Middlesex Water vs York Water
Middlesex Water is the larger business, with $195m of revenue in fiscal 2025 against $77.5m for York Water (2.5 times as much). York Water grew faster (3.4% against 1.5%). York Water kept more of each dollar of sales as profit: a net margin of 25.9% against 22.0%. Middlesex Water carries less debt relative to equity (84.0% against 96.6%).
| Latest fiscal year | Middlesex WaterMSEX, 2025 | York WaterYORW, 2025 |
|---|---|---|
| Revenue | $195m | $77.5m |
| Revenue growth | 1.5% | 3.4% |
| Net income | $42.8m | $20.1m |
| Operating margin | 27.9% | 35.8% |
| Net margin | 22.0% | 25.9% |
| Return on equity | 9.1% | 8.5% |
| Free cash flow | $62.6m | −$18.9m |
| Cash | $2.8m | $1,000 |
| Total debt | $415m | $232m |
| Debt to equity | 84.0% | 96.6% |
| Dividend per share | $1.38 | $0.89 |
| Dividend yield | 2.4% | 2.5% |
| Share buybacks | — | — |
| Employees | 395 | 129 |
| Market value | $1.11bn | $516m |
| Price vs our value range | Above our value range | — |
| Moat score | 47 (Moderate) | 43 (Weak) |
| Insider trades, 12 months | 1 buys, 4 sales | 34 buys, 1 sales |