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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. In the quarter to June 2026, revenue grew 14.3%, EPS grew 31.7%, free cash flow fell 22.4% and total debt rose 12.4%, each against the same quarter a year earlier. Dividend growth for twenty-five consecutive years, revenue growth for five; insiders bought in the last twelve months.

54.59 0.68 +1.26%

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Market cap: $1.0B
P/E: 21.1×
Fwd P/E: 21.2×
Dividend yield: 2.64%
F-score: 3/9
Altman Z: 1.08
Beneish M: −2.52
Dividend safety: 49/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 0.11

Total sells 0.09

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	1	—	—	—	—	—	—	—	—
Sell	1	—	—	1	1	—	—	—	—	1	—	—

Insider Ownership 1.75%

Capital & Financial Ratios $m

Market Cap 1,020.00

Revenue 206.14

Net Income 47.94

Free Cash Flow (40.55)

Net Debt 401.45

Current Ratio 0.50

Debt/Equity 0.77

P/E ratio 21.08

Fwd P/E 21.20

P/S ratio 4.95

P/B ratio 1.96

Past 5Y EPS Growth 1.60%

This Y EPS Growth 12.85%

Next Y EPS Growth 4.01%

Next Y revenue growth 11.77%

Next 5Y EPS Growth 7.36%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 2.43%

10-year low 10-year high

P/S against its own 10 years 24.25%

10-year low 10-year high

P/B against its own 10 years 5.01%

10-year low 10-year high

EV/Sales against its own 10 years 35.46%

10-year low 10-year high

Dividends

Payout Ratio 0.56

Annual Dividend Rate 1.44

Annual Dividend Yield 2.64%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	1.44	0.36 0.36 0.36
2025	1.38	0.34 0.34 0.34 0.36
2024	1.32	0.33 0.33 0.33 0.34
2023	1.26	0.31 0.31 0.31 0.33
2022	1.18	0.29 0.29 0.29 0.31
2021	1.11	0.27 0.27 0.27 0.29
2020	1.04	0.26 0.26 0.26 0.27
2019	0.98	0.24 0.24 0.24 0.26
2018	0.91	0.22 0.22 0.22 0.24
2017	0.86	0.21 0.21 0.21 0.22
2016	0.81	0.20 0.20 0.20 0.21

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	2	4	3	2
Receivables	18	19	19	21
Inventory	7	7	8	9
Other	79	11	9	14
	109	43	42	52

	2023	2024	2025	Q'26
Payables	28	28	31	31
ST’ Debt	8	8	8	8
Other	11	8	7	9
	104	83	94	105

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%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	49	56	—	—	—
’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	—	—	—
’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)	—	—	—
’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.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	0.57	0.79	—	—	—
’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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	25.00	32.23	33.96	51.02	48.79	67.09	74.20	61.34	45.42	44.17	Analyst estimates 2026–2028 Powerpack
	High	44.48	46.74	60.31	67.69	76.08	121.43	121.10	90.56	70.73	67.09
People
People	Employees	309	315	330	352	348	347	350	355	360	395
	Revenue/emp, $m	0.43	0.42	0.42	0.38	0.41	0.41	0.46	0.47	0.53	0.49
Income, $m
Income, $m	Revenue	133	131	138	135	142	143	162	166	192	195
	Gross margin, %	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
	EBT	34	34	33	31	34	31	46	33	51	48
	EBT margin, %	25.94	25.93	24.17	22.84	24.23	21.70	28.12	19.59	26.71	24.47
	Net income	23	23	32	34	38	37	42	32	44	43
	Depreciation	14	15	16	17	21	27	27	29	28	32
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
	Earnings	1.39	1.39	1.97	2.02	2.19	2.08	2.40	1.77	2.48	2.36
	Cash flow	2.89	2.62	2.80	2.16	3.06	1.89	3.49	2.98	3.29	3.46
	Capex	(2.91)	(3.08)	(4.40)	(5.34)	(6.05)	(4.54)	(5.19)	(5.09)	(4.18)	(5.32)
	Free cash flow	(0.02)	(0.46)	(1.60)	(3.18)	(2.99)	(2.65)	(1.70)	(2.11)	(0.89)	(1.87)
	Book value	13.58	14.18	15.33	19.53	19.95	21.14	22.87	23.97	25.05	27.37
	Shares, m	16	16	16	17	17	17	18	18	18	18
Valuation, ×
Valuation, ×	P/E	29.73	27.92	26.94	31.47	33.09	57.84	33.37	36.56	21.22	21.36
	P/S	5.06	4.88	6.33	7.88	8.94	14.70	8.68	6.90	4.89	4.69
	P/B	3.08	2.79	3.51	3.28	3.65	5.72	3.52	2.71	2.11	1.85
	EV/Sales	6.09	5.96	7.46	9.63	10.89	16.86	10.55	9.09	6.75	6.66
	EV/FCF	(2,661.49)	(104.49)	(39.29)	(24.43)	(29.49)	(52.08)	(57.15)	(40.40)	(81.51)	(38.40)
Cash, $m
Cash, $m	Operating cash flow	47	43	46	36	53	33	61	53	59	63
	Capex	(47)	(50)	(72)	(89)	(106)	(79)	(91)	(90)	(75)	(96)
	Free cash flow	0	(7)	(26)	(53)	(52)	(46)	(30)	(37)	(16)	(34)
Balance, $m
Balance, $m	Working capital	(20)	(35)	(64)	(36)	(23)	(22)	(81)	5	(40)	(52)
	Total debt	141	146	160	238	280	313	308	366	361	387
	Net debt	137	141	156	236	276	310	304	364	356	384
	Shareholders’ equity	221	232	251	326	348	370	402	425	447	495
Returns, %
Returns, %	ROA	3.76	3.54	4.52	4.02	4.06	3.65	4.04	2.72	3.55	3.26
	ROIC	7.04	6.34	5.69	3.95	3.75	3.05	4.19	3.11	4.14	3.87
	ROE	10.63	10.13	13.52	11.79	11.43	10.20	11.02	7.63	10.19	9.10

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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	$3.3B	22.8×	21.1×	+11.18% (above 0%: growing)	+26.44% (above 0%: growing)	−126.32% (below 0%: shrinking)	79.44%	35.29%	Compare
CWT California Water Service Group	$2.9B	20.8×	18.7×	+16.47% (above 0%: growing)	+32.39% (above 0%: growing)	−18.32% (below 0%: shrinking)	70.24%	22.97%	Compare
HTO H2O America	$2.4B	20.2×	20.4×	+6.16% (above 0%: growing)	−9.86% (below 0%: shrinking)	+14.08% (above 0%: growing)	59.39%	20.31%	Compare
MSEX Middlesex Water Company	$1.0B	21.1×	21.2×	+14.26% (above 0%: growing)	+31.67% (above 0%: growing)	−22.41% (below 0%: shrinking)	100.00%	32.35%
YORW The York Water Company	$501.5M	19.3×	18.9×	+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.	$460.5M	27.4×	31.8×	−2.15% (below 0%: shrinking)	−21.88% (below 0%: shrinking)	+39.37% (above 0%: growing)	33.35%	11.39%	Compare
ARTNA Artesian Resources Corporation	$342.8M	14.5×	16.7×	+7.41% (above 0%: growing)	+4.92% (above 0%: growing)	+68.43% (above 0%: growing)	100.00%	28.09%	Compare
CDZI Cadiz, Inc.	$322.6M	— (loss-making)	— (loss-making)	−76.27% (below 0%: shrinking)	n/m	−66.49% (below 0%: shrinking)	(2.45%)	(902.45%)	Compare
PCYO Pure Cycle Corporation	$268.0M	18.1×	25.8×	+59.96% (above 0%: growing)	+33.33% (above 0%: growing)	+492.06% (above 0%: growing)	52.12%	25.71%	Compare
Median of peers	$481.0M	20.2×	20.4×	+9.30%	+26.44%	+26.73%	64.82%	24.34%

All 13 Utilities Regulated Water stocks →

Middlesex Water Company (MSEX) key facts

Concern: Net income was $42.8 million, or $2.36 per share (basic), a net margin of 22.0%.
Strength: Middlesex Water Company’s revenue for fiscal 2025 (year ended December 2025) was $194.7 million, up 1.47% from fiscal 2024.
Middlesex Water Company (MSEX) is an Utilities Regulated Water company in the Utilities sector, listed on Nasdaq.
As of October 16, 2026, MSEX traded at $54.59, a market capitalization of $1.0 billion.
At that price the stock trades at 21.1× trailing-twelve-month earnings and 5.0× sales; its P/E is higher than 2% of its own readings over the past ten years.
Middlesex Water Company pays an annual dividend of $1.44 per share, a yield of 2.64%, with a payout ratio of 55.6%.
Return on equity was 9.10% and debt-to-equity 0.77.
Its Piotroski F-score is 3 out of 9 and its Altman Z-score is 1.08 (distress zone) for fiscal 2025.