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Middlesex Water Company(MSEX)Earnings, Financials & Key Ratios
MSEX•NASDAQ•Utilities
$56.63
24.0× P/E·Price updated Jul 6, 2026
AboutMiddlesex Water Company owns and operates regulated water utility and wastewater systems. It operates in two segments, Regulated and Non-Regulated. The Regulated segment collects, treats, and distributes water on a retail and wholesale basis to residential, commercial, industrial, and fire protection customers, as well as provides regulated wastewater systems in New Jersey and Delaware. The Non-Regulated segment provides non-regulated contract services for the operation and maintenance of municipal and private water and wastewater systems in New Jersey and Delaware. The company was incorporated in 1896 and is headquartered in Iselin, New Jersey.Show more
- Revenue$195M+1.5%
- EBITDA$87M+6.9%
- Net Income$43M-3.4%
- Free Cash Flow-$34M-112.4%
- EBITDA Margin44.62%+5.4%
- Net Margin21.99%-4.8%
- ROE9.1%-10.5%
- Interest Coverage4.33-13.6%
- Debt/Equity0.85-1.7%
MSEX Price & Volume
Middlesex Water Company (MSEX) stock price & volume — 10-year historical chart
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Infrastructure Investment Drives Long Term Rate Growth
Investment Thesis • Updated 2026Q1
VerdictNeutral
Growth:Mixed
Profitability:Stable
Financial:Healthy
Cash Flow:Burning
Primary Risk:Regulatory lag and PFAS
Key Thesis Takeaways
- 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 operating margins of 26.9%, investors should monitor the impact of PFAS-related capital expenditures on future earnings quality.
- The reliance on periodic rate case outcomes remains the primary driver for revenue growth, which reached 10.0% in 2026Q1.
Verdict Logic
while the company maintains a stable 26.9% operating margin, the high capital intensity evidenced by a 198.5% CapEx-to-OCF ratio suggests significant ongoing pressure on free cash flow and potential for further equity dilution.
MSEX Growth Metrics
Middlesex Water Company (MSEX) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years4.45%
5 Years6.58%
3 Years6.22%
TTM1.76%
Profit CAGR
10 Years7.9%
5 Years2.19%
3 Years0.31%
TTM1.85%
EPS CAGR
10 Years6.82%
5 Years1.6%
3 Years-0.42%
TTM3150%
Return on Capital
10 Years4.96%
5 Years4.26%
3 Years4.27%
Last Year4.45%
MSEX Recent Earnings
Middlesex Water Company (MSEX) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 3/12 qtrs (25%)●Beat Revenue 5/12 qtrs (42%)
Q2 2026Latest
Apr 30, 2026Metric
Actual
Est
EPS
$0.57+0.0%
$0.57
Rev
$49M-2.1%
$50M
Q1 2026
Feb 19, 2026Metric
Actual
Est
EPS
$0.46-6.1%
$0.49
Rev
$47M+0.1%
$47M
Q4 2025
Oct 31, 2025Metric
Actual
Est
EPS
$0.77-10.5%
$0.86
Rev
$54M+13.6%
$48M
Q3 2025
Jul 31, 2025Metric
Actual
Est
EPS
$0.60-11.8%
$0.68
Rev
$49M-18.5%
$61M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | Apr 30, 2026 | $0.57vs $0.57+0.0% | $49Mvs $50M-2.1% |
| Q1 2026 | Feb 19, 2026 | $0.46vs $0.49-6.1% | $47Mvs $47M+0.1% |
| Q4 2025 | Oct 31, 2025 | $0.77vs $0.86-10.5% | $54Mvs $48M+13.6% |
| Q3 2025 | Jul 31, 2025 | $0.60vs $0.68-11.8% | $49Mvs $61M-18.5% |
Based on last 12 quarters of dataView full earnings history →
Peers Comparison
Key metrics vs top competitors for Middlesex Water Company (MSEX)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $56.63 | $1.05B | 24.00 | 1.47% | 21.99% | 9.1% | 2.42% | |
| $83.14 | $3.26B | 24.67 | 10.52% | 19.66% | 13.06% | — | |
| $30.79 | $443.75M | 22.15 | 3.37% | — | 8.89% | — | |
| $34.17 | $352.79M | 15.46 | 4.62% | 20.31% | 9.36% | — | |
| $7.03 | $202.21M | 63.91 | 5.82% | 3.53% | 2.37% | — | |
| $133.09 | $25.99B | 23.35 | 9.74% | 21.17% | 10.14% | — |
Compare MSEX vs Peers
Middlesex Water Company (MSEX) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
MSEX SEC Filings & Documents
Middlesex Water Company (MSEX) SEC filings — annual & quarterly reports (10-K, 10-Q)
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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 $199.1M in revenue for fiscal year 2025. This represents a 424% 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 $43.9M 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 2.42%. 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 $19.4M 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.