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Middlesex Water

MSEX Nasdaq Water Utilities Financials FY2016–FY2025

Middlesex Water's revenue rose 1.5% to $195 million in fiscal 2025. Its operating margin was 27.9%, up from 27.7% a year earlier. It paid out $25 million in dividends and buybacks. The diluted share count rose 1.1%.

Last close · Oct 23, 2026

$56.03

0.4%
Value it Compare
Revenue Total sales reported in the income statement.
$195M
1.5% vs prior year
Operating margin Operating income as a share of revenue.
27.9%
0.2 pts
Net income Profit after all expenses, interest and tax.
$42.8M
3.6%
Free cash flow Cash from operations minus capital spending.
—
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap Last close times the latest diluted share count, so it is approximate.
$1.0B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
21.6x
On $2.59 EPS (TTM)

About these figures. Middlesex Water's 2025 filing doesn't tag its capital spending under the usual label, so capital spending and free cash flow are blank for 2025.

What Middlesex Water does

No business description yet.

Legal name
MIDDLESEX WATER COMPANY
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001628280-26-009777
0000066004

Revenue and margins

Middlesex Water had $195M of revenue in fiscal 2025, up 1.5% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 6.1% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Middlesex Water returned $24.9M to shareholders in fiscal 2025. The diluted share count rose 1.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Middlesex Water yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$384M and divides by 18.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 21.6x · peers 21.8x · sector 20.4x.

Balance sheet

Cash, debt and the ratios that show how comfortably Middlesex Water can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $3.5M$3.8M$2.4M$4.2M$2.8M
Debt incl. finance leases $324M$362M$408M—$387M
Net debt / EBITDA 5.3x4.8x5.9x—4.4x
Debt / equity 0.9x0.9x1.0x—0.8x
Interest coverage 4.1x5.1x3.0x3.8x3.8x
Current ratio 0.6x0.3x1.1x0.5x0.5x
Quick ratio 0.6x0.3x1.1x0.5x0.5x
Total assets $1.0B$1.1B$1.2B$1.3B$1.4B
Total liabilities $652M$674M$813M$810M$872M
Shareholders' equity $368M$400M$423M$445M$494M
Net debt (− = net cash) $321M$358M$405M—$384M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.1M

1 insider

Sold, 12 months

$0.1M

3 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Aug 7, 2026 Lorrie Beth GinegawVP, Human Resources Sold 615 $57.61 $0.0M Form 4
Mar 4, 2026 Walter G ReinhardDirector Sold 300 $55.21 $0.0M Form 4
Feb 27, 2026 Robert N HoglundDirector Bought 2,000 $54.31 $0.1M Form 4
Feb 25, 2026 Robert John CapkoPAO & Controller Sold 134 $54.04 $0.0M Form 4
Nov 18, 2025 Lorrie Beth GinegawVp-hr Sold 650 $50.92 $0.0M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ — —
Current ratio rose ✓ ✕ ✕
Share count didn't rise ✕ ✕ ✕
Gross margin rose — — —
Revenue rose relative to assets ✕ ✓ ✕
F-score 4 / 8— / 9— / 9
Accruals ratio −1.8%−1.2%−1.5%
Altman Z'' 1.251.171.13

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Middlesex Water MSEX $1.0B 1.5% 27.9% — — 21.6x —
American States Water AWR $3.4B 10.5% 30.9% −1.1% 9.3% 23.4x 4 Compare →
H2O America HTO $2.3B 7.0% 22.2% — 4.9% 20.2x 4 Compare →
California Water Service Group CWT $2.9B 6.4% 17.7% — 4.8% 21.6x 4 Compare →
Essential Utilities WTRG $12.2B 18.6% 37.2% −17.0% 6.4% 22.0x 5 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $133M $131M $138M $135M $141M $143M $162M $166M $192M $195M
Operating income $40.3M $37.8M $37.1M $35.5M $37.4M $33.2M $47.3M $39.2M $53.2M $54.4M
Interest expense $5.3M $5.5M $6.8M $7.3M $7.5M $8.1M $9.4M $13.1M $14.0M $14.3M
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 $0.9M −$3.1M −$4.1M −$5.5M $3.2M $1.0M $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
Diluted EPS $1.38 $1.38 $1.96 $2.01 $2.18 $2.07 $2.39 $1.76 $2.47 $2.36
Diluted shares 0.02B 0.02B 0.02B 0.02B 0.02B 0.02B 0.02B 0.02B 0.02B 0.02B
Cash flow
Cash from operations $47.1M $42.8M $45.9M $36.1M $53.4M $33.0M $61.4M $52.8M $58.7M $62.6M
Capital expenditure — — — — $106M $79.4M $91.3M $90.2M $74.6M —
Free cash flow — — — — −$52.3M −$46.4M −$30.0M −$37.4M −$15.9M —
Depreciation and amortization $13.5M $14.8M $15.8M $17.2M $20.8M $26.8M $27.5M $29.4M $28.0M $32.5M
Stock-based compensation $0.8M $0.8M $1.1M $0.6M $1.1M $1.3M $1.6M $2.2M $1.5M $1.2M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.6M $1.5M $0.0M
Dividends paid $13.1M $14.0M $14.9M $16.2M $18.2M $19.4M $20.8M $22.4M $23.4M $24.9M
Dividends and buybacks $13.1M $14.0M $14.9M $16.2M $18.2M $19.4M $20.8M $23.1M $24.9M $24.9M
Balance sheet
Cash and short-term investments $4.1M $5.1M $3.9M $2.2M $4.5M $3.5M $3.8M $2.4M $4.2M $2.8M
Total debt $155M $176M $211M $254M $279M $324M $362M $408M — $387M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $26.7M $29.2M $30.8M $29.1M $34.1M $34.4M $37.3M $109M $43.0M $41.8M
Current liabilities $47.1M $64.5M $94.4M $65.0M $56.8M $56.6M $118M $104M $82.9M $93.8M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Total assets $620M $661M $768M $910M $977M $1.0B $1.1B $1.2B $1.3B $1.4B
Total liabilities — — — — $630M $652M $674M $813M $810M $872M
Shareholders' equity — — — — $346M $368M $400M $423M $445M $494M
Margins
Operating margin 30.4% 28.9% 26.9% 26.4% 26.5% 23.2% 29.2% 23.6% 27.7% 27.9%
EBITDA margin 40.6% 40.3% 38.4% 39.2% 41.2% 42.0% 46.1% 41.3% 42.3% 44.6%
Net margin 17.1% 17.5% 23.5% 25.2% 27.2% 25.6% 26.1% 19.0% 23.1% 22.0%
FCF margin — — — — −37.0% −32.4% −18.5% −22.5% −8.3% —
Returns
Return on capital — — — — — 5.1% 6.1% 4.8% — —
Return on capital employed 7.2% 6.5% 5.9% 4.7% 4.2% 3.5% 4.9% 3.8% 4.6% 4.5%
Return on equity — — — — — 10.2% 11.1% 7.7% 10.2% 9.1%
Return on assets 3.8% 3.6% 4.5% 4.0% 4.1% 3.7% 4.1% 2.7% 3.6% 3.3%
Growth
Revenue growth 5.3% −1.6% 5.6% −2.5% 5.2% 1.1% 13.5% 2.5% 15.4% 1.5%
Net income growth 13.6% 0.3% 42.3% 4.4% 13.4% −4.9% 16.1% −25.7% 40.7% −3.5%
EPS growth 13.1% 0.0% 42.0% 2.6% 8.5% −5.1% 15.5% −26.4% 40.3% −4.5%
Share count change 0.6% 0.4% 0.3% 1.8% 4.4% 0.2% 0.6% 0.8% 0.6% 1.1%
Financial health
Net debt / EBITDA 2.8x 3.2x 3.9x 4.8x 4.7x 5.3x 4.8x 5.9x — 4.4x
Debt / equity — — — — 0.8x 0.9x 0.9x 1.0x — 0.8x
Interest coverage 7.6x 6.9x 5.5x 4.9x 5.0x 4.1x 5.1x 3.0x 3.8x 3.8x
Current ratio 0.6x 0.5x 0.3x 0.5x 0.6x 0.6x 0.3x 1.1x 0.5x 0.5x
Quick ratio 0.6x 0.5x 0.3x 0.5x 0.6x 0.6x 0.3x 1.1x 0.5x 0.5x
Capital allocation
Capex / revenue — — — — 74.7% 55.5% 56.3% 54.2% 38.9% —
Stock comp / revenue 0.6% 0.6% 0.8% 0.5% 0.8% 0.9% 1.0% 1.3% 0.8% 0.6%
Quality scores
Piotroski F-score 5.0 3.0 4.0 4.0 5.0 3.0 5.0 4.0 — —
Altman Z'' — — — — 1.1 1.1 0.9 1.3 1.2 1.1
Accruals ratio −4.1% −3.1% −1.9% −0.3% −1.6% 0.4% −1.8% −1.8% −1.2% −1.5%

Source: SEC EDGAR XBRL filings (CIK 0000066004). Data updated October 22, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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