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	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Revenue Revenue Growth	206.14	194.69	191.88	166.27	162.43	143.14
Revenue Growth	5.27%	1.47%	15.40%	2.36%	13.48%	1.09%
Net Income Net Income Growth	47.87	42.75	44.24	31.4	42.31	36.42
Earnings Per Share EPS Growth	2.59	2.36	2.47	1.76	2.39	2.07
EPS Growth	7.36%	-4.44%	39.94%	-26.30%	15.44%	-5.08%

Revenue by Segment

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Regulated Regulated Growth	194.13	182.65	179.36	154.62	151.12	131.53
Non-Regulated Non-Regulated Growth	13.11	12.99	13.55	12.77	12.45	12.82
Inter-segment Elimination Inter-segment Elimination Growth	-1.1	-0.95	-1.03	-1.12	-1.13	-1.21
Total Total Growth	206.14	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	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash & Investments Cash & Investments Growth	1.8	2.8	4.23	2.39	3.83	3.53
Total Debt Total Debt Growth	438.75	417.41	385.97	411.71	366.95	330.62
Net Cash (Debt) Net Cash Growth	-436.94	-414.61	-381.74	-409.32	-363.12	-327.09
Net Cash Growth	-	-	-	-	-	-
Net Cash Per Share Net Cash Per Share Growth	-23.64	-22.86	-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	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Operating Cash Flow Operating Cash Flow Growth	58.64	62.6	58.73	52.78	61.36	33.03
Capital Expenditures CapEx Growth	-94.73	-96.35	-74.62	-90.18	-91.34	-79.38
Free Cash Flow Free Cash Flow Growth	-36.09	-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	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Pretax Margin	25.84%	24.47%	26.71%	19.59%	28.12%	21.70%
Profit Margin	23.22%	21.95%	23.06%	18.89%	26.05%	25.45%
FCF Margin	-17.51%	-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	Sep 8, 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	2.47%	2.79%	2.62%	2.06%	1.64%	1.01%

Valuation

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Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 8, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
PE Ratio	22.49	21.63	21.24	37.21	32.80	57.79
Forward PE	20.59	19.34	21.09	27.92	30.67	49.30
PS Ratio	5.32	4.75	4.90	7.03	8.54	14.71

Data Source: S&P Global Market Intelligence Last updated: Jun 30, 2026

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

Update frequency:

Quarterly

Last checked:

Sep 5, 2026

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