MSEX (MSEX) financial statements
MSEX reported revenue of $195M in fiscal 2025, up 4.3% a year over 9 years.
Net income was $43M and the operating margin 27.9%, against 30.3% in 2016.
The diluted share count rose 10% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from MSEX's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $133M | $131M | $138M | $135M | $142M | $143M | $162M | $166M | $192M | $195M |
| Operating income | $40M | $38M | $37M | $36M | $37M | $33M | $47M | $39M | $53M | $54M |
| Interest expense | $5M | $6M | $7M | $7M | $7M | $8M | $9M | $13M | $14M | $14M |
| Pre-tax income | $34M | $34M | $33M | $31M | $34M | $31M | $46M | $33M | $51M | $48M |
| Income tax | $12M | $11M | $924,000 | -$3M | -$4M | -$5M | $3M | $1M | $7M | $5M |
| Net income | $23M | $23M | $32M | $34M | $38M | $37M | $42M | $32M | $44M | $43M |
| EPS (diluted) | $1.38 | $1.38 | $1.96 | $2.01 | $2.18 | $2.07 | $2.39 | $1.76 | $2.47 | $2.36 |
| Diluted shares | 16M | 16M | 17M | 17M | 18M | 18M | 18M | 18M | 18M | 18M |
| Operating margin | 30.3% | 28.9% | 26.9% | 26.4% | 26.4% | 23.2% | 29.1% | 23.6% | 27.7% | 27.9% |
| Net margin | 17.1% | 17.4% | 23.5% | 25.2% | 27.1% | 25.5% | 26.1% | 19.0% | 23.1% | 22.0% |
Balance sheet
Fiscal years, from MSEX's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $5M | $5M | $4M | $2M | $4M | $4M | $4M | $2M | $4M | $3M |
| Receivables | $10M | $11M | $12M | $12M | $15M | $15M | $16M | $18M | $19M | $19M |
| Total current assets | $27M | $29M | $31M | $29M | $34M | $34M | $37M | $109M | $43M | $42M |
| Total assets | $620M | $661M | $768M | $910M | $976M | $1.0B | $1.1B | $1.2B | $1.3B | $1.4B |
| Total current liabilities | $47M | $65M | $94M | $65M | $57M | $57M | $118M | $104M | $83M | $94M |
| Long-term debt | $135M | $139M | $153M | $231M | $273M | $307M | $290M | $358M | $353M | $379M |
| Total liabilities | — | — | — | — | $630M | $652M | $674M | $813M | $810M | $872M |
| Shareholders' equity | — | — | — | — | $346M | $368M | $400M | $423M | $445M | $494M |
| Net debt | $136M | $141M | $156M | $236M | $276M | $310M | $304M | $720M | $356M | $384M |
Cash flow
Fiscal years, from MSEX's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $47M | $43M | $46M | $36M | $53M | $33M | $61M | $53M | $59M | $63M |
| Capital spending | — | — | — | — | $106M | $79M | $91M | $90M | $75M | — |
| Free cash flow | — | — | — | — | -$52M | -$46M | -$30M | -$37M | -$16M | — |
| Stock-based compensation | $829,000 | $840,000 | $1M | $637,000 | $1M | $1M | $2M | $2M | $2M | $1M |
| Dividends paid | $13M | $14M | $15M | $16M | $18M | $19M | $21M | $22M | $23M | $25M |
| Share buybacks (net) | — | — | — | — | — | — | — | -$619,000 | -$1M | — |
| Net borrowing | $12M | $21M | $36M | $43M | $25M | $45M | $38M | $46M | -$25M | $32M |
| Free cash flow margin | — | — | — | — | -36.9% | -32.4% | -18.5% | -22.5% | -8.3% | — |
| Dividends per share | $0.80 | $0.85 | $0.90 | $0.96 | $1.03 | $1.10 | $1.17 | $1.26 | $1.30 | $1.37 |
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What was MSEX's revenue in 2025?
$195M in fiscal 2025, from its 10-K filing.
From MSEX's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.