9M	7.5M	8.5M	8.5M	8.2M	6.9M
Stock-based compensation	424K	424K	-465K	1.5M	155K	310K	389K	569K	161K	118K	401K	766K
Change in working capital	-503K	-3.6M	-11.9M	-8.6M	299K	7M	-3.8M	2.9M	-9.6M	-1M	-8M	-1.4M
Operating cash flow	15.6M	8.7M	5.5M	10.7M	20.4M	21.6M	12.8M	18.3M	12M	18.5M	11.7M	16.4M
Capital expenditure	—	—	—	—	—	—	—	-31.7M	-21M	-24.7M	-20.6M	-32.8M
Investing cash flow	0	0	—	—	—	—	—	-31.7M	-21M	-24.7M	-20.6M	-32.8M
Dividends paid	-5.6M	-5.9M	-5.8M	-5.8M	-5.8M	-6.1M	-6.1M	-6.1M	-6.1M	-6.6M	-6.7M	-6.7M
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	10.3M	3.7M	8.2M	8.3M	-394K	1.6M	3.6M	19.6M	9.8M	5.7M	8.2M	16.3M
Net change in cash	25.9M	12.5M	13.7M	18.9M	20M	23.2M	16.3M	6.2M	824K	-584K	-760K	-89K
Free cash flow	-11.7M	-4.3M	-7.7M	-3.1M	-1.3M	-3.7M	-5.1M	-13.4M	-9M	-6.3M	-8.9M	-16.4M

Date	Ratio
Nov 17, 2003	4:3
Jan 3, 2002	3:2
Oct 2, 1992	2:1
Jan 2, 1985	2:1

Middlesex Water Company Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history