Middlesex Watr Financials

MSEX

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Middlesex Watr (MSEX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 49/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

100

Middlesex Watr has an operating margin of 27.7%, meaning the company retains $28 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is up from 23.6% the prior year.

Growth

Middlesex Watr's revenue surged 15.4% year-over-year to $191.9M, reflecting rapid business expansion. This strong growth earns a score of 73/100.

Leverage

Middlesex Watr carries a low D/E ratio of 0.79, meaning only $0.79 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 82/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Middlesex Watr's current ratio of 0.52 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 1/100, which could limit financial flexibility.

Cash Flow

While Middlesex Watr generated $58.7M in operating cash flow, capex of $74.6M consumed most of it, leaving -$15.9M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Middlesex Watr's ROE of 10.0% shows moderate profitability relative to equity, earning a score of 40/100. This is up from 7.4% the prior year.

Altman Z-Score Distress

1.23

Middlesex Watr scores 1.23, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($1.0B) relative to total liabilities ($809.9M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Piotroski F-Score Neutral

6/9

Middlesex Watr passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

1.32x

For every $1 of reported earnings, Middlesex Watr generates $1.32 in operating cash flow ($58.7M OCF vs $44.4M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Adequate

3.8x

Middlesex Watr earns $3.8 in operating income for every $1 of interest expense ($53.2M vs $14.0M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.

Key Financial Metrics

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Revenue

$191.9M

YoY+15.4%

5Y CAGR+7.4%

Middlesex Watr generated $191.9M in revenue in fiscal year 2024. This represents an increase of 15.4% from the prior year.

EBITDA

$81.2M

YoY+18.3%

5Y CAGR+9.0%

10Y CAGR+5.7%

Middlesex Watr's EBITDA was $81.2M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 18.3% from the prior year.

Free Cash Flow

-$15.9M

YoY+57.5%

Middlesex Watr generated -$15.9M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 57.5% from the prior year.

Net Income

$44.4M

YoY+40.7%

5Y CAGR+5.5%

10Y CAGR+9.2%

Middlesex Watr reported $44.4M in net income in fiscal year 2024. This represents an increase of 40.7% from the prior year.

EPS (Diluted)

$2.47

YoY+40.3%

Middlesex Watr earned $2.47 per diluted share (EPS) in fiscal year 2024. This represents an increase of 40.3% from the prior year.

Cash & Debt

$4.2M

YoY+76.8%

5Y CAGR+13.6%

10Y CAGR+4.7%

Middlesex Watr held $4.2M in cash against $352.8M in long-term debt as of fiscal year 2024.

Dividends Per Share

$1.31

YoY+4.2%

Middlesex Watr paid $1.31 per share in dividends in fiscal year 2024. This represents an increase of 4.2% from the prior year.

Shares Outstanding

18M

YoY+0.4%

Middlesex Watr had 18M shares outstanding in fiscal year 2024. This represents an increase of 0.4% from the prior year.

Gross Margin

N/A

Operating Margin

27.7%

YoY+4.1pp

5Y CAGR+1.3pp

Middlesex Watr's operating margin was 27.7% in fiscal year 2024, reflecting core business profitability. This is up 4.1 percentage points from the prior year.

Net Margin

23.1%

YoY+4.2pp

5Y CAGR-2.1pp

Middlesex Watr's net profit margin was 23.1% in fiscal year 2024, showing the share of revenue converted to profit. This is up 4.2 percentage points from the prior year.

Return on Equity

10.0%

YoY+2.5pp

Middlesex Watr's ROE was 10.0% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 2.5 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

$1.5M

YoY+137.2%

Middlesex Watr spent $1.5M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents an increase of 137.2% from the prior year.

Capital Expenditures

$74.6M

YoY-17.3%

Middlesex Watr invested $74.6M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 17.3% from the prior year.

MSEX Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$191.9M+15.4%	$166.3M+2.5%	$162.3M+13.5%	$143.0M+1.1%	$141.4M+5.2%	$134.5M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	$53.2M+35.7%	$39.2M-17.1%	$47.3M+42.5%	$33.2M-11.2%	$37.4M+5.3%	$35.5M
Interest Expense	$14.0M+6.7%	$13.1M+40.3%	$9.4M+15.4%	$8.1M+8.3%	$7.5M+3.2%	$7.3M
Income Tax	$6.9M+563.3%	$1.0M-67.9%	$3.2M+159.0%	-$5.5M-33.2%	-$4.1M-31.2%	-$3.1M
Net Income	$44.4M+40.7%	$31.5M-25.7%	$42.4M+16.1%	$36.5M-4.9%	$38.4M+13.4%	$33.9M
EPS (Diluted)	$2.47+40.3%	$1.76-26.4%	$2.39	$2.07	$2.18+8.5%	$2.01

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Revenue	$54.1M+9.7%	$49.3M+11.3%	$44.3M-6.0%	$47.1M-14.5%	$55.1M+12.1%	$49.1M+21.3%	$40.5M+5.0%	$38.6M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	$17.7M+27.2%	$13.9M+20.4%	$11.6M+9.8%	$10.5M-39.8%	$17.5M+14.3%	$15.3M+55.2%	$9.9M+19.7%	$8.2M
Interest Expense	$4.2M+15.9%	$3.6M+33.5%	$2.7M-17.8%	$3.3M-3.2%	$3.4M-15.6%	$4.0M+23.6%	$3.3M-13.5%	$3.8M
Income Tax	$1.4M+1.6%	$1.4M+21.3%	$1.2M+131.0%	$503K-71.1%	$1.7M-48.6%	$3.4M+164.6%	$1.3M+1353.9%	-$102K
Net Income	$14.0M+29.5%	$10.8M+13.7%	$9.5M+7.7%	$8.8M-38.5%	$14.3M+35.8%	$10.5M-1.3%	$10.7M+85.3%	$5.8M
EPS (Diluted)	$0.77+28.3%	$0.60+13.2%	$0.53+8.2%	$0.49-38.8%	$0.80+35.6%	$0.590.0%	$0.59+84.4%	$0.32

MSEX Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$1.3B+1.5%	$1.2B+15.0%	$1.1B+5.3%	$1.0B+4.5%	$976.5M+7.3%	$909.9M
Current Assets	$43.0M-60.4%	$108.5M+190.9%	$37.3M+8.6%	$34.4M+0.7%	$34.1M+17.1%	$29.1M
Cash & Equivalents	$4.2M+76.8%	$2.4M-37.6%	$3.8M+8.3%	$3.5M-21.3%	$4.5M+101.4%	$2.2M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$18.8M+3.7%	$18.2M+13.4%	$16.0M+4.6%	$15.3M+5.1%	$14.6M+22.3%	$11.9M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$809.9M-0.4%	$813.1M+20.6%	$674.1M+3.3%	$652.3M+3.5%	$630.3M	N/A
Current Liabilities	$82.9M-20.2%	$103.8M-11.9%	$117.9M+108.2%	$56.6M-0.4%	$56.8M-12.5%	$65.0M
Long-Term Debt	$352.8M-1.5%	$358.2M+23.4%	$290.3M-5.3%	$306.5M+12.2%	$273.2M+18.4%	$230.8M
Total Equity	$445.3M+5.3%	$423.0M+5.7%	$400.3M+8.9%	$367.7M+6.2%	$346.2M	N/A
Retained Earnings	$197.1M+11.8%	$176.2M+5.4%	$167.3M+14.7%	$145.8M+13.2%	$128.8M+18.5%	$108.7M

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Total Assets	$1.3B+2.0%	$1.3B+2.9%	$1.3B+1.9%	$1.3B+2.1%	$1.2B-3.5%	$1.3B+2.0%	$1.3B+1.1%	$1.2B
Current Assets	$49.6M+0.2%	$49.5M+6.5%	$46.5M+8.2%	$43.0M-17.6%	$52.1M-56.9%	$121.0M+8.8%	$111.2M+2.5%	$108.5M
Cash & Equivalents	$3.4M+32.2%	$2.6M-3.7%	$2.7M-37.1%	$4.2M-33.4%	$6.3M-20.9%	$8.0M+181.1%	$2.9M+19.5%	$2.4M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$22.7M+8.9%	$20.9M+3.8%	$20.1M+6.8%	$18.8M-17.0%	$22.7M+12.5%	$20.2M+28.2%	$15.7M-13.4%	$18.2M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$859.4M+0.2%	$858.1M+3.4%	$829.9M+2.5%	$809.9M+2.8%	$787.7M-6.4%	$841.8M+2.4%	$822.4M+1.2%	$813.1M
Current Liabilities	$118.3M-2.6%	$121.5M+20.0%	$101.2M+22.1%	$82.9M+3.7%	$79.9M-40.8%	$135.0M+15.2%	$117.2M+12.8%	$103.8M
Long-Term Debt	$350.2M-0.3%	$351.1M0.0%	$351.3M-0.4%	$352.8M+0.2%	$352.3M-1.0%	$356.0M-0.3%	$357.0M-0.3%	$358.2M
Total Equity	$482.5M+5.4%	$457.8M+1.9%	$449.0M+0.9%	$445.3M+0.8%	$441.9M+2.1%	$432.9M+1.2%	$427.7M+1.1%	$423.0M
Retained Earnings	$212.9M+3.8%	$205.1M+2.3%	$200.4M+1.7%	$197.1M+1.4%	$194.4M+4.6%	$185.9M+2.6%	$181.1M+2.8%	$176.2M

MSEX Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$58.7M+11.3%	$52.8M-14.0%	$61.4M+85.8%	$33.0M-38.1%	$53.4M+48.0%	$36.1M
Capital Expenditures	$74.6M-17.3%	$90.2M-1.3%	$91.3M+15.1%	$79.4M-24.8%	$105.6M	N/A
Free Cash Flow	-$15.9M+57.5%	-$37.4M-24.8%	-$30.0M+35.3%	-$46.4M+11.3%	-$52.3M	N/A
Investing Cash Flow	-$74.6M+17.3%	-$90.2M-2.2%	-$88.2M-11.1%	-$79.4M+24.8%	-$105.6M-18.5%	-$89.1M
Financing Cash Flow	$17.7M-50.7%	$36.0M+32.5%	$27.1M-31.2%	$39.5M+144.2%	$16.2M-82.8%	$93.9M
Dividends Paid	$23.4M+4.3%	$22.4M+7.8%	$20.8M+7.4%	$19.4M+6.6%	$18.2M+12.5%	$16.2M
Share Buybacks	$1.5M+137.2%	$619K	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Operating Cash Flow	$12.0M-34.2%	$18.3M+32.8%	$13.8M-35.6%	$21.4M+10.0%	$19.5M+73.3%	$11.2M+68.8%	$6.7M-48.0%	$12.8M
Capital Expenditures	N/A	N/A	N/A	$25.1M+21.2%	$20.7M+44.6%	$14.3M-0.3%	$14.4M-15.9%	$17.1M
Free Cash Flow	N/A	N/A	N/A	-$3.7M-191.1%	-$1.3M+58.8%	-$3.1M+59.7%	-$7.7M-79.6%	-$4.3M
Investing Cash Flow	-$21.0M+42.2%	-$36.3M-92.1%	-$18.9M+24.8%	-$25.1M-21.2%	-$20.7M-44.6%	-$14.3M+0.3%	-$14.4M+15.9%	-$17.1M
Financing Cash Flow	$9.8M-50.1%	$19.6M+450.7%	$3.6M+118.5%	$1.6M+513.5%	-$394K-104.8%	$8.3M+1.1%	$8.2M+120.0%	$3.7M
Dividends Paid	$6.1M+0.4%	$6.1M+0.3%	$6.1M0.0%	$6.1M+5.0%	$5.8M0.0%	$5.8M+1.0%	$5.7M-1.8%	$5.8M
Share Buybacks	N/A	$154K-31.6%	$225K+90.7%	$118K+436.4%	$22K-95.2%	$460K-47.0%	$868K	$0

MSEX Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	27.7%+4.1pp	23.6%-5.6pp	29.2%+5.9pp	23.2%-3.2pp	26.5%+0.0pp	26.4%
Net Margin	23.1%+4.2pp	19.0%-7.2pp	26.1%+0.6pp	25.6%-1.6pp	27.2%+2.0pp	25.2%
Return on Equity	10.0%+2.5pp	7.4%-3.1pp	10.6%+0.7pp	9.9%-1.2pp	11.1%	N/A
Return on Assets	3.5%+1.0pp	2.5%-1.4pp	4.0%+0.4pp	3.6%-0.4pp	3.9%+0.2pp	3.7%
Current Ratio	0.52-0.5	1.05+0.7	0.32-0.3	0.610.0	0.60+0.2	0.45
Debt-to-Equity	0.79-0.1	0.85+0.1	0.73-0.1	0.83+0.0	0.79	N/A
FCF Margin	-8.3%+14.2pp	-22.5%-4.0pp	-18.5%+13.9pp	-32.4%+4.5pp	-37.0%	N/A

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	32.7%+4.5pp	28.2%+2.1pp	26.1%+3.8pp	22.4%-9.4pp	31.8%+0.6pp	31.2%+6.8pp	24.3%+3.0pp	21.3%
Net Margin	25.8%+3.9pp	21.9%+0.5pp	21.4%+2.7pp	18.7%-7.3pp	26.0%+4.5pp	21.5%-4.9pp	26.4%+11.4pp	14.9%
Return on Equity	2.9%+0.5pp	2.4%+0.2pp	2.1%+0.1pp	2.0%-1.3pp	3.2%+0.8pp	2.4%-0.1pp	2.5%+1.1pp	1.4%
Return on Assets	1.0%+0.2pp	0.8%+0.1pp	0.7%+0.0pp	0.7%-0.5pp	1.2%+0.3pp	0.8%-0.0pp	0.9%+0.4pp	0.5%
Current Ratio	0.42+0.0	0.41-0.1	0.46-0.1	0.52-0.1	0.65-0.2	0.90-0.1	0.95-0.1	1.05
Debt-to-Equity	0.73-0.0	0.77-0.0	0.78-0.0	0.790.0	0.80-0.0	0.82-0.0	0.83-0.0	0.85
FCF Margin	N/A	N/A	N/A	-8.0%-5.6pp	-2.3%+4.0pp	-6.3%+12.7pp	-19.1%-7.9pp	-11.2%

Note: The current ratio is below 1.0 (0.52), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What is Middlesex Watr's annual revenue?

Middlesex Watr (MSEX) reported $191.9M in total revenue for fiscal year 2024. This represents a 15.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Middlesex Watr's revenue growing?

Middlesex Watr (MSEX) revenue grew by 15.4% year-over-year, from $166.3M to $191.9M in fiscal year 2024.

Is Middlesex Watr profitable?

Yes, Middlesex Watr (MSEX) reported a net income of $44.4M in fiscal year 2024, with a net profit margin of 23.1%.

What is Middlesex Watr's earnings per share (EPS)?

Middlesex Watr (MSEX) reported diluted earnings per share of $2.47 for fiscal year 2024. This represents a 40.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Middlesex Watr's EBITDA?

Middlesex Watr (MSEX) had EBITDA of $81.2M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Middlesex Watr have?

As of fiscal year 2024, Middlesex Watr (MSEX) had $4.2M in cash and equivalents against $352.8M in long-term debt.

What is Middlesex Watr's operating margin?

Middlesex Watr (MSEX) had an operating margin of 27.7% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Middlesex Watr's net profit margin?

Middlesex Watr (MSEX) had a net profit margin of 23.1% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

Does Middlesex Watr pay dividends?

Yes, Middlesex Watr (MSEX) paid $1.31 per share in dividends during fiscal year 2024.

What is Middlesex Watr's return on equity (ROE)?

Middlesex Watr (MSEX) has a return on equity of 10.0% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Middlesex Watr's free cash flow?

Middlesex Watr (MSEX) generated -$15.9M in free cash flow during fiscal year 2024. This represents a 57.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Middlesex Watr's operating cash flow?

Middlesex Watr (MSEX) generated $58.7M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Middlesex Watr's total assets?

Middlesex Watr (MSEX) had $1.3B in total assets as of fiscal year 2024, including both current and long-term assets.

What are Middlesex Watr's capital expenditures?

Middlesex Watr (MSEX) invested $74.6M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

Does Middlesex Watr buy back shares?

Yes, Middlesex Watr (MSEX) spent $1.5M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

How many shares does Middlesex Watr have outstanding?

Middlesex Watr (MSEX) had 18M shares outstanding as of fiscal year 2024.

What is Middlesex Watr's current ratio?

Middlesex Watr (MSEX) had a current ratio of 0.52 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.

What is Middlesex Watr's debt-to-equity ratio?

Middlesex Watr (MSEX) had a debt-to-equity ratio of 0.79 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Middlesex Watr's return on assets (ROA)?

Middlesex Watr (MSEX) had a return on assets of 3.5% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Middlesex Watr's Altman Z-Score?

Middlesex Watr (MSEX) has an Altman Z-Score of 1.23, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Middlesex Watr's Piotroski F-Score?

Middlesex Watr (MSEX) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Middlesex Watr's earnings high quality?

Middlesex Watr (MSEX) has an earnings quality ratio of 1.32x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Middlesex Watr cover its interest payments?

Middlesex Watr (MSEX) has an interest coverage ratio of 3.8x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Middlesex Watr?

Middlesex Watr (MSEX) scores 49 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.