Middlesex Water Company | Small-cap | Utilities
$54.60
3.39%
| Middlesex Water Stock Comparison:
Middlesex Water vs American Water WorksMiddlesex Water vs Essential UtilitiesMiddlesex Water vs SJWMiddlesex Water vs Aris Water SolutionsMiddlesex Water vs Consolidated WaterMiddlesex Water vs S&P 500 | Market
TL;DR Income Statement Balance Sheet Cash Flow Key Ratios Peer Comparison

TL;DR: Financial Overview - Revenue, Profits & Key Metrics

Latest Quarterly: Mar 2025

Income Metrics

Revenue 44.3M
Gross Profit 23.2M 52.35%
Operating Income 11.6M 26.09%
Net Income 9.5M 21.40%
EPS (Diluted) $0.53

Balance Sheet Metrics

Total Assets 1.3B
Total Liabilities 828.3M
Shareholders Equity 450.7M
Debt to Equity 1.84

Cash Flow Metrics

Operating Cash Flow 12.8M
Free Cash Flow -5.1M

Revenue & Profitability Trend

Middlesex Water Income Statement From 2020 to 2024

Metric20242023202220212020
Revenue i191.9M166.3M162.4M143.1M141.6M
Cost of Goods Sold i92.4M83.1M79.1M73.7M70.8M
Gross Profit i99.5M83.2M83.3M69.5M70.8M
Gross Margin % i51.9%50.0%51.3%48.5%50.0%
Operating Expenses
Research & Development i-----
Selling, General & Administrative i-----
Other Operating Expenses i---2.3M-2.7M-4.0M
Total Operating Expenses i00-2.3M-2.7M-4.0M
Operating Income i53.2M39.2M42.1M33.2M37.4M
Operating Margin % i27.7%23.6%25.9%23.2%26.4%
Non-Operating Items
Interest Income i-----
Interest Expense i12.8M10.7M7.1M5.5M3.5M
Other Non-Operating Income10.8M4.1M10.6M3.3M363.0K
Pre-tax Income i51.3M32.6M45.7M31.1M34.3M
Income Tax i6.9M1.0M3.2M-5.5M-4.1M
Effective Tax Rate % i13.5%3.2%7.1%-17.7%-12.0%
Net Income i44.4M31.5M42.4M36.5M38.4M
Net Margin % i23.1%19.0%26.1%25.5%27.1%
Key Metrics
EBITDA i92.1M72.7M75.0M63.3M58.6M
EPS (Basic) i$2.48$1.77$2.40$2.08$2.19
EPS (Diluted) i$2.47$1.76$2.39$2.07$2.18
Basic Shares Outstanding i1784200017732000176287501751105817459000
Diluted Shares Outstanding i1784200017732000176287501751105817459000

Income Statement Trend

Middlesex Water Balance Sheet From 2020 to 2024

Metric20242023202220212020
Assets
Current Assets
Cash & Equivalents i4.2M2.4M3.8M3.5M4.5M
Short-term Investments i-----
Accounts Receivable i18.8M18.2M16.0M15.3M14.6M
Inventory i6.7M7.0M6.2M5.4M5.1M
Other Current Assets-----
Total Current Assets i43.0M108.5M37.3M34.4M34.1M
Non-Current Assets
Property, Plant & Equipment i7.3M7.3M7.3M7.3M5.2M
Goodwill i-----
Intangible Assets i-----
Long-term Investments-----
Other Non-Current Assets15.6M13.5M14.0M15.1M22.4M
Total Non-Current Assets i1.2B1.1B1.0B985.7M942.3M
Total Assets i1.3B1.2B1.1B1.0B976.5M
Liabilities
Current Liabilities
Accounts Payable i28.0M27.6M24.8M21.1M30.4M
Short-term Debt i30.7M50.5M73.0M19.7M9.3M
Current Portion of Long-term Debt-----
Other Current Liabilities7.8M4.4M4.0M3.8M3.6M
Total Current Liabilities i82.9M103.8M117.9M56.6M56.8M
Non-Current Liabilities
Long-term Debt i355.3M361.2M294.0M310.9M278.3M
Deferred Tax Liabilities i101.2M88.7M77.8M69.5M61.3M
Other Non-Current Liabilities181.7M122.9M114.3M128.9M113.1M
Total Non-Current Liabilities i725.4M707.1M554.2M593.6M571.3M
Total Liabilities i808.3M811.0M672.0M650.2M628.2M
Equity
Common Stock i248.2M246.8M233.1M221.9M217.5M
Retained Earnings i197.1M176.2M167.3M145.8M128.8M
Treasury Stock i-----
Other Equity-----
Total Shareholders Equity i446.9M425.1M402.4M369.8M348.3M
Key Metrics
Total Debt i386.0M411.7M366.9M330.6M287.5M
Working Capital i-39.9M4.7M-80.6M-22.3M-22.7M

Balance Sheet Composition

Middlesex Water Cash Flow Statement From 2020 to 2024

Metric20242023202220212020
Operating Activities
Net Income i44.4M31.5M42.4M36.5M38.4M
Depreciation & Amortization i28.0M29.4M27.5M26.8M20.8M
Stock-Based Compensation i1.5M2.2M1.6M1.3M1.1M
Working Capital Changes i-13.2M-2.8M-3.0M-17.4M7.3M
Operating Cash Flow i58.1M53.0M62.2M34.7M51.3M
Investing Activities
Capital Expenditures i-----105.6M
Acquisitions i003.1M00
Investment Purchases i-----
Investment Sales i-----
Investing Cash Flow i003.1M0-105.6M
Financing Activities
Share Repurchases i-----
Dividends Paid i-23.5M-22.6M-20.9M-19.5M-18.3M
Debt Issuance i2.3M75.8M2.7M86.6M50.3M
Debt Repayment i-7.6M-17.5M-7.4M-52.7M-7.5M
Financing Cash Flow i17.7M36.0M27.1M39.5M16.2M
Free Cash Flow i-15.9M-37.4M-30.0M-46.4M-52.3M
Net Change in Cash i75.8M89.0M92.5M74.2M-38.2M

Cash Flow Trend

Middlesex Water Key Financial Ratios

Valuation Ratios

P/E Ratio (TTM) 21.99
Forward P/E 22.36
Price to Book 2.09
Price to Sales 4.90
PEG Ratio 12.98

Profitability Ratios

Profit Margin 22.15%
Operating Margin 30.57%
Return on Equity 9.70%
Return on Assets 2.82%

Financial Health

Current Ratio 0.41
Debt to Equity 90.74
Beta 0.80

Per Share Data

EPS (TTM) $2.42
Book Value per Share $25.41
Revenue per Share $10.95

Peer Financial Comparison

CompanyMarket CapP/E RatioP/B RatioROEProfit MarginDebt/Equity
msex958.8M21.992.099.70%22.15%90.74
American Water Works 27.9B25.742.6110.40%21.91%141.10
Essential Utilities 11.0B16.821.6410.03%27.62%116.11
SJW 1.9B18.291.347.49%12.89%133.31
Aris Water Solutions 1.4B28.321.888.04%6.00%65.04
Consolidated Water 515.6M30.832.388.01%12.24%1.57

Financial data is updated regularly. All figures are in the company's reporting currency.