Middlesex Water (MSEX)
NASDAQ:MSEX
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Middlesex Water Company
(NASDAQ:MSEX)
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Rating:63Neutral
Price Target:
$54.00
▲(3.77% Upside)
Action:ReiteratedDate:05/01/26
The score is driven primarily by solid, utility-like financial stability and improved TTM free cash flow, tempered by margin pressure and cash conversion risks. Technicals are currently a headwind with the stock trading below major moving averages, and valuation is only moderately attractive due to a higher P/E despite a decent dividend yield.
Positive Factors
Regulated business model & revenue stability
A regulated utility model provides structurally predictable cash flows because rates and allowed returns are set by regulators. This supports long-term revenue stability, facilitates capital recovery via rate cases and riders, and underpins steady investment and budgeting over months to years.
Negative Factors
Margin compression versus prior periods
Sustained margin pressure erodes the utility's capacity to generate incremental earnings from rate base growth. If higher input costs or adverse mix persist, regulators may take longer to fully offset margin erosion, constraining long‑term profit growth and available internal funding for projects.
Read all positive and negative factors
Positive Factors
Negative Factors
Regulated business model & revenue stability
A regulated utility model provides structurally predictable cash flows because rates and allowed returns are set by regulators. This supports long-term revenue stability, facilitates capital recovery via rate cases and riders, and underpins steady investment and budgeting over months to years.
Read all positive factors
Middlesex Water Company (MSEX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$946.36M
Dividend Yield2.67%
Average Volume (3M)172.50K
Price to Earnings (P/E)―
Beta (1Y)-0.11
Revenue Growth1.76%
EPS Growth-0.20%
CountryUS
Employees360
SectorUtilities
Sector Strength65
IndustryRegulated Water
Share Statistics
EPS (TTM)0.57
Shares Outstanding18,581,512
10 Day Avg. Volume202,431
30 Day Avg. Volume172,495
Financial Highlights & Ratios
PEG Ratio-4.41
Price to Book (P/B)1.85
Price to Sales (P/S)4.69
P/FCF Ratio-27.07
Enterprise Value/Market Cap1.46
Enterprise Value/Revenue6.94
Enterprise Value/Gross Profit15.02
Enterprise Value/Ebitda14.33
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)2.56
Revenue Forecast (FY)$215.50M
Middlesex Water Company Business Overview & Revenue Model
Company Description
Middlesex 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 re...
How the Company Makes Money
Middlesex Water Company primarily makes money by charging customers for regulated water (and, where applicable, wastewater) services and earning an allowed return on the utility assets it invests in and operates. A large portion of revenue comes f...
Middlesex Water Company Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
72
Positive
Cash Flow
60
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 199.11M | 194.69M | 191.88M | 166.27M | 162.43M | 143.14M |
| Gross Profit | 92.03M | 76.29M | 99.51M | 83.16M | 83.34M | 69.47M |
| EBITDA | 96.46M | 94.43M | 92.06M | 72.72M | 80.20M | 63.31M |
| Net Income | 43.95M | 42.82M | 44.35M | 31.52M | 42.43M | 36.54M |
Balance Sheet | ||||||
| Total Assets | 1.39B | 1.37B | 1.26B | 1.24B | 1.07B | 1.02B |
| Cash, Cash Equivalents and Short-Term Investments | 2.04M | 2.80M | 4.23M | 2.39M | 3.83M | 3.53M |
| Total Debt | 428.00M | 419.25M | 385.96M | 412.31M | 366.95M | 330.62M |
| Total Liabilities | 884.99M | 871.71M | 808.28M | 810.98M | 672.04M | 650.21M |
| Stockholders Equity | 501.05M | 494.03M | 446.90M | 425.07M | 402.41M | 369.81M |
Cash Flow | ||||||
| Free Cash Flow | 15.19M | -33.76M | -15.89M | -37.40M | -29.97M | -46.35M |
| Operating Cash Flow | 60.55M | 62.60M | 58.73M | 52.78M | 61.36M | 33.03M |
| Investing Cash Flow | -102.69M | -100.96M | -74.62M | -90.18M | -88.21M | -79.38M |
| Financing Cash Flow | 43.20M | 38.61M | 17.73M | 35.96M | 27.15M | 39.48M |
Middlesex Water Company Technical Analysis
Negative
52.04
Price Trends
52.81
Negative
52.18
Negative
52.77
Negative
Market Momentum
-0.22
Positive
44.90
Neutral
13.00
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MSEX, the sentiment is Negative. The current price of 52.04 is below the 20-day moving average (MA) of 52.29, below the 50-day MA of 52.81, and below the 200-day MA of 52.77, indicating a bearish trend. The MACD of -0.22 indicates Positive momentum. The RSI at 44.90 is Neutral, neither overbought nor oversold. The STOCH value of 13.00 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 | $10.77B | 17.43 | 9.18% | 3.48% | 18.62% | 1.74% | |
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
65 Neutral | $2.95B | 21.42 | 13.10% | 2.64% | 10.52% | 6.27% | |
63 Neutral | $946.36M | ― | 9.08% | 2.67% | 1.76% | -0.20% | |
63 Neutral | $24.87B | 33.85 | 10.34% | 2.51% | 8.10% | 2.89% | |
58 Neutral | $465.53M | 22.20 | 8.49% | 2.68% | 3.37% | -1.72% | |
56 Neutral | $2.54B | 167.62 | 7.68% | 2.88% | 4.20% | -12.47% |
* Utilities Sector Average
MSEX
Middlesex Water Company
50.93
-7.36
-12.63%
AWR
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-3.34%
AWK
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127.38
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WTRG
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CWT
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42.36
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YORW
The York Water Company
29.15
-4.47
-13.29%
Middlesex Water Company Corporate Events
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Middlesex Water Updates At-The-Market Equity Offering Agents
Neutral
Feb 24, 2026
On February 20, 2026, Middlesex Water Company amended its at-the-market equity offering sales agreement governing the ongoing sale of up to $110 million of its common stock at prevailing market prices. Under the amendment, Janney Montgomery Scott ...
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.