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Middlesex Water vs Essential Utilities: revenue, profit, margins and growth compared

Middlesex Water brought in $194.7M of revenue in fiscal 2025, Essential Utilities $2.5B in fiscal 2025. Revenue changed by +1.5% at Middlesex Water and +18.6% at Essential Utilities on the year before, so Essential Utilities grew faster. Middlesex Water kept 22.0% of its revenue as net profit, Essential Utilities 24.9%.

Side by side, latest fiscal year

MSEXWTRG
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$194.7M$2.5B
Revenue growth+1.5%+18.6%
Net income$42.8M$616.4M
Net margin22.0%24.9%
Free cash flown/an/a
Free cash flow marginn/an/a
Earnings per share (diluted)$2.36$2.20
Cash$2.8M$34.8M
Debt$386.7M$8.1B
Price to earnings22.217.8
Market value$988.4M$11.1B
Dividend yield2.63%3.42%
Rank by revenue in sector#99 of 125 · Utilities#57 of 125 · Utilities

Over the years

Revenue
MSEX FY2018: $138.1MMSEX FY2019: $134.6MMSEX FY2020: $141.6MMSEX FY2021: $143.1MMSEX FY2022: $162.4MMSEX FY2023: $166.3MMSEX FY2024: $191.9MMSEX FY2025: $194.7MWTRG FY2018: $838.1MWTRG FY2019: $889.7MWTRG FY2020: $1.5BWTRG FY2021: $1.9BWTRG FY2022: $2.3BWTRG FY2023: $2.1BWTRG FY2024: $2.1BWTRG FY2025: $2.5BFY18FY19FY20FY21FY22FY23FY24FY25
MSEX $194.7MWTRG $2.5B
Net income
MSEX FY2018: $32.5MMSEX FY2019: $33.9MMSEX FY2020: $38.4MMSEX FY2021: $36.5MMSEX FY2022: $42.4MMSEX FY2023: $31.5MMSEX FY2024: $44.4MMSEX FY2025: $42.8MWTRG FY2018: $192MWTRG FY2019: $224.5MWTRG FY2020: $284.8MWTRG FY2021: $431.6MWTRG FY2022: $465.2MWTRG FY2023: $498.2MWTRG FY2024: $595.3MWTRG FY2025: $616.4MFY18FY19FY20FY21FY22FY23FY24FY25
MSEX $42.8MWTRG $616.4M
Net margin
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%WTRG FY2018: 22.9%WTRG FY2019: 25.2%WTRG FY2020: 19.5%WTRG FY2021: 23.0%WTRG FY2022: 20.3%WTRG FY2023: 24.3%WTRG FY2024: 28.5%WTRG FY2025: 24.9%FY18FY19FY20FY21FY22FY23FY24FY25
MSEX 22.0%WTRG 24.9%
Revenue growth
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%WTRG FY2019: +6.2%WTRG FY2020: +64.4%WTRG FY2021: +28.4%WTRG FY2022: +21.8%WTRG FY2023: -10.2%WTRG FY2024: +1.6%WTRG FY2025: +18.6%FY19FY20FY21FY22FY23FY24FY25
MSEX +1.5%WTRG +18.6%
Free cash flow
MSEX FY2020: -$52.3MMSEX FY2021: -$46.4MMSEX FY2022: -$30MMSEX FY2023: -$37.4MMSEX FY2024: -$15.9MWTRG FY2018: -$127.2MFY18FY20FY21FY22FY23FY24
MSEX -$15.9MWTRG -$127.2M

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

Questions about Middlesex Water and Essential Utilities

Which is bigger by revenue, Middlesex Water or Essential Utilities?

Essential Utilities is bigger by revenue: $2.5B in fiscal 2025, against $194.7M for Middlesex Water in fiscal 2025.

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

Middlesex Water had a net margin of 22.0% in fiscal 2025; Essential Utilities had 24.9% in fiscal 2025.

Which grew revenue faster, Middlesex Water or Essential Utilities?

In their latest fiscal years revenue changed by +1.5% at Middlesex Water and +18.6% at Essential Utilities.

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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