Middlesex Water Company

MSEXNASDAQUtilities● Active

$52.62

$-0.75(-1.41%)

Market Cap$980010666

P/E Ratio—

52W High$62.18

52W Low$44.17

Avg Volume156K

Open$53.37

Beta0.78

Free Cash Flow Financials Revenue

Middlesex Water Company (MSEX) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

MSEX · free cash flow · updated Jun 8, 2026

Core FCF metrics

MSEX · FCF · TTM · margin & CAGR

Free cash flow was −$33.8M for FY2025 (fiscal year ending 2025-12-31), down 112.4% year-over-year The FCF margin was -17.3%.

FY2025 Free Cash Flow−$33.8M▼ -112.4% YoY

Trailing 12M (TTM)$15.2MTrailing 4Q sum · TTM positive vs latest FY negative

FCF Margin-17.3%−$33.8M ÷ revenue

3-Year CAGRN/AN/A — contains negative FCF

5-Year CAGRN/AN/A — contains negative FCF

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

MSEX · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$62.6M(96M)−$33.8M▼ 112.4%-17.3%

FY2024$58.7M(75M)−$15.9M▲ +57.5%-8.3%

FY2023$52.8M(90M)−$37.4M▼ 24.8%-22.5%

FY2022$61.4M(91M)−$30.0M▲ +35.3%-18.4%

FY2021$33.0M(79M)−$46.4M▲ +11.3%-32.4%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

MSEX · P/FCF · FCF yield · FCF per share

Middlesex Water Company (MSEX) trades at a FCF yield of 1.53% and a price-to-free-cash-flow ratio of 62.6x. FCF per share stands at $0.84, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

1.53%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$0.84

TTM FCF ÷ Shares Outstanding

Price / FCF

x62.6

Share Price ÷ FCF per Share

EV / FCF (TTM)

x93.4

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

MSEX · cash flow statement · operating / investing / financing

For FY2025, Middlesex Water Company generated $62.6M in operating cash flow and spent 96M in capital expenditures, yielding −$33.8M in free cash flow.

Operating Activities

+$62.6M

Cash from core business operations

2025-12-31

Investing Activities

−$101.0M

CapEx, acquisitions & investments

2025-12-31

Financing Activities

+$38.6M

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($62.6M) − |CapEx| (96M) = FCF (−$33.8M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Utilities)

MSEX vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Middlesex Water CompanyYOU

MSEX

−$33.8M-112.4%-17.3%

Loss

Constellation Energy Corporation

CEG

$1.29B+125.6%5.0%

35%

Duke Energy Corporation

Utilities · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Middlesex Water Company (MSEX) reported free cash flow of −$33.8M for FY2025 (fiscal year ending 2025-12-31), down 112.4% year-over-year. The FCF margin was -17.3%.

Based on available data, Middlesex Water Company has maintained positive free cash flow for at least 4 fiscal year(s). FCF peaked at $25.4M in FY2015.

Middlesex Water Company's FCF yield is 1.53% and price-to-FCF ratio is 62.6x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

MSEX free cash flow · 8 questions

Middlesex Water Company free cash flow was −$33.8M for FY2025, down 112.4% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $15.2M.

MSEX free cash flowMSEX FCFMSEX FCF 2025MSEX free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Middlesex Water Company · Middlesex Water Company SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026