MIDDLESEX WATER CO MSEX
Last close
58.26
2026-09-04
Market cap
$1.10B
2026-06-30 share count
52-week range
44.17 - 62.17
Valuation FY2025 figures against the last close
P/S5.6x
P/E24.7x
P/FCF17.5x
EV/EBITDA18.2x
Dividend yield2.3%
Diluted EPS2.36
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $194.7M | $191.9M | $166.3M | $162.3M | $143.0M | $141.4M | $134.5M | $137.9M | $130.6M | $132.7M |
| Total operating expenses | $140.3M | $138.7M | $127.1M | $120.3M | $109.9M | $104.2M | $99.1M | $100.9M | $93.0M | $92.6M |
| Operating income | $54.4M | $53.2M | $39.2M | $47.3M | $33.2M | $37.4M | $35.5M | $37.1M | $37.8M | $40.3M |
| Interest expense | $14.3M | $14.0M | $13.1M | $9.4M | $8.1M | $7.5M | $7.3M | $6.8M | $5.5M | $5.3M |
| Pre-tax income | $47.6M | $51.3M | $32.6M | $45.7M | $31.1M | $34.3M | $30.7M | $33.4M | $33.9M | $34.5M |
| Income tax | $4.8M | $6.9M | $1.0M | $3.2M | $5.5M | $4.1M | $3.1M | $924.0K | $11.1M | $11.7M |
| Net income | $43 | $44 | $32 | $42 | $36 | $38.4M | $33.9M | $32.5M | $22.8M | $22.7M |
| EPS, basic | 2.36 | 2.48 | 1.77 | 2.40 | 2.08 | 2.19 | 2.02 | 1.97 | 1.39 | 1.39 |
| EPS, diluted | 2.36 | 2.47 | 1.76 | 2.39 | 2.07 | 2.18 | 2.01 | 1.96 | 1.38 | 1.38 |
| Shares, diluted (wtd. avg.) | $18.1M | $17.9M | $17.8M | $17.7M | $17.6K | $17.6K | $16.8M | $16.5K | $16.5M | $16.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $2.8M | $4.2M | $2.4M | $3.8M | $3.5M | $10.4M | $46.5M | $5.7M | $6.4M | $4.3M |
| Short-term investments | — | — | — | — | — | — | — | $200.0K | $200.0K | $200.0K |
| Receivables | $19.2M | $18.8M | $18.2M | $16.0M | $15.3M | $14.6M | $11.9M | $11.8M | $10.8M | $10.1M |
| Total current assets | $41.8M | $43.0M | $108.5M | $37.3M | $34.4M | $34.1M | $29.1M | $30.8M | $29.2M | $26.7M |
| Total assets | $1.37B | $1.26B | $1.24B | $1.07B | $1.02B | $976.5M | $909.9M | $767.8M | $661.1M | $620.2M |
| Accounts payable | $31.3M | $28.1M | $27.6M | $24.8M | $21.1M | $30.4M | $23.3M | $19.3M | $13.9M | $12.3M |
| Short-term debt | $7.8M | $7.7M | $364.7M | $17.5M | $6.7M | $7.3M | $7.2M | $7.3M | $6.9M | $6.2M |
| Total current liabilities | $93.8M | $82.9M | $103.8M | $117.9M | $56.6M | $56.8M | $65.0M | $94.4M | $64.5M | $47.1M |
| Long-term debt | $378.9M | $352.8M | $358.2M | $290.3M | $306.5M | $273.2M | $230.8M | $152.9M | $139.0M | $134.5M |
| Retained earnings | $214.9M | $197.1M | $176.2M | $167.3M | $145.8M | $128.8M | $108.7M | $91.4M | $74.1M | $65.4M |
| Total equity | $494.0M | $445.3M | $423.0M | $400.3M | $367.7M | $346.2M | — | — | — | — |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $62.6M | $58.7M | $52.8M | $61.4M | $33.0M | $53.4M | $36.1M | $45.9M | $42.8M | $47.1M |
| Depreciation and amortisation | $27.1M | $24.4M | $25.2M | $23.0M | $26.8M | $20.8M | $17.2M | $15.8M | $14.8M | $13.5M |
| Stock-based compensation | $1.2M | $1.5M | $2.2M | $1.6M | $1.3M | $1.1M | $637.0K | $1.1M | $840.0K | $829.0K |
| Capital expenditure | — | $74.6M | $90.2M | $91.3M | $79.4M | $105.6M | — | — | — | — |
| Investing cash flow | -$101.0M | -$74.6M | -$90.2M | -$88.2M | -$79.4M | -$105.6M | -$89.1M | -$72.1M | -$50.3M | -$47.4M |
| Financing cash flow | $38.6M | $17.7M | $36.0M | $27.1M | $39.5M | $16.2M | $93.9M | $25.5M | $9.5M | $714.0K |
| Dividends paid | $24.9M | $23.4M | $22.4M | $20.8M | $19.4M | $18.2M | $16.2M | $14.9M | $14.0M | $13.1M |
| Buybacks | — | $1.5M | $619.0K | — | — | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001308179-26-000211.
Others in SIC 4941
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| AWK | American Water Works Company, Inc. | $27.96B | 24.7x | 10.1% |
| WTRG | Essential Utilities, Inc. | $11.83B | 7.3x | 10.1% |
| AWR | AMERICAN STATES WATER CO | $3.51B | 26.3x | 8.2% |
| CWT | CALIFORNIA WATER SERVICE GROUP | $3.09B | 23.3x | 6.4% |
| HTO | H2O AMERICA | $2.69B | 22.0x | 9.4% |
| YORW | YORK WATER CO | $552.6M | 24.5x | 3.4% |
| CWCO | Consolidated Water Co. Ltd. | $468.9M | 25.7x | 11.0% |
| ARTNA | ARTESIAN RESOURCES CORP | $373.7M | 16.4x | 4.6% |