Middlesex Water Company (MSEX) Revenue History
Annual and quarterly revenue from 2014 to 2025
Compound Annual Growth Rate (CAGR)
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MSEX Revenue Growth
Revenue Breakdown (FY 2020)
MSEX's revenue distribution by segment and geography for fiscal year 2020
By Product/Segment
MSEX Revenue Analysis (2014–2025)
As of May 8, 2026, Middlesex Water Company (MSEX) generated trailing twelve-month (TTM) revenue of $199.1 million, reflecting solid growth of +10.0% year-over-year. The most recent quarter (Q1 2026) recorded $48.7 million in revenue, up 3.7% sequentially.
Looking at the longer-term picture, MSEX's 5-year compound annual growth rate (CAGR) stands at +6.6%, indicating steady revenue expansion. The company achieved its highest annual revenue of $194.7 million in 2025, representing a new all-time high.
Revenue diversification analysis shows MSEX's business is primarily driven by Regulated (91%), and Non - Regulated (9%). With over half of revenue concentrated in Regulated, the company maintains significant focus in this area while developing other growth vectors.
When compared to Utilities sector peers including AWR (+11.7% YoY), YORW (-124.4% YoY), and ARTNA (+4.6% YoY), MSEX has underperformed the peer group in terms of revenue growth. Compare MSEX vs AWR →
MSEX Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| MSEXCurrent | $199M | +10.0% | +6.6% | 27.9% | |
 AWR | $658M | +11.7% | +6.2% | 30.9% | |
 YORW | $77M | -124.4% | +7.5% | 35.8% | |
 ARTNA | $113M | +4.6% | +5.1% | 31.5% | |
 GWRS | $56M | +5.8% | +7.6% | 12.8% | |
 AWK | $5.1B | +8.1% | +6.4% | 36.6% |
MSEX Historical Revenue Data (2014–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $194.7M | +1.5% | $76.3M | 39.2% | $54.4M | 27.9% |
| 2024 | $191.9M | +15.4% | $99.5M | 51.9% | $53.2M | 27.7% |
| 2023 | $166.3M | +2.4% | $83.2M | 50.0% | $39.2M | 23.6% |
| 2022 | $162.4M | +13.5% | $83.3M | 51.3% | $47.3M | 29.1% |
| 2021 | $143.1M | +1.1% | $69.5M | 48.5% | $33.2M | 23.2% |
| 2020 | $141.6M | +5.2% | $70.8M | 50.0% | $37.4M | 26.4% |
| 2019 | $134.6M | -2.5% | $66.6M | 49.5% | $35.5M | 26.4% |
| 2018 | $138.1M | +5.6% | $66.5M | 48.2% | $37.1M | 26.9% |
| 2017 | $130.8M | -1.6% | $66.1M | 50.6% | $37.8M | 28.9% |
| 2016 | $132.9M | +5.5% | $67.4M | 50.7% | $40.3M | 30.3% |
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Start ComparisonMSEX — Frequently Asked Questions
Quick answers to the most common questions about buying MSEX stock.
Is MSEX's revenue growth accelerating or slowing?
MSEX maintains +10.0% revenue growth, in line with its 5-year CAGR of +6.6%. TTM revenue stands at $199M. Growth rate remains consistent with historical average.
What is MSEX's long-term revenue growth rate?
Middlesex Water Company's 5-year revenue CAGR of +6.6% reflects the sustained expansion pattern. Current YoY growth of +10.0% is near this long-term average.
How is MSEX's revenue distributed by segment?
MSEX reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2014-2025 are available for download. Segment mix reveals concentration and diversification trends.