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Middlesex Water Company

MSEX Utilities Utilities Regulated Water

Middlesex Water Company’s revenue for fiscal 2025 (year ended December 2025) was $194.7 million, up 1.47% from fiscal 2024.

Revenue
+11.3%
EPS
+23.1%
Free cash flow
+16.0%
Total debt
+11.7%

Quarter to September 2026, against a year earlier

59.44 0.24 +0.41%
Market cap
$1.1B
P/E
21.5×
Fwd P/E
21.2×
Dividend yield
2.42%
F-score
3/9
Altman Z
1.08
Beneish M
−2.52
Dividend safety
49/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.11
Sold, $m 0.06
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — 1 — — — — — — — — —
Sell — — 1 1 — — — — 1 — — —
Insider Ownership 1.85%

Capital & Financial Ratios $m

Size
Market Cap 1,140.00
Revenue ttm 212.26
Net income ttm 52.01
Free cash flow ttm (39.12)
Net debt Q 397.93
Valuation
P/E 21.47
Forward P/E 21.20
Price / sales 5.32
Forward P/S Powerpack
Price / FCF 0.00
Price / book 2.06
Financial health
Current ratio Q 0.51 (below 1: weak)
Debt / equity Q 0.73
Interest coverage Q 5.30
Growth
Revenue growth Q +11.30% (above 0%: growing)
Operating income growth Q +25.78% (above 0%: growing)
EPS, this year +19.35% (at or above 15%: strong)
EPS, next year A +0.12%
Revenue, next year A +11.41% (at or above 10%: strong)
EPS, past 5 yrs +1.60%
EPS, next 5 yrs A +8.97%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 7.2×, against a ten-year median of 7.8×; over the ten years it ranged from 4.7× in 2016 to 16.9× in 2021.
P/E against its own 10 years 4.91%
10-year low 10-year high
P/S against its own 10 years 36.63%
10-year low 10-year high
P/B against its own 10 years 11.26%
10-year low 10-year high
EV/Sales against its own 10 years 41.22%
10-year low 10-year high

Dividends raised every year since 2018

Yield
2.42%
Annual rate
1.44
Payout ratio
52.0%
Growth, 2018–26
+6.07%/yr
  1. 0.91 ’18
  2. 0.98 ’19 +7
  3. 1.04 ’20 +7
  4. 1.11 ’21 +6
  5. 1.18 ’22 +7
  6. 1.26 ’23 +7
  7. 1.32 ’24 +4
  8. 1.38 ’25 +5
  9. 1.46 ’26 +6
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 2 4 3 2
Receivables 18 19 19 24
Inventory 7 7 8 9
Other 79 11 9 16
109 43 42 55
2023 2024 2025 Q'26
Payables 28 28 31 34
ST’ Debt 8 8 8 7
Other 11 8 7 8
104 83 94 109

Compound Annual Growth %

10y 5y 3y
Sales 4.45% 6.58% 6.22%
Cash Flow 2.03% 3.25% 0.67%
Earnings 7.95% 2.22% 0.34%
Book Value 9.01% 7.30% 7.17%

Earnings Trends EPS, adjusted, against the consensus

Q4 FY25 Estimate 0.49 Actual 0.46

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q1 FY25 0.55 0.53 Miss by 0.02
Q2 FY25 0.68 0.60 Miss by 0.08
Q3 FY25 0.86 0.77 Miss by 0.09
Q4 FY25 0.49 0.46 Miss by 0.03

EPS $

Mar Jun Sep Dec Year
’26 0.57 0.79 0.95 — —
’25 0.53 0.60 0.77 0.46 2.36
’24 0.59 0.59 0.80 0.49 2.47
’23 0.33 0.55 0.56 0.32 1.76
’22 0.68 0.50 0.80 0.40 2.39
’21 0.39 0.62 0.65 0.41 2.07
’20 0.44 0.55 0.72 0.47 2.18
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 49 56 60 — —
’25 44 49 54 47 195
’24 41 49 55 47 192
’23 38 43 47 39 166
’22 36 40 48 39 162
’21 33 37 40 34 143
’20 32 35 40 35 142
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 12 16 23 — —
’25 14 18 12 18 63
’24 7 11 19 21 59
’23 16 13 11 13 53
’22 14 13 17 17 61
’21 9 5 4 14 33
’20 16 5 17 16 53
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (9) (16) (8) — —
’25 (5) (13) (9) (6) (34)
’24 (8) (3) (1) (4) (16)
’23 (9) (13) (12) (4) (37)
’22 (3) (10) (9) (8) (30)
’21 (13) (19) (11) (4) (46)
’20 (9) (16) (9) (19) (52)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 133 131 138 135 142 143 162 166 192 195 212 +4.3% 217 236 260 +10.1%
Gross margin, % 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 0.0 pt
EBT 34 34 33 31 34 31 46 33 51 48 58 +3.7%
EBT margin, % 25.94 25.93 24.17 22.84 24.23 21.70 28.12 19.59 26.71 24.47 27.49 (1.5) pt
Net income 23 23 32 34 38 37 42 32 44 43 52 +7.3%
Per share, $
Per share, $ Revenue 8.17 8.01 8.43 8.07 8.11 8.18 9.23 9.38 10.75 10.76 11.16 +3.1%
Earnings 1.39 1.39 1.97 2.02 2.19 2.08 2.40 1.77 2.48 2.36 2.77 +6.1%
Cash flow 2.89 2.62 2.80 2.16 3.06 1.89 3.49 2.98 3.29 3.46 3.65 +2.0%
Capex (2.91) (3.08) (4.40) (5.34) (6.05) (4.54) (5.19) (5.09) (4.18) (5.32) (5.71) +6.9%
Free cash flow (0.02) (0.46) (1.60) (3.18) (2.99) (2.65) (1.70) (2.11) (0.89) (1.87) (2.06) +66.8%
Book value 13.58 14.18 15.33 19.53 19.95 21.14 22.87 23.97 25.05 27.37 28.86 +8.1%
Shares, m 16 16 16 17 17 17 18 18 18 18 19 +1.2%
Valuation, ×
Valuation, × P/E 29.73 27.92 26.94 31.47 33.09 57.84 33.37 36.56 21.22 21.36 21.47 32.0
P/S 5.06 4.88 6.33 7.88 8.94 14.70 8.68 6.90 4.89 4.69 5.32 7.3
P/B 3.08 2.79 3.51 3.28 3.65 5.72 3.52 2.71 2.11 1.85 2.06 3.2
EV/Sales 6.09 5.96 7.46 9.63 10.89 16.86 10.55 9.09 6.75 6.66 7.20 9.0
EV/FCF (2,661.49) (104.49) (39.29) (24.43) (29.49) (52.08) (57.15) (40.40) (81.51) (38.40) (39.06) (312.9)
Cash, $m
Cash, $m Operating cash flow 47 43 46 36 53 33 61 53 59 63 69 +3.2%
Capex (47) (50) (72) (89) (106) (79) (91) (90) (75) (96) (109) +8.2%
Free cash flow 0 (7) (26) (53) (52) (46) (30) (37) (16) (34) (39) +68.8%
Balance, $m
Balance, $m Working capital (20) (35) (64) (36) (23) (22) (81) 5 (40) (52) (54) +11.0%
Net debt 137 141 156 236 276 310 304 364 356 384 398 +12.1%
Shareholders’ equity 221 232 251 326 348 370 402 425 447 495 549 +9.4%
Returns, %
Returns, % ROA 3.76 3.54 4.52 4.02 4.06 3.65 4.04 2.72 3.55 3.26 3.71 (0.5) pt
ROIC 7.04 6.34 5.69 3.95 3.75 3.05 4.19 3.11 4.14 3.87 4.28 (3.2) pt
ROE 10.63 10.13 13.52 11.79 11.43 10.20 11.02 7.63 10.19 9.10 10.09 (1.5) pt
People
People Employees 309 315 330 352 348 347 350 355 360 395 — +2.8%
Revenue/emp, $m 0.43 0.42 0.42 0.38 0.41 0.41 0.46 0.47 0.53 0.49 — +1.5%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Middlesex Water Company vs peers in Utilities Regulated Water (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
AWR American States Water Company $3.5B 24.2× 23.3× +5.37% (above 0%: growing) 0.00% −27.88% (below 0%: shrinking) 0.00% 34.95% Compare
CWT California Water Service Group $3.2B 22.5× 19.2× +6.73% (above 0%: growing) +1.94% (above 0%: growing) −97.13% (below 0%: shrinking) 69.26% 24.89% Compare
HTO H2O America $3.0B 23.9× 20.3× +4.02% (above 0%: growing) −19.23% (below 0%: shrinking) +34.01% (above 0%: growing) 58.72% 24.17% Compare
MSEX Middlesex Water Company $1.1B 21.5× 21.2× +11.30% (above 0%: growing) +23.14% (above 0%: growing) +15.96% (above 0%: growing) 100.00% 36.99%
YORW The York Water Company $522.9M 19.9× 18.8× +22.48% (above 0%: growing) +40.00% (above 0%: growing) +111.16% (above 0%: growing) 100.00% 41.71% Compare
CWCO Consolidated Water Co. Ltd. $425.0M 25.8× 29.6× −2.15% (below 0%: shrinking) −21.88% (below 0%: shrinking) +39.37% (above 0%: growing) 33.35% 11.39% Compare
ARTNA Artesian Resources Corporation $345.6M 14.4× 16.7× +7.41% (above 0%: growing) +4.92% (above 0%: growing) +68.43% (above 0%: growing) 100.00% 28.09% Compare
PCYO Pure Cycle Corporation $258.1M 17.6× 25.8× +59.96% (above 0%: growing) +33.33% (above 0%: growing) +492.06% (above 0%: growing) 52.12% 25.71% Compare
GWRS Global Water Resources, Inc. $227.5M 90.0× 61.9× +5.04% (above 0%: growing) −42.83% (below 0%: shrinking) +100.41% (above 0%: growing) 72.47% 14.68% Compare
Median of peers $473.9M 23.2× 21.8× +6.05% +0.97% +53.90% 63.99% 25.30%

All 12 Utilities Regulated Water stocks →

Pay and ownership Proxy statement filed 6 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 1.91m 1.57m 76.09
2024 1.83m 1.58m 89.61
2023 1.76m 1.41m 109.30
2022 1.15m 38.88k 128.86
2021 1.29m 3.17m 194.55
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

Middlesex Water Company (MSEX) Latest News

29 Oct

Impact 4 · · GlobeNewswire
Impact 3 · · Associated Press

27 Oct

Impact 4 · · 24/7 Wall St.

20 Oct

Impact 3 · · GlobeNewswire

4 May

Impact 4 · · Simply Wall St.

30 Apr

Impact 3 · · GlobeNewswire

12 Mar

Impact 4 ·

19 Feb

Impact 4 · · GlobeNewswire
Impact 3 · · Associated Press Finance

30 Jan

Impact 3 · · GlobeNewswire

19 Jan

Impact 3 · · Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.

5 Jan

Impact 3 · · Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.

20 Dec

Impact 3 · · Simply Wall St.

30 Nov

Impact 3 · · Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.

16 Nov

Impact 3 · · Simply Wall St.

31 Oct

Impact 4 · · Associated Press Finance earnings
Impact 4 · · GlobeNewswire earnings

30 Oct

Impact 3 · · Simply Wall St.

24 Oct

Impact 3 · · GlobeNewswireZacksSimply Wall St.Simply Wall St.Insider Monkey

6 Oct

Impact 4 · · Simply Wall St.

2 Oct

Impact 3 · · Zacks

3 Aug

Impact 3 · · Simply Wall St.

1 Aug

Impact 3 ·

31 Jul

Impact 4 · · GlobeNewswire earnings
Impact 3 · · Zacks
Impact 3 · · Associated Press Finance

24 Jul

Impact 3 ·

30 Jun

Impact 3 ·
Impact 3 · · Zacks

17 Jun

Impact 3 · · Simply Wall St.
stockrow.com/MSEX · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com