MSEX Financials Middlesex Water Co

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated 29 h ago Overview →

Growth & profitability

Revenue has grown 8.2% per year over the past 5 years.
Net income has grown slower than revenue (-93.6% vs 8.2% per year).

Financial health

Total debt ($387M) exceeds cash ($3M); net debt is $384M.
Total debt has grown in line with revenue (6.7% vs 8.2% per year).
Operating income covered interest expense 3.8× in the latest year.
Total debt is 4.5× EBITDA.

Shareholder returns

Dividends have been paid for 15 consecutive years, consuming 58233644.9% of earnings.
The dividend has grown 6.5% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	FCF	Total debt	Cash
2025	$195M	$43	0.0%	27.9%	—	$387M	$3M
2024	$192M	$44	0.0%	27.7%	-$16M	$361M	$4M
2023	$166M	$32	0.0%	23.6%	-$37M	$408M	$2M
2022	—	$42	—	—	-$30M	$362M	$4M
2021	—	$37	—	—	-$46M	$324M	$4M
2020	—	$38M	—	—	-$52M	$279M	$4M
2019	—	$34M	—	—	—	$254M	$2M
2018	—	$32M	—	—	—	$211M	$4M
2017	—	$23M	—	—	—	$176M	$5M
2016	—	$23M	—	—	—	$154M	$4M
2015	—	$20M	—	—	—	$143M	$3M
2014	—	$18M	—	—	—	$159M	$3M
2013	—	$17M	—	—	—	$162M	$5M
2012	—	$14M	—	—	—	$140M	$3M
2011	—	$13M	—	—	—	$137M	$3M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	FCF	Total debt	Cash
Mar '26	$49M	$11M	0.0%	26.9%	—	$379M	$2M
Dec '25	$47M	$9M	0.0%	23.9%	—	$387M	$3M
Sep '25	$54M	$14M	0.0%	32.7%	—	$358M	$3M
Jun '25	—	$11M	—	—	—	$709M	$3M
Mar '25	$44M	$9M	0.0%	26.1%	—	$709M	—
Dec '24	$47M	$9M	0.0%	22.4%	-$4M	$361M	$4M
Sep '24	$55M	$14M	0.0%	31.8%	-$1M	$711M	$6M
Jun '24	$49M	$11M	0.0%	31.2%	-$3M	$719M	$8M
Mar '24	$41M	$11M	0.0%	24.3%	-$8M	$721M	$3M
Dec '23	$39M	$6M	0.0%	21.4%	-$4M	$408M	$2M
Sep '23	$47M	$10M	0.0%	27.4%	-$12M	$361M	$3M
Jun '23	$43M	$10M	0.0%	24.9%	-$13M	$367M	$4M
Mar '23	$38M	$6M	0.0%	19.6%	-$9M	$346M	$5M
Dec '22	—	$7M	—	—	-$8M	$362M	$4M
Sep '22	—	$14M	—	—	-$9M	$307M	$3M
Jun '22	—	$9M	—	—	-$10M	$311M	$4M
Mar '22	—	$12M	—	—	-$3M	$311M	$3M
Dec '21	—	$7M	—	—	-$4M	$324M	$4M
Sep '21	—	$11M	—	—	-$11M	$270M	$5M
Jun '21	—	$11M	—	—	-$19M	$277M	$6M

Valuation over time

How the market has priced MSEX against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has fallen from 34279307.4× (Mar '23) to 23728613.6× (Jun '26).
The price-to-sales ratio has fallen from 6.3× (Jan '24) to 5.2× (Jun '26).
The dividend yield has risen from 1.4% (Mar '23) to 2.5% (Jun '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is MSEX growing its revenue and profit?

Over the past 5 years, Middlesex Water Co's revenue has grown 8.2% per year, and net income declined 93.6% per year. These are computed facts, not advice.

How much debt does MSEX have?

As of FY2025, Middlesex Water Co reported $387M of total debt against $3M of cash; operating income covered interest expense 3.8×.

What is MSEX's profit margin?

In FY2025, gross margin was —, operating margin 27.9%, and net margin 0.0%.

What is MSEX's P/E ratio?

As of Jun '26, Middlesex Water Co traded at a price-to-earnings ratio of about 23728613.6× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.