Middlesex Watr Financials
This page shows Middlesex Watr (MSEX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 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).
Cash-generating operations are being continually recycled into infrastructure spending, keeping free cash thin and the balance sheet central.
From FY2023 to FY2025, operating cash flow rose from$52.8M to$62.6M . Yet free cash flow was still-$15.9M in FY2024 while total assets reached$1.37B in FY2025, showing a capital-hungry model where better operations are absorbed by buildout instead of accumulating as spare cash.
The balance sheet shows tight short-term liquidity more than weak operations: cash was only
Another useful distinction is between dividend support and expansion funding. FY2025 operating cash flow of
Financial Health Signals
Scored against utilities for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Middlesex Watr's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Middlesex Watr scores 1.15, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($1.0B) relative to total liabilities ($871.7M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Middlesex Watr passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Middlesex Watr generates $1462523.36 in operating cash flow ($62.6M OCF vs $43 net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Middlesex Watr earns $3.8 in operating income for every $1 of interest expense ($54.4M vs $14.3M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
Middlesex Watr generated $194.7M in revenue in fiscal year 2025. This represents an increase of 1.5% from the prior year.
Middlesex Watr's EBITDA was $86.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 6.9% from the prior year.
Middlesex Watr reported $43 in net income in fiscal year 2025. This represents a decrease of 3.6% from the prior year.
Middlesex Watr earned $2.36 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 4.5% from the prior year.
Cash & Balance Sheet
Middlesex Watr held $2.8M in cash against $378.9M in long-term debt as of fiscal year 2025.
Middlesex Watr paid $1.38 per share in dividends in fiscal year 2025. This represents an increase of 4.9% from the prior year.
Middlesex Watr had 19M shares outstanding in fiscal year 2025. This represents an increase of 3.5% from the prior year.
Margins & Returns
Middlesex Watr's operating margin was 27.9% in fiscal year 2025, reflecting core business profitability. This is up 0.2 percentage points from the prior year.
Middlesex Watr's net profit margin was 0.0% in fiscal year 2025, showing the share of revenue converted to profit. This is up 0.0 percentage points from the prior year.
Middlesex Watr's ROE was 0.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 0.0 percentage points from the prior year.
Capital Allocation
MSEX Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $48.7M+3.6% | $47.0M-13.1% | $54.1M+9.7% | $49.3M+11.3% | $44.3M-6.0% | $47.1M-14.5% | $55.1M+12.1% | $49.1M |
| 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 | $13.1M+16.9% | $11.2M-36.7% | $17.7M+27.2% | $13.9M+20.4% | $11.6M+9.8% | $10.5M-39.8% | $17.5M+14.3% | $15.3M |
| Interest Expense | $3.2M-14.5% | $3.8M-10.5% | $4.2M+15.9% | $3.6M+33.5% | $2.7M | N/A | $3.4M-15.6% | $4.0M |
| Income Tax | $1.3M+56.9% | $819K-42.8% | $1.4M+1.6% | $1.4M+21.3% | $1.2M | N/A | $1.7M-48.6% | $3.4M |
| Net Income | $10.6M+131.0% | -$34.2M-345.1% | $14.0M+29.5% | $10.8M+13.7% | $9.5M+7.7% | $8.8M-38.5% | $14.3M+35.8% | $10.5M |
| EPS (Diluted) | $0.57 | N/A | $0.77+28.3% | $0.60+13.2% | $0.53+8.2% | $0.49-38.8% | $0.80+35.6% | $0.59 |
MSEX Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.4B+1.5% | $1.4B+1.8% | $1.3B+2.0% | $1.3B+2.9% | $1.3B+1.9% | $1.3B+2.1% | $1.2B-3.5% | $1.3B |
| Current Assets | $46.8M+12.1% | $41.8M-15.8% | $49.6M+0.2% | $49.5M+6.5% | $46.5M+8.2% | $43.0M-17.6% | $52.1M-56.9% | $121.0M |
| Cash & Equivalents | $2.0M-27.1% | $2.8M-17.3% | $3.4M+32.2% | $2.6M-3.7% | $2.7M-37.1% | $4.2M-33.4% | $6.3M-20.9% | $8.0M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $18.7M-2.7% | $19.2M-15.5% | $22.7M+8.9% | $20.9M+3.8% | $20.1M+6.8% | $18.8M-17.0% | $22.7M+12.5% | $20.2M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $885.0M+1.5% | $871.7M+1.4% | $859.4M+0.2% | $858.1M+3.4% | $829.9M+2.5% | $809.9M+2.8% | $787.7M-6.4% | $841.8M |
| Current Liabilities | $119.7M+27.6% | $93.8M-20.7% | $118.3M-2.6% | $121.5M+20.0% | $101.2M+22.1% | $82.9M+3.7% | $79.9M-40.8% | $135.0M |
| Long-Term Debt | $371.7M-1.9% | $378.9M+8.2% | $350.2M-0.3% | $351.1M0.0% | $351.3M-0.4% | $352.8M+0.2% | $352.3M-1.0% | $356.0M |
| Total Equity | $501.0M+1.4% | $494.0M+2.4% | $482.5M+5.4% | $457.8M+1.9% | $449.0M+0.9% | $445.3M+0.8% | $441.9M+2.1% | $432.9M |
| Retained Earnings | $218.8M+1.8% | $214.9M+0.9% | $212.9M+3.8% | $205.1M+2.3% | $200.4M+1.7% | $197.1M+1.4% | $194.4M+4.6% | $185.9M |
MSEX Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $11.7M-36.5% | $18.5M+53.2% | $12.0M-34.2% | $18.3M+32.8% | $13.8M-35.6% | $21.4M+10.0% | $19.5M+73.3% | $11.2M |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | $25.1M+21.2% | $20.7M+44.6% | $14.3M |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | -$3.7M-191.1% | -$1.3M+58.8% | -$3.1M |
| Investing Cash Flow | -$20.6M+16.5% | -$24.7M-17.6% | -$21.0M+42.2% | -$36.3M-92.1% | -$18.9M+24.8% | -$25.1M-21.2% | -$20.7M-44.6% | -$14.3M |
| Financing Cash Flow | $8.2M+43.8% | $5.7M-42.1% | $9.8M-50.1% | $19.6M+450.7% | $3.6M+118.5% | $1.6M+513.5% | -$394K-104.8% | $8.3M |
| Dividends Paid | $6.7M+0.8% | $6.6M+8.0% | $6.1M+0.4% | $6.1M+0.3% | $6.1M0.0% | $6.1M+5.0% | $5.8M0.0% | $5.8M |
| Share Buybacks | N/A | N/A | N/A | $154K-31.6% | $225K+90.7% | $118K+436.4% | $22K-95.2% | $460K |
MSEX Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 26.9%+3.1pp | 23.8%-8.9pp | 32.7%+4.5pp | 28.2%+2.1pp | 26.1%+3.7pp | 22.4%-9.4pp | 31.8%+0.6pp | 31.2% |
| Net Margin | 21.8%+94.5pp | -72.8%-98.6pp | 25.8%+3.9pp | 21.9%+0.5pp | 21.4%+2.7pp | 18.7%-7.3pp | 26.0%+4.5pp | 21.5% |
| Return on Equity | 2.1%+9.0pp | -6.9%-9.8pp | 2.9%+0.5pp | 2.4%+0.2pp | 2.1%+0.1pp | 2.0%-1.3pp | 3.2%+0.8pp | 2.4% |
| Return on Assets | 0.8%+3.3pp | -2.5%-3.6pp | 1.0%+0.2pp | 0.8%+0.1pp | 0.7%+0.0pp | 0.7%-0.5pp | 1.2%+0.3pp | 0.8% |
| Current Ratio | 0.39-0.1 | 0.45+0.0 | 0.42+0.0 | 0.41-0.1 | 0.46-0.1 | 0.52-0.1 | 0.65-0.2 | 0.90 |
| Debt-to-Equity | 0.74-0.0 | 0.77+0.0 | 0.73-0.0 | 0.77-0.0 | 0.78-0.0 | 0.790.0 | 0.80-0.0 | 0.82 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | -8.0%-5.6pp | -2.3%+4.0pp | -6.3% |
Note: The current ratio is below 1.0 (0.45), 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 $194.7M in total revenue for fiscal year 2025. This represents a 1.5% 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 1.5% year-over-year, from $191.9M to $194.7M in fiscal year 2025.
Is Middlesex Watr profitable?
Yes, Middlesex Watr (MSEX) reported a net income of $43 in fiscal year 2025, with a net profit margin of 0.0%.
What is Middlesex Watr's EBITDA?
Middlesex Watr (MSEX) had EBITDA of $86.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Middlesex Watr have?
As of fiscal year 2025, Middlesex Watr (MSEX) had $2.8M in cash and equivalents against $378.9M in long-term debt.
What is Middlesex Watr's operating margin?
Middlesex Watr (MSEX) had an operating margin of 27.9% in fiscal year 2025, 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 0.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Middlesex Watr pay dividends?
Yes, Middlesex Watr (MSEX) paid $1.38 per share in dividends during fiscal year 2025.
What is Middlesex Watr's return on equity (ROE)?
Middlesex Watr (MSEX) has a return on equity of 0.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Middlesex Watr's operating cash flow?
Middlesex Watr (MSEX) generated $62.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Middlesex Watr's total assets?
Middlesex Watr (MSEX) had $1.4B in total assets as of fiscal year 2025, including both current and long-term assets.
What is Middlesex Watr's current ratio?
Middlesex Watr (MSEX) had a current ratio of 0.45 as of fiscal year 2025, 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 0.77 as of fiscal year 2025, 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 0.0% for fiscal year 2025, 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 1.15, 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 4 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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 1462523.36x, 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 48 out of 100 on our Financial Health Score, indicating moderate standing within its utilities peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.