CWT vs MSEX
California Water Service Group and Middlesex Water Company, side by side — 10 fiscal years reported in USD, drawn from SEC filings.
At a glance
Most recent reported year
| Metric | CWT | MSEX |
|---|---|---|
| Revenue | $963.7M | $194.7M |
| Net income | $128.2M | $42.8M |
| Gross margin | — | — |
| Net margin | 13.3% | 22.0% |
| Return on equity | 11.0% | 9.1% |
| Diluted EPS | $2.15 | — |
| Dividend / share | $1.24 | $1.38 |
| Payout ratio | 57.6% | 58.2% |
| Free cash flow | — | $-15.9M |
| Equity | $921.3M | $494.0M |
| Net debt / equity | 0.80× | 0.78× |
| Current ratio | 0.85× | 0.45× |
| Revenue CAGR 5y | 6.7% | 6.6% |
| Profit CAGR 5y | 5.8% | 2.2% |
CWT bills 4.9× the revenue of MSEX, and MSEX keeps more of each dollar of revenue as profit (22.0% against 13.3%).
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner.
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Revenue by year
10 years side by side
| Fiscal year | CWT | MSEX |
|---|---|---|
| FY2025 | $963.7M | $194.7M |
| FY2024 | $905.6M | $191.9M |
| FY2023 | $790.3M | $166.3M |
| FY2022 | $772.6M | $162.3M |
| FY2021 | $765.7M | $143.0M |
| FY2020 | $697.6M | $141.4M |
| FY2019 | $664.4M | $134.5M |
| FY2018 | $674.7M | $137.9M |
| FY2017 | $622.5M | $130.6M |
| FY2016 | $589.5M | $132.7M |
Net income by year
Bottom line
| Fiscal year | CWT | MSEX |
|---|---|---|
| FY2025 | $128.2M | $42.8M |
| FY2024 | $190.8M | $44.4M |
| FY2023 | $51.9M | $31.5M |
| FY2022 | $96.0M | $42.4M |
| FY2021 | $101.1M | $36.5M |
| FY2020 | $96.8M | $38.4M |
| FY2019 | $63.1M | $33.9M |
| FY2018 | $65.6M | $32.5M |
| FY2017 | $72.9M | $22.8M |
| FY2016 | $48.7M | $22.7M |
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