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Middlesex Water Company owns and operates regulated water utility and wastewater systems in the United States. It operates in two segments, Regulated and Non-Regulated. The company collects, treats, and distributes water on a retail and wholesale basis to residential, commercial, industrial, and fire protection customers; and provides regulated wastewater system. It also provides non-regulated contract services for the operation and maintenance of municipal and private water and wastewater systems. Middlesex Water Company was incorporated in 1896 and is headquartered in Iselin, New Jersey.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $195M | $94M | $43M | $-34M | 8.7% | 1.5% | -3.4% |
| 2024 | $192M | $92M | $44M | $-16M | 10.0% | 15.4% | 40.7% |
| 2023 | $166M | $73M | $32M | $-37M | 7.5% | 2.4% | -25.7% |
| 2022 | $162M | $80M | $42M | $-30M | 10.6% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 162.43 | 166.27 | 191.88 | 194.69 |
| Cost Of Revenue | - | 79.10 | 83.11 | 92.36 | 91.29 |
| Gross Profit | - | 83.34 | 83.16 | 99.51 | 103.40 |
| Operating Expense | - | 41.24 | 43.94 | 46.30 | 49.03 |
| Operating Income | - | 42.10 | 39.22 | 53.21 | 54.38 |
| EBITDA | - | 80.20 | 72.72 | 92.06 | 94.43 |
| EBIT | - | 52.72 | 43.28 | 64.03 | 61.94 |
| Pretax Income | - | 45.67 | 32.56 | 51.26 | 47.64 |
| Tax Provision | - | 3.24 | 1.04 | 6.90 | 4.82 |
| Net Income | - | 42.43 | 31.52 | 44.35 | 42.82 |
| Net Income Common Stockholders | - | 42.31 | 31.40 | 44.24 | 42.75 |
| Total Expenses | - | 120.33 | 127.05 | 138.67 | 140.32 |
| Interest Expense | - | 7.05 | 10.71 | 12.77 | 14.30 |
| Normalized EBITDA | - | 74.96 | 72.72 | 92.06 | 92.82 |
| Normalized Income | - | 37.57 | 31.52 | 44.35 | 41.37 |
| Market Cap | 994.11 | 994.11 | 994.11 | 994.11 | 994.11 |
Utilities sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Middlesex Water Companythis co. | MSEX | - | 23.21↑ premium | 2.01 | 8.7% | 14.91 |
| Genie Energy Ltd. | GNE | $365M | 47.17 | 1.83 | 7.0% | 7.37 |
| OPAL Fuels Inc. | OPAL | $363M | 13.87 | -4.66 | 3.0% | 39.72 |
| Cadiz Inc. | CDZI | $350M | - | 15.02 | -146.8% | -18.29 |
| Pure Cycle Corporation | PCYO | $271M | 19.75 |
| - |
| - |
| - |
| - |
| - |
| 1.83 |
| 9.2% |
| 19.34 |
| Global Water Resources, Inc. | GWRS | $207M | 65.45 | 2.39 | 3.4% | 15.40 |
| XCF Global, Inc. | SAFX | $109M | 0.71 | 2.03 | 196.5% | - |
| Verde Clean Fuels, Inc. | VGAS | $85M | - | 1.20 | -12.0% | -0.57 |
| NextNRG, Inc. | NXXT | $57M | - | -2.63 | -751.0% | -1.59 |
| Peer Median | - | 19.75 | 1.83 | 3.2% | 7.37 | |