MSEX Utilities

Middlesex Water Company

$57.64-1.18%

Price as of close on Nov 3, 2026 · Financials updated Oct 10, 2026

Basics

Sector: Utilities
Industry: Utilities - Regulated Water
Country: United States
Market cap: 1.1B USD
Enterprise value: 1.4B USD
Full-time employees: 395

Overall health

Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 0.73 vs a peer median of 0.46), though less than the overall market and less short-term liquidity (current ratio 0.50 vs a peer median of 1.03)higher risk: bigger price swings (beta 0.73 vs peers 0.46) and less liquidity (current ratio 0.50 vs peers 1.03)

Ranks #239 of 348 utilities companies (bottom 32%)

See how it ranks against its peers

Worth knowing

Profitable, but burning cash. Reports a profit, but free cash flow is negative.
Middlesex Water reports a profit but its free cash flow is negative: it spent more on investment and running the business than it brought in. That's common for companies building capacity, but it means the profit isn't yet turning into cash.
Earnings turned from a loss to a profit. Profit per share this year after a loss last year.
Middlesex Water made a profit per share in its latest year after a loss the year before.
Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $141M in 2020 to $195M in 2025.
Middlesex Water's fiscal-year revenue rose in each of the five years to 2025, from $141M to $195M.
Wide margins. Operating margin 29% (12 months to Jun 2026) vs a peer median of 19%.Operating margin 29% vs peers 19%.
Middlesex Water keeps 29% of revenue as operating profit, more than 81% of peers (median 19%).

StockQuotient Score

42/ 100

Oct 5 43 → Nov 4 42 (-1)

Valuation

Is the price right?

17/100

Weak▼ 1 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 18 → 17

Share price +2.5%-1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield0.5%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score -1.37Sector median: 0.0485 · MAD: 0.0319

EBITDA yield6.2%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score -0.95Sector median: 0.0859 · MAD: 0.0250

Free cash flow yield-3.7%

Yahoo Finance fallback · SEC cash flow or share count unavailable · trailing 12 months · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield48.0%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.6310 · MAD: 0.2684

Growth

Is it growing?

91/100

Strong

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 3.5%

Why

Stronger than most peers on:

▲ EPS growth
▲ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Earnings per share turned from a loss to a profit33% base weight · Z-score 4.05Sector median: 0.0172 · MAD: 0.1791

3-year revenue growth7.2%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 1.00Sector median: 0.0196 · MAD: 0.0523

Revenue growth5.2%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.39Sector median: 0.0254 · MAD: 0.0681

Profitability

Does it earn well?

38/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ ROA

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin29.2%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.22Sector median: 0.1864 · MAD: 0.0865

Return on assets0.4%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.85Sector median: 0.0266 · MAD: 0.0124

Return on invested capital5.2%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.03Sector median: 0.0524 · MAD: 0.0237

Other data (not scored)

Gross margin53.7%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.3581 · MAD: 0.1545

Return on equity1.0%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0807 · MAD: 0.0381

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Current ratio
▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.73

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -1.60Sector median: 0.4590 · MAD: 0.1730

Current ratio0.50×

SEC filings · latest balance sheetReported value33% base weight · Z-score -1.48Sector median: 1.0330 · MAD: 0.3620

Debt / equity0.77×

SEC filings · latest balance sheetReported value33% base weight · Z-score 0.80Sector median: 1.1925 · MAD: 0.5265

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Middlesex Water

Is Middlesex Water getting weaker?: Its latest SEC filing (Jul 30, 2026) showed no major changes. Its overall score is unchanged at 42/100 since Oct 28, 2026.
How is Middlesex Water valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 17/100 against 360 utilities peers. Earnings yield 0.5% vs a peer median of 4.8% (weaker than 85% of peers).Earnings yield 0.5% vs peers 4.8% (weaker than 85% of peers).
Is Middlesex Water growing?: Yes, faster than most of its peers. Growth scores 91/100 against 360 utilities peers. 3-year revenue growth 7.2% vs a peer median of 2.0% (stronger than 76% of peers).3-year revenue growth 7.2% vs peers 2.0% (stronger than 76% of peers).
How profitable is Middlesex Water?: Less profitable than most of its peers. Profitability scores 38/100 against 360 utilities peers. Operating margin 29.2% vs a peer median of 18.6% (stronger than 81% of peers).Operating margin 29.2% vs peers 18.6% (stronger than 81% of peers). Return on assets 0.4% vs a peer median of 2.7% (weaker than 90% of peers).Return on assets 0.4% vs peers 2.7% (weaker than 90% of peers).
How risky is Middlesex Water?: Higher risk relative to 360 utilities peers, judged on debt, liquidity and share-price swings. Debt / equity 0.77× vs a peer median of 1.19× (stronger than 69% of peers).Debt / equity 0.77× vs peers 1.19× (stronger than 69% of peers). Current ratio 0.50× vs a peer median of 1.03× (weaker than 92% of peers).Current ratio 0.50× vs peers 1.03× (weaker than 92% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Jul 30, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	199.1M USD	206.1M USD	+3.5%
Net income (12 months)	1.1M USD	5.1M USD	+354.6%
Operating margin	28.1%	29.2%	+1.1 pts
Debt	426.3M USD	403.2M USD	−5.4%
Cash	2.0M USD	1.8M USD	−11.7%
Shares outstanding	18.6M	18.8M	+1.2%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Utilities · 59 companies

Valuations in Utilities are above their usual range since 2016.

61% of months since 2016 were valued lower than now.
20% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +18% and earnings +20% (medians): prices and earnings moved broadly together.
Median price-to-sales is +2% vs the whole market, against a usual +0%.

2016Shaded: most expensive fifth of its range2026

Shown for Utilities: too few Utilities - Regulated Water companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Operating margin	23.2%	29.2%	23.6%	27.7%	27.9%	▲ 0.2 pts
Net margin	25.6%	26.1%	19.0%	23.1%	22.0%	▼ 1.1 pts
Return on assets (ROA)	3.6%	3.9%	2.6%	3.5%	3.1%	▼ 0.4 pts
Return on equity (ROE)	9.9%	10.6%	7.5%	10.0%	8.7%	▼ 1.3 pts
Free cash flow margin	-32.4%	-18.5%	-22.5%	-8.3%	—	—
Current ratio	0.61×	0.32×	1.05×	0.52×	0.45×	▼ 14%
Debt to equity	0.89×	0.91×	1.81×	0.86×	0.84×	▼ 2.5%
Interest coverage	4.09×	5.05×	2.98×	3.79×	3.80×	▲ 0.2%

MSEX price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 0.73 vs a peer median of 0.46), though less than the overall market and less short-term liquidity (current ratio 0.50 vs a peer median of 1.03)higher risk: bigger price swings (beta 0.73 vs peers 0.46) and less liquidity (current ratio 0.50 vs peers 1.03)

Ranks #239 of 348 utilities companies (bottom 32%)

See how it ranks against its peers

Worth knowing

Profitable, but burning cash. Reports a profit, but free cash flow is negative.

Middlesex Water reports a profit but its free cash flow is negative: it spent more on investment and running the business than it brought in. That's common for companies building capacity, but it means the profit isn't yet turning into cash.

Earnings turned from a loss to a profit. Profit per share this year after a loss last year.

Middlesex Water made a profit per share in its latest year after a loss the year before.

Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $141M in 2020 to $195M in 2025.

Middlesex Water's fiscal-year revenue rose in each of the five years to 2025, from $141M to $195M.

Wide margins. Operating margin 29% (12 months to Jun 2026) vs a peer median of 19%.Operating margin 29% vs peers 19%.

Middlesex Water keeps 29% of revenue as operating profit, more than 81% of peers (median 19%).

Questions investors ask about Middlesex Water

Is Middlesex Water getting weaker?

Its latest SEC filing (Jul 30, 2026) showed no major changes. Its overall score is unchanged at 42/100 since Oct 28, 2026.

How is Middlesex Water valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 17/100 against 360 utilities peers. Earnings yield 0.5% vs a peer median of 4.8% (weaker than 85% of peers).Earnings yield 0.5% vs peers 4.8% (weaker than 85% of peers).

Is Middlesex Water growing?

Yes, faster than most of its peers. Growth scores 91/100 against 360 utilities peers. 3-year revenue growth 7.2% vs a peer median of 2.0% (stronger than 76% of peers).3-year revenue growth 7.2% vs peers 2.0% (stronger than 76% of peers).

How profitable is Middlesex Water?

Less profitable than most of its peers. Profitability scores 38/100 against 360 utilities peers. Operating margin 29.2% vs a peer median of 18.6% (stronger than 81% of peers).Operating margin 29.2% vs peers 18.6% (stronger than 81% of peers). Return on assets 0.4% vs a peer median of 2.7% (weaker than 90% of peers).Return on assets 0.4% vs peers 2.7% (weaker than 90% of peers).

How risky is Middlesex Water?

Higher risk relative to 360 utilities peers, judged on debt, liquidity and share-price swings. Debt / equity 0.77× vs a peer median of 1.19× (stronger than 69% of peers).Debt / equity 0.77× vs peers 1.19× (stronger than 69% of peers). Current ratio 0.50× vs a peer median of 1.03× (weaker than 92% of peers).Current ratio 0.50× vs peers 1.03× (weaker than 92% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

199.1M USD

206.1M USD

+3.5%

Net income (12 months)

1.1M USD

5.1M USD

+354.6%

Operating margin

28.1%

29.2%

+1.1 pts

Debt

426.3M USD

403.2M USD

−5.4%

Cash

2.0M USD

1.8M USD

−11.7%

Shares outstanding

18.6M

18.8M

+1.2%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Operating margin

23.2%

29.2%

23.6%

27.7%

27.9%

▲ 0.2 pts

Net margin

25.6%

26.1%

19.0%

23.1%

22.0%

▼ 1.1 pts

Return on assets (ROA)

3.6%

3.9%

2.6%

3.5%

3.1%

▼ 0.4 pts

Return on equity (ROE)

9.9%

10.6%

7.5%

10.0%

8.7%

▼ 1.3 pts

Free cash flow margin

-32.4%

-18.5%

-22.5%

-8.3%

—

Current ratio

0.61×

0.32×

1.05×

0.52×

0.45×

▼ 14%

Debt to equity

0.89×

0.91×

1.81×

0.86×

0.84×

▼ 2.5%

Interest coverage

4.09×

5.05×

2.98×

3.79×

3.80×

▲ 0.2%