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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%
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 (below 1: weak)
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% (at or above 10%: strong)
Next 5Y EPS Growth 7.36%

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

Valuation vs history

EV/Sales, ten years
EV/Sales is 6.9×, 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 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.

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
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

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 $3.3B 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.

Source: company filings (standardised) and stockrow calculations.

Middlesex Water Company (MSEX) Latest News

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stockrow.com/MSEX · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com