A Business at a Glance
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MIDDLESEX WATER CO
MSEX
$1.0B
Mkt Cap
$56.19
-0.21%
MIDDLESEX WATER CO (MSEX) has a current P/E ratio of 23.8, compared to its historical median P/E of 26.8. The stock is currently considered Fair based on its historical valuation range.
MIDDLESEX WATER CO (MSEX) has a 5-year average return on invested capital (ROIC) of 5.1%. This is below average and may indicate limited pricing power.
MIDDLESEX WATER CO (MSEX) has a market capitalization of $1.0B. It is classified as a small-cap stock.
Yes, MIDDLESEX WATER CO (MSEX) pays a dividend with a trailing twelve-month yield of 2.44%.
Based on historical P/E analysis, MIDDLESEX WATER CO (MSEX) appears fair. The current P/E of 23.8 is 11% below its historical median of 26.8. The estimated fair value CAGR (P/E method) is 1.5%.
MIDDLESEX WATER CO (MSEX) operates in the Water Supply industry, within the Utilities sector.
MIDDLESEX WATER CO (MSEX) reported annual revenue of $195 million in its most recent fiscal year, based on SEC EDGAR filings.
The terms “the Company,” “we,” “our,” and “us” collectively refer to Middlesex Water Company (Middlesex) and its subsidiaries, including Tidewater Utilities, Inc. (Tidewater) and Tidewater’s wholly-owned subsidiaries, Southern Shores Water Company, LLC (Southern Shores) and White Marsh Environmental Systems, Inc. (White Marsh). The Company’s other subsidiaries are Pinelands Water Company (Pinelands Water) and Pinelands Wastewater Company (Pinelands Wastewater) (collectively, Pinelands), Utility Service Affiliates, Inc. (USA) and Utility Service Affiliates (Perth Amboy) Inc. (USA-PA). Middlesex was incorporated as a water utility company in 1897 and owns and operates regulated water utility and wastewater systems primarily in New Jersey and Delaware. Middlesex also operates water and wastewater systems under contract on behalf of municipal and private clients primarily in New Jersey and Delaware. Across our regulated utility systems, we serve approximately 131,000 customers.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 199M | 195M | 192M | 166M | 162M | 143M |
| Net Income | 44M | 43M | 44M | 31M | 42M | 36M |
| EPS | $2.39 | $2.36 | $2.47 | $1.76 | $2.39 | $2,078.70 |
| Free Cash Flow | 0 | 63M | -16M | -37M | -30M | -46M |
| ROIC | 5.6% | 5.9% | 4.7% | 3.9% | 6.1% | 5.1% |
| Gross Margin | - | - | - | 45.2% | 50.8% | 46.1% |
| Debt/Equity | 0.79 | 0.80 | 0.77 | 1.82 | 0.91 | 0.89 |
| Dividends/Share | $1.37 | $1.38 | $1.32 | $1.26 | $1.18 | $1,105.64 |
| Operating Income | 56M | 54M | 53M | 39M | 47M | 33M |
| Operating Margin | 28.1% | 27.9% | 27.7% | 23.6% | 29.1% | 23.2% |
| ROE | 8.8% | 9.1% | 10.2% | 7.6% | 11.0% | 10.2% |
| Shares Outstanding | 19M | 18M | 18M | 18M | 18M | 0M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 117M | 126M | 133M | 131M | 138M | 135M | 142M | 143M | 162M | 166M | 192M | 195M | 199M |
| Gross Margin | 39.4% | 39.1% | 40.1% | N/A | N/A | 41.0% | 44.2% | 46.1% | 50.8% | 45.2% | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | 79M | N/A | N/A | 82M | 86M | 89M | 92M | 102M | N/A | N/A | N/A |
| EBIT | 34M | 36M | 41M | 38M | 37M | 36M | 37M | 33M | 47M | 39M | 53M | 54M | 56M |
| Op. Margin | 29.4% | 28.4% | 30.6% | 28.9% | 26.9% | 26.4% | 26.4% | 23.2% | 29.1% | 23.6% | 27.7% | 27.9% | 28.1% |
| Net Income | 18M | 20M | 23M | 23M | 32M | 34M | 38M | 36M | 42M | 31M | 44M | 43M | 44M |
| Net Margin | 15.6% | 15.8% | 17.0% | 17.3% | 23.4% | 25.1% | 27.1% | 25.4% | 26.0% | 18.9% | 23.1% | 22.0% | 22.0% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.2M | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 6.3% | 6.8% | 7.5% | 6.5% | 8.0% | 8.2% | 8.5% | 5.1% | 6.1% | 3.9% | 4.7% | 5.9% | 5.6% |
| ROE | 9.3% | 9.6% | 10.3% | 9.9% | 13.0% | 16.7% | 22.1% | 10.2% | 11.0% | 7.6% | 10.2% | 9.1% | 8.8% |
| ROA | 3.2% | 3.4% | 3.6% | 3.4% | 4.2% | 4.0% | 4.1% | 3.6% | 4.0% | 2.7% | 3.6% | 3.3% | 3.2% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 33M | 51M | 47M | 43M | 46M | 36M | 53M | 33M | 61M | 53M | 59M | 63M | 61M |
| Free Cash Flow | 33M | 51M | 47M | 43M | 46M | 36M | -52M | -46M | -30M | -37M | -16M | 63M | 0 |
| Owner Earnings | 20M | 37M | 33M | 27M | 29M | 18M | 31M | 4.9M | 32M | 21M | 29M | 29M | 27M |
| CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 106M | 79M | 91M | 90M | 75M | 0 | 0 |
| Maint. CapEx | 12M | 13M | 14M | 15M | 16M | 17M | 21M | 27M | 27M | 29M | 28M | 32M | 33M |
| Growth CapEx | N/A | N/A | N/A | N/A | N/A | N/A | 85M | 53M | 64M | 61M | 47M | N/A | 0 |
| D&A | 12M | 13M | 14M | 15M | 16M | 17M | 21M | 27M | 27M | 29M | 28M | 32M | 33M |
| CapEx/OCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 240.3% | 148.8% | 170.9% | 127.1% | 153.9% | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 12M | 13M | 13M | 14M | 15M | 16M | 18M | 19M | 21M | 22M | 23M | 25M | 26M |
| Dividend Yield | 4.7% | 4.1% | 2.7% | 2.6% | 2.4% | 1.8% | 1.8% | 1326.0% | 1.4% | 1.8% | 2.3% | 2.5% | 2.4% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 619K | 1.5M | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.1% | N/A | N/A | 0.0% |
| Stock-Based Comp | 539K | 633K | 829K | 840K | 1.1M | 637K | 1.1M | 1.3M | 1.6M | 2.2M | 1.5M | 1.2M | 1.2M |
| Debt Repayment | 5.5M | 6.3M | 5.9M | 6.2M | 7.0M | 7.3M | 7.5M | 53M | 7.4M | 17M | 7.6M | 7.3M | 7.3M |
| Balance Sheet | |||||||||||||
| Net Debt | 156M | 137M | 139M | 164M | 201M | 256M | 278M | 323M | 359M | 767M | 340M | 392M | 396M |
| Cash & Equiv. | 2.7M | 3.5M | 3.9M | 4.9M | 3.7M | 2.2M | 4.5M | 3.5M | 3.8M | 2.4M | 4.2M | 2.8M | 2.0M |
| Long-Term Debt | 136M | 133M | 135M | 139M | 153M | 231M | 273M | 307M | 290M | 358M | 353M | 379M | 372M |
| Debt/Equity | 0.82 | 0.70 | 0.67 | 0.76 | 0.84 | 722.56 | 0.82 | 0.89 | 0.91 | 1.82 | 0.77 | 0.80 | 0.79 |
| Interest Coverage | 6.1 | 6.5 | 7.7 | 6.9 | 5.5 | 4.9 | 5.0 | 4.1 | 5.1 | 3.0 | 3.8 | 3.8 | 3.8 |
| Equity | 197M | 207M | 218M | 229M | 249M | 357K | 346M | 368M | 400M | 423M | 445M | 494M | 501M |
| Total Assets | 576M | 581M | 620M | 661M | 768M | 910M | 976M | 1.0B | 1.1B | 1.2B | 1.3B | 1.4B | 1.4B |
| Total Liabilities | 378M | 375M | 402M | 432M | 519M | 910M | 61M | 70M | 674M | 813M | 101M | 110M | 200M |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | 49M | 56M | 65M | 74M | 91M | 109M | 129M | 146M | 167M | 176M | 197M | 215M | 219M |
| Working Capital | -21M | -3.9M | -20M | -35M | -64M | -36M | -23M | -22M | -81M | 4.7M | -40M | -52M | -73M |
| Current Assets | 23M | 24M | 27M | 29M | 31M | 29M | 34M | 34M | 37M | 109M | 43M | 42M | 47M |
| Current Liabilities | 44M | 28M | 47M | 65M | 94M | 65M | 57M | 57M | 118M | 104M | 83M | 94M | 120M |
| Per Share Data | |||||||||||||
| EPS | 1.13 | 1.22 | 1.38 | 1.38 | 1.96 | 2.01 | 2.18 | 2,078.70 | 2.39 | 1.76 | 2.47 | 2.36 | 2.39 |
| Owner EPS | 1.23 | 2.30 | 2.00 | 1.65 | 1.76 | 1.08 | 1.79 | 279.13 | 1.82 | 1.18 | 1.63 | 1.59 | 1.43 |
| Book Value | 12.19 | 12.68 | 13.34 | 13.95 | 15.09 | 0.02 | 19.70 | 20,986.53 | 22.61 | 23.71 | 24.86 | 27.28 | 26.97 |
| Cash Flow/Share | 2.01 | 3.14 | 2.87 | 2.61 | 2.78 | 2.15 | 3.04 | 1,884.94 | 3.47 | 2.96 | 3.28 | 3.46 | 4.13 |
| Dividends/Share | 0.76 | 0.78 | 0.81 | 0.86 | 0.91 | 0.98 | 1.04 | 1,105.64 | 1.18 | 1.26 | 1.32 | 1.38 | 1.37 |
| Shares Out. | 16.2M | 16.3M | 16.4M | 16.4M | 16.5M | 16.8M | 17.6M | 0.0M | 17.7M | 17.8M | 17.9M | 18.1M | 18.6M |
| Valuation | |||||||||||||
| P/E Ratio | 16.3 | 18.5 | 25.4 | 25.3 | 23.5 | 28.1 | 30.1 | 50.5 | 32.2 | 36.2 | 20.7 | 21.7 | 23.5 |
| P/FCF | 9.2 | 7.2 | 12.2 | 13.4 | 16.6 | 26.3 | N/A | N/A | N/A | N/A | N/A | 14.8 | N/A |
| EV/EBIT | 12.8 | 14.1 | 17.6 | 19.0 | 24.8 | 33.5 | 38.2 | 64.8 | 35.5 | 38.4 | 24.0 | 24.2 | 25.7 |
| Price/Book | 1.5 | 1.8 | 2.6 | 2.5 | 3.1 | 2.9 | 3.3 | 5.0 | 3.4 | 2.7 | 2.1 | 1.9 | 2.1 |
| Price/Sales | 2.2 | 2.4 | 3.6 | 4.2 | 4.5 | 6.6 | 7.3 | 10.2 | 9.3 | 7.6 | 5.2 | 5.0 | 5.2 |
| FCF Yield | 10.9% | 13.9% | 8.2% | 7.5% | 6.0% | 3.8% | -4.5% | -2.5% | -2.2% | -3.3% | -1.7% | 6.8% | N/A |
| Market Cap | 299M | 368M | 575M | 574M | 760M | 950M | 1.2B | 1.8B | 1.4B | 1.1B | 917M | 926M | 1.0B |
| Avg. Price | 16.20 | 18.79 | 29.30 | 33.31 | 37.63 | 52.74 | 58.47 | 83.38 | 85.45 | 70.87 | 55.68 | 54.13 | 56.19 |
| Year-End Price | 18.47 | 22.58 | 35.11 | 34.95 | 46.12 | 56.57 | 65.52 | 104.48 | 76.86 | 63.64 | 51.18 | 51.12 | 56.19 |
MIDDLESEX WATER CO passes 2 of 9 quality checks, indicating weak fundamentals.
MIDDLESEX WATER CO trades at 23.8x trailing earnings, compared to its 15-year median P/E of 26.8x, suggesting it is currently Fair relative to its historical range. The company's 5-year average ROIC is 5.1% with a gross margin of 47.4%. Total shareholder yield (dividends) is 2.4%. At current prices, the estimated annualized return to fair value is -18.7%.
MIDDLESEX WATER CO (MSEX) has a net profit margin of 22.0%. This is a strong margin indicating high profitability.
MIDDLESEX WATER CO (MSEX) generated $63 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
MIDDLESEX WATER CO (MSEX) has a debt-to-equity ratio of 0.80. This indicates moderate leverage.
MIDDLESEX WATER CO (MSEX) reported earnings per share (EPS) of $2.36 in its most recent fiscal year.
MIDDLESEX WATER CO (MSEX) has a return on equity (ROE) of 9.1%. This indicates moderate shareholder returns.
MIDDLESEX WATER CO (MSEX) has a 5-year average gross margin of 47.4%. This indicates decent pricing power.
The Ledger Terminal provides 16 years of financial data for MIDDLESEX WATER CO (MSEX), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
MIDDLESEX WATER CO (MSEX) has a book value per share of $27.28, based on its most recent annual SEC filing.
No recent press releases.