Middlesex Water Company (MSEX) Financial Ratios
30 years of historical data (1996–2025) · Utilities · Regulated Water
EV/EBITDA
↓
15.79
↓-34% vs avg
5yr avg: 23.78
30Y Low8.8·High40.7
P/FCF
N/A
—
5yr avg: N/A
30Y Low17.0·High40.2
P/B Ratio
↓
1.89
↓-41% vs avg
5yr avg: 3.18
30Y Low1.4·High5.7
ROE
↓
9.1%
-5% vs avg
5yr avg: 9.6%
30Y Low7%·High13%
Debt/EBITDA
↓
4.83
↓-7% vs avg
5yr avg: 5.20
30Y Low2.8·High6.0
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
MSEX Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Middlesex Water Company trades at 21.8x earnings, 36% below its 5-year average of 34.2x, sitting at the 47th percentile of its historical range. Compared to the Utilities sector median P/E of 19.5x, the stock trades at a premium of 11%.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $955M | $915M | $944M | $1.2B | $1.4B | $2.1B | $1.3B | $1.1B | $882M | $658M | $705M |
| Enterprise Value | $1.4B | $1.3B | $1.3B | $1.6B | $1.8B | $2.4B | $1.6B | $1.3B | $1.1B | $827M | $854M |
| P/E Ratio → | 21.78 | 21.36 | 21.31 | 37.28 | 32.92 | 58.12 | 33.24 | 31.63 | 27.22 | 28.92 | 31.12 |
| P/S Ratio | 4.91 | 4.70 | 4.92 | 7.04 | 8.58 | 14.80 | 8.99 | 7.95 | 6.39 | 5.03 | 5.31 |
| P/B Ratio | 1.89 | 1.85 | 2.11 | 2.76 | 3.46 | 5.73 | 3.66 | 3.28 | 3.51 | 2.84 | 3.19 |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | 15.26 | 14.62 | 16.08 | 22.19 | 22.71 | 64.13 | 23.87 | 29.67 | 19.24 | 15.36 | 14.98 |
P/E links to full P/E history page with 30-year chart
MSEX EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Middlesex Water Company's enterprise value stands at 15.8x EBITDA, 34% below its 5-year average of 23.8x. The Utilities sector median is 12.0x, placing the stock at a 32% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 6.84 | 6.91 | 9.51 | 10.81 | 17.08 | 10.99 | 9.89 | 7.88 | 6.32 | 6.43 |
| EV / EBITDA | 15.79 | 15.33 | 16.32 | 23.03 | 23.48 | 40.75 | 26.72 | 25.24 | 20.55 | 15.71 | 15.87 |
| EV / EBIT | 25.23 | 21.50 | 20.71 | 36.53 | 33.32 | 66.96 | 41.20 | 38.18 | 28.05 | 21.36 | 21.82 |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
MSEX Profitability
Margins and return-on-capital ratios measuring operating efficiency
Middlesex Water Company earns an operating margin of 27.9%, above the Utilities sector average of 19.8%. Operating margins have expanded from 23.6% to 27.9% over the past 3 years, signaling improving operational efficiency. ROE of 9.1% is modest, trailing the sector median of 9.3%. ROIC of 4.7% represents below-average returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 39.2% | 39.2% | 51.9% | 50.0% | 51.3% | 48.5% | 50.0% | 49.5% | 48.2% | 50.6% | 50.7% |
| Operating Margin | 27.9% | 27.9% | 27.7% | 23.6% | 29.1% | 23.2% | 26.4% | 26.4% | 26.9% | 28.9% | 30.3% |
| Net Profit Margin | 22.0% | 22.0% | 23.1% | 19.0% | 26.1% | 25.5% | 27.1% | 25.2% | 23.5% | 17.4% | 17.1% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.1% | 9.1% | 10.2% | 7.6% | 11.0% | 10.2% | 11.4% | 11.7% | 13.4% | 10.1% | 10.6% |
| ROA | 3.3% | 3.3% | 3.6% | 2.7% | 4.1% | 3.7% | 4.1% | 4.0% | 4.5% | 3.6% | 3.8% |
| ROIC | 4.7% | 4.7% | 4.8% | 3.7% | 4.9% | 3.8% | 4.6% | 5.1% | 6.5% | 7.4% | 8.4% |
| ROCE | 4.4% | 4.4% | 4.6% | 3.8% | 4.9% | 3.5% | 4.2% | 4.7% | 5.8% | 6.5% | 7.1% |
MSEX Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Middlesex Water Company carries a Debt/EBITDA ratio of 4.8x, which is highly leveraged (5% below the sector average of 5.1x). Net debt stands at $416M ($419M total debt minus $3M cash). Interest coverage of 4.3x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.85 | 0.85 | 0.86 | 0.97 | 0.91 | 0.89 | 0.83 | 0.81 | 0.83 | 0.75 | 0.69 |
| Debt / EBITDA | 4.83 | 4.83 | 4.75 | 6.00 | 4.91 | 5.51 | 4.94 | 5.00 | 3.94 | 3.30 | 2.84 |
| Net Debt / Equity | — | 0.84 | 0.85 | 0.96 | 0.90 | 0.88 | 0.81 | 0.80 | 0.82 | 0.73 | 0.67 |
| Net Debt / EBITDA | 4.79 | 4.79 | 4.70 | 5.97 | 4.85 | 5.45 | 4.86 | 4.96 | 3.87 | 3.21 | 2.76 |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | 4.33 | 4.33 | 5.01 | 4.04 | 7.48 | 6.69 | 10.87 | 8.47 | 7.19 | 8.06 | 8.38 |
MSEX Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.45x is below 1.0, meaning current liabilities exceed current assets. The current ratio has declined from 1.05x to 0.45x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.45 | 0.45 | 0.52 | 1.05 | 0.32 | 0.61 | 0.60 | 0.45 | 0.33 | 0.45 | 0.57 |
| Quick Ratio | 0.36 | 0.36 | 0.44 | 0.98 | 0.26 | 0.51 | 0.51 | 0.36 | 0.27 | 0.39 | 0.48 |
| Cash Ratio | 0.03 | 0.03 | 0.05 | 0.02 | 0.03 | 0.06 | 0.08 | 0.03 | 0.04 | 0.08 | 0.08 |
| Asset Turnover | — | 0.14 | 0.15 | 0.13 | 0.15 | 0.14 | 0.15 | 0.15 | 0.18 | 0.20 | 0.21 |
| Inventory Turnover | 15.68 | 15.68 | 13.75 | 11.92 | 12.80 | 13.75 | 13.85 | 12.48 | 13.23 | 15.70 | 16.01 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
MSEX Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Middlesex Water Company returns 2.7% to shareholders annually primarily through dividends. A payout ratio of 58.2% is moderate and appears sustainable, balancing shareholder returns with reinvestment capacity. The earnings yield of 4.6% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.7% | 2.7% | 2.5% | 1.9% | 1.5% | 0.9% | 1.4% | 1.5% | 1.7% | 2.1% | 1.9% |
| Payout Ratio | 58.2% | 58.2% | 52.8% | 71.2% | 49.0% | 53.0% | 47.3% | 47.7% | 46.0% | 61.4% | 57.8% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.6% | 4.7% | 4.7% | 2.7% | 3.0% | 1.7% | 3.0% | 3.2% | 3.7% | 3.5% | 3.2% |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.7% | 2.7% | 2.5% | 1.9% | 1.5% | 0.9% | 1.4% | 1.5% | 1.7% | 2.1% | 1.9% |
| Shares Outstanding | — | $18M | $18M | $18M | $18M | $18M | $18M | $17M | $17M | $16M | $16M |
Peer Comparison
Compare MSEX with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 MSEXYou | $955M | 21.8 | 15.8 | — | 39.2% | 27.9% | 9.1% | 4.7% | 4.8 |
 AWR | $3B | 22.8 | 15.6 | — | 50.8% | 30.9% | 13.3% | 8.0% | 3.7 |
 YORW | $421M | 21.0 | 15.6 | — | 54.8% | 35.8% | 8.5% | 4.6% | 5.5 |
 ARTNA | $326M | 14.3 | 10.3 | — | 37.2% | 31.5% | 9.3% | 6.3% | 3.7 |
 GWRS | $206M | 65.1 | 9.3 | — | 44.9% | 12.8% | 4.4% | 4.2% | 0.3 |
 AWK | $25B | 22.1 | 14.6 | — | 43.3% | 36.6% | 10.5% | 5.5% | 5.7 |
 CWT | $3B | 20.3 | 12.8 | — | 36.7% | 18.2% | 7.7% | 4.4% | 5.0 |
 WTRG | $11B | 17.1 | 14.2 | — | 41.0% | 37.2% | 9.4% | 4.8% | 6.2 |
 XYL | $27B | 29.5 | 15.5 | 30.2 | 38.5% | 13.5% | 8.5% | 7.6% | 1.1 |
 AWI | $7B | 23.3 | 17.2 | 28.6 | 40.6% | 26.6% | 37.2% | 24.9% | 1.2 |
 FELE | $4B | 30.8 | 13.8 | 22.8 | 35.5% | 12.7% | 11.3% | 14.7% | 0.8 |
| Utilities Median | — | 19.5 | 12.0 | 16.2 | 39.6% | 19.8% | 9.3% | 4.8% | 5.1 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
See MSEX's True Return
Price is only half the story. See total return with reinvested dividends.
Launch CalculatorIs MSEX Undervalued?
DCF intrinsic value, peer multiples, and analyst estimates — see what the stock is really worth.
View ValuationCompare MSEX vs AWR
Side-by-side business, growth, and profitability comparison vs American States Water Company.
Start ComparisonMSEX — Frequently Asked Questions
Quick answers to the most common questions about buying MSEX stock.
What is Middlesex Water Company's P/E ratio?
Middlesex Water Company's current P/E ratio is 21.8x. The historical average is 25.7x. This places it at the 47th percentile of its historical range.
What is Middlesex Water Company's EV/EBITDA?
Middlesex Water Company's current EV/EBITDA is 15.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.8x.
What is Middlesex Water Company's ROE?
Middlesex Water Company's return on equity (ROE) is 9.1%. The historical average is 9.5%.
Is MSEX stock overvalued?
Based on historical data, Middlesex Water Company is trading at a P/E of 21.8x. This is at the 47th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Middlesex Water Company's dividend yield?
Middlesex Water Company's current dividend yield is 2.67% with a payout ratio of 58.2%.
What are Middlesex Water Company's profit margins?
Middlesex Water Company has 39.2% gross margin and 27.9% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Middlesex Water Company have?
Middlesex Water Company's Debt/EBITDA ratio is 4.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.