Is the business good?
How good a business is MSEX?
Middlesex Water Company earns 4.8% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
4.8%
Return on invested capital · cost of capital 9.0% · 4.2 points below what the capital costs: growth destroys value
- Operating margin
- 28%
Operating margin · Utilities - Regulated Water median 29% · 12 months to Q1 2026
- Share count, year on year
- +3.5%
Share count, year on year · shareholders own a smaller slice than a year ago
| Year | Operating margin |
|---|---|
| FY2020 | 26% |
| FY2021 | 23% |
| FY2022 | 29% |
| FY2023 | 24% |
| FY2024 | 28% |
| FY2025 | 28% |
Details›
- Operating margin12 months to Q1 2026
- 28%
- Net margin12 months to Q1 2026
- 22%
- Revenue, trailing twelve months
- $199M
- Net income, trailing twelve months
- $44M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 4.8%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Utilities - Regulated Water
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