H2O America
HTO · Water Utilities
$58.90
0.4%Middlesex Water
MSEX · Water Utilities
$56.03
0.4%The short version
- 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% operating margin).
- Investors pay more for each dollar of Middlesex Water’s earnings: a P/E of 21.6x against 20.2x for H2O America.
| 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 | — |
FY16
HTO $340M
MSEX $133M
FY17
HTO $389M
MSEX $131M
FY18
HTO $398M
MSEX $138M
FY19
HTO $421M
MSEX $135M
FY20
HTO $565M
MSEX $141M
FY21
HTO $574M
MSEX $143M
FY22
HTO $621M
MSEX $162M
FY23
HTO $670M
MSEX $166M
FY24
HTO $748M
MSEX $192M
FY25
HTO $801M
MSEX $195M
HTO
MSEX
FY16
HTO 28.7%
MSEX 30.4%
FY17
HTO 26.2%
MSEX 28.9%
FY18
HTO 18.5%
MSEX 26.9%
FY19
HTO 13.7%
MSEX 26.4%
FY20
HTO 20.8%
MSEX 26.5%
FY21
HTO 19.4%
MSEX 23.2%
FY22
HTO 21.1%
MSEX 29.2%
FY23
HTO 22.3%
MSEX 23.6%
FY24
HTO 22.8%
MSEX 27.7%
FY25
HTO 22.2%
MSEX 27.9%
HTO
MSEX
FY16
HTO —
MSEX —
FY17
HTO —
MSEX —
FY18
HTO —
MSEX —
FY19
HTO —
MSEX —
FY20
HTO —
MSEX −$52.3M
FY21
HTO —
MSEX −$46.4M
FY22
HTO —
MSEX −$30.0M
FY23
HTO —
MSEX −$37.4M
FY24
HTO —
MSEX −$15.9M
FY25
HTO —
MSEX —
HTO
MSEX
FY16
HTO 7.4%
MSEX —
FY17
HTO 7.4%
MSEX —
FY18
HTO 6.5%
MSEX —
FY19
HTO 2.8%
MSEX —
FY20
HTO 4.7%
MSEX —
FY21
HTO 4.1%
MSEX 5.1%
FY22
HTO 4.6%
MSEX 6.1%
FY23
HTO 5.2%
MSEX 4.8%
FY24
HTO 5.3%
MSEX —
FY25
HTO 4.9%
MSEX —
HTO
MSEX
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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.