HTO vs MSEX
H2O America 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 | HTO | MSEX |
|---|---|---|
| Revenue | $805.6M | $194.7M |
| Net income | $102.6M | $42.8M |
| Gross margin | — | — |
| Net margin | 12.7% | 22.0% |
| Return on equity | 7.1% | 9.1% |
| Diluted EPS | $2.92 | — |
| Dividend / share | $1.68 | $1.38 |
| Payout ratio | 57.2% | 58.2% |
| Free cash flow | $165.6M | $-15.9M |
| Equity | $1.5B | $494.0M |
| Net debt / equity | 1.21× | 0.78× |
| Current ratio | 0.70× | 0.45× |
| Revenue CAGR 5y | 8.0% | 6.6% |
| Profit CAGR 5y | 10.8% | 2.2% |
HTO bills 4.1× the revenue of MSEX, and MSEX keeps more of each dollar of revenue as profit (22.0% against 12.7%).
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 | HTO | MSEX |
|---|---|---|
| FY2025 | $805.6M | $194.7M |
| FY2024 | $736.3M | $191.9M |
| FY2023 | $678.2M | $166.3M |
| FY2022 | $586.9M | $162.3M |
| FY2021 | $559.6M | $143.0M |
| FY2020 | $549.3M | $141.4M |
| FY2019 | $447.7M | $134.5M |
| FY2018 | $389.3M | $137.9M |
| FY2017 | $381.8M | $130.6M |
| FY2016 | $328.2M | $132.7M |
Net income by year
Bottom line
| Fiscal year | HTO | MSEX |
|---|---|---|
| FY2025 | $102.6M | $42.8M |
| FY2024 | $94.0M | $44.4M |
| FY2023 | $85.0M | $31.5M |
| FY2022 | $73.8M | $42.4M |
| FY2021 | $60.5M | $36.5M |
| FY2020 | $61.5M | $38.4M |
| FY2019 | $23.4M | $33.9M |
| FY2018 | $38.8M | $32.5M |
| FY2017 | $59.2M | $22.8M |
| FY2016 | $52.8M | $22.7M |
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