MSEX
$54.59+1.26%
Middlesex Water CompanyStock · UtilitiesRussell 2000 0.03%Nasdaq Composite 0.005%Russell 3000 0.002%US Stock Market 0.001%
MSEX financial statements
The full income statement, balance sheet, and cash-flow statement for Middlesex Water Company (MSEX), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
Shares outstanding (point-in-time)
2024-06 17.8M2024-09 17.9M2024-12 17.9M2025-03 17.9M2025-06 18.0M2025-09 18.3M2025-12 18.5M2026-03 18.6M2026-06 18.8M+5.7% over 8 periods
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
As-reported fiscal years.
| Line item | Trend | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Revenue | 195M+1.5% | 192M+15.4% | 166M+2.4% | 162M+13.5% | 143M+1.1% | |
| 140M+1.2% | 139M+9.1% | 127M+5.6% | 120M+9.5% | 110M+5.5% | ||
| Provision for credit losses | 300K-81.3% | 1.60M+60.0% | 1.00M+100.0% | 500K-44.4% | 900K-18.2% | |
| Operating income | 54.4M+2.2% | 53.2M+35.7% | 39.2M-17.1% | 47.3M+42.5% | 33.2M-11.2% | |
| Interest expense | 14.3M+1.9% | 14.0M+6.7% | 13.1M+40.3% | 9.37M+15.4% | 8.11M+8.3% | |
| Other non-operating income | 5.94M-45.0% | 10.8M+166.9% | 4.05M-24.8% | 5.39M+63.1% | 3.31M+810.5% | |
| Pre-tax income | 47.6M-7.0% | 51.3M+57.4% | 32.6M-28.7% | 45.7M+47.1% | 31.1M-9.5% | |
| Income tax | 4.82M-30.2% | 6.91M+563.3% | 1.04M-67.9% | 3.24M+159.0% | -5.49M-33.2% | |
| 42.8M-3.4% | 44.4M+40.7% | 31.5M-25.7% | 42.4M+16.1% | 36.5M-4.9% | ||
| Preferred dividends | — | 1.64M-21.5% | 2.08M+0.0% | 2.08M+0.0% | 2.08M | |
| Net income to common | 42.7M-3.4% | 44.2M+40.9% | 31.4M-25.8% | 42.3M+16.2% | 36.4M-4.9% | |
| $2.36-4.5% | $2.47+40.3% | $1.76-26.4% | $2.39+15.5% | $2.07-5.0% | ||
| EPS (basic) | $2.36-4.8% | $2.48+40.1% | $1.77-26.2% | $2.40+15.4% | $2.08-5.0% | |
| Weighted-avg shares (basic) | 18.1M+1.4% | 17.8M+0.6% | 17.7M+0.8% | 17.6M+0.6% | 17.5M+0.2% | |
| Weighted-avg shares (diluted) | 18.1M+1.1% | 17.9M+0.6% | 17.8M+0.8% | 17.7M+0.6% | 17.6M+0.2% | |
| Dividends per share | $1.38+4.9% | $1.31+4.2% | $1.26+6.8% | $1.18+6.8% | $1.11+6.4% | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 41.8M-2.8% | 43.0M-60.4% | 109M+190.9% | 37.3M+8.6% | 34.4M+0.7% | ||
| Cash & equivalents | 2.80M-33.7% | 4.23M+76.8% | 2.39M-37.6% | 3.83M+8.3% | 3.53M-21.3% | |
| Accounts receivable | 19.2M+2.0% | 18.8M+3.7% | 18.2M+13.4% | 16.0M+4.6% | 15.3M+5.1% | |
| Prepaid expenses | 2.84M+17.4% | 2.42M+32.1% | 1.83M-30.1% | 2.62M-8.9% | 2.88M-0.2% | |
| 1.37B+8.8% | 1.26B+1.5% | 1.24B+15.0% | 1.07B+5.3% | 1.02B+4.5% | ||
| Operating lease right-of-use | 1.97M-23.2% | 2.57M-19.4% | 3.19M-16.8% | 3.83M-15.0% | 4.50M-13.6% | |
| Other non-current assets | 6.15M+59.2% | 3.86M+93.7% | 1.99M+10394.7% | 19.0K-77.1% | 83.0K-1.2% | |
| 93.8M+13.2% | 82.9M-20.2% | 104M-11.9% | 118M+108.2% | 56.6M-0.4% | ||
| Accounts payable | 31.3M+11.7% | 28.1M+1.6% | 27.6M+11.2% | 24.8M+17.6% | 21.1M-30.6% | |
| Accrued liabilities | 3.31M+13.5% | 2.92M-7.1% | 3.14M+23.8% | 2.54M | — | |
| Deferred revenue | 497K-66.3% | 1.48M+6.2% | 1.39M+1.8% | 1.36M+2.6% | 1.33M+6.0% | |
| Short-term & current debt | 7.85M+1.8% | 7.71M-97.9% | 365M+1988.7% | 17.5M+159.4% | 6.73M-7.2% | |
| Current lease liability | 600K+0.0% | 600K+0.0% | 600K | — | — | |
| Other current liabilities | 6.57M-15.3% | 7.76M+75.5% | 4.42M+10.9% | 3.99M+4.2% | 3.83M+5.7% | |
| Long-term debt | 379M+7.4% | 353M-1.5% | 358M+23.4% | 290M-5.3% | 307M+12.2% | |
| Non-current lease liability | 1.84M-24.4% | 2.43M-21.5% | 3.10M | — | 4.37M-13.4% | |
| Operating lease liability (total) | 2.40M-20.0% | 3.00M-18.9% | 3.70M | — | — | |
| Deferred tax liabilities | 110M+9.1% | 101M+14.1% | 88.7M+14.1% | 77.8M+11.9% | 69.5M+13.4% | |
| Other non-current liabilities | 229K-33.4% | 344K-41.9% | 592K-35.6% | 919K-15.4% | 1.09M-4.3% | |
| 494M+11.0% | 445M+5.3% | 423M+5.7% | 400M+8.9% | 368M+6.2% | ||
| Preferred stock | 1.34M-17.9% | 1.64M-21.5% | 2.08M+0.0% | 2.08M+0.0% | 2.08M+0.0% | |
| Common stock | 279M+12.5% | 248M+0.6% | 247M+5.9% | 233M+5.0% | 222M+2.1% | |
| Retained earnings | 215M+9.0% | 197M+11.8% | 176M+5.4% | 167M+14.7% | 146M+13.2% | |
| Total liabilities & equity | 1.37B+8.8% | 1.26B+1.5% | 1.24B+15.0% | 1.07B+5.3% | 1.02B+4.5% | |
| Common shares issued | 18.5M+3.5% | 17.9M | — | — | — | |
| Common shares outstanding | 18.5M+3.5% | 17.9M+0.4% | 17.8M+1.0% | 17.6M+0.7% | 17.5M+0.3% | |
| Shares outstanding (cover) | 18.5M+3.5% | 17.9M+0.4% | 17.8M+1.0% | 17.6M+0.6% | 17.5M+0.3% | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 62.6M+6.6% | 58.7M+11.3% | 52.8M-14.0% | 61.4M+85.8% | 33.0M-38.1% | ||
| Depreciation & amortization | 32.5M+15.9% | 28.0M-4.8% | 29.4M+7.2% | 27.5M+2.5% | 26.8M+28.6% | |
| Share-based compensation | 1.24M-19.5% | 1.54M-30.6% | 2.21M+35.8% | 1.63M+21.8% | 1.34M+22.1% | |
| Deferred income taxes | — | — | -5.60M-5.0% | -5.33M+51.5% | -11.0M+18.5% | |
| Change in receivables | 371K-44.6% | 670K-68.9% | 2.15M+204.7% | 707K-4.7% | 742K-72.1% | |
| Change in payables | 1.30M-49.7% | 2.57M-7.1% | 2.77M-25.6% | 3.72M+139.9% | -9.32M-230.6% | |
| -101M-35.3% | -74.6M+17.3% | -90.2M-2.2% | -88.2M-11.1% | -79.4M+24.8% | ||
| Capital expenditure | — | 74.6M-17.3% | 90.2M-1.3% | 91.3M+15.1% | 79.4M-24.8% | |
| Free cash flow | — | -15.9M+57.5% | -37.4M-24.8% | -30.0M+35.3% | -46.4M+11.3% | |
| Acquisitions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Proceeds from sale of PP&E | — | — | — | 3.12M | — | |
| 38.6M+117.8% | 17.7M-50.7% | 36.0M+32.5% | 27.1M-31.2% | 39.5M+144.2% | ||
| Long-term debt issued | 33.6M+1364.1% | 2.30M-97.0% | 75.8M+2747.9% | 2.66M-96.9% | 86.6M+72.1% | |
| Long-term debt repaid | 7.32M-4.3% | 7.65M-56.2% | 17.5M+135.3% | 7.42M-85.9% | 52.7M+605.2% | |
| Net short-term debt | 5.25M+126.6% | -19.8M-54.9% | -12.8M-130.0% | 42.5M+286.4% | 11.0M+161.1% | |
| Common stock issued | 30.5M+3026.7% | 974K-92.0% | 12.1M+17.2% | 10.3M+169.4% | 3.84M+212.0% | |
| Common stock repurchased | 0.00-100.0% | 1.47M+137.2% | 619K | 0.00 | 0.00 | |
| Dividends paid | 24.9M+6.5% | 23.4M+4.3% | 22.4M+7.8% | 20.8M+7.4% | 19.4M+6.6% | |
| Other financing activities | 2.79M-14.3% | 3.26M+108.0% | 1.57M+137.6% | 659K-94.1% | 11.2M+30.9% | |
| Net change in cash | — | — | — | 295K+104.3% | -6.87M+81.0% | |
| Interest paid | 13.5M-7.1% | 14.5M+13.5% | 12.8M+38.0% | 9.25M+8.2% | 8.55M+11.8% | |
| Income taxes paid | 1.64M-48.3% | 3.17M+7.0% | 2.96M-8.3% | 3.23M-3.1% | 3.33M+32.9% | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Market cap | 934M-0.8% | 941M-19.4% | 1.17B-15.8% | 1.39B-34.2% | 2.11B+66.6% | |
| P/E | 21.8×+2.7% | 21.2×-40.2% | 35.5×+8.7% | 32.7×-43.4% | 57.7×+75.2% | |
| P/S | 4.8×-2.2% | 4.9×-30.1% | 7.0×-20.3% | 8.8×-40.3% | 14.7×+64.8% | |
| P/B | 1.9×-10.6% | 2.1×-24.1% | 2.8×-20.1% | 3.5×-39.2% | 5.7×+56.8% | |
| Earnings yield | 4.6%-2.7% | 4.7%+67.2% | 2.8%-8.0% | 3.1%+76.8% | 1.7%-42.9% | |
| Dividend yield | 2.7%+9.5% | 2.5%+29.9% | 1.9%+28.0% | 1.5%+63.3% | 0.92%-35.9% | |
| Source filing | 10-K | 10-K/A | 10-K | 10-K/A | 10-K |
About this data
Source: MSEX’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all MSEX filings on SEC EDGAR → Not investment advice.