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H2O America (HTO) vs Middlesex Water Company (MSEX)

H2O America and Middlesex Water Company are both Utilities Regulated Water companies. H2O America is the larger, with a market value of $2.4B against $1.0B — 2.4× the size. H2O America trades at the lower P/E: 20.2× against 21.1×. Middlesex Water Company grew revenue faster over the last twelve months: 5.26% against 5.04%. Middlesex Water Company has the higher net margin (23.2% vs 12.9%) and the higher return on invested capital (4.08% vs 3.06%). Both pay a dividend; H2O America yields more (3.02% vs 2.64%). Across the 22 metrics below, H2O America leads on 11 and Middlesex Water Company on 11.

Valuation

Metric HTO MSEX Utilities Regulated Water median
P/E 20.17 21.08 20.81
P/S 2.91 4.95 4.51
P/B 1.31 1.96 1.96
Price to free cash flow n/m n/m —
EV/EBITDA 13.72 15.40 14.30
EV/Sales 5.07 6.90 6.15
Earnings yield 4.96% 4.74% 4.80%
Free cash flow yield (11.29%) (3.97%) (4.40%)

Profitability

Metric HTO MSEX Utilities Regulated Water median
Gross margin 60.99% 100.00% 71.91%
Operating margin 21.48% 29.22% 29.22%
Net margin 12.91% 23.22% 20.19%
Free cash flow margin (32.90%) (19.67%) (19.49%)
Return on equity 6.46% 9.78% 9.00%
Return on assets 2.08% 3.50% 3.21%
Return on invested capital 3.06% 4.08% 4.08%

Growth

Metric HTO MSEX Utilities Regulated Water median
Revenue growth (TTM) 5.04% 5.26% 6.92%
EPS growth (last fiscal year) 1.74% (4.45%) 1.38%
Revenue growth, 5-year CAGR 7.24% 6.58% 7.24%
Net income growth, 5-year CAGR 10.77% 2.22% 9.40%

Health

Metric HTO MSEX Utilities Regulated Water median
Debt to equity 1.03 0.77 0.93
Current ratio 1.67 0.50 1.01
Net debt to EBITDA 6.57 4.42 4.42

Dividend

Metric HTO MSEX Utilities Regulated Water median
Dividend yield 3.02% 2.64% 2.81%
Payout ratio 0.61 0.56 0.57

Size

Metric HTO MSEX Utilities Regulated Water median
Market cap 2.40b 1.02b 1.02b

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