Middlesex Water Company (MSEX)

Middlesex Water Company Financials Overview

Financials in millions USD. Fiscal year is January - December.

Revenue & Profits

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Revenue Revenue Growth	199.11	194.69	191.88	166.27	162.43	143.14
Revenue Growth	1.76%	1.47%	15.40%	2.36%	13.48%	1.09%
Gross Profit Gross Profit Growth	105.91	103.4	99.51	83.16	83.34	69.47
Operating Income Operating Income Growth	55.92	54.38	53.21	39.22	47.33	33.21
Net Income Net Income Growth	43.87	42.75	44.24	31.4	42.31	36.42
Earnings Per Share EPS Growth	2.40	2.36	2.47	1.76	2.39	2.07
EPS Growth	-0.41%	-4.45%	40.34%	-26.36%	15.46%	-5.05%

Revenue by Segment

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Regulated Regulated Growth	186.94	182.65	179.36	154.62	151.12	131.53
Non-Regulated Non-Regulated Growth	13.12	12.99	13.55	12.77	12.45	12.82
Inter-segment Elimination Inter-segment Elimination Growth	-0.95	-0.95	-1.03	-1.12	-1.13	-1.21
Total Total Growth	199.11	194.69	191.88	166.27	162.43	143.14

Cash & Debt

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Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash & Investments Cash & Investments Growth	2.04	2.8	4.23	2.39	3.83	3.53
Total Debt Total Debt Growth	428	416.81	385.97	411.71	366.95	330.62
Net Cash (Debt) Net Cash Growth	-425.96	-414.01	-381.74	-409.32	-363.12	-327.09
Net Cash Growth	-	-	-	-	-	-
Net Cash Per Share Net Cash Per Share Growth	-23.29	-22.83	-21.27	-22.93	-20.50	-18.58

Cash Flow & CapEx

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Operating Cash Flow Operating Cash Flow Growth	60.55	62.6	58.73	52.78	61.36	33.03
Capital Expenditures CapEx Growth	-98.08	-96.35	-74.62	-90.18	-91.34	-79.38
Free Cash Flow Free Cash Flow Growth	-37.54	-33.76	-15.89	-37.4	-29.97	-46.35
Free Cash Flow Growth	-	-	-	-	-	-

Margins

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Gross Margin	53.19%	53.11%	51.86%	50.01%	51.31%	48.53%
Operating Margin	28.09%	27.93%	27.73%	23.59%	29.14%	23.20%
Pretax Margin	24.56%	24.47%	26.71%	19.59%	28.12%	21.70%
Profit Margin	22.07%	21.99%	23.11%	18.96%	26.12%	25.53%
FCF Margin	-18.85%	-17.34%	-8.28%	-22.49%	-18.45%	-32.38%

Dividends

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Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jul 28, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Dividend Per Share Dividend Per Share Growth	1.440	1.380	1.315	1.262	1.183	1.108
Dividend Per Share Growth	5.88%	4.94%	4.16%	6.77%	6.72%	6.44%
Dividend Yield	2.56%	2.73%	2.49%	1.93%	1.50%	0.92%

Valuation

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Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jul 28, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
PE Ratio	23.41	21.36	21.31	37.28	32.92	58.12
Forward PE	20.94	19.34	21.09	27.92	30.67	49.30
PS Ratio	5.41	4.80	4.91	7.03	8.54	14.73

Data Sources: Fiscal.ai and S&P Global Market Intelligence Last updated: Apr 30, 2026

Financial data is provided by Fiscal.ai and updates within minutes after each earnings release, which is every three months for this company. Revenue segment data is provided by S&P Global Market Intelligence.

Update frequency:

Quarterly

Last checked:

Jul 26, 2026

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