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Consolidated Water vs Middlesex Water: revenue, profit, margins and growth compared

Consolidated Water brought in $132.1M of revenue in fiscal 2025, Middlesex Water $194.7M in fiscal 2025. Revenue changed by -1.4% at Consolidated Water and +1.5% at Middlesex Water on the year before, so Middlesex Water grew faster. Consolidated Water kept 13.9% of its revenue as net profit, Middlesex Water 22.0%.

Side by side, latest fiscal year

CWCOMSEX
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$132.1M$194.7M
Revenue growth-1.4%+1.5%
Net income$18.3M$42.8M
Net margin13.9%22.0%
Free cash flow$33.2Mn/a
Free cash flow margin25.1%n/a
Earnings per share (diluted)$1.14$2.36
Cash$123.8M$2.8M
Debt$73.5K$386.7M
Price to earnings23.024.9
Market value$419.9M$1.1B
Dividend yield2.02%2.35%
Rank by revenue in sector#102 of 126 · Utilities#99 of 126 · Utilities

Over the years

Revenue
CWCO FY2018: $65.7MCWCO FY2019: $68.8MCWCO FY2020: $72.6MCWCO FY2021: $66.9MCWCO FY2022: $94.1MCWCO FY2023: $180.2MCWCO FY2024: $134MCWCO FY2025: $132.1MMSEX FY2018: $138.1MMSEX FY2019: $134.6MMSEX FY2020: $141.6MMSEX FY2021: $143.1MMSEX FY2022: $162.4MMSEX FY2023: $166.3MMSEX FY2024: $191.9MMSEX FY2025: $194.7MFY18FY19FY20FY21FY22FY23FY24FY25
CWCO $132.1MMSEX $194.7M
Net income
CWCO FY2018: $11.3MCWCO FY2019: $12.2MCWCO FY2020: $3.7MCWCO FY2021: $875.6KCWCO FY2022: $5.9MCWCO FY2023: $29.6MCWCO FY2024: $28.2MCWCO FY2025: $18.3MMSEX FY2018: $32.5MMSEX FY2019: $33.9MMSEX FY2020: $38.4MMSEX FY2021: $36.5MMSEX FY2022: $42.4MMSEX FY2023: $31.5MMSEX FY2024: $44.4MMSEX FY2025: $42.8MFY18FY19FY20FY21FY22FY23FY24FY25
CWCO $18.3MMSEX $42.8M
Net margin
CWCO FY2018: 17.2%CWCO FY2019: 17.7%CWCO FY2020: 5.1%CWCO FY2021: 1.3%CWCO FY2022: 6.2%CWCO FY2023: 16.4%CWCO FY2024: 21.1%CWCO FY2025: 13.9%MSEX FY2018: 23.5%MSEX FY2019: 25.2%MSEX FY2020: 27.1%MSEX FY2021: 25.5%MSEX FY2022: 26.1%MSEX FY2023: 19.0%MSEX FY2024: 23.1%MSEX FY2025: 22.0%FY18FY19FY20FY21FY22FY23FY24FY25
CWCO 13.9%MSEX 22.0%
Revenue growth
CWCO FY2019: +4.7%CWCO FY2020: +5.6%CWCO FY2021: -7.9%CWCO FY2022: +40.7%CWCO FY2023: +91.5%CWCO FY2024: -25.7%CWCO FY2025: -1.4%MSEX FY2019: -2.5%MSEX FY2020: +5.2%MSEX FY2021: +1.1%MSEX FY2022: +13.5%MSEX FY2023: +2.4%MSEX FY2024: +15.4%MSEX FY2025: +1.5%FY19FY20FY21FY22FY23FY24FY25
CWCO -1.4%MSEX +1.5%
Free cash flow
CWCO FY2018: -$7.2MCWCO FY2019: $11.7MCWCO FY2020: $15.6MCWCO FY2021: $5.5MCWCO FY2022: $13.8MCWCO FY2023: $2.9MCWCO FY2024: $29.8MCWCO FY2025: $33.2MMSEX FY2020: -$52.3MMSEX FY2021: -$46.4MMSEX FY2022: -$30MMSEX FY2023: -$37.4MMSEX FY2024: -$15.9MFY18FY19FY20FY21FY22FY23FY24FY25
CWCO $33.2MMSEX -$15.9M

Fiscal years as each company reports them; the two may end in different months.

Questions about Consolidated Water and Middlesex Water

Which is bigger by revenue, Consolidated Water or Middlesex Water?

Middlesex Water is bigger by revenue: $194.7M in fiscal 2025, against $132.1M for Consolidated Water in fiscal 2025.

Which keeps more of its revenue as profit, Consolidated Water or Middlesex Water?

Consolidated Water had a net margin of 13.9% in fiscal 2025; Middlesex Water had 22.0% in fiscal 2025.

Which grew revenue faster, Consolidated Water or Middlesex Water?

In their latest fiscal years revenue changed by -1.4% at Consolidated Water and +1.5% at Middlesex Water.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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