MIDDLESEX WATER CO (MSEX) Fundamental Analysis & Valuation

NASDAQ:MSEX • US5966801087

Current stock price

50.3 USD
-1.01 (-1.97%)
At close:
50.3 USD
0 (0%)
After Hours:

This MSEX fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

5

1. MSEX Profitability Analysis

1.1 Basic Checks

  • In the past year MSEX was profitable.
  • In the past year MSEX had a positive cash flow from operations.
  • In the past 5 years MSEX has always been profitable.
  • In the past 5 years MSEX always reported a positive cash flow from operatings.
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 2025 0 20M -20M 40M -40M 60M

1.2 Ratios

  • MSEX has a Return On Assets of 3.13%. This is comparable to the rest of the industry: MSEX outperforms 57.14% of its industry peers.
  • MSEX's Return On Equity of 8.63% is in line compared to the rest of the industry. MSEX outperforms 57.14% of its industry peers.
  • MSEX has a Return On Invested Capital (3.69%) which is comparable to the rest of the industry.
  • MSEX had an Average Return On Invested Capital over the past 3 years of 3.52%. This is in line with the industry average of 4.40%.
  • The last Return On Invested Capital (3.69%) for MSEX is above the 3 year average (3.52%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 3.13%
ROE 8.63%
ROIC 3.69%
ROA(3y)3.07%
ROA(5y)3.34%
ROE(3y)8.64%
ROE(5y)9.25%
ROIC(3y)3.52%
ROIC(5y)3.45%
MSEX Yearly ROA, ROE, ROICMSEX Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2 4 6 8 10

1.3 Margins

  • Looking at the Profit Margin, with a value of 21.95%, MSEX is in the better half of the industry, outperforming 78.57% of the companies in the same industry.
  • In the last couple of years the Profit Margin of MSEX has declined.
  • The Operating Margin of MSEX (27.93%) is comparable to the rest of the industry.
  • In the last couple of years the Operating Margin of MSEX has remained more or less at the same level.
Industry RankSector Rank
OM 27.93%
PM (TTM) 21.95%
GM N/A
OM growth 3Y2.51%
OM growth 5Y1.12%
PM growth 3Y-5.54%
PM growth 5Y-4.09%
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 2025 10 20 30

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2

2. MSEX Health Analysis

2.1 Basic Checks

  • With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), MSEX is destroying value.
  • Compared to 1 year ago, MSEX has more shares outstanding
  • 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 2025 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 2025 200M 400M 600M 800M 1B

2.2 Solvency

  • MSEX has an Altman-Z score of 1.09. This is a bad value and indicates that MSEX is not financially healthy and even has some risk of bankruptcy.
  • MSEX has a better Altman-Z score (1.09) than 64.29% of its industry peers.
  • A Debt/Equity ratio of 0.82 indicates that MSEX is somewhat dependend on debt financing.
  • Looking at the Debt to Equity ratio, with a value of 0.82, MSEX is in the better half of the industry, outperforming 71.43% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.82
Debt/FCF N/A
Altman-Z 1.09
ROIC/WACC0.47
WACC7.77%
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 2025 0 100M 200M 300M 400M

2.3 Liquidity

  • A Current Ratio of 0.45 indicates that MSEX may have some problems paying its short term obligations.
  • Looking at the Current ratio, with a value of 0.45, MSEX is doing worse than 92.86% of the companies in the same industry.
  • A Quick Ratio of 0.36 indicates that MSEX may have some problems paying 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 0.45
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 2025 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. MSEX Growth Analysis

3.1 Past

  • MSEX shows a slight negative growth in Earnings Per Share. In the last year, the EPS has decreased by -4.45%.
  • MSEX shows a small growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 1.60% yearly.
  • Looking at the last year, MSEX shows a small growth in Revenue. The Revenue has grown by 1.47% in the last year.
  • Measured over the past years, MSEX shows a small growth in Revenue. The Revenue has been growing by 6.58% on average per year.
EPS 1Y (TTM)-4.45%
EPS 3Y-0.27%
EPS 5Y1.6%
EPS Q2Q%-6.12%
Revenue 1Y (TTM)1.47%
Revenue growth 3Y6.23%
Revenue growth 5Y6.58%
Sales Q2Q%-0.27%

3.2 Future

  • Based on estimates for the next years, MSEX will show a quite strong growth in Earnings Per Share. The EPS will grow by 9.06% on average per year.
  • Based on estimates for the next years, MSEX will show a small growth in Revenue. The Revenue will grow by 7.04% on average per year.
EPS Next Y11.51%
EPS Next 2Y12.53%
EPS Next 3Y12.56%
EPS Next 5Y9.06%
Revenue Next Year8.14%
Revenue Next 2Y9.53%
Revenue Next 3Y8.97%
Revenue Next 5Y7.04%

3.3 Evolution

  • The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
  • 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 2028 2029 2030 2031 50M 100M 150M 200M 250M
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 2028 2029 2030 2031 1 2 3

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2

4. MSEX Valuation Analysis

4.1 Price/Earnings Ratio

  • The Price/Earnings ratio is 21.31, which indicates a rather expensive current valuation of MSEX.
  • MSEX's Price/Earnings ratio is in line with the industry average.
  • When comparing the Price/Earnings ratio of MSEX to the average of the S&P500 Index (25.79), we can say MSEX is valued inline with the index average.
  • The Price/Forward Earnings ratio is 19.11, which indicates a rather expensive current valuation of MSEX.
  • Based on the Price/Forward Earnings ratio, MSEX is valued a bit cheaper than 64.29% of the companies in the same industry.
  • MSEX is valuated at similar levels of the S&P average when we compare the Price/Forward Earnings ratio to 23.80, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 21.31
Fwd PE 19.11
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

  • MSEX's Enterprise Value to EBITDA ratio is in line with the industry average.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 15.14
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

  • The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates an expensive valuation of the company.
  • A more expensive valuation may be justified as MSEX's earnings are expected to grow with 12.56% in the coming years.
PEG (NY)1.85
PEG (5Y)13.33
EPS Next 2Y12.53%
EPS Next 3Y12.56%

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

4

5. MSEX Dividend Analysis

5.1 Amount

  • MSEX has a Yearly Dividend Yield of 1.19%. Purely for dividend investing, there may be better candidates out there.
  • Compared to an average industry Dividend Yield of 2.92, MSEX is paying slightly less dividend.
  • Compared to the average S&P500 Dividend Yield of 1.91, MSEX is paying slightly less dividend.
Industry RankSector Rank
Dividend Yield 1.19%

5.2 History

  • The dividend of MSEX has a limited annual growth rate of 5.54%.
  • MSEX has paid a dividend for at least 10 years, which is a reliable track record.
  • MSEX has decreased its dividend in the last 3 years.
Dividend Growth(5Y)5.54%
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

  • MSEX pays out 58.49% of its income as dividend. This is a bit on the high side, but may be sustainable.
  • MSEX's earnings are growing more than its dividend. This makes the dividend growth sustainable.
DP58.49%
EPS Next 2Y12.53%
EPS Next 3Y12.56%
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 2025 0 20M -20M 40M -40M
MSEX Dividend Payout.MSEX Dividend Payout, showing the Payout Ratio.MSEX Dividend Payout.PayoutRetained Earnings

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MSEX Fundamentals: All Metrics, Ratios and Statistics

MIDDLESEX WATER CO

NASDAQ:MSEX (3/18/2026, 8:25:37 PM)

After market: 50.3 0 (0%)

50.3

-1.01 (-1.97%)

Chartmill FA Rating
GICS SectorUtilities
GICS IndustryGroupUtilities
GICS IndustryWater Utilities
Earnings (Last)02-19
Earnings (Next)04-29
Inst Owners86.56%
Inst Owner Change-6.98%
Ins Owners0.95%
Ins Owner Change1.64%
Market Cap931.56M
Revenue(TTM)194.69M
Net Income(TTM)42.74M
Analysts50
Price Target57.12 (13.56%)
Short Float %4.33%
Short Ratio7.1
Dividend
Industry RankSector Rank
Dividend Yield 1.19%
Yearly Dividend1.37
Dividend Growth(5Y)5.54%
DP58.49%
Div Incr Years2
Div Non Decr Years2
Ex-Date02-17
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-6.4%
Min EPS beat(2)-10.84%
Max EPS beat(2)-1.96%
EPS beat(4)0
Avg EPS beat(4)-8.46%
Min EPS beat(4)-12.2%
Max EPS beat(4)-1.96%
EPS beat(8)3
Avg EPS beat(8)3.49%
EPS beat(12)3
Avg EPS beat(12)-7.5%
EPS beat(16)4
Avg EPS beat(16)-8.12%
Revenue beat(2)0
Avg Revenue beat(2)-3.73%
Min Revenue beat(2)-5.44%
Max Revenue beat(2)-2.03%
Revenue beat(4)0
Avg Revenue beat(4)-3.53%
Min Revenue beat(4)-5.82%
Max Revenue beat(4)-0.82%
Revenue beat(8)2
Avg Revenue beat(8)-2.11%
Revenue beat(12)2
Avg Revenue beat(12)-4.99%
Revenue beat(16)2
Avg Revenue beat(16)-4.69%
PT rev (1m)0%
PT rev (3m)-6.15%
EPS NQ rev (1m)7.55%
EPS NQ rev (3m)7.55%
EPS NY rev (1m)-1.78%
EPS NY rev (3m)-2.15%
Revenue NQ rev (1m)8.15%
Revenue NQ rev (3m)8.15%
Revenue NY rev (1m)-0.82%
Revenue NY rev (3m)-0.47%
Valuation
Industry RankSector Rank
PE 21.31
Fwd PE 19.11
P/S 4.78
P/FCF N/A
P/OCF 14.88
P/B 1.88
P/tB 1.88
EV/EBITDA 15.14
EPS(TTM)2.36
EY4.69%
EPS(NY)2.63
Fwd EY5.23%
FCF(TTM)-2.07
FCFYN/A
OCF(TTM)3.38
OCFY6.72%
SpS10.51
BVpS26.75
TBVpS26.75
PEG (NY)1.85
PEG (5Y)13.33
Graham Number37.69
Profitability
Industry RankSector Rank
ROA 3.13%
ROE 8.63%
ROCE 4.28%
ROIC 3.69%
ROICexc 3.7%
ROICexgc 3.7%
OM 27.93%
PM (TTM) 21.95%
GM N/A
FCFM N/A
ROA(3y)3.07%
ROA(5y)3.34%
ROE(3y)8.64%
ROE(5y)9.25%
ROIC(3y)3.52%
ROIC(5y)3.45%
ROICexc(3y)3.53%
ROICexc(5y)3.46%
ROICexgc(3y)3.53%
ROICexgc(5y)3.46%
ROCE(3y)4.09%
ROCE(5y)4.03%
ROICexgc growth 3Y0.13%
ROICexgc growth 5Y0.55%
ROICexc growth 3Y0.13%
ROICexc growth 5Y0.55%
OM growth 3Y2.51%
OM growth 5Y1.12%
PM growth 3Y-5.54%
PM growth 5Y-4.09%
GM growth 3YN/A
GM growth 5YN/A
F-Score4
Asset Turnover0.14
Health
Industry RankSector Rank
Debt/Equity 0.82
Debt/FCF N/A
Debt/EBITDA 4.69
Cap/Depr 310.7%
Cap/Sales 51.86%
Interest Coverage 4.04
Cash Conversion 72.06%
Profit Quality N/A
Current Ratio 0.45
Quick Ratio 0.36
Altman-Z 1.09
F-Score4
WACC7.77%
ROIC/WACC0.47
Cap/Depr(3y)294.38%
Cap/Depr(5y)302.34%
Cap/Sales(3y)48.33%
Cap/Sales(5y)51.34%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-4.45%
EPS 3Y-0.27%
EPS 5Y1.6%
EPS Q2Q%-6.12%
EPS Next Y11.51%
EPS Next 2Y12.53%
EPS Next 3Y12.56%
EPS Next 5Y9.06%
Revenue 1Y (TTM)1.47%
Revenue growth 3Y6.23%
Revenue growth 5Y6.58%
Sales Q2Q%-0.27%
Revenue Next Year8.14%
Revenue Next 2Y9.53%
Revenue Next 3Y8.97%
Revenue Next 5Y7.04%
EBIT growth 1Y2.19%
EBIT growth 3Y8.9%
EBIT growth 5Y7.77%
EBIT Next Year67.93%
EBIT Next 3Y31.89%
EBIT Next 5Y20.07%
FCF growth 1Y-141.41%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y6.58%
OCF growth 3Y0.67%
OCF growth 5Y3.24%

MIDDLESEX WATER CO / MSEX Fundamental Analysis 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 2 / 10.


What is the earnings growth outlook for MIDDLESEX WATER CO?

The Earnings per Share (EPS) of MIDDLESEX WATER CO (MSEX) is expected to grow by 11.51% in the next year.