MIDDLESEX WATER CO (MSEX) Stock Fundamental Analysis

USA • Nasdaq • NASDAQ:MSEX • US5966801087

52.47 USD
+0.43 (+0.83%)
Last: Feb 5, 2026, 03:59 PM
Fundamental Rating

3

We assign a fundamental rating of 3 out of 10 to MSEX. MSEX was compared to 14 industry peers in the Water Utilities industry. There are concerns on the financial health of MSEX while its profitability can be described as average. While showing a medium growth rate, MSEX is valued expensive at the moment.


Dividend Valuation Growth Profitability Health

5

1. Profitability

1.1 Basic Checks

  • In the past year MSEX was profitable.
  • MSEX had a positive operating cash flow in the past year.
  • In the past 5 years MSEX has always been profitable.
  • MSEX had a positive operating cash flow in each of the past 5 years.
MSEX Yearly Net Income VS EBIT VS OCF VS FCFMSEX Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 20M -20M 40M -40M 60M

1.2 Ratios

  • With a Return On Assets value of 3.20%, MSEX perfoms like the industry average, outperforming 57.14% of the companies in the same industry.
  • The Return On Equity of MSEX (8.87%) is comparable to the rest of the industry.
  • MSEX has a Return On Invested Capital (3.32%) which is comparable to the rest of the industry.
  • Measured over the past 3 years, the Average Return On Invested Capital for MSEX is in line with the industry average of 4.99%.
  • The 3 year average ROIC (3.15%) for MSEX is below the current ROIC(3.32%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 3.2%
ROE 8.87%
ROIC 3.32%
ROA(3y)3.33%
ROA(5y)3.5%
ROE(3y)9.27%
ROE(5y)9.73%
ROIC(3y)3.15%
ROIC(5y)3.07%
MSEX Yearly ROA, ROE, ROICMSEX Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2 4 6 8 10

1.3 Margins

  • With a decent Profit Margin value of 22.04%, MSEX is doing good in the industry, outperforming 71.43% of the companies in the same industry.
  • In the last couple of years the Profit Margin of MSEX has declined.
  • MSEX has a Operating Margin (27.56%) which is comparable to the rest of the industry.
  • MSEX's Operating Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 27.56%
PM (TTM) 22.04%
GM N/A
OM growth 3Y6.13%
OM growth 5Y1.01%
PM growth 3Y-3.22%
PM growth 5Y-1.69%
GM growth 3YN/A
GM growth 5YN/A
MSEX Yearly Profit, Operating, Gross MarginsMSEX Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 10 20 30

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ROAROEROICOperating and Profit MarginShow most profitable peers

1

2. Health

2.1 Basic Checks

  • With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), MSEX is destroying value.
  • MSEX has more shares outstanding than it did 1 year ago.
  • MSEX has more shares outstanding than it did 5 years ago.
  • MSEX has a better debt/assets ratio than last year.
MSEX Yearly Shares OutstandingMSEX Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 5M 10M 15M
MSEX Yearly Total Debt VS Total AssetsMSEX Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 200M 400M 600M 800M 1B

2.2 Solvency

  • Based on the Altman-Z score of 1.11, we must say that MSEX is in the distress zone and has some risk of bankruptcy.
  • MSEX has a Altman-Z score of 1.11. This is comparable to the rest of the industry: MSEX outperforms 57.14% of its industry peers.
  • MSEX has a Debt/Equity ratio of 0.84. This is a neutral value indicating MSEX is somewhat dependend on debt financing.
  • The Debt to Equity ratio of MSEX (0.84) is better than 71.43% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.84
Debt/FCF N/A
Altman-Z 1.11
ROIC/WACC0.41
WACC8.13%
MSEX Yearly LT Debt VS Equity VS FCFMSEX Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 100M 200M 300M 400M

2.3 Liquidity

  • MSEX has a Current Ratio of 0.42. This is a bad value and indicates that MSEX is not financially healthy enough and could expect problems in meeting its short term obligations.
  • MSEX has a worse Current ratio (0.42) than 92.86% of its industry peers.
  • MSEX has a Quick Ratio of 0.42. This is a bad value and indicates that MSEX is not financially healthy enough and could expect problems in meeting its short term obligations.
  • MSEX's Quick ratio of 0.36 is on the low side compared to the rest of the industry. MSEX is outperformed by 92.86% of its industry peers.
Industry RankSector Rank
Current Ratio 0.42
Quick Ratio 0.36
MSEX Yearly Current Assets VS Current LiabilitesMSEX Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 20M 40M 60M 80M 100M

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

4

3. Growth

3.1 Past

  • MSEX shows a small growth in Earnings Per Share. In the last year, the EPS has grown by 3.91%.
  • Measured over the past 5 years, MSEX shows a small growth in Earnings Per Share. The EPS has been growing by 4.31% on average per year.
  • Looking at the last year, MSEX shows a small growth in Revenue. The Revenue has grown by 6.24% in the last year.
  • The Revenue has been growing slightly by 7.35% on average over the past years.
EPS 1Y (TTM)3.91%
EPS 3Y6.07%
EPS 5Y4.31%
EPS Q2Q%-3.75%
Revenue 1Y (TTM)6.24%
Revenue growth 3Y10.27%
Revenue growth 5Y7.35%
Sales Q2Q%-1.83%

3.2 Future

  • The Earnings Per Share is expected to grow by 6.23% on average over the next years.
  • Based on estimates for the next years, MSEX will show a small growth in Revenue. The Revenue will grow by 7.47% on average per year.
EPS Next Y-4.19%
EPS Next 2Y4.17%
EPS Next 3Y6.23%
EPS Next 5YN/A
Revenue Next Year5.05%
Revenue Next 2Y6.85%
Revenue Next 3Y7.47%
Revenue Next 5YN/A

3.3 Evolution

  • When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
  • When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is stable.
MSEX Yearly Revenue VS EstimatesMSEX Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 50M 100M 150M 200M
MSEX Yearly EPS VS EstimatesMSEX Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 0.5 1 1.5 2 2.5

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Find the best growth stocksShow best growing peers

2

4. Valuation

4.1 Price/Earnings Ratio

  • Based on the Price/Earnings ratio of 21.95, the valuation of MSEX can be described as rather expensive.
  • MSEX's Price/Earnings is on the same level as the industry average.
  • MSEX is valuated rather cheaply when we compare the Price/Earnings ratio to 28.25, which is the current average of the S&P500 Index.
  • Based on the Price/Forward Earnings ratio of 19.58, the valuation of MSEX can be described as rather expensive.
  • MSEX's Price/Forward Earnings ratio is a bit cheaper when compared to the industry. MSEX is cheaper than 64.29% of the companies in the same industry.
  • MSEX is valuated rather cheaply when we compare the Price/Forward Earnings ratio to 27.50, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 21.95
Fwd PE 19.58
MSEX Price Earnings VS Forward Price EarningsMSEX Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

  • Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of MSEX is on the same level as its industry peers.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 15.31
MSEX Per share dataMSEX EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 5 10 15 20 25

4.3 Compensation for Growth

PEG (NY)N/A
PEG (5Y)5.09
EPS Next 2Y4.17%
EPS Next 3Y6.23%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

5

5. Dividend

5.1 Amount

  • MSEX has a Yearly Dividend Yield of 2.77%.
  • Compared to an average industry Dividend Yield of 2.99, MSEX has a dividend in line with its industry peers.
  • MSEX's Dividend Yield is rather good when compared to the S&P500 average which is at 1.82.
Industry RankSector Rank
Dividend Yield 2.77%

5.2 History

  • On average, the dividend of MSEX grows each year by 6.43%, which is quite nice.
  • MSEX has paid a dividend for at least 10 years, which is a reliable track record.
  • The dividend of MSEX decreased in the last 3 years.
Dividend Growth(5Y)6.43%
Div Incr Years2
Div Non Decr Years2
MSEX Yearly Dividends per shareMSEX Yearly Dividends per shareYearly Dividends per share 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 0.2 0.4 0.6 0.8 1

5.3 Sustainability

  • 56.99% of the earnings are spent on dividend by MSEX. This is a bit on the high side, but may be sustainable.
  • MSEX's earnings are growing slower than its dividend. This means the dividend growth is not sustainable.
DP56.99%
EPS Next 2Y4.17%
EPS Next 3Y6.23%
MSEX Yearly Income VS Free CF VS DividendMSEX Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 20M -20M 40M -40M
MSEX Dividend Payout.MSEX Dividend Payout, showing the Payout Ratio.MSEX Dividend Payout.PayoutRetained Earnings

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MIDDLESEX WATER CO

NASDAQ:MSEX (2/5/2026, 3:59:53 PM)

52.47

+0.43 (+0.83%)

Chartmill FA Rating
GICS SectorUtilities
GICS IndustryGroupUtilities
GICS IndustryWater Utilities
Earnings (Last)10-31
Earnings (Next)02-26
Inst Owners82.74%
Inst Owner Change-0.2%
Ins Owners0.94%
Ins Owner Change-0.34%
Market Cap962.30M
Revenue(TTM)194.82M
Net Income(TTM)42.94M
Analysts80
Price Target58.91 (12.27%)
Short Float %4.38%
Short Ratio6.22
Dividend
Industry RankSector Rank
Dividend Yield 2.77%
Yearly Dividend1.32
Dividend Growth(5Y)6.43%
DP56.99%
Div Incr Years2
Div Non Decr Years2
Ex-Date02-17
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-11.52%
Min EPS beat(2)-12.2%
Max EPS beat(2)-10.84%
EPS beat(4)1
Avg EPS beat(4)-0.07%
Min EPS beat(4)-12.2%
Max EPS beat(4)31.61%
EPS beat(8)3
Avg EPS beat(8)-1.23%
EPS beat(12)3
Avg EPS beat(12)-9.56%
EPS beat(16)4
Avg EPS beat(16)-9.42%
Revenue beat(2)0
Avg Revenue beat(2)-5.63%
Min Revenue beat(2)-5.82%
Max Revenue beat(2)-5.44%
Revenue beat(4)1
Avg Revenue beat(4)-1.17%
Min Revenue beat(4)-5.82%
Max Revenue beat(4)7.4%
Revenue beat(8)2
Avg Revenue beat(8)-3.82%
Revenue beat(12)2
Avg Revenue beat(12)-5.5%
Revenue beat(16)2
Avg Revenue beat(16)-5.02%
PT rev (1m)0%
PT rev (3m)-9.77%
EPS NQ rev (1m)-0.73%
EPS NQ rev (3m)0%
EPS NY rev (1m)-0.14%
EPS NY rev (3m)-5.18%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)-1.06%
Revenue NY rev (1m)-0.02%
Revenue NY rev (3m)-1.37%
Valuation
Industry RankSector Rank
PE 21.95
Fwd PE 19.58
P/S 4.94
P/FCF N/A
P/OCF 14.69
P/B 1.99
P/tB 1.99
EV/EBITDA 15.31
EPS(TTM)2.39
EY4.55%
EPS(NY)2.68
Fwd EY5.11%
FCF(TTM)-1.96
FCFYN/A
OCF(TTM)3.57
OCFY6.81%
SpS10.62
BVpS26.38
TBVpS26.38
PEG (NY)N/A
PEG (5Y)5.09
Graham Number37.67
Profitability
Industry RankSector Rank
ROA 3.2%
ROE 8.87%
ROCE 4.39%
ROIC 3.32%
ROICexc 3.33%
ROICexgc 3.33%
OM 27.56%
PM (TTM) 22.04%
GM N/A
FCFM N/A
ROA(3y)3.33%
ROA(5y)3.5%
ROE(3y)9.27%
ROE(5y)9.73%
ROIC(3y)3.15%
ROIC(5y)3.07%
ROICexc(3y)3.16%
ROICexc(5y)3.08%
ROICexgc(3y)3.16%
ROICexgc(5y)3.08%
ROCE(3y)4.13%
ROCE(5y)3.98%
ROICexgc growth 3Y9.39%
ROICexgc growth 5Y1.66%
ROICexc growth 3Y9.39%
ROICexc growth 5Y1.66%
OM growth 3Y6.13%
OM growth 5Y1.01%
PM growth 3Y-3.22%
PM growth 5Y-1.69%
GM growth 3YN/A
GM growth 5YN/A
F-Score4
Asset Turnover0.15
Health
Industry RankSector Rank
Debt/Equity 0.84
Debt/FCF N/A
Debt/EBITDA 4.74
Cap/Depr 318.89%
Cap/Sales 52.04%
Interest Coverage 3.87
Cash Conversion 76.65%
Profit Quality N/A
Current Ratio 0.42
Quick Ratio 0.36
Altman-Z 1.11
F-Score4
WACC8.13%
ROIC/WACC0.41
Cap/Depr(3y)301.61%
Cap/Depr(5y)341.57%
Cap/Sales(3y)49.79%
Cap/Sales(5y)55.89%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)3.91%
EPS 3Y6.07%
EPS 5Y4.31%
EPS Q2Q%-3.75%
EPS Next Y-4.19%
EPS Next 2Y4.17%
EPS Next 3Y6.23%
EPS Next 5YN/A
Revenue 1Y (TTM)6.24%
Revenue growth 3Y10.27%
Revenue growth 5Y7.35%
Sales Q2Q%-1.83%
Revenue Next Year5.05%
Revenue Next 2Y6.85%
Revenue Next 3Y7.47%
Revenue Next 5YN/A
EBIT growth 1Y5.45%
EBIT growth 3Y17.03%
EBIT growth 5Y8.43%
EBIT Next Year52.31%
EBIT Next 3Y26.51%
EBIT Next 5YN/A
FCF growth 1Y13.29%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y14.74%
OCF growth 3Y21.15%
OCF growth 5Y10.25%

MIDDLESEX WATER CO / MSEX FAQ

Can you provide the ChartMill fundamental rating for MIDDLESEX WATER CO?

ChartMill assigns a fundamental rating of 3 / 10 to MSEX.


Can you provide the valuation status for MIDDLESEX WATER CO?

ChartMill assigns a valuation rating of 2 / 10 to MIDDLESEX WATER CO (MSEX). This can be considered as Overvalued.


How profitable is MIDDLESEX WATER CO (MSEX) stock?

MIDDLESEX WATER CO (MSEX) has a profitability rating of 5 / 10.


Can you provide the financial health for MSEX stock?

The financial health rating of MIDDLESEX WATER CO (MSEX) is 1 / 10.


What is the earnings growth outlook for MIDDLESEX WATER CO?

The Earnings per Share (EPS) of MIDDLESEX WATER CO (MSEX) is expected to decline by -4.19% in the next year.