How does Middlesex Water (MSEX) make money?

Middlesex Water (MSEX) generates revenue primarily from Residential Member, which accounted for 70.7% of total revenue in TTM through Q1 2026. The company reported $199.11M in revenue and converted 22.1% of it into net profit, equivalent to roughly $43.95M in net income — what's left after the cost of revenue, operating expenses, interest, and income taxes.

What is the gross profit margin of Middlesex Water (MSEX)?

Middlesex Water (MSEX) reported a gross profit margin of 46.2% in TTM through Q1 2026, equivalent to $92.03M in gross profit on $199.11M in revenue. Gross margin measures how much of each dollar of revenue remains after the direct cost of producing or delivering the product — a higher figure typically signals pricing power, scale, or a less capital-intensive business model.

What is the operating profit margin of Middlesex Water (MSEX)?

Middlesex Water (MSEX) reported an operating profit margin of 28.1% in TTM through Q1 2026, equivalent to $55.92M in operating income. Operating margin captures profitability after research & development, sales & marketing, and general & administrative expenses — but before interest, taxes, and one-off items — and is the cleanest single read on the underlying business's efficiency.

What is the net profit margin of Middlesex Water (MSEX)?

Middlesex Water (MSEX) reported a net profit margin of 22.1% in TTM through Q1 2026, equivalent to $43.95M in net income. Net margin is the bottom-line share of revenue that survives every expense — operating costs, interest, and income taxes — and is the figure that flows directly into earnings per share.

Is Middlesex Water (MSEX) profitable?

Yes. Middlesex Water (MSEX) reported $43.95M in net income for TTM through Q1 2026, with a net profit margin of 22.1%. The company earned more from its operations than it paid out in costs, interest, and income taxes, leaving positive earnings on the bottom line.

How much does Middlesex Water (MSEX) spend on capital expenditures?

Middlesex Water (MSEX) spent $45.35M on capital expenditures (CapEx) during TTM through Q1 2026, roughly 22.8% of total revenue. CapEx represents long-lived investment in property, equipment, data centres, and other physical infrastructure, and is subtracted from operating cash flow to arrive at free cash flow.

How much free cash flow does Middlesex Water (MSEX) generate?

Middlesex Water (MSEX) generated $15.19M in free cash flow during TTM through Q1 2026, a free-cash-flow margin of 7.6%. Free cash flow is the cash left after capital expenditures and represents the discretionary pool the company can use to pay dividends, repurchase shares, repay debt, or fund acquisitions without raising external capital.

What is the effective tax rate of Middlesex Water (MSEX)?

Middlesex Water (MSEX) had an effective tax rate of 10.1% in TTM through Q1 2026. The effective rate is the actual share of pre-tax income paid as income taxes and can differ materially from the statutory rate due to foreign earnings mix, tax credits (such as R&D), share-based compensation deductions, and one-off discrete items.

What are the main business segments of Middlesex Water (MSEX)?

Middlesex Water (MSEX) reports revenue across 3 reportable product segments, led by Residential Member at 70.7% of total revenue in TTM through Q1 2026. See the revenue-by-segment table on this page for the full breakdown and how each segment feeds into the income-statement waterfall above.

How Middlesex Water Makes Money: 2026 Visual Revenue Map

Middlesex Water (MSEX) Income Statement Flow — TTM through Q1 2026

Calculated from the four most recent reported quarters, ending March 31, 2026 (reported April 30, 2026).

Middlesex Water discloses geographic revenue only in annual filings. to view the full breakdown.

Middlesex Water (MSEX) Revenue by Product Segment — TTM through Q1 2026

Aggregated from the four quarterly disclosures behind this TTM. Minor differences vs the company's annual filing can occur if reported segments changed mid-year.

Revenue contribution by product segment for Middlesex Water (MSEX) in TTM through Q1 2026.
Segment	Revenue (USD)	% of total
Residential Member	$140.81M	70.7%
Commercial Member	$40.04M	20.1%
Industrial Member	$18.26M	9.2%
Total	$199.11M	100%

Residential Member$140.81M
Commercial Member$40.04M
Industrial Member$18.26M
Total$199.11M

Revenue Breakdown — TTM through Q1 2026

In TTM through Q1 2026, Middlesex Water (MSEX) reports revenue across 3 operating segments; the largest segment was Residential Member at 70.7%, followed by Commercial Member (20.1%) and Industrial Member (9.2%).

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