H2O America vs Middlesex Water
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KIRA’s take AI analyst
I put H2O America and Middlesex Water side by side, using each one’s latest annual report. Here is what stands out:
- H2O America is the larger business, with $801M of revenue in fiscal 2025 against $195M for Middlesex Water, about 4.1 times as much.
- H2O America grew revenue faster (7.0%, against 1.5%).
- Middlesex Water kept more of each dollar of sales as operating profit (27.9% operating margin, against 22.2%).
- Investors pay more for each dollar of Middlesex Water’s earnings: a P/E of 21.6x against 20.2x for H2O America.
Who comes out ahead
Of the 7 measures where higher (or lower) is clearly better, how many each company leads.
H2O America
HTO
2/7
Revenue growth5-year growth
Middlesex Water
MSEX
5/7
Operating marginNet marginReturn on equityNet debt / EBITDAShare count change
Side by side
Best in the row
| Latest fiscal year | HTO FY25 | MSEX FY25 |
|---|---|---|
| Size | ||
| Market cap | $2.3B | $1.0B |
| Revenue | $801M | $195M |
| Free cash flow | — | — |
| Net income | $103M | $42.8M |
| Growth | ||
| Revenue growth | 7.0% | 1.5% |
| 5-year growth | 7.2% | 6.6% |
| Share count change | 7.1% | 1.1% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 22.2% | 27.9% |
| Net margin | 12.8% | 22.0% |
| FCF margin | — | — |
| Return on capital | 4.9% | — |
| Return on equity | 7.1% | 9.1% |
| Balance sheet | ||
| Net debt | $1.9B | $384M |
| Net debt / EBITDA | 6.3x | 4.4x |
| Dividends and buybacks | $58.6M | $24.9M |
| Valuation & quality | ||
| P/E | 20.2x | 21.6x |
| Piotroski F-score | 4 | — |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.