Middlesex Water Co (MSEX) Financial Statements
Industry: Water Supply
In fiscal 2025, Middlesex Water reported revenue of $194.7M, up 1.5% from $191.9M the year before. Net income was $42.8M (a 22.0% net margin), or $2.36 per diluted share. Operating margin was 27.9%. Operating activities generated $62.6M of cash. At fiscal year end, Middlesex Water held $1.37B in total assets against $871.7M in total liabilities, including $2.8M of cash and equivalents.
Open the full interactive Middlesex Water financials → Quarterly statements, key ratios, valuation history and price charts.
Middlesex Water Key Stats
| Share Price | $53.80 |
|---|---|
| Market Cap | $1.01B |
| P/E Ratio | 22.8 |
| Revenue YoY Growth | +1.5% |
| 52-Week Range | $47.65 – $60.34 |
| Shares Outstanding | 18.7 million (basic, 2026 Q2) |
Middlesex Water Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $141.6M | $143.1M | $162.4M | $166.3M | $191.9M | $194.7M |
| Operating Income | $37.4M | $33.2M | $47.3M | $39.2M | $53.2M | $54.4M |
| Pre-Tax Income | $34.3M | $31.1M | $45.7M | $32.6M | $51.3M | $47.6M |
| Income Tax | -$4.1M | -$5.5M | $3.2M | $1.0M | $6.9M | $4.8M |
| Net Income | $38.4M | $36.5M | $42.4M | $31.5M | $44.4M | $42.8M |
| Diluted EPS | $2.18 | $2.07 | $2.39 | $1.76 | $2.47 | $2.36 |
Middlesex Water Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $54.1M | $47.0M | $48.7M | $56.4M |
| Net Income | $14.0M | $8.6M | $10.6M | $14.8M |
| Diluted EPS | $0.77 | $0.47 | $0.57 | $0.79 |
Middlesex Water Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $4.5M | $3.5M | $3.8M | $2.4M | $4.2M | $2.8M |
| Current Assets | $34.1M | $34.4M | $37.3M | $108.5M | $43.0M | $41.8M |
| Total Assets | $976.5M | $1.02B | $1.07B | $1.24B | $1.26B | $1.37B |
| Current Liabilities | $56.8M | $56.6M | $117.9M | $103.8M | $82.9M | $93.8M |
| Total Long-Term Debt | $278.3M | $310.9M | $294.0M | $361.2M | $355.3M | $386.7M |
| Total Liabilities | $976.5M | $1.02B | $1.07B | $813.1M | $809.9M | $871.7M |
| Shareholders' Equity | — | — | — | $423.0M | $445.3M | $494.0M |
Middlesex Water Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $53.4M | $33.0M | $61.4M | $52.8M | $58.7M | $62.6M |
| Cash From Investing | -$105.6M | -$79.4M | -$88.2M | -$90.2M | -$74.6M | -$101.0M |
| Cash From Financing | $16.2M | $39.5M | $27.1M | $36.0M | $17.7M | $38.6M |
| Free Cash Flow | — | — | -$30.0M | -$37.4M | -$15.9M | — |
Figures from Middlesex Water's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Middlesex Water financials page for every line item.
Middlesex Water Company Profile
| Ticker | MSEX |
|---|---|
| Exchange | Nasdaq, OTC |
| Industry | Water Supply |
| Headquarters | Iselin, New Jersey |
| Incorporated in | New Jersey |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0000066004 |
Frequently Asked Questions
What was Middlesex Water's revenue in fiscal 2025?
Middlesex Water (MSEX) reported revenue of $194.7M for fiscal 2025.
What is Middlesex Water's annual revenue history?
Middlesex Water's annual revenue by fiscal year: 2020: $141.6M; 2021: $143.1M; 2022: $162.4M; 2023: $166.3M; 2024: $191.9M; 2025: $194.7M.
What was Middlesex Water's net income in fiscal 2025?
Middlesex Water reported net income of $42.8M for fiscal 2025.
What was Middlesex Water's earnings per share (EPS) in fiscal 2025?
Middlesex Water's diluted EPS was $2.36 for fiscal 2025 (adjusted for any later stock splits).
What was Middlesex Water's revenue last quarter?
In its most recent reported quarter (2026 Q2), Middlesex Water reported revenue of $56.4M.
How much debt does Middlesex Water have?
Middlesex Water reported $386.7M of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Middlesex Water are outstanding?
Middlesex Water reported a weighted average of 18.7 million basic shares outstanding in 2026 Q2.
What is Middlesex Water's market cap?
Based on its latest closing price, Middlesex Water (MSEX) has a market capitalization of about $1.01B.
When does Middlesex Water's fiscal year end?
Middlesex Water's fiscal year end, as registered with the SEC, is December 31.
Where is Middlesex Water headquartered?
Middlesex Water lists its business address in Iselin, New Jersey in its SEC filings.