What is a cash flow waterfall?

A cash flow waterfall is a bar chart that walks from operating cash flow through capital expenditure to free cash flow, then shows how the remaining cash is allocated — acquisitions, buybacks, dividends, debt, and other financing — ending at the net change in cash. Each step is colour-coded: green bars add to the running total, red bars subtract.

How does Middlesex Water (MSEX) spend its free cash flow?

For TTM through Q1 2026, Middlesex Water generated $60.5M of operating cash flow and $15.2M of free cash flow — a free cash flow margin of 25.1% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Middlesex Water (MSEX) return via buybacks and dividends?

The waterfall shows buybacks (share repurchases) and dividends paid as separate steps in the financing section. Together these represent Middlesex Water's shareholder returns for TTM through Q1 2026. You can compare these against free cash flow to assess the capital-return payout ratio.

Middlesex Water (MSEX) Cash Flow Waterfall

Operating CF

$60.5M

Capex

-$45.4M

Free Cash Flow

$15.2M

FCF Margin

+25.1%

Cash flow waterfall for Middlesex Water (MSEX) — TTM through Q1 2026

Free cash flow: $15.2M

Note: Other Investing is large — driven mainly by purchases or sales of investments.

Cash flow breakdown for Middlesex Water (MSEX) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$60.5M	$60.5M
Capital Expenditure	-$45.4M	$15.2M
Free Cash Flow	$15.2M	$15.2M
Acquisitions	-$4.61M	$10.6M
Other Investing	-$52.7M	-$42.1M
Dividends Paid	-$25.6M	-$67.7M
Net Debt Change	$33.3M	-$34.4M
Other Financing & FX	$35.5M	$1.06M
Net Cash Increase	$1.06M	$1.06M

Operating Cash Flow$60.5M
Capital Expenditure-$45.4M
Free Cash Flow$15.2M
Acquisitions-$4.61M
Other Investing-$52.7M
Dividends Paid-$25.6M
Net Debt Change$33.3M
Other Financing & FX$35.5M
Net Cash Increase$1.06M

Want to see what drove the FCF change?Free Cash Flow Bridge

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