MIDDLESEX WATER CO (MSEX) Fundamental Analysis & Valuation

NASDAQ:MSEX • US5966801087

Current stock price

52.4 USD
+0.46 (+0.89%)
At close:
52.4 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

  • MSEX had positive earnings in the past year.
  • MSEX had a positive operating cash flow in the past year.
  • MSEX had positive earnings in each of the past 5 years.
  • 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 2025 0 20M -20M 40M -40M 60M

1.2 Ratios

  • MSEX has a Return On Assets (3.13%) which is comparable to the rest of the industry.
  • With a Return On Equity value of 8.63%, MSEX perfoms like the industry average, outperforming 57.14% of the companies in the same industry.
  • Looking at the Return On Invested Capital, with a value of 3.69%, MSEX is in line with its industry, outperforming 57.14% of the companies in the same 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 (3.52%) for MSEX is below the current ROIC(3.69%), indicating increased profibility in the last year.
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

  • With a decent Profit Margin value of 21.95%, MSEX is doing good in the industry, outperforming 71.43% of the companies in the same industry.
  • MSEX's Profit Margin has declined in the last couple of years.
  • 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

  • MSEX has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it 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 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

  • 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's Altman-Z score of 1.11 is fine compared to the rest of the industry. MSEX outperforms 64.29% of its industry peers.
  • MSEX has a Debt/Equity ratio of 0.82. This is a neutral value indicating 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 1.11
ROIC/WACC0.45
WACC8.2%
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.
  • The Quick ratio of MSEX (0.36) is worse than 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

  • The earnings per share for MSEX have decreased by -4.45% in the last year.
  • The Earnings Per Share has been growing slightly by 1.60% on average over the past years.
  • The Revenue has been growing slightly by 1.47% in the past year.
  • MSEX shows a small growth in Revenue. Measured over the last years, the Revenue has been growing by 6.58% yearly.
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

  • MSEX is expected to show quite a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 9.06% yearly.
  • MSEX is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 7.04% yearly.
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

  • 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 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 22.20, which indicates a rather expensive current valuation of MSEX.
  • MSEX's Price/Earnings is on the same level as the industry average.
  • MSEX is valuated at similar levels of the S&P average when we compare the Price/Earnings ratio to 25.70, which is the current average of the S&P500 Index.
  • With a Price/Forward Earnings ratio of 19.91, MSEX is valued on the expensive side.
  • MSEX's Price/Forward Earnings is on the same level as the industry average.
  • When comparing the Price/Forward Earnings ratio of MSEX to the average of the S&P500 Index (23.84), we can say MSEX is valued inline with the index average.
Industry RankSector Rank
PE 22.2
Fwd PE 19.91
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 is on the same level as the industry average.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 15.49
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 MSEX does not grow enough to justify the current Price/Earnings ratio.
  • A more expensive valuation may be justified as MSEX's earnings are expected to grow with 12.56% in the coming years.
PEG (NY)1.93
PEG (5Y)13.88
EPS Next 2Y12.53%
EPS Next 3Y12.56%

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

5

5. MSEX Dividend Analysis

5.1 Amount

  • With a Yearly Dividend Yield of 2.68%, MSEX has a reasonable but not impressive dividend return.
  • Compared to an average industry Dividend Yield of 3.02, MSEX has a dividend in line with its industry peers.
  • Compared to an average S&P500 Dividend Yield of 1.89, MSEX pays a bit more dividend than the S&P500 average.
Industry RankSector Rank
Dividend Yield 2.68%

5.2 History

  • The dividend of MSEX has a limited annual growth rate of 5.54%.
  • MSEX has been paying a dividend for at least 10 years, so it has a reliable track record.
  • The dividend of MSEX decreased 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.
  • The dividend of MSEX is growing, but earnings are growing more, so the dividend growth is 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 (3/13/2026, 8:00:02 PM)

After market: 52.4 0 (0%)

52.4

+0.46 (+0.89%)

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 Cap970.45M
Revenue(TTM)194.69M
Net Income(TTM)42.74M
Analysts50
Price Target57.12 (9.01%)
Short Float %4.74%
Short Ratio7.69
Dividend
Industry RankSector Rank
Dividend Yield 2.68%
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 22.2
Fwd PE 19.91
P/S 4.98
P/FCF N/A
P/OCF 15.5
P/B 1.96
P/tB 1.96
EV/EBITDA 15.49
EPS(TTM)2.36
EY4.5%
EPS(NY)2.63
Fwd EY5.02%
FCF(TTM)-2.07
FCFYN/A
OCF(TTM)3.38
OCFY6.45%
SpS10.51
BVpS26.75
TBVpS26.75
PEG (NY)1.93
PEG (5Y)13.88
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 1.11
F-Score4
WACC8.2%
ROIC/WACC0.45
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 4 / 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.