MSEX
MIDDLESEX WATER CO
Next earnings Jul 29, 2026 · consensus $0.68 EPS, $56.3M rev
Last earnings -2.1% on 2026-04-30
$55.48
▲ +1.65%$55.48▲ +1.58%
over 1Y
L $47.94EODHDH $60.71
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+1.6%
1W+7.1%
1M+5.4%
3M+7.9%
YTD+11.9%
1Y+1.6%
Hold
Conviction
Horizon
Long (>12mo)
12-mo target
$•••
Street · 8 analysts
Buy
Steady regulated water utility with fresh NJ/DE rate relief, but 23x P/E and 8.7% ROE leave little margin for upside surprise.
The read
Middling fundamentals and a rich price (~62% above fair value) leave little margin of safety — a wait-and-see.
MSEX is a classic small-cap regulated water utility — 61,000 NJ retail customers in the Middlesex System plus ~65,000 Delaware customers via Tidewater, with a 129-year operating history. The numbers show what you'd expect from this business model: low-single-digit revenue growth (FY2025 revenue $195M, +1.5% YoY), high operating margins (27.9%), and a capital-intensive balance sheet (total assets $1.37B against just $494M equity and $387M total debt). FY2025 net income of $42.8M actually declined 3.4% YoY and diluted EPS fell 4.5% to $2.36, driven by D&A rising 15.9% (heavy capex catching up) and share count up 3.5% — both classic regulated-utility headwinds between rate cases.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | — | — | $166M | $192M | $195M |
| Gross profit | — | — | — | — | — |
| Operating income | $33.2M | $47.3M | $39.2M | $53.2M | $54.4M |
| Net income | $36.5M | $42.4M | $31.5M | $44.4M | $42.8M |
| Diluted EPS | $2.07 | $2.39 | $1.76 | $2.47 | $2.36 |
| Net margin | — | — | 19.0% | 23.1% | 22.0% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$1.41B
EV / EBITDA16.2
EV / Sales7.2
EV / FCF—
P / FCF—
PEG (trailing)—
Earnings yield4.2%
FCF yield-1.2%
Quality & risk
ROIC (est.)4.9%
Free cash flow-$12.0M
Total debt$387M
Net cash-$384M
Piotroski F-Score4/8
Capital returns
Buyback yield0.1%
Dividend yield (est.)2.4%
Shareholder yield2.6%
Shares Δ YoY+3.5%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has been improving.
- 8-K Shareholder vote2026-05-20
Annual meeting: directors elected, say-on-pay and auditor ratified
- 8-K Earnings results2026-04-30
Q1 2026: first quarter reflecting new NJ base-rate increase effective Feb 2026
- 10-Q Quarterly report2026-04-30
Q1 2026: first quarter reflecting new NJ base-rate increase effective Feb 2026
- DEF 14A Proxy statement2026-04-06
2026 proxy statement filed for annual meeting
- 8-K Officer / director change2026-03-26
Reported officer/director change
- 8-K Material agreement2026-02-24
Entered into a material definitive agreement
- 8-K Earnings results2026-02-19
NJBPU OK'd $14.5M rate hike, RESIC/DSIC filings, Pinelands merger; PFAS settlements
- 10-K Annual report2026-02-19
NJBPU OK'd $14.5M rate hike, RESIC/DSIC filings, Pinelands merger; PFAS settlements
- 8-K Officer / director change2025-12-22
Officer/director appointment or departure announced
Recent filings
all on EDGAR ↗8-KPeriod ending 2026-05-192026-05-20open ↗10-QPeriod ending 2026-03-312026-04-30open ↗8-KPeriod ending 2026-04-302026-04-30open ↗SCHEDULE 13GFiling2026-04-30open ↗SCHEDULE 13G/AFiling2026-04-24open ↗3Period ending 2026-03-262026-04-08open ↗ARSPeriod ending 2025-12-312026-04-06open ↗DEFA14AFiling2026-04-06open ↗DEF 14APeriod ending 2026-05-192026-04-06open ↗4Period ending 2026-04-012026-04-01open ↗4Period ending 2026-04-012026-04-01open ↗4Period ending 2026-04-012026-04-01open ↗
Frequently asked
- Is MIDDLESEX WATER CO (MSEX) a buy?
- MSEX currently carries a Hold rating with 4/5 conviction, derived from its latest SEC filings. Steady regulated water utility with fresh NJ/DE rate relief, but 23x P/E and 8.7% ROE leave little margin for upside surprise.
- What is MSEX's fair value?
- A Modified-Graham model based on MSEX's SEC fundamentals estimates a fair value of about $21.06. It is an estimate from reported earnings, not a price target.
- Is MSEX overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, MSEX currently appears overvalued relative to its SEC-grounded earnings power.
- What is MIDDLESEX WATER CO's quality score?
- MSEX scores 67.74509803921568/100 (grade B-) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0000066004, latest 10-Q filed 2026-04-30) · EODHD · analysis by claude-code · as of 6/25/2026, 2:22:31 PM.
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