Middlesex Water (MSEX) Financials

$60.36 -2.43 (-3.87%)

Closing price 05/2/2025 04:00 PM Eastern

Extended Trading

$60.35 -0.01 (-0.02%)

As of 05/2/2025 05:34 PM Eastern

Annual Income Statements for Middlesex Water

This table shows Middlesex Water's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	18	20	23	23	32	34	38	36	42	31	44
Consolidated Net Income / (Loss)	18	20	23	23	32	34	38	37	42	32	44
Net Income / (Loss) Continuing Operations	18	20	23	23	32	34	38	37	42	32	44
Total Pre-Tax Income	28	31	34	34	33	31	34	31	46	33	51
Total Operating Income	34	36	40	38	37	36	37	33	47	39	53
Total Gross Profit	117	126	133	131	138	135	142	143	83	83	100
Total Revenue	117	126	133	131	138	135	142	143	162	166	192
Operating Revenue	117	126	133	131	138	135	142	143	162	166	192
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	79	83	92
Operating Cost of Revenue	-	-	-	-	-	-	-	-	79	83	92
Total Operating Expenses	83	90	93	93	101	99	104	110	41	44	46
Depreciation Expense	11	12	13	14	15	17	18	21	23	25	24
Other Operating Expenses / (Income)	71	78	80	79	86	82	86	89	18	19	22
Total Other Income / (Expense), net	-6.01	-5.17	-5.83	-3.89	-3.77	-4.77	-3.11	-2.16	3.57	-6.66	-1.95
Interest Expense	5.61	5.55	5.29	5.51	6.76	7.26	7.49	8.11	9.37	13	14
Other Income / (Expense), net	-0.40	0.38	-0.53	1.62	2.99	2.49	4.38	5.96	13	6.49	12
Income Tax Expense	9.94	11	12	11	0.92	-3.14	-4.12	-5.49	3.24	1.04	6.91
Preferred Stock Dividends Declared	0.15	0.14	0.14	0.14	0.14	0.13	0.12	0.12	0.12	0.12	0.11
Basic Earnings per Share	$1.14	$1.23	$1.39	$1.39	$1.97	$2.02	$2.19	$2.08	$2.40	$1.77	$2.48
Weighted Average Basic Shares Outstanding	16.05M	16.18M	16.27M	16.33M	16.38M	16.69M	17.46M	17.49M	17.60M	17.73M	17.84M
Diluted Earnings per Share	$1.13	$1.22	$1.38	$1.38	$1.96	$2.01	$2.18	$2.07	$2.39	$1.76	$2.47
Weighted Average Diluted Shares Outstanding	16.23M	16.33M	16.43M	16.49M	16.54M	16.83M	17.57M	17.61M	17.71M	17.85M	17.95M
Weighted Average Basic & Diluted Shares Outstanding	16.13M	16.23M	16.30M	8.20M	16.40M	17.44M	17.47M	17.54M	17.64M	17.82M	17.89M
Cash Dividends to Common per Share	$0.76	$0.78	$0.81	$0.86	$0.91	$0.98	-	$1.11	$1.18	$1.26	$1.32

This table shows Middlesex Water's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	14	7.14	5.84	9.87	9.96	5.74	11	11	14	8.78
Consolidated Net Income / (Loss)	14	7.17	5.87	9.90	9.99	5.77	11	11	14	8.80
Net Income / (Loss) Continuing Operations	14	7.17	5.87	9.90	9.99	5.77	11	11	14	8.80
Total Pre-Tax Income	16	7.32	6.61	9.56	11	5.66	12	14	16	9.31
Total Operating Income	17	8.15	7.49	11	13	8.24	9.87	15	18	11
Total Gross Profit	48	-40	38	43	24	-22	41	49	30	-20
Total Revenue	48	39	38	43	47	39	41	49	55	47
Operating Revenue	48	39	38	43	47	39	41	49	55	47
Total Cost of Revenue	0.00	79	0.00	0.00	23	61	0.00	0.00	25	67
Total Operating Expenses	31	-48	31	32	11	-30	31	34	12	-30
Depreciation Expense	5.81	5.92	5.99	6.18	6.38	6.65	5.40	6.31	6.31	6.42
Other Operating Expenses / (Income)	25	-54	25	26	4.94	-37	25	28	5.93	-37
Total Other Income / (Expense), net	-0.32	-0.83	-0.88	-1.11	-2.09	-2.58	2.10	-1.39	-1.44	-1.22
Interest Expense	2.36	2.79	2.60	3.25	3.52	3.78	3.27	4.04	3.41	3.30
Other Income / (Expense), net	2.04	1.96	1.71	2.14	1.43	1.20	5.37	2.66	1.97	2.08
Income Tax Expense	1.97	0.15	0.74	-0.34	0.75	-0.10	1.28	3.38	1.74	0.50
Preferred Stock Dividends Declared	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.02
Basic Earnings per Share	$0.81	$0.40	$0.33	$0.56	$0.56	$0.32	$0.60	$0.59	$0.80	$0.49
Weighted Average Basic Shares Outstanding	17.63M	17.60M	17.65M	17.71M	17.76M	17.73M	17.82M	17.83M	17.84M	17.84M
Diluted Earnings per Share	$0.80	$0.41	$0.33	$0.55	$0.56	$0.32	$0.59	$0.59	$0.80	$0.49
Weighted Average Diluted Shares Outstanding	17.74M	17.71M	17.77M	17.83M	17.87M	17.85M	17.93M	17.94M	17.95M	17.95M
Weighted Average Basic & Diluted Shares Outstanding	17.64M	17.64M	17.68M	17.75M	17.81M	17.82M	17.83M	17.83M	17.86M	17.89M

This table details how cash moves in and out of Middlesex Water's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-2.16	0.80	0.41	52	-0.74	41	-36	-6.87	0.30	-1.44	1.84
Net Cash From Operating Activities	33	51	47	43	46	36	53	33	61	53	59
Net Cash From Continuing Operating Activities	33	51	47	43	46	36	53	33	61	53	59
Net Income / (Loss) Continuing Operations	18	20	23	23	32	34	38	37	42	32	44
Consolidated Net Income / (Loss)	18	20	23	23	32	34	38	37	42	32	44
Depreciation Expense	12	13	14	15	16	17	21	27	27	29	28
Non-Cash Adjustments To Reconcile Net Income	0.33	3.09	0.41	0.36	0.25	-1.19	-1.41	-0.17	-4.95	0.78	-8.15
Changes in Operating Assets and Liabilities, net	1.60	15	10	4.83	-2.62	-14	-4.50	-30	-3.59	-8.97	-5.51
Net Cash From Investing Activities	-22	-24	-47	-50	-72	-89	-106	-79	-88	-90	-75
Net Cash From Continuing Investing Activities	-22	-24	0.00	0.00	-72	-89	-106	-79	-88	-90	-75
Purchase of Property, Plant & Equipment	-	-	-	-	-	-	-106	-79	-91	-90	-75
Divestitures	-	-	-	-	-	-	-	-	3.12	0.00	0.00
Net Cash From Financing Activities	-13	-26	0.71	9.54	25	94	16	39	27	36	18
Net Cash From Continuing Financing Activities	-13	-26	0.71	9.54	25	94	16	39	27	36	18
Repayment of Debt	-15	-23	-6.05	-6.39	-7.90	-3.77	0.96	-42	-7.39	-16	-4.44
Repurchase of Common Equity	0.00	-0.02	0.00	0.00	0.00	-0.36	-	0.00	-0.03	-0.63	-1.47
Payment of Dividends	-12	-13	-13	-14	-15	-16	-18	-19	-21	-23	-24
Issuance of Debt	13	7.74	19	29	47	58	32	98	45	63	-17
Issuance of Common Equity	1.49	1.46	1.45	1.23	1.15	57	1.19	3.84	10	12	0.97
Other Financing Activities, net	-	0.00	-	-	-	-	-	-	0.00	0.00	64
Cash Interest Paid	5.75	5.70	5.43	5.62	6.56	8.09	9.16	9.69	10	14	15
Cash Income Taxes Paid	5.90	1.39	5.73	2.75	4.69	10	2.51	3.34	3.23	2.96	3.17

This table details how cash moves in and out of Middlesex Water's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Change in Cash & Equivalents	-1.41	0.92	1.03	-0.49	-1.41	-0.58	0.47	5.17	-1.68	-2.12
Net Cash From Operating Activities	17	17	16	13	11	13	6.65	11	19	21
Net Cash From Continuing Operating Activities	17	17	16	13	11	13	6.65	11	19	21
Net Income / (Loss) Continuing Operations	14	7.17	5.87	9.90	9.99	5.77	11	11	14	8.80
Consolidated Net Income / (Loss)	14	7.17	5.87	9.90	9.99	5.77	11	11	14	8.80
Depreciation Expense	6.73	7.34	7.20	7.34	7.56	7.34	5.98	7.03	7.22	7.81
Non-Cash Adjustments To Reconcile Net Income	-0.02	-0.08	-0.09	0.44	0.23	0.20	-6.59	-0.29	-0.96	-0.30
Changes in Operating Assets and Liabilities, net	-3.62	2.69	2.99	-4.36	-7.09	-0.50	-3.42	-6.06	-1.12	5.09
Net Cash From Investing Activities	-27	-25	-25	-26	-22	-17	-14	-14	-21	-25
Net Cash From Continuing Investing Activities	-27	-25	-25	-26	-22	-17	-14	-14	-21	-25
Purchase of Property, Plant & Equipment	-27	-25	-25	-26	-22	-17	-14	-14	-21	-25
Net Cash From Financing Activities	7.80	9.20	9.58	12	10	3.73	8.20	8.29	-0.39	1.63
Net Cash From Continuing Financing Activities	7.80	9.20	9.58	12	10	3.73	8.20	8.29	-0.39	1.63
Repayment of Debt	-3.43	-0.53	-1.19	-2.43	-13	0.84	14	-15	-3.70	0.41
Repurchase of Common Equity	-	-0.01	0.00	-	-0.62	-0.01	-0.87	-0.46	-0.02	-0.12
Payment of Dividends	-5.14	-5.54	-5.54	-5.57	-5.58	-5.87	-5.77	-5.82	-5.82	-6.10
Issuance of Debt	13	15	14	17	27	5.67	0.43	30	-55	7.20
Issuance of Common Equity	3.03	0.27	2.34	3.40	3.27	3.10	0.25	0.25	0.24	0.23
Cash Interest Paid	2.79	2.75	2.81	3.33	4.31	3.29	3.94	3.65	4.42	2.98
Cash Income Taxes Paid	1.55	1.11	0.37	-0.11	2.46	0.25	0.07	0.68	1.66	0.76

This table presents Middlesex Water's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	576	581	620	661	768	910	976	1,020	1,074	1,236	1,255
Total Current Assets	23	24	27	29	31	29	34	34	37	109	43
Cash & Equivalents	2.67	3.47	3.88	4.94	3.71	2.23	4.49	3.53	3.83	2.39	4.23
Accounts Receivable	16	16	17	18	19	19	22	23	25	27	30
Inventories, net	2.25	2.60	4.09	4.12	5.41	5.45	5.11	5.36	6.18	6.97	6.72
Prepaid Expenses	1.99	2.04	2.02	2.41	2.64	2.37	2.89	2.88	2.62	1.83	2.42
Plant, Property, & Equipment, net	465	482	518	557	618	706	797	865	921	998	1,055
Plant, Property & Equipment, gross	583	608	654	704	776	876	982	1,065	1,135	1,234	1,310
Accumulated Depreciation	118	126	136	146	157	170	185	200	215	236	254
Total Noncurrent Assets	88	75	76	75	119	175	146	120	94	96	108
Other Noncurrent Operating Assets	81	73	74	73	117	131	140	120	94	96	108
Total Liabilities & Shareholders' Equity	576	581	620	661	768	910	976	1,020	1,074	1,236	1,255
Total Liabilities	376	372	399	430	517	584	628	650	672	805	808
Total Current Liabilities	44	28	47	65	94	65	57	57	118	104	83
Short-Term Debt	25	8.74	18	35	56	27	9.26	20	73	50	31
Accounts Payable	6.35	6.53	12	14	19	23	30	21	25	28	28
Accrued Expenses	-	-	-	-	-	-	-	-	2.54	3.14	2.92
Current Deferred Revenue	0.84	0.88	0.92	0.95	1.04	1.21	1.26	1.33	1.37	1.39	1.48
Current Deferred & Payable Income Tax Liabilities	8.95	9.13	12	11	14	7.64	10	8.62	12	11	12
Other Current Liabilities	1.69	1.95	2.16	2.28	2.64	3.62	3.62	3.83	3.99	4.42	7.76
Total Noncurrent Liabilities	332	344	352	365	422	519	571	594	554	707	725
Long-Term Debt	136	133	135	139	153	231	273	307	290	358	353
Asset Retirement Reserve & Litigation Obligation	10	11	11	44	79	69	61	49	47	113	65
Noncurrent Deferred Revenue	22	20	21	21	23	24	23	24	21	21	23
Noncurrent Deferred & Payable Income Tax Liabilities	48	69	73	43	47	54	61	70	78	89	101
Other Noncurrent Operating Liabilities	71	75	77	81	90	106	118	133	118	126	184
Commitments & Contingencies	0.00	0.00	0.00	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	200	209	221	232	251	326	348	370	402	425	447
Total Preferred & Common Equity	200	209	221	232	251	326	348	370	402	425	447
Preferred Stock	2.44	2.44	2.44	2.43	2.43	2.08	2.08	2.08	2.08	2.08	1.64
Total Common Equity	197	207	218	229	249	324	346	368	400	423	445
Common Stock	149	151	153	155	157	215	217	222	233	247	248
Retained Earnings	49	56	65	74	91	109	129	146	167	176	197

This table presents Middlesex Water's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024
Total Assets	1,065	1,099	1,128	1,243	1,250	1,275	1,230
Total Current Assets	41	40	41	136	111	121	52
Cash & Equivalents	2.91	4.86	4.38	2.97	2.86	8.03	6.34
Accounts Receivable	29	24	26	30	27	33	36
Inventories, net	5.79	6.56	6.43	-	7.07	6.48	6.55
Prepaid Expenses	3.67	3.91	3.47	2.92	4.37	3.93	3.13
Plant, Property, & Equipment, net	900	942	967	985	1,009	1,020	1,038
Plant, Property & Equipment, gross	1,112	1,162	1,192	1,216	1,249	1,264	1,287
Accumulated Depreciation	212	220	225	230	240	244	249
Total Noncurrent Assets	123	108	110	234	93	94	99
Other Noncurrent Operating Assets	123	108	110	234	93	94	99
Total Liabilities & Shareholders' Equity	1,065	1,099	1,128	1,243	1,250	1,275	1,230
Total Liabilities	665	693	714	1,020	814	833	786
Total Current Liabilities	93	96	88	121	117	135	80
Short-Term Debt	48	46	41	50	66	80	25
Accounts Payable	26	28	28	29	23	25	32
Accrued Expenses	-	-	-	-	2.65	3.25	2.40
Current Deferred Revenue	1.48	1.31	1.48	1.46	1.37	1.69	1.56
Current Deferred & Payable Income Tax Liabilities	13	16	10	8.14	15	14	13
Other Current Liabilities	2.79	2.60	3.43	2.91	3.11	4.12	4.95
Total Noncurrent Liabilities	572	597	626	926	703	705	706
Long-Term Debt	301	330	350	354	357	356	352
Asset Retirement Reserve & Litigation Obligation	47	47	47	113	58	55	54
Noncurrent Deferred Revenue	22	22	21	21	21	21	22
Noncurrent Deferred & Payable Income Tax Liabilities	77	79	85	88	90	92	95
Other Noncurrent Operating Liabilities	112	119	122	350	178	181	183
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	400	405	414	422	430	435	444
Total Preferred & Common Equity	400	405	414	422	430	435	444
Preferred Stock	2.08	2.08	2.08	2.08	2.08	2.08	1.89
Total Common Equity	398	403	411	420	428	433	442
Common Stock	232	236	240	243	247	247	248
Retained Earnings	166	168	172	176	181	186	194

This table displays calculated financial ratios and metrics derived from Middlesex Water's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	1.83%	7.76%	5.29%	-1.60%	5.58%	-2.52%	5.20%	1.09%	13.48%	2.36%	15.40%
EBITDA Growth	7.60%	6.77%	8.10%	1.80%	3.05%	-1.20%	13.38%	5.32%	33.01%	-14.35%	24.17%
EBIT Growth	9.43%	6.56%	9.80%	-0.89%	1.82%	-5.29%	9.96%	-6.29%	53.87%	-24.16%	42.82%
NOPAT Growth	10.37%	5.02%	13.25%	-4.36%	42.04%	8.40%	7.06%	-6.76%	12.53%	-13.66%	21.26%
Net Income Growth	10.89%	8.58%	13.55%	0.29%	42.28%	4.43%	13.39%	-4.90%	16.11%	-25.70%	40.69%
EPS Growth	9.71%	7.96%	13.11%	0.00%	42.03%	2.55%	8.46%	-5.05%	15.46%	-26.36%	40.34%
Operating Cash Flow Growth	-3.65%	57.23%	-8.09%	-8.98%	7.05%	-21.39%	47.99%	-38.10%	85.78%	-13.98%	11.27%
Free Cash Flow Firm Growth	-4.26%	92.61%	-85.24%	-205.49%	-331.49%	-132.50%	7.67%	20.21%	98.07%	6,824.03%	-93.34%
Invested Capital Growth	2.17%	-1.45%	6.43%	8.07%	13.82%	18.40%	15.42%	11.56%	6.42%	-0.64%	5.88%
Revenue Q/Q Growth	0.41%	2.51%	0.57%	-0.27%	1.33%	-0.39%	1.35%	-0.42%	3.04%	-0.13%	4.64%
EBITDA Q/Q Growth	2.38%	2.06%	-3.45%	6.40%	-1.40%	0.80%	2.26%	5.17%	0.33%	-0.89%	4.06%
EBIT Q/Q Growth	3.03%	2.83%	-5.43%	6.99%	-1.62%	0.26%	1.24%	-2.64%	4.32%	-1.44%	5.10%
NOPAT Q/Q Growth	4.50%	2.22%	-1.95%	4.25%	5.20%	5.67%	0.28%	-4.52%	-0.53%	0.84%	4.20%
Net Income Q/Q Growth	3.49%	4.00%	-5.56%	10.27%	5.35%	3.29%	0.62%	-2.84%	-0.16%	-4.27%	7.36%
EPS Q/Q Growth	2.73%	5.17%	-6.12%	10.40%	5.95%	2.03%	0.00%	0.00%	0.00%	-4.86%	7.39%
Operating Cash Flow Q/Q Growth	-7.15%	30.36%	-10.72%	-4.92%	-2.54%	6.57%	0.00%	-4.83%	4.66%	-7.57%	17.15%
Free Cash Flow Firm Q/Q Growth	-14.06%	66.73%	-72.87%	-861.29%	-65.43%	-14.62%	6.37%	28.22%	96.86%	-71.72%	103.13%
Invested Capital Q/Q Growth	0.20%	-2.86%	0.16%	1.69%	3.65%	4.62%	3.52%	0.92%	-1.79%	14.88%	0.43%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	51.31%	50.01%	51.86%
EBITDA Margin	39.42%	39.06%	40.11%	41.49%	40.49%	41.04%	44.24%	46.09%	54.02%	45.20%	48.63%
Operating Margin	29.36%	28.39%	30.32%	28.90%	26.90%	26.39%	26.43%	23.20%	29.14%	23.59%	27.73%
EBIT Margin	29.02%	28.69%	29.92%	30.14%	29.07%	28.24%	29.52%	27.36%	37.10%	27.49%	34.02%
Profit (Net Income) Margin	15.75%	15.87%	17.11%	17.44%	23.50%	25.18%	27.14%	25.53%	26.12%	18.96%	23.11%
Tax Burden Percent	64.99%	65.50%	65.96%	67.27%	97.23%	110.21%	112.01%	117.67%	92.91%	96.80%	86.53%
Interest Burden Percent	83.50%	84.43%	86.69%	86.03%	83.16%	80.89%	82.07%	79.28%	75.78%	71.25%	78.52%
Effective Tax Rate	35.01%	34.50%	34.04%	32.73%	2.77%	-10.21%	-12.01%	-17.67%	7.09%	3.20%	13.47%
Return on Invested Capital (ROIC)	6.40%	6.70%	7.40%	6.60%	8.44%	7.87%	7.21%	5.93%	6.13%	5.15%	6.09%
ROIC Less NNEP Spread (ROIC-NNEP)	3.86%	4.34%	4.74%	4.95%	6.48%	5.35%	5.78%	5.09%	5.67%	3.16%	5.56%
Return on Net Nonoperating Assets (RNNOA)	3.03%	3.10%	3.18%	3.48%	5.00%	3.87%	4.18%	4.24%	4.85%	2.47%	4.08%
Return on Equity (ROE)	9.43%	9.80%	10.58%	10.08%	13.44%	11.74%	11.40%	10.18%	10.99%	7.62%	10.17%
Cash Return on Invested Capital (CROIC)	4.25%	8.16%	1.18%	-1.16%	-4.49%	-8.98%	-7.10%	-5.00%	-0.09%	5.80%	0.38%
Operating Return on Assets (OROA)	6.15%	6.26%	6.62%	6.15%	5.62%	4.53%	4.43%	3.92%	5.76%	3.96%	5.24%
Return on Assets (ROA)	3.34%	3.46%	3.79%	3.56%	4.54%	4.04%	4.07%	3.66%	4.05%	2.73%	3.56%
Return on Common Equity (ROCE)	9.30%	9.68%	10.46%	9.97%	13.31%	11.65%	11.33%	10.12%	10.93%	7.58%	10.13%
Return on Equity Simple (ROE_SIMPLE)	9.24%	9.58%	10.30%	9.85%	12.92%	10.40%	11.03%	9.88%	10.54%	7.42%	9.92%
Net Operating Profit after Tax (NOPAT)	22	23	27	25	36	39	42	39	44	38	46
NOPAT Margin	19.08%	18.60%	20.00%	19.44%	26.15%	29.08%	29.60%	27.30%	27.07%	22.84%	24.00%
Net Nonoperating Expense Percent (NNEP)	2.54%	2.36%	2.67%	1.64%	1.96%	2.52%	1.43%	0.85%	0.47%	2.00%	0.53%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	5.74%	4.55%	5.54%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	48.69%	49.99%	48.14%
SG&A Expenses to Revenue	0.00%	0.23%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	70.64%	71.68%	69.68%	71.10%	73.10%	73.61%	73.57%	76.80%	25.39%	26.43%	24.13%
Earnings before Interest and Taxes (EBIT)	34	36	40	39	40	38	42	39	60	46	65
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	46	49	53	54	56	55	63	66	88	75	93
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.59	1.82	2.86	2.60	3.29	3.11	3.52	5.56	3.33	2.69	2.11
Price to Tangible Book Value (P/TBV)	1.59	1.82	2.86	2.60	3.29	3.11	3.52	5.56	3.33	2.69	2.11
Price to Revenue (P/Rev)	2.68	2.97	4.71	4.56	5.92	7.49	8.60	14.28	8.20	6.84	4.89
Price to Earnings (P/E)	17.13	18.88	27.67	26.33	25.30	29.85	31.80	56.12	31.47	36.23	21.21
Dividend Yield	3.95%	3.38%	2.12%	2.37%	1.84%	1.63%	1.50%	1.20%	1.57%	1.98%	2.52%
Earnings Yield	5.84%	5.30%	3.61%	3.80%	3.95%	3.35%	3.14%	1.78%	3.18%	2.76%	4.72%
Enterprise Value to Invested Capital (EV/IC)	1.34	1.48	2.10	1.92	2.25	2.35	2.41	3.41	2.29	2.11	1.70
Enterprise Value to Revenue (EV/Rev)	4.05	4.09	5.84	5.87	7.42	9.40	10.58	16.55	10.42	9.30	6.87
Enterprise Value to EBITDA (EV/EBITDA)	10.27	10.47	14.57	14.16	18.33	22.90	23.92	35.91	19.29	20.57	14.14
Enterprise Value to EBIT (EV/EBIT)	13.95	14.25	19.53	19.49	25.54	33.29	35.84	60.48	28.09	33.83	20.21
Enterprise Value to NOPAT (EV/NOPAT)	21.21	21.98	29.21	30.21	28.38	32.32	35.74	60.61	38.50	40.72	28.65
Enterprise Value to Operating Cash Flow (EV/OCF)	14.55	10.08	16.50	17.93	22.35	35.09	28.08	71.72	27.59	29.29	22.46
Enterprise Value to Free Cash Flow (EV/FCFF)	31.94	18.05	183.98	0.00	0.00	0.00	0.00	0.00	0.00	36.21	463.69
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.81	0.68	0.69	0.75	0.83	0.79	0.81	0.88	0.90	0.96	0.86
Long-Term Debt to Equity	0.68	0.64	0.61	0.60	0.61	0.71	0.78	0.83	0.72	0.84	0.79
Financial Leverage	0.79	0.71	0.67	0.70	0.77	0.72	0.72	0.83	0.86	0.78	0.73
Leverage Ratio	2.83	2.83	2.79	2.83	2.96	2.91	2.80	2.78	2.71	2.79	2.86
Compound Leverage Factor	2.36	2.39	2.42	2.44	2.46	2.35	2.30	2.20	2.06	1.99	2.24
Debt to Total Capital	44.62%	40.38%	40.88%	42.89%	45.38%	44.18%	44.78%	46.87%	47.44%	49.01%	46.18%
Short-Term Debt to Total Capital	6.91%	2.49%	4.86%	8.60%	12.14%	4.66%	1.47%	2.83%	9.53%	6.06%	3.70%
Long-Term Debt to Total Capital	37.72%	37.89%	36.01%	34.29%	33.23%	39.53%	43.32%	44.04%	37.91%	42.96%	42.49%
Preferred Equity to Total Capital	0.68%	0.69%	0.65%	0.60%	0.53%	0.36%	0.33%	0.30%	0.27%	0.25%	0.20%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	54.70%	58.92%	58.47%	56.51%	54.09%	55.46%	54.88%	52.83%	52.29%	50.74%	53.62%
Debt to EBITDA	3.49	2.87	2.86	3.21	3.73	4.67	4.51	4.95	4.14	5.44	4.11
Net Debt to EBITDA	3.43	2.80	2.79	3.11	3.67	4.63	4.44	4.89	4.10	5.41	4.06
Long-Term Debt to EBITDA	2.95	2.70	2.52	2.56	2.73	4.18	4.36	4.65	3.31	4.77	3.78
Debt to NOPAT	7.20	6.03	5.74	6.84	5.78	6.59	6.74	8.35	8.26	10.76	8.33
Net Debt to NOPAT	7.08	5.89	5.60	6.65	5.68	6.53	6.63	8.26	8.17	10.70	8.24
Long-Term Debt to NOPAT	6.09	5.66	5.06	5.47	4.23	5.90	6.52	7.84	6.60	9.43	7.66
Altman Z-Score	0.97	1.15	1.47	1.32	1.37	1.44	1.61	2.33	1.65	1.31	1.20
Noncontrolling Interest Sharing Ratio	1.36%	1.19%	1.13%	1.08%	1.01%	0.78%	0.62%	0.58%	0.54%	0.50%	0.43%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.52	0.86	0.57	0.45	0.33	0.45	0.60	0.61	0.32	1.05	0.52
Quick Ratio	0.42	0.70	0.44	0.35	0.24	0.33	0.46	0.46	0.24	0.29	0.41
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	15	29	4.22	-4.45	-19	-45	-41	-33	-0.64	43	2.84
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	50.52%	41.61%	67.18%	58.53%	78.70%
Free Cash Flow to Firm to Interest Expense	2.65	5.15	0.80	-0.81	-2.84	-6.15	-5.50	-4.06	-0.07	3.25	0.20
Operating Cash Flow to Interest Expense	5.81	9.22	8.89	7.78	6.79	4.96	7.12	4.07	6.55	4.02	4.19
Operating Cash Flow Less CapEx to Interest Expense	5.81	9.22	8.89	7.78	6.79	4.96	-6.98	-5.71	-3.20	-2.85	-1.13
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.21	0.22	0.22	0.20	0.19	0.16	0.15	0.14	0.16	0.14	0.15
Accounts Receivable Turnover	7.05	7.83	8.05	7.58	7.50	7.06	6.95	6.47	6.87	6.38	6.72
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	13.71	12.64	13.49
Fixed Asset Turnover	0.26	0.27	0.27	0.24	0.23	0.20	0.19	0.17	0.18	0.17	0.19
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	3.44	3.17	3.32
Days Sales Outstanding (DSO)	51.79	46.63	45.35	48.15	48.69	51.72	52.49	56.38	53.10	57.23	54.29
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	26.62	28.87	27.05
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	106.07	115.20	109.99
Cash Conversion Cycle (CCC)	51.79	46.63	45.35	48.15	48.69	51.72	52.49	56.38	-26.36	-29.10	-28.66
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	353	348	370	400	456	539	623	695	739	734	778
Invested Capital Turnover	0.34	0.36	0.37	0.34	0.32	0.27	0.24	0.22	0.23	0.23	0.25
Increase / (Decrease) in Invested Capital	7.51	-5.12	22	30	55	84	83	72	45	-4.73	43
Enterprise Value (EV)	474	516	777	768	1,025	1,265	1,498	2,369	1,693	1,546	1,319
Market Capitalization	313	375	625	597	817	1,007	1,218	2,044	1,331	1,138	938
Book Value per Share	$12.25	$12.75	$13.41	$14.02	$15.17	$19.42	$19.82	$21.02	$22.70	$23.85	$24.96
Tangible Book Value per Share	$12.25	$12.75	$13.41	$14.02	$15.17	$19.42	$19.82	$21.02	$22.70	$23.85	$24.96
Total Capital	361	351	374	406	460	584	631	696	766	834	830
Total Debt	161	142	153	174	209	258	282	326	363	409	384
Total Long-Term Debt	136	133	135	139	153	231	273	307	290	358	353
Net Debt	158	138	149	169	205	256	278	323	359	406	379
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.00	106	79	91	90	75
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1.23	1.36	-6.06	-5.36	-11	-11	-18	-6.07	-11	53	-13
Debt-free Net Working Capital (DFNWC)	3.90	4.83	-2.18	-0.43	-7.71	-8.67	-13	-2.53	-7.59	55	-9.20
Net Working Capital (NWC)	-21	-3.91	-20	-35	-64	-36	-23	-22	-81	4.71	-40
Net Nonoperating Expense (NNE)	3.91	3.45	3.84	2.62	3.66	5.26	3.49	2.54	1.55	6.45	1.69
Net Nonoperating Obligations (NNO)	153	139	149	169	204	213	274	325	337	309	331
Total Depreciation and Amortization (D&A)	12	13	14	15	16	17	21	27	27	29	28
Debt-free, Cash-free Net Working Capital to Revenue	1.05%	1.08%	-4.56%	-4.10%	-8.26%	-8.10%	-12.69%	-4.24%	-7.03%	31.76%	-7.00%
Debt-free Net Working Capital to Revenue	3.33%	3.83%	-1.64%	-0.33%	-5.58%	-6.44%	-9.51%	-1.77%	-4.67%	33.20%	-4.80%
Net Working Capital to Revenue	-17.93%	-3.10%	-15.30%	-26.99%	-46.02%	-26.63%	-16.05%	-15.55%	-49.59%	2.83%	-20.80%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$1.39	$1.39	$1.97	$2.02	$2.19	$2.08	$0.00	$1.77	$2.48
Adjusted Weighted Average Basic Shares Outstanding	16.05M	16.18M	16.27M	16.33M	16.38M	16.69M	17.46M	17.49M	0.00	17.73M	17.84M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$1.38	$1.38	$1.96	$2.01	$2.18	$2.07	$0.00	$1.76	$2.47
Adjusted Weighted Average Diluted Shares Outstanding	16.23M	16.33M	16.43M	16.49M	16.54M	16.83M	17.57M	17.61M	0.00	17.85M	17.95M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$1.39	$1.97	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	16.13M	16.23M	16.30M	16.35M	16.43M	17.44M	17.47M	17.54M	0.00	17.82M	17.89M
Normalized Net Operating Profit after Tax (NOPAT)	22	23	27	25	36	25	26	23	44	38	46
Normalized NOPAT Margin	19.08%	18.60%	20.00%	19.44%	26.15%	18.47%	18.50%	16.24%	27.07%	22.84%	24.00%
Pre Tax Income Margin	24.23%	24.22%	25.94%	25.93%	24.17%	22.84%	24.23%	21.70%	28.12%	19.59%	26.71%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	6.06	6.52	7.51	7.16	5.94	5.23	5.58	4.83	6.43	3.48	4.66
NOPAT to Interest Expense	3.99	4.23	5.02	4.62	5.34	5.39	5.59	4.82	4.69	2.89	3.28
EBIT Less CapEx to Interest Expense	6.06	6.52	7.51	7.16	5.94	5.23	-8.52	-4.96	-3.32	-3.38	-0.67
NOPAT Less CapEx to Interest Expense	3.99	4.23	5.02	4.62	5.34	5.39	-8.50	-4.97	-5.06	-3.97	-2.04
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	67.13%	63.40%	58.40%	62.02%	46.45%	48.09%	47.62%	53.34%	49.33%	71.57%	53.02%
Augmented Payout Ratio	67.13%	63.51%	58.40%	62.02%	46.45%	49.14%	47.62%	53.34%	49.40%	73.56%	56.33%

This table displays calculated financial ratios and metrics derived from Middlesex Water's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	19.71%	14.10%	5.42%	7.86%	-2.13%	-0.57%	6.21%	14.82%	17.95%	22.03%
EBITDA Growth	50.30%	1.70%	-37.72%	8.30%	-13.93%	-3.86%	29.31%	24.05%	22.35%	21.68%
EBIT Growth	48.77%	32.81%	-52.84%	6.47%	-23.42%	-6.62%	65.53%	40.28%	36.59%	33.54%
NOPAT Growth	15.69%	-5.90%	-45.43%	19.35%	-18.11%	5.11%	32.42%	4.93%	30.80%	18.71%
Net Income Growth	24.53%	-0.93%	-51.50%	11.65%	-30.10%	-19.60%	82.04%	6.51%	43.33%	52.71%
EPS Growth	23.08%	0.00%	-51.47%	10.00%	-30.00%	-21.95%	78.79%	7.27%	42.86%	53.13%
Operating Cash Flow Growth	328.18%	18.97%	14.28%	3.34%	-38.44%	-25.26%	-58.35%	-15.69%	81.85%	67.20%
Free Cash Flow Firm Growth	32.77%	42.33%	0.92%	-1.04%	351.15%	135.83%	155.36%	186.47%	-195.33%	-353.28%
Invested Capital Growth	9.36%	6.42%	8.20%	8.70%	-15.06%	-0.64%	-2.57%	-4.26%	21.12%	5.88%
Revenue Q/Q Growth	20.28%	-18.66%	-1.72%	12.17%	9.14%	-17.37%	4.98%	21.28%	12.11%	-14.51%
EBITDA Q/Q Growth	36.22%	-31.15%	-6.01%	22.87%	8.26%	-23.10%	26.41%	17.87%	6.77%	-23.51%
EBIT Q/Q Growth	54.70%	-45.68%	-9.00%	39.23%	11.26%	-33.76%	61.30%	18.00%	8.34%	-35.24%
NOPAT Q/Q Growth	57.36%	-45.21%	-16.65%	66.08%	7.98%	-29.68%	5.00%	31.60%	34.60%	-36.18%
Net Income Q/Q Growth	61.15%	-49.83%	-18.16%	68.73%	0.90%	-42.29%	85.29%	-1.27%	35.78%	-38.52%
EPS Q/Q Growth	60.00%	-48.75%	-19.51%	66.67%	1.82%	-42.86%	84.38%	0.00%	35.59%	-38.75%
Operating Cash Flow Q/Q Growth	34.88%	-1.50%	-6.72%	-16.61%	-19.66%	19.60%	-48.02%	68.78%	73.30%	9.97%
Free Cash Flow Firm Q/Q Growth	4.00%	26.56%	-41.05%	-1.61%	338.61%	-89.52%	89.96%	58.72%	-363.04%	72.16%
Invested Capital Q/Q Growth	3.06%	-1.79%	4.09%	3.17%	-19.47%	14.88%	2.34%	1.39%	1.88%	0.43%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	-103.73%	100.00%	100.00%	51.66%	-56.81%	100.00%	100.00%	53.98%	-42.24%
EBITDA Margin	53.10%	44.95%	42.99%	47.09%	46.70%	43.46%	52.34%	50.87%	48.44%	43.34%
Operating Margin	34.73%	20.99%	19.63%	24.93%	27.45%	21.35%	24.34%	31.16%	31.76%	22.35%
EBIT Margin	39.00%	26.04%	24.11%	29.93%	30.51%	24.46%	37.58%	36.57%	35.33%	26.77%
Profit (Net Income) Margin	29.94%	18.47%	15.38%	23.13%	21.39%	14.93%	26.36%	21.46%	25.99%	18.69%
Tax Burden Percent	87.90%	97.98%	88.83%	103.57%	93.05%	101.80%	89.31%	75.71%	89.17%	94.60%
Interest Burden Percent	87.35%	72.38%	71.80%	74.62%	75.32%	59.98%	78.54%	77.51%	82.48%	73.81%
Effective Tax Rate	12.10%	2.02%	11.17%	-3.57%	6.95%	-1.80%	10.69%	24.29%	10.83%	5.40%
Return on Invested Capital (ROIC)	6.68%	4.66%	3.87%	5.68%	6.11%	4.91%	4.83%	5.31%	7.35%	5.37%
ROIC Less NNEP Spread (ROIC-NNEP)	6.60%	4.41%	3.65%	5.36%	5.43%	4.09%	5.38%	5.02%	6.88%	5.01%
Return on Net Nonoperating Assets (RNNOA)	5.83%	3.78%	3.23%	4.83%	3.77%	3.20%	4.40%	4.17%	4.36%	3.67%
Return on Equity (ROE)	12.51%	8.44%	7.10%	10.51%	9.88%	8.10%	9.23%	9.48%	11.70%	9.04%
Cash Return on Invested Capital (CROIC)	-2.81%	-0.09%	-2.69%	-3.07%	21.69%	5.80%	7.85%	9.56%	-12.85%	0.38%
Operating Return on Assets (OROA)	5.87%	4.04%	3.76%	4.63%	4.40%	3.52%	5.40%	5.33%	5.24%	4.12%
Return on Assets (ROA)	4.51%	2.86%	2.40%	3.58%	3.09%	2.15%	3.78%	3.13%	3.85%	2.88%
Return on Common Equity (ROCE)	12.44%	8.39%	7.06%	10.45%	9.83%	8.06%	9.18%	9.44%	11.65%	9.00%
Return on Equity Simple (ROE_SIMPLE)	10.62%	0.00%	8.93%	9.00%	7.81%	0.00%	8.46%	8.50%	9.31%	0.00%
Net Operating Profit after Tax (NOPAT)	15	7.98	6.65	11	12	8.39	8.81	12	16	9.96
NOPAT Margin	30.52%	20.56%	17.44%	25.82%	25.54%	21.74%	21.74%	23.59%	28.32%	21.14%
Net Nonoperating Expense Percent (NNEP)	0.08%	0.25%	0.23%	0.32%	0.68%	0.81%	-0.55%	0.30%	0.47%	0.36%
Return On Investment Capital (ROIC_SIMPLE)	-	1.04%	-	-	-	1.01%	-	-	-	1.20%
Cost of Revenue to Revenue	0.00%	203.73%	0.00%	0.00%	48.34%	156.81%	0.00%	0.00%	46.02%	142.24%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	65.27%	-124.72%	80.37%	75.07%	24.21%	-78.16%	75.66%	68.84%	22.21%	-64.59%
Earnings before Interest and Taxes (EBIT)	19	10	9.20	13	14	9.44	15	18	19	13
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	25	17	16	20	22	17	21	25	27	20
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.37	3.33	3.38	3.42	2.76	2.69	2.20	2.17	2.65	2.11
Price to Tangible Book Value (P/TBV)	3.37	3.33	3.38	3.42	2.76	2.69	2.20	2.17	2.65	2.11
Price to Revenue (P/Rev)	8.52	8.20	8.28	8.41	6.96	6.84	5.58	5.36	6.39	4.89
Price to Earnings (P/E)	31.68	31.47	37.75	37.97	35.31	36.23	26.00	25.44	28.43	21.21
Dividend Yield	1.92%	1.57%	1.57%	1.55%	1.93%	1.98%	2.43%	2.46%	1.99%	2.52%
Earnings Yield	3.16%	3.18%	2.65%	2.63%	2.83%	2.76%	3.85%	3.93%	3.52%	4.72%
Enterprise Value to Invested Capital (EV/IC)	2.25	2.29	2.25	2.27	2.44	2.11	1.82	1.80	1.99	1.70
Enterprise Value to Revenue (EV/Rev)	10.75	10.42	10.55	10.73	9.38	9.30	8.09	7.82	8.42	6.87
Enterprise Value to EBITDA (EV/EBITDA)	19.38	19.29	22.29	22.66	20.60	20.57	17.05	16.13	17.22	14.14
Enterprise Value to EBIT (EV/EBIT)	29.34	28.09	34.72	35.44	33.67	33.83	26.36	24.04	24.86	20.21
Enterprise Value to NOPAT (EV/NOPAT)	38.33	38.50	45.14	44.76	41.47	40.72	34.21	33.83	34.95	28.65
Enterprise Value to Operating Cash Flow (EV/OCF)	28.91	27.59	27.38	28.19	27.35	29.29	31.37	33.06	30.80	22.46
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	10.34	36.21	22.86	18.43	0.00	463.69
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.88	0.90	0.93	0.95	0.96	0.96	0.98	1.00	0.85	0.86
Long-Term Debt to Equity	0.76	0.72	0.81	0.85	0.84	0.84	0.83	0.82	0.79	0.79
Financial Leverage	0.88	0.86	0.88	0.90	0.69	0.78	0.82	0.83	0.63	0.73
Leverage Ratio	2.74	2.71	2.68	2.70	2.81	2.79	2.81	2.83	2.86	2.86
Compound Leverage Factor	2.39	1.96	1.93	2.02	2.12	1.67	2.21	2.19	2.36	2.11
Debt to Total Capital	46.88%	47.44%	48.09%	48.62%	48.93%	49.01%	49.59%	50.07%	45.96%	46.18%
Short-Term Debt to Total Capital	6.38%	9.53%	5.88%	5.09%	6.02%	6.06%	7.72%	9.21%	3.07%	3.70%
Long-Term Debt to Total Capital	40.50%	37.91%	42.21%	43.54%	42.91%	42.96%	41.87%	40.86%	42.89%	42.49%
Preferred Equity to Total Capital	0.28%	0.27%	0.27%	0.26%	0.25%	0.25%	0.24%	0.24%	0.23%	0.20%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	52.84%	52.29%	51.64%	51.12%	50.82%	50.74%	50.17%	49.69%	53.81%	53.62%
Debt to EBITDA	4.04	4.14	4.83	4.93	5.33	5.44	5.29	5.14	4.21	4.11
Net Debt to EBITDA	4.01	4.10	4.76	4.88	5.29	5.41	5.25	5.05	4.14	4.06
Long-Term Debt to EBITDA	3.49	3.31	4.24	4.42	4.67	4.77	4.46	4.20	3.93	3.78
Debt to NOPAT	7.99	8.26	9.77	9.74	10.73	10.76	10.61	10.79	8.54	8.33
Net Debt to NOPAT	7.92	8.17	9.65	9.63	10.65	10.70	10.53	10.59	8.40	8.24
Long-Term Debt to NOPAT	6.90	6.60	8.58	8.72	9.41	9.43	8.95	8.80	7.97	7.66
Altman Z-Score	1.58	1.50	1.51	1.53	1.07	1.21	1.07	1.05	1.29	1.06
Noncontrolling Interest Sharing Ratio	0.55%	0.54%	0.53%	0.52%	0.51%	0.50%	0.50%	0.49%	0.46%	0.43%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.45	0.32	0.41	0.46	1.12	1.05	0.95	0.90	0.65	0.52
Quick Ratio	0.34	0.24	0.30	0.35	0.27	0.29	0.26	0.30	0.53	0.41
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-50	-37	-52	-52	125	13	29	45	-119	-33
Operating Cash Flow to CapEx	65.35%	67.41%	65.14%	50.98%	47.68%	74.81%	46.23%	78.25%	93.80%	85.10%
Free Cash Flow to Firm to Interest Expense	-21.18	-13.11	-19.91	-16.15	35.60	3.47	8.75	11.23	-35.00	-10.07
Operating Cash Flow to Interest Expense	7.38	6.13	6.15	4.10	3.04	3.39	2.03	2.78	5.70	6.48
Operating Cash Flow Less CapEx to Interest Expense	-3.91	-2.96	-3.29	-3.94	-3.34	-1.14	-2.37	-0.77	-0.38	-1.13
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.15	0.16	0.16	0.15	0.14	0.14	0.14	0.15	0.15	0.15
Accounts Receivable Turnover	5.71	6.87	7.18	6.54	5.61	6.38	6.58	5.93	5.52	6.72
Inventory Turnover	0.00	13.71	0.00	0.00	0.00	12.64	0.00	0.00	0.00	13.49
Fixed Asset Turnover	0.18	0.18	0.18	0.18	0.18	0.17	0.17	0.18	0.18	0.19
Accounts Payable Turnover	0.00	3.44	0.00	0.00	0.83	3.17	0.00	0.00	0.09	3.32
Days Sales Outstanding (DSO)	63.91	53.10	50.86	55.80	65.12	57.23	55.44	61.53	66.11	54.29
Days Inventory Outstanding (DIO)	0.00	26.62	0.00	0.00	0.00	28.87	0.00	0.00	0.00	27.05
Days Payable Outstanding (DPO)	0.00	106.07	0.00	0.00	440.28	115.20	0.00	0.00	4,004.69	109.99
Cash Conversion Cycle (CCC)	63.91	-26.36	50.86	55.80	-375.16	-29.10	55.44	61.53	-3,938.57	-28.66
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	753	739	769	794	639	734	750	760	774	778
Invested Capital Turnover	0.22	0.23	0.22	0.22	0.24	0.23	0.22	0.23	0.26	0.25
Increase / (Decrease) in Invested Capital	64	45	58	64	-113	-4.73	-20	-34	135	43
Enterprise Value (EV)	1,695	1,693	1,735	1,798	1,562	1,546	1,364	1,368	1,544	1,319
Market Capitalization	1,342	1,331	1,362	1,409	1,158	1,138	942	938	1,171	938
Book Value per Share	$22.61	$22.70	$22.86	$23.27	$23.64	$23.85	$24.00	$24.28	$24.77	$24.96
Tangible Book Value per Share	$22.61	$22.70	$22.86	$23.27	$23.64	$23.85	$24.00	$24.28	$24.77	$24.96
Total Capital	753	766	781	805	826	834	853	871	821	830
Total Debt	353	363	376	391	404	409	423	436	378	384
Total Long-Term Debt	305	290	330	350	354	358	357	356	352	353
Net Debt	350	359	371	387	401	406	420	428	371	379
Capital Expenditures (CapEx)	27	25	25	26	22	17	14	14	21	25
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-6.34	-11	-15	-10	61	53	57	58	-8.87	-13
Debt-free Net Working Capital (DFNWC)	-3.43	-7.59	-11	-6.03	64	55	60	66	-2.52	-9.20
Net Working Capital (NWC)	-51	-81	-56	-47	14	4.71	-5.94	-14	-28	-40
Net Nonoperating Expense (NNE)	0.28	0.81	0.79	1.15	1.94	2.63	-1.87	1.05	1.29	1.16
Net Nonoperating Obligations (NNO)	352	337	364	380	218	309	320	325	330	331
Total Depreciation and Amortization (D&A)	6.73	7.34	7.20	7.34	7.56	7.34	5.98	7.03	7.22	7.81
Debt-free, Cash-free Net Working Capital to Revenue	-4.02%	-7.03%	-9.35%	-6.21%	36.75%	31.76%	33.82%	33.27%	-4.83%	-7.00%
Debt-free Net Working Capital to Revenue	-2.17%	-4.67%	-6.39%	-3.60%	38.53%	33.20%	35.51%	37.85%	-1.37%	-4.80%
Net Working Capital to Revenue	-32.67%	-49.59%	-34.34%	-28.05%	8.68%	2.83%	-3.52%	-7.99%	-15.14%	-20.80%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.81	$0.40	$0.33	$0.56	$0.56	$0.32	$0.60	$0.59	$0.80	$0.49
Adjusted Weighted Average Basic Shares Outstanding	17.63M	17.60M	17.65M	17.71M	17.76M	17.73M	17.82M	17.83M	17.84M	17.84M
Adjusted Diluted Earnings per Share	$0.80	$0.41	$0.33	$0.55	$0.56	$0.32	$0.59	$0.59	$0.80	$0.49
Adjusted Weighted Average Diluted Shares Outstanding	17.74M	17.71M	17.77M	17.83M	17.87M	17.85M	17.93M	17.94M	17.95M	17.95M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	17.64M	17.64M	17.68M	17.75M	17.81M	17.82M	17.83M	17.83M	17.86M	17.89M
Normalized Net Operating Profit after Tax (NOPAT)	15	7.98	6.65	7.47	12	5.77	8.81	12	16	9.96
Normalized NOPAT Margin	30.52%	20.56%	17.44%	17.45%	25.54%	14.95%	21.74%	23.59%	28.32%	21.14%
Pre Tax Income Margin	34.06%	18.85%	17.31%	22.34%	22.98%	14.67%	29.52%	28.34%	29.14%	19.76%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	7.90	3.62	3.55	3.94	4.05	2.50	4.66	4.45	5.71	3.82
NOPAT to Interest Expense	6.19	2.86	2.56	3.40	3.39	2.22	2.70	2.87	4.58	3.02
EBIT Less CapEx to Interest Expense	-3.39	-5.47	-5.90	-4.09	-2.33	-2.03	0.26	0.90	-0.37	-3.80
NOPAT Less CapEx to Interest Expense	-5.11	-6.23	-6.88	-4.64	-2.99	-2.31	-1.71	-0.68	-1.51	-4.60
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	48.23%	49.33%	59.00%	58.54%	67.52%	71.57%	62.71%	62.31%	56.37%	53.02%
Augmented Payout Ratio	48.23%	49.40%	59.00%	58.54%	69.42%	73.56%	66.83%	67.60%	59.66%	56.33%

Frequently Asked Questions About Middlesex Water's Financials

When does Middlesex Water's financial year end?

According to the most recent income statement we have on file, Middlesex Water's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Middlesex Water's net income changed over the last 10 years?

Middlesex Water's net income appears to be on an upward trend, with a most recent value of $44.35 million in 2024, rising from $18.45 million in 2014. The previous period was $31.52 million in 2023. View Middlesex Water's forecast to see where analysts expect Middlesex Water to go next.

What is Middlesex Water's operating income?

Middlesex Water's total operating income in 2024 was $53.21 million, based on the following breakdown:

Total Gross Profit: $99.51 million
Total Operating Expenses: $46.30 million

How has Middlesex Water revenue changed over the last 10 years?

Over the last 10 years, Middlesex Water's total revenue changed from $117.14 million in 2014 to $191.88 million in 2024, a change of 63.8%.

How much debt does Middlesex Water have?

Middlesex Water's total liabilities were at $808.28 million at the end of 2024, a 0.4% increase from 2023, and a 114.9% increase since 2014.

How much cash does Middlesex Water have?

In the past 10 years, Middlesex Water's cash and equivalents has ranged from $2.23 million in 2019 to $4.94 million in 2017, and is currently $4.23 million as of their latest financial filing in 2024.

How has Middlesex Water's book value per share changed over the last 10 years?

Over the last 10 years, Middlesex Water's book value per share changed from 12.25 in 2014 to 24.96 in 2024, a change of 103.8%.

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This page (NASDAQ:MSEX) was last updated on 5/4/2025 by MarketBeat.com Staff

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Middlesex Water (MSEX) Financials

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