MSEX
Middlesex Water Company
MSEX's fundamentals are strong and it looks cheap: trading at 21x earnings, below its usual 32x. Analysts expect earnings growth.
MSEX Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Weak |
MSEX's revenue, profitability and cash flow are currently healthy, but its balance sheet is weak.
MSEX PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 21x | $57.28 | — |
| Forward | 21x | $57.28 | — |
| Cheap | 23x | $62.55 | +9.2% |
| Fair | 32x | $88.02 | +54% |
| Expensive | 39x | $108 | +89% |
Historical ranges are pointers, not guarantees.
MSEX's PE is in its cheap range at 20.7x. On analysts' estimates for next year's earnings, today's price would be 20.8x.
MSEX Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Growth | |
| Growth | |
| Stable | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for MSEX, with profitability holding steady.
MSEX Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.76 | -0.5% |
| Q3 2026 | $2.77 | +16% |
| Q2 2026 | $2.59 | +7% |
| Q1 2026 | $2.40 | -0.4% |
| Q4 2025 | $2.36 | -4.5% |
| Q3 2025 | $2.39 | +3.9% |
| Q2 2025 | $2.42 | +17% |
| Q1 2025 | $2.41 | +19% |
| Q4 2024 | $2.47 | +40% |
MSEX earned $2.77 per share over the past year, up 16% from the year before.
MSEX Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $60.2M | +11% |
| Q2 2026 | $56.4M | +14% |
| Q1 2026 | $48.7M | +10% |
| Q4 2025 | $47M | -0.3% |
| Q3 2025 | $54.1M | -1.8% |
| Q2 2025 | $49.3M | +0.4% |
| Q1 2025 | $44.3M | +9.3% |
| Q4 2024 | $47.1M | +22% |
MSEX's revenue is growing: $60M last quarter, up 11% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 37% | +4.3 points |
| Q2 2026 | 32% | +4.1 points |
| Q1 2026 | 27% | +0.8 points |
| Q4 2025 | 24% | +1.5 points |
| Q3 2025 | 33% | +0.9 points |
| Q2 2025 | 28% | -3 points |
| Q1 2025 | 26% | +1.8 points |
| Q4 2024 | 22% | +1 points |
MSEX's operating margin was 37% last quarter, up 4.3 points from the same quarter a year ago, near the top of its range since 2019.
MSEX Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $22.9M | +90% |
| Q2 2026 | $16.4M | -10% |
| Q1 2026 | $11.7M | -15% |
| Q4 2025 | $18.5M | +$22.2M |
| Q3 2025 | $12M | +$13.3M |
| Q2 2025 | $18.3M | +$21.4M |
| Q1 2025 | $13.8M | +$21.5M |
| Q4 2024 | -$3.7M | +$562K |
MSEX has burned cash in most quarters: $69M over the past year, up 72% from the year before.
MSEX Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +1.5% | +289K shares |
| 1 year | +4.8% | +872K shares |
| 3 years | +7.5% | +1.3M shares |
| 5 years | +8.4% | +1.5M shares |
MSEX has 19M diluted shares, up 4.8% from a year ago.
| Quarter | Spent |
|---|---|
| Q2 2025 | $154,000 |
| Q1 2025 | $225,000 |
| Q4 2024 | $118,000 |
| Q3 2024 | $22,000 |
| Q2 2024 | $460,000 |
| Q1 2024 | $868,000 |
| Q4 2023 | — |
MSEX Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 4.1x | High |
| Q2 2026 | 4.4x | High |
| Q1 2026 | 4.3x | High |
| Q4 2025 | 4.4x | High |
| Q3 2025 | 4.2x | High |
| Q2 2025 | 8.4x | High |
| Q1 2025 | 8.3x | High |
| Q4 2024 | 8.7x | High |
MSEX's net debt is about 4.1 years of its operating earnings (EBITDA), about the same as a year ago.
MSEX Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 54.3 | Neutral |
| Stochastic | 71.4 | Neutral |
MSEX's weekly RSI is 54 (neutral) and its Stochastic is 71 (neutral).
MSEX PE vs Utilities Sector
| Metric | MSEX | Sector median | Relative |
|---|---|---|---|
| PE | 21x | 20x | 1.3% above |
| PE % | 1 | 44 | 43 pts below |
MSEX is trading at 21x earnings, in line with the Utilities sector's median of 20x.
MSEX Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $55.6 | 3% above |
| 20 week MA | $56.6 | 1.2% above |
| 50 week MA | $54.2 | 5.7% above |
| 100 week MA | $54.8 | 4.5% above |
| 200 week MA | $60.8 | 5.7% below |
MSEX has bounced recently, but its long-term trend is still down: it's above its 8-, 20-, 50- and 100-week averages, but 5.7% below its 200-week average.
MSEX Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $63.5 | $71.2 | +12% |
| 2021 | $71.2 | $112.4 | +58% |
| 2022 | $112.4 | $86.1 | -23% |
| 2023 | $86.1 | $65.6 | -24% |
| 2024 | $65.6 | $52.9 | -19% |
| 2025 | $52.9 | $51.5 | -2.7% |
| 2026 YTD | $51.5 | $57.3 | +11% |
MSEX has finished four years in a row lower, and it's up 11% so far in 2026.