MSEX
Middlesex Water Company
NASDAQ: MSEX · UTILITIES · UTILITIES - REGULATED WATER
$51.15
+0.43% today
Updated 2026-05-06
Market cap
$948.54M
P/E ratio
21.22
P/S ratio
4.76x
EPS (TTM)
$2.40
Dividend yield
2.73%
52W range
$44 – $61
Volume
0.2M
Middlesex Water Company (MSEX) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $81.06M | $86.11M | $91.04M | $91.24M | $102.73M | $102.07M | $110.38M | $114.85M | $117.14M | $126.03M | $132.91M | $130.78M | $138.08M | $134.60M | $141.59M | $143.14M | $162.43M | $166.27M | $191.88M | $194.69M |
| Revenue growth (YoY) | — | +6.2% | +5.7% | +0.2% | +12.6% | -0.6% | +8.1% | +4.0% | +2.0% | +7.6% | +5.5% | -1.6% | +5.6% | -2.5% | +5.2% | +1.1% | +13.5% | +2.4% | +15.4% | +1.5% |
| Cost of revenue | $52.68M | $55.90M | $59.10M | $62.52M | $66.89M | $68.12M | $60.46M | $60.75M | $59.13M | $65.17M | $65.53M | $64.67M | $71.57M | $67.98M | $70.80M | $73.67M | $79.10M | $83.11M | $92.36M | $118.40M |
| Gross profit | $81.06M | $86.11M | $91.04M | $91.24M | $102.73M | $102.07M | $49.92M | $54.10M | $58.01M | $60.86M | $67.37M | $66.11M | $66.51M | $66.62M | $70.80M | $69.47M | $83.34M | $83.16M | $99.51M | $76.29M |
| Gross margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 45.2% | 47.1% | 49.5% | 48.3% | 50.7% | 50.6% | 48.2% | 49.5% | 50.0% | 48.5% | 51.3% | 50.0% | 51.9% | 39.2% |
| R&D | — | — | — | — | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | — | — | — | — | — | — | — |
| SG&A | — | — | — | — | — | $56.63M | $60.46M | $72.89M | $71.30M | $78.13M | $79.48M | $78.23M | $85.90M | $82.36M | $85.70M | $88.82M | $97.30M | — | — | — |
| Operating income | $21.32M | $22.67M | $24.02M | $20.16M | $26.60M | $24.20M | $27.65M | $30.97M | $34.39M | $35.84M | $40.30M | $37.80M | $37.14M | $35.52M | $37.42M | $33.21M | $47.33M | $39.22M | $53.21M | $54.38M |
| Operating margin | 26.3% | 26.3% | 26.4% | 22.1% | 25.9% | 23.7% | 25.0% | 27.0% | 29.4% | 28.4% | 30.3% | 28.9% | 26.9% | 26.4% | 26.4% | 23.2% | 29.1% | 23.6% | 27.7% | 27.9% |
| EBITDA | $29.08M | $94.29M | $33.85M | $31.10M | $37.03M | $35.96M | $39.25M | $42.60M | $45.86M | $48.84M | $52.68M | $53.56M | $54.55M | $52.10M | $58.62M | $63.31M | $80.20M | $72.72M | $92.06M | $94.43M |
| EBITDA margin | 35.9% | 109.5% | 37.2% | 34.1% | 36.0% | 35.2% | 35.6% | 37.1% | 39.2% | 38.8% | 39.6% | 41.0% | 39.5% | 38.7% | 41.4% | 44.2% | 49.4% | 43.7% | 48.0% | 48.5% |
| EBIT | $21.32M | $86.11M | $25.32M | $21.89M | $27.07M | $25.53M | $28.02M | $30.75M | $33.67M | $35.75M | $39.15M | $38.71M | $38.77M | $34.87M | $37.78M | $36.52M | $52.72M | $43.27M | $64.03M | $61.94M |
| Interest expense | $7.01B | $6.62M | $7.06M | $6.75M | $5.96M | $5.55M | $6.24M | $5.49M | $5.29M | $5.17M | $4.67M | $4.80M | $5.40M | $4.12M | $3.48M | $5.46M | $7.05M | $10.71M | $12.77M | $14.29M |
| Income tax | $5.04M | $5.74M | $6.06M | $5.16M | $6.79M | $6.53M | $7.38M | $8.62M | $9.94M | $10.55M | $11.73M | $11.10M | $924000.00 | $-3.14M | $-4.12M | $-5.49M | $3.24M | $1.04M | $6.91M | — |
| Effective tax rate | 33.4% | 32.6% | 33.2% | 34.1% | 32.1% | 32.7% | 33.9% | 34.1% | 35.0% | 34.5% | 34.0% | 32.7% | 2.8% | -10.2% | -12.0% | -17.7% | 7.1% | 3.2% | 13.5% | 0.0% |
| Net income | $10.04M | $11.84M | $12.21M | $9.98M | $14.33M | $13.45M | $14.40M | $16.63M | $18.45M | $20.03M | $22.74M | $22.81M | $32.45M | $33.89M | $38.42M | $36.54M | $42.43M | $31.52M | $44.35M | $42.82M |
| Net income growth (YoY) | — | +18.0% | +3.1% | -18.3% | +43.6% | -6.2% | +7.1% | +15.5% | +10.9% | +8.6% | +13.6% | +0.3% | +42.3% | +4.4% | +13.4% | -4.9% | +16.1% | -25.7% | +40.7% | -3.4% |
| Profit margin | 12.4% | 13.8% | 13.4% | 10.9% | 13.9% | 13.2% | 13.0% | 14.5% | 15.7% | 15.9% | 17.1% | 17.4% | 23.5% | 25.2% | 27.1% | 25.5% | 26.1% | 19.0% | 23.1% | 22.0% |