Middlesex Water Company (MSEX) - Net Assets
Based on the latest financial reports, Middlesex Water Company (MSEX) has net assets worth $482.55 Million USD as of September 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($1.34 Billion) and total liabilities ($859.41 Million). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check how strategically is Middlesex Water Company's equity deployed to assess the company's strategic physical and investment asset allocation.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $482.55 Million |
| % of Total Assets | 35.96% |
| Annual Growth Rate | 7.74% |
| 5-Year Change | 28.31% |
| 10-Year Change | 113.69% |
| Growth Volatility | 8.27 |
Middlesex Water Company - Net Assets Trend (1994–2024)
This chart illustrates how Middlesex Water Company's net assets have evolved over time, based on quarterly financial data. For live market cap and overall valuation, see MSEX stock market capitalisation.
Annual Net Assets for Middlesex Water Company (1994–2024)
The table below shows the annual net assets of Middlesex Water Company from 1994 to 2024. Also explore Middlesex Water Company (MSEX) equity growth momentum to track the company's year-over-year net asset growth rate.
| Year | Net Assets | Change |
|---|---|---|
| 2024-12-31 | $446.90 Million | +5.13% |
| 2023-12-31 | $425.07 Million | +5.63% |
| 2022-12-31 | $402.41 Million | +8.82% |
| 2021-12-31 | $369.81 Million | +6.18% |
| 2020-12-31 | $348.29 Million | +6.88% |
| 2019-12-31 | $325.88 Million | +29.72% |
| 2018-12-31 | $251.22 Million | +8.47% |
| 2017-12-31 | $231.61 Million | +4.86% |
| 2016-12-31 | $220.87 Million | +5.62% |
| 2015-12-31 | $209.13 Million | +4.71% |
| 2014-12-31 | $199.73 Million | +4.22% |
| 2013-12-31 | $191.63 Million | +3.59% |
| 2012-12-31 | $184.99 Million | +2.58% |
| 2011-12-31 | $180.33 Million | +2.09% |
| 2010-12-31 | $176.64 Million | +23.52% |
| 2009-12-31 | $143.00 Million | +1.29% |
| 2008-12-31 | $141.18 Million | +2.95% |
| 2007-12-31 | $137.14 Million | +2.88% |
| 2006-12-31 | $133.30 Million | +28.73% |
| 2005-12-31 | $103.55 Million | +4.39% |
| 2004-12-31 | $99.19 Million | +18.50% |
| 2003-12-31 | $83.71 Million | +3.90% |
| 2002-12-31 | $80.56 Million | +5.52% |
| 2001-12-31 | $76.35 Million | +2.22% |
| 2000-12-31 | $74.70 Million | +0.13% |
| 1999-12-31 | $74.60 Million | +4.04% |
| 1998-12-31 | $71.70 Million | +27.58% |
| 1997-12-31 | $56.20 Million | +8.29% |
| 1996-12-31 | $51.90 Million | +3.18% |
| 1995-12-31 | $50.30 Million | +5.45% |
| 1994-12-31 | $47.70 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to Middlesex Water Company's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 1013.3% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2024)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | $197.06 Million | 44.10% |
| Common Stock | $248.20 Million | 55.54% |
| Other Components | $1.64 Million | 0.37% |
| Total Equity | $446.90 Million | 100.00% |
Middlesex Water Company Competitors by Market Cap
The table below lists competitors of Middlesex Water Company ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Hunan Keli Motor Co Ltd
SHE:002892
|
$935.07 Million |
|
Sichuan Jinshi Technology Co Ltd Class A
SHE:002951
|
$935.19 Million |
|
Barings BDC Inc
NYSE:BBDC
|
$936.08 Million |
|
Rongan Property Co Ltd
SHE:000517
|
$936.48 Million |
|
Edgewell Personal Care Co
NYSE:EPC
|
$934.53 Million |
|
Qiming Information Technology Co Ltd
SHE:002232
|
$934.42 Million |
|
Chicony Power Technology Co Ltd
TW:6412
|
$934.36 Million |
|
Jayaswal Neco Industries Limited
NSE:JAYNECOIND
|
$933.96 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Middlesex Water Company's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2023 to 2024, total equity changed from 425,075,000 to 446,898,000, a change of 21,823,000 (5.1%).
- Net income of 44,351,000 contributed positively to equity growth.
- Dividend payments of 23,517,000 reduced retained earnings.
- New share issuances of 974,000 increased equity.
- Other comprehensive income increased equity by 233,054,000.
- Other factors decreased equity by 233,039,000.
Equity Change Factors (2023 to 2024)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $44.35 Million | +9.92% |
| Dividends Paid | $23.52 Million | -5.26% |
| Share Issuances | $974.00K | +0.22% |
| Other Comprehensive Income | $233.05 Million | +52.15% |
| Other Changes | $-233.04 Million | -52.15% |
| Total Change | $- | 5.13% |
Book Value vs Market Value Analysis
This analysis compares Middlesex Water Company's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 2.26x
- The company is trading above its book value, indicating the market recognizes value beyond its reported assets.
- The price-to-book ratio has decreased from 9.39x to 2.26x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 1994-12-31 | $5.99 | $56.21 | x |
| 1995-12-31 | $6.22 | $56.21 | x |
| 1996-12-31 | $6.23 | $56.21 | x |
| 1997-12-31 | $6.56 | $56.21 | x |
| 1998-12-31 | $7.83 | $56.21 | x |
| 1999-12-31 | $7.25 | $56.21 | x |
| 2000-12-31 | $7.19 | $56.21 | x |
| 2001-12-31 | $7.29 | $56.21 | x |
| 2002-12-31 | $7.58 | $56.21 | x |
| 2003-12-31 | $7.74 | $56.21 | x |
| 2004-12-31 | $8.68 | $56.21 | x |
| 2005-12-31 | $8.79 | $56.21 | x |
| 2006-12-31 | $10.95 | $56.21 | x |
| 2007-12-31 | $10.13 | $56.21 | x |
| 2008-12-31 | $10.37 | $56.21 | x |
| 2009-12-31 | $10.43 | $56.21 | x |
| 2010-12-31 | $11.84 | $56.21 | x |
| 2011-12-31 | $11.36 | $56.21 | x |
| 2012-12-31 | $11.57 | $56.21 | x |
| 2013-12-31 | $11.90 | $56.21 | x |
| 2014-12-31 | $12.31 | $56.21 | x |
| 2015-12-31 | $12.81 | $56.21 | x |
| 2016-12-31 | $13.45 | $56.21 | x |
| 2017-12-31 | $14.05 | $56.21 | x |
| 2018-12-31 | $15.19 | $56.21 | x |
| 2019-12-31 | $19.36 | $56.21 | x |
| 2020-12-31 | $19.82 | $56.21 | x |
| 2021-12-31 | $21.00 | $56.21 | x |
| 2022-12-31 | $22.72 | $56.21 | x |
| 2023-12-31 | $23.82 | $56.21 | x |
| 2024-12-31 | $24.90 | $56.21 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Middlesex Water Company utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 9.92%
- The company has moderate efficiency in generating returns from equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 23.11%
- • Asset Turnover: 0.15x
- • Equity Multiplier: 2.81x
- Recent ROE (9.92%) is above the historical average (9.30%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 1994 | 11.53% | 15.24% | 0.27x | 2.78x | $730.00K |
| 1995 | 11.33% | 15.08% | 0.26x | 2.88x | $670.00K |
| 1996 | 10.02% | 13.68% | 0.26x | 2.87x | $10.00K |
| 1997 | 10.50% | 14.64% | 0.25x | 2.84x | $280.00K |
| 1998 | 9.07% | 15.08% | 0.21x | 2.84x | $-670.00K |
| 1999 | 10.59% | 14.77% | 0.25x | 2.88x | $440.00K |
| 2000 | 7.10% | 9.74% | 0.25x | 2.94x | $-2.16 Million |
| 2001 | 9.11% | 11.66% | 0.25x | 3.10x | $-682.35K |
| 2002 | 9.64% | 12.54% | 0.25x | 3.04x | $-291.08K |
| 2003 | 7.92% | 10.34% | 0.24x | 3.14x | $-1.74 Million |
| 2004 | 8.51% | 11.90% | 0.24x | 3.02x | $-1.47 Million |
| 2005 | 8.19% | 11.36% | 0.23x | 3.13x | $-1.88 Million |
| 2006 | 7.53% | 12.38% | 0.22x | 2.78x | $-3.29 Million |
| 2007 | 8.64% | 13.75% | 0.22x | 2.86x | $-1.87 Million |
| 2008 | 8.65% | 13.41% | 0.21x | 3.12x | $-1.91 Million |
| 2009 | 6.98% | 10.93% | 0.20x | 3.20x | $-4.32 Million |
| 2010 | 8.11% | 13.95% | 0.21x | 2.77x | $-3.33 Million |
| 2011 | 7.46% | 13.17% | 0.19x | 2.98x | $-4.59 Million |
| 2012 | 7.78% | 13.04% | 0.20x | 3.04x | $-4.10 Million |
| 2013 | 8.68% | 14.48% | 0.22x | 2.77x | $-2.53 Million |
| 2014 | 9.24% | 15.75% | 0.20x | 2.88x | $-1.53 Million |
| 2015 | 9.58% | 15.89% | 0.22x | 2.80x | $-885.00K |
| 2016 | 10.30% | 17.11% | 0.21x | 2.81x | $654.70K |
| 2017 | 9.85% | 17.44% | 0.20x | 2.85x | $-351.80K |
| 2018 | 12.92% | 23.50% | 0.18x | 3.06x | $7.33 Million |
| 2019 | 10.40% | 25.18% | 0.15x | 2.79x | $1.30 Million |
| 2020 | 11.03% | 27.14% | 0.15x | 2.80x | $3.60 Million |
| 2021 | 9.88% | 25.53% | 0.14x | 2.76x | $-438.00K |
| 2022 | 10.54% | 26.12% | 0.15x | 2.67x | $2.19 Million |
| 2023 | 7.42% | 18.96% | 0.13x | 2.91x | $-10.98 Million |
| 2024 | 9.92% | 23.11% | 0.15x | 2.81x | $-338.80K |
Industry Comparison
This section compares Middlesex Water Company's net assets metrics with peer companies in the Utilities - Regulated Water industry.
Industry Context
- Industry: Utilities - Regulated Water
- Average net assets among peers: $252,424,927
- Average return on equity (ROE) among peers: 148.73%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Middlesex Water Company (MSEX) | $482.55 Million | 11.53% | 1.78x | $935.05 Million |
| Aris Water Solutions Inc (ARIS) | $189.00K | 1292.59% | 70.20x | $620.38 Million |
| Artesian Resources Corporation (ARTNA) | $57.81 Million | 8.71% | 3.22x | $334.00 Million |
| American Water Works (AWK) | $1.24 Billion | 9.60% | 2.48x | $26.81 Billion |
| American States Water Company (AWR) | $201.86 Million | 10.13% | 2.39x | $3.44 Billion |
| Consolidated Water Co Ltd (CWCO) | $4.10 Million | 12.20% | 1.46x | $453.72 Million |
| California Water Service Group (CWT) | $435.53 Million | 8.65% | 2.89x | $2.96 Billion |
| Global Water Resources Inc (GWRS) | $32.19 Million | 3.43% | 7.81x | $244.09 Million |
| H2O America (HTO) | $252.76 Million | 6.00% | 2.48x | $1.74 Billion |
| Pure Cycle Corporation (PCYO) | $47.29 Million | -12.72% | 1.46x | $267.79 Million |
About Middlesex Water Company
Middlesex Water Company owns and operates regulated water utility and wastewater systems in the United States. It operates in two segments, Regulated and Non-Regulated. The Regulated segment collects, treats, and distributes water on a retail and wholesale basis to residential, commercial, industrial, and fire protection customers; and provides regulated wastewater system in New Jersey, Pinelands… Read more