CWT vs MSEX
California Water Service Group and Middlesex Water Co., side by side — 10 fiscal years reported in USD, drawn from SEC filings.
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 | 7.7% | 9.1% |
| Diluted EPS | $2.15 | $2.36 |
| Dividend / share | $1.24 | $1.38 |
| Payout ratio | 57.6% | 58.2% |
| Free cash flow | · | · |
| Equity | · | $494.0M |
| Net debt / equity | 0.84× | 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. "·" marks a figure not available in our data.
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 | $162.4M |
| FY2021 | $765.7M | $143.1M |
| FY2020 | $697.6M | $141.6M |
| FY2019 | $664.4M | $134.6M |
| FY2018 | $674.7M | $138.1M |
| FY2017 | $622.5M | $130.8M |
| FY2016 | $589.5M | $132.9M |
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 |
10 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +$769,001,000 | CWT |
| FY2024 | +$713,746,000 | CWT |
| FY2023 | +$624,060,000 | CWT |
| FY2022 | +$610,182,000 | CWT |
| FY2021 | +$622,563,000 | CWT |
| FY2020 | +$555,985,000 | CWT |
| FY2019 | +$529,760,000 | CWT |
| FY2018 | +$536,659,000 | CWT |
| FY2017 | +$491,699,000 | CWT |
| FY2016 | +$456,622,000 | CWT |
CWT has reported the higher revenue in every one of these 10 fiscal years. The gap has widened since the earliest year compared.
10 of 17 comparable fiscal years — a year missing data on either side is not counted.
9 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −8.7 pp | MSEX |
| FY2024 | −2.1 pp | MSEX |
| FY2023 | −12.5 pp | MSEX |
| FY2022 | −13.8 pp | MSEX |
| FY2021 | −12.3 pp | MSEX |
| FY2020 | −13.3 pp | MSEX |
| FY2019 | −15.7 pp | MSEX |
| FY2018 | −13.8 pp | MSEX |
| FY2017 | −5.7 pp | MSEX |
MSEX has kept the higher net margin in every one of these 9 fiscal years.
9 of 17 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
CWT's net margin has been more volatile than MSEX's over the 9 comparable fiscal years — 3.8 percentage points of standard deviation against 3.1.
9 of 17 comparable fiscal years — a year missing data on either side is not counted.
Year by year
MSEX led in net margin in every one of the 9 comparable fiscal years — a structural lead, not a recent swing.
9 of 17 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
MSEX's return on equity has been more volatile than CWT's over the 12 comparable fiscal years — 2.4 percentage points of standard deviation against 2.1.
12 of 18 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in return on equity changed hands between CWT and MSEX over these 12 fiscal years — CWT led in 8 and MSEX in 4.
12 of 18 comparable fiscal years — a year missing data on either side is not counted.