MSEX MIDDLESEX WATER CO

Overview and Growth

Fiscal 2025 results for MIDDLESEX WATER CO combined $194.69M of revenue with net income of $42.82M and an operating cash inflow of $62.60M. Revenue of $194.69M sets the scale for evaluating how effectively sales translated into profit and cash during the year. Compared with $191.88M in fiscal 2024, revenue recorded a 1.5% year-over-year increase. The company reported diluted EPS of $2.36, adding a shareholder-level measure to the absolute income figures considered below. Diluted EPS decreased by 4.5% from $2.47 in fiscal 2024, showing how the earnings change reached shareholders on a per-share basis. Diluted shares averaged 18.14M; this is the reported share base over which the company’s diluted per-share earnings were spread. At period end, total assets were $1.37B, framing the scale of the company’s operating and financing commitments. The revenue-to-assets relationship was 0.14x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

Operating income was $54.38M, the earnings remaining from reported operations after the company’s recognized operating cost structure. Relative to revenue, operating income represented 27.9%, showing how efficiently sales converted into operating profit. The bottom-line result was net income of $42.82M, after the operating, financing, tax, and other items recognized for the period. Measured against reported revenue, net income produced a 22.0% margin after operating costs and the remaining recognized items. EBITDA was $86.87M, adding a pre-interest, tax, depreciation, and amortization view of the company’s earnings capacity. Pretax income was $47.64M, isolating the reported earnings outcome before the income-tax provision recognized for the fiscal year. Pretax income represented 24.5% of revenue, placing earnings before tax in the context of the company’s operating scale. The company recognized $4.82M of income tax for the period, completing the transition from pretax income to net income. The income-tax provision equaled 10.1% of pretax income, showing the tax burden absorbed by the year’s earnings. Net income equaled 8.7% of period-end equity, showing the earnings generated on shareholders’ book capital. The net-income-to-assets relationship measured 3.1%, showing earnings relative to the full balance sheet. The company moved from fiscal 2024 net income of $44.35M to $42.82M, with the current outcome ending below that comparison.

Liquidity and Capital Structure

Current assets were $41.77M against $93.80M of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. Current assets covered only 0.45x of current liabilities, so current liabilities exceeded current assets at period end. Cash and equivalents totaled $2.80M, identifying the most liquid reported component available within the broader current-asset balance. Measured only with cash and equivalents, coverage of current liabilities was 3.0%, excluding receivables and other current assets. Total debt was $386.72M, establishing the amount of borrowing carried within the company’s capital structure. Against book equity, debt measured 0.78x, placing the company’s financial leverage in clear balance-sheet terms. The debt-to-assets relationship was 28.3%, comparing borrowing with the total asset balance. Book equity represented 36.2% of total assets, quantifying the balance-sheet share supported by shareholder capital. The cash-to-assets relationship was 0.2%, comparing reported cash and equivalents with the full positive asset balance. Compared with $1.26B in fiscal 2024, the current asset base moved 8.8% and finished higher. Against $445.26M of equity in fiscal 2024, the current book-equity balance moved 11.0% and ended higher. Compared with $4.23M in fiscal 2024, the current cash balance moved 33.7% and finished lower.

Cash Flow and Earnings Quality

The company reported $62.60M of operating cash flow, a cash inflow that shows the cash generated by operations. The operating-cash-flow-to-net-income relationship was 1.46x, comparing cash generated by operations with the bottom-line earnings result.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.