MSEX Nasdaq Water Utilities Financials FY2016βFY2025
Middlesex Water had $195M of revenue in fiscal 2025, up 1.5% on the year before. Over five years, revenue changed +6.6% a year on average.
Hi! I read Middlesex Waterβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+1.5%
Only a little. Sales grew 1.5% last year.
Does it make a profit?
22.0%
Yes. It keeps 22.0% of every sale as profit.
Is debt under control?
4.4x
Heavy. Repaying its debt would take 4.4 years of operating profit.
How is the share priced?
21.7x
One share costs 21.7 times its yearly profit per share. Typical for its sector: 20.4x.
Rules of thumb on reported numbers. A starting point, not a recommendation.
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.
Is it selling more, and how much does it keep?
KIRA summarises the numbers
Middlesex Water had $195M of revenue in fiscal 2025, up 1.5% on the year before.
Over five years, revenue changed +6.6% a year on average.
Its operating margin was 27.9%, up 0.2Β pts: of every 100 in sales, about 28 is left after running the business.
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Loss periods are shown in red.
KIRA summarises the numbers
Middlesex Water made $42.8M of net profit in fiscal 2025.
From fiscal 2016 to 2025, diluted EPS grew 6.1% a year.
Net income
Net income
Diluted EPS
Diluted EPS
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
How much cash comes in, and where does it go?
Cash from operations minus capital spending.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
KIRA summarises the numbers
Middlesex Water returned $24.9M to shareholders in fiscal 2025.
The diluted share count rose 1.1%.
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
KIRA summarises the numbers
In the last 12 months, insiders bought $0.1M and sold $0.1M of shares on the open market.
Bought, 12 months
$0.1M
1 insider
Sold, 12 months
$0.1M
3 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| 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 |
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably Middlesex Water can carry it.
KIRA summarises the numbers
Middlesex Water owes $384M more than it holds in cash, about 4.4 years of operating profit.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $3.5M | $3.8M | $2.4M | $4.2M | $2.8M |
| Debt incl. finance leases | $324M | $362M | $408M | β | $387M |
| Net debt / EBITDA | 5.3x | 4.8x | 5.9x | β | 4.4x |
| Debt / equity | 0.9x | 0.9x | 1.0x | β | 0.8x |
| Interest coverage | 4.1x | 5.1x | 3.0x | 3.8x | 3.8x |
| Current ratio | 0.6x | 0.3x | 1.1x | 0.5x | 0.5x |
| Quick ratio | 0.6x | 0.3x | 1.1x | 0.5x | 0.5x |
| 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 (β = net cash) | $321M | $358M | $405M | β | $384M |
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
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)
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | β | β | β |
| Cash from operations is positive | β | β | β |
| Return on assets rose | β | β | β |
| Cash from operations exceeds net income | β | β | β |
| Debt fell relative to assets | β | β | β |
| Current ratio rose | β | β | β |
| Share count didn't rise | β | β | β |
| Gross margin rose | β | β | β |
| Revenue rose relative to assets | β | β | β |
| F-score | 4 / 8 | β / 9 | β / 9 |
| Accruals ratio | β1.8% | β1.2% | β1.5% |
| Altman Z'' | 1.25 | 1.17 | 1.13 |
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
What does the share cost, and how does it compare?
What could happen to the share if things go badly, normally or very well? Pick a story or make your own. These are examples, not forecasts or price targets.
KIRA summarises the numbers
At $56.19 a share, the company is worth $1.1B: 21.7 times its earnings of the last four quarters.
Tap one to see how it is built. Swipe for more.
Share in 5 years
$79.92
+7% a year
If you put in $1,000 today: $1,422
At 22x, the share would still be worth todayβs price in 5 years even if earnings fell 0.3% a year.
These are examples, not forecasts: nobody knows which will happen. Price in 5 years = earnings per share then Γ the P/E then. Dividends are not included.
Value per share
β
Adds net cash of β$384M and divides by 18.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Value per share
β
Reference multiples: today 21.6x Β· peers 21.8x Β· sector 20.4x.
In plain words: In the long run a share tends to follow two things: how much the company earns per share, and how many times those earnings the market is willing to pay (the P/E). Move those two levers and you see what the share could be worth. Different guesses give very different answers.
Each companyβs latest fiscal year. Fiscal years end in different months, so periods donβt line up exactly.
KIRA summarises the numbers
Middlesex Water grew sales faster than 0 of its 4 similar companies.
Its P/E is higher than 2 of 4.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Middlesex Water MSEX | $1.1B | 1.5% | 27.9% | β | β | 21.7x | β | |
| American States Water AWR | $3.4B | 10.5% | 30.9% | β1.1% | 9.3% | 23.3x | 4 | Compare β |
| H2O America HTO | $2.3B | 7.0% | 22.2% | β | 4.9% | 20.1x | 4 | Compare β |
| California Water Service Group CWT | $2.9B | 6.4% | 17.7% | β | 4.8% | 21.5x | 4 | Compare β |
| Essential Utilities WTRG | $12.1B | 18.6% | 37.2% | β17.0% | 6.4% | 21.8x | 5 | Compare β |
In plain words: The same numbers for similar companies, so you can tell whether a figure is high or low for this kind of business.
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | β$3.1M | β$4.1M | β$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 | β | β | β | β | $106M | $79.4M | $91.3M | $90.2M | $74.6M | β |
| Free cash flow | β | β | β | β | β$52.3M | β$46.4M | β$30.0M | β$37.4M | β$15.9M | β |
| 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 | β | $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 | β | β | β | β | $630M | $652M | $674M | $813M | $810M | $872M |
| Shareholders' equity | β | β | β | β | $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 | β | β | β | β | β37.0% | β32.4% | β18.5% | β22.5% | β8.3% | β |
| Returns | ||||||||||
| Return on capital | β | β | β | β | β | 5.1% | 6.1% | 4.8% | β | β |
| 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 | β | β | β | β | β | 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% | β1.6% | 5.6% | β2.5% | 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% | β4.9% | 16.1% | β25.7% | 40.7% | β3.5% |
| EPS growth | 13.1% | 0.0% | 42.0% | 2.6% | 8.5% | β5.1% | 15.5% | β26.4% | 40.3% | β4.5% |
| 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 | β | 4.4x |
| Debt / equity | β | β | β | β | 0.8x | 0.9x | 0.9x | 1.0x | β | 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 | β | β | β | β | 74.7% | 55.5% | 56.3% | 54.2% | 38.9% | β |
| 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 | β | β |
| Altman Z'' | β | β | β | β | 1.1 | 1.1 | 0.9 | 1.3 | 1.2 | 1.1 |
| Accruals ratio | β4.1% | β3.1% | β1.9% | β0.3% | β1.6% | 0.4% | β1.8% | β1.8% | β1.2% | β1.5% |
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
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 β not investment advice. Check the original filings before relying on any figure.
