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

Middlesex Water Co (MSEX) reported diluted earnings per share of $2.36 for fiscal year 2025. This represents a -4.5% 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.

Middlesex Water Co (MSEX) Financials

MSEX

Trailing 12 months to June 30, 2026

Revenue $206.1M +5.3% YoY

Net Income $5.1M -88.2% YoY

EPS (Diluted) $2.59 +7.0% YoY

Operating Cash Flow $58.6M -19.6% YoY

Market Cap $1.0B as of Oct 16, 2026

Price / Sales 4.9x on $206.1M revenue, trailing 12 months to June 30, 2026

Price / Earnings 198x on $5.1M net income, trailing 12 months to June 30, 2026

Price / Book 1.9x on $521.1M equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 16, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Jul 30, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Jul 30, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the MSEX SEC filings page.

Middlesex Water Co (MSEX) reported $206.1M in revenue over the twelve months to Jun 30, 2026, up 5.3% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).

Rhea AI MSEX FY2025 2026-10-03

Middlesex Water’s operating cash generation is repeatedly absorbed by infrastructure investment, leaving financing to bridge the gap.

Operating cash flow remained near $60M in FY2024 and FY2025, but investing outflows rose from $75M to $101M. That recurring mismatch means accounting operations are funding only part of reinvestment, with FY2025 financing inflows of $39M helping fill the difference.

The business showed limited operating leverage: FY2025 revenue increased only 1.5% while operating income rose 2.2%, and the operating margin held near 28%. Stable margins alongside modest growth suggest efficiency was maintained, rather than a major scale-driven step-up.

The balance sheet expanded with the investment program: assets reached $1.37B in FY2025 while long-term debt rose to $379M. Debt-to-equity improved to 0.8x, but a 0.4x current ratio indicates current assets remained below current liabilities, so part of the funding structure is short-term rather than fully matched to long-lived assets.

Financial Health Signals

Financial Health Score 48/100

Scored as: Utilities peer group

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 Water Co'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.

Profitability

Middlesex Water Co has an operating margin of 27.9%, meaning the company retains $28 of operating profit per $100 of revenue. This strong profitability earns a score of 86/100, reflecting efficient cost management and pricing power. This is up from 27.7% the prior year.

Growth

Middlesex Water Co's revenue grew a modest 1.5% year-over-year to $194.7M. This slow but positive growth earns a score of 73/100.

Leverage

Middlesex Water Co has a moderate D/E ratio of 0.77. This balance of debt and equity financing earns a leverage score of 49/100.

Liquidity

Middlesex Water Co's current ratio of 0.45 is below the typical benchmark, resulting in a score of 7/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

Returns

Middlesex Water Co's ROE of 0.0% shows moderate profitability relative to equity, earning a score of 40/100. This is unchanged from the prior year.

Altman Z-Score Distress

1.15

Middlesex Water Co 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.

Piotroski F-Score Partial

4/8

Middlesex Water Co 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.

Earnings Quality Cash-Backed

N/A

Middlesex Water Co reported $43 of net income while generating $62.6M in operating cash flow. The ratio between the two is outside the range this page publishes as a per-dollar figure, so both figures are given instead.

Interest Coverage Adequate

3.80x

Middlesex Water Co earns $3.80 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

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Earnings & Revenue

Revenue

$56.4M

YoY+14.3%

QoQ+15.7%

5Y CAGR+9.0%

Middlesex Water Co generated $56.4M in revenue in Q2 2026. This represents an increase of 14.3% from the same quarter a year earlier. Against the prior quarter it is up 15.7%.

EBITDA

$25.0M

YoY+21.2%

QoQ+17.4%

Middlesex Water Co's EBITDA was $25.0M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 21.2% from the same quarter a year earlier. Against the prior quarter it is up 17.4%.

Net Income

$14.8M

YoY+37.1%

QoQ+39.3%

5Y CAGR+6.2%

10Y CAGR+9.6%

Middlesex Water Co reported $14.8M in net income in Q2 2026. This represents an increase of 37.1% from the same quarter a year earlier. Against the prior quarter it is up 39.3%.

EPS (Diluted)

$0.79

YoY+31.7%

QoQ+38.6%

5Y CAGR+5.0%

10Y CAGR+8.2%

Middlesex Water Co earned $0.79 per diluted share (EPS) in Q2 2026. This represents an increase of 31.7% from the same quarter a year earlier. Against the prior quarter it is up 38.6%.

Cash & Balance Sheet

Cash & Debt

$1.8M

YoY-29.6%

QoQ-11.7%

5Y CAGR-21.5%

10Y CAGR+3.9%

Middlesex Water Co held $1.8M in cash against $395.6M in long-term debt as of Q2 2026.

Dividends Per Share

$0.36

YoY+5.9%

QoQ0.0%

Middlesex Water Co paid $0.36 per share in dividends in Q2 2026. This represents an increase of 5.9% from the same quarter a year earlier. It is unchanged from the prior quarter.

Shares Outstanding

19M

YoY+4.6%

QoQ+1.2%

5Y CAGR+1.5%

10Y CAGR+1.5%

Middlesex Water Co had 19M shares outstanding in Q2 2026. This represents an increase of 4.6% from the same quarter a year earlier. Against the prior quarter it is up 1.2%.

Free Cash Flow

Not reported for Q2 2026.

Margins & Returns

Operating Margin

32.4%

YoY+4.1pp

QoQ+5.4pp

5Y change+5.6pp

Middlesex Water Co's operating margin was 32.4% in Q2 2026, reflecting core business profitability. This is up 4.1 percentage points from the same quarter a year earlier. Against the prior quarter it is up 5.4 percentage points.

Net Margin

26.2%

YoY+4.4pp

QoQ+4.4pp

5Y change-3.6pp

Middlesex Water Co's net profit margin was 26.2% in Q2 2026, showing the share of revenue converted to profit. This is up 4.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 4.4 percentage points.

Return on Equity

2.8%

YoY+0.5pp

QoQ+0.7pp

Middlesex Water Co's ROE was 2.8% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 0.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.7 percentage points.

Gross Margin

Not reported for Q2 2026.

Capital Allocation

None of these metrics is reported for Q2 2026.

MSEX Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

MSEX quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$206.1M	$194.7M+1.5%	$191.9M+15.4%	$166.3M+2.5%	$162.3M+13.5%	$143.0M+1.1%	$141.4M+5.2%	$134.5M-2.5%	$137.9M+5.6%	$130.6M-1.6%	$132.7M	N/A	N/A	N/A	N/A	N/A
Operating Income	$60.2M	$54.4M+2.2%	$53.2M+35.7%	$39.2M-17.1%	$47.3M+42.5%	$33.2M-11.2%	$37.4M+5.3%	$35.5M-4.4%	$37.1M-1.7%	$37.8M-6.2%	$40.3M+12.4%	$35.8M+4.2%	$34.4M+11.0%	$31.0M+12.0%	$27.6M+14.2%	$24.2M
EBITDA	N/A	$86.9M+6.9%	$81.2M+18.3%	$68.7M-8.2%	$74.8M+24.7%	$60.0M+3.0%	$58.3M+10.4%	$52.8M-0.3%	$52.9M+0.5%	$52.6M-2.2%	$53.8M+10.0%	$48.9M+5.0%	$46.6M+8.8%	$42.8M+10.2%	$38.9M+12.3%	$34.6M
Interest Expense	$15.2M	$14.3M+1.9%	$14.0M+6.7%	$13.1M+40.3%	$9.4M+15.4%	$8.1M+8.3%	$7.5M+3.2%	$7.3M+7.5%	$6.8M+22.7%	$5.5M+4.0%	$5.3M-4.7%	$5.6M-0.9%	$5.6M-3.4%	$5.8M-13.7%	$6.7M+5.5%	$6.4M
Income Tax	$5.3M	$4.8M-30.2%	$6.9M+563.3%	$1.0M-67.9%	$3.2M+159.0%	-$5.5M-33.2%	-$4.1M-31.2%	-$3.1M-439.8%	$924K-91.7%	$11.1M-5.4%	$11.7M+11.2%	$10.6M+6.2%	$9.9M+15.3%	$8.6M+16.8%	$7.4M+13.1%	$6.5M
Net Income	$5.1M	$43-3.6%	$44+41.0%	$32-25.7%	$42+16.2%	$37-100.0%	$38.4M+13.4%	$33.9M+4.4%	$32.5M+42.3%	$22.8M+0.3%	$22.7M+13.6%	$20.0M+8.6%	$18.4M+10.9%	$16.6M+15.5%	$14.4M+7.1%	$13.4M
EPS (Basic)	N/A	$2.36-4.8%	$2.48+40.1%	$1.77-26.2%	$2.40+15.4%	$2.08-5.0%	$2.19+8.4%	$2.02+2.5%	$1.97+41.7%	$1.390.0%	$1.39+13.0%	$1.23+7.9%	$1.14+9.6%	$1.04+15.6%	$0.90+5.9%	$0.85
EPS (Diluted)	$2.59	$2.36-4.5%	$2.47+40.3%	$1.76-26.4%	$2.39+15.5%	$2.07	$2.18+8.5%	$2.01+2.6%	$1.96+42.0%	$1.380.0%	$1.38+13.1%	$1.22+8.0%	$1.13+9.7%	$1.03+14.4%	$0.90+7.1%	$0.84
Diluted Shares (Avg)	N/A	18M+1.1%	18M+0.6%	18M+0.8%	18M+100496.4%	17,607	17,574-99.9%	17M+101647.3%	16,540-99.9%	16M+0.4%	16M+0.6%	16M+0.6%	16M+0.7%	16M+0.7%	16M+0.7%	16M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$56.4M+14.3%	$48.7M+10.0%	$47.0M-0.3%	$54.1M-1.8%	$49.3M+0.4%	$44.3M+9.3%	$47.1M+22.0%	$55.1M+17.9%
Operating Income	$18.2M+31.0%	$13.1M+13.4%	$11.2M+6.4%	$17.7M+1.2%	$13.9M-9.2%	$11.6M+17.2%	$10.5M+27.7%	$17.5M+36.5%
EBITDA	$25.0M+21.2%	$21.3M+9.3%	$22.1M+20.8%	$24.6M+3.5%	$20.6M-4.6%	$19.5M+22.9%	$18.3M	$23.8M+24.0%
Interest Expense	$4.0M+10.8%	$3.2M+18.5%	$3.8M	$4.2M+23.1%	$3.6M-10.3%	$2.7M-17.0%	N/A	$3.4M-3.0%
Income Tax	$1.8M+27.0%	$1.3M+10.6%	$819K	$1.4M-17.7%	$1.4M-58.4%	$1.2M-9.1%	N/A	$1.7M+133.1%
Net Income	$14.8M+37.1%	$10.6M+11.9%	-$34.2M-488.6%	$14.0M-2.5%	$10.8M+2.2%	$9.5M-11.3%	$8.8M+52.7%	$14.3M+43.3%
EPS (Basic)	$0.79+31.7%	$0.57+7.5%	$0.46-6.1%	$0.77-3.8%	$0.60+1.7%	$0.53-11.7%	$0.49+53.1%	$0.80+42.9%
EPS (Diluted)	$0.79+31.7%	$0.57+7.5%	$0.46-6.1%	$0.77-3.8%	$0.60+1.7%	$0.53-10.2%	$0.49+53.1%	$0.80+42.9%
Diluted Shares (Avg)	19M+4.1%	19M+3.5%	N/A	18M+1.1%	18M+0.3%	18M+0.1%	N/A	18M+0.4%

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses.

MSEX Balance Sheet

MSEX quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$1.4B+8.8%	$1.3B+1.5%	$1.2B+15.0%	$1.1B+5.3%	$1.0B+4.5%	$976.5M+7.3%	$909.9M+18.5%	$767.8M+16.1%	$661.1M+6.6%	$620.2M+6.7%	$581.4M+1.0%	$575.8M+8.6%	$530.3M-5.6%	$561.7M+4.5%	$537.5M
Current Assets	$41.8M-2.8%	$43.0M-60.4%	$108.5M+190.9%	$37.3M+8.6%	$34.4M+0.7%	$34.1M+17.1%	$29.1M-5.5%	$30.8M+5.4%	$29.2M+9.5%	$26.7M+9.4%	$24.4M+6.8%	$22.9M-11.5%	$25.8M+5.0%	$24.6M+7.6%	$22.9M
Cash & Equivalents	$2.8M-33.7%	$4.2M+76.8%	$2.4M-37.6%	$3.8M+8.3%	$3.5M-21.3%	$4.5M+101.4%	$2.2M-39.8%	$3.7M-25.0%	$4.9M+14.3%	$4.3M+24.5%	$3.5M+29.8%	$2.7M-44.7%	$4.8M+59.8%	$3.0M-2.6%	$3.1M
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0-100.0%	$200K0.0%	$200K0.0%	$200K	$0	$0	$0	$0	$0
Accounts Receivable	$19.2M+2.0%	$18.8M+3.7%	$18.2M+13.4%	$16.0M+4.6%	$15.3M+5.1%	$14.6M+22.3%	$11.9M+1.2%	$11.8M+9.1%	$10.8M+6.5%	$10.1M+0.7%	$10.1M+0.5%	$10.0M-14.0%	$11.6M-6.5%	$12.4M+10.3%	$11.3M
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$871.7M+7.6%	$809.9M-0.4%	$813.1M+20.6%	$674.1M+3.3%	$652.3M+3.5%	$630.3M	N/A	N/A	N/A	N/A	N/A	N/A	$208.9M-14.8%	$245.3M+9.0%	$225.0M
Current Liabilities	$93.8M+13.2%	$82.9M-20.2%	$103.8M-11.9%	$117.9M+108.2%	$56.6M-0.4%	$56.8M-12.5%	$65.0M-31.1%	$94.4M+46.2%	$64.5M+37.1%	$47.1M+66.2%	$28.3M-35.5%	$43.9M-16.7%	$52.7M-5.8%	$55.9M+19.8%	$46.7M
Non-Current Liabilities	$777.9M+7.0%	$727.0M+2.5%	$709.2M+27.5%	$556.3M-6.6%	$595.7M+3.9%	$573.4M	N/A	N/A	N/A	N/A	N/A	N/A	$94.3M-27.1%	$129.4M+7.7%	$120.1M
Long-Term Debt	$378.9M+7.4%	$352.8M-1.5%	$358.2M+23.4%	$290.3M-5.3%	$306.5M+12.2%	$273.2M+18.4%	$230.8M+51.0%	$152.9M+9.9%	$139.0M+3.3%	$134.5M+1.2%	$132.9M-2.3%	$136.0M+4.8%	$129.8M-1.3%	$131.5M-0.5%	$132.2M
Total Equity	$494.0M+11.0%	$445.3M+5.3%	$423.0M+5.7%	$400.3M+8.9%	$367.7M+6.2%	$346.2M	N/A	N/A	N/A	N/A	N/A	N/A	$321.4M+1.6%	$316.5M+1.3%	$312.5M
Retained Earnings	$214.9M+9.0%	$197.1M+11.8%	$176.2M+5.4%	$167.3M+14.7%	$145.8M+13.2%	$128.8M+18.5%	$108.7M+18.8%	$91.4M+23.5%	$74.1M+13.2%	$65.4M+16.9%	$55.9M+15.0%	$48.6M+14.2%	$42.6M+11.8%	$38.1M+7.1%	$35.5M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$1.4B+8.2%	$1.4B+8.4%	$1.4B+8.8%	$1.3B+9.1%	$1.3B+3.2%	$1.3B+2.3%	$1.3B+1.5%	$1.2B-1.1%
Current Assets	$52.0M+5.1%	$46.8M+0.7%	$41.8M-2.8%	$49.6M-4.9%	$49.5M-59.1%	$46.5M-58.2%	$43.0M-60.4%	$52.1M-61.6%
Cash & Equivalents	$1.8M-29.6%	$2.0M-23.2%	$2.8M-33.7%	$3.4M-46.7%	$2.6M-68.1%	$2.7M-6.9%	$4.2M+76.8%	$6.3M+113.6%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Accounts Receivable	$21.0M+0.3%	$18.7M-7.1%	$19.2M+2.0%	$22.7M+0.2%	$20.9M+3.5%	$20.1M+27.9%	$18.8M+3.7%	$22.7M+19.6%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$902.4M+5.2%	$885.0M+6.6%	$871.7M+7.6%	$859.4M+9.1%	$858.1M+1.9%	$829.9M+0.9%	$809.9M-0.4%	$787.7M-4.4%
Current Liabilities	$104.7M-13.8%	$119.7M+18.2%	$93.8M+13.2%	$118.3M+48.0%	$121.5M-10.0%	$101.2M-13.6%	$82.9M-20.2%	$79.9M-34.1%
Non-Current Liabilities	$797.7M+8.3%	$765.3M+5.0%	$777.9M+7.0%	$741.1M+4.7%	$736.6M+4.2%	$728.7M+3.3%	$727.0M+2.5%	$707.8M+0.7%
Long-Term Debt	$395.6M+12.7%	$371.7M+5.8%	$378.9M+7.4%	$350.2M-0.6%	$351.1M-1.4%	$351.3M-1.6%	$352.8M-1.5%	$352.3M-0.6%
Total Equity	$521.1M+13.8%	$501.0M+11.6%	$494.0M+11.0%	$482.5M+9.2%	$457.8M+5.8%	$449.0M+5.0%	$445.3M+5.3%	$441.9M+5.3%
Retained Earnings	$226.8M+10.6%	$218.8M+9.2%	$214.9M+9.0%	$212.9M+9.5%	$205.1M+10.3%	$200.4M+10.7%	$197.1M+11.8%	$194.4M+10.2%

Not reported in any period shown, so not listed: Inventory, Goodwill.

MSEX Cash Flow Statement

MSEX quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$58.6M	$62.6M+6.6%	$58.7M+11.3%	$52.8M-14.0%	$61.4M+85.8%	$33.0M-38.1%	$53.4M+48.0%	$36.1M-21.4%	$45.9M+7.1%	$42.8M-9.0%	$47.1M-8.1%	$51.2M+57.2%	$32.6M-3.7%	$33.8M+14.3%	$29.6M+29.5%	$22.8M
Depreciation & Amortization	N/A	$32.5M+15.9%	$28.0M-4.8%	$29.4M+7.2%	$27.5M+2.5%	$26.8M+28.6%	$20.8M+20.9%	$17.2M+9.2%	$15.8M+6.3%	$14.8M+9.7%	$13.5M+3.4%	$13.1M+7.3%	$12.2M+2.8%	$11.9M+5.6%	$11.2M+7.7%	$10.4M
Stock-Based Compensation	N/A	$1.2M-19.5%	$1.5M-30.6%	$2.2M+35.8%	$1.6M+21.8%	$1.3M+22.1%	$1.1M+72.1%	$637K-41.2%	$1.1M+29.0%	$840K+1.3%	$829K+31.0%	$633K+17.4%	$539K+9.3%	$493K-10.8%	$553K+40.4%	$394K
Capital Expenditures	N/A	N/A	$74.6M-17.3%	$90.2M-1.3%	$91.3M+15.1%	$79.4M-24.8%	$105.6M	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	-$15.9M+57.5%	-$37.4M-24.8%	-$30.0M+35.3%	-$46.4M+11.3%	-$52.3M	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$99.3M	-$101.0M-35.3%	-$74.6M+17.3%	-$90.2M-2.2%	-$88.2M-11.1%	-$79.4M+24.8%	-$105.6M-18.5%	-$89.1M-23.6%	-$72.1M-43.3%	-$50.3M-6.2%	-$47.4M-94.3%	-$24.4M	N/A	N/A	-$22.3M-11.2%	-$20.1M
Financing Cash Flow	$39.9M	$38.6M+117.8%	$17.7M-50.7%	$36.0M+32.5%	$27.1M-31.2%	$39.5M+144.2%	$16.2M-82.8%	$93.9M+268.4%	$25.5M+167.3%	$9.5M+1235.7%	$714K+102.7%	-$26.0M	N/A	N/A	-$7.3M-246.7%	-$2.1M
Dividends Paid	$26.1M	$24.9M+6.5%	$23.4M+4.3%	$22.4M+7.8%	$20.8M+7.4%	$19.4M+6.6%	$18.2M+12.5%	$16.2M+8.3%	$14.9M+6.6%	$14.0M+6.6%	$13.1M+4.7%	$12.6M+2.6%	$12.2M+2.4%	$11.9M+5697.6%	$206K0.0%	$206K
Share Buybacks	N/A	N/A	$1.5M+137.2%	$619K	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$16.4M-10.4%	$11.7M-14.9%	$18.5M-13.7%	$12.0M-38.1%	$18.3M+63.0%	$13.8M+107.2%	$21.4M+67.2%	$19.5M+81.8%
Depreciation & Amortization	$6.8M+0.9%	$8.2M+3.5%	$8.5M+9.0%	$6.9M+10.0%	$6.7M+6.3%	$7.9M+32.3%	$7.8M	$6.3M-1.1%
Stock-Based Compensation	N/A	$401K+3.1%	N/A	N/A	N/A	$389K+183.7%	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	$25.1M+47.0%	$20.7M-7.6%
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	-$3.7M+13.0%	-$1.3M+89.0%
Investing Cash Flow	-$33.0M+9.2%	-$20.6M-9.1%	-$24.7M+1.7%	-$21.0M-1.3%	-$36.3M-153.2%	-$18.9M-31.4%	-$25.1M-47.0%	-$20.7M+7.6%
Financing Cash Flow	$16.3M-16.7%	$8.2M+128.9%	$5.7M+247.8%	$9.8M+2583.0%	$19.6M+136.5%	$3.6M-56.6%	$1.6M-56.3%	-$394K-103.8%
Dividends Paid	$6.7M+10.0%	$6.7M+9.6%	$6.6M+8.8%	$6.1M+5.7%	$6.1M+5.3%	$6.1M+6.0%	$6.1M+4.1%	$5.8M+4.4%
Share Buybacks	N/A	N/A	N/A	N/A	$154K-66.5%	$225K-74.1%	$118K	$22K

MSEX Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

MSEX quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Margin	27.9%+0.2pp	27.7%+4.1pp	23.6%-5.6pp	29.2%+5.9pp	23.2%-3.2pp	26.5%0.0pp	26.4%-0.5pp	26.9%-2.0pp	28.9%-1.4pp	30.4%	N/A	N/A	N/A	N/A	N/A
Net Margin	0.0%0.0pp	0.0%0.0pp	0.0%0.0pp	0.0%0.0pp	0.0%-27.2pp	27.2%+2.0pp	25.2%+1.7pp	23.5%+6.1pp	17.5%+0.3pp	17.1%	N/A	N/A	N/A	N/A	N/A
Return on Equity	0.0%0.0pp	0.0%0.0pp	0.0%0.0pp	0.0%0.0pp	0.0%-11.1pp	11.1%	N/A	N/A	N/A	N/A	N/A	N/A	5.2%+0.6pp	4.5%+0.3pp	4.3%
Return on Assets	0.0%0.0pp	0.0%0.0pp	0.0%0.0pp	0.0%0.0pp	0.0%-3.9pp	3.9%+0.2pp	3.7%-0.5pp	4.2%+0.8pp	3.5%-0.2pp	3.7%+0.2pp	3.4%+0.2pp	3.2%+0.1pp	3.1%+0.6pp	2.6%+0.1pp	2.5%
Current Ratio	0.45-0.1x	0.52-0.5x	1.05+0.7x	0.32-0.3x	0.610.0x	0.60+0.2x	0.45+0.1x	0.33-0.1x	0.45-0.1x	0.57-0.3x	0.86+0.3x	0.520.0x	0.49+0.1x	0.440.0x	0.49
Debt-to-Equity	0.770.0x	0.79-0.1x	0.85+0.1x	0.73-0.1x	0.830.0x	0.79	N/A	N/A	N/A	N/A	N/A	N/A	0.400.0x	0.420.0x	0.42
Asset Turnover	0.140.0x	0.150.0x	0.130.0x	0.150.0x	0.140.0x	0.140.0x	0.150.0x	0.180.0x	0.200.0x	0.21	N/A	N/A	N/A	N/A	N/A
FCF Margin	N/A	-8.3%+14.2pp	-22.5%-4.0pp	-18.5%+13.9pp	-32.4%+4.5pp	-37.0%	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Margin	32.4%+4.1pp	26.9%+0.8pp	23.8%+1.5pp	32.7%+1.0pp	28.2%-2.9pp	26.1%+1.8pp	22.4%+1.0pp	31.8%+4.3pp
Net Margin	26.2%+4.4pp	21.8%+0.4pp	-72.8%-91.5pp	25.8%-0.2pp	21.9%+0.4pp	21.4%-5.0pp	18.7%+3.8pp	26.0%+4.6pp
Return on Equity	2.8%+0.5pp	2.1%0.0pp	-6.9%-8.9pp	2.9%-0.3pp	2.4%-0.1pp	2.1%-0.4pp	2.0%+0.6pp	3.2%+0.9pp
Return on Assets	1.0%+0.2pp	0.8%0.0pp	-2.5%-3.2pp	1.0%-0.1pp	0.8%0.0pp	0.7%-0.1pp	0.7%+0.2pp	1.2%+0.4pp
Current Ratio	0.50+0.1x	0.39-0.1x	0.45-0.1x	0.42-0.2x	0.41-0.5x	0.46-0.5x	0.52-0.5x	0.65-0.5x
Debt-to-Equity	0.760.0x	0.740.0x	0.770.0x	0.73-0.1x	0.77-0.1x	0.78-0.1x	0.79-0.1x	0.800.0x
Asset Turnover	0.040.0x	0.040.0x	0.030.0x	0.040.0x	0.040.0x	0.030.0x	0.040.0x	0.040.0x
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	-8.0%+3.2pp	-2.3%+22.8pp

Not reported in any period shown, so not listed: Gross Margin.

Note: The current ratio is below 1.0 (0.45), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Middlesex Water Co MSEX	FY2025	$194.7M	$43	0.0%	$1.0B	48/100
Aris Mining Corporation ARIS	FY2025	$927.7M	$79.4M	8.6%	$3.4B	46/100
Consolidated Water Co Inc CWCO	FY2025	$132.1M	$18.3M	13.9%	$467.7M	66/100
York Water Co YORW	FY2025	$77.5M	$20.1M	25.9%	$504.2M	42/100
Artesian Resources Corp ARTNA	FY2025	$112.9M	$22.8M	20.2%	$346.7M	48/100
CADIZ, Inc. CDZI	FY2025	$16.3M	-$34.2M	N/A	$272.7M	37/100

Where Middlesex Water Co Ranks

Frequently Asked Questions

What is Middlesex Water Co's annual revenue?

Middlesex Water Co (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 Water Co's revenue growing?

Middlesex Water Co (MSEX) revenue grew by 1.5% year-over-year, from $191.9M to $194.7M in fiscal year 2025.

Is Middlesex Water Co profitable?

Yes, Middlesex Water Co (MSEX) reported a net income of $43 in fiscal year 2025, with a net profit margin of 0.0%.

What is Middlesex Water Co's EBITDA?

Middlesex Water Co (MSEX) had EBITDA of $86.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Middlesex Water Co have?

As of fiscal year 2025, Middlesex Water Co (MSEX) had $2.8M in cash and equivalents against $378.9M in long-term debt.

What is Middlesex Water Co's operating margin?

Middlesex Water Co (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 Water Co's net profit margin?

Middlesex Water Co (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 Water Co pay dividends?

Yes, Middlesex Water Co (MSEX) paid $1.38 per share in dividends during fiscal year 2025.

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

Middlesex Water Co (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 Water Co's operating cash flow?

Middlesex Water Co (MSEX) generated $62.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Middlesex Water Co's total assets?

Middlesex Water Co (MSEX) had $1.4B in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does Middlesex Water Co have outstanding?

Middlesex Water Co (MSEX) had 19M shares outstanding as of fiscal year 2025.

What is Middlesex Water Co's current ratio?

Middlesex Water Co (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 Water Co's debt-to-equity ratio?

Middlesex Water Co (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 Water Co's return on assets (ROA)?

Middlesex Water Co (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 Water Co's P/E ratio?

Middlesex Water Co (MSEX) trades at 198x earnings, its market capitalization divided by net income of $5.1M net income, trailing 12 months to June 30, 2026. The market capitalization is $1.0B as of Oct 16, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Middlesex Water Co's price-to-sales ratio?

Middlesex Water Co (MSEX) trades at 4.9x sales, its market capitalization divided by revenue of $206.1M revenue, trailing 12 months to June 30, 2026. The market capitalization is $1.0B as of Oct 16, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Middlesex Water Co's Altman Z-Score?

Middlesex Water Co (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 Water Co's Piotroski F-Score?

Middlesex Water Co (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 Water Co's earnings high quality?

Middlesex Water Co (MSEX) reported $43 of net income while generating $62.6M in operating cash flow. The ratio between the two is outside the range this page publishes as a per-dollar figure, so both figures are given instead. 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 Water Co cover its interest payments?

Middlesex Water Co (MSEX) has an interest coverage ratio of 3.80x, 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 Water Co?

Middlesex Water Co (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.