Middlesex Water (MSEX) Financials

$53.34

$0.43 (0.80%)

As on 25-Sep-2026 13:35EDT

Market cap

$1,042 Mln

Revenue (TTM)

$206 Mln

P/E Ratio

21.7

P/B Ratio

2

Div. Yield

2.5 %

Annual
Quarterly

Income Statement ($ Mln)	TTM	Dec-25	Dec-24	Dec-23	Dec-22	Dec-21	Dec-20	Dec-19	Dec-18	Dec-17	Dec-16
Operating Revenue	206.14	194.69	191.88	166.27	162.43	143.14
Cost of Revenue	116.17	118.40	92.36	83.11	79.10	73.67
Gross Profit	89.97	76.29	99.51	83.16	83.34	69.47
Operating Expenses	29.73	21.91	46.30	43.94	36.01	36.26
Operating Profit (EBIT)	60.24	54.38	53.21	39.22	47.33	33.21
Other Income	--	--	--	--	7.70	5.96
Profit before Tax	53.27	47.64	51.26	32.57	45.67	31.06
Provision for Tax	5.33	4.82	6.91	1.04	3.24	-5.49
Profit after Tax (Net Income)	47.94	42.82	44.35	31.52	42.43	36.54
Minority Interest	--	--	--	--	--	--
Consolidated Profit	--	--	--	--	42.31	36.42

Liabilities ($ Mln)	TTM	Dec-25	Dec-24	Dec-23	Dec-22	Dec-21	Dec-20	Dec-19	Dec-18	Dec-17	Dec-16
Shareholder's Funds	522.44	495.37	446.90	425.08	402.41	369.81
Minority Interest	--	--	--	--	--	--
Non-Current Liabilities	796.35	776.57	725.39	707.15	554.18	593.59
Current Liabilities	104.70	93.80	82.89	103.83	117.86	56.62
Total Liabilities	1,528.18	1,365.74	1,255.17	1,236.05	1,074.45	1,020.02

Assets ($ Mln)	TTM	Dec-25	Dec-24	Dec-23	Dec-22	Dec-21	Dec-20	Dec-19	Dec-18	Dec-17	Dec-16
Non-Current Assets	1,371.46	1,324.00	1,212.23	1,127.52	1,037.12	985.66
Current Assets	52.02	41.77	42.97	108.54	37.31	34.36
Total Assets	1,528.18	1,365.74	1,255.17	1,236.05	1,074.45	1,020.02
Total Debt*	438.75	416.81	385.97	412.31	366.95	330.62
Net Current Assets	-52.67	-52.03	-39.92	4.71	-80.55	-22.26

Cashflow ($ Mln)	TTM	Dec-25	Dec-24	Dec-23	Dec-22	Dec-21	Dec-20	Dec-19	Dec-18	Dec-17	Dec-16
Cash From Operating Activities	--	62.60	58.73	52.78	61.36	33.03
Cash Flow from Investing Activities	--	-100.96	-74.62	-90.18	-88.21	-79.38
Cash from Financing Activities	--	38.61	17.73	35.96	27.15	39.48
Net Cash Inflow / Outflow	--	--	--	--	0.30	-6.87

Financials Ratios	TTM	Dec-25	Dec-24	Dec-23	Dec-22	Dec-21	Dec-20	Dec-19	Dec-18	Dec-17	Dec-16
Adjusted EPS ($)	2.60	2.32	2.47	1.77	2.40	2.08
Cash EPS ($)	--	4.09	4.03	3.42	3.96	3.28
Adjusted Book Value ($)	--	26.87	24.89	23.85	22.81	21.04
Dividend per Share ($)	--	--	--	--	--	--
Cash Flow per Share ($)	--	3.40	3.27	2.96	3.48	1.88
Free Cash Flow per Share ($)	--	-1.83	-0.89	-2.10	-1.70	-2.64

Profitability Ratios	TTM	Dec-25	Dec-24	Dec-23	Dec-22	Dec-21	Dec-20	Dec-19	Dec-18	Dec-17	Dec-16
ROCE (%)	--	4.91	5.31	3.92	5.77	5.47
ROE (%)	9.42	9.09	10.17	7.62	10.99	10.18
ROA (%)	3.23	3.27	3.56	2.73	4.05	3.66
EBIT Margin (%)	32.07	31.81	33.37	26.03	32.46	25.51
Net Margin (%)	23.26	21.99	23.11	18.96	24.94	24.51
Cash Profit Margin (%)	0.00	--	--	--	--	--

Growth Ratios	TTM	Dec-25	Dec-24	Dec-23	Dec-22	Dec-21	Dec-20	Dec-19	Dec-18	Dec-17	Dec-16
Revenue Growth (%)	5.26	0.01	0.15	0.02	0.13	0.01
EBIT Growth (%)	9.41	-3.26	47.95	-17.92	44.38	-3.35
Net Profit Growth (%)	10.51	-3.45	40.69	-25.70	16.11	-4.90
EPS Growth (%)	7.63	-0.06	0.40	-0.26	0.16	-0.06
Book Value Growth (%)	9.27	--	--	--	--	--

Valuation Ratios	TTM	Dec-25	Dec-24	Dec-23	Dec-22	Dec-21	Dec-20	Dec-19	Dec-18	Dec-17	Dec-16
Price / Earnings	21.69	21.71	21.31	37.10	32.71	57.87
Price / Book Value	2.03	1.88	2.11	2.75	3.45	5.72
Dividend Yield (%)	2.53	--	--	--	--	--
EV/EBITDA	14.88	14.23	14.41	21.72	21.83	38.56
Close Price ($)	56.16	50.42	52.63	65.62	78.67	120.30
High Price ($)	62.18	67.09	70.73	90.56	121.43	121.43
Low Price ($)	44.17	44.17	45.42	61.34	74.20	67.09
Market Cap ($ Cr)	1,042.45	--	--	--	--	--

Solvency Ratios	TTM	Dec-25	Dec-24	Dec-23	Dec-22	Dec-21	Dec-20	Dec-19	Dec-18	Dec-17	Dec-16
Debt to Equity	0.76	0.84	0.86	0.97	0.91	0.89
Short term debt to equity ratio	0.08	0.07	0.07	0.12	0.18	0.05
Current Ratio	0.50	0.45	0.52	1.05	0.32	0.61
Quick Ratio	0.41	0.36	0.44	0.98	0.26	0.51
Interest Coverage	4.51	4.33	5.01	4.04	7.48	6.69

Operating Efficiency Ratios	TTM	Dec-25	Dec-24	Dec-23	Dec-22	Dec-21	Dec-20	Dec-19	Dec-18	Dec-17	Dec-16
Debtors to sales (%)	16.15	14.68	15.43	58.54	15.19	15.78
Asset Turnover	0.14	0.15	0.15	0.14	0.16	0.14
Receivable days	--	54.57	120.83	134.02	53.14	56.42
Inventory Days	--	22.01	27.07	28.89	26.63	25.95
Payable days	--	91.58	110.07	115.28	106.14	127.83
Cash Conversion Cycle	--	-15.00	37.83	47.63	-26.38	-45.46

*TTM (Trailing Twelve Months) data based on income statement of last 4 quarters and interim half yearly balance sheet.