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Friday 6 November 2026
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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
59.30
0.20
−0.34%
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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
29.73 | 27.92 | 26.94 | 31.47 | 33.09 | 57.84 | 33.37 | 36.56 | 21.22 | 21.36 |
Piotroski F-Score |
6 | 4 | 5 | 4 | 5 | 3 | 6 | 4 | 6 | 3 |
P/S ratio |
5.06 | 4.88 | 6.33 | 7.88 | 8.94 | 14.70 | 8.68 | 6.90 | 4.89 | 4.69 |
Altman Z-Score |
1.59 | 1.39 | 1.42 | 1.49 | 1.64 | 2.36 | 1.66 | 1.30 | 1.17 | 1.08 |
Altman Z″-Score (non-manufacturers) |
1.15 | 0.97 | 0.68 | 0.98 | 1.12 | 1.14 | 0.94 | 1.25 | 1.17 | 1.13 |
P/FCF ratio |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Beneish M-Score |
(2.69) | (2.61) | (2.35) | (2.37) | (2.46) | (2.54) | (2.56) | (2.45) | (2.37) | (2.52) |
P/Operating CF |
40.97 | 44.97 | 67.23 | 83.48 | 78.76 | 146.23 | 82.31 | 89.67 | 43.89 | 49.42 |
Dividend Safety Score |
— | — | — | — | — | — | — | — | — | 49 |
P/B ratio |
3.08 | 2.79 | 3.51 | 3.28 | 3.65 | 5.72 | 3.52 | 2.71 | 2.11 | 1.85 |
Price to Tangible BV |
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/EBITDA |
15.03 | 14.80 | 19.47 | 24.58 | 26.46 | 40.23 | 22.90 | 22.00 | 15.94 | 14.92 |
EV/Operating CF |
17.19 | 18.19 | 22.47 | 35.96 | 28.89 | 73.09 | 27.92 | 28.63 | 22.06 | 20.71 |
EV/FCF |
(2,661.49) | (104.49) | (39.29) | (24.43) | (29.49) | (52.08) | (57.15) | (40.40) | (81.51) | (38.40) |
Quick Ratio |
0.30 | 0.24 | 0.16 | 0.22 | 0.34 | 0.33 | 0.17 | 0.20 | 0.28 | 0.23 |
Current Ratio |
0.57 | 0.45 | 0.33 | 0.45 | 0.60 | 0.61 | 0.32 | 1.05 | 0.52 | 0.45 |
Net Debt/EBITDA |
2.54 | 2.68 | 2.96 | 4.47 | 4.74 | 5.16 | 4.06 | 5.29 | 4.39 | 4.42 |
Debt/Assets |
22.69% | 22.07% | 20.86% | 26.15% | 28.73% | 30.71% | 28.64% | 29.60% | 28.72% | 28.32% |
Debt/Equity |
0.64 | 0.63 | 0.64 | 0.73 | 0.81 | 0.85 | 0.76 | 0.86 | 0.81 | 0.78 |
Asset Turnover |
0.22 | 0.20 | 0.19 | 0.16 | 0.15 | 0.14 | 0.16 | 0.14 | 0.15 | 0.15 |
Operating CF/Net income |
2.08 | 1.89 | 1.42 | 1.07 | 1.39 | 0.91 | 1.45 | 1.68 | 1.33 | 1.46 |
Capex/Depreciation |
(3.50) | (3.39) | (4.57) | (5.17) | (5.07) | (2.96) | (3.32) | (3.06) | (2.66) | (2.97) |
Interest Coverage |
7.61 | 6.86 | 5.50 | 4.89 | 4.99 | 4.09 | 5.05 | 2.98 | 3.79 | 3.80 |
| 10.63% | 10.13% | 13.52% | 11.79% | 11.43% | 10.20% | 11.02% | 7.63% | 10.19% | 9.10% | |
| 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% |
Return on Tangible Assets |
4.54% | 4.34% | 5.82% | 5.04% | 4.95% | 4.32% | 5.04% | 3.13% | 4.36% | 3.90% |
Average Days of Receivables |
27.82 | 30.10 | 31.09 | 32.29 | 37.56 | 39.04 | 35.99 | 39.89 | 35.84 | 36.02 |
Research and Development Expense of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Selling, General and Administrative Expense of Revenue |
60.05% | 60.45% | 62.21% | 61.19% | 60.53% | 62.05% | 59.90% | 61.26% | 59.54% | 58.15% |
Intangible Assets out of Total Assets |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Share Based Compensation of Revenue |
0.62% | 0.64% | 0.79% | 0.47% | 0.77% | 0.93% | 1.00% | 1.33% | 0.80% | 0.64% |
Graham Net Nets |
(0.55) | (0.63) | (0.56) | (0.52) | (0.47) | (0.29) | (0.45) | (0.61) | (0.81) | (0.91) |
Graham Number |
20.49 | 21.03 | 26.01 | 29.70 | 31.26 | 31.37 | 35.05 | 30.82 | 37.32 | 38.07 |
Earnings Yield |
3.36% | 3.58% | 3.71% | 3.18% | 3.02% | 1.73% | 3.00% | 2.74% | 4.71% | 4.68% |
Free Cash Flow Yield |
(0.05%) | (1.17%) | (3.00%) | (5.00%) | (4.13%) | (2.20%) | (2.13%) | (3.26%) | (1.69%) | (3.70%) |
Revenue per Share |
8.17 | 8.01 | 8.43 | 8.07 | 8.11 | 8.18 | 9.23 | 9.38 | 10.75 | 10.76 |
Operating CF per Share |
2.89 | 2.62 | 2.80 | 2.16 | 3.06 | 1.89 | 3.49 | 2.98 | 3.29 | 3.46 |
Capex per Share |
(2.91) | (3.08) | (4.40) | (5.34) | (6.05) | (4.54) | (5.19) | (5.09) | (4.18) | (5.32) |
Free Cash Flow per Share |
(0.02) | (0.46) | (1.60) | (3.18) | (2.99) | (2.65) | (1.70) | (2.11) | (0.89) | (1.87) |
Cash per Share |
0.24 | 0.30 | 0.23 | 0.13 | 0.26 | 0.20 | 0.22 | 0.13 | 0.24 | 0.15 |
Shareholders Equity per Share |
13.58 | 14.18 | 15.33 | 19.53 | 19.95 | 21.14 | 22.87 | 23.97 | 25.05 | 27.37 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
13.58 | 14.18 | 15.33 | 19.53 | 19.95 | 21.14 | 22.87 | 23.97 | 25.05 | 27.37 |
Free Cash Flow |
(0.30) | (7.46) | (26.23) | (53.07) | (52.26) | (46.35) | (29.97) | (37.40) | (15.89) | (33.76) |
Working Capital |
(20.34) | (35.29) | (63.55) | (35.85) | (22.72) | (22.26) | (80.55) | 4.71 | (39.91) | (52.03) |
Capital Expenditures |
(47.37) | (50.30) | (72.09) | (89.12) | (105.62) | (79.38) | (91.33) | (90.18) | (74.62) | (96.35) |
Net Current Asset Value |
(372.57) | (400.28) | (485.79) | (554.87) | (594.05) | (615.85) | (634.73) | (702.44) | (765.30) | (828.60) |
EV/EBIT |
20.08 | 20.62 | 27.75 | 36.50 | 41.19 | 72.69 | 36.19 | 38.52 | 24.34 | 23.84 |
Capex to Sales |
0.36 | 0.38 | 0.52 | 0.66 | 0.75 | 0.55 | 0.56 | 0.54 | 0.39 | 0.49 |
Price to Operating Income |
16.68 | 16.89 | 23.53 | 29.86 | 33.81 | 63.36 | 29.77 | 29.25 | 17.65 | 16.78 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.03 | 0.03 | 0.03 | 0.02 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 |
Cash ROIC |
(0.08%) | (1.95%) | (6.32%) | (9.38%) | (8.25%) | (6.75%) | (4.20%) | (4.71%) | (1.96%) | (3.81%) |
Accounts Receivable Turnover |
13.17 | 12.51 | 12.25 | 11.37 | 10.70 | 9.58 | 10.37 | 9.73 | 10.37 | 10.23 |
Accounts Payable Turnover |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Inventory Turnover |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Days of Payables |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Days of Inventory on Hand |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Receivables |
10.09 | 10.46 | 11.27 | 11.84 | 13.24 | 14.94 | 15.66 | 17.10 | 18.51 | 19.03 |
Average Payables |
9.43 | 13.14 | 16.63 | 21.32 | 26.87 | 25.78 | 22.99 | 26.23 | 27.83 | 29.69 |
Average Inventory |
3.35 | 4.11 | 4.76 | 5.43 | 5.28 | 5.24 | 5.77 | 6.57 | 6.85 | 7.13 |
Average Assets |
600.77 | 640.65 | 714.49 | 838.85 | 943.17 | 998.24 | 1,047.23 | 1,155.25 | 1,245.61 | 1,310.46 |
Average Common Equity |
212.57 | 223.81 | 238.98 | 286.29 | 335.00 | 356.97 | 384.03 | 411.66 | 434.13 | 469.65 |
Columns are period end dates · fundamentals updated 2 Nov 2026