MSEX Stock Analysis: Middlesex Water | NASDAQ
Utilities - Regulated Water | NASDAQ, USA | Market Cap: 1.039m USD | 12M Return: 9.8% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 8.94M
EPS Trend: 86.6%
Qual. Beats: 1
Rev. Trend: 94.0%
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: 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: 0.94 (Receivables 29.0m/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 = -2.94 (Cap -4..+1) = A |
As of August 04, 2026, the stock is trading at USD 56.85 with a total of 166,762 shares traded. Over the past week, the price has changed by +1.21%, over one month by +0.39%, over three months by +11.66% and over the past year by +9.80%.
Current recommended Stop Loss: 54.20 (which is 4.7% or 1.6 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 | 60 | 5.5% |
P/E Trailing = 23.8504
P/E Forward = 28.5714
P/S = 5.2204
P/B = 2.128
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 = 1.47b USD (1.04b + Debt 429.6m - CCE 2.04m)
Interest Coverage Ratio = 4.30 (Ebit TTM 63.7m / Interest Expense TTM 14.8m)
EV/FCF = 96.57x (Enterprise Value 1.47b / FCF TTM 15.2m)
FCF Yield = 1.04% (FCF TTM 15.2m / Enterprise Value 1.47b)
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 = 1.06 (Enterprise Value 1.47b / 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 = 4.61% (E(1.04b)/V(1.47b) * Re(5.23%) + D(429.6m)/V(1.47b) * Rd(3.44%) * (1-Tc(0.10)))
Discount Rate = 5.23% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 87.11 | 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: 86.61 | EPS CAGR: 12.64% | SUE: 1.10 | # QB: 1
Revenue Correlation: 94.04 | Revenue CAGR: 8.06% | SUE: -0.41 | # QB: 0
EPS current Quarter (2026-09-30): EPS=0.83 | Chg30d=-2.35% | Revisions=-25% | Analysts=1
EPS current Year (2026-12-31): EPS=2.58 | Chg30d=-2.27% | Revisions=-25% | GrowthEPS=+9.3% | GrowthRev=+10.2%
EPS next Year (2027-12-31): EPS=2.99 | Chg30d=-0.66% | Revisions=-25% | GrowthEPS=+15.9% | GrowthRev=+10.1%