Middlesex Water (MSEX) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Middlesex Water

NasdaqGS•Utilities•Utilities - Regulated Water

$57.64-0.69(-0.01%)Pre-market

Market Cap

$1.10B

P/E

21.1x

P/S

5.2x

P/B

2.0x

Middlesex Water Company owns and operates regulated water utility and wastewater systems in the United States. It operates in two segments, Regulated and Non-Regulated. The company collects, treats, and distributes water on a retail and wholesale basis to residential, commercial, industrial, and fire protection customers; and provides regulated wastewater system. It also provides non-regulated contract services for the operation and maintenance of municipal and private water and wastewater systems. Middlesex Water Company was incorporated in 1896 and is headquartered in Iselin, New Jersey.

How this company scores

AverageMetricSide Score: 58/100

Strongest: Profitability (21/25); weakest: Cash & Earnings Quality (2/25).

Profitability21/25

Growth18/25

Balance Sheet & Red Flags17/25

Cash & Earnings Quality2/25

Strengths

Strong marginsRising earningsProfit converts from growthConsistent growth

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 21.1x5y range 21.1x – 57.0x

Currently near its 20-quarter median.

P/S · 5.2x5y range 4.8x – 14.5x

Currently near its 20-quarter median.

P/B · 2.0x5y range 1.9x – 5.7x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Earnings Quality

Red Flag

Free cash flow has been negative in 6 of the last 8 quarters — earnings are not translating to cash.

Cash Burn

Red Flag

The last 5 consecutive quarters had negative FCF — the company is burning cash and may need external funding.

Price & Volume

Market Cap $1.10B

Metrics at a Glance

as of September 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $212.25M
Q. Revenue: $60.20M
TTM EBITDA: $97.55M
TTM Op. Income: $64.80M
Q. Op. Income: $22.27M
TTM Net Income: $52.01M
Q. Net Income: $18.03M
EPS: $0.95
Shares Out.: $19.01M

$212.25M in TTM revenue grew 8.9% YoY, reaching $60.20M last quarter. TTM EBITDA of $97.55M and TTM operating income of $64.80M show growth is flowing through to the bottom line. TTM net income of $52.01M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 3 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 48.4%
Op. Margin: 37.0%
Net Margin: 29.9%

Op. margin of 37.0% is up 4.3% YoY — cost efficiency is improving. Net margin at 29.9% Across the last 8 quarters, operating margin has risen for 3 consecutive quarters — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 21.1x
P/S Ratio: 5.2x
P/B Ratio: 2.0x

At 21.1x P/E, the stock trades within typical market levels. P/S of 5.2x and P/B of 2.0x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Across the last 8 quarters, P/E has fallen for 2 consecutive quarters — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $1.46B
Cash: $1.70M
Long-Term Debt: $392.25M
Book Value: $547.62M
D/E Ratio: 0.7
Debt/EBITDA: 13.5

With $1.46B in assets and $392.25M in long-term debt, D/E is 0.7and book value is $547.62M — a conservative capital structure with a cushion to weather downturns. Over the past year, debt/equity is down 1% — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $22.88M
TTM Free Cash Flow: $-39.12M
FCF Margin: -18.4%
FCF / Net Income: -0.8

TTM FCF of $-39.12M on $22.88M in operating cash flow. The FCF / Net Income ratio of -0.8x means the business consumes cash — it is not yet self-funding. Over the past year, free cash flow is down 25% — an improving trend.