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

Middlesex Water (MSEXP) 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 Financials

MSEXP

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Middlesex Water (MSEXP) 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).

Rhea AI MSEXP FY2025 2026-04-22

Positive operating earnings are consistently absorbed by heavy reinvestment, leaving this business financed more by external capital than by free cash.

From FY2023 through FY2025, operating cash flow improved from $52.8M to $62.6M, but investing outflows still exceeded it each year. That is why free cash flow stayed negative in prior reported years even with operating margin near 23.6% to 27.9%: the core business throws off cash before reinvestment, yet the asset base keeps demanding more than operations currently release.

The balance sheet reads as long-term financed rather than liquid: FY2025 cash was only $2.8M, and current assets covered just 0.4x of current liabilities. With $378.9M of long-term debt and debt-to-equity of 0.8x, near-term obligations appear to be managed through ongoing cash generation and refinancing capacity rather than a large cash cushion.

Revenue was almost flat between FY2024 and FY2025, yet operating margin held around 27.9% and EBITDA reached $86.9M. That points more to cost discipline and asset-level efficiency than to a volume surge: earnings can stay resilient in a slower top-line year, but that resilience does not automatically become distributable cash because reinvestment remains heavy.

Financial Health Signals

Financial Profile 38/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Middlesex Water'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 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 82/100, reflecting efficient cost management and pricing power. This is up from 27.7% the prior year.

Growth

Middlesex Water's revenue grew a modest 1.5% year-over-year to $194.7M. This slow but positive growth earns a score of 47/100.

Leverage

Middlesex Water carries a low D/E ratio of 0.77, meaning only $0.77 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 86/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Middlesex Water's current ratio of 0.45 is below the typical benchmark, resulting in a score of 3/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Returns

Middlesex Water generates a 0.0% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 11/100. This is up from 0.0% the prior year.

Piotroski F-Score Neutral

4/9

Middlesex Water passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

1462523.36x

For every $1 of reported earnings, Middlesex Water 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.

Interest Coverage Adequate

3.8x

Middlesex Water 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

Export CSV

Earnings & Revenue

Revenue

$194.7M

YoY+1.5%

5Y CAGR+6.6%

Middlesex Water generated $194.7M in revenue in fiscal year 2025. This represents an increase of 1.5% from the prior year.

EBITDA

$86.9M

YoY+6.9%

5Y CAGR+8.3%

10Y CAGR+5.9%

Middlesex Water'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.

Net Income

$43

YoY-3.6%

5Y CAGR-93.6%

10Y CAGR-72.9%

Middlesex Water reported $43 in net income in fiscal year 2025. This represents a decrease of 3.6% from the prior year.

EPS (Diluted)

$2.36

YoY-4.5%

Middlesex Water 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

Free Cash Flow

N/A

Cash & Debt

$2.8M

YoY-33.7%

5Y CAGR-9.0%

10Y CAGR-2.1%

Middlesex Water held $2.8M in cash against $378.9M in long-term debt as of fiscal year 2025.

Dividends Per Share

$1.38

YoY+4.9%

Middlesex Water paid $1.38 per share in dividends in fiscal year 2025. This represents an increase of 4.9% from the prior year.

Shares Outstanding

19M

YoY+3.5%

Middlesex Water had 19M shares outstanding in fiscal year 2025. This represents an increase of 3.5% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

27.9%

YoY+0.2pp

5Y CAGR+1.5pp

Middlesex Water'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.

Net Margin

0.0%

YoY+0.0pp

5Y CAGR-27.2pp

Middlesex Water'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.

Return on Equity

0.0%

YoY+0.0pp

5Y CAGR-11.1pp

Middlesex Water'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

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

MSEXP Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$194.7M+1.5%	$191.9M+15.4%	$166.3M+2.5%	$162.3M+13.5%	$143.0M+1.1%	$141.4M
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	$54.4M+2.2%	$53.2M+35.7%	$39.2M-17.1%	$47.3M+42.5%	$33.2M-11.2%	$37.4M
Interest Expense	$14.3M+1.9%	$14.0M+6.7%	$13.1M+40.3%	$9.4M+15.4%	$8.1M+8.3%	$7.5M
Income Tax	$4.8M-30.2%	$6.9M+563.3%	$1.0M-67.9%	$3.2M+159.0%	-$5.5M-33.2%	-$4.1M
Net Income	$43-3.6%	$44+41.0%	$32-25.7%	$42+16.2%	$37-100.0%	$38.4M
EPS (Diluted)	$2.36-4.5%	$2.47+40.3%	$1.76-26.4%	$2.39	$2.07	$2.18

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

MSEXP Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$1.4B+8.8%	$1.3B+1.5%	$1.2B+15.0%	$1.1B+5.3%	$1.0B+4.5%	$976.5M
Current Assets	$41.8M-2.8%	$43.0M-60.4%	$108.5M+190.9%	$37.3M+8.6%	$34.4M+0.7%	$34.1M
Cash & Equivalents	$2.8M-33.7%	$4.2M+76.8%	$2.4M-37.6%	$3.8M+8.3%	$3.5M-21.3%	$4.5M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$19.2M+2.0%	$18.8M+3.7%	$18.2M+13.4%	$16.0M+4.6%	$15.3M+5.1%	$14.6M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$871.7M+7.6%	$809.9M-0.4%	$813.1M+20.6%	$674.1M+3.3%	$652.3M+3.5%	$630.3M
Current Liabilities	$93.8M+13.2%	$82.9M-20.2%	$103.8M-11.9%	$117.9M+108.2%	$56.6M-0.4%	$56.8M
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
Total Equity	$494.0M+11.0%	$445.3M+5.3%	$423.0M+5.7%	$400.3M+8.9%	$367.7M+6.2%	$346.2M
Retained Earnings	$214.9M+9.0%	$197.1M+11.8%	$176.2M+5.4%	$167.3M+14.7%	$145.8M+13.2%	$128.8M

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

MSEXP Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$62.6M+6.6%	$58.7M+11.3%	$52.8M-14.0%	$61.4M+85.8%	$33.0M-38.1%	$53.4M
Capital Expenditures	N/A	$74.6M-17.3%	$90.2M-1.3%	$91.3M+15.1%	$79.4M-24.8%	$105.6M
Free Cash Flow	N/A	-$15.9M+57.5%	-$37.4M-24.8%	-$30.0M+35.3%	-$46.4M+11.3%	-$52.3M
Investing Cash Flow	-$101.0M-35.3%	-$74.6M+17.3%	-$90.2M-2.2%	-$88.2M-11.1%	-$79.4M+24.8%	-$105.6M
Financing Cash Flow	$38.6M+117.8%	$17.7M-50.7%	$36.0M+32.5%	$27.1M-31.2%	$39.5M+144.2%	$16.2M
Dividends Paid	$24.9M+6.5%	$23.4M+4.3%	$22.4M+7.8%	$20.8M+7.4%	$19.4M+6.6%	$18.2M
Share Buybacks	N/A	$1.5M+137.2%	$619K	N/A	N/A	N/A

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

MSEXP Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	27.9%+0.2pp	27.7%+4.1pp	23.6%-5.6pp	29.2%+5.9pp	23.2%-3.2pp	26.5%
Net Margin	0.0%0.0pp	0.0%0.0pp	0.0%0.0pp	0.0%0.0pp	0.0%-27.2pp	27.2%
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%
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%
Current Ratio	0.45-0.1	0.52-0.5	1.05+0.7	0.32-0.3	0.610.0	0.60
Debt-to-Equity	0.77-0.0	0.79-0.1	0.85+0.1	0.73-0.1	0.83+0.0	0.79
FCF Margin	N/A	-8.3%+14.2pp	-22.5%-4.0pp	-18.5%+13.9pp	-32.4%+4.5pp	-37.0%

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.

Frequently Asked Questions

What is Middlesex Water's annual revenue?

Middlesex Water (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.

How fast is Middlesex Water's revenue growing?

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

Is Middlesex Water profitable?

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

What is Middlesex Water's EBITDA?

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

How much debt does Middlesex Water have?

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

What is Middlesex Water's operating margin?

Middlesex Water (MSEXP) 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's net profit margin?

Middlesex Water (MSEXP) 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 pay dividends?

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

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

Middlesex Water (MSEXP) 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's operating cash flow?

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

What are Middlesex Water's total assets?

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

How many shares does Middlesex Water have outstanding?

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

What is Middlesex Water's current ratio?

Middlesex Water (MSEXP) 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's debt-to-equity ratio?

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

Middlesex Water (MSEXP) 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's Piotroski F-Score?

Middlesex Water (MSEXP) has a Piotroski F-Score of 4 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Middlesex Water's earnings high quality?

Middlesex Water (MSEXP) 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 Water cover its interest payments?

Middlesex Water (MSEXP) 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 Water?

Middlesex Water (MSEXP) scores 38 out of 100 on our Financial Profile, indicating weak 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.