Middlesex Water (MSEX) Financials

$50.27 -1.65 (-3.18%)

Closing price 05/15/2026 04:00 PM Eastern

Extended Trading

$50.32 +0.04 (+0.09%)

As of 05/15/2026 07:35 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	20	23	23	32	34	38	36	42	31	44	43
Consolidated Net Income / (Loss)	20	23	23	32	34	38	37	42	32	44	43
Net Income / (Loss) Continuing Operations	20	23	23	32	34	38	37	42	32	44	43
Total Pre-Tax Income	31	34	34	33	31	34	31	46	33	51	48
Total Operating Income	36	40	38	37	36	37	33	47	39	53	54
Total Gross Profit	126	133	131	138	135	142	143	83	83	100	103
Total Revenue	126	133	131	138	135	142	143	162	166	192	195
Operating Revenue	126	133	131	138	135	142	143	162	166	192	195
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.00	0.00	0.00	79	83	92	91
Operating Cost of Revenue	-	-	-	-	-	-	-	79	83	92	91
Total Operating Expenses	90	93	93	101	99	104	110	41	44	46	49
Depreciation Expense	12	13	14	15	17	18	21	23	25	24	27
Other Operating Expenses / (Income)	78	80	79	86	82	86	89	18	19	22	22
Total Other Income / (Expense), net	-5.17	-5.83	-3.89	-3.77	-4.77	-3.11	-2.16	3.57	-6.66	-1.95	-6.73
Interest Expense	5.55	5.29	5.51	6.76	7.26	7.49	8.11	9.37	13	14	14
Other Income / (Expense), net	0.38	-0.53	1.62	2.99	2.49	4.38	5.96	13	6.49	12	7.56
Income Tax Expense	11	12	11	0.92	-3.14	-4.12	-5.49	3.24	1.04	6.91	4.82
Preferred Stock Dividends Declared	0.14	0.14	0.14	0.14	0.13	0.12	0.12	0.12	0.12	0.11	0.08
Basic Earnings per Share	$1.23	$1.39	$1.39	$1.97	$2.02	$2.19	$2.08	$2.40	$1.77	$2.48	$2.36
Weighted Average Basic Shares Outstanding	16.18M	16.27M	16.33M	16.38M	16.69M	17.46M	17.49M	17.60M	17.73M	17.84M	18.10M
Diluted Earnings per Share	$1.22	$1.38	$1.38	$1.96	$2.01	$2.18	$2.07	$2.39	$1.76	$2.47	$2.36
Weighted Average Diluted Shares Outstanding	16.33M	16.43M	16.49M	16.54M	16.83M	17.57M	17.61M	17.71M	17.85M	17.95M	18.14M
Weighted Average Basic & Diluted Shares Outstanding	16.23M	16.30M	8.20M	16.40M	17.44M	17.47M	17.54M	17.64M	17.82M	17.89M	18.52M
Cash Dividends to Common per Share	$0.78	$0.81	$0.86	$0.91	$0.98	-	$1.11	$1.18	$1.26	$1.32	$1.38

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	9.96	5.74	11	11	14	8.78	9.46	11	14	8.59	11
Consolidated Net Income / (Loss)	9.99	5.77	11	11	14	8.80	9.48	11	14	8.61	11
Net Income / (Loss) Continuing Operations	9.99	5.77	11	11	14	8.80	9.48	11	14	8.61	11
Total Pre-Tax Income	11	5.66	12	14	16	9.31	11	12	15	9.43	12
Total Operating Income	13	8.24	9.87	15	18	11	12	14	18	11	13
Total Gross Profit	24	-22	20	27	30	-20	23	26	30	24	26
Total Revenue	47	39	41	49	55	47	44	49	54	47	49
Operating Revenue	47	39	41	49	55	47	44	49	54	47	49
Total Cost of Revenue	23	61	20	22	25	67	21	23	24	23	23
Operating Cost of Revenue	23	-	20	22	25	-	21	23	24	23	23
Total Operating Expenses	11	-30	10	12	12	-30	12	12	13	12	13
Depreciation Expense	6.38	6.65	5.40	6.31	6.31	6.42	6.53	6.70	6.94	6.94	7.04
Other Operating Expenses / (Income)	4.94	-37	4.80	5.70	5.93	-37	5.11	5.64	5.71	5.46	5.56
Total Other Income / (Expense), net	-2.09	-2.58	2.10	-1.39	-1.44	-1.22	-0.92	-1.73	-2.31	-1.78	-1.21
Interest Expense	3.52	3.78	3.27	4.04	3.41	3.30	2.71	3.62	4.20	3.76	3.21
Other Income / (Expense), net	1.43	1.20	5.37	2.66	1.97	2.08	1.80	1.90	1.89	1.98	2.00
Income Tax Expense	0.75	-0.10	1.28	3.38	1.74	0.50	1.16	1.41	1.43	0.82	1.29
Preferred Stock Dividends Declared	0.03	0.03	0.03	0.03	0.03	0.02	0.02	0.02	0.02	0.02	0.02
Basic Earnings per Share	$0.56	$0.32	$0.60	$0.59	$0.80	$0.49	$0.53	$0.60	$0.77	$0.46	$0.57
Weighted Average Basic Shares Outstanding	17.76M	17.73M	17.82M	17.83M	17.84M	17.84M	17.89M	17.96M	18.12M	18.10M	18.55M
Diluted Earnings per Share	$0.56	$0.32	$0.59	$0.59	$0.80	$0.49	$0.53	$0.60	$0.77	$0.46	$0.57
Weighted Average Diluted Shares Outstanding	17.87M	17.85M	17.93M	17.94M	17.95M	17.95M	17.95M	17.99M	18.15M	18.14M	18.58M
Weighted Average Basic & Diluted Shares Outstanding	17.81M	17.82M	17.83M	17.83M	17.86M	17.89M	17.92M	18.02M	18.34M	18.52M	18.62M
Cash Dividends to Common per Share	-	-	$0.33	-	$0.33	-	$0.34	-	$0.34	-	$0.36

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Net Change in Cash & Equivalents	0.80	0.41	52	-0.74	41	-36	-6.87	0.30	-1.44	1.84	0.25
Net Cash From Operating Activities	51	47	43	46	36	53	33	61	53	59	63
Net Cash From Continuing Operating Activities	51	47	43	46	36	53	33	61	53	59	63
Net Income / (Loss) Continuing Operations	20	23	23	32	34	38	37	42	32	44	43
Consolidated Net Income / (Loss)	20	23	23	32	34	38	37	42	32	44	43
Depreciation Expense	13	14	15	16	17	21	27	27	29	28	32
Non-Cash Adjustments To Reconcile Net Income	3.09	0.41	0.36	0.25	-1.19	-1.41	-0.17	-4.95	0.78	-8.15	-0.72
Changes in Operating Assets and Liabilities, net	15	10	4.83	-2.62	-14	-4.50	-30	-3.59	-8.97	-5.51	-12
Net Cash From Investing Activities	-24	-47	-50	-72	-89	-106	-79	-88	-90	-75	-101
Net Cash From Continuing Investing Activities	-24	0.00	0.00	-72	-89	-106	-79	-88	-90	-75	-101
Purchase of Property, Plant & Equipment	-	-	-	-	-	-106	-79	-91	0.00	0.00	-4.61
Other Investing Activities, net	-24	0.00	-	-72	-89	-	-	-	-90	-75	-96
Net Cash From Financing Activities	-26	0.71	9.54	25	94	16	39	27	36	18	39
Net Cash From Continuing Financing Activities	-26	0.71	9.54	25	94	16	39	27	36	18	39
Repayment of Debt	-23	-6.05	-6.39	-7.90	-3.77	0.96	-42	-7.39	-16	-24	-4.67
Repurchase of Common Equity	-0.02	0.00	0.00	0.00	-0.36	-	0.00	-0.03	-0.01	0.00	-0.67
Payment of Dividends	-13	-13	-14	-15	-16	-18	-19	-21	-23	-24	-25
Issuance of Debt	7.74	19	29	47	58	32	98	45	63	2.30	39
Issuance of Common Equity	1.46	1.45	1.23	1.15	57	1.19	3.84	10	12	0.97	30
Other Financing Activities, net	0.00	-	-	-	-	-	-	0.00	-0.62	62	-0.37

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-1.41	-0.58	0.47	5.17	-1.68	-2.12	-1.57	1.58	0.82	-0.58	-0.76
Net Cash From Operating Activities	11	13	6.65	11	19	21	14	18	12	18	12
Net Cash From Continuing Operating Activities	11	13	6.65	11	19	21	14	18	12	18	12
Net Income / (Loss) Continuing Operations	9.99	5.77	11	11	14	8.80	9.48	11	14	8.61	11
Consolidated Net Income / (Loss)	9.99	5.77	11	11	14	8.80	9.48	11	14	8.61	11
Depreciation Expense	7.56	7.34	5.98	7.03	7.22	7.81	7.91	7.54	8.53	8.51	8.19
Non-Cash Adjustments To Reconcile Net Income	0.23	0.20	-6.62	-0.29	-0.96	-0.30	0.23	0.63	-0.47	-1.10	-0.01
Changes in Operating Assets and Liabilities, net	-7.09	-0.50	-3.39	-6.06	-1.12	5.09	-3.84	-0.64	-9.97	2.45	-7.05
Net Cash From Investing Activities	-22	-17	-14	-14	-21	-25	-19	-36	-21	-25	-21
Net Cash From Continuing Investing Activities	-22	-17	-14	-14	-21	-25	-19	-36	-21	-25	-21
Other Investing Activities, net	-	-	-	-	-	-	-	-	-	-25	-21
Net Cash From Financing Activities	10	3.73	8.20	8.29	-0.39	1.63	3.56	20	9.78	5.67	8.15
Net Cash From Continuing Financing Activities	10	3.73	8.20	8.29	-0.39	1.63	3.56	20	9.78	5.67	8.15
Repayment of Debt	-13	0.84	-1.09	-15	-3.70	0.41	-1.36	0.42	-3.38	-0.35	-8.11
Payment of Dividends	-5.58	-5.87	-5.77	-5.82	-5.82	-6.10	-6.10	-6.12	-6.14	-6.63	-6.69
Issuance of Debt	27	5.67	16	30	-55	7.20	11	22	2.52	3.26	20
Issuance of Common Equity	3.27	3.10	0.25	0.25	0.24	0.23	0.22	3.83	17	9.17	2.82
Other Financing Activities, net	-	-	-	-	-	-	-0.23	-	-	0.01	-0.13

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Total Assets	581	620	661	768	910	976	1,020	1,074	1,236	1,255	1,366
Total Current Assets	24	27	29	31	29	34	34	37	109	43	42
Cash & Equivalents	3.47	3.88	4.94	3.71	2.23	4.49	3.53	3.83	2.39	4.23	2.80
Accounts Receivable	16	17	18	19	19	22	23	25	27	30	29
Inventories, net	2.60	4.09	4.12	5.41	5.45	5.11	5.36	6.18	6.97	6.72	7.55
Prepaid Expenses	2.04	2.02	2.41	2.64	2.37	2.89	2.88	2.62	1.83	2.42	2.84
Other Current Assets	-	-	-	-	-	-	-	-	-	-	0.00
Plant, Property, & Equipment, net	482	518	557	618	706	797	865	921	998	1,055	1,147
Plant, Property & Equipment, gross	608	654	704	776	876	982	1,065	1,135	1,234	1,310	1,422
Accumulated Depreciation	126	136	146	157	170	185	200	215	236	254	275
Total Noncurrent Assets	75	76	75	119	175	146	120	94	96	157	177
Other Noncurrent Operating Assets	73	74	73	117	131	140	120	94	96	157	177
Total Liabilities & Shareholders' Equity	581	620	661	768	910	976	1,020	1,074	1,236	1,255	1,366
Total Liabilities	372	399	430	517	584	628	650	672	805	808	870
Total Current Liabilities	28	47	65	94	65	57	57	118	104	83	94
Short-Term Debt	8.74	18	35	56	27	9.26	20	73	50	31	36
Accounts Payable	6.53	12	14	19	23	30	21	25	28	28	31
Accrued Expenses	-	-	-	-	-	-	-	2.54	3.14	2.92	3.31
Current Deferred Revenue	0.88	0.92	0.95	1.04	1.21	1.26	1.33	1.37	1.39	1.48	0.50
Current Deferred & Payable Income Tax Liabilities	9.13	12	11	14	7.64	10	8.62	12	11	12	16
Other Current Liabilities	1.95	2.16	2.28	2.64	3.62	3.62	3.83	3.99	4.42	7.76	6.57
Total Noncurrent Liabilities	344	352	365	422	519	571	594	554	707	725	777
Long-Term Debt	133	135	139	153	231	273	307	290	358	353	379
Capital Lease Obligations	-	-	-	-	-	-	-	-	-	2.43	1.84
Asset Retirement Reserve & Litigation Obligation	11	11	44	79	69	61	49	47	113	65	68
Noncurrent Deferred Revenue	20	21	21	23	24	23	24	21	21	23	26
Noncurrent Deferred & Payable Income Tax Liabilities	69	73	43	47	54	61	70	78	89	101	110
Other Noncurrent Operating Liabilities	75	77	81	90	106	118	133	118	126	182	191
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	209	221	232	251	326	348	370	402	425	447	495
Total Preferred & Common Equity	209	221	232	251	326	348	370	402	425	447	495
Preferred Stock	2.44	2.44	2.43	2.43	2.08	2.08	2.08	2.08	2.08	1.64	1.34
Total Common Equity	207	218	229	249	324	346	368	400	423	445	494
Common Stock	151	153	155	157	215	217	222	233	247	248	279
Retained Earnings	56	65	74	91	109	129	146	167	176	197	215

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	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	1,065	1,099	1,128	1,243	1,250	1,275	1,230	1,279	1,316	1,342	1,386
Total Current Assets	41	40	41	136	111	121	52	46	50	50	47
Cash & Equivalents	2.91	4.86	4.38	2.97	2.86	8.03	6.34	-	2.56	3.38	2.04
Accounts Receivable	29	24	26	30	27	33	36	30	34	34	29
Inventories, net	5.79	6.56	6.43	-	7.07	6.48	6.55	7.03	6.92	7.31	8.10
Prepaid Expenses	3.67	3.91	3.47	2.92	4.37	3.93	3.13	6.41	6.04	5.18	5.99
Other Current Assets	-	-	-	-	-	-	-	-	-	-	1.67
Plant, Property, & Equipment, net	900	942	967	985	1,009	1,020	1,038	1,072	1,100	1,119	1,169
Plant, Property & Equipment, gross	1,112	1,162	1,192	1,216	1,249	1,264	1,287	1,331	1,365	1,390	1,445
Accumulated Depreciation	212	220	225	230	240	244	249	259	265	270	276
Total Noncurrent Assets	123	108	110	234	93	94	99	111	115	173	170
Other Noncurrent Operating Assets	123	108	110	234	93	94	99	111	113	173	170
Total Liabilities & Shareholders' Equity	1,065	1,099	1,128	1,243	1,250	1,275	1,230	1,279	1,316	1,342	1,386
Total Liabilities	665	693	714	1,020	814	833	786	828	857	858	884
Total Current Liabilities	93	96	88	121	117	135	80	101	121	118	120
Short-Term Debt	48	46	41	50	66	80	25	42	63	63	55
Accounts Payable	26	28	28	29	23	25	32	32	31	28	29
Accrued Expenses	-	-	-	-	2.65	3.25	2.40	2.46	3.07	2.55	3.29
Current Deferred Revenue	1.48	1.31	1.48	1.46	1.37	1.69	1.56	1.54	1.84	1.50	0.47
Current Deferred & Payable Income Tax Liabilities	13	16	10	8.14	15	14	13	17	15	16	22
Other Current Liabilities	2.79	2.60	3.43	2.91	3.11	4.12	4.95	6.57	7.59	7.90	9.62
Total Noncurrent Liabilities	572	597	626	926	703	705	706	727	735	740	764
Long-Term Debt	301	330	350	354	357	356	352	351	351	350	372
Capital Lease Obligations	3.87	-	-	-	-	-	-	-	-	1.96	1.65
Asset Retirement Reserve & Litigation Obligation	47	47	47	113	58	55	54	64	64	63	61
Noncurrent Deferred Revenue	22	22	21	21	21	21	22	23	23	24	26
Noncurrent Deferred & Payable Income Tax Liabilities	77	79	85	88	90	92	95	104	107	111	111
Other Noncurrent Operating Liabilities	112	119	122	350	178	181	183	186	190	190	192
Commitments & Contingencies	0.00	0.00	0.00	0.00	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	451	459	484	502
Total Preferred & Common Equity	400	405	414	422	430	435	444	451	459	484	502
Preferred Stock	2.08	2.08	2.08	2.08	2.08	2.08	1.89	1.61	1.35	1.35	1.34
Total Common Equity	398	403	411	420	428	433	442	449	458	483	501
Common Stock	232	236	240	243	247	247	248	249	253	270	282
Retained Earnings	166	168	172	176	181	186	194	200	205	213	219

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	7.76%	5.29%	-1.60%	5.58%	-2.52%	5.20%	1.09%	13.48%	2.36%	15.40%	1.47%
EBITDA Growth	6.77%	8.10%	1.80%	3.05%	-1.20%	13.38%	5.32%	33.01%	-14.35%	24.17%	1.20%
EBIT Growth	6.56%	9.80%	-0.89%	1.82%	-5.29%	9.96%	-6.29%	53.87%	-24.16%	42.82%	-5.12%
NOPAT Growth	5.02%	13.25%	-4.36%	42.04%	8.40%	7.06%	-6.76%	12.53%	-13.66%	21.26%	6.15%
Net Income Growth	8.58%	13.55%	0.29%	42.28%	4.43%	13.39%	-4.90%	16.11%	-25.70%	40.69%	-3.45%
EPS Growth	7.96%	13.11%	0.00%	42.03%	2.55%	8.46%	-5.05%	15.46%	-26.36%	40.34%	-4.45%
Operating Cash Flow Growth	57.23%	-8.09%	-8.98%	7.05%	-21.39%	47.99%	-38.10%	85.78%	-13.98%	11.27%	6.58%
Free Cash Flow Firm Growth	92.61%	-85.24%	-205.49%	-331.49%	-132.50%	7.67%	20.21%	98.07%	6,824.03%	-93.34%	33.87%
Invested Capital Growth	-1.45%	6.43%	8.07%	13.82%	18.40%	15.42%	11.56%	6.42%	-0.64%	5.88%	9.74%
Revenue Q/Q Growth	2.51%	0.57%	-0.27%	1.33%	-0.39%	1.35%	-0.42%	3.04%	-0.13%	4.64%	-0.07%
EBITDA Q/Q Growth	2.06%	-3.45%	6.40%	-1.40%	0.80%	2.26%	5.17%	0.33%	-0.89%	4.06%	1.37%
EBIT Q/Q Growth	2.83%	-5.43%	6.99%	-1.62%	0.26%	1.24%	-2.64%	4.32%	-1.44%	5.10%	0.94%
NOPAT Q/Q Growth	2.22%	-1.95%	4.25%	5.20%	5.67%	0.28%	-4.52%	-0.53%	0.84%	4.20%	0.54%
Net Income Q/Q Growth	4.00%	-5.56%	10.27%	5.35%	3.29%	0.62%	-2.84%	-0.16%	-4.27%	7.36%	-0.46%
EPS Q/Q Growth	5.17%	-6.12%	10.40%	5.95%	2.03%	0.00%	0.00%	0.00%	-4.86%	7.39%	-1.26%
Operating Cash Flow Q/Q Growth	30.36%	-10.72%	-4.92%	-2.54%	6.57%	0.00%	-4.83%	4.66%	-7.57%	17.15%	-4.48%
Free Cash Flow Firm Q/Q Growth	66.73%	-72.87%	-861.29%	-65.43%	-14.62%	6.37%	28.22%	96.86%	-71.72%	103.13%	55.96%
Invested Capital Q/Q Growth	-2.86%	0.16%	1.69%	3.65%	4.62%	3.52%	0.92%	-1.79%	14.88%	0.43%	1.58%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	51.31%	50.01%	51.86%	53.11%
EBITDA Margin	39.06%	40.11%	41.49%	40.49%	41.04%	44.24%	46.09%	54.02%	45.20%	48.63%	48.50%
Operating Margin	28.39%	30.32%	28.90%	26.90%	26.39%	26.43%	23.20%	29.14%	23.59%	27.73%	27.93%
EBIT Margin	28.69%	29.92%	30.14%	29.07%	28.24%	29.52%	27.36%	37.10%	27.49%	34.02%	31.81%
Profit (Net Income) Margin	15.87%	17.11%	17.44%	23.50%	25.18%	27.14%	25.53%	26.12%	18.96%	23.11%	21.99%
Tax Burden Percent	65.50%	65.96%	67.27%	97.23%	110.21%	112.01%	117.67%	92.91%	96.80%	86.53%	89.88%
Interest Burden Percent	84.43%	86.69%	86.03%	83.16%	80.89%	82.07%	79.28%	75.78%	71.25%	78.52%	76.92%
Effective Tax Rate	34.50%	34.04%	32.73%	2.77%	-10.21%	-12.01%	-17.67%	7.09%	3.20%	13.47%	10.12%
Return on Invested Capital (ROIC)	6.70%	7.40%	6.60%	8.44%	7.87%	7.21%	5.93%	6.13%	5.15%	6.09%	5.62%
ROIC Less NNEP Spread (ROIC-NNEP)	4.34%	4.74%	4.95%	6.48%	5.35%	5.78%	5.09%	5.67%	3.16%	5.56%	4.10%
Return on Net Nonoperating Assets (RNNOA)	3.10%	3.18%	3.48%	5.00%	3.87%	4.18%	4.24%	4.85%	2.47%	4.08%	3.47%
Return on Equity (ROE)	9.80%	10.58%	10.08%	13.44%	11.74%	11.40%	10.18%	10.99%	7.62%	10.17%	9.09%
Cash Return on Invested Capital (CROIC)	8.16%	1.18%	-1.16%	-4.49%	-8.98%	-7.10%	-5.00%	-0.09%	5.80%	0.38%	-3.67%
Operating Return on Assets (OROA)	6.26%	6.62%	6.15%	5.62%	4.53%	4.43%	3.92%	5.76%	3.96%	5.24%	4.73%
Return on Assets (ROA)	3.46%	3.79%	3.56%	4.54%	4.04%	4.07%	3.66%	4.05%	2.73%	3.56%	3.27%
Return on Common Equity (ROCE)	9.68%	10.46%	9.97%	13.31%	11.65%	11.33%	10.12%	10.93%	7.58%	10.13%	9.06%
Return on Equity Simple (ROE_SIMPLE)	9.58%	10.30%	9.85%	12.92%	10.40%	11.03%	9.88%	10.54%	7.42%	9.92%	0.00%
Net Operating Profit after Tax (NOPAT)	23	27	25	36	39	42	39	44	38	46	49
NOPAT Margin	18.60%	20.00%	19.44%	26.15%	29.08%	29.60%	27.30%	27.07%	22.84%	24.00%	25.10%
Net Nonoperating Expense Percent (NNEP)	2.36%	2.67%	1.64%	1.96%	2.52%	1.43%	0.85%	0.47%	2.00%	0.53%	1.52%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	5.74%	4.55%	5.54%	5.36%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	48.69%	49.99%	48.14%	46.89%
SG&A Expenses to Revenue	0.23%	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	71.68%	69.68%	71.10%	73.10%	73.61%	73.57%	76.80%	25.39%	26.43%	24.13%	25.18%
Earnings before Interest and Taxes (EBIT)	36	40	39	40	38	42	39	60	46	65	62
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	49	53	54	56	55	63	66	88	75	93	94
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.82	2.86	2.60	3.29	3.11	3.52	5.56	3.33	2.69	2.11	1.84
Price to Tangible Book Value (P/TBV)	1.82	2.86	2.60	3.29	3.11	3.52	5.56	3.33	2.69	2.11	1.84
Price to Revenue (P/Rev)	2.97	4.71	4.56	5.92	7.49	8.60	14.28	8.20	6.84	4.89	4.67
Price to Earnings (P/E)	18.88	27.67	26.33	25.30	29.85	31.80	56.12	31.47	36.23	21.21	21.25
Dividend Yield	3.38%	2.12%	2.37%	1.84%	1.63%	1.50%	1.20%	1.57%	1.98%	2.52%	2.75%
Earnings Yield	5.30%	3.61%	3.80%	3.95%	3.35%	3.14%	1.78%	3.18%	2.76%	4.72%	4.71%
Enterprise Value to Invested Capital (EV/IC)	1.48	2.10	1.92	2.25	2.35	2.41	3.41	2.29	2.11	1.70	1.46
Enterprise Value to Revenue (EV/Rev)	4.09	5.84	5.87	7.42	9.40	10.58	16.55	10.42	9.30	6.87	6.80
Enterprise Value to EBITDA (EV/EBITDA)	10.47	14.57	14.16	18.33	22.90	23.92	35.91	19.29	20.57	14.14	14.02
Enterprise Value to EBIT (EV/EBIT)	14.25	19.53	19.49	25.54	33.29	35.84	60.48	28.09	33.83	20.21	21.37
Enterprise Value to NOPAT (EV/NOPAT)	21.98	29.21	30.21	28.38	32.32	35.74	60.61	38.50	40.72	28.65	27.09
Enterprise Value to Operating Cash Flow (EV/OCF)	10.08	16.50	17.93	22.35	35.09	28.08	71.72	27.59	29.29	22.46	21.15
Enterprise Value to Free Cash Flow (EV/FCFF)	18.05	183.98	0.00	0.00	0.00	0.00	0.00	0.00	36.21	463.69	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.68	0.69	0.75	0.83	0.79	0.81	0.88	0.90	0.96	0.86	0.84
Long-Term Debt to Equity	0.64	0.61	0.60	0.61	0.71	0.78	0.83	0.72	0.84	0.79	0.77
Financial Leverage	0.71	0.67	0.70	0.77	0.72	0.72	0.83	0.86	0.78	0.73	0.84
Leverage Ratio	2.83	2.79	2.83	2.96	2.91	2.80	2.78	2.71	2.79	2.86	2.78
Compound Leverage Factor	2.39	2.42	2.44	2.46	2.35	2.30	2.20	2.06	1.99	2.24	2.14
Debt to Total Capital	40.38%	40.88%	42.89%	45.38%	44.18%	44.78%	46.87%	47.44%	49.01%	46.18%	45.69%
Short-Term Debt to Total Capital	2.49%	4.86%	8.60%	12.14%	4.66%	1.47%	2.83%	9.53%	6.06%	3.70%	3.96%
Long-Term Debt to Total Capital	37.89%	36.01%	34.29%	33.23%	39.53%	43.32%	44.04%	37.91%	42.96%	42.49%	41.74%
Preferred Equity to Total Capital	0.69%	0.65%	0.60%	0.53%	0.36%	0.33%	0.30%	0.27%	0.25%	0.20%	0.15%
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	58.92%	58.47%	56.51%	54.09%	55.46%	54.88%	52.83%	52.29%	50.74%	53.62%	54.16%
Debt to EBITDA	2.87	2.86	3.21	3.73	4.67	4.51	4.95	4.14	5.44	4.11	4.41
Net Debt to EBITDA	2.80	2.79	3.11	3.67	4.63	4.44	4.89	4.10	5.41	4.06	4.38
Long-Term Debt to EBITDA	2.70	2.52	2.56	2.73	4.18	4.36	4.65	3.31	4.77	3.78	4.03
Debt to NOPAT	6.03	5.74	6.84	5.78	6.59	6.74	8.35	8.26	10.76	8.33	8.53
Net Debt to NOPAT	5.89	5.60	6.65	5.68	6.53	6.63	8.26	8.17	10.70	8.24	8.47
Long-Term Debt to NOPAT	5.66	5.06	5.47	4.23	5.90	6.52	7.84	6.60	9.43	7.66	7.79
Altman Z-Score	1.15	1.47	1.32	1.37	1.44	1.61	2.33	1.65	1.31	1.20	1.09
Noncontrolling Interest Sharing Ratio	1.19%	1.13%	1.08%	1.01%	0.78%	0.62%	0.58%	0.54%	0.50%	0.43%	0.32%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.86	0.57	0.45	0.33	0.45	0.60	0.61	0.32	1.05	0.52	0.45
Quick Ratio	0.70	0.44	0.35	0.24	0.33	0.46	0.46	0.24	0.29	0.41	0.33
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	29	4.22	-4.45	-19	-45	-41	-33	-0.64	43	2.84	-32
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	50.52%	41.61%	67.18%	58.53%	78.70%	1,358.72%
Free Cash Flow to Firm to Interest Expense	5.15	0.80	-0.81	-2.84	-6.15	-5.50	-4.06	-0.07	3.25	0.20	-2.23
Operating Cash Flow to Interest Expense	9.22	8.89	7.78	6.79	4.96	7.12	4.07	6.55	4.02	4.19	4.38
Operating Cash Flow Less CapEx to Interest Expense	9.22	8.89	7.78	6.79	4.96	-6.98	-5.71	-3.20	-2.85	-1.13	4.06
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.22	0.22	0.20	0.19	0.16	0.15	0.14	0.16	0.14	0.15	0.15
Accounts Receivable Turnover	7.83	8.05	7.58	7.50	7.06	6.95	6.47	6.87	6.38	6.72	6.69
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	13.71	12.64	13.49	12.80
Fixed Asset Turnover	0.27	0.27	0.24	0.23	0.20	0.19	0.17	0.18	0.17	0.19	0.18
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	3.44	3.17	3.32	3.08
Days Sales Outstanding (DSO)	46.63	45.35	48.15	48.69	51.72	52.49	56.38	53.10	57.23	54.29	54.54
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	26.62	28.87	27.05	28.52
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	106.07	115.20	109.99	118.70
Cash Conversion Cycle (CCC)	46.63	45.35	48.15	48.69	51.72	52.49	56.38	-26.36	-29.10	-28.66	-35.64
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	348	370	400	456	539	623	695	739	734	778	909
Invested Capital Turnover	0.36	0.37	0.34	0.32	0.27	0.24	0.22	0.23	0.23	0.25	0.22
Increase / (Decrease) in Invested Capital	-5.12	22	30	55	84	83	72	45	-4.73	43	81
Enterprise Value (EV)	516	777	768	1,025	1,265	1,498	2,369	1,693	1,546	1,319	1,324
Market Capitalization	375	625	597	817	1,007	1,218	2,044	1,331	1,138	938	909
Book Value per Share	$12.75	$13.41	$14.02	$15.17	$19.42	$19.82	$21.02	$22.70	$23.85	$24.96	$26.94
Tangible Book Value per Share	$12.75	$13.41	$14.02	$15.17	$19.42	$19.82	$21.02	$22.70	$23.85	$24.96	$26.94
Total Capital	351	374	406	460	584	631	696	766	834	830	912
Total Debt	142	153	174	209	258	282	326	363	409	384	417
Total Long-Term Debt	133	135	139	153	231	273	307	290	358	353	381
Net Debt	138	149	169	205	256	278	323	359	406	379	414
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	106	79	91	90	75	4.61
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1.36	-6.06	-5.36	-11	-11	-18	-6.07	-11	53	-13	-19
Debt-free Net Working Capital (DFNWC)	4.83	-2.18	-0.43	-7.71	-8.67	-13	-2.53	-7.59	55	-9.20	-16
Net Working Capital (NWC)	-3.91	-20	-35	-64	-36	-23	-22	-81	4.71	-40	-52
Net Nonoperating Expense (NNE)	3.45	3.84	2.62	3.66	5.26	3.49	2.54	1.55	6.45	1.69	6.05
Net Nonoperating Obligations (NNO)	139	149	169	204	213	274	325	337	309	331	414
Total Depreciation and Amortization (D&A)	13	14	15	16	17	21	27	27	29	28	32
Debt-free, Cash-free Net Working Capital to Revenue	1.08%	-4.56%	-4.10%	-8.26%	-8.10%	-12.69%	-4.24%	-7.03%	31.76%	-7.00%	-9.62%
Debt-free Net Working Capital to Revenue	3.83%	-1.64%	-0.33%	-5.58%	-6.44%	-9.51%	-1.77%	-4.67%	33.20%	-4.80%	-8.18%
Net Working Capital to Revenue	-3.10%	-15.30%	-26.99%	-46.02%	-26.63%	-16.05%	-15.55%	-49.59%	2.83%	-20.80%	-26.72%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$1.39	$1.39	$1.97	$2.02	$2.19	$2.08	$0.00	$1.77	$2.48	$2.36
Adjusted Weighted Average Basic Shares Outstanding	16.18M	16.27M	16.33M	16.38M	16.69M	17.46M	17.49M	0.00	17.73M	17.84M	18.10M
Adjusted Diluted Earnings per Share	$0.00	$1.38	$1.38	$1.96	$2.01	$2.18	$2.07	$0.00	$1.76	$2.47	$2.36
Adjusted Weighted Average Diluted Shares Outstanding	16.33M	16.43M	16.49M	16.54M	16.83M	17.57M	17.61M	0.00	17.85M	17.95M	18.14M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$1.39	$1.97	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	16.23M	16.30M	16.35M	16.43M	17.44M	17.47M	17.54M	0.00	17.82M	17.89M	18.52M
Normalized Net Operating Profit after Tax (NOPAT)	23	27	25	36	25	26	23	44	38	46	49
Normalized NOPAT Margin	18.60%	20.00%	19.44%	26.15%	18.47%	18.50%	16.24%	27.07%	22.84%	24.00%	25.10%
Pre Tax Income Margin	24.22%	25.94%	25.93%	24.17%	22.84%	24.23%	21.70%	28.12%	19.59%	26.71%	24.47%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	6.52	7.51	7.16	5.94	5.23	5.58	4.83	6.43	3.48	4.66	4.33
NOPAT to Interest Expense	4.23	5.02	4.62	5.34	5.39	5.59	4.82	4.69	2.89	3.28	3.42
EBIT Less CapEx to Interest Expense	6.52	7.51	7.16	5.94	5.23	-8.52	-4.96	-3.32	-3.38	-0.67	4.01
NOPAT Less CapEx to Interest Expense	4.23	5.02	4.62	5.34	5.39	-8.50	-4.97	-5.06	-3.97	-2.04	3.10
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	63.40%	58.40%	62.02%	46.45%	48.09%	47.62%	53.34%	49.33%	71.57%	53.02%	58.38%
Augmented Payout Ratio	63.51%	58.40%	62.02%	46.45%	49.14%	47.62%	53.34%	49.40%	73.56%	56.33%	59.94%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	18,521,933.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	18,521,933.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.57
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-2.13%	-0.57%	6.21%	14.82%	17.95%	22.03%	9.32%	0.36%	-1.83%	-0.27%	9.96%
EBITDA Growth	-13.93%	-3.86%	29.31%	24.05%	22.35%	21.68%	0.27%	-6.58%	5.35%	6.25%	9.52%
EBIT Growth	-23.42%	-6.62%	65.53%	40.28%	36.59%	33.54%	-12.32%	-12.02%	0.62%	4.57%	13.10%
NOPAT Growth	-18.11%	5.11%	32.42%	4.93%	30.80%	18.71%	16.85%	6.12%	2.89%	2.72%	13.51%
Net Income Growth	-30.10%	-19.60%	82.04%	6.51%	43.33%	52.71%	-11.26%	2.20%	-2.52%	-2.24%	11.88%
EPS Growth	-30.00%	-21.95%	78.79%	7.27%	42.86%	53.13%	-10.17%	1.69%	-3.75%	-6.12%	7.55%
Operating Cash Flow Growth	-38.44%	-25.26%	-58.35%	-15.69%	81.85%	67.20%	107.19%	63.04%	-38.08%	-13.71%	-14.88%
Free Cash Flow Firm Growth	351.15%	135.83%	155.36%	186.47%	-195.33%	-353.28%	-209.06%	-199.55%	12.12%	16.33%	-302.66%
Invested Capital Growth	-15.06%	-0.64%	-2.57%	-4.26%	21.12%	5.88%	5.53%	7.56%	15.63%	9.74%	17.35%
Revenue Q/Q Growth	9.14%	-17.37%	4.98%	21.28%	12.11%	-14.51%	-5.96%	11.34%	9.67%	-13.15%	3.69%
EBITDA Q/Q Growth	8.26%	-23.10%	26.41%	17.87%	6.77%	-23.51%	4.17%	9.81%	20.41%	-22.86%	7.37%
EBIT Q/Q Growth	11.26%	-33.76%	61.30%	18.00%	8.34%	-35.24%	5.91%	18.39%	23.90%	-32.69%	14.55%
NOPAT Q/Q Growth	7.98%	-29.68%	5.00%	31.60%	34.60%	-36.18%	3.36%	19.51%	30.51%	-36.29%	14.23%
Net Income Q/Q Growth	0.90%	-42.29%	85.29%	-1.27%	35.78%	-38.52%	7.67%	13.70%	29.50%	-38.34%	23.21%
EPS Q/Q Growth	1.82%	-42.86%	84.38%	0.00%	35.59%	-38.75%	8.16%	13.21%	28.33%	-40.26%	23.91%
Operating Cash Flow Q/Q Growth	-19.66%	19.60%	-48.02%	68.78%	73.30%	9.97%	-35.58%	32.81%	-34.18%	53.24%	-36.46%
Free Cash Flow Firm Q/Q Growth	338.61%	-89.52%	89.96%	58.72%	-363.04%	72.16%	6.16%	-44.88%	-132.22%	32.79%	-78.09%
Invested Capital Q/Q Growth	-19.47%	14.88%	2.34%	1.39%	1.88%	0.43%	1.73%	3.34%	9.52%	1.58%	2.08%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	51.66%	-56.81%	100.00%	100.00%	53.98%	-42.24%	52.35%	53.23%	56.11%	50.24%	52.76%
EBITDA Margin	46.70%	43.46%	52.34%	50.87%	48.44%	43.34%	48.01%	47.35%	51.99%	46.17%	47.81%
Operating Margin	27.45%	21.35%	24.34%	31.16%	31.76%	22.35%	26.09%	28.21%	32.73%	23.85%	26.90%
EBIT Margin	30.51%	24.46%	37.58%	36.57%	35.33%	26.77%	30.14%	32.05%	36.21%	28.07%	31.01%
Profit (Net Income) Margin	21.39%	14.93%	26.36%	21.46%	25.99%	18.69%	21.40%	21.85%	25.80%	18.32%	21.77%
Tax Burden Percent	93.05%	101.80%	89.31%	75.71%	89.17%	94.60%	89.08%	88.44%	90.70%	91.31%	89.19%
Interest Burden Percent	75.32%	59.98%	78.54%	77.51%	82.48%	73.81%	79.68%	77.08%	78.56%	71.49%	78.72%
Effective Tax Rate	6.95%	-1.80%	10.69%	24.29%	10.83%	5.40%	10.92%	11.56%	9.30%	8.69%	10.81%
Return on Invested Capital (ROIC)	6.11%	4.91%	4.83%	5.31%	7.35%	5.37%	5.90%	6.19%	6.93%	4.88%	5.56%
ROIC Less NNEP Spread (ROIC-NNEP)	5.43%	4.09%	5.38%	5.02%	6.88%	5.01%	5.66%	5.75%	6.36%	4.47%	5.27%
Return on Net Nonoperating Assets (RNNOA)	3.77%	3.20%	4.40%	4.17%	4.36%	3.67%	4.24%	4.39%	5.09%	3.78%	4.24%
Return on Equity (ROE)	9.88%	8.10%	9.23%	9.48%	11.70%	9.04%	10.14%	10.59%	12.02%	8.65%	9.80%
Cash Return on Invested Capital (CROIC)	21.69%	5.80%	7.85%	9.56%	-12.85%	0.38%	0.77%	-1.18%	-8.67%	-3.67%	-10.12%
Operating Return on Assets (OROA)	4.40%	3.52%	5.40%	5.33%	5.24%	4.12%	4.66%	4.85%	5.49%	4.17%	4.63%
Return on Assets (ROA)	3.09%	2.15%	3.78%	3.13%	3.85%	2.88%	3.31%	3.30%	3.91%	2.72%	3.25%
Return on Common Equity (ROCE)	9.83%	8.06%	9.18%	9.44%	11.65%	9.00%	10.10%	10.55%	11.97%	8.63%	9.77%
Return on Equity Simple (ROE_SIMPLE)	7.81%	0.00%	8.46%	8.50%	9.31%	0.00%	9.57%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	12	8.39	8.81	12	16	9.96	10	12	16	10	12
NOPAT Margin	25.54%	21.74%	21.74%	23.59%	28.32%	21.14%	23.24%	24.94%	29.68%	21.78%	23.99%
Net Nonoperating Expense Percent (NNEP)	0.68%	0.81%	-0.55%	0.30%	0.47%	0.36%	0.25%	0.45%	0.57%	0.41%	0.28%
Return On Investment Capital (ROIC_SIMPLE)	-	1.01%	-	-	-	1.20%	1.22%	1.41%	1.79%	1.12%	1.26%
Cost of Revenue to Revenue	48.34%	156.81%	0.00%	0.00%	46.02%	142.24%	47.65%	46.77%	43.89%	49.76%	47.24%
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%	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	24.21%	-78.16%	75.66%	68.84%	22.21%	-64.59%	26.26%	25.03%	23.39%	26.39%	25.87%
Earnings before Interest and Taxes (EBIT)	14	9.44	15	18	19	13	13	16	20	13	15
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	22	17	21	25	27	20	21	23	28	22	23
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.76	2.69	2.20	2.17	2.65	2.11	2.56	2.13	2.04	1.84	1.93
Price to Tangible Book Value (P/TBV)	2.76	2.69	2.20	2.17	2.65	2.11	2.56	2.13	2.04	1.84	1.93
Price to Revenue (P/Rev)	6.96	6.84	5.58	5.36	6.39	4.89	5.88	4.98	5.04	4.67	4.86
Price to Earnings (P/E)	35.31	36.23	26.00	25.44	28.43	21.21	26.73	22.52	22.88	21.25	22.04
Dividend Yield	1.93%	1.98%	2.43%	2.46%	1.99%	2.52%	2.07%	2.48%	2.51%	2.75%	2.69%
Earnings Yield	2.83%	2.76%	3.85%	3.93%	3.52%	4.72%	3.74%	4.44%	4.37%	4.71%	4.54%
Enterprise Value to Invested Capital (EV/IC)	2.44	2.11	1.82	1.80	1.99	1.70	1.95	1.70	1.56	1.46	1.50
Enterprise Value to Revenue (EV/Rev)	9.38	9.30	8.09	7.82	8.42	6.87	7.90	7.09	7.16	6.80	7.00
Enterprise Value to EBITDA (EV/EBITDA)	20.60	20.57	17.05	16.13	17.22	14.14	16.55	15.13	14.98	14.02	14.45
Enterprise Value to EBIT (EV/EBIT)	33.67	33.83	26.36	24.04	24.86	20.21	24.37	22.66	22.74	21.37	21.89
Enterprise Value to NOPAT (EV/NOPAT)	41.47	40.72	34.21	33.83	34.95	28.65	32.57	28.81	28.70	27.09	27.73
Enterprise Value to Operating Cash Flow (EV/OCF)	27.35	29.29	31.37	33.06	30.80	22.46	23.46	19.02	21.29	21.15	23.03
Enterprise Value to Free Cash Flow (EV/FCFF)	10.34	36.21	22.86	18.43	0.00	463.69	259.49	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.96	0.96	0.98	1.00	0.85	0.86	0.87	0.90	0.86	0.84	0.85
Long-Term Debt to Equity	0.84	0.84	0.83	0.82	0.79	0.79	0.78	0.76	0.73	0.77	0.74
Financial Leverage	0.69	0.78	0.82	0.83	0.63	0.73	0.75	0.76	0.80	0.84	0.80
Leverage Ratio	2.81	2.79	2.81	2.83	2.86	2.86	2.87	2.90	2.77	2.78	2.80
Compound Leverage Factor	2.12	1.67	2.21	2.19	2.36	2.11	2.29	2.23	2.18	1.99	2.20
Debt to Total Capital	48.93%	49.01%	49.59%	50.07%	45.96%	46.18%	46.58%	47.41%	46.15%	45.69%	46.00%
Short-Term Debt to Total Capital	6.02%	6.06%	7.72%	9.21%	3.07%	3.70%	4.95%	7.20%	6.97%	3.96%	5.88%
Long-Term Debt to Total Capital	42.91%	42.96%	41.87%	40.86%	42.89%	42.49%	41.64%	40.21%	39.18%	41.74%	40.13%
Preferred Equity to Total Capital	0.25%	0.25%	0.24%	0.24%	0.23%	0.20%	0.19%	0.15%	0.15%	0.15%	0.14%
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	50.82%	50.74%	50.17%	49.69%	53.81%	53.62%	53.23%	52.43%	53.70%	54.16%	53.85%
Debt to EBITDA	5.33	5.44	5.29	5.14	4.21	4.11	4.21	4.51	4.45	4.41	4.44
Net Debt to EBITDA	5.29	5.41	5.25	5.05	4.14	4.06	4.21	4.48	4.42	4.38	4.42
Long-Term Debt to EBITDA	4.67	4.77	4.46	4.20	3.93	3.78	3.76	3.83	3.78	4.03	3.87
Debt to NOPAT	10.73	10.76	10.61	10.79	8.54	8.33	8.28	8.60	8.53	8.53	8.51
Net Debt to NOPAT	10.65	10.70	10.53	10.59	8.40	8.24	8.28	8.54	8.46	8.47	8.47
Long-Term Debt to NOPAT	9.41	9.43	8.95	8.80	7.97	7.66	7.40	7.29	7.24	7.79	7.43
Altman Z-Score	1.07	1.21	1.07	1.05	1.29	1.06	1.19	1.02	1.04	0.98	0.99
Noncontrolling Interest Sharing Ratio	0.51%	0.50%	0.50%	0.49%	0.46%	0.43%	0.42%	0.38%	0.35%	0.32%	0.31%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.12	1.05	0.95	0.90	0.65	0.52	0.46	0.41	0.42	0.45	0.39
Quick Ratio	0.27	0.29	0.26	0.30	0.53	0.41	0.30	0.30	0.31	0.33	0.26
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	125	13	29	45	-119	-33	-31	-45	-105	-71	-126
Operating Cash Flow to CapEx	47.68%	74.81%	46.23%	78.25%	93.80%	85.10%	72.88%	50.38%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	35.60	3.47	8.75	11.23	-35.00	-10.07	-11.50	-12.47	-24.98	-18.76	-39.07
Operating Cash Flow to Interest Expense	3.04	3.39	2.03	2.78	5.70	6.48	5.08	5.05	2.87	4.91	3.65
Operating Cash Flow Less CapEx to Interest Expense	-3.34	-1.14	-2.37	-0.77	-0.38	-1.13	-1.89	-4.98	14.92	4.91	3.65
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.14	0.14	0.14	0.15	0.15	0.15	0.15	0.15	0.15	0.15	0.15
Accounts Receivable Turnover	5.61	6.38	6.58	5.93	5.52	6.72	6.81	5.87	5.58	6.69	6.70
Inventory Turnover	0.00	12.64	0.00	0.00	0.00	13.49	13.19	14.07	13.37	12.80	12.32
Fixed Asset Turnover	0.18	0.17	0.17	0.18	0.18	0.19	0.19	0.18	0.18	0.18	0.18
Accounts Payable Turnover	0.83	3.17	0.00	0.00	0.09	3.32	3.40	3.37	3.06	3.08	3.06
Days Sales Outstanding (DSO)	65.12	57.23	55.44	61.53	66.11	54.29	53.59	62.15	65.43	54.54	54.48
Days Inventory Outstanding (DIO)	0.00	28.87	0.00	0.00	0.00	27.05	27.67	25.95	27.31	28.52	29.62
Days Payable Outstanding (DPO)	440.28	115.20	0.00	0.00	4,004.69	109.99	107.42	108.44	119.20	118.70	119.45
Cash Conversion Cycle (CCC)	-375.16	-29.10	55.44	61.53	-3,938.57	-28.66	-26.16	-20.34	-26.46	-35.64	-35.34
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	639	734	750	760	774	778	791	817	895	909	928
Invested Capital Turnover	0.24	0.23	0.22	0.23	0.26	0.25	0.25	0.25	0.23	0.22	0.23
Increase / (Decrease) in Invested Capital	-113	-4.73	-20	-34	135	43	41	57	121	81	137
Enterprise Value (EV)	1,562	1,546	1,364	1,368	1,544	1,319	1,545	1,388	1,395	1,324	1,394
Market Capitalization	1,158	1,138	942	938	1,171	938	1,151	975	982	909	967
Book Value per Share	$23.64	$23.85	$24.00	$24.28	$24.77	$24.96	$25.10	$25.49	$26.63	$26.94	$27.05
Tangible Book Value per Share	$23.64	$23.85	$24.00	$24.28	$24.77	$24.96	$25.10	$25.49	$26.63	$26.94	$27.05
Total Capital	826	834	853	871	821	830	844	873	899	912	930
Total Debt	404	409	423	436	378	384	393	414	415	417	428
Total Long-Term Debt	354	358	357	356	352	353	351	351	352	381	373
Net Debt	401	406	420	428	371	379	393	411	411	414	426
Capital Expenditures (CapEx)	22	17	14	14	21	25	19	36	-51	0.00	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	61	53	57	58	-8.87	-13	-13	-12	-9.42	-19	-20
Debt-free Net Working Capital (DFNWC)	64	55	60	66	-2.52	-9.20	-13	-9.14	-6.03	-16	-18
Net Working Capital (NWC)	14	4.71	-5.94	-14	-28	-40	-55	-72	-69	-52	-73
Net Nonoperating Expense (NNE)	1.94	2.63	-1.87	1.05	1.29	1.16	0.82	1.53	2.10	1.62	1.08
Net Nonoperating Obligations (NNO)	218	309	320	325	330	331	340	358	411	414	426
Total Depreciation and Amortization (D&A)	7.56	7.34	5.98	7.03	7.22	7.81	7.91	7.54	8.53	8.51	8.19
Debt-free, Cash-free Net Working Capital to Revenue	36.75%	31.76%	33.82%	33.27%	-4.83%	-7.00%	-6.65%	-5.97%	-4.83%	-9.62%	-10.15%
Debt-free Net Working Capital to Revenue	38.53%	33.20%	35.51%	37.85%	-1.37%	-4.80%	-6.65%	-4.67%	-3.10%	-8.18%	-9.12%
Net Working Capital to Revenue	8.68%	2.83%	-3.52%	-7.99%	-15.14%	-20.80%	-27.97%	-36.75%	-35.25%	-26.72%	-36.58%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.56	$0.32	$0.60	$0.59	$0.80	$0.49	$0.53	$0.60	$0.77	$0.46	$0.57
Adjusted Weighted Average Basic Shares Outstanding	17.76M	17.73M	17.82M	17.83M	17.84M	17.84M	17.89M	17.96M	18.12M	18.10M	18.55M
Adjusted Diluted Earnings per Share	$0.56	$0.32	$0.59	$0.59	$0.80	$0.49	$0.53	$0.60	$0.77	$0.46	$0.57
Adjusted Weighted Average Diluted Shares Outstanding	17.87M	17.85M	17.93M	17.94M	17.95M	17.95M	17.95M	17.99M	18.15M	18.14M	18.58M
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	17.81M	17.82M	17.83M	17.83M	17.86M	17.89M	17.92M	18.02M	18.34M	18.52M	18.62M
Normalized Net Operating Profit after Tax (NOPAT)	12	5.77	8.81	12	16	9.96	10	12	16	10	12
Normalized NOPAT Margin	25.54%	14.95%	21.74%	23.59%	28.32%	21.14%	23.24%	24.94%	29.68%	21.78%	23.99%
Pre Tax Income Margin	22.98%	14.67%	29.52%	28.34%	29.14%	19.76%	24.02%	24.71%	28.45%	20.06%	24.41%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.05	2.50	4.66	4.45	5.71	3.82	4.92	4.36	4.66	3.51	4.70
NOPAT to Interest Expense	3.39	2.22	2.70	2.87	4.58	3.02	3.79	3.40	3.82	2.72	3.64
EBIT Less CapEx to Interest Expense	-2.33	-2.03	0.26	0.90	-0.37	-3.80	-2.05	-5.66	16.72	3.51	4.70
NOPAT Less CapEx to Interest Expense	-2.99	-2.31	-1.71	-0.68	-1.51	-4.60	-3.18	-6.63	15.88	2.72	3.64
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	67.52%	71.57%	62.71%	62.31%	56.37%	53.02%	55.28%	55.67%	56.88%	58.38%	58.21%
Augmented Payout Ratio	69.42%	73.56%	66.83%	67.60%	59.66%	56.33%	57.19%	57.86%	62.31%	59.94%	58.21%

Financials Breakdown Chart

Key Financial Trends

Middlesex Water Co (MSEX) continues to operate as a regulated water utility with a pattern of solid operating cash flow, ongoing capital investment, and a steady dividend payout. In 2025 the most notable items are a strong quarterly operating cash flow in Q4, consistent positive financing activity, and a stable per‑share dividend policy, all against a backdrop of meaningful capex tied to infrastructure investments. Earnings and gross margins show more quarter‑to‑quarter variability, reflecting seasonality, regulatory pass‑throughs, and debt service costs.

Net cash from continuing operating activities in Q4 2025 rose to about $18.46 million, signaling solid cash generation from regulated operations.
Net cash from financing activities was positive in all four 2025 quarters, ranging roughly from $3.6 million to $19.6 million, indicating ongoing access to capital markets to fund activities.
Cash dividends per share stayed at $0.34, with quarterly cash dividends around $6.1–$6.6 million, supporting a stable income proposition for investors.
The company’s regulated, stable business model tends to produce recurring cash flow, contributing to a predictable quarterly cash‑generation profile.
Revenue per quarter fluctuates within a relatively narrow band (roughly mid‑$40s to mid‑$50s million), reflecting seasonality and regulatory pass‑throughs rather than consistent growth.
Total equity has remained fairly steady in the mid‑$400s million range (around $480–$485 million across periods), suggesting a conservative balance sheet for a regulated utility.
Capital expenditures remain a large cash outflow (PPE investments typically in the tens of millions per quarter), supporting asset base but compressing near‑term cash flow.
Gross margin has been volatile, including quarters with negative gross profit (notably Q4 2024), suggesting margin timing or regulatory/commercial mix effects.
Interest expense remains a meaningful drag on pretax income on a quarterly basis, reducing net income.
Investing cash outflows are substantial due to ongoing PPE investments (net cash used in investing activities regularly in the mid‑$20M to $30M+ range per quarter), contributing to negative near‑term free cash flow.

05/16/26 10:21 PM ETAI Generated. May Contain Errors.

Middlesex Water Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Middlesex Water's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Middlesex Water's net income appears to be on an upward trend, with a most recent value of $42.82 million in 2025, rising from $20.03 million in 2015. The previous period was $44.35 million in 2024. Find out what analysts predict for Middlesex Water in the coming months.

Middlesex Water's total operating income in 2025 was $54.38 million, based on the following breakdown:

Total Gross Profit: $103.40 million
Total Operating Expenses: $49.03 million

Over the last 10 years, Middlesex Water's total revenue changed from $126.23 million in 2015 to $194.69 million in 2025, a change of 54.2%.

Middlesex Water's total liabilities were at $870.36 million at the end of 2025, a 7.7% increase from 2024, and a 133.8% increase since 2015.

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 $2.80 million as of their latest financial filing in 2025.

Over the last 10 years, Middlesex Water's book value per share changed from 12.75 in 2015 to 26.94 in 2025, a change of 111.3%.

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Financial statements for NASDAQ:MSEX last updated on 5/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Middlesex Water (MSEX) Financials

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Middlesex Water (MSEX) Financials

Annual Income Statements for Middlesex Water

Quarterly Income Statements for Middlesex Water

Annual Cash Flow Statements for Middlesex Water

Quarterly Cash Flow Statements for Middlesex Water

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Quarterly Balance Sheets for Middlesex Water

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Quarterly Metrics And Ratios for Middlesex Water

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When does Middlesex Water's financial year end?

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

What is Middlesex Water's operating income?

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

How much debt does Middlesex Water have?

How much cash does Middlesex Water have?

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

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