Middlesex Water Company (MSEX) 10-Year Financial Performance & Capital Metrics

MSEX • • Utilities

UtilitiesWater UtilitiesIntegrated Water UtilitiesRegional Water Utilities

AboutMiddlesex Water Company owns and operates regulated water utility and wastewater systems. It operates in two segments, Regulated and Non-Regulated. The Regulated segment collects, treats, and distributes water on a retail and wholesale basis to residential, commercial, industrial, and fire protection customers, as well as provides regulated wastewater systems in New Jersey and Delaware. The Non-Regulated segment provides non-regulated contract services for the operation and maintenance of municipal and private water and wastewater systems in New Jersey and Delaware. The company was incorporated in 1896 and is headquartered in Iselin, New Jersey.Show more

Revenue $192M +15.4%
EBITDA $81M +18.3%
Net Income $44M +40.7%
Free Cash Flow -$16M +57.5%
EBITDA Margin 42.34% +2.5%
Net Margin 23.11% +21.9%
ROE 10.17% +33.5%
Interest Coverage 4.17 +13.8%
Debt/Equity 0.86 -11.0%
Net Debt/EBITDA 4.70 -21.3%
CapEx / Revenue 38.89% -28.3%
CapEx Coverage 0.79 +34.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓20 years of consecutive dividend growth
✓20 consecutive years of dividend growth
✓Strong interest coverage of 4.2x
✓Healthy dividend yield of 2.4%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y5.06%

5Y7.35%

3Y10.26%

TTM6.24%

Profit (Net Income) CAGR

10Y9.17%

5Y5.53%

3Y6.67%

TTM4.13%

EPS CAGR

10Y8.13%

5Y4.21%

3Y6.07%

TTM-103.48%

ROCE

10Y Avg5.18%

5Y Avg4.21%

3Y Avg4.43%

Latest4.62%

Peer Comparison

Regional Water Utilities

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	Debt/Equity
GWRSGlobal Water Resources, Inc.	255.3M	8.88	37	-0.63%	7.87%	4.87%	2.62
AWRAmerican States Water Company	2.95B	76.23	24.05	-0.04%	20.43%	12.89%	1.02
YORWThe York Water Company	487.89M	33.80	23.80	5.53%	26.06%	8.42%	0.89
MSEXMiddlesex Water Company	1.01B	55.09	22.30	15.4%	22.08%	8.91%	0.86
ARTNAArtesian Resources Corporation	316.06M	33.51	16.92	9.2%	20.16%	9.05%	0.75

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	126.03M	132.91M	130.78M	138.08M	134.6M	141.59M	143.14M	162.43M	166.27M	191.88M
Revenue Growth %	0.08%	0.05%	-0.02%	0.06%	-0.03%	0.05%	0.01%	0.13%	0.02%	0.15%
Cost of Revenue	65.17M	65.53M	64.67M	71.57M	67.98M	70.8M	73.67M	79.1M	83.11M	92.36M
Gross Profit+	60.86M	67.37M	66.11M	66.51M	66.62M	70.8M	69.47M	83.34M	83.16M	99.51M
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	0.05%	0.11%	-0.02%	0.01%	0%	0.06%	-0.02%	0.2%	-0%	0.2%
Operating Expenses+	25.02M	26.74M	27.49M	29.36M	31.1M	33.38M	36.26M	36.01M	43.94M	46.3M
Other Operating Expenses	-	-	-	-	-	-	-	-	-	-
EBITDA+	48.93M	53.83M	52.64M	52.92M	52.75M	58.26M	60.01M	74.81M	68.67M	81.25M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
EBITDA Growth %	0.05%	0.1%	-0.02%	0.01%	-0%	0.1%	0.03%	0.25%	-0.08%	0.18%
Depreciation & Amortization+	13.09M	13.53M	14.85M	15.78M	17.23M	20.84M	26.8M	27.48M	29.44M	28.04M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income (EBIT)+	35.84M	40.3M	37.8M	37.14M	35.52M	37.42M	33.21M	47.33M	39.22M	53.21M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.04%	0.12%	-0.06%	-0.02%	-0.04%	0.05%	-0.11%	0.43%	-0.17%	0.36%
Interest Expense+	5.17M	4.67M	4.8M	5.4M	4.12M	3.48M	5.46M	7.05M	10.71M	12.77M
Interest Coverage	6.93x	8.62x	7.87x	6.88x	8.63x	10.76x	6.08x	6.71x	3.66x	4.17x
Interest / Revenue %	-	-	-	-	-	-	-	-	-	-
Non-Operating Income	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Pretax Income+	30.58M	34.48M	33.91M	33.38M	30.75M	34.31M	31.05M	45.67M	32.56M	51.26M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	10.55M	11.73M	11.1M	924K	-3.14M	-4.12M	-5.49M	3.24M	1.04M	6.91M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	20.03M	22.74M	22.81M	32.45M	33.89M	38.42M	36.54M	42.43M	31.52M	44.35M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.09%	0.14%	0%	0.42%	0.04%	0.13%	-0.05%	0.16%	-0.26%	0.41%
EPS (Diluted)+	1.22	1.38	1.38	1.96	2.01	2.18	2.07	2.39	1.76	2.47
EPS Growth %	0.08%	0.13%	0%	0.42%	0.03%	0.08%	-0.05%	0.15%	-0.26%	0.4%
EPS (Basic)	1.23	1.39	1.39	1.98	2.02	2.19	2.08	2.40	1.77	2.48
Diluted Shares Outstanding	16.33M	16.43M	16.49M	16.54M	16.83M	17.57M	17.61M	17.71M	17.85M	17.95M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	584.72M	620.16M	661.14M	767.83M	909.88M	976.47M	1.02B	1.07B	1.24B	1.26B
Asset Growth %	0.02%	0.06%	0.07%	0.16%	0.18%	0.07%	0.04%	0.05%	0.15%	0.02%
PP&E (Net)+	481.87M	517.78M	557.24M	618.49M	711.67M	801.81M	869.87M	924.35M	1.01B	1.06B
PP&E / Total Assets %	-	-	-	-	-	-	-	-	-	-
Total Current Assets+	24.41M	26.72M	29.25M	30.82M	29.13M	34.12M	34.35M	37.31M	108.54M	42.97M
Cash & Equivalents	3.47M	3.88M	4.94M	3.71M	2.23M	4.49M	3.53M	3.83M	2.39M	4.23M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Inventory	2.6M	4.09M	4.12M	5.41M	5.45M	5.11M	5.36M	6.18M	6.97M	6.72M
Other Current Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	3.36M	0	0	1.96M	0	0	0	0	0	0
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Other Assets	10.74M	3.6M	31.49M	71.26M	114.66M	140.54M	46.29M	34.98M	114.47M	154.23M
Total Liabilities	375.59M	399.29M	429.53M	516.61M	584M	628.18M	650.21M	672.04M	810.98M	808.28M
Total Debt+	144.99M	152.7M	173.91M	208.69M	263.69M	287.54M	330.62M	366.95M	412.31M	385.96M
Net Debt	141.52M	148.82M	168.97M	204.99M	261.46M	283.05M	327.08M	363.12M	409.92M	381.74M
Long-Term Debt	136.25M	134.54M	139.04M	152.85M	230.78M	273.24M	306.52M	290.28M	358.15M	352.82M
Short-Term Borrowings	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Capital Lease Obligations	0	0	0	0	5.73M	5.04M	4.37M	3.71M	3.06M	2.43M
Total Current Liabilities+	28.32M	47.06M	64.54M	94.36M	64.98M	56.85M	56.62M	117.86M	103.83M	82.89M
Accounts Payable	6.53M	12.34M	13.93M	19.32M	23.31M	30.44M	21.13M	24.85M	27.62M	28.05M
Accrued Expenses	1.1M	1.08M	1.09M	1.29M	2.03M	2.14M	1.99M	2.54M	3.14M	2.92M
Deferred Revenue	880K	923K	951K	1.04M	1.21M	1.25M	1.33M	1.36M	1.39M	1.48M
Other Current Liabilities	1.95M	2.16M	2.28M	2.64M	3.62M	3.62M	3.83M	3.99M	3.82M	7.76M
Deferred Taxes	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Liabilities	122.03M	124.02M	161.37M	199.55M	204.2M	208.34M	189.67M	161.03M	235.88M	246.27M
Total Equity+	209.13M	220.87M	231.61M	251.22M	325.88M	348.29M	369.81M	402.41M	425.07M	446.9M
Equity Growth %	0.05%	0.06%	0.05%	0.08%	0.3%	0.07%	0.06%	0.09%	0.06%	0.05%
Shareholders Equity	209.13M	220.87M	231.61M	251.22M	325.88M	348.29M	369.81M	402.41M	425.07M	446.9M
Minority Interest	0	0	0	0	0	0	0	0	0	0
Common Stock	150.76M	153.04M	155.12M	157.35M	215.13M	217.45M	221.92M	233.05M	246.76M	248.2M
Additional Paid-in Capital	0	0	0	0	0	0	0	0	0	0
Retained Earnings	55.93M	65.39M	74.06M	91.43M	108.67M	128.76M	145.81M	167.27M	176.23M	197.06M
Accumulated OCI	0	0	0	0	0	0	0	0	0	0
Return on Assets (ROA)	0.03%	0.04%	0.04%	0.05%	0.04%	0.04%	0.04%	0.04%	0.03%	0.04%
Return on Equity (ROE)	0.1%	0.11%	0.1%	0.13%	0.12%	0.11%	0.1%	0.11%	0.08%	0.1%
Debt / Equity	0.69x	0.69x	0.75x	0.83x	0.81x	0.83x	0.89x	0.91x	0.97x	0.86x
Debt / Assets	0.25%	0.25%	0.26%	0.27%	0.29%	0.29%	0.32%	0.34%	0.33%	0.31%
Net Debt / EBITDA	2.89x	2.76x	3.21x	3.87x	4.96x	4.86x	5.45x	4.85x	5.97x	4.70x
Book Value per Share	12.81	13.45	14.05	15.19	19.36	19.82	21	22.72	23.82	24.9

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	51.21M	47.07M	42.84M	45.86M	36.05M	53.35M	33.03M	61.36M	52.78M	58.73M
Operating CF Growth %	0.57%	-0.08%	-0.09%	0.07%	-0.21%	0.48%	-0.38%	0.86%	-0.14%	0.11%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	20.03M	22.74M	22.81M	32.45M	33.89M	38.42M	36.54M	42.43M	31.52M	44.35M
Depreciation & Amortization	13.09M	13.53M	14.85M	15.78M	17.23M	20.84M	26.8M	27.48M	29.44M	28.04M
Deferred Taxes	15.75M	3.55M	7.94M	-8.72M	-11.72M	-13.49M	-10.99M	-5.33M	-5.6M	0
Other Non-Cash Items	2.38M	-524K	-690K	-892K	-2.25M	-2.89M	-1.64M	-6.22M	-1.76M	-2.66M
Working Capital Changes	-665K	6.94M	-2.91M	6.16M	-1.74M	9.38M	-19.02M	1.38M	-3.04M	-12.54M
Capital Expenditures+	-25.77M	-47.38M	-50.3M	-72.09M	-89.13M	-105.62M	-79.38M	-91.33M	-90.18M	-74.62M
CapEx / Revenue %	-	-	-	-	-	-	-	-	-	-
CapEx / D&A	-	-	-	-	-	-	-	-	-	-
CapEx Coverage (OCF/CapEx)	-	-	-	-	-	-	-	-	-	-
Cash from Investing+	-24.38M	-47.38M	-51.32M	-72.09M	-89.13M	-105.62M	-79.38M	-88.21M	-90.18M	-74.62M
Acquisitions	0	0	0	0	0	0	0	3.12M	0	0
Purchase of Investments	0	0	0	0	0	0	0	0	0	0
Sale of Investments	1000K	0	0	0	0	0	0	0	0	0
Other Investing	1.39M	-24.38M	-1.02M	0	0	0	0	0	0	0
Cash from Financing+	-26.03M	714K	9.54M	25.49M	93.91M	16.17M	39.48M	27.15M	35.96M	17.73M
Dividends Paid	-12.7M	-13.28M	-14.15M	-15.07M	-16.3M	-18.3M	-19.49M	-20.93M	-22.56M	-23.52M
Dividend Payout Ratio %	0.63%	0.58%	0.61%	0.46%	0.48%	0.47%	0.53%	0.49%	0.71%	0.53%
Debt Issuance (Net)	716K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	-1000K
Stock Issued	1.46M	1.45M	1.23M	1.15M	56.78M	1.23M	3.84M	10.34M	12.12M	974K
Share Repurchases	0	0	0	0	0	0	0	0	0	0
Other Financing	486K	855K	1.08M	3.87M	3.22M	8.39M	10.23M	3K	806K	65.37M
Net Change in Cash+	796K	410K	1.06M	-736K	40.84M	-36.09M	-6.87M	295K	-1.44M	1.84M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	2.67M	3.47M	3.88M	6.4M	5.66M	46.5M	10.4M	3.53M	3.83M	2.39M
Cash at End	3.47M	3.88M	4.94M	5.66M	46.5M	10.4M	3.53M	3.83M	2.39M	4.23M
Free Cash Flow+	25.44M	-304K	-7.46M	-26.23M	-53.07M	-52.26M	-46.35M	-29.97M	-37.4M	-15.89M
FCF Growth %	1.55%	-1.01%	-23.53%	-2.52%	-1.02%	0.02%	0.11%	0.35%	-0.25%	0.58%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF / Net Income %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	9.8%	10.58%	10.08%	13.44%	11.74%	11.4%	10.18%	10.99%	7.62%	10.17%
EBITDA Margin	38.82%	40.51%	40.26%	38.33%	39.19%	41.14%	41.92%	46.05%	41.3%	42.34%
Net Debt / EBITDA	2.89x	2.76x	3.21x	3.87x	4.96x	4.86x	5.45x	4.85x	5.97x	4.70x
Interest Coverage	6.93x	8.62x	7.87x	6.88x	8.63x	10.76x	6.08x	6.71x	3.66x	4.17x
CapEx / Revenue	20.45%	35.65%	38.46%	52.21%	66.22%	74.59%	55.45%	56.23%	54.24%	38.89%
Dividend Payout Ratio	62.68%	57.77%	61.39%	46.01%	47.7%	47.31%	53.01%	49.05%	71.19%	52.78%
Debt / Equity	0.69x	0.69x	0.75x	0.83x	0.81x	0.83x	0.89x	0.91x	0.97x	0.86x
EPS Growth	7.96%	13.11%	0%	42.03%	2.55%	8.46%	-5.05%	15.46%	-26.36%	40.34%

Revenue by Segment

	2012	2013	2014	2015	2016	2017	2018	2019	2020
Regulated	98.02M	100.91M	103.56M	111.25M	118.02M	115.45M	121.9M	123.08M	129.85M
Regulated Growth	-	2.95%	2.62%	7.43%	6.09%	-2.17%	5.58%	0.97%	5.50%
Non - Regulated	12.85M	14.46M	14.14M	15.24M	15.39M	15.91M	16.78M	12.18M	12.54M
Non - Regulated Growth	-	12.54%	-2.21%	7.74%	0.98%	3.41%	5.44%	-27.42%	3.02%
Inter-segment Elimination	-493K	-527K	-560K	-	-	-	-	-	-
Inter-segment Elimination Growth	-	-6.90%	-6.26%	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Middlesex Water Company (MSEX) has a price-to-earnings (P/E) ratio of 22.3x. This is roughly in line with market averages.

Growth & Financials

Middlesex Water Company (MSEX) reported $194.8M in revenue for fiscal year 2024. This represents a 91% increase from $102.1M in 2011.

Middlesex Water Company (MSEX) grew revenue by 15.4% over the past year. This is strong growth.

Yes, Middlesex Water Company (MSEX) is profitable, generating $43.0M in net income for fiscal year 2024 (23.1% net margin).

Dividend & Returns

Yes, Middlesex Water Company (MSEX) pays a dividend with a yield of 2.37%. This makes it attractive for income-focused investors.

Middlesex Water Company (MSEX) has a return on equity (ROE) of 10.2%. This is reasonable for most industries.

Middlesex Water Company (MSEX) had negative free cash flow of $33.8M in fiscal year 2024, likely due to heavy capital investments.

Industry Metrics

Middlesex Water Company (MSEX) has a dividend payout ratio of 53%. This suggests the dividend is well-covered and sustainable.

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