MSEX Stock Analysis: Middlesex Water | NASDAQ
Utilities - Regulated Water | NASDAQ, USA | Market Cap: 1.068m USD | 12M Return: 7% | US5966801087 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 6.28M
EPS Trend: 86.6%
Qual. Beats: 1
Rev. Trend: 94.7%
Qual. Beats: 0
Warnings
Tailwinds
No distinct edge detected
Seasonality 11.6 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 New Jersey-headquartered water utility that owns and operates regulated water and wastewater systems across the United States, serving residential, commercial, industrial, and fire protection customers on both a retail and wholesale basis. The company operates through two segments-Regulated, which encompasses its core water and wastewater utility operations, and Non-Regulated, which provides contract services for the operation and maintenance of municipal and private water and wastewater systems. Founded in 1896 and listed on NASDAQ since 1990, Middlesex is a small-cap ($965M USD) player in the GICS Water Utilities sub-industry. As a regulated utility, the company operates under a state-authorized rate base model, which typically provides predictable cash flows and revenue tied to infrastructure investment, while its non-regulated contract services offer a complementary, less capital-intensive growth channel. Water utilities are widely regarded as defensive, recession-resistant holdings given the essential nature of their service.
- NJ Board of Public Utilities approves higher water rates
- Aging pipe replacement capex expands rate base and earnings
- Non-regulated contract operations add new municipal customers
| Net Income: 47.9m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.01 > 0.02 and ΔFCF/TA -4.76 > 1.0 |
| NWC/Revenue: -25.55% < 20% (prev -36.75%; Δ 11.20% < -1%) |
| CFO/TA 0.04 > 3% & CFO 58.6m > Net Income 47.9m |
| Net Debt (438.4m) to EBITDA (98.3m): 4.46 < 3 |
| Current Ratio: 0.50 > 1.5 & < 3 |
| Outstanding Shares: last quarter (18.7m) vs 12m ago 4.13% < -2% |
| Gross Margin: 43.64% > 18% (prev 51.87%; Δ -8.23% > 0.5%) |
| Asset Turnover: 15.05% > 50% (prev 14.88%; Δ 0.17% > 0%) |
| Interest Coverage Ratio: 4.35 > 6 (EBIT TTM 66.1m / Interest Expense TTM 15.2m) |
| A: -0.04 (Total Current Assets 52.0m - Total Current Liabilities 104.7m) / Total Assets 1.42b |
| B: 0.16 (Retained Earnings 226.8m / Total Assets 1.42b) |
| C: 0.05 (EBIT TTM 66.1m / Avg Total Assets 1.37b) |
| D: 0.58 (Book Value of Equity 522.4m / Total Liabilities 901.0m) |
| Altman-Z'' = 1.21 = BB |
| DSRI: 0.93 (Receivables 33.3m/34.0m, Revenue 206.1m/195.8m) |
| GMI: 1.19 (GM 51.87% / 43.64%) |
| AQI: 0.97 (AQ_t 0.12 / AQ_t-1 0.12) |
| SGI: 1.05 (Revenue 206.1m / 195.8m) |
| TATA: -0.01 (NI 47.9m - CFO 58.6m) / TA 1.42b) |
| Beneish M = -2.89 (Cap -4..+1) = A |
As of September 21, 2026, the stock is trading at USD 55.32 with a total of 239,894 shares traded. Over the past week, the price has changed by -2.42%, over one month by -5.95%, over three months by +6.92% and over the past year by +6.98%.
Current recommended Stop Loss: 53.70 (which is 2.9% or 1.4 ATR below the current price).
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 | 61 | 10.3% |
P/E Trailing = 21.888
P/E Forward = 28.5714
P/S = 5.1822
P/B = 2.0678
P/EG = 18.4527
Revenue TTM = 206.1m USD
EBIT TTM = 66.1m USD
EBITDA TTM = 98.3m USD
Long Term Debt = 395.6m USD (from longTermDebt, last quarter)
Short Term Debt = 41.7m USD (from shortTermDebt, last quarter)
Debt = 440.2m USD (from shortLongTermDebtTotal, last quarter) + Leases 1.50m
Net Debt = 438.4m USD (calculated: Debt 440.2m - CCE 1.80m)
Enterprise Value = 1.51b USD (1.07b + Debt 440.2m - CCE 1.80m)
Interest Coverage Ratio = 4.35 (Ebit TTM 66.1m / Interest Expense TTM 15.2m)
EV/FCF = 100.3x (Enterprise Value 1.51b / FCF TTM 15.0m)
FCF Yield = 1.00% (FCF TTM 15.0m / Enterprise Value 1.51b)
FCF Margin = 7.29% (FCF TTM 15.0m / Revenue TTM 206.1m)
Net Margin = 23.26% (Net Income TTM 47.9m / Revenue TTM 206.1m)
Gross Margin = 43.64% ((Revenue TTM 206.1m - Cost of Revenue TTM 116.2m) / Revenue TTM)
Gross Margin QoQ = 42.94% (prev 52.76%)
Tobins Q-Ratio = 1.06 (Enterprise Value 1.51b / Total Assets 1.42b)
Interest Expense / Debt = 3.45% (Interest Expense 15.2m / Debt 440.2m)
Taxrate = 10.00% (5.33m / 53.3m)
NOPAT = 59.5m (EBIT 66.1m * (1 - 10.00%))
Current Ratio = 0.50 (Total Current Assets 52.0m / Total Current Liabilities 104.7m)
Debt / Equity = 0.84 (Debt 440.2m / totalStockholderEquity, last quarter 522.4m)
Debt / EBITDA = 4.46 (Net Debt 438.4m / EBITDA 98.3m)
Debt / FCF = 29.19 (Net Debt 438.4m / FCF TTM 15.0m)
Total Stockholder Equity = 501.0m (last 4 quarters mean from totalStockholderEquity)
RoA = 3.50% (Net Income 47.9m / Total Assets 1.42b)
RoE = 9.57% (Net Income TTM 47.9m / Total Stockholder Equity 501.0m)
RoCE = 7.37% (EBIT 66.1m / Capital Employed (Equity 501.0m + L.T.Debt 395.6m))
RoIC = 4.38% (NOPAT 59.5m / Invested Capital 1.36b)
WACC = 4.62% (E(1.07b)/V(1.51b) * Re(5.25%) + D(440.2m)/V(1.51b) * Rd(3.45%) * (1-Tc(0.10)))
Discount Rate = 5.25% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 87.92 | Cagr: 1.97%
[DCF] Terminal Value 73.10% ; FCFF base≈39.6m ; Y1≈34.7m ; Y5≈28.1m
[DCF] Fair Price = 0.65 (EV 450.6m - Net Debt 438.4m = Equity 12.2m / Shares 18.8m; r=8.35% [WACC [floored]]; 5y FCF grow -15.0% → 2.50% )
EPS Correlation: 86.61 | EPS CAGR: 12.64% | SUE: 1.10 | # QB: 1
Revenue Correlation: 94.72 | Revenue CAGR: 8.34% | SUE: 0.44 | # QB: 0
EPS current Quarter (2026-09-30): EPS=0.83 | Chg30d=+0.00% | Revisions=-25% | Analysts=1
EPS current Year (2026-12-31): EPS=2.67 | Chg30d=+3.49% | Revisions=+25% | GrowthEPS=+13.1% | GrowthRev=+11.8%
EPS next Year (2027-12-31): EPS=2.99 | Chg30d=+0.00% | Revisions=-25% | GrowthEPS=+12.0% | GrowthRev=+9.2%