Middlesex Water (MSEX) Financials

$57.20 +0.03 (+0.05%)

Closing price 05/23/2025 04:00 PM Eastern

Extended Trading

$57.09 -0.11 (-0.19%)

As of 05/23/2025 07:59 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	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015	12/31/2014
Net Income / (Loss) Attributable to Common Shareholders	44	31	42	36	38	34	32	23	23	20	18
Consolidated Net Income / (Loss)	44	32	42	37	38	34	32	23	23	20	18
Net Income / (Loss) Continuing Operations	44	32	42	37	38	34	32	23	23	20	18
Total Pre-Tax Income	51	33	46	31	34	31	33	34	34	31	28
Total Operating Income	53	39	47	33	37	36	37	38	40	36	34
Total Gross Profit	100	83	83	143	142	135	138	131	133	126	117
Total Revenue	192	166	162	143	142	135	138	131	133	126	117
Operating Revenue	192	166	162	143	142	135	138	131	133	126	117
Total Cost of Revenue	92	83	79	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cost of Revenue	92	83	79	-	-	-	-	-	-	-	-
Total Operating Expenses	46	44	41	110	104	99	101	93	93	90	83
Depreciation Expense	24	25	23	21	18	17	15	14	13	12	11
Other Operating Expenses / (Income)	22	19	18	89	86	82	86	79	80	78	71
Total Other Income / (Expense), net	-1.95	-6.66	3.57	-2.16	-3.11	-4.77	-3.77	-3.89	-5.83	-5.17	-6.01
Interest Expense	14	13	9.37	8.11	7.49	7.26	6.76	5.51	5.29	5.55	5.61
Other Income / (Expense), net	12	6.49	13	5.96	4.38	2.49	2.99	1.62	-0.53	0.38	-0.40
Income Tax Expense	6.91	1.04	3.24	-5.49	-4.12	-3.14	0.92	11	12	11	9.94
Preferred Stock Dividends Declared	0.11	0.12	0.12	0.12	0.12	0.13	0.14	0.14	0.14	0.14	0.15
Basic Earnings per Share	$2.48	$1.77	$2.40	$2.08	$2.19	$2.02	$1.97	$1.39	$1.39	$1.23	$1.14
Weighted Average Basic Shares Outstanding	17.84M	17.73M	17.60M	17.49M	17.46M	16.69M	16.38M	16.33M	16.27M	16.18M	16.05M
Diluted Earnings per Share	$2.47	$1.76	$2.39	$2.07	$2.18	$2.01	$1.96	$1.38	$1.38	$1.22	$1.13
Weighted Average Diluted Shares Outstanding	17.95M	17.85M	17.71M	17.61M	17.57M	16.83M	16.54M	16.49M	16.43M	16.33M	16.23M
Weighted Average Basic & Diluted Shares Outstanding	17.89M	17.82M	17.64M	17.54M	17.47M	17.44M	16.40M	8.20M	16.30M	16.23M	16.13M
Cash Dividends to Common per Share	$1.32	$1.26	$1.18	$1.11	-	$0.98	$0.91	$0.86	$0.81	$0.78	$0.76

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	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	9.46	8.78	14	11	11	5.74	9.96	9.87	5.84	7.14	14
Consolidated Net Income / (Loss)	9.48	8.80	14	11	11	5.77	9.99	9.90	5.87	7.17	14
Net Income / (Loss) Continuing Operations	9.48	8.80	14	11	11	5.77	9.99	9.90	5.87	7.17	14
Total Pre-Tax Income	11	9.31	16	14	12	5.66	11	9.56	6.61	7.32	16
Total Operating Income	12	11	18	15	9.87	8.24	13	11	7.49	8.15	17
Total Gross Profit	23	-20	30	49	41	-22	24	43	38	-40	48
Total Revenue	44	47	55	49	41	39	47	43	38	39	48
Operating Revenue	44	47	55	49	41	39	47	43	38	39	48
Total Cost of Revenue	21	67	25	0.00	0.00	61	23	0.00	0.00	79	0.00
Operating Cost of Revenue	21	-	25	-	-	-	23	-	-	-	-
Total Operating Expenses	12	-30	12	34	31	-30	11	32	31	-48	31
Depreciation Expense	6.53	6.42	6.31	6.31	5.40	6.65	6.38	6.18	5.99	5.92	5.81
Other Operating Expenses / (Income)	5.11	-37	5.93	28	25	-37	4.94	26	25	-54	25
Total Other Income / (Expense), net	-0.92	-1.22	-1.44	-1.39	2.10	-2.58	-2.09	-1.11	-0.88	-0.83	-0.32
Interest Expense	2.71	3.30	3.41	4.04	3.27	3.78	3.52	3.25	2.60	2.79	2.36
Other Income / (Expense), net	1.80	2.08	1.97	2.66	5.37	1.20	1.43	2.14	1.71	1.96	2.04
Income Tax Expense	1.16	0.50	1.74	3.38	1.28	-0.10	0.75	-0.34	0.74	0.15	1.97
Preferred Stock Dividends Declared	0.02	0.02	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03
Basic Earnings per Share	$0.53	$0.49	$0.80	$0.59	$0.60	$0.32	$0.56	$0.56	$0.33	$0.40	$0.81
Weighted Average Basic Shares Outstanding	17.89M	17.84M	17.84M	17.83M	17.82M	17.73M	17.76M	17.71M	17.65M	17.60M	17.63M
Diluted Earnings per Share	$0.53	$0.49	$0.80	$0.59	$0.59	$0.32	$0.56	$0.55	$0.33	$0.41	$0.80
Weighted Average Diluted Shares Outstanding	17.95M	17.95M	17.95M	17.94M	17.93M	17.85M	17.87M	17.83M	17.77M	17.71M	17.74M
Weighted Average Basic & Diluted Shares Outstanding	17.92M	17.89M	17.86M	17.83M	17.83M	17.82M	17.81M	17.75M	17.68M	17.64M	17.64M
Cash Dividends to Common per Share	$0.34	-	-	-	-	-	-	-	-	-	$0.29

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

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	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	-1.57	-2.12	-1.68	5.17	0.47	-0.58	-1.41	-0.49	1.03	0.92	-1.41
Net Cash From Operating Activities	14	21	19	11	6.65	13	11	13	16	17	17
Net Cash From Continuing Operating Activities	14	21	19	11	6.65	13	11	13	16	17	17
Net Income / (Loss) Continuing Operations	9.48	8.80	14	11	11	5.77	9.99	9.90	5.87	7.17	14
Consolidated Net Income / (Loss)	9.48	8.80	14	11	11	5.77	9.99	9.90	5.87	7.17	14
Depreciation Expense	7.91	7.81	7.22	7.03	5.98	7.34	7.56	7.34	7.20	7.34	6.73
Non-Cash Adjustments To Reconcile Net Income	0.23	-0.30	-0.96	-0.29	-6.59	0.20	0.23	0.44	-0.09	-0.08	-0.02
Changes in Operating Assets and Liabilities, net	-3.84	5.09	-1.12	-6.06	-3.42	-0.50	-7.09	-4.36	2.99	2.69	-3.62
Net Cash From Investing Activities	-19	-25	-21	-14	-14	-17	-22	-26	-25	-25	-27
Net Cash From Continuing Investing Activities	-19	-25	-21	-14	-14	-17	-22	-26	-25	-25	-27
Purchase of Property, Plant & Equipment	-19	-25	-21	-14	-14	-17	-22	-26	-25	-25	-27
Net Cash From Financing Activities	3.56	1.63	-0.39	8.29	8.20	3.73	10	12	9.58	9.20	7.80
Net Cash From Continuing Financing Activities	3.56	1.63	-0.39	8.29	8.20	3.73	10	12	9.58	9.20	7.80
Repayment of Debt	-1.36	0.41	-3.70	-15	14	0.84	-13	-2.43	-1.19	-0.53	-3.43
Repurchase of Common Equity	-0.23	-0.12	-0.02	-0.46	-0.87	-0.01	-0.62	-	0.00	-0.01	-
Payment of Dividends	-6.10	-6.10	-5.82	-5.82	-5.77	-5.87	-5.58	-5.57	-5.54	-5.54	-5.14
Issuance of Debt	11	7.20	-55	30	0.43	5.67	27	17	14	15	13
Issuance of Common Equity	0.22	0.23	0.24	0.25	0.25	3.10	3.27	3.40	2.34	0.27	3.03
Cash Interest Paid	3.52	2.98	4.42	3.65	3.94	3.29	4.31	3.33	2.81	2.75	2.79

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

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	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022
Period end date	3/31/2025	9/30/2024	6/30/2024	3/31/2024	9/30/2023	6/30/2023	3/31/2023	9/30/2022
Total Assets	1,279	1,230	1,275	1,250	1,243	1,128	1,099	1,065
Total Current Assets	46	52	121	111	136	41	40	41
Accounts Receivable	30	36	33	27	30	26	24	29
Inventories, net	7.03	6.55	6.48	7.07	-	6.43	6.56	5.79
Prepaid Expenses	6.41	3.13	3.93	4.37	2.92	3.47	3.91	3.67
Plant, Property, & Equipment, net	1,072	1,038	1,020	1,009	985	967	942	900
Plant, Property & Equipment, gross	1,331	1,287	1,264	1,249	1,216	1,192	1,162	1,112
Accumulated Depreciation	259	249	244	240	230	225	220	212
Total Noncurrent Assets	111	99	94	93	234	110	108	123
Other Noncurrent Operating Assets	111	99	94	93	234	110	108	123
Total Liabilities & Shareholders' Equity	1,279	1,230	1,275	1,250	1,243	1,128	1,099	1,065
Total Liabilities	828	786	833	814	1,020	714	693	665
Total Current Liabilities	101	80	135	117	121	88	96	93
Short-Term Debt	42	25	80	66	50	41	46	48
Accounts Payable	32	32	25	23	29	28	28	26
Accrued Expenses	2.46	2.40	3.25	2.65	-	-	-	-
Current Deferred Revenue	1.54	1.56	1.69	1.37	1.46	1.48	1.31	1.48
Current Deferred & Payable Income Tax Liabilities	17	13	14	15	8.14	10	16	13
Other Current Liabilities	6.57	4.95	4.12	3.11	2.91	3.43	2.60	2.79
Total Noncurrent Liabilities	727	706	705	703	926	626	597	572
Long-Term Debt	351	352	356	357	354	350	330	301
Asset Retirement Reserve & Litigation Obligation	64	54	55	58	113	47	47	47
Noncurrent Deferred Revenue	23	22	21	21	21	21	22	22
Noncurrent Deferred & Payable Income Tax Liabilities	104	95	92	90	88	85	79	77
Other Noncurrent Operating Liabilities	186	183	181	178	350	122	119	112
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	451	444	435	430	422	414	405	400
Total Preferred & Common Equity	451	444	435	430	422	414	405	400
Preferred Stock	1.61	1.89	2.08	2.08	2.08	2.08	2.08	2.08
Total Common Equity	449	442	433	428	420	411	403	398
Common Stock	249	248	247	247	243	240	236	232
Retained Earnings	200	194	186	181	176	172	168	166

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

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

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

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	9.32%	22.03%	17.95%	14.82%	6.21%	-0.57%	-2.13%	7.86%	5.42%	14.10%	19.71%
EBITDA Growth	0.27%	21.68%	22.35%	24.05%	29.31%	-3.86%	-13.93%	8.30%	-37.72%	1.70%	50.30%
EBIT Growth	-12.32%	33.54%	36.59%	40.28%	65.53%	-6.62%	-23.42%	6.47%	-52.84%	32.81%	48.77%
NOPAT Growth	16.85%	18.71%	30.80%	4.93%	32.42%	5.11%	-18.11%	19.35%	-45.43%	-5.90%	15.69%
Net Income Growth	-11.26%	52.71%	43.33%	6.51%	82.04%	-19.60%	-30.10%	11.65%	-51.50%	-0.93%	24.53%
EPS Growth	-10.17%	53.13%	42.86%	7.27%	78.79%	-21.95%	-30.00%	10.00%	-51.47%	0.00%	23.08%
Operating Cash Flow Growth	107.19%	67.20%	81.85%	-15.69%	-58.35%	-25.26%	-38.44%	3.34%	14.28%	18.97%	328.18%
Free Cash Flow Firm Growth	-209.06%	-353.28%	-195.33%	186.47%	155.36%	135.83%	351.15%	-1.04%	0.92%	42.33%	32.77%
Invested Capital Growth	5.53%	5.88%	21.12%	-4.26%	-2.57%	-0.64%	-15.06%	8.70%	8.20%	6.42%	9.36%
Revenue Q/Q Growth	-5.96%	-14.51%	12.11%	21.28%	4.98%	-17.37%	9.14%	12.17%	-1.72%	-18.66%	20.28%
EBITDA Q/Q Growth	4.17%	-23.51%	6.77%	17.87%	26.41%	-23.10%	8.26%	22.87%	-6.01%	-31.15%	36.22%
EBIT Q/Q Growth	5.91%	-35.24%	8.34%	18.00%	61.30%	-33.76%	11.26%	39.23%	-9.00%	-45.68%	54.70%
NOPAT Q/Q Growth	3.36%	-36.18%	34.60%	31.60%	5.00%	-29.68%	7.98%	66.08%	-16.65%	-45.21%	57.36%
Net Income Q/Q Growth	7.67%	-38.52%	35.78%	-1.27%	85.29%	-42.29%	0.90%	68.73%	-18.16%	-49.83%	61.15%
EPS Q/Q Growth	8.16%	-38.75%	35.59%	0.00%	84.38%	-42.86%	1.82%	66.67%	-19.51%	-48.75%	60.00%
Operating Cash Flow Q/Q Growth	-35.58%	9.97%	73.30%	68.78%	-48.02%	19.60%	-19.66%	-16.61%	-6.72%	-1.50%	34.88%
Free Cash Flow Firm Q/Q Growth	6.16%	72.16%	-363.04%	58.72%	89.96%	-89.52%	338.61%	-1.61%	-41.05%	26.56%	4.00%
Invested Capital Q/Q Growth	1.73%	0.43%	1.88%	1.39%	2.34%	14.88%	-19.47%	3.17%	4.09%	-1.79%	3.06%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	52.35%	-42.24%	53.98%	100.00%	100.00%	-56.81%	51.66%	100.00%	100.00%	-103.73%	100.00%
EBITDA Margin	48.01%	43.34%	48.44%	50.87%	52.34%	43.46%	46.70%	47.09%	42.99%	44.95%	53.10%
Operating Margin	26.09%	22.35%	31.76%	31.16%	24.34%	21.35%	27.45%	24.93%	19.63%	20.99%	34.73%
EBIT Margin	30.14%	26.77%	35.33%	36.57%	37.58%	24.46%	30.51%	29.93%	24.11%	26.04%	39.00%
Profit (Net Income) Margin	21.40%	18.69%	25.99%	21.46%	26.36%	14.93%	21.39%	23.13%	15.38%	18.47%	29.94%
Tax Burden Percent	89.08%	94.60%	89.17%	75.71%	89.31%	101.80%	93.05%	103.57%	88.83%	97.98%	87.90%
Interest Burden Percent	79.68%	73.81%	82.48%	77.51%	78.54%	59.98%	75.32%	74.62%	71.80%	72.38%	87.35%
Effective Tax Rate	10.92%	5.40%	10.83%	24.29%	10.69%	-1.80%	6.95%	-3.57%	11.17%	2.02%	12.10%
Return on Invested Capital (ROIC)	5.90%	5.37%	7.35%	5.31%	4.83%	4.91%	6.11%	5.68%	3.87%	4.66%	6.68%
ROIC Less NNEP Spread (ROIC-NNEP)	5.66%	5.01%	6.88%	5.02%	5.38%	4.09%	5.43%	5.36%	3.65%	4.41%	6.60%
Return on Net Nonoperating Assets (RNNOA)	4.24%	3.67%	4.36%	4.17%	4.40%	3.20%	3.77%	4.83%	3.23%	3.78%	5.83%
Return on Equity (ROE)	10.14%	9.04%	11.70%	9.48%	9.23%	8.10%	9.88%	10.51%	7.10%	8.44%	12.51%
Cash Return on Invested Capital (CROIC)	0.77%	0.38%	-12.85%	9.56%	7.85%	5.80%	21.69%	-3.07%	-2.69%	-0.09%	-2.81%
Operating Return on Assets (OROA)	4.66%	4.12%	5.24%	5.33%	5.40%	3.52%	4.40%	4.63%	3.76%	4.04%	5.87%
Return on Assets (ROA)	3.31%	2.88%	3.85%	3.13%	3.78%	2.15%	3.09%	3.58%	2.40%	2.86%	4.51%
Return on Common Equity (ROCE)	10.10%	9.00%	11.65%	9.44%	9.18%	8.06%	9.83%	10.45%	7.06%	8.39%	12.44%
Return on Equity Simple (ROE_SIMPLE)	9.57%	0.00%	9.31%	8.50%	8.46%	0.00%	7.81%	9.00%	8.93%	0.00%	10.62%
Net Operating Profit after Tax (NOPAT)	10	9.96	16	12	8.81	8.39	12	11	6.65	7.98	15
NOPAT Margin	23.24%	21.14%	28.32%	23.59%	21.74%	21.74%	25.54%	25.82%	17.44%	20.56%	30.52%
Net Nonoperating Expense Percent (NNEP)	0.25%	0.36%	0.47%	0.30%	-0.55%	0.81%	0.68%	0.32%	0.23%	0.25%	0.08%
Return On Investment Capital (ROIC_SIMPLE)	1.22%	1.20%	-	-	-	1.01%	-	-	-	1.04%	-
Cost of Revenue to Revenue	47.65%	142.24%	46.02%	0.00%	0.00%	156.81%	48.34%	0.00%	0.00%	203.73%	0.00%
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%	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	26.26%	-64.59%	22.21%	68.84%	75.66%	-78.16%	24.21%	75.07%	80.37%	-124.72%	65.27%
Earnings before Interest and Taxes (EBIT)	13	13	19	18	15	9.44	14	13	9.20	10	19
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	21	20	27	25	21	17	22	20	16	17	25
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.56	2.11	2.65	2.17	2.20	2.69	2.76	3.42	3.38	3.33	3.37
Price to Tangible Book Value (P/TBV)	2.56	2.11	2.65	2.17	2.20	2.69	2.76	3.42	3.38	3.33	3.37
Price to Revenue (P/Rev)	5.88	4.89	6.39	5.36	5.58	6.84	6.96	8.41	8.28	8.20	8.52
Price to Earnings (P/E)	26.73	21.21	28.43	25.44	26.00	36.23	35.31	37.97	37.75	31.47	31.68
Dividend Yield	2.07%	2.52%	1.99%	2.46%	2.43%	1.98%	1.93%	1.55%	1.57%	1.57%	1.92%
Earnings Yield	3.74%	4.72%	3.52%	3.93%	3.85%	2.76%	2.83%	2.63%	2.65%	3.18%	3.16%
Enterprise Value to Invested Capital (EV/IC)	1.95	1.70	1.99	1.80	1.82	2.11	2.44	2.27	2.25	2.29	2.25
Enterprise Value to Revenue (EV/Rev)	7.90	6.87	8.42	7.82	8.09	9.30	9.38	10.73	10.55	10.42	10.75
Enterprise Value to EBITDA (EV/EBITDA)	16.55	14.14	17.22	16.13	17.05	20.57	20.60	22.66	22.29	19.29	19.38
Enterprise Value to EBIT (EV/EBIT)	24.37	20.21	24.86	24.04	26.36	33.83	33.67	35.44	34.72	28.09	29.34
Enterprise Value to NOPAT (EV/NOPAT)	32.57	28.65	34.95	33.83	34.21	40.72	41.47	44.76	45.14	38.50	38.33
Enterprise Value to Operating Cash Flow (EV/OCF)	23.46	22.46	30.80	33.06	31.37	29.29	27.35	28.19	27.38	27.59	28.91
Enterprise Value to Free Cash Flow (EV/FCFF)	259.49	463.69	0.00	18.43	22.86	36.21	10.34	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.87	0.86	0.85	1.00	0.98	0.96	0.96	0.95	0.93	0.90	0.88
Long-Term Debt to Equity	0.78	0.79	0.79	0.82	0.83	0.84	0.84	0.85	0.81	0.72	0.76
Financial Leverage	0.75	0.73	0.63	0.83	0.82	0.78	0.69	0.90	0.88	0.86	0.88
Leverage Ratio	2.87	2.86	2.86	2.83	2.81	2.79	2.81	2.70	2.68	2.71	2.74
Compound Leverage Factor	2.29	2.11	2.36	2.19	2.21	1.67	2.12	2.02	1.93	1.96	2.39
Debt to Total Capital	46.58%	46.18%	45.96%	50.07%	49.59%	49.01%	48.93%	48.62%	48.09%	47.44%	46.88%
Short-Term Debt to Total Capital	4.95%	3.70%	3.07%	9.21%	7.72%	6.06%	6.02%	5.09%	5.88%	9.53%	6.38%
Long-Term Debt to Total Capital	41.64%	42.49%	42.89%	40.86%	41.87%	42.96%	42.91%	43.54%	42.21%	37.91%	40.50%
Preferred Equity to Total Capital	0.19%	0.20%	0.23%	0.24%	0.24%	0.25%	0.25%	0.26%	0.27%	0.27%	0.28%
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	53.23%	53.62%	53.81%	49.69%	50.17%	50.74%	50.82%	51.12%	51.64%	52.29%	52.84%
Debt to EBITDA	4.21	4.11	4.21	5.14	5.29	5.44	5.33	4.93	4.83	4.14	4.04
Net Debt to EBITDA	4.21	4.06	4.14	5.05	5.25	5.41	5.29	4.88	4.76	4.10	4.01
Long-Term Debt to EBITDA	3.76	3.78	3.93	4.20	4.46	4.77	4.67	4.42	4.24	3.31	3.49
Debt to NOPAT	8.28	8.33	8.54	10.79	10.61	10.76	10.73	9.74	9.77	8.26	7.99
Net Debt to NOPAT	8.28	8.24	8.40	10.59	10.53	10.70	10.65	9.63	9.65	8.17	7.92
Long-Term Debt to NOPAT	7.40	7.66	7.97	8.80	8.95	9.43	9.41	8.72	8.58	6.60	6.90
Altman Z-Score	1.19	1.06	1.29	1.05	1.07	1.21	1.07	1.53	1.51	1.50	1.58
Noncontrolling Interest Sharing Ratio	0.42%	0.43%	0.46%	0.49%	0.50%	0.50%	0.51%	0.52%	0.53%	0.54%	0.55%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.46	0.52	0.65	0.90	0.95	1.05	1.12	0.46	0.41	0.32	0.45
Quick Ratio	0.30	0.41	0.53	0.30	0.26	0.29	0.27	0.35	0.30	0.24	0.34
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-31	-33	-119	45	29	13	125	-52	-52	-37	-50
Operating Cash Flow to CapEx	72.88%	85.10%	93.80%	78.25%	46.23%	74.81%	47.68%	50.98%	65.14%	67.41%	65.35%
Free Cash Flow to Firm to Interest Expense	-11.50	-10.07	-35.00	11.23	8.75	3.47	35.60	-16.15	-19.91	-13.11	-21.18
Operating Cash Flow to Interest Expense	5.08	6.48	5.70	2.78	2.03	3.39	3.04	4.10	6.15	6.13	7.38
Operating Cash Flow Less CapEx to Interest Expense	-1.89	-1.13	-0.38	-0.77	-2.37	-1.14	-3.34	-3.94	-3.29	-2.96	-3.91
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.15	0.15	0.15	0.15	0.14	0.14	0.14	0.15	0.16	0.16	0.15
Accounts Receivable Turnover	6.81	6.72	5.52	5.93	6.58	6.38	5.61	6.54	7.18	6.87	5.71
Inventory Turnover	13.19	13.49	0.00	0.00	0.00	12.64	0.00	0.00	0.00	13.71	0.00
Fixed Asset Turnover	0.19	0.19	0.18	0.18	0.17	0.17	0.18	0.18	0.18	0.18	0.18
Accounts Payable Turnover	3.40	3.32	0.09	0.00	0.00	3.17	0.83	0.00	0.00	3.44	0.00
Days Sales Outstanding (DSO)	53.59	54.29	66.11	61.53	55.44	57.23	65.12	55.80	50.86	53.10	63.91
Days Inventory Outstanding (DIO)	27.67	27.05	0.00	0.00	0.00	28.87	0.00	0.00	0.00	26.62	0.00
Days Payable Outstanding (DPO)	107.42	109.99	4,004.69	0.00	0.00	115.20	440.28	0.00	0.00	106.07	0.00
Cash Conversion Cycle (CCC)	-26.16	-28.66	-3,938.57	61.53	55.44	-29.10	-375.16	55.80	50.86	-26.36	63.91
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	791	778	774	760	750	734	639	794	769	739	753
Invested Capital Turnover	0.25	0.25	0.26	0.23	0.22	0.23	0.24	0.22	0.22	0.23	0.22
Increase / (Decrease) in Invested Capital	41	43	135	-34	-20	-4.73	-113	64	58	45	64
Enterprise Value (EV)	1,545	1,319	1,544	1,368	1,364	1,546	1,562	1,798	1,735	1,693	1,695
Market Capitalization	1,151	938	1,171	938	942	1,138	1,158	1,409	1,362	1,331	1,342
Book Value per Share	$25.10	$24.96	$24.77	$24.28	$24.00	$23.85	$23.64	$23.27	$22.86	$22.70	$22.61
Tangible Book Value per Share	$25.10	$24.96	$24.77	$24.28	$24.00	$23.85	$23.64	$23.27	$22.86	$22.70	$22.61
Total Capital	844	830	821	871	853	834	826	805	781	766	753
Total Debt	393	384	378	436	423	409	404	391	376	363	353
Total Long-Term Debt	351	353	352	356	357	358	354	350	330	290	305
Net Debt	393	379	371	428	420	406	401	387	371	359	350
Capital Expenditures (CapEx)	19	25	21	14	14	17	22	26	25	25	27
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-13	-13	-8.87	58	57	53	61	-10	-15	-11	-6.34
Debt-free Net Working Capital (DFNWC)	-13	-9.20	-2.52	66	60	55	64	-6.03	-11	-7.59	-3.43
Net Working Capital (NWC)	-55	-40	-28	-14	-5.94	4.71	14	-47	-56	-81	-51
Net Nonoperating Expense (NNE)	0.82	1.16	1.29	1.05	-1.87	2.63	1.94	1.15	0.79	0.81	0.28
Net Nonoperating Obligations (NNO)	340	331	330	325	320	309	218	380	364	337	352
Total Depreciation and Amortization (D&A)	7.91	7.81	7.22	7.03	5.98	7.34	7.56	7.34	7.20	7.34	6.73
Debt-free, Cash-free Net Working Capital to Revenue	-6.65%	-7.00%	-4.83%	33.27%	33.82%	31.76%	36.75%	-6.21%	-9.35%	-7.03%	-4.02%
Debt-free Net Working Capital to Revenue	-6.65%	-4.80%	-1.37%	37.85%	35.51%	33.20%	38.53%	-3.60%	-6.39%	-4.67%	-2.17%
Net Working Capital to Revenue	-27.97%	-20.80%	-15.14%	-7.99%	-3.52%	2.83%	8.68%	-28.05%	-34.34%	-49.59%	-32.67%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.53	$0.49	$0.80	$0.59	$0.60	$0.32	$0.56	$0.56	$0.33	$0.40	$0.81
Adjusted Weighted Average Basic Shares Outstanding	17.89M	17.84M	17.84M	17.83M	17.82M	17.73M	17.76M	17.71M	17.65M	17.60M	17.63M
Adjusted Diluted Earnings per Share	$0.53	$0.49	$0.80	$0.59	$0.59	$0.32	$0.56	$0.55	$0.33	$0.41	$0.80
Adjusted Weighted Average Diluted Shares Outstanding	17.95M	17.95M	17.95M	17.94M	17.93M	17.85M	17.87M	17.83M	17.77M	17.71M	17.74M
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	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	17.92M	17.89M	17.86M	17.83M	17.83M	17.82M	17.81M	17.75M	17.68M	17.64M	17.64M
Normalized Net Operating Profit after Tax (NOPAT)	10	9.96	16	12	8.81	5.77	12	7.47	6.65	7.98	15
Normalized NOPAT Margin	23.24%	21.14%	28.32%	23.59%	21.74%	14.95%	25.54%	17.45%	17.44%	20.56%	30.52%
Pre Tax Income Margin	24.02%	19.76%	29.14%	28.34%	29.52%	14.67%	22.98%	22.34%	17.31%	18.85%	34.06%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.92	3.82	5.71	4.45	4.66	2.50	4.05	3.94	3.55	3.62	7.90
NOPAT to Interest Expense	3.79	3.02	4.58	2.87	2.70	2.22	3.39	3.40	2.56	2.86	6.19
EBIT Less CapEx to Interest Expense	-2.05	-3.80	-0.37	0.90	0.26	-2.03	-2.33	-4.09	-5.90	-5.47	-3.39
NOPAT Less CapEx to Interest Expense	-3.18	-4.60	-1.51	-0.68	-1.71	-2.31	-2.99	-4.64	-6.88	-6.23	-5.11
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	55.28%	53.02%	56.37%	62.31%	62.71%	71.57%	67.52%	58.54%	59.00%	49.33%	48.23%
Augmented Payout Ratio	57.19%	56.33%	59.66%	67.60%	66.83%	73.56%	69.42%	58.54%	59.00%	49.40%	48.23%

Frequently Asked Questions About Middlesex Water's Financials

When does Middlesex Water's fiscal year end?

According to the most recent income statement we have on file, Middlesex Water's financial year ends in December. Their financial 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 5/25/2025 by MarketBeat.com Staff

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Middlesex Water (MSEX) Financials

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