California Water Service Group
CWT · Water Utilities
$48.04
1.1%Middlesex Water
MSEX · Water Utilities
$56.03
0.4%The short version
- California Water Service Group is the larger business, with $964M of revenue in fiscal 2025 against $195M for Middlesex Water, about 4.9 times as much.
- California Water Service Group grew revenue faster (6.4%, against 1.5%).
- Middlesex Water kept more of each dollar of sales as operating profit (27.9% operating margin, against 17.7% operating margin).
- Investors pay more for each dollar of California Water Service Group’s earnings: a P/E of 21.6x against 21.6x for Middlesex Water.
| Latest fiscal year | CWT · FY25 | MSEX · FY25 |
|---|---|---|
| Size | ||
| Market cap | $2.9B | $1.0B |
| Revenue | $964M | $195M |
| Free cash flow | — | — |
| Net income | $128M | $42.8M |
| Growth | ||
| Revenue growth | 6.4% | 1.5% |
| 5-year growth | 6.7% | 6.6% |
| Share count change | 1.7% | 1.1% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 17.7% | 27.9% |
| Net margin | 13.3% | 22.0% |
| FCF margin | — | — |
| Return on capital | 4.8% | — |
| Return on equity | 7.7% | 9.1% |
| Balance sheet | ||
| Net debt | $1.6B | $384M |
| Net debt / EBITDA | 4.9x | 4.4x |
| Dividends and buybacks | $75.3M | $24.9M |
| Valuation & quality | ||
| P/E | 21.6x | 21.6x |
| Piotroski F-score | 4 | — |
FY16
CWT $590M
MSEX $133M
FY17
CWT $623M
MSEX $131M
FY18
CWT $675M
MSEX $138M
FY19
CWT $664M
MSEX $135M
FY20
CWT $698M
MSEX $141M
FY21
CWT $766M
MSEX $143M
FY22
CWT $773M
MSEX $162M
FY23
CWT $790M
MSEX $166M
FY24
CWT $906M
MSEX $192M
FY25
CWT $964M
MSEX $195M
CWT
MSEX
FY16
CWT 14.0%
MSEX 30.4%
FY17
CWT 17.2%
MSEX 28.9%
FY18
CWT 16.4%
MSEX 26.9%
FY19
CWT 15.0%
MSEX 26.4%
FY20
CWT 19.6%
MSEX 26.5%
FY21
CWT 16.6%
MSEX 23.2%
FY22
CWT 16.5%
MSEX 29.2%
FY23
CWT 9.8%
MSEX 23.6%
FY24
CWT 24.9%
MSEX 27.7%
FY25
CWT 17.7%
MSEX 27.9%
CWT
MSEX
FY16
CWT —
MSEX —
FY17
CWT —
MSEX —
FY18
CWT —
MSEX —
FY19
CWT —
MSEX —
FY20
CWT —
MSEX −$52.3M
FY21
CWT —
MSEX −$46.4M
FY22
CWT —
MSEX −$30.0M
FY23
CWT —
MSEX −$37.4M
FY24
CWT —
MSEX −$15.9M
FY25
CWT —
MSEX —
CWT
MSEX
FY16
CWT 4.3%
MSEX —
FY17
CWT 5.3%
MSEX —
FY18
CWT 6.0%
MSEX —
FY19
CWT 4.7%
MSEX —
FY20
CWT 6.5%
MSEX —
FY21
CWT 5.8%
MSEX 5.1%
FY22
CWT 5.2%
MSEX 6.1%
FY23
CWT 3.1%
MSEX 4.8%
FY24
CWT 6.6%
MSEX —
FY25
CWT 4.8%
MSEX —
CWT
MSEX
Add another company
Compare up to four at once.
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.