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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

58.80 0.70 −1.18%

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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

	Dec '25	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16
P/E ratio Full definition →	21.36	21.22	36.56	33.37	57.84	33.09	31.47	26.94	27.92	29.73
Piotroski F-Score Full definition →	3	6	4	6	3	5	4	5	4	6
P/S ratio Full definition →	4.69	4.89	6.90	8.68	14.70	8.94	7.88	6.33	4.88	5.06
Altman Z-Score Full definition →	1.08	1.17	1.30	1.66	2.36	1.64	1.49	1.42	1.39	1.59
Altman Z″-Score (non-manufacturers) Full definition →	1.13	1.17	1.25	0.94	1.14	1.12	0.98	0.68	0.97	1.15
P/FCF ratio Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Beneish M-Score Full definition →	(2.52)	(2.37)	(2.45)	(2.56)	(2.54)	(2.46)	(2.37)	(2.35)	(2.61)	(2.69)
P/Operating CF Full definition →	49.42	43.89	89.67	82.31	146.23	78.76	83.48	67.23	44.97	40.97
Dividend Safety Score Full definition →	49	—	—	—	—	—	—	—	—	—
P/B ratio Full definition →	1.85	2.11	2.71	3.52	5.72	3.65	3.28	3.51	2.79	3.08
Price to Tangible BV Full definition →	1.85	2.11	2.71	3.52	5.72	3.65	3.28	3.51	2.79	3.08
EV/Sales Full definition →	6.66	6.75	9.09	10.55	16.86	10.89	9.63	7.46	5.96	6.09
EV/EBITDA Full definition →	14.92	15.94	22.00	22.90	40.23	26.46	24.58	19.47	14.80	15.03
EV/Operating CF Full definition →	20.71	22.06	28.63	27.92	73.09	28.89	35.96	22.47	18.19	17.19
EV/FCF Full definition →	(38.40)	(81.51)	(40.40)	(57.15)	(52.08)	(29.49)	(24.43)	(39.29)	(104.49)	(2,661.49)
Quick Ratio Full definition →	0.23	0.28	0.20	0.17	0.33	0.34	0.22	0.16	0.24	0.30
Current Ratio Full definition →	0.45	0.52	1.05	0.32	0.61	0.60	0.45	0.33	0.45	0.57
Net Debt/EBITDA Full definition →	4.42	4.39	5.29	4.06	5.16	4.74	4.47	2.96	2.68	2.54
Debt/Assets Full definition →	28.32%	28.72%	29.60%	28.64%	30.71%	28.73%	26.15%	20.86%	22.07%	22.69%
Debt/Equity Full definition →	0.78	0.81	0.86	0.76	0.85	0.81	0.73	0.64	0.63	0.64
Asset Turnover Full definition →	0.15	0.15	0.14	0.16	0.14	0.15	0.16	0.19	0.20	0.22
Operating CF/Net income Full definition →	1.46	1.33	1.68	1.45	0.91	1.39	1.07	1.42	1.89	2.08
Capex/Depreciation Full definition →	(2.97)	(2.66)	(3.06)	(3.32)	(2.96)	(5.07)	(5.17)	(4.57)	(3.39)	(3.50)
Interest Coverage Full definition →	3.80	3.79	2.98	5.05	4.09	4.99	4.89	5.50	6.86	7.61
ROE Full definition →	9.10%	10.19%	7.63%	11.02%	10.20%	11.43%	11.79%	13.52%	10.13%	10.63%
ROA Full definition →	3.26%	3.55%	2.72%	4.04%	3.65%	4.06%	4.02%	4.52%	3.54%	3.76%
ROIC Full definition →	3.87%	4.14%	3.11%	4.19%	3.05%	3.75%	3.95%	5.69%	6.34%	7.04%
Return on Tangible Assets Full definition →	3.90%	4.36%	3.13%	5.04%	4.32%	4.95%	5.04%	5.82%	4.34%	4.54%
Average Days of Receivables Full definition →	36.02	35.84	39.89	35.99	39.04	37.56	32.29	31.09	30.10	27.82
Research and Development Expense of Revenue Full definition →	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 Full definition →	58.15%	59.54%	61.26%	59.90%	62.05%	60.53%	61.19%	62.21%	60.45%	60.05%
Intangible Assets out of Total Assets Full definition →	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 Full definition →	0.64%	0.80%	1.33%	1.00%	0.93%	0.77%	0.47%	0.79%	0.64%	0.62%
Graham Net Nets Full definition →	(0.91)	(0.81)	(0.61)	(0.45)	(0.29)	(0.47)	(0.52)	(0.56)	(0.63)	(0.55)
Graham Number Full definition →	38.07	37.32	30.82	35.05	31.37	31.26	29.70	26.01	21.03	20.49
Earnings Yield Full definition →	4.68%	4.71%	2.74%	3.00%	1.73%	3.02%	3.18%	3.71%	3.58%	3.36%
Free Cash Flow Yield Full definition →	(3.70%)	(1.69%)	(3.26%)	(2.13%)	(2.20%)	(4.13%)	(5.00%)	(3.00%)	(1.17%)	(0.05%)
Revenue per Share Full definition →	10.76	10.75	9.38	9.23	8.18	8.11	8.07	8.43	8.01	8.17
Operating CF per Share Full definition →	3.46	3.29	2.98	3.49	1.89	3.06	2.16	2.80	2.62	2.89
Capex per Share Full definition →	(5.32)	(4.18)	(5.09)	(5.19)	(4.54)	(6.05)	(5.34)	(4.40)	(3.08)	(2.91)
Free Cash Flow per Share Full definition →	(1.87)	(0.89)	(2.11)	(1.70)	(2.65)	(2.99)	(3.18)	(1.60)	(0.46)	(0.02)
Cash per Share Full definition →	0.15	0.24	0.13	0.22	0.20	0.26	0.13	0.23	0.30	0.24
Shareholders Equity per Share Full definition →	27.37	25.05	23.97	22.87	21.14	19.95	19.53	15.33	14.18	13.58
Interest Debt per Share Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Book value per Share Full definition →	27.37	25.05	23.97	22.87	21.14	19.95	19.53	15.33	14.18	13.58
Free Cash Flow Full definition →	(33.76)	(15.89)	(37.40)	(29.97)	(46.35)	(52.26)	(53.07)	(26.23)	(7.46)	(0.30)
Working Capital Full definition →	(52.03)	(39.91)	4.71	(80.55)	(22.26)	(22.72)	(35.85)	(63.55)	(35.29)	(20.34)
Capital Expenditures Full definition →	(96.35)	(74.62)	(90.18)	(91.33)	(79.38)	(105.62)	(89.12)	(72.09)	(50.30)	(47.37)
Net Current Asset Value Full definition →	(828.60)	(765.30)	(702.44)	(634.73)	(615.85)	(594.05)	(554.87)	(485.79)	(400.28)	(372.57)
EV/EBIT Full definition →	23.84	24.34	38.52	36.19	72.69	41.19	36.50	27.75	20.62	20.08
Capex to Sales Full definition →	0.49	0.39	0.54	0.56	0.55	0.75	0.66	0.52	0.38	0.36
Price to Operating Income Full definition →	16.78	17.65	29.25	29.77	63.36	33.81	29.86	23.53	16.89	16.68
Other line items
Depreciation/Fixed assets Full definition →	0.03	0.03	0.03	0.03	0.03	0.03	0.02	0.03	0.03	0.03
Cash ROIC Full definition →	(3.81%)	(1.96%)	(4.71%)	(4.20%)	(6.75%)	(8.25%)	(9.38%)	(6.32%)	(1.95%)	(0.08%)
Accounts Receivable Turnover Full definition →	10.23	10.37	9.73	10.37	9.58	10.70	11.37	12.25	12.51	13.17
Accounts Payable Turnover Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Average Days of Payables Full definition →	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 Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Average Receivables Full definition →	19.03	18.51	17.10	15.66	14.94	13.24	11.84	11.27	10.46	10.09
Average Payables Full definition →	29.69	27.83	26.23	22.99	25.78	26.87	21.32	16.63	13.14	9.43
Average Inventory Full definition →	7.13	6.85	6.57	5.77	5.24	5.28	5.43	4.76	4.11	3.35
Average Assets Full definition →	1,310.46	1,245.61	1,155.25	1,047.23	998.24	943.17	838.85	714.49	640.65	600.77
Average Common Equity Full definition →	469.65	434.13	411.66	384.03	356.97	335.00	286.29	238.98	223.81	212.57

Show all line items

Columns are period end dates · fundamentals updated 2 Nov 2026

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