Middlesex Water 7 PR (MSEXP) Financials
Newest figures come from the 10-Q for Q3 FY2026, filed Oct 29, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the MSEXP SEC filings page.
Middlesex Water 7 PR (MSEXP) reported $212.3M in revenue over the twelve months to Sep 30, 2026, up 8.9% 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).
The business converts accounting profit into operating cash, but its asset-heavy model repeatedly reinvests more than operations generate.
In FY2025, operating cash flow exceeded net income, yet investing outflows reached$101.0M ; that gap explains why profitability does not automatically become free cash. The same structure produced negative free cash flow in FY2023 and FY2024 despite positive net income, making reinvestment the central cash-flow constraint.
In FY2024, operating margin rose to
Liquidity is structurally tight: the current ratio was 0.4x in FY2025. Current liabilities rose
Financial Health Signals
We do not publish a peer-relative financial health score for Middlesex Water 7 PR, because the score only covers companies whose filings and listing give us what it needs to compare them with their peers. The signals and metrics below are current.
Middlesex Water 7 PR 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, the one computable operating efficiency signal (asset turnover improving) does not pass.
For every $1 of reported earnings, Middlesex Water 7 PR generates $1.46 in operating cash flow ($62.6M OCF vs $42.8M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Middlesex Water 7 PR 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
Earnings & Revenue
Middlesex Water 7 PR generated $60.2M in revenue in Q3 2026. This represents an increase of 11.3% from the same quarter a year earlier. Against the prior quarter it is up 6.8%.
Middlesex Water 7 PR's EBITDA was $29.1M in Q3 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 18.2% from the same quarter a year earlier. Against the prior quarter it is up 16.6%.
Middlesex Water 7 PR reported $18.0M in net income in Q3 2026. This represents an increase of 29.2% from the same quarter a year earlier. Against the prior quarter it is up 22.0%.
Middlesex Water 7 PR earned $0.95 per diluted share (EPS) in Q3 2026. This represents an increase of 23.4% from the same quarter a year earlier. Against the prior quarter it is up 20.3%.
Cash & Balance Sheet
Middlesex Water 7 PR held $1.7M in cash against $392.2M in long-term debt as of Q3 2026.
Middlesex Water 7 PR paid $0.36 per share in dividends in Q3 2026. This represents an increase of 5.9% from the same quarter a year earlier. It is unchanged from the prior quarter.
Not reported for Q3 2026.
Margins & Returns
Middlesex Water 7 PR's operating margin was 37.0% in Q3 2026, reflecting core business profitability. This is up 4.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 4.6 percentage points.
Middlesex Water 7 PR's net profit margin was 29.9% in Q3 2026, showing the share of revenue converted to profit. This is up 4.1 percentage points from the same quarter a year earlier. Against the prior quarter it is up 3.7 percentage points.
Middlesex Water 7 PR's quarterly ROE was 3.3% in Q3 2026: one quarter's net income over shareholder equity, not annualized. This is up 0.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.5 percentage points.
Not reported for Q3 2026.
Capital Allocation
None of these metrics is reported for Q3 2026.
MSEXP 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.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Revenue | $60.2M+11.3% | $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% |
| Operating Income | $22.3M+25.8% | $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% |
| EBITDA | $29.1M+18.2% | $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+17.7% |
| Interest Expense | $4.2M0.0% | $4.0M+10.8% | $3.2M+18.5% | $3.8M | $4.2M+23.1% | $3.6M-10.3% | $2.7M-17.0% | N/A |
| Income Tax | $2.4M+70.5% | $1.8M+27.0% | $1.3M+10.6% | $819K | $1.4M-17.7% | $1.4M-58.4% | $1.2M-9.1% | N/A |
| Net Income | $18.0M+29.2% | $14.8M+37.1% | $10.6M+11.9% | $8.6M-2.2% | $14.0M-2.5% | $10.8M+2.2% | $9.5M-11.3% | $8.8M+52.7% |
| EPS (Basic) | $0.95+23.4% | $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% |
| EPS (Diluted) | $0.95+23.4% | $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% |
| Diluted Shares (Avg) | 19M+4.8% | 19M+4.1% | 19M+3.5% | N/A | 18M+1.1% | 18M+0.3% | 18M+0.1% | N/A |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses.
MSEXP Balance Sheet
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.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.5B+8.6% | $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% |
| Current Assets | $55.3M+11.5% | $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% |
| Cash & Equivalents | $1.7M-49.8% | $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% |
| Short-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m |
| Accounts Receivable | $23.6M+3.7% | $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% |
| Long-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m |
| Total Liabilities | $910.0M+5.9% | $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% |
| Current Liabilities | $109.0M-7.8% | $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% |
| Non-Current Liabilities | $801.0M+8.1% | $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% |
| Long-Term Debt | $392.2M+12.0% | $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% |
| Total Equity | $547.6M+13.5% | $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% |
| Retained Earnings | $238.0M+11.8% | $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% |
Not reported in any period shown, so not listed: Inventory, Goodwill.
MSEXP Cash Flow 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.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $22.9M+89.9% | $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% |
| Depreciation & Amortization | $6.9M-1.1% | $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+6.4% |
| Stock-Based Compensation | N/A | N/A | $401K+3.1% | N/A | N/A | N/A | $389Kn/m | N/A |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $25.1M+47.0% |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -$3.7Mn/m |
| Investing Cash Flow | -$30.4Mn/m | -$33.0Mn/m | -$20.6Mn/m | -$24.7Mn/m | -$21.0Mn/m | -$36.3Mn/m | -$18.9Mn/m | -$25.1Mn/m |
| Financing Cash Flow | $7.4M-24.1% | $16.3M-16.7% | $8.2M+128.9% | $5.7M+247.8% | $9.8Mn/m | $19.6M+136.5% | $3.6M-56.6% | $1.6M-56.3% |
| Dividends Paid | $6.8M+11.5% | $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% |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | $154K-66.5% | $225K-74.1% | $118Kn/m |
MSEXP 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.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | 37.0%+4.3pp | 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 |
| Net Margin | 29.9%+4.1pp | 26.2%+4.4pp | 21.8%+0.4pp | 18.3%-0.4pp | 25.8%-0.2pp | 21.9%+0.4pp | 21.4%-5.0pp | 18.7%+3.8pp |
| Return on Equity | 3.3%+0.4pp | 2.8%+0.5pp | 2.1%0.0pp | 1.7%-0.2pp | 2.9%-0.3pp | 2.4%-0.1pp | 2.1%-0.4pp | 2.0%+0.6pp |
| Return on Assets | 1.2%+0.2pp | 1.0%+0.2pp | 0.8%0.0pp | 0.6%-0.1pp | 1.0%-0.1pp | 0.8%0.0pp | 0.7%-0.1pp | 0.7%+0.2pp |
| Current Ratio | 0.51+0.1x | 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 |
| Debt-to-Equity | 0.720.0x | 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 |
| Liabilities-to-Equity | 1.66-0.1x | 1.73-0.1x | 1.77-0.1x | 1.76-0.1x | 1.780.0x | 1.87-0.1x | 1.85-0.1x | 1.82-0.1x |
| Asset Turnover | 0.040.0x | 0.040.0x | 0.040.0x | 0.030.0x | 0.040.0x | 0.040.0x | 0.030.0x | 0.040.0x |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -8.0%+3.2pp |
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.
Where Middlesex Water 7 PR Ranks
Frequently Asked Questions
Middlesex Water 7 PR (MSEXP) 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.
Middlesex Water 7 PR (MSEXP) revenue grew by 1.5% year-over-year, from $191.9M to $194.7M in fiscal year 2025.
Yes, Middlesex Water 7 PR (MSEXP) reported a net income of $52.0M over the trailing 12 months to September 30, 2026. In fiscal year 2025 it reported a net income of $42.8M, with a net profit margin of 22.0%.
Middlesex Water 7 PR (MSEXP) had EBITDA of $86.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
As of fiscal year 2025, Middlesex Water 7 PR (MSEXP) had $2.8M in cash and equivalents against $378.9M in long-term debt.
Middlesex Water 7 PR (MSEXP) had an operating margin of 27.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
Middlesex Water 7 PR (MSEXP) had a net profit margin of 22.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Yes, Middlesex Water 7 PR (MSEXP) paid $1.38 per share in dividends during fiscal year 2025.
Middlesex Water 7 PR (MSEXP) has a return on equity of 8.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
Middlesex Water 7 PR (MSEXP) generated $62.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
Middlesex Water 7 PR (MSEXP) had $1.4B in total assets as of fiscal year 2025, including both current and long-term assets.
Middlesex Water 7 PR (MSEXP) had a current ratio of 0.45 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
Middlesex Water 7 PR (MSEXP) had a debt-to-equity ratio of 0.77 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
Middlesex Water 7 PR (MSEXP) had a liabilities-to-equity ratio of 1.76 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
Middlesex Water 7 PR (MSEXP) had a return on assets of 3.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Middlesex Water 7 PR (MSEXP) 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.
Middlesex Water 7 PR (MSEXP) has an earnings quality ratio of 1.46x, 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.
Middlesex Water 7 PR (MSEXP) 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.