MIDDLESEX WATER CO financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data MIDDLESEX WATER CO files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	133	131	138	135	142	143	162	166	192	195
Operating expenses	92.6	93	101	99.1	104	110	120	127	139	140
Operating income	40.3	37.8	37.1	35.5	37.4	33.2	47.3	39.2	53.2	54.4
Interest expense	5.29	5.51	6.76	7.26	7.49	8.11	9.37	13.1	14	14.3
Other non-operating income	-0.53	1.62	2.99	2.49	4.38	5.96	7.7	6.49	12.1	7.56
Pre-tax income	34.5	33.9	33.4	30.7	34.3	31.1	45.7	32.6	51.3	47.6
Income tax	11.7	11.1	0.92	-3.14	-4.12	-5.49	3.24	1.04	6.91	4.82
Net income	22.7	22.8	32.5	33.9	38.4	36.5	42.4	31.5	44.4	42.8
EBITDA	53.8	52.6	52.9	52.8	58.3	60	74.8	68.7	81.2	86.9
EPS, basic	1.39	1.39	1.97	2.02	2.19	2.08	2.40	1.77	2.48	2.36
EPS, diluted	1.38	1.38	1.96	2.01	2.18	2.07	2.39	1.76	2.47	2.36
Shares, basic (weighted)	16.3	16.3	0.02	16.7	0.02	0.02	17.6	17.7	17.8	18.1
Shares, diluted (weighted)	16.4	16.5	0.02	16.8	0.02	0.02	17.7	17.8	17.9	18.1
Dividend per share	0.81	0.86	0.91	0.98	1.04	1.11	1.18	1.26	1.32	1.38

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	4.32	4.94	3.71	2.23	4.49	3.53	3.83	2.39	4.23	2.8
Short-term investments	0.2	0.2	0.2
Receivables	10.1	10.8	11.8	11.9	14.6	15.3	16	18.2	18.8	19.2
Other current assets	2.02	2.41	2.64	2.37	2.89	2.88	2.62	1.83	2.42	2.84
Total current assets	26.7	29.2	30.8	29.1	34.1	34.4	37.3	109	43	41.8
Lease right-of-use assets				5.94	5.21	4.5	3.83	3.19	2.57	1.97
Other non-current assets	0.29	0.62	2.09	1.9	0.08	0.08	0.02	1.99	3.86	6.15
Total assets	620	661	768	910	976	1,020	1,074	1,236	1,255	1,366
Accounts payable	12.3	13.9	19.3	23.3	30.4	21.1	24.8	27.6	28.1	31.3
Accrued liabilities						7.09	2.54	3.14	2.92	3.31
Deferred revenue	0.92	0.95	1.04	1.21	1.26	1.33	1.37	1.39	1.48	0.5
Short-term debt	6.16	6.87	7.34	7.18	7.26	6.73	17.5	365	7.71	7.85
Total current liabilities	47.1	64.5	94.4	65	56.8	56.6	118	104	82.9	93.8
Long-term debt	135	139	153	231	273	307	290	358	353	379
Lease liabilities					5.04	4.37		3.1	2.43	1.84
Other non-current liabilities	1.44	1.32	2.73	2.55	1.14	1.09	0.92	0.59	0.34	0.23
Total liabilities					630	652	674	813	810	872
Total debt	142	148	163	234	277	311	306	365	361	387
Retained earnings	65.4	74.1	91.4	109	129	146	167	176	197	215
Shareholders' equity					346	368	400	423	445	494
Total equity					346	368	400	423	445	494
Total liabilities and equity	620	661	768	910	976	1,020	1,074	1,236	1,255	1,366
Shares outstanding	16.3	16.4	16.4	17.4	17.5	0.02	17.6	17.8	17.9	18.5

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	22.7	22.8	32.5	33.9	38.4	36.5	42.4	31.5	44.4	42.8
Depreciation and amortization	13.5	14.8	15.8	17.2	20.8	26.8	27.5	29.4	28	32.5
Stock-based compensation	0.83	0.84	1.08	0.64	1.1	1.34	1.63	2.21	1.54	1.24
Deferred income tax	3.55	7.94	-8.72	-11.7	-13.5	-11	-5.33	-5.6	-1.61	-5.23
Change in receivables	-0.07	-0.66	-0.98	-0.15	-2.66	-0.74	-0.71	-2.15	-0.67	-0.37
Change in payables	5.82	1.59	5.4	3.98	7.14	-9.32	3.72	2.77	2.57	1.3
Cash from operations	47.1	42.8	45.9	36.1	53.4	33	61.4	52.8	58.7	62.6
Capital expenditures					-106	-79.4	-91.3	-90.2	-74.6
Cash from investing	-47.4	-50.3	-72.1	-89.1	-106	-79.4	-88.2	-90.2	-74.6	-101
Debt issued	8.59	11.5	22.1	79	50.3	86.6	2.66	75.8	2.3	33.6
Debt repaid	-5.9	-6.16	-7.02	-7.34	-7.47	-52.7	-7.42	-17.5	-7.65	-7.32
Stock issued	1.45	1.23	1.15	56.8	1.23	3.84	10.3	12.1	0.97	30.5
Share buybacks								-0.62	-1.47
Dividends paid	-13.1	-14	-14.9	-16.2	-18.2	-19.4	-20.8	-22.4	-23.4	-24.9
Cash from financing	0.71	9.54	25.5	93.9	16.2	39.5	27.1	36	17.7	38.6
Net change in cash	0.41	2.08	-0.74	40.8	-36.1	-6.87	0.3	-1.44	1.84	0.25
Free cash flow					-52.3	-46.4	-30	-37.4	-15.9
Interest paid	5.43	5.62	6.11	6.94	7.64	8.55	9.25	12.8	14.5	13.5
Income taxes paid	5.73	2.75	4.69	10.3	2.51	3.34	3.23	2.96	3.17	1.64

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $52.45 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	29.2%	Operating income / revenue.
EBITDA margin	44.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	25.8%	Pre-tax income / revenue.
Net margin	23.3%	Net income / revenue.
Operating cash flow margin	28.4%	Cash from operations / revenue.
Effective tax rate	10.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	9.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.4%	Net income / average total assets.
Return on invested capital (ROIC)	5.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.7%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	14.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	1.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	6.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	6.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	2.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	4.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	7.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	6.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	5.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	8.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-3.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	0.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	2.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-4.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-0.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	1.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	6.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	0.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	3.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	4.9%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	5.3%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	5.8%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	11.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	7.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	7.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	8.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	8.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	6.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	1.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	300.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.50x	Current assets / current liabilities.
Quick ratio	0.22x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.02x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.77x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	28.3%	Total debt / total assets.
Liabilities / assets	63.4%	Total liabilities / total assets.
Net debt	$401.4M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	4.43x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	3.97x	Operating income / interest expense.
Working capital	-$52.7M	Current assets - current liabilities.
Tangible book value	$521.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.14x	Revenue / average total assets.
Receivables turnover	9.84x	Revenue / average receivables.
Days sales outstanding	37 days	365 x average receivables / revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.56	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$11.00	Revenue / diluted weighted shares.
Operating cash flow per share	$3.13	Cash from operations / diluted weighted shares.
Book value per share	$27.65	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$27.65	Tangible book value / shares outstanding.
Cash per share	$0.10	(Cash + short-term investments) / shares outstanding.
Payout ratio	54.5%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$988.4M	Share price x shares outstanding.
Enterprise value	$1.39B	Market cap + total debt - cash - short-term investments.
P/E	20.6x	Market cap / net income. Only when net income is positive.
P/S	4.79x	Market cap / revenue.
P/B	1.90x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.90x	Market cap / tangible book value, when positive.
P/OCF	16.9x	Market cap / cash from operations, when positive.
EV/Sales	6.74x	Enterprise value / revenue.
EV/EBIT	23.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	15.3x	Enterprise value / EBITDA, when both are positive.
Earnings yield	4.9%	Net income / market cap (the inverse of P/E).
Dividend yield	2.6%	Dividends paid over the period / market cap.
Shareholder yield	2.6%	(Dividends paid + share buybacks) / market cap.

What was MIDDLESEX WATER CO's revenue in fiscal 2025?

MIDDLESEX WATER CO reported revenue of $194.7M for fiscal 2025, 1.5% higher than the year before.

Was MIDDLESEX WATER CO profitable in fiscal 2025?

Yes. Net income was $42.8M, a net margin of 22%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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