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Stocks · Utilities · Water Supply

MIDDLESEX WATER CO

MSEX Clue Score41
United States Fiscal year ends December CIK 0000066004
$53.43 +0.66% Close, 9 Oct 2026
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Price $53.43 −48.49% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue132.7Operating income40.3Net income22.7EPS, diluted1.38Fiscal year 2017Revenue130.6 −1.6%Operating income37.8Net income22.8 +0.3%EPS, diluted1.38Fiscal year 2018Revenue137.9 +5.6%Operating income37.1Net income32.5 +42.3%EPS, diluted1.96Fiscal year 2019Revenue134.5 −2.5%Operating income35.5Net income33.9 +4.4%EPS, diluted2.01Fiscal year 2020Revenue141.4 +5.2%Operating income37.4Net income38.4 +13.4%EPS, diluted2.18Fiscal year 2021Revenue143.0 +1.1%Operating income33.2Net income36.5 −4.9%EPS, diluted2.07Fiscal year 2022Revenue162.3 +13.5%Operating income47.3Net income42.4 +16.1%EPS, diluted2.39Fiscal year 2023Revenue166.3 +2.5%Operating income39.2Net income31.5 −25.7%EPS, diluted1.76Fiscal year 2024Revenue191.9 +15.4%Operating income53.2Net income44.4 +40.7%EPS, diluted2.47Fiscal year 2025Revenue194.7 +1.5%Operating income54.4Net income42.8 −3.4%EPS, diluted2.36
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 132.7 130.6 137.9 134.5 141.4 143.0 162.3 166.3 191.9 194.7
Growth −1.6% +5.6% −2.5% +5.2% +1.1% +13.5% +2.5% +15.4% +1.5%
Operating income 40.3 37.8 37.1 35.5 37.4 33.2 47.3 39.2 53.2 54.4
Net income 22.7 22.8 32.5 33.9 38.4 36.5 42.4 31.5 44.4 42.8
Growth +0.3% +42.3% +4.4% +13.4% −4.9% +16.1% −25.7% +40.7% −3.4%
EPS, diluted 1.38 1.38 1.96 2.01 2.18 2.07 2.39 1.76 2.47 2.36

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin30.4%Net margin17.1%Fiscal year 2017Operating margin28.9%Net margin17.5%Fiscal year 2018Operating margin26.9%Net margin23.5%Fiscal year 2019Operating margin26.4%Net margin25.2%Fiscal year 2020Operating margin26.5%Net margin27.2%Free cash flow margin−36.9%Fiscal year 2021Operating margin23.2%Net margin25.6%Free cash flow margin−32.4%Fiscal year 2022Operating margin29.2%Net margin26.1%Free cash flow margin−18.5%Fiscal year 2023Operating margin23.6%Net margin19.0%Free cash flow margin−22.5%Fiscal year 2024Operating margin27.7%Net margin23.1%Free cash flow margin−8.3%Fiscal year 2025Operating margin27.9%Net margin22.0%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 30.4% 28.9% 26.9% 26.4% 26.5% 23.2% 29.2% 23.6% 27.7% 27.9%
Net margin 17.1% 17.5% 23.5% 25.2% 27.2% 25.6% 26.1% 19.0% 23.1% 22.0%
Free cash flow margin n/a n/a n/a n/a −36.9% −32.4% −18.5% −22.5% −8.3% n/a

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow47.1Dividends paid−13.1Fiscal year 2017Operating cash flow42.8Dividends paid−14.0Fiscal year 2018Operating cash flow45.9Dividends paid−14.9Fiscal year 2019Operating cash flow36.1Dividends paid−16.2Fiscal year 2020Operating cash flow53.4Capital expenditure−105.6Free cash flow−52.3Dividends paid−18.2Fiscal year 2021Operating cash flow33.0Capital expenditure−79.4Free cash flow−46.4Dividends paid−19.4Fiscal year 2022Operating cash flow61.4Capital expenditure−91.3Free cash flow−30.0Dividends paid−20.8Fiscal year 2023Operating cash flow52.8Capital expenditure−90.2Free cash flow−37.4Buybacks−0.6Dividends paid−22.4Fiscal year 2024Operating cash flow58.7Capital expenditure−74.6Free cash flow−15.9Buybacks−1.5Dividends paid−23.4Fiscal year 2025Operating cash flow62.6Dividends paid−24.9
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 47.1 42.8 45.9 36.1 53.4 33.0 61.4 52.8 58.7 62.6
Capital expenditure n/a n/a n/a n/a −105.6 −79.4 −91.3 −90.2 −74.6 n/a
Free cash flow n/a n/a n/a n/a −52.3 −46.4 −30.0 −37.4 −15.9 n/a
Growth
Buybacks n/a n/a n/a n/a n/a n/a n/a −0.6 −1.5 n/a
Dividends paid −13.1 −14.0 −14.9 −16.2 −18.2 −19.4 −20.8 −22.4 −23.4 −24.9

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash3.9Total debt140.7Net cash (debt)−136.8Fiscal year 2017Cash4.9Total debt145.9Net cash (debt)−141.0Fiscal year 2018Cash3.7Total debt160.2Net cash (debt)−156.5Fiscal year 2019Cash2.2Total debt238.0Net cash (debt)−235.7Fiscal year 2020Cash4.5Total debt280.5Net cash (debt)−276.0Shareholders’ equity346.2Debt to equity0.81Fiscal year 2021Cash3.5Total debt313.3Net cash (debt)−309.7Shareholders’ equity367.7Debt to equity0.85Fiscal year 2022Cash3.8Total debt307.7Net cash (debt)−303.9Shareholders’ equity400.3Debt to equity0.77Fiscal year 2023Cash2.4Total debt722.9Net cash (debt)−720.5Shareholders’ equity423.0Debt to equity1.71Fiscal year 2024Cash4.2Total debt360.5Net cash (debt)−356.3Shareholders’ equity445.3Debt to equity0.81Fiscal year 2025Cash2.8Total debt386.7Net cash (debt)−383.9Shareholders’ equity494.0Debt to equity0.78
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 3.9 4.9 3.7 2.2 4.5 3.5 3.8 2.4 4.2 2.8
Total debt 140.7 145.9 160.2 238.0 280.5 313.3 307.7 722.9 360.5 386.7
Net cash (debt) −136.8 −141.0 −156.5 −235.7 −276.0 −309.7 −303.9 −720.5 −356.3 −383.9
Shareholders’ equity n/a n/a n/a n/a 346.2 367.7 400.3 423.0 445.3 494.0
Debt to equity n/a n/a n/a n/a 0.81 0.85 0.77 1.71 0.81 0.78

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018† 31 Dec 2018 FY2019† 31 Dec 2019 FY2020† 31 Dec 2020 FY2021 31 Dec 2021 FY2022† 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
132.7 130.6 137.9 134.5 141.4 143.0 162.3 166.3 191.9 194.7
Growth −1.6% +5.6% −2.5% +5.2% +1.1% +13.5% +2.5% +15.4% +1.5%
40.3 37.8 37.1 35.5 37.4 33.2 47.3 39.2 53.2 54.4
Growth −6.2% −1.7% −4.4% +5.3% −11.2% +42.5% −17.1% +35.7% +2.2%
34.5 33.9 33.4 30.7 34.3 31.1 45.7 32.6 51.3 47.6
11.7 11.1 0.9 −3.1 −4.1 −5.5 3.2 1.0 6.9 4.8
22.7 22.8 32.5 33.9 38.4 36.5 42.4 31.5 44.4 42.8
Growth +0.3% +42.3% +4.4% +13.4% −4.9% +16.1% −25.7% +40.7% −3.4%
Per share
1.39 1.39 1.97 2.02 2.19 2.08 2.40 1.77 2.48 2.36
1.38 1.38 1.96 2.01 2.18 2.07 2.39 1.76 2.47 2.36
Growth +0.0% +42.0% +2.6% +8.5% −5.0% +15.5% −26.4% +40.3% −4.5%
16.3 16.3 0.0 16.7 0.0 0.0 17.6 17.7 17.8 18.1
16.4 16.5 0.0 16.8 0.0 0.0 17.7 17.8 17.9 18.1
Growth +0.4% −99.9% +101,647.3% −99.9% +0.2% +100,496.4% +0.8% +0.6% +1.1%

† The diluted share count jumps at 2018 and 2019 and 2020 and 2022, so per-share figures either side of that column are not comparable. Usually a split, but the break lands on the restatement boundary rather than on the split date, because every column is that period’s latest filing.

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 6.6% a year over five years.
  • Operating margin is up 1.5 points on five years ago, at 27.9%.
  • Profitable in every one of the 10 years on file.