Saturday 17 October 2026
Export MSEX’s income statement to Excel — free account
Middlesex Water Company
MSEX Utilities Utilities Regulated Water
Middlesex Water Company’s revenue for fiscal 2025 (year ended December 2025) was $194.7 million, up 1.47% from fiscal 2024. In the quarter to June 2026, revenue grew 14.3%, EPS grew 31.7%, free cash flow fell 22.4% and total debt rose 12.4%, each against the same quarter a year earlier. Dividend growth for twenty-five consecutive years, revenue growth for five; insiders bought in the last twelve months.
54.59
0.68
+1.26%
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| Dec '25 | Dec '24 | Dec '23 | Dec '22 | Dec '21 | Dec '20 | Dec '19 | Dec '18 | Dec '17 | Dec '16 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
21.36 | 21.22 | 36.56 | 33.37 | 57.84 | 33.09 | 31.47 | 26.94 | 27.92 | 29.73 |
Piotroski F-Score |
3 | 6 | 4 | 6 | 3 | 5 | 4 | 5 | 4 | 6 |
P/S ratio |
4.69 | 4.89 | 6.90 | 8.68 | 14.70 | 8.94 | 7.88 | 6.33 | 4.88 | 5.06 |
Altman Z-Score |
1.08 | 1.17 | 1.30 | 1.66 | 2.36 | 1.64 | 1.49 | 1.42 | 1.39 | 1.59 |
Altman Z″-Score (non-manufacturers) |
1.13 | 1.17 | 1.25 | 0.94 | 1.14 | 1.12 | 0.98 | 0.68 | 0.97 | 1.15 |
P/FCF ratio |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Beneish M-Score |
(2.52) | (2.37) | (2.45) | (2.56) | (2.54) | (2.46) | (2.37) | (2.35) | (2.61) | (2.69) |
P/Operating CF |
49.42 | 43.89 | 89.67 | 82.31 | 146.23 | 78.76 | 83.48 | 67.23 | 44.97 | 40.97 |
Dividend Safety Score |
49 | — | — | — | — | — | — | — | — | — |
P/B ratio |
1.85 | 2.11 | 2.71 | 3.52 | 5.72 | 3.65 | 3.28 | 3.51 | 2.79 | 3.08 |
Price to Tangible BV |
1.85 | 2.11 | 2.71 | 3.52 | 5.72 | 3.65 | 3.28 | 3.51 | 2.79 | 3.08 |
EV/Sales |
6.66 | 6.75 | 9.09 | 10.55 | 16.86 | 10.89 | 9.63 | 7.46 | 5.96 | 6.09 |
EV/EBITDA |
14.92 | 15.94 | 22.00 | 22.90 | 40.23 | 26.46 | 24.58 | 19.47 | 14.80 | 15.03 |
EV/Operating CF |
20.71 | 22.06 | 28.63 | 27.92 | 73.09 | 28.89 | 35.96 | 22.47 | 18.19 | 17.19 |
EV/FCF |
(38.40) | (81.51) | (40.40) | (57.15) | (52.08) | (29.49) | (24.43) | (39.29) | (104.49) | (2,661.49) |
Quick Ratio |
0.23 | 0.28 | 0.20 | 0.17 | 0.33 | 0.34 | 0.22 | 0.16 | 0.24 | 0.30 |
Current Ratio |
0.45 | 0.52 | 1.05 | 0.32 | 0.61 | 0.60 | 0.45 | 0.33 | 0.45 | 0.57 |
Net Debt/EBITDA |
4.42 | 4.39 | 5.29 | 4.06 | 5.16 | 4.74 | 4.47 | 2.96 | 2.68 | 2.54 |
Debt/Assets |
28.32% | 28.72% | 29.60% | 28.64% | 30.71% | 28.73% | 26.15% | 20.86% | 22.07% | 22.69% |
Debt/Equity |
0.78 | 0.81 | 0.86 | 0.76 | 0.85 | 0.81 | 0.73 | 0.64 | 0.63 | 0.64 |
Asset Turnover |
0.15 | 0.15 | 0.14 | 0.16 | 0.14 | 0.15 | 0.16 | 0.19 | 0.20 | 0.22 |
Operating CF/Net income |
1.46 | 1.33 | 1.68 | 1.45 | 0.91 | 1.39 | 1.07 | 1.42 | 1.89 | 2.08 |
Capex/Depreciation |
(2.97) | (2.66) | (3.06) | (3.32) | (2.96) | (5.07) | (5.17) | (4.57) | (3.39) | (3.50) |
Interest Coverage |
3.80 | 3.79 | 2.98 | 5.05 | 4.09 | 4.99 | 4.89 | 5.50 | 6.86 | 7.61 |
| 9.10% | 10.19% | 7.63% | 11.02% | 10.20% | 11.43% | 11.79% | 13.52% | 10.13% | 10.63% | |
| 3.26% | 3.55% | 2.72% | 4.04% | 3.65% | 4.06% | 4.02% | 4.52% | 3.54% | 3.76% | |
ROIC |
3.87% | 4.14% | 3.11% | 4.19% | 3.05% | 3.75% | 3.95% | 5.69% | 6.34% | 7.04% |
Return on Tangible Assets |
3.90% | 4.36% | 3.13% | 5.04% | 4.32% | 4.95% | 5.04% | 5.82% | 4.34% | 4.54% |
Average Days of Receivables |
36.02 | 35.84 | 39.89 | 35.99 | 39.04 | 37.56 | 32.29 | 31.09 | 30.10 | 27.82 |
Research and Development Expense of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Selling, General and Administrative Expense of Revenue |
58.15% | 59.54% | 61.26% | 59.90% | 62.05% | 60.53% | 61.19% | 62.21% | 60.45% | 60.05% |
Intangible Assets out of Total Assets |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Share Based Compensation of Revenue |
0.64% | 0.80% | 1.33% | 1.00% | 0.93% | 0.77% | 0.47% | 0.79% | 0.64% | 0.62% |
Graham Net Nets |
(0.91) | (0.81) | (0.61) | (0.45) | (0.29) | (0.47) | (0.52) | (0.56) | (0.63) | (0.55) |
Graham Number |
38.07 | 37.32 | 30.82 | 35.05 | 31.37 | 31.26 | 29.70 | 26.01 | 21.03 | 20.49 |
Earnings Yield |
4.68% | 4.71% | 2.74% | 3.00% | 1.73% | 3.02% | 3.18% | 3.71% | 3.58% | 3.36% |
Free Cash Flow Yield |
(3.70%) | (1.69%) | (3.26%) | (2.13%) | (2.20%) | (4.13%) | (5.00%) | (3.00%) | (1.17%) | (0.05%) |
Revenue per Share |
10.76 | 10.75 | 9.38 | 9.23 | 8.18 | 8.11 | 8.07 | 8.43 | 8.01 | 8.17 |
Operating CF per Share |
3.46 | 3.29 | 2.98 | 3.49 | 1.89 | 3.06 | 2.16 | 2.80 | 2.62 | 2.89 |
Capex per Share |
(5.32) | (4.18) | (5.09) | (5.19) | (4.54) | (6.05) | (5.34) | (4.40) | (3.08) | (2.91) |
Free Cash Flow per Share |
(1.87) | (0.89) | (2.11) | (1.70) | (2.65) | (2.99) | (3.18) | (1.60) | (0.46) | (0.02) |
Cash per Share |
0.15 | 0.24 | 0.13 | 0.22 | 0.20 | 0.26 | 0.13 | 0.23 | 0.30 | 0.24 |
Shareholders Equity per Share |
27.37 | 25.05 | 23.97 | 22.87 | 21.14 | 19.95 | 19.53 | 15.33 | 14.18 | 13.58 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
27.37 | 25.05 | 23.97 | 22.87 | 21.14 | 19.95 | 19.53 | 15.33 | 14.18 | 13.58 |
Free Cash Flow |
(33.76) | (15.89) | (37.40) | (29.97) | (46.35) | (52.26) | (53.07) | (26.23) | (7.46) | (0.30) |
Working Capital |
(52.03) | (39.91) | 4.71 | (80.55) | (22.26) | (22.72) | (35.85) | (63.55) | (35.29) | (20.34) |
Capital Expenditures |
(96.35) | (74.62) | (90.18) | (91.33) | (79.38) | (105.62) | (89.12) | (72.09) | (50.30) | (47.37) |
Net Current Asset Value |
(828.60) | (765.30) | (702.44) | (634.73) | (615.85) | (594.05) | (554.87) | (485.79) | (400.28) | (372.57) |
EV/EBIT |
23.84 | 24.34 | 38.52 | 36.19 | 72.69 | 41.19 | 36.50 | 27.75 | 20.62 | 20.08 |
Capex to Sales |
0.49 | 0.39 | 0.54 | 0.56 | 0.55 | 0.75 | 0.66 | 0.52 | 0.38 | 0.36 |
Price to Operating Income |
16.78 | 17.65 | 29.25 | 29.77 | 63.36 | 33.81 | 29.86 | 23.53 | 16.89 | 16.68 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.02 | 0.03 | 0.03 | 0.03 |
Cash ROIC |
(3.81%) | (1.96%) | (4.71%) | (4.20%) | (6.75%) | (8.25%) | (9.38%) | (6.32%) | (1.95%) | (0.08%) |
Accounts Receivable Turnover |
10.23 | 10.37 | 9.73 | 10.37 | 9.58 | 10.70 | 11.37 | 12.25 | 12.51 | 13.17 |
Accounts Payable Turnover |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Inventory Turnover |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Days of Payables |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Days of Inventory on Hand |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Receivables |
19.03 | 18.51 | 17.10 | 15.66 | 14.94 | 13.24 | 11.84 | 11.27 | 10.46 | 10.09 |
Average Payables |
29.69 | 27.83 | 26.23 | 22.99 | 25.78 | 26.87 | 21.32 | 16.63 | 13.14 | 9.43 |
Average Inventory |
7.13 | 6.85 | 6.57 | 5.77 | 5.24 | 5.28 | 5.43 | 4.76 | 4.11 | 3.35 |
Average Assets |
1,310.46 | 1,245.61 | 1,155.25 | 1,047.23 | 998.24 | 943.17 | 838.85 | 714.49 | 640.65 | 600.77 |
Average Common Equity |
469.65 | 434.13 | 411.66 | 384.03 | 356.97 | 335.00 | 286.29 | 238.98 | 223.81 | 212.57 |
Columns are period end dates