MSEX

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Middlesex Water Company

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Key Metrics

Previous Close: $58.80
52-Week Range: $44.17 – $62.18
Market Cap: $1.11B
P/E (TTM): 22.69
EPS (TTM): 2.59
Dividend Yield: 2.45%

Advanced Metrics

Price/Book: 2.12
PEG Ratio: 18.45
Return on Equity: 9.77%
Return on Assets: 2.96%
Gross Margin: 53.66%
Operating Margin: 34.40%
Profit Margin: 23.26%
Current Ratio: 0.50
Debt/Equity: 0.84
Total Debt: $438.74M
Free Cash Flow: $-28.35M
Revenue Growth: 14.30%
Earnings Growth: 31.60%
Enterprise Value: $1.55B

MSEX Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$162.43M	$166.27M	$191.88M	$194.69M
Cost of Revenue	$79.10M	$83.11M	$92.36M	$91.29M
Gross Profit	$83.34M	$83.16M	$99.51M	$103.40M
Operating Expenses	$41.24M	$43.94M	$46.30M	$49.03M
Operating Income	$42.10M	$39.22M	$53.21M	$54.38M
EBITDA	$80.20M	$72.72M	$92.06M	$94.43M
Pretax Income	$45.67M	$32.56M	$51.26M	$47.64M
Income Tax	$3.24M	$1.04M	$6.91M	$4.82M
Net Income	$42.43M	$31.52M	$44.35M	$42.82M
Diluted EPS	2.39	1.76	2.47	2.36
Diluted Shares	17.70M	17.85M	17.95M	18.14M

MSEX Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$3.83M	$2.39M	$4.23M	$2.80M
Receivables	$24.68M	$97.34M	$29.61M	$28.57M
Inventory	$6.18M	$6.97M	$6.72M	$7.55M
Current Assets	$37.31M	$108.54M	$42.97M	$41.77M
Total Assets	$1.07B	$1.24B	$1.26B	$1.37B
Current Liabilities	$117.86M	$103.83M	$82.89M	$93.80M
Long-Term Debt	$290.28M	$358.15M	$352.82M	$378.87M
Total Debt	$366.95M	$411.71M	$385.96M	$416.81M
Total Liabilities	$672.04M	$810.98M	$808.28M	$870.36M
Retained Earnings	$167.27M	$176.23M	$197.06M	$214.88M
Shareholders' Equity	$402.41M	$425.07M	$446.90M	$495.37M
Working Capital	-$80.55M	$4.71M	-$39.91M	-$52.03M
Net Debt	$359.41M	$406.25M	$379.31M	$412.17M

MSEX Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	$61.36M	$52.78M	$58.73M	$62.60M
Capital Expenditure	-$91.33M	-$90.18M	-$74.62M	-$96.35M
Free Cash Flow	-$29.97M	-$37.40M	-$15.89M	-$33.76M
Depreciation & Amortisation	$27.48M	$29.44M	$28.04M	$32.49M
Stock-Based Compensation	$1.63M	$2.21M	$1.54M	$1.24M
Investing Cash Flow	-$88.21M	-$90.18M	-$74.62M	-$100.96M
Financing Cash Flow	$27.15M	$35.96M	$17.73M	$38.61M
Dividends Paid	-$20.93M	-$22.56M	-$23.52M	-$25.00M
Net Change in Cash	$295.00K	-$1.44M	$1.84M	$249.00K

MSEX Income statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Revenue	$44.30M	$49.32M	$54.09M	$46.98M	$48.71M
Cost of Revenue	$21.11M	$23.07M	$23.74M	$23.38M	$23.01M
Gross Profit	$23.19M	$26.26M	$30.35M	$23.60M	$25.70M
Operating Expenses	$11.63M	$12.35M	$12.65M	$12.40M	$12.60M
Operating Income	$11.56M	$13.91M	$17.70M	$11.21M	$13.10M
EBITDA	$21.27M	$23.35M	$28.12M	$21.69M	$23.29M
Pretax Income	$10.64M	$12.19M	$15.39M	$9.43M	$11.89M
Income Tax	$1.16M	$1.41M	$1.43M	$820.00K	$1.28M
Net Income	$9.48M	$10.78M	$13.96M	$8.61M	$10.61M
Diluted EPS	0.53	0.60	0.77	0.46	0.57
Diluted Shares	17.95M	17.99M	18.15M	18.43M	18.57M

MSEX Balance Sheet statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Cash & Equivalents	$2.66M	$2.56M	$3.38M	$2.80M	$2.04M
Receivables	$30.41M	$33.99M	$33.73M	$28.57M	$29.04M
Inventory	$7.03M	$6.92M	$7.31M	$7.55M	$8.10M
Current Assets	$46.50M	$49.51M	$49.60M	$41.77M	$46.83M
Total Assets	$1.28B	$1.32B	$1.34B	$1.37B	$1.39B
Current Liabilities	$101.22M	$121.48M	$118.28M	$93.80M	$119.66M
Long-Term Debt	$351.26M	$351.08M	$350.15M	$378.87M	$371.68M
Total Debt	$395.25M	$416.03M	$414.75M	$416.81M	$428.00M
Total Liabilities	$828.30M	$856.75M	$858.06M	$870.36M	$883.65M
Retained Earnings	$200.44M	$205.09M	$212.91M	$214.88M	$218.80M
Shareholders' Equity	$450.66M	$459.13M	$483.90M	$495.37M	$502.39M
Working Capital	-$54.72M	-$71.97M	-$68.68M	-$52.03M	-$72.83M
Net Debt	$390.32M	$411.36M	$409.41M	$412.17M	$424.30M

MSEX Cash Flow statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Operating Cash Flow	$13.78M	$18.30M	$12.05M	$18.46M	$11.73M
Capital Expenditure	-$18.91M	-$31.72M	-$21.01M	-$24.71M	-$20.64M
Free Cash Flow	-$5.13M	-$13.42M	-$8.96M	-$6.25M	-$8.91M
Depreciation & Amortisation	$7.91M	$7.54M	$8.53M	$8.51M	$8.19M
Stock-Based Compensation	$389.00K	$569.00K	$161.00K	$118.00K	$401.00K
Investing Cash Flow	-$18.91M	-$36.33M	-$21.01M	-$24.71M	-$20.64M
Financing Cash Flow	$3.56M	$19.61M	$9.78M	$5.67M	$8.15M
Dividends Paid	-$6.10M	-$6.12M	-$6.14M	-$6.63M	-$6.68M
Net Change in Cash	-$1.57M	$1.58M	$824.00K	-$584.00K	-$760.00K

Market Snapshot

About

Middlesex Water Company is a regulated public utility providing water and wastewater services in New Jersey, Delaware, and Pennsylvania. The company operates water treatment facilities, distribution systems, and wastewater collection networks serving residential, commercial, and industrial customers. It is one of the oldest investor-owned water utilities in the United States.