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California Water Service vs Middlesex Water: revenue, profit, margins and growth compared

California Water Service brought in $963.7M of revenue in fiscal 2025, Middlesex Water $194.7M in fiscal 2025. Revenue changed by +6.4% at California Water Service and +1.5% at Middlesex Water on the year before, so California Water Service grew faster. California Water Service kept 13.3% of its revenue as net profit, Middlesex Water 22.0%.

Side by side, latest fiscal year

CWTMSEX
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$963.7M$194.7M
Revenue growth+6.4%+1.5%
Net income$128.2M$42.8M
Net margin13.3%22.0%
Free cash flown/an/a
Free cash flow marginn/an/a
Earnings per share (diluted)$2.15$2.36
Cash$51.8M$2.8M
Debt$1.5B$386.7M
Price to earnings21.222.2
Market value$2.8B$988.4M
Dividend yield2.72%2.63%
Rank by revenue in sector#84 of 125 · Utilities#99 of 125 · Utilities

Over the years

Revenue
CWT FY2018: $674.7MCWT FY2019: $664.4MCWT FY2020: $697.6MCWT FY2021: $765.7MCWT FY2022: $772.6MCWT FY2023: $790.3MCWT FY2024: $905.6MCWT FY2025: $963.7MMSEX FY2018: $138.1MMSEX FY2019: $134.6MMSEX FY2020: $141.6MMSEX FY2021: $143.1MMSEX FY2022: $162.4MMSEX FY2023: $166.3MMSEX FY2024: $191.9MMSEX FY2025: $194.7MFY18FY19FY20FY21FY22FY23FY24FY25
CWT $963.7MMSEX $194.7M
Net income
CWT FY2018: $65.6MCWT FY2019: $63.1MCWT FY2020: $96.8MCWT FY2021: $101.1MCWT FY2022: $96MCWT FY2023: $51.9MCWT FY2024: $190.8MCWT FY2025: $128.2MMSEX FY2018: $32.5MMSEX FY2019: $33.9MMSEX FY2020: $38.4MMSEX FY2021: $36.5MMSEX FY2022: $42.4MMSEX FY2023: $31.5MMSEX FY2024: $44.4MMSEX FY2025: $42.8MFY18FY19FY20FY21FY22FY23FY24FY25
CWT $128.2MMSEX $42.8M
Net margin
CWT FY2018: 9.7%CWT FY2019: 9.5%CWT FY2020: 13.9%CWT FY2021: 13.2%CWT FY2022: 12.4%CWT FY2023: 6.6%CWT FY2024: 21.1%CWT FY2025: 13.3%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
CWT 13.3%MSEX 22.0%
Revenue growth
CWT FY2019: -1.5%CWT FY2020: +5.0%CWT FY2021: +9.8%CWT FY2022: +0.9%CWT FY2023: +2.3%CWT FY2024: +14.6%CWT FY2025: +6.4%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
CWT +6.4%MSEX +1.5%
Free cash flow
MSEX FY2020: -$52.3MMSEX FY2021: -$46.4MMSEX FY2022: -$30MMSEX FY2023: -$37.4MMSEX FY2024: -$15.9MFY20FY21FY22FY23FY24
CWTMSEX -$15.9M

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

Questions about California Water Service and Middlesex Water

Which is bigger by revenue, California Water Service or Middlesex Water?

California Water Service is bigger by revenue: $963.7M in fiscal 2025, against $194.7M for Middlesex Water in fiscal 2025.

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

California Water Service had a net margin of 13.3% in fiscal 2025; Middlesex Water had 22.0% in fiscal 2025.

Which grew revenue faster, California Water Service or Middlesex Water?

In their latest fiscal years revenue changed by +6.4% at California Water Service 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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