MSEX Stock Analysis: Middlesex Water | NASDAQ
Utilities - Regulated Water | NASDAQ, USA | Market Cap: 1.145m USD | 12M Return: 15.9% | US5966801087 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 7.90M
EPS Trend: 86.4%
Qual. Beats: 2
Rev. Trend: 94.7%
Qual. Beats: 0
Warnings
Tailwinds
No distinct edge detected
Seasonality 11.7 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Middlesex Water Company (NASDAQ: MSEX) is a small-cap U.S. water utility that owns and operates regulated water and wastewater systems. Founded in 1896 and headquartered in Iselin, New Jersey, the company serves residential, commercial, industrial, and fire protection customers through both retail and wholesale water services.
The business is organized into two segments: a Regulated segment covering its core water and wastewater utility operations, and a Non-Regulated segment that provides contract services for the operation and maintenance of municipal and private water and wastewater systems. As a water utility, Middlesex operates in a capital-intensive, rate-regulated industry where revenues are typically tied to approved tariffs and infrastructure investments, and earnings are generally supported by steady, recurring demand for water and wastewater services.
- NJ BPU rate case decision boosts regulated revenue base
- Capital expenditure on infrastructure drives rate base growth
- Non-regulated contract services revenue expands with new municipal agreements
| Net Income: 52.0m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.01 > 0.02 and ΔFCF/TA -0.62 > 1.0 |
| NWC/Revenue: -25.30% < 20% (prev -35.25%; Δ 9.96% < -1%) |
| CFO/TA 0.05 > 3% & CFO 69.5m > Net Income 52.0m |
| Net Debt (437.7m) to EBITDA (102.5m): 4.27 < 3 |
| Current Ratio: 0.51 > 1.5 & < 3 |
| Outstanding Shares: last quarter (19.0m) vs 12m ago 4.80% < -2% |
| Gross Margin: 44.77% > 18% (prev 48.89%; Δ -4.12% > 0.5%) |
| Asset Turnover: 15.16% > 50% (prev 14.52%; Δ 0.65% > 0%) |
| Interest Coverage Ratio: 4.69 > 6 (EBIT TTM 71.2m / Interest Expense TTM 15.2m) |
| A: -0.04 (Total Current Assets 55.3m - Total Current Liabilities 109.0m) / Total Assets 1.46b |
| B: 0.16 (Retained Earnings 238.0m / Total Assets 1.46b) |
| C: 0.05 (EBIT TTM 71.2m / Avg Total Assets 1.40b) |
| D: 0.60 (Book Value of Equity 548.7m / Total Liabilities 908.9m) |
| Altman-Z'' = 1.27 = BB |
| DSRI: 0.98 (Receivables 35.9m/33.7m, Revenue 212.3m/194.8m) |
| GMI: 1.09 (GM 48.89% / 44.77%) |
| AQI: 0.95 (AQ_t 0.12 / AQ_t-1 0.13) |
| SGI: 1.09 (Revenue 212.3m / 194.8m) |
| TATA: -0.01 (NI 52.0m - CFO 69.5m) / TA 1.46b) |
| Beneish M = -2.93 (Cap -4..+1) = A |
As of November 10, 2026, the stock is trading at USD 59.50 with a total of 150,526 shares traded. Over the past week, the price has changed by +2.01%, over one month by +11.36%, over three months by +3.68% and over the past year by +15.91%.
Current recommended Stop Loss: 57.60 (which is 3.2% or 1.4 ATR below the current price).
Middlesex Water has received a consensus analysts rating of 4.00. Therefore, it is recommended to buy MSEX.
- StrongBuy: 1
- Buy: 0
- Hold: 1
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 61 | 2.5% |
P/E Trailing = 21.6137
P/E Forward = 28.5714
P/S = 5.3958
P/B = 2.0879
P/EG = 18.4527
Revenue TTM = 212.3m USD
EBIT TTM = 71.2m USD
EBITDA TTM = 102.5m USD
Long Term Debt = 392.2m USD (from longTermDebt, last quarter)
Short Term Debt = 44.5m USD (from shortTermDebt, last quarter)
Debt = 439.4m USD (from shortLongTermDebtTotal, last quarter) + Leases 1.34m
Net Debt = 437.7m USD (calculated: Debt 439.4m - CCE 1.70m)
Enterprise Value = 1.58b USD (1.15b + Debt 439.4m - CCE 1.70m)
Interest Coverage Ratio = 4.69 (Ebit TTM 71.2m / Interest Expense TTM 15.2m)
EV/FCF = 110.3x (Enterprise Value 1.58b / FCF TTM 14.4m)
FCF Yield = 0.91% (FCF TTM 14.4m / Enterprise Value 1.58b)
FCF Margin = 6.76% (FCF TTM 14.4m / Revenue TTM 212.3m)
Net Margin = 24.50% (Net Income TTM 52.0m / Revenue TTM 212.3m)
Gross Margin = 44.77% ((Revenue TTM 212.3m - Cost of Revenue TTM 117.2m) / Revenue TTM)
Gross Margin QoQ = 47.29% (prev 42.94%)
Tobins Q-Ratio = 1.09 (Enterprise Value 1.58b / Total Assets 1.46b)
Interest Expense / Debt = 3.46% (Interest Expense 15.2m / Debt 439.4m)
Taxrate = 10.86% (6.33m / 58.3m)
NOPAT = 63.5m (EBIT 71.2m * (1 - 10.86%))
Current Ratio = 0.51 (Total Current Assets 55.3m / Total Current Liabilities 109.0m)
Debt / Equity = 0.80 (Debt 439.4m / totalStockholderEquity, last quarter 548.7m)
Debt / EBITDA = 4.27 (Net Debt 437.7m / EBITDA 102.5m)
Debt / FCF = 30.50 (Net Debt 437.7m / FCF TTM 14.4m)
Total Stockholder Equity = 517.2m (last 4 quarters mean from totalStockholderEquity)
RoA = 3.72% (Net Income 52.0m / Total Assets 1.46b)
RoE = 10.06% (Net Income TTM 52.0m / Total Stockholder Equity 517.2m)
RoCE = 7.83% (EBIT 71.2m / Capital Employed (Equity 517.2m + L.T.Debt 392.2m))
RoIC = 4.56% (NOPAT 63.5m / Invested Capital 1.39b)
WACC = 4.19% (E(1.15b)/V(1.58b) * Re(4.62%) + D(439.4m)/V(1.58b) * Rd(3.46%) * (1-Tc(0.11)))
Discount Rate = 4.62% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 91.48 | Cagr: 2.64%
[DCF] Terminal Value 73.10% ; FCFF base≈17.2m ; Y1≈15.1m ; Y5≈12.2m
[DCF] Fair Price = N/A (negative equity: EV 195.6m - Net Debt 437.7m = -242.1m; debt exceeds intrinsic value)
EPS Correlation: 86.36 | EPS CAGR: 12.36% | SUE: 1.06 | # QB: 2
Revenue Correlation: 94.74 | Revenue CAGR: 8.36% | SUE: 0.12 | # QB: 0
EPS current Quarter (2027-03-31): EPS=0.56 | Chg30d=+0.00% | Revisions=-25% | Analysts=1
EPS current Year (2026-12-31): EPS=2.78 | Chg30d=+4.12% | Revisions=+25% | GrowthEPS=+17.8% | GrowthRev=+12.4%
EPS next Year (2027-12-31): EPS=2.91 | Chg30d=-2.68% | Revisions=-25% | GrowthEPS=+4.7% | GrowthRev=+8.1%