MSEX (Middlesex Water Company) Stock Financials & Earnings | Market Cap Arena

MSEX (Middlesex Water Company) Stock Financials & Earnings | Market Cap Arena

MSEXMiddlesex Water Company

Mkt Cap$979M

Utilities·Regulated Water·🇺🇸 United States·NASDAQ

Revenue (TTM)$195M

Net Income (TTM)$43M

EPS (TTM)$2.36

Free Cash Flow (TTM)$19M

Gross Margin46.0%

Op. Margin27.9%

Net Margin22.0%

FCF Margin9.7%

P/S Ratio (TTM)5.0x

P/E Ratio (TTM)22.9x

YoY Rev Growth+1.5%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$38M	$18M	$7M
Q2 23	$43M	$22M	$11M
Q3 23	$47M	$24M	$13M
Q4 23	$39M	$20M	$8M
Q1 24	$41M	$20M	$10M
Q2 24	$49M	$27M	$15M
Q3 24	$55M	$30M	$18M
Q4 24	$47M	$22M	$11M
Q1 25	$44M	$23M	$12M
Q2 25	$49M	$26M	$14M
Q3 25	$54M	$23M	$18M
Q4 25	$47M	$17M	$11M

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q1 23	6.0x	27.0x
Q2 23	5.8x	26.3x
Q3 23	5.9x	29.7x
Q4 23	5.9x	31.0x
Q1 24	5.8x	26.9x
Q2 24	5.6x	26.5x
Q3 24	5.3x	23.7x
Q4 24	5.1x	22.1x
Q1 25	5.0x	22.7x
Q2 25	5.0x	22.6x
Q3 25	5.0x	22.7x
Q4 25	5.0x	22.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$16M	-$9M
Q2 23	$13M	-$13M
Q3 23	$11M	-$12M
Q4 23	$13M	-$4M
Q1 24	$7M	-$8M
Q2 24	$11M	-$3M
Q3 24	$19M	$48M
Q4 24	$21M	-$4M
Q1 25	$14M	-$5M
Q2 25	$18M	$37M
Q3 25	$12M	-$7M
Q4 25	$18M	-$6M

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$25M
Q2 23	$26M
Q3 23	$22M
Q4 23	$17M
Q1 24	$14M
Q2 24	$14M
Q3 24	$29M
Q4 24	$25M
Q1 25	$19M
Q2 25	$19M
Q3 25	$19M
Q4 25	$25M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+5.4%	+29.5%
Q2 23	+7.9%	+8.6%
Q3 23	-2.1%	+8.8%
Q4 23	-0.6%	-1.0%
Q1 24	+6.2%	-0.0%
Q2 24	+14.8%	+5.3%
Q3 24	+17.9%	+10.9%
Q4 24	+22.0%	+20.5%
Q1 25	+9.3%	+6.8%
Q2 25	+0.4%	+4.7%
Q3 25	-1.8%	-3.2%
Q4 25	-0.3%	-2.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$360K	0.9%
Q2 23	$1M	2.4%
Q3 23	$424K	0.9%
Q4 23	$424K	1.1%
Q1 24	-$465K	-1.1%
Q2 24	$2M	3.1%
Q3 24	$155K	0.3%
Q4 24	$310K	0.7%
Q1 25	$389K	0.9%
Q2 25	$569K	1.2%
Q3 25	$161K	0.3%
Q4 25	$0	0.0%

Revenue Segments

Quarter

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$5M	$0	$5M
Q2 23	$4M	$0	$4M
Q3 23	$3M	$0	$3M
Q4 23	$2M	$0	$2M
Q1 24	$3M	$0	$3M
Q2 24	$8M	$0	$8M
Q3 24	$6M	$0	$6M
Q4 24	$4M	$0	$4M
Q1 25	$3M	$0	$3M
Q2 25	$3M	$0	$3M
Q3 25	$3M	$0	$3M
Q4 25	$3M	$0	$3M

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	18M	+0.7%
Q2 23	18M	+0.3%
Q3 23	18M	+0.3%
Q4 23	18M	-0.3%
Q1 24	18M	+0.6%
Q2 24	18M	+0.1%
Q3 24	18M	+0.0%
Q4 24	18M	+0.0%
Q1 25	18M	-0.0%
Q2 25	18M	+0.2%
Q3 25	18M	+0.9%
Q4 25	18M	+1.5%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	$415K	282
FY 15	$430K	293
FY 16	$430K	309
FY 17	$415K	315
FY 18	$418K	330
FY 19	$382K	352
FY 20	$407K	348
FY 21	$413K	347
FY 22	$464K	350
FY 23	$468K	355
FY 24	$533K	360
FY 25	$493K	395