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Middlesex Water Company
(NASDAQ:MSEX)
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Rating:65Neutral
Price Target:
$60.00
â–²(3.70% Upside)
Action:Reiterated
Date:07/31/26
The score is driven primarily by solid financial performance (steady revenue growth and durable margins with manageable leverage), offset by weaker cash-flow conversion and historically inconsistent free cash flow. Technically, the stock maintains an uptrend versus key longer-term moving averages but shows mild near-term softness. Valuation is reasonable but not cheap (P/E ~23.9) with a supportive ~2.54% dividend yield.
Positive Factors
Regulated business model
As a regulated water and wastewater utility, Middlesex collects tariffed revenues designed to recover prudently incurred costs plus an allowed return on invested capital. This framework creates predictable, durable cash flows and long-term earnings visibility tied to rate base growth.
Negative Factors
Weak cash-flow conversion
Operating cash flow covering ~51% of net income and historically volatile free cash flow (often negative) indicate timing and working-capital pressures plus heavy capex. This inconsistent cash conversion constrains internal funding for dividends, reinvestment, and reduces flexibility.
Read all positive and negative factors
Positive Factors
Negative Factors
Regulated business model
As a regulated water and wastewater utility, Middlesex collects tariffed revenues designed to recover prudently incurred costs plus an allowed return on invested capital. This framework creates predictable, durable cash flows and long-term earnings visibility tied to rate base growth.
Read all positive factors
Middlesex Water Company (MSEX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.10B
Dividend Yield2.47%
Average Volume (3M)128.16K
Price to Earnings (P/E)22.3
Beta (1Y)-0.14
Revenue Growth5.26%
EPS Growth7.26%
CountryUS
Employees395
SectorUtilities
Sector Strength65
IndustryRegulated Water
Share Statistics
EPS (TTM)2.61
Shares Outstanding18,843,946
10 Day Avg. Volume107,406
30 Day Avg. Volume128,161
Financial Highlights & Ratios
PEG Ratio-4.42
Price to Book (P/B)1.84
Price to Sales (P/S)4.69
P/FCF Ratio-27.07
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$66.00Price Target Upside14.07% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)2.67
Revenue Forecast (FY)$216.40M
Middlesex Water Company Business Overview & Revenue Model
Company Description
Middlesex Water Company primarily delivers vital water and wastewater utility services, structured around two key business units. Its regulated operations are dedicated to the acquisition, treatment, and distribution of water to a broad spectrum o...
How the Company Makes Money
Middlesex Water Company makes money primarily through regulated utility revenues and, to a lesser extent, through contract and other non-regulated water-related services. (1) Regulated water and wastewater utility revenue: The core earnings come f...
Middlesex Water Company Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
70
Positive
Cash Flow
52
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 206.14M | 194.69M | 191.88M | 166.27M | 162.43M | 143.14M |
| Gross Profit | 89.97M | 76.29M | 99.51M | 83.16M | 83.34M | 69.47M |
| EBITDA | 98.26M | 94.43M | 92.06M | 72.72M | 80.20M | 63.31M |
| Net Income | 47.94M | 42.82M | 44.35M | 31.52M | 42.43M | 36.54M |
Balance Sheet | ||||||
| Total Assets | 1.42B | 1.37B | 1.26B | 1.24B | 1.07B | 1.02B |
| Cash, Cash Equivalents and Short-Term Investments | 1.80M | 2.80M | 4.23M | 2.39M | 3.83M | 3.53M |
| Total Debt | 438.75M | 416.81M | 385.96M | 412.31M | 366.95M | 330.62M |
| Total Liabilities | 901.05M | 870.36M | 808.28M | 810.98M | 672.04M | 650.21M |
| Stockholders Equity | 522.43M | 495.37M | 446.90M | 425.07M | 402.41M | 369.81M |
Cash Flow | ||||||
| Free Cash Flow | 15.02M | -33.76M | -15.89M | -37.40M | -29.97M | -46.35M |
| Operating Cash Flow | 58.64M | 62.60M | 58.73M | 52.78M | 61.36M | 33.03M |
| Investing Cash Flow | -99.34M | -100.96M | -74.62M | -90.18M | -88.21M | -79.38M |
| Financing Cash Flow | 39.94M | 38.61M | 17.73M | 35.96M | 27.15M | 39.48M |
Middlesex Water Company Technical Analysis
Positive
57.86
Price Trends
57.03
Positive
54.45
Positive
52.95
Positive
Market Momentum
0.39
Positive
54.12
Neutral
57.56
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MSEX, the sentiment is Positive. The current price of 57.86 is below the 20-day moving average (MA) of 58.37, above the 50-day MA of 57.03, and above the 200-day MA of 52.95, indicating a neutral trend. The MACD of 0.39 indicates Positive momentum. The RSI at 54.12 is Neutral, neither overbought nor oversold. The STOCH value of 57.56 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MSEX.
Middlesex Water Company Risk Analysis
Middlesex Water Company disclosed 21 risk factors in its most recent earnings report. Middlesex Water Company reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Middlesex Water Company Peers Comparison
UnderperformOutperform
Sector (66)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | $27.96B | 24.29 | 10.15% | 2.45% | 6.92% | 4.00% | |
66 Neutral | $11.83B | 21.40 | 8.05% | 3.31% | 9.86% | -16.27% | |
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
65 Neutral | $1.10B | 22.35 | 9.57% | 2.47% | 5.26% | 7.26% | |
65 Neutral | $3.09B | 22.39 | 7.62% | 2.62% | 6.43% | -2.99% | |
60 Neutral | $3.51B | 24.23 | 13.50% | 2.32% | 13.23% | 12.00% | |
59 Neutral | $552.58M | 21.22 | 9.38% | 2.64% | 9.43% | 16.86% |
* Utilities Sector Average
MSEX
Middlesex Water Company
58.33
6.62
12.81%
AWR
American States Water
88.68
17.01
23.73%
AWK
American Water
140.38
4.01
2.94%
WTRG
Essential Utilities
41.94
5.02
13.60%
CWT
California Water Service
49.87
4.88
10.84%
YORW
The York Water Company
34.17
4.36
14.62%
Middlesex Water Company Corporate Events
Executive/Board ChangesShareholder Meetings
Middlesex Water Shareholders Approve Directors and Key Proposals
Positive
May 20, 2026
Middlesex Water Company held its 2026 Annual Meeting of Shareholders virtually on May 19, 2026, for investors of record as of March 24, 2026. Shareholders elected one Class II director, Robert Hoglund, and three Class III directors, Joshua Bershad...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.