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MIDDLESEX WATER CO

MSEX

$58.20 ▲ +0.81 (+1.42%) at close

18 Visible periods

34 Metrics

Peer-ranked Benchmarks

Price Chart

Health

Good

Bullish

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Analytical Summary

MIDDLESEX WATER CO shows strong fundamentals with top-quartile Profit Margin (%) and Operating Margin (%). The company's metrics support a bullish outlook for growth-oriented investors.

Market Cap $1.1B

Dividend Yield 2.37%

Revenue Growth 1.5% ↘

Op. Margin 27.9% →

ROIC 5.6% ↘

FCF / Share None

Trailing P/E 24.7x

Price / Book 2.2x

FCF Yield —

Debt / Equity 0.77

info Valuation on last close. End-of-day price, Aug 7, 2026.

18-Year Financial Trajectory

Annual

Metric Value Trend Year over Year Percentile

Revenue Total top-line sales

$194.69M

↑ +1.5% —

Net Income Profit after all expenses

$42.82M

↓ -3.4% —

Operating Margin Operating profit as % of sales

27.9%

↑ +0.7% 84th

Long-Term Debt Long-term obligations

$378.87M

↑ +7.4% —

trending_up

Bullish Indicators

Operating Margin (%)Operating Margin (%) is in the top quartile
Profit Margin (%)Profit Margin (%) is in the top quartile

warning

Bearish Risks

No bearish risks detected.

Health Breakdown

Profitability →

Returns ↑

Financial Health ↑

Dividend History

Dividend / share · sourced from SEC filings

$1.38 Latest / share

+4.9% YoY

+5.5% 12-yr CAGR

$0.76

FY 2014

$0.78

FY 2015

$0.81

FY 2016

$0.86

FY 2017

$0.91

FY 2018

$0.98

FY 2019

$1.04

FY 2020

$1.11

FY 2021

$1.18

FY 2022

$1.26

FY 2023

$1.31

FY 2024

$1.38

FY 2025

Financial view

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📈 Is growth accelerating? 7 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗
Revenue Growth YoY (%)	1.5% Caution ↓ Caution Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-51%)	15.5% Good ↑ Good Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+417%)	2.4% Caution ↓ Caution Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-21%)	13.5% Good ↑ Good Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+350%)	1.1% Caution ↓ Caution Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-64%)	5.2% Fair ↑ Fair Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+73%)	-2.5% Weak Weak Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-184%)	5.6% Fair Fair Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+86%)	—	—	—	—	—	—	—	—	—	—
EPS Growth YoY (%)	-4.8% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	40.1% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	-26.2% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	15.4% Good ↑ Good Improving Year-over-year change in earnings per share Optimal: > 10%	-5.0% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	8.4% Fair ↓ Fair Declining Year-over-year change in earnings per share Optimal: > 10%	2.5% Caution ↓ Caution Declining Year-over-year change in earnings per share Optimal: > 10%	41.7% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	0.0% Caution ↓ Caution Declining Year-over-year change in earnings per share Optimal: > 10%	13.0% Fair ↑ Fair Improving Year-over-year change in earnings per share Optimal: > 10%	7.9% Fair ↓ Fair Declining Year-over-year change in earnings per share Optimal: > 10%	9.6% Fair ↑ Fair Improving Year-over-year change in earnings per share Optimal: > 10%	15.6% Good ↑ Good Improving Year-over-year change in earnings per share Optimal: > 10%	5.9% Fair ↓ Fair Declining Year-over-year change in earnings per share Optimal: > 10%	-11.5% Weak Weak Year-over-year change in earnings per share Optimal: > 10%	31.5% Excellent Excellent Year-over-year change in earnings per share Optimal: > 10%	—	—
Net Income Growth YoY (%)	-3.4% Weak ↓ Weak Declining Year-over-year change in net income	40.7% Excellent ↑ Excellent Improving Year-over-year change in net income	-25.7% Weak ↓ Weak Declining Year-over-year change in net income	16.1% Good ↑ Good Improving Year-over-year change in net income	-4.9% Weak ↓ Weak Declining Year-over-year change in net income	13.4% Fair ↓ Fair Declining Year-over-year change in net income	4.4% Caution ↓ Caution Declining Year-over-year change in net income	42.3% Excellent ↑ Excellent Improving Year-over-year change in net income	0.3% Caution ↓ Caution Declining Year-over-year change in net income	13.6% Fair ↑ Fair Improving Year-over-year change in net income	8.6% Fair ↓ Fair Declining Year-over-year change in net income	10.9% Fair ↑ Fair Improving Year-over-year change in net income	15.5% Good → Good Stable Year-over-year change in net income	7.1% Fair ↓ Fair Declining Year-over-year change in net income	-6.2% Weak Weak Year-over-year change in net income	43.6% Excellent Excellent Year-over-year change in net income	—	—
FCF Growth YoY (%) N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Revenue CAGR 3Y (%)	6.3% Fair ↓ Fair Declining Compound annual revenue growth over 3 years	10.3% Good ↑ Good Improving Compound annual revenue growth over 3 years	5.5% Fair ↑ Fair Improving Compound annual revenue growth over 3 years	6.5% Fair ↑ Fair Improving Compound annual revenue growth over 3 years	1.2% Weak Weak Compound annual revenue growth over 3 years	2.7% Caution Caution Compound annual revenue growth over 3 years	—	—	—	—	—	—	—	—	—	—	—	—
Revenue CAGR 5Y (%)	6.6% Fair ↑ Fair Improving Compound annual revenue growth over 5 years	7.4% Fair ↑ Fair Improving Compound annual revenue growth over 5 years	3.8% Caution Caution Compound annual revenue growth over 5 years	4.4% Fair Fair Compound annual revenue growth over 5 years	—	—	—	—	—	—	—	—	—	—	—	—	—	—
EPS CAGR 3Y (%)	-0.6% Weak ↓ Weak Declining Compound annual EPS growth over 3 years	6.0% Fair ↑ Fair Improving Compound annual EPS growth over 3 years	-6.9% Weak ↓ Weak Declining Compound annual EPS growth over 3 years	5.9% Fair ↓ Fair Declining Compound annual EPS growth over 3 years	1.8% Caution ↓ Caution Declining Compound annual EPS growth over 3 years	16.4% Excellent ↑ Excellent Improving Compound annual EPS growth over 3 years	13.3% Good ↑ Good Improving Compound annual EPS growth over 3 years	17.0% Excellent ↑ Excellent Improving Compound annual EPS growth over 3 years	6.8% Fair ↓ Fair Declining Compound annual EPS growth over 3 years	10.2% Good ↑ Good Improving Compound annual EPS growth over 3 years	11.0% Good ↑ Good Improving Compound annual EPS growth over 3 years	10.3% Good ↑ Good Improving Compound annual EPS growth over 3 years	2.7% Caution Caution Compound annual EPS growth over 3 years	7.2% Fair Fair Compound annual EPS growth over 3 years	—	—	—	—

💰 Are margins durable? 5 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗
Operating Margin (%) (%)	27.9% Excellent → Excellent Stable Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+40%)	27.7% Excellent ↑ Excellent Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+39%)	23.6% Good ↓ Good Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+18%)	29.2% Excellent ↑ Excellent Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+46%)	23.2% Good ↓ Good Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+16%)	26.5% Excellent → Excellent Stable Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+32%)	26.4% Excellent ↓ Excellent Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+32%)	26.9% Excellent Excellent Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+35%)	28.9% Excellent Excellent Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+45%)	—	—	—	—	—	—	—	—	—
Effective Tax Rate (%) (%)	10.1% Excellent ↑ Excellent Improving Actual taxes paid relative to pre-tax income Optimal: 15-25%	13.5% Excellent ↑ Excellent Improving Actual taxes paid relative to pre-tax income Optimal: 15-25%	3.2% Excellent ↑ Excellent Improving Actual taxes paid relative to pre-tax income Optimal: 15-25%	7.1% Excellent ↑ Excellent Improving Actual taxes paid relative to pre-tax income Optimal: 15-25%	-17.7% Excellent ↓ Excellent Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	-12.0% Excellent ↓ Excellent Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	-10.2% Excellent ↓ Excellent Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	2.8% Excellent ↓ Excellent Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	32.7% Weak ↓ Weak Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	34.0% Weak → Weak Stable Actual taxes paid relative to pre-tax income Optimal: 15-25%	34.5% Weak → Weak Stable Actual taxes paid relative to pre-tax income Optimal: 15-25%	35.0% Weak → Weak Stable Actual taxes paid relative to pre-tax income Optimal: 15-25%	34.1% Weak Weak Actual taxes paid relative to pre-tax income Optimal: 15-25%	33.9% Weak Weak Actual taxes paid relative to pre-tax income Optimal: 15-25%	—	—	—	—
Profit Margin (%) (%)	22.0% Excellent → Excellent Stable Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+83%)	23.1% Excellent → Excellent Stable Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+93%)	19.0% Good ↓ Good Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+58%)	26.1% Excellent → Excellent Stable Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+118%)	25.6% Excellent → Excellent Stable Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+113%)	27.2% Excellent ↑ Excellent Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+126%)	25.2% Excellent ↑ Excellent Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+110%)	23.5% Excellent Excellent Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+96%)	17.5% Good Good Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+46%)	—	—	—	—	—	—	—	—	—
FCF Margin (%) (%) N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
FCF / Net Income (x) N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

🎯 Is capital allocation efficient? 3 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗
Return on Invested Capital (%)	5.6% Caution → Caution Stable Return earned on debt + equity capital invested Optimal: > 10%	5.8% Caution ↓ Caution Declining Return earned on debt + equity capital invested Optimal: > 10%	4.8% Caution ↓ Caution Declining Return earned on debt + equity capital invested Optimal: > 10%	6.2% Caution ↓ Caution Declining Return earned on debt + equity capital invested Optimal: > 10%	12.6% Good ↓ Good Declining Return earned on debt + equity capital invested Optimal: > 10%	15.1% Excellent ↓ Excellent Declining Return earned on debt + equity capital invested Optimal: > 10%	16.7% Excellent ↓ Excellent Declining Return earned on debt + equity capital invested Optimal: > 10%	22.2% Excellent ↑ Excellent Improving Return earned on debt + equity capital invested Optimal: > 10%	17.2% Excellent → Excellent Stable Return earned on debt + equity capital invested Optimal: > 10%	18.8% Excellent ↑ Excellent Improving Return earned on debt + equity capital invested Optimal: > 10%	16.7% Excellent ↑ Excellent Improving Return earned on debt + equity capital invested Optimal: > 10%	16.0% Excellent ↑ Excellent Improving Return earned on debt + equity capital invested Optimal: > 10%	4.5% Caution ↓ Caution Declining Return earned on debt + equity capital invested Optimal: > 10%	4.0% Caution ↓ Caution Declining Return earned on debt + equity capital invested Optimal: > 10%	14.5% Good Good Return earned on debt + equity capital invested Optimal: > 10%	15.7% Excellent Excellent Return earned on debt + equity capital invested Optimal: > 10%	—	—
Return on Capital (%) (%)	4.0% Weak → Weak Stable Operating profit relative to total assets Optimal: > 10%	4.2% Caution ↑ Caution Improving Operating profit relative to total assets Optimal: > 10%	3.2% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	4.4% Caution ↑ Caution Improving Operating profit relative to total assets Optimal: > 10%	3.3% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	3.8% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	3.9% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	4.8% Caution ↓ Caution Declining Operating profit relative to total assets Optimal: > 10%	5.7% Caution ↓ Caution Declining Operating profit relative to total assets Optimal: > 10%	6.6% Caution ↑ Caution Improving Operating profit relative to total assets Optimal: > 10%	6.2% Caution ↑ Caution Improving Operating profit relative to total assets Optimal: > 10%	6.0% Caution ↑ Caution Improving Operating profit relative to total assets Optimal: > 10%	5.8% Caution ↑ Caution Improving Operating profit relative to total assets Optimal: > 10%	4.9% Caution → Caution Stable Operating profit relative to total assets Optimal: > 10%	4.5% Caution Caution Operating profit relative to total assets Optimal: > 10%	5.4% Caution Caution Operating profit relative to total assets Optimal: > 10%	—	—
Return on Common Equity (%) (%)	8.7% Caution ↓ Caution Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-13%)	10.0% Caution ↑ Caution Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: At sector avg	7.5% Caution Caution Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-25%)	10.6% Fair Fair Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+6%)	—	—	—	—	—	—	—	—	5.2% Caution Caution Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-48%)	4.5% Weak Weak Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-55%)	—	—	—	—

⚖️ Is the balance sheet risky? 4 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗
Debt to Equity (x)	0.77x Fair ↓ Fair Declining Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-41%)	0.79x Fair ↓ Fair Declining Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-39%)	0.96x Fair Fair Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-26%)	0.90x Fair Fair Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-30%)	—	—	—	—	—	—	—	—	0.50x Good Good Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-61%)	0.53x Good Good Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-59%)	—	—	—	—
Interest Coverage (x)	4.04x Fair → Fair Stable Operating income divided by interest expense Optimal: > 5x	3.67x Fair ↓ Fair Declining Operating income divided by interest expense Optimal: > 5x	2.98x Caution ↓ Caution Declining Operating income divided by interest expense Optimal: > 5x	5.05x Good ↑ Good Improving Operating income divided by interest expense Optimal: > 5x	4.09x Fair ↓ Fair Declining Operating income divided by interest expense Optimal: > 5x	4.99x Fair ↓ Fair Declining Operating income divided by interest expense Optimal: > 5x	4.89x Fair ↓ Fair Declining Operating income divided by interest expense Optimal: > 5x	5.50x Good ↓ Good Declining Operating income divided by interest expense Optimal: > 5x	6.86x Good → Good Stable Operating income divided by interest expense Optimal: > 5x	7.68x Good ↑ Good Improving Operating income divided by interest expense Optimal: > 5x	6.45x Good ↑ Good Improving Operating income divided by interest expense Optimal: > 5x	6.13x Good ↑ Good Improving Operating income divided by interest expense Optimal: > 5x	5.33x Good ↑ Good Improving Operating income divided by interest expense Optimal: > 5x	4.11x Fair ↑ Fair Improving Operating income divided by interest expense Optimal: > 5x	3.80x Fair ↑ Fair Improving Operating income divided by interest expense Optimal: > 5x	3.84x Fair Fair Operating income divided by interest expense Optimal: > 5x	2.99x Caution Caution Operating income divided by interest expense Optimal: > 5x	—
Net Debt (USD)	$376.07M	$348.60M	$405.15M	$358.06M	$320.61M	$274.75M	$252.17M	$207.70M	$170.91M	$150.61M	$139.81M	$156.36M	$156.78M	$165.34M	$153.31M	$148.39M	$-4.28M	$-3.29M
Debt / EBITDA (x)	4.65x Weak ↓ Weak Declining Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	4.54x Weak ↓ Weak Declining Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	5.94x Weak ↑ Weak Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	4.84x Weak → Weak Stable Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	5.40x Weak ↑ Weak Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	4.79x Weak ↑ Weak Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	4.82x Weak ↑ Weak Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	3.99x Caution ↑ Caution Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	3.34x Caution ↑ Caution Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	2.85x Fair ↓ Fair Declining Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	2.93x Fair ↓ Fair Declining Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	3.41x Caution ↓ Caution Declining Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	3.77x Caution ↓ Caution Declining Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	4.33x Weak → Weak Stable Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	4.52x Weak Weak Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	4.13x Weak Weak Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	—	—

📊 What does each share earn? 8 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗
Revenue per Share (USD)	$10.76	$10.75	—	—	—	$8.10	—	$8.42	$8.00	—	—	—	—	—	—	—	—	—
Basic EPS, GAAP (USD)	$2.36	$2.48	$1.77	$2.40	$2.08	$2.19	$2.02	$1.97	$1.39	$1.39	$1.23	$1.14	$1.04	$0.90	$0.85	$0.96	$0.73	—
Free Cash Flow per Share (USD) N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividend per Share (USD)	$1.38	$1.31	$1.26	$1.18	$1.11	$1.04	$0.98	$0.91	$0.86	$0.81	$0.78	$0.76	$0.75	$0.74	$0.73	$0.72	$0.71	—
Book Value per Share (USD)	$26.67	$24.89	$23.74	$22.69	—	—	—	—	—	—	—	—	$20.14	$20.03	—	—	—	—
Tangible Book Value per Share (USD)	$26.67	$24.89	$23.74	$22.69	—	—	—	—	—	—	—	—	$20.14	$20.03	—	—	—	—
Basic Weighted Avg Shares (shares)	18.10M	17.84M	17,732	17,597	17,492	17.46M	16,685	16.38M	16.33M	16.27M	16.18M	16.05M	15.87M	15.73M	15.62M	14.65M	13.45M	—
Dividend Payout Ratio (%)	—	53.0% Fair ↓ Fair Declining Dividends paid as a percentage of earnings Optimal: 30-60%	71.3% Caution ↑ Caution Improving Dividends paid as a percentage of earnings Optimal: 30-60%	49.3% Good Good Dividends paid as a percentage of earnings Optimal: 30-60%	53.2% Fair Fair Dividends paid as a percentage of earnings Optimal: 30-60%	—	—	—	—	—	—	—	—	—	—	—	—	—

🏦 How resilient is the balance sheet? 3 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗
Working Capital (USD)	$-52.03M	$-39.91M	$4.71M	$-80.55M	$-22.26M	$-22.73M	$-35.85M	$-63.55M	$-35.29M	$-20.34M	$-3.91M	$-21.01M	$-26.84M	$-31.32M	$-23.81M	$-17.98M	—	—
LT Debt (USD)	$378.87M	$352.82M	$364.74M	$306.39M	$311.15M	$277.24M	$234.40M	$162.90M	$147.85M	$142.49M	$140.28M	$140.03M	$133.11M	$140.36M	$132.17M	$133.84M	—	—
Total Equity (USD)	$494.03M	$445.26M	$422.99M	$400.33M	—	—	—	—	—	—	—	—	$321.43M	$316.45M	—	—	—	—

📋 What is driving earnings? 4 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗
Sales/Revenue/Turnover (USD)	$194.69M	$191.88M	$166.13M	$162.29M	$142.99M	$141.45M	$134.46M	$137.94M	$130.63M	—	—	—	—	—	—	—	—	—
Depreciation Expense (USD)	$27.11M	$24.43M	$29.44M	$27.48M	$26.80M	$20.84M	$17.23M	$15.78M	$14.85M	$13.53M	$13.09M	$12.19M	$11.86M	$11.23M	$10.43M	$9.96M	$9.22M	—
Net Income, GAAP (USD)	$42.82M	$44.35M	$31.52M	$42.43M	$36.54M	$38.42M	$33.89M	$32.45M	$22.81M	$22.74M	$20.03M	$18.45M	$16.63M	$14.40M	$13.45M	$14.33M	$9.98M	—
Operating Cash Flow (USD)	$62.60M	$58.73M	$52.78M	$61.36M	$33.03M	$53.35M	$36.05M	$45.86M	$42.84M	$47.07M	—	—	—	—	$22.84M	$25.57M	$18.51M	—

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