(MSEX) Middlesex Water - NASDAQ
Sector: Utilities | Industry: Utilities - Regulated Water | Exchange: NASDAQ (USA) | Market Cap: 994m USD | Total Return: -5.7% in 12m
Avg Turnover: 5.68M
EPS Trend: 80.3%
Qual. Beats: 0
Rev. Trend: 94.0%
Qual. Beats: 0
Warnings
Altman Z'' 1.09 < 1.0 - financial distress zone
Tailwinds
No distinct edge detected
Middlesex Water Company (MSEX) is an investor-owned water utility that provides regulated water and wastewater services across parts of New Jersey and Delaware. The company operates under a rate-regulated business model, where state commissions approve service rates designed to recover capital investments and operational costs while providing a fair return on equity.
The firm maintains two primary business segments: Regulated and Non-Regulated. The Regulated segment focuses on the collection, treatment, and distribution of water to residential, industrial, and commercial clients, while the Non-Regulated segment offers contract operations and maintenance services for municipal and private systems. In the water utility sector, companies often benefit from high barriers to entry and regional monopolies due to the capital-intensive nature of physical infrastructure.
Investors looking for deeper insights into the companys valuation metrics might find further analysis on ValueRay beneficial. Established in 1896, Middlesex Water remains one of the oldest utility providers in the United States, prioritizing long-term infrastructure stability within the GICS Water Utilities sub-industry.
- New Jersey Board of Public Utilities rate case approvals drive revenue growth
- Infrastructure investment recovery through Distribution System Improvement Charge impacts earnings
- Regulatory compliance costs for PFAS remediation pressure operational margins
- Population growth in Delaware and New Jersey service areas increases customer base
- Interest rate fluctuations affect financing costs for capital-intensive infrastructure projects
| Net Income: 43.9m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.01 > 0.02 and ΔFCF/TA -1.73 > 1.0 |
| NWC/Revenue: -36.58% < 20% (prev -27.97%; Δ -8.61% < -1%) |
| CFO/TA 0.04 > 3% & CFO 60.5m > Net Income 43.9m |
| Net Debt (427.6m) to EBITDA (96.5m): 4.43 < 3 |
| Current Ratio: 0.39 > 1.5 & < 3 |
| Outstanding Shares: last quarter (18.4m) vs 12m ago 2.70% < -2% |
| Gross Margin: 46.22% > 18% (prev 52.46%; Δ -6.24% > 0.5%) |
| Asset Turnover: 14.94% > 50% (prev 15.30%; Δ -0.36% > 0%) |
| Interest Coverage Ratio: 4.30 > 6 (EBIT TTM 63.7m / Interest Expense TTM 14.8m) |
| A: -0.05 (Total Current Assets 46.8m - Total Current Liabilities 119.7m) / Total Assets 1.39b |
| B: 0.16 (Retained Earnings 218.8m / Total Assets 1.39b) |
| C: 0.05 (EBIT TTM 63.7m / Avg Total Assets 1.33b) |
| D: 0.57 (Book Value of Equity 501.0m / Total Liabilities 885.0m) |
| Altman-Z'' = 1.09 = BB |
| DSRI: 0.60 (Receivables 18.7m/30.4m, Revenue 199.1m/195.7m) |
| GMI: 1.14 (GM 52.46% / 46.22%) |
| AQI: 1.00 (AQ_t 0.96 / AQ_t-1 0.96) |
| SGI: 1.02 (Revenue 199.1m / 195.7m) |
| TATA: -0.01 (NI 43.9m - CFO 60.5m) / TA 1.39b) |
| Beneish M = -3.22 (Cap -4..+1) = AA |
As of June 13, 2026, the stock is trading at USD 52.46 with a total of 222,957 shares traded.
Over the past week, the price has changed by +0.15%,
over one month by +1.92%,
over three months by +2.79% and
over the past year by -5.68%.
Middlesex Water has received a consensus analysts rating of 3.33. Therefore, it is recommended to hold MSEX.
- StrongBuy: 1
- Buy: 0
- Hold: 1
- Sell: 1
- StrongSell: 0
| Analysts Target Price | 60 | 14.4% |
P/E Trailing = 22.2375
P/E Forward = 24.8756
P/S = 4.9922
P/B = 1.9838
P/EG = 18.4527
Revenue TTM = 199.1m USD
EBIT TTM = 63.7m USD
EBITDA TTM = 96.5m USD
Long Term Debt = 371.7m USD (from longTermDebt, last quarter)
Short Term Debt = 54.7m USD (from shortTermDebt, last quarter)
Debt = 429.6m USD (from shortLongTermDebtTotal, last quarter) + Leases 1.65m
Net Debt = 427.6m USD (calculated: Debt 429.6m - CCE 2.04m)
Enterprise Value = 1.42b USD (994.0m + Debt 429.6m - CCE 2.04m)
Interest Coverage Ratio = 4.30 (Ebit TTM 63.7m / Interest Expense TTM 14.8m)
EV/FCF = 93.57x (Enterprise Value 1.42b / FCF TTM 15.2m)
FCF Yield = 1.07% (FCF TTM 15.2m / Enterprise Value 1.42b)
FCF Margin = 7.63% (FCF TTM 15.2m / Revenue TTM 199.1m)
Net Margin = 22.07% (Net Income TTM 43.9m / Revenue TTM 199.1m)
Gross Margin = 46.22% ((Revenue TTM 199.1m - Cost of Revenue TTM 107.1m) / Revenue TTM)
Gross Margin QoQ = 52.76% (prev 35.46%)
Tobins Q-Ratio = 1.03 (Enterprise Value 1.42b / Total Assets 1.39b)
Interest Expense / Debt = 3.44% (Interest Expense 14.8m / Debt 429.6m)
Taxrate = 10.11% (4.95m / 48.9m)
NOPAT = 57.2m (EBIT 63.7m * (1 - 10.11%))
Current Ratio = 0.39 (Total Current Assets 46.8m / Total Current Liabilities 119.7m)
Debt / Equity = 0.86 (Debt 429.6m / totalStockholderEquity, last quarter 501.0m)
Debt / EBITDA = 4.43 (Net Debt 427.6m / EBITDA 96.5m)
Debt / FCF = 28.15 (Net Debt 427.6m / FCF TTM 15.2m)
Total Stockholder Equity = 484.5m (last 4 quarters mean from totalStockholderEquity)
RoA = 3.30% (Net Income 43.9m / Total Assets 1.39b)
RoE = 9.07% (Net Income TTM 43.9m / Total Stockholder Equity 484.5m)
RoCE = 7.44% (EBIT 63.7m / Capital Employed (Equity 484.5m + L.T.Debt 371.7m))
RoIC = 4.34% (NOPAT 57.2m / Invested Capital 1.32b)
WACC = 4.90% (E(994.0m)/V(1.42b) * Re(5.68%) + D(429.6m)/V(1.42b) * Rd(3.44%) * (1-Tc(0.10)))
Discount Rate = 5.68% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 89.89 | Cagr: 1.52%
[DCF] Terminal Value 73.10% ; FCFF base≈23.6m ; Y1≈20.7m ; Y5≈16.7m
[DCF] Fair Price = N/A (negative equity: EV 268.3m - Net Debt 427.6m = -159.3m; debt exceeds intrinsic value)
EPS Correlation: 80.29 | EPS CAGR: 10.91% | SUE: -0.21 | # QB: 0
Revenue Correlation: 94.04 | Revenue CAGR: 8.06% | SUE: -0.41 | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.70 | Chg30d=-1.41% | Revisions=-20% | Analysts=1
EPS next Quarter (2026-09-30): EPS=0.83 | Chg30d=-2.35% | Revisions=-20% | Analysts=1
EPS current Year (2026-12-31): EPS=2.58 | Chg30d=-2.27% | Revisions=-20% | GrowthEPS=+9.3% | GrowthRev=+10.2%
EPS next Year (2027-12-31): EPS=2.99 | Chg30d=-0.66% | Revisions=-20% | GrowthEPS=+15.9% | GrowthRev=+10.1%