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MSEXMiddlesex Water Company
$53.65$999M
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
Performance
P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
Discovery & Screens
Live BreakoutsStock ScreenerOwnership
MSEX logo

Middlesex Water Company

MSEX
NASDAQ · Water Utilities
$53.65
At close - Sep 23, 4:00 PM EDT - USD
Market Cap$999M
P/E22.7x
52W High$62.18
Volume99.79K
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q1

Infrastructure Investment Drives Long Term Rate Growth

Middlesex Water Company leverages its 'Renew' infrastructure program to expand its regulated rate base, though this strategy necessitates consistent equity issuance to maintain a conservative 0.84 debt-to-equity ratio. While the company demonstrates stable ope...

GrowthMixed
ProfitabilityStable
ValuationReview
TechnicalsWeak
Explore valuation models
MARKET ACTION

MSEX price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

4/12 Beats

EPS beat 4 of last 12 quarters

02

Valuation risk

In Line

P/E is in line with peer median

03

Market leadership

RS 59 · Avg

Average momentum (RS Rating: 59)

04

Weak Trend

Below 200DMA

Price < 200DMA

Next CatalystEstimated earnings · Oct 30

Market performance

Price History →

Trailing total returns as of 9/24/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
MSEX+8.87%
S&P 500 (^GSPC)+12.39%
1-Year Return
MSEX+1.31%
S&P 500 (^GSPC)+15.77%
3-Year Return
MSEX-15.07%
S&P 500 (^GSPC)+74.66%
5-Year Return
MSEX-42.79%
S&P 500 (^GSPC)+71.94%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/EMedian
22.7x
Forward P/EExpansion
20.1x
EV/EBITDA20th %ile
16.3x
FCF YieldCash Flow
N/A

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
22.7x
32.9x
40th· Fair
EV/EBITDA
16.3x
23.0x
20th· Low
Price/FCF
N/A
N/A
N/A
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$0.00N/A
Base (Fair)$-41.51-175.0%
Bull$0.00N/A
$0.00 Bear$-41.51 Base$0.00 Bull
Current Market Price: $53.65
Trades at a -229.2% premium to Base DCF ($-41.51)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue
$195M+1.5% YoY
Net income
$43M-3.4% YoY
Free cash flow
-$34M-112.4% YoY
Operating margin
27.9%+0.2 pts YoY
ROIC (TTM)4.7%
Avg ROIC 5Y-
ROE (TTM)9.1%
Piotroski Score4 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate4/12 (33%)
Revenue Beat Rate6/12 (50%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q3 2026Latest
Jul 30, 2026
$0.79+20.2%
vs $0.66
$56M+3.4%
vs $55M
Q2 2026
Apr 30, 2026
$0.57+0.0%
vs $0.57
$49M-2.1%
vs $50M
Q1 2026
Feb 19, 2026
$0.46-6.1%
vs $0.49
$47M+0.1%
vs $47M
Q4 2025
Oct 31, 2025
$0.77-10.5%
vs $0.86
$54M+13.6%
vs $48M
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

5 Stories
Seeking Alpha·5d ago
The Dividend Kings Ranked By Quality Scores (September 2026)

Dividend Kings have a 50+ year track record of increasing dividends, showcasing resilience through economic challenges. I rank the Dividend Kings using my 9F Quality Scores, blending qualitative and quantitative factors for a robust, investment-grade assessment. ADP stands out as the best total-return candidate. It is undervalued, high-quality, and offering a strong projected dividend growth rate and Adjusted Chowder Number.

Defense World·Sep 4, 2026
Middlesex Water (NASDAQ:MSEX) and Pennon Group (OTCMKTS:PEGRF) Head to Head Survey

Pennon Group (OTCMKTS:PEGRF - Get Free Report) and Middlesex Water (NASDAQ: MSEX - Get Free Report) are both utilities companies, but which is the better investment? We will contrast the two businesses based on the strength of their dividends, earnings, institutional ownership, analyst recommendations, risk, valuation and profitability. Valuation and Earnings This table compares Pennon Group

GlobeNewsWire·Aug 31, 2026
Tidewater Utilities Announces Second Customer Bill Credit Using PFAS Litigation Proceeds

DOVER, Del., Aug. 31, 2026 (GLOBE NEWSWIRE) -- Tidewater Utilities, Inc. (Tidewater), a water service provider and wholly owned subsidiary of Middlesex Water Company, today announced that it will refund approximately $0.5 million to customers through a bill credit.

Defense World·Aug 3, 2026
Reviewing Pennon Group (OTCMKTS:PEGRY) & Middlesex Water (NASDAQ:MSEX)

Pennon Group (OTCMKTS:PEGRY - Get Free Report) and Middlesex Water (NASDAQ: MSEX - Get Free Report) are both utilities companies, but which is the superior business? We will compare the two companies based on the strength of their earnings, valuation, dividends, profitability, institutional ownership, risk and analyst recommendations. Insider and Institutional Ownership 79.5% of Middlesex Water

Filtered for Middlesex Water CompanyMore Headlines
04

Compare before deciding

Benchmark MSEX against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Middlesex Water Company (MSEX)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
MSEX logoMSEXMiddlesex Water CompanyCurrent
$53.65$999.19M22.731.47%21.99%9.1%2.56%
AWR logoAWRAmerican States Water Company
$83.24$3.26B24.7010.52%20.52%13.5%—
YORW logoYORWThe York Water Company
$30.93$501.35M22.253.37%401.03%9.38%—
ARTNA logoARTNAArtesian Resources Corporation
$33.75$348.45M15.274.62%20.18%9.37%—
GWRS logoGWRSGlobal Water Resources, Inc.
$8.08$232.41M73.455.82%5.22%3.63%—
AWK logoAWKAmerican Water Works Company, Inc.
$133.06$26.44B23.349.74%21.35%10.15%—

Compare MSEX vs Peers

Middlesex Water Company (MSEX) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs AWR

Most directly comparable listed peer for MSEX.

Scale Benchmark

vs NEE

Larger-name benchmark to compare MSEX against a more recognizable public peer.

Peer Set

Compare Top 5

vs AWR, YORW, ARTNA, GWRS

05

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

MSEX SEC Filings & Documents

Middlesex Water Company (MSEX) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Jul 30, 2026·SEC

Material company update

May 20, 2026·SEC

Material company update

Apr 30, 2026·SEC

10-K Annual Reports

3
FY 2026

Feb 19, 2026·SEC

FY 2025

Feb 28, 2025·SEC

FY 2024

Mar 1, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Jul 30, 2026·SEC

FY 2026

Apr 30, 2026·SEC

FY 2025

Oct 31, 2025·SEC

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MSEX Frequently Asked Questions

Middlesex Water Company (MSEX) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Middlesex Water Company's revenue?

Middlesex Water Company (MSEX) reported $206.1M in revenue for fiscal year 2025. This represents a 442% increase from $38.0M in 1996.

How fast is Middlesex Water Company growing?

Middlesex Water Company (MSEX) grew revenue by 1.5% over the past year. Growth has been modest.

Is MSEX profitable?

Yes, Middlesex Water Company (MSEX) is profitable, generating $47.9M in net income for fiscal year 2025 (22.0% net margin).

Dividend & Returns
Does MSEX pay dividends?

Yes, Middlesex Water Company (MSEX) pays a dividend with a yield of 2.56%. This makes it attractive for income-focused investors.

What is MSEX's return on equity?

Middlesex Water Company (MSEX) has a return on equity (ROE) of 9.1%. This is below average, suggesting room for improvement.

What is Middlesex Water Company's free cash flow?

Middlesex Water Company (MSEX) had negative free cash flow of $38.6M in fiscal year 2025, likely due to heavy capital investments.

Industry Metrics
Is MSEX's dividend sustainable?

Middlesex Water Company (MSEX) has a dividend payout ratio of 58%. This suggests the dividend is well-covered and sustainable.

What if you invested $1,000 in MSEX back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

See returns →