MSEX Financial Statements

Balance sheet, income statement, cash flow, and dividends for Middlesex Water Co (MSEX).


$939.72M Market Cap.

As of 03/01/2025 5:00 PM ET (MRY) • Disclaimer

MSEX Market Cap. (MRY)


MSEX Shares Outstanding (MRY)


MSEX Assets (MRY)


Total Assets

$1.26B

Total Liabilities

$809.91M

Total Investments

$0

MSEX Income (MRY)


Revenue

$191.88M

Net Income

$44.35M

Operating Expense

$24.43M

MSEX Cash Flow (MRY)


CF Operations

$58.73M

CF Investing

-$74.62M

CF Financing

$17.73M

MSEX Dividends (MRY)


Period

Dividends

Yield %

Growth %

Payout Ratio

Coverage Ratio

2024

$1.31

2.50%

4.20%

53.02%

1.89

2023

$1.26

1.90%

6.68%

71.30%

1.40

2022

$1.18

1.50%

6.87%

49.29%

2.03

2021

$1.11

0.90%

6.34%

53.22%

1.88

2020

$1.04

1.40%

-

47.53%

2.10

MSEX Balance Sheet (MRY)


Metric

2024

2023

2022

2021

Total Assets

$1,255,174,000 (1.55%)

$1,236,052,000 (15.04%)

$1,074,450,000 (5.34%)

$1,020,015,000 (4.46%)

Assets Current

$42,973,000 (-60.41%)

$108,536,000 (190.93%)

$37,306,000 (8.59%)

$34,355,000 (0.68%)

Assets Non-Current

$1,212,201,000 (7.51%)

$1,127,516,000 (8.71%)

$1,037,144,000 (5.22%)

$985,660,000 (4.60%)

Goodwill & Intangible Assets

$0 (0%)

$0 (0%)

$0 (0%)

$0 (0%)

Shareholders Equity

$445,263,000 (5.27%)

$422,991,000 (5.66%)

$400,328,000 (8.87%)

$367,726,000 (6.22%)

Property Plant & Equipment Net

$1,057,939,000 (5.63%)

$1,001,527,000 (8.35%)

$924,377,000 (6.27%)

$869,871,000 (8.49%)

Cash & Equivalents

$4,226,000 (76.82%)

$2,390,000 (-37.57%)

$3,828,000 (8.35%)

$3,533,000 (-66.04%)

Accumulated Other Comprehensive Income

$0 (0%)

$0 (0%)

$0 (0%)

$0 (0%)

Deferred Revenue

$1,476,000 (6.19%)

$1,390,000 (1.83%)

$1,365,000 (2.63%)

$1,330,000 (5.98%)

Total Investments

$0 (0%)

$0 (0%)

$0 (0%)

$0 (0%)

Investments Current

$0 (0%)

$0 (0%)

$0 (0%)

$0 (0%)

Investments Non-Current

$0 (0%)

$0 (0%)

$0 (0%)

$0 (0%)

Inventory

$6,719,000 (-3.63%)

$6,972,000 (12.87%)

$6,177,000 (15.29%)

$5,358,000 (4.81%)

Trade & Non-Trade Receivables

$29,606,000 (-69.59%)

$97,341,000 (294.46%)

$24,677,000 (9.27%)

$22,584,000 (4.39%)

Trade & Non-Trade Payables

$28,050,000 (-17.15%)

$33,855,000 (36.25%)

$24,847,000 (17.62%)

$21,125,000 (-30.61%)

Accumulated Retained Earnings (Deficit)

$197,061,000 (11.82%)

$176,227,000 (5.35%)

$167,274,000 (14.72%)

$145,807,000 (13.24%)

Tax Assets

$0 (0%)

$0 (0%)

$0 (0%)

$0 (0%)

Tax Liabilities

$113,211,000 (14.04%)

$99,271,000 (10.37%)

$89,945,000 (15.14%)

$78,121,000 (9.36%)

Total Debt

$385,965,000 (-6.25%)

$411,706,000 (12.20%)

$366,948,000 (10.99%)

$330,618,000 (14.98%)

Debt Current

$30,711,000 (-39.17%)

$50,490,000 (-30.80%)

$72,962,000 (269.78%)

$19,731,000 (113.19%)

Debt Non-Current

$355,254,000 (-1.65%)

$361,216,000 (22.87%)

$293,986,000 (-5.44%)

$310,887,000 (11.71%)

Total Liabilities

$809,911,000 (-0.39%)

$813,061,000 (20.61%)

$674,122,000 (3.35%)

$652,289,000 (3.49%)

Liabilities Current

$82,888,000 (-20.17%)

$103,829,000 (-11.90%)

$117,859,000 (108.16%)

$56,619,000 (-0.40%)

Liabilities Non-Current

$727,023,000 (2.51%)

$709,232,000 (27.50%)

$556,263,000 (-6.62%)

$595,670,000 (3.88%)

MSEX Income Statement (MRY)


Metric

2024

2023

2022

2021

Revenues

$191,877,000 (15.40%)

$166,274,000 (2.36%)

$162,434,000 (13.48%)

$143,141,000 (1.09%)

Cost of Revenue

$114,237,000 (12.15%)

$101,857,000 (4.68%)

$97,304,000 (9.55%)

$88,821,000 (3.64%)

Selling General & Administrative Expense

$0 (0%)

$0 (0%)

$0 (0%)

$0 (0%)

Research & Development Expense

$0 (0%)

$0 (0%)

$0 (0%)

$0 (0%)

Operating Expenses

$24,430,000 (-3.03%)

$25,194,000 (9.40%)

$23,029,000 (9.10%)

$21,109,000 (14.28%)

Interest Expense

$14,023,000 (6.70%)

$13,143,000 (40.31%)

$9,367,000 (15.44%)

$8,114,000 (8.29%)

Income Tax Expense

$6,905,000 (563.30%)

$1,041,000 (-67.87%)

$3,240,000 (159.04%)

-$5,488,000 (-33.24%)

Net Loss Income from Discontinued Operations

$0 (0%)

$0 (0%)

$0 (0%)

$0 (0%)

Consolidated Income

$44,351,000 (40.69%)

$31,524,000 (-25.70%)

$42,429,000 (16.11%)

$36,543,000 (-4.90%)

Net Income to Non-Controlling Interests

$0 (0%)

$0 (0%)

$0 (0%)

$0 (0%)

Net Income

$44,351,000 (40.69%)

$31,524,000 (-25.70%)

$42,429,000 (16.11%)

$36,543,000 (-4.90%)

Preferred Dividends Income Statement Impact

$112,000 (-6.67%)

$120,000 (0.00%)

$120,000 (0.00%)

$120,000 (0.00%)

Net Income Common Stock

$44,239,000 (40.87%)

$31,404,000 (-25.77%)

$42,309,000 (16.16%)

$36,423,000 (-4.91%)

Weighted Average Shares

$17,842,000 (0.62%)

$17,732,000 (0.77%)

$17,597,000 (0.60%)

$17,492,000 (0.19%)

Weighted Average Shares Diluted

$17,946,000 (0.55%)

$17,847,000 (0.76%)

$17,712,000 (0.60%)

$17,607,000 (0.19%)

Earning Before Interest & Taxes (EBIT)

$65,279,000 (42.82%)

$45,708,000 (-16.95%)

$55,036,000 (40.51%)

$39,169,000 (-6.29%)

Gross Profit

$77,640,000 (20.53%)

$64,417,000 (-1.09%)

$65,130,000 (19.90%)

$54,320,000 (-2.81%)

Operating Income

$53,210,000 (35.66%)

$39,223,000 (-6.84%)

$42,101,000 (26.77%)

$33,211,000 (-11.25%)

MSEX Cash Flow Statement (MRY)


Metric

2024

2023

2022

2021

Net Cash Flow from Investing

-$74,622,000 (17.25%)

-$90,179,000 (-2.23%)

-$88,213,000 (-11.13%)

-$79,378,000 (24.84%)

Net Cash Flow from Financing

$17,728,000 (-50.70%)

$35,959,000 (32.46%)

$27,147,000 (-31.24%)

$39,479,000 (144.16%)

Net Cash Flow from Operations

$58,730,000 (11.27%)

$52,782,000 (-13.98%)

$61,361,000 (85.78%)

$33,028,000 (-38.10%)

Net Cash Flow / Change in Cash & Cash Equivalents

$1,836,000 (227.68%)

-$1,438,000 (-587.46%)

$295,000 (104.29%)

-$6,871,000 (80.96%)

Net Cash Flow - Business Acquisitions and Disposals

$0 (0%)

$0 (0%)

$3,122,000 (0%)

$0 (0%)

Net Cash Flow - Investment Acquisitions and Disposals

$0 (0%)

$0 (0%)

$0 (0%)

$0 (0%)

Capital Expenditure

-$74,622,000 (17.25%)

-$90,179,000 (1.27%)

-$91,335,000 (-15.06%)

-$79,378,000 (24.84%)

Issuance (Repayment) of Debt Securities

-$25,100,000 (-155.05%)

$45,599,000 (20.83%)

$37,739,000 (-15.96%)

$44,904,000 (80.74%)

Issuance (Purchase) of Equity Shares

$974,000 (-91.96%)

$12,115,000 (17.22%)

$10,335,000 (169.35%)

$3,837,000 (211.95%)

Payment of Dividends & Other Cash Distributions

-$23,408,000 (-4.31%)

-$22,441,000 (-7.84%)

-$20,810,000 (-7.42%)

-$19,373,000 (-6.57%)

Effect of Exchange Rate Changes on Cash

$0 (0%)

$0 (0%)

$0 (0%)

$0 (0%)

Share Based Compensation

$1,537,000 (-30.58%)

$2,214,000 (35.83%)

$1,630,000 (21.82%)

$1,338,000 (22.08%)

Depreciation Amortization & Accretion

$28,038,000 (-4.77%)

$29,442,000 (7.16%)

$27,475,000 (2.52%)

$26,799,000 (28.61%)

MSEX Financial Metrics (MRY)


Metric

2024

2023

2022

2021

Gross Margin

40.50% (4.65%)

38.70% (-3.49%)

40.10% (5.80%)

37.90% (-4.05%)

Profit Margin

23.10% (22.22%)

18.90% (-27.31%)

26.00% (2.36%)

25.40% (-6.27%)

EBITDA Margin

48.60% (7.52%)

45.20% (-11.02%)

50.80% (10.20%)

46.10% (4.30%)

Return on Average Equity (ROAE)

10.10% (32.89%)

7.60% (-29.63%)

10.80% (5.88%)

10.20% (-10.53%)

Return on Average Assets (ROAA)

3.50% (29.63%)

2.70% (-32.50%)

4.00% (11.11%)

3.60% (-10.00%)

Return on Sales (ROS)

34.00% (23.64%)

27.50% (-18.88%)

33.90% (23.72%)

27.40% (-7.12%)

Return on Invested Capital (ROIC)

4.20% (35.48%)

3.10% (-26.19%)

4.20% (35.48%)

3.10% (-16.22%)

Dividend Yield

2.50% (31.58%)

1.90% (26.67%)

1.50% (66.67%)

0.90% (-35.71%)

Price to Earnings Ratio (P/E)

21.22 (-42.76%)

37.07 (13.10%)

32.78 (-43.33%)

57.84 (74.78%)

Price to Sales Ratio (P/S)

4.89 (-30.07%)

7 (-17.89%)

8.52 (-42.02%)

14.7 (64.51%)

Price to Book Ratio (P/B)

2.11 (-23.61%)

2.76 (-20.31%)

3.47 (-39.45%)

5.72 (56.52%)

Debt to Equity Ratio (D/E)

1.82 (-5.36%)

1.92 (14.13%)

1.68 (-5.07%)

1.77 (-2.53%)

Earnings Per Share (EPS)

2.48 (40.11%)

1.77 (-26.25%)

2.4 (15.38%)

2.08 (-5.02%)

Sales Per Share (SPS)

10.75 (14.68%)

9.38 (1.58%)

9.23 (12.81%)

8.18 (0.90%)

Free Cash Flow Per Share (FCFPS)

-0.89 (57.75%)

-2.11 (-23.84%)

-1.7 (35.74%)

-2.65 (11.49%)

Book Value Per Share (BVPS)

24.96 (4.62%)

23.86 (4.86%)

22.75 (8.21%)

21.02 (6.02%)

Tangible Assets Book Value Per Share (TABVPS)

70.35 (0.92%)

69.71 (14.16%)

61.06 (4.71%)

58.31 (4.26%)

Enterprise Value Over EBIT (EV/EBIT)

20 (-41.18%)

34 (6.25%)

32 (-48.39%)

62 (72.22%)

Enterprise Value Over EBITDA (EV/EBITDA)

14.08 (-32.74%)

20.93 (-0.65%)

21.06 (-42.76%)

36.8 (51.51%)

Asset Turnover

0.15 (8.51%)

0.14 (-9.03%)

0.15 (9.93%)

0.14 (-4.73%)

Current Ratio

0.52 (-50.43%)

1.04 (229.65%)

0.32 (-47.78%)

0.61 (1.17%)

Dividends

$1.31 (4.20%)

$1.26 (6.68%)

$1.18 (6.87%)

$1.11 (6.34%)

Free Cash Flow (FCF)

-$15,892,000 (57.50%)

-$37,397,000 (-24.76%)

-$29,974,000 (35.33%)

-$46,350,000 (11.32%)

Enterprise Value (EV)

$1,313,491,176 (-16.48%)

$1,572,696,392 (-9.51%)

$1,737,896,269 (-28.41%)

$2,427,432,904 (59.57%)

Earnings Before Tax (EBT)

$51,256,000 (57.40%)

$32,565,000 (-28.69%)

$45,669,000 (47.06%)

$31,055,000 (-9.48%)

Earnings Before Interest Taxes & Depreciation Amortization (EBITDA)

$93,317,000 (24.17%)

$75,150,000 (-8.92%)

$82,511,000 (25.08%)

$65,968,000 (5.32%)

Invested Capital

$1,554,025,000 (0.81%)

$1,541,539,000 (16.81%)

$1,319,711,000 (2.27%)

$1,290,481,000 (7.83%)

Working Capital

-$39,915,000 (-947.99%)

$4,707,000 (105.84%)

-$80,553,000 (-261.81%)

-$22,264,000 (2.03%)

Tangible Asset Value

$1,255,174,000 (1.55%)

$1,236,052,000 (15.04%)

$1,074,450,000 (5.34%)

$1,020,015,000 (4.46%)

Market Capitalization

$939,719,176 (-19.58%)

$1,168,475,392 (-15.79%)

$1,387,628,269 (-34.08%)

$2,104,890,904 (66.26%)

Average Equity

$436,942,000 (5.45%)

$414,351,500 (6.12%)

$390,463,250 (8.91%)

$358,503,000 (6.29%)

Average Assets

$1,252,383,250 (6.45%)

$1,176,492,250 (12.40%)

$1,046,680,250 (3.36%)

$1,012,698,000 (5.97%)

Invested Capital Average

$1,550,965,000 (5.59%)

$1,468,877,500 (12.55%)

$1,305,090,000 (4.24%)

$1,251,983,500 (10.76%)

Shares

17,855,200 (0.27%)

17,806,696 (0.95%)

17,638,595 (0.81%)

17,497,015 (0.16%)