NASDAQ : MSEX
Middlesex Water Company — Financial statements
Utilities · Utilities - Regulated Water · United States
Last price 55.35 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 1.04B
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Financial statements
Middlesex Water Company (MSEX) reported revenue of 212.25M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 212.25M | 194.69M | 191.88M | 166.27M | 162.43M | 143.14M |
| Operations & Maintenance | 96.66M | 91.29M | 92.36M | 83.11M | 79.10M | 73.67M |
| Depreciation & Amortization | 27.60M | 27.11M | 24.43M | 25.19M | 23.03M | 21.11M |
| Other Operating Expenses | 18.55M | 17.25M | 16.82M | 16.14M | 13.66M | 13.12M |
| Total Operating Expenses | 142.82M | 135.65M | 133.61M | 124.45M | 115.79M | 107.90M |
| Operating Income | 69.44M | 59.05M | 58.27M | 41.83M | 46.65M | 35.24M |
| Interest Expense | -15.19M | -14.29M | -14.02M | -13.14M | -9.37M | -8.11M |
| Net Interest Expense | -15.19M | -14.29M | -14.02M | -13.14M | -9.37M | -8.11M |
| Allowance for Equity Funds for Construction | 2.59M | 1.62M | 1.25M | 2.43M | 2.31M | 2.65M |
| Other Non-Operating Income (Expenses) | 1.50M | 1.27M | 5.76M | 1.45M | 842.00K | 1.27M |
| EBT Excluding Unusual Items | 58.34M | 47.64M | 51.26M | 32.56M | 40.44M | 31.05M |
| Gain (Loss) on Sale of Assets | 5.23M | |||||
| Pretax Income | 58.34M | 47.64M | 51.26M | 32.56M | 45.67M | 31.05M |
| Income Tax Expense | 6.33M | 4.82M | 6.91M | 1.04M | 3.24M | -5.49M |
| Net Income | 52.01M | 42.82M | 44.35M | 31.52M | 42.43M | 36.54M |
| Preferred Dividends & Other Adjustments | 66.00K | 76.00K | 112.00K | 120.00K | 120.00K | 120.00K |
| Net Income to Common | 51.94M | 42.75M | 44.24M | 31.40M | 42.31M | 36.42M |
| Shares Outstanding (Basic) | 18.67M | 18.10M | 17.84M | 17.73M | 17.60M | 17.49M |
| Shares Outstanding (Diluted) | 18.70M | 18.14M | 17.95M | 17.85M | 17.71M | 17.61M |
| EPS (Basic) | 2.78 | 2.36 | 2.48 | 1.77 | 2.40 | 2.08 |
| EPS (Diluted) | 2.78 | 2.36 | 2.47 | 1.76 | 2.39 | 2.07 |
| Free Cash Flow | -39.27M | -38.37M | -15.89M | -37.40M | -29.97M | -46.35M |
| Free Cash Flow Per Share | -2.10 | -2.12 | -0.89 | -2.10 | -1.69 | -2.63 |
| Dividend Per Share | 1.44 | 1.38 | 1.31 | 1.26 | 1.18 | 1.11 |
| Profit Margin | 24.47% | 21.95% | 23.06% | 18.89% | 26.05% | 25.45% |
| Free Cash Flow Margin | -18.50% | -19.71% | -8.28% | -22.49% | -18.45% | -32.38% |
| EBITDA | 100.78M | 91.54M | 86.31M | 71.27M | 74.12M | 62.04M |
| EBITDA Margin | 47.48% | 47.02% | 44.98% | 42.86% | 45.63% | 43.34% |
| D&A For EBITDA | 31.34M | 32.49M | 28.04M | 29.44M | 27.48M | 26.80M |
| EBIT | 69.44M | 59.05M | 58.27M | 41.83M | 46.65M | 35.24M |
| EBIT Margin | 32.71% | 30.33% | 30.37% | 25.15% | 28.72% | 24.62% |
| Effective Tax Rate | 10.86% | 10.12% | 13.47% | 3.20% | 7.09% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.70M | 2.80M | 4.23M | 2.39M | 3.83M | 3.53M |
| Accounts Receivable | 35.93M | 28.57M | 29.61M | 27.47M | 24.68M | 22.58M |
| Inventory | 9.33M | 7.55M | 6.72M | 6.97M | 6.18M | 5.36M |
| Prepaid Expenses | 4.81M | 2.84M | 2.42M | 1.83M | 2.62M | 2.88M |
| Other Current Assets | 3.54M | 69.87M | ||||
| Total Current Assets | 55.30M | 41.77M | 42.97M | 108.54M | 37.31M | 34.35M |
| Property, Plant & Equipment | 1.24B | 1.16B | 1.07B | 1.01B | 935.58M | 881.30M |
| Regulatory Assets | 109.04M | 110.28M | 101.78M | 90.69M | 90.05M | 100.74M |
| Long-Term Deferred Charges | 2.81M | 3.54M | ||||
| Other Long-Term Assets | 55.23M | 52.15M | 40.72M | 23.77M | 8.71M | 83.00K |
| Total Assets | 1.46B | 1.37B | 1.26B | 1.24B | 1.07B | 1.02B |
| Accounts Payable | 34.15M | 31.33M | 28.05M | 27.62M | 24.85M | 21.12M |
| Accrued Expenses | 3.33M | 3.31M | 2.92M | 3.14M | 2.54M | 1.99M |
| Short-Term Debt | 37.10M | 28.25M | 23.00M | 42.75M | 55.50M | 13.00M |
| Current Portion of Long-Term Debt | 7.38M | 7.85M | 7.71M | 7.74M | 17.46M | 6.73M |
| Current Unearned Revenue | 505.00K | 497.00K | 1.48M | 1.39M | 1.36M | 1.33M |
| Current Portion of Leases | 600.00K | |||||
| Current Income Taxes Payable | 18.36M | 15.99M | 11.98M | 10.54M | 12.16M | 8.62M |
| Other Current Liabilities | 8.18M | 5.97M | 7.76M | 10.66M | 3.99M | 3.83M |
| Total Current Liabilities | 109.00M | 93.80M | 82.89M | 103.83M | 117.86M | 56.62M |
| Long-Term Debt | 392.25M | 378.87M | 352.82M | 358.15M | 290.28M | 306.52M |
| Long-Term Leases | 1.34M | 1.84M | 2.43M | 3.06M | 3.71M | 4.37M |
| Long-Term Unearned Revenue | 196.59M | 191.20M | 181.37M | 122.27M | 113.38M | 127.86M |
| Pension & Post-Retirement Benefits | 11.29M | |||||
| Long-Term Deferred Tax Liabilities | 118.16M | 110.47M | 101.23M | 88.74M | 77.78M | 69.50M |
| Other Long-Term Liabilities | 91.59M | 94.19M | 87.53M | 134.93M | 69.03M | 74.05M |
| Total Liabilities | 908.93M | 870.36M | 808.28M | 810.98M | 672.04M | 650.21M |
| Total Preferred Equity | 1.09M | 1.34M | 1.64M | 2.08M | 2.08M | 2.08M |
| Common Stock | 309.58M | 279.15M | 248.20M | 246.76M | 233.05M | 221.92M |
| Retained Earnings | 238.04M | 214.88M | 197.06M | 176.23M | 167.27M | 145.81M |
| Total Common Equity | 547.62M | 494.03M | 445.26M | 422.99M | 400.33M | 367.73M |
| Shareholders' Equity | 548.71M | 495.37M | 446.90M | 425.07M | 402.41M | 369.81M |
| Total Liabilities & Equity | 1.46B | 1.37B | 1.26B | 1.24B | 1.07B | 1.02B |
| Total Debt | 438.06M | 417.41M | 385.96M | 411.71M | 366.95M | 330.62M |
| Net Cash (Debt) | -436.37M | -414.61M | -381.74M | -409.32M | -363.12M | -327.08M |
| Net Cash Per Share | -23.33 | -22.86 | -21.27 | -22.93 | -20.50 | -18.58 |
| Filing Date Shares Outstanding | 19.13M | 18.52M | 17.89M | 17.82M | 17.64M | 17.54M |
| Total Common Shares Outstanding | 19.13M | 18.52M | 17.89M | 17.82M | 17.64M | 17.52M |
| Working Capital | -53.69M | -52.03M | -39.91M | 4.71M | -80.55M | -22.26M |
| Book Value Per Share | 28.63 | 26.67 | 24.89 | 23.74 | 22.69 | 20.99 |
| Tangible Book Value | 547.62M | 494.03M | 445.26M | 422.99M | 400.33M | 367.73M |
| Tangible Book Value Per Share | 28.63 | 26.67 | 24.89 | 23.74 | 22.69 | 20.99 |
| Machinery | 1.44B | 1.38B | 1.28B | 1.21B | 1.08B | 1.04B |
| Construction In Progress | 72.44M | 44.40M | 34.21M | 19.64M | 53.57M | 24.95M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 52.01M | 42.82M | 44.35M | 31.52M | 42.43M | 36.54M |
| Depreciation & Amortization | 31.34M | 32.49M | 28.04M | 29.44M | 27.48M | 26.80M |
| Loss (Gain) on Sale of Assets | -5.23M | |||||
| Stock-Based Compensation | 1.63M | 1.24M | 1.54M | 2.21M | 1.63M | 1.34M |
| Change in Accounts Receivable | -2.20M | 1.03M | -2.14M | -2.79M | -2.09M | -950.00K |
| Change in Inventory | -2.02M | -830.00K | 253.00K | -795.00K | -819.00K | -246.00K |
| Change in Accounts Payable | 1.75M | 1.30M | 2.57M | 2.77M | 3.72M | -9.32M |
| Change in Income Taxes | 2.82M | 4.02M | 1.44M | -1.63M | 3.54M | -1.52M |
| Change in Unearned Revenue | -979.00K | -979.00K | 86.00K | 25.00K | 35.00K | 75.00K |
| Change in Other Net Operating Assets | -6.79M | -11.99M | -14.76M | -623.00K | -3.01M | -7.07M |
| Other Operating Activities | -8.09M | -6.51M | -2.66M | -7.36M | -6.32M | -12.63M |
| Operating Cash Flow | 69.47M | 62.60M | 58.73M | 52.78M | 61.36M | 33.03M |
| Capital Expenditures | -108.74M | -100.96M | -74.62M | -90.18M | -91.33M | -79.38M |
| Divestitures | 3.12M | |||||
| Investing Cash Flow | -108.74M | -100.96M | -74.62M | -90.18M | -88.21M | -79.38M |
| Short-Term Debt Issued | 5.25M | 42.50M | 11.00M | |||
| Long-Term Debt Issued | 33.62M | 2.30M | 75.81M | 2.66M | 86.59M | |
| Total Debt Issued | 38.84M | 38.87M | 2.30M | 75.81M | 45.16M | 97.59M |
| Short-Term Debt Repaid | -19.75M | -12.75M | ||||
| Long-Term Debt Repaid | -7.32M | -7.65M | -17.46M | -7.42M | -52.69M | |
| Total Debt Repaid | -14.55M | -7.32M | -27.40M | -30.21M | -7.42M | -52.69M |
| Net Debt Issued (Repaid) | 24.29M | 31.55M | -25.10M | 45.60M | 37.74M | 44.90M |
| Issuance of Common Stock | 38.41M | 30.45M | 974.00K | 12.12M | 10.34M | 3.84M |
| Repurchase of Common Stock | -274.00K | -371.00K | -1.47M | -619.00K | ||
| Common Dividends Paid | -26.82M | -24.92M | -23.41M | -22.44M | -20.81M | -19.37M |
| Preferred Dividends Paid | -65.00K | -76.00K | -109.00K | -120.00K | -120.00K | -120.00K |
| Dividends Paid | -26.89M | -25.00M | -23.52M | -22.56M | -20.93M | -19.49M |
| Other Financing Activities | 2.04M | 1.98M | 66.84M | 1.43M | 3.00K | 10.23M |
| Financing Cash Flow | 37.58M | 38.61M | 17.73M | 35.96M | 27.15M | 39.48M |
| Net Cash Flow | -1.69M | 249.00K | 1.84M | -1.44M | 295.00K | -6.87M |
| Free Cash Flow | -39.27M | -38.37M | -15.89M | -37.40M | -29.97M | -46.35M |
| Free Cash Flow Margin | -18.50% | -19.71% | -8.28% | -22.49% | -18.45% | -32.38% |
| Free Cash Flow Per Share | -2.10 | -2.12 | -0.89 | -2.10 | -1.69 | -2.63 |
| Levered Free Cash Flow | -39.76M | -34.56M | 48.84M | -104.82M | -33.58M | -46.18M |
| Unlevered Free Cash Flow | -30.27M | -25.63M | 57.61M | -96.61M | -27.72M | -41.11M |
| Cash Interest Paid | 13.95M | 13.46M | 14.48M | 12.76M | 9.25M | 8.55M |
| Cash Income Tax Paid | 5.17M | 1.64M | 3.17M | 2.96M | 3.23M | 3.33M |
| Change in Working Capital | -7.42M | -7.45M | -12.54M | -3.04M | 1.38M | -19.02M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.10B | 924.59M | 939.72M | 1.17B | 1.39B | 2.10B |
| Enterprise Value | 1.53B | 1.34B | 1.32B | 1.58B | 1.74B | 2.43B |
| PE Ratio | 20.64 | 21.63 | 21.24 | 37.21 | 32.80 | 57.79 |
| PS Ratio | 5.12 | 4.75 | 4.90 | 7.03 | 8.54 | 14.71 |
| PB Ratio | 1.98 | 1.87 | 2.10 | 2.75 | 3.45 | 5.69 |
| P/OCF Ratio | 15.64 | 14.77 | 16.00 | 22.14 | 22.61 | 63.73 |
| EV/Sales Ratio | 7.17 | 6.87 | 6.86 | 9.47 | 10.72 | 16.98 |
| EV/EBITDA Ratio | 15.11 | 14.62 | 15.25 | 22.11 | 23.48 | 39.17 |
| EV/EBIT Ratio | 21.93 | 22.66 | 22.59 | 37.67 | 37.31 | 68.96 |
| Debt / Equity Ratio | 0.80 | 0.84 | 0.86 | 0.97 | 0.91 | 0.89 |
| Debt / EBITDA Ratio | 4.31 | 4.52 | 4.43 | 5.71 | 4.90 | 5.26 |
| Net Debt / Equity Ratio | 0.80 | 0.84 | 0.85 | 0.96 | 0.90 | 0.88 |
| Net Debt / EBITDA Ratio | 4.33 | 4.53 | 4.42 | 5.74 | 4.90 | 5.27 |
| Net Debt / FCF Ratio | -11.11 | -10.81 | -24.02 | -10.95 | -12.11 | -7.06 |
| Quick Ratio | 0.34 | 0.33 | 0.41 | 0.29 | 0.24 | 0.46 |
| Current Ratio | 0.51 | 0.45 | 0.52 | 1.04 | 0.32 | 0.61 |
| Asset Turnover | 0.15 | 0.15 | 0.15 | 0.14 | 0.15 | 0.14 |
| Return on Equity (ROE) | 10.07% | 9.09% | 10.17% | 7.62% | 10.99% | 10.18% |
| Return on Assets (ROA) | 3.10% | 2.82% | 2.92% | 2.26% | 2.78% | 2.21% |
| Return on Capital Employed (ROCE) | 5.10% | 4.60% | 5.00% | 3.70% | 4.90% | 3.70% |
| Earnings Yield | 4.84% | 4.63% | 4.72% | 2.70% | 3.06% | 1.74% |
| FCF Yield | -3.61% | -4.15% | -1.69% | -3.20% | -2.16% | -2.20% |
| Dividend Yield | 2.64% | 2.76% | 2.50% | 1.93% | 1.50% | 0.92% |
| Payout Ratio | 54.72% | 58.38% | 53.02% | 71.57% | 49.33% | 53.34% |
| Buyback Yield / Dilution | -3.87% | -1.06% | -0.56% | -0.76% | -0.60% | -0.19% |
| Total Shareholder Return | -1.20% | 1.70% | 1.95% | 1.16% | 0.91% | 0.73% |