Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $133M | $131M | $138M | $134M | $141M | $143M | $162M | $166M | $192M | $195M |
| Revenue growth | — | -1.6% | 5.6% | -2.5% | 5.2% | 1.1% | 13.5% | 2.5% | 15.4% | 1.5% |
| Operating income | $40.3M | $37.8M | $37.1M | $35.5M | $37.4M | $33.2M | $47.3M | $39.2M | $53.2M | $54.4M |
| Operating margin | 30.4% | 28.9% | 26.9% | 26.4% | 26.5% | 23.2% | 29.2% | 23.6% | 27.7% | 27.9% |
| Net income | $22.7M | $22.8M | $32.5M | $33.9M | $38.4M | $36.5M | $42.4M | $31.5M | $44.4M | $42.8M |
| Net margin | 17.1% | 17.5% | 23.5% | 25.2% | 27.2% | 25.6% | 26.1% | 19.0% | 23.1% | 22.0% |
| EPS (diluted) | $1.38 | $1.38 | $1.96 | $2.01 | $2.18 | $2.07 | $2.39 | $1.76 | $2.47 | $2.36 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $47.1M | $42.8M | $45.9M | $36.1M | $53.4M | $33.0M | $61.4M | $52.8M | $58.7M | $62.6M |
| Capital expenditures | — | — | — | — | $106M | $79.4M | $91.3M | $90.2M | $74.6M | — |
| Free cash flow | — | — | — | — | -$52.3M | -$46.4M | -$30.0M | -$37.4M | -$15.9M | — |
| Share buybacks | — | — | — | — | — | — | — | $619K | $1.47M | — |
| Dividends paid | $13.1M | $14.0M | $14.9M | $16.2M | $18.2M | $19.4M | $20.8M | $22.4M | $23.4M | $24.9M |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $3.88M | $4.94M | $3.71M | $2.23M | $4.49M | $3.53M | $3.83M | $2.39M | $4.23M | $2.80M |
| Total assets | $620M | $661M | $768M | $910M | $976M | $1.02B | $1.07B | $1.24B | $1.26B | $1.37B |
| Long-term debt | $135M | $139M | $153M | $231M | $273M | $307M | $290M | $358M | $353M | $379M |
| Shareholders' equity | — | — | — | — | $346M | $368M | $400M | $423M | $445M | $494M |
| Retained earnings | $65.4M | $74.1M | $91.4M | $109M | $129M | $146M | $167M | $176M | $197M | $215M |
| Shares (wtd avg diluted) | 16.4M | 16.5M | 16.5B | 16.8M | 17.6B | 17.6B | 17.7M | 17.8M | 17.9M | 18.1M |
Every figure is extracted from MIDDLESEX WATER CO’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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