Symbols / MSEX Stock $54.22 +0.69% Middlesex Water Company

Utilities • Utilities - Regulated Water • United States • NMS
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Stock Fundamentals
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Index EQUITY
Sector Utilities
Industry Utilities - Regulated Water
CEO Ms. Nadine M. Duchemin-Leslie
Exch · Country NMS · United States
Market Cap 1.01B
Enterprise Value 1.43B
Income 43.88M
Sales 199.11M
FCF (ttm) -30.41M
Book/sh 26.97
Cash/sh 0.11
Employees 395
Insider 10d —
IPO Feb 21, 1973
Div forward ($/yr)
Div TTM ($/yr)
Dividend Yield
Ex-Div Date
5Y Avg Yield
Yield vs 5Y Avg
Payout 58.33%
P/E 22.59
Forward P/E 18.13
PEG 18.45
P/S 5.07
P/B 2.01
P/C —
EV/EBITDA 15.32
EV/Sales 7.18
Quick Ratio 0.26
Current Ratio 0.39
Debt/Eq 85.19
LT Debt/Eq —
EPS (ttm) 2.40
EPS next Y 2.99
EPS Growth 8.10%
Revenue Growth 10.00%
EPS Gr Q/Q 11.90%
Rev Gr Q/Q —
Earnings (next) 2026-07-30
Earnings (prior) 2026-04-30
ROA 2.84%
ROE 9.22%
ROIC —
Gross Margin 53.19%
Oper. Margin 29.27%
Profit Margin 22.07%
Shs Outstand 18.62M
Shs Float 18.10M
Insider Own 2.35%
Instit Own 86.95%
Short Float 5.23%
Short Ratio 6.70
Short Interest 787.33K
52W High 62.18
vs 52W High -12.80%
52W Low 44.17
vs 52W Low 22.75%
Beta 0.78
Impl. Vol. 72.53%
Rel Volume 0.40
Avg Volume 155.01K
Volume 61.29K
Target (mean) $60.00
Tgt Median $60.00
Tgt Low $55.00
Tgt High $65.00
# Analysts 2
Recom None
Prev Close $53.85
Price $54.22
Change 0.69%
About

Middlesex Water Company owns and operates regulated water utility and wastewater systems in the United States. It operates in two segments, Regulated and Non-Regulated. The company collects, treats, and distributes water on a retail and wholesale basis to residential, commercial, industrial, and fire protection customers; and provides regulated wastewater system. It also provides non-regulated contract services for the operation and maintenance of municipal and private water and wastewater systems. Middlesex Water Company was incorporated in 1896 and is headquartered in Iselin, New Jersey.

Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$60.00
Mean price target
2. Current target
$54.22
Latest analyst target
3. DCF / Fair value
$-29.39
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$54.22
Low
$55.00
High
$65.00
Mean
$60.00

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-02-25 main Freedom Broker Hold → Hold $55
2025-12-05 init Freedom Broker — → Hold $52
2025-11-03 main Baird Outperform → Outperform $63
2025-05-12 up Janney Montgomery Scott Neutral → Buy $66
2025-04-04 down Janney Montgomery Scott Buy → Neutral —
2025-03-03 up Baird Neutral → Outperform $61
2024-12-11 init B of A Securities — → Underperform $56
2024-11-01 main Baird Neutral → Neutral $61
2024-08-05 down Baird Outperform → Neutral $58
2024-05-09 main Baird Outperform → Outperform $58
2024-03-01 main Baird Outperform → Outperform $59
2023-05-02 main Baird — → Outperform $85
2023-03-01 main Baird — → Outperform $88
2022-06-24 up Janney Montgomery Scott Neutral → Buy —
2021-04-14 down Janney Montgomery Scott Buy → Neutral —
2021-03-02 up Janney Montgomery Scott Neutral → Buy —
2019-12-04 init Baird — → Outperform $69
2019-05-08 up Janney Montgomery Scott Neutral → Buy $66
2018-11-05 up Janney Montgomery Scott Neutral → Buy $53
2018-05-09 down Janney Montgomery Scott Buy → Neutral —
News
RSS: Latest MSEX news
Insider Transactions
Filed Date Insider Relationship Transaction Shares Price Value SEC
2026-04-01 COSGROVE JAMES F JR Director — 865 $52.05 $45,023
2026-04-01 REINHARD WALTER G Director — 865 $52.05 $45,023
2026-04-01 HOGLUND ROBERT N Director — 865 $52.05 $45,023
2026-04-01 KLEIN STEVEN M Director — 865 $52.05 $45,023
2026-04-01 MANSUE AMY B Director — 865 $52.05 $45,023
2026-04-01 GINEGAW LORRIE BETH Officer — 2,017 $52.05 $104,985
2026-04-01 KOOPER JAY L General Counsel — 2,597 $52.05 $135,174
2026-04-01 HANEMANN KIM C Director — 865 $52.05 $45,023
2026-04-01 NOBLE ANN L. Director — 865 $52.05 $45,023
2026-04-01 FULLAGAR ROBERT K Officer — 2,128 $52.05 $110,762
Financials
Statement View
Amounts in millions (2 decimals, no suffix) • EPS per share (2 decimals) • Trend = period evolution • YoY Growth = previous period %
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Revenue
194.69
+1.47%
191.88
+15.40%
166.27
+2.36%
162.43
Operating Revenue
194.69
+1.47%
191.88
+15.40%
166.27
+2.36%
162.43
Cost Of Revenue
91.29
-1.16%
92.36
+11.13%
83.11
+5.08%
79.10
Reconciled Cost Of Revenue
85.91
-3.21%
88.75
+12.54%
78.86
+5.65%
74.65
Gross Profit
103.40
+3.91%
99.51
+19.66%
83.16
-0.21%
83.34
Operating Expense
49.03
+5.88%
46.30
+5.38%
43.94
+6.55%
41.24
Other Operating Expenses
—
—
—
-2.31
Total Expenses
140.32
+1.19%
138.67
+9.14%
127.05
+5.58%
120.33
Operating Income
54.38
+2.19%
53.21
+35.66%
39.22
-6.84%
42.10
Total Operating Income As Reported
54.38
+2.19%
53.21
+35.66%
39.22
-17.13%
47.33
EBITDA
94.43
+2.57%
92.06
+26.60%
72.72
-9.33%
80.20
Normalized EBITDA
92.81
+0.82%
92.06
+26.60%
72.72
-3.00%
74.97
Reconciled Depreciation
32.49
+15.90%
28.04
-4.77%
29.44
+7.16%
27.48
EBIT
61.94
-3.26%
64.03
+47.95%
43.27
-17.92%
52.72
Total Unusual Items
1.62
0.00
0.00
-100.00%
5.23
Total Unusual Items Excluding Goodwill
1.62
0.00
0.00
-100.00%
5.23
Special Income Charges
1.62
0.00
0.00
-100.00%
5.23
Other Special Charges
-1.62
—
—
-2.31
Net Income
42.82
-3.45%
44.35
+40.69%
31.52
-25.70%
42.43
Pretax Income
47.64
-7.05%
51.26
+57.40%
32.56
-28.69%
45.67
Net Non Operating Interest Income Expense
-14.29
-11.95%
-12.77
-19.23%
-10.71
-51.85%
-7.05
Interest Expense Non Operating
14.29
+11.95%
12.77
+19.23%
10.71
+51.85%
7.05
Net Interest Income
-14.29
-11.95%
-12.77
-19.23%
-10.71
-51.85%
-7.05
Interest Expense
14.29
+11.95%
12.77
+19.23%
10.71
+51.85%
7.05
Other Income Expense
7.56
-30.08%
10.81
+166.91%
4.05
-61.85%
10.62
Other Non Operating Income Expenses
5.94
-45.04%
10.81
+166.91%
4.05
-24.81%
5.39
Gain On Sale Of Business
—
0.00
0.00
-100.00%
5.23
Tax Provision
4.82
-30.18%
6.91
+563.30%
1.04
-67.87%
3.24
Tax Rate For Calcs
0.00
-24.89%
0.00
+321.42%
0.00
-54.94%
0.00
Tax Effect Of Unusual Items
0.16
0.00
0.00
-100.00%
0.37
Net Income Including Noncontrolling Interests
42.82
-3.45%
44.35
+40.69%
31.52
-25.70%
42.43
Net Income From Continuing Operation Net Minority Interest
42.82
-3.45%
44.35
+40.69%
31.52
-25.70%
42.43
Net Income From Continuing And Discontinued Operation
42.82
-3.45%
44.35
+40.69%
31.52
-25.70%
42.43
Net Income Continuous Operations
42.82
-3.45%
44.35
+40.69%
31.52
-25.70%
42.43
Normalized Income
41.37
-6.73%
44.35
+40.69%
31.52
-16.09%
37.57
Net Income Common Stockholders
42.75
-3.37%
44.24
+40.87%
31.40
-25.77%
42.31
Diluted EPS
2.36
-4.45%
2.47
+40.34%
1.76
-26.36%
2.39
Basic EPS
2.36
-4.84%
2.48
+40.11%
1.77
-26.25%
2.40
Basic Average Shares
18.10
+1.42%
17.84
+0.62%
17.73
+0.59%
17.63
Diluted Average Shares
18.14
+1.06%
17.95
+0.55%
17.85
+0.82%
17.70
Diluted NI Availto Com Stockholders
42.77
-3.42%
44.28
+40.72%
31.47
-25.73%
42.38
Average Dilution Earnings
0.02
-47.83%
0.05
-31.34%
0.07
+0.00%
0.07
Depreciation Amortization Depletion Income Statement
27.11
+10.98%
24.43
-3.03%
25.19
+9.40%
23.03
Depreciation And Amortization In Income Statement
27.11
+10.98%
24.43
-3.03%
25.19
+9.40%
23.03
Depreciation Income Statement
27.11
+10.98%
24.43
-3.03%
25.19
+9.40%
23.03
Other Taxes
21.91
+0.18%
21.87
+16.70%
18.74
+2.94%
18.21
Preferred Stock Dividends
0.08
-32.14%
0.11
-6.67%
0.12
+0.00%
0.12
Line Item Trend 2022-12-31
Total Assets
1,074.45
Current Assets
37.31
Cash Cash Equivalents And Short Term Investments
3.83
Cash And Cash Equivalents
3.83
Receivables
24.68
Accounts Receivable
16.02
Gross Accounts Receivable
18.34
Allowance For Doubtful Accounts Receivable
-2.33
Other Receivables
—
Inventory
6.18
Prepaid Assets
2.62
Total Non Current Assets
1,037.12
Net PPE
924.35
Gross PPE
1,142.74
Accumulated Depreciation
-218.39
Construction In Progress
53.57
Other Properties
7.30
Other Non Current Assets
14.03
Total Liabilities Net Minority Interest
672.04
Current Liabilities
117.86
Payables And Accrued Expenses
39.54
Payables
37.01
Accounts Payable
24.85
Other Payable
—
Current Accrued Expenses
2.54
Employee Benefits
0.00
Total Tax Payable
12.16
Current Debt And Capital Lease Obligation
72.96
Current Debt
72.96
Other Current Borrowings
17.46
Current Deferred Liabilities
1.36
Current Deferred Revenue
1.36
Other Current Liabilities
3.99
Total Non Current Liabilities Net Minority Interest
554.18
Long Term Debt And Capital Lease Obligation
293.99
Long Term Debt
290.28
Long Term Capital Lease Obligation
3.71
Defined Pension Benefit
8.69
Non Current Deferred Liabilities
99.17
Non Current Deferred Revenue
21.38
Non Current Deferred Taxes Liabilities
77.78
Other Non Current Liabilities
114.29
Stockholders Equity
402.41
Common Stock Equity
400.33
Capital Stock
235.14
Common Stock
233.05
Preferred Stock
2.08
Share Issued
17.64
Ordinary Shares Number
17.64
Treasury Shares Number
0.00
Retained Earnings
167.27
Total Equity Gross Minority Interest
402.41
Total Capitalization
692.69
Working Capital
-80.55
Invested Capital
763.57
Total Debt
366.95
Net Debt
359.41
Capital Lease Obligations
3.71
Net Tangible Assets
402.41
Tangible Book Value
400.33
Current Notes Payable
55.50
Interest Payable
2.54
Preferred Shares Number
0.02
Preferred Stock Equity
2.08
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Operating Cash Flow
62.60
+6.58%
58.73
+11.27%
52.78
-13.98%
61.36
Cash Flow From Continuing Operating Activities
62.60
+6.58%
58.73
+11.27%
52.78
-13.98%
61.36
Net Income From Continuing Operations
42.82
-3.45%
44.35
+40.69%
31.52
-25.70%
42.43
Depreciation Amortization Depletion
32.49
+15.90%
28.04
-4.77%
29.44
+7.16%
27.48
Depreciation And Amortization
32.49
+15.90%
28.04
-4.77%
29.44
+7.16%
27.48
Other Non Cash Items
-1.27
-21.12%
-1.05
+40.22%
-1.76
-78.30%
-0.99
Stock Based Compensation
1.24
-19.52%
1.54
-30.58%
2.21
+35.83%
1.63
Deferred Tax
-5.23
-226.11%
-1.60
+71.33%
-5.60
-4.97%
-5.33
Deferred Income Tax
-5.23
-226.11%
-1.60
+71.33%
-5.60
-4.97%
-5.33
Operating Gains Losses
—
—
—
-5.23
Change In Working Capital
-7.45
+40.58%
-12.54
-312.36%
-3.04
-320.52%
1.38
Change In Receivables
1.03
+148.29%
-2.14
+23.46%
-2.79
-33.40%
-2.09
Changes In Account Receivables
-0.37
+44.63%
-0.67
+68.90%
-2.15
-204.67%
-0.71
Change In Inventory
-0.83
-428.06%
0.25
+131.82%
-0.80
+2.93%
-0.82
Change In Prepaid Assets
-0.42
+28.52%
-0.59
-174.46%
0.79
+208.98%
0.26
Change In Payables And Accrued Expense
5.71
+50.46%
3.79
+117.12%
1.75
-77.64%
7.81
Change In Accrued Expense
0.40
+277.93%
-0.22
-136.82%
0.60
+9.84%
0.55
Change In Payable
5.31
+32.30%
4.01
+250.96%
1.14
-84.25%
7.26
Change In Account Payable
1.30
-49.65%
2.57
-7.11%
2.77
-25.55%
3.72
Change In Other Working Capital
-12.94
+6.65%
-13.86
-595.78%
-1.99
+47.26%
-3.78
Investing Cash Flow
-100.96
-35.30%
-74.62
+17.25%
-90.18
-2.23%
-88.21
Cash Flow From Continuing Investing Activities
-100.96
-35.30%
-74.62
+17.25%
-90.18
-2.23%
-88.21
Capital Expenditure
-96.35
-29.12%
-74.62
+17.25%
-90.18
+1.27%
-91.33
Capital Expenditure Reported
-96.35
-29.12%
-74.62
+17.25%
-90.18
+1.27%
-91.33
Net Business Purchase And Sale
—
0.00
0.00
-100.00%
3.12
Gain Loss On Sale Of Business
—
0.00
0.00
+100.00%
-5.23
Net Other Investing Changes
-4.61
—
—
—
Financing Cash Flow
38.61
+117.81%
17.73
-50.70%
35.96
+32.46%
27.15
Cash Flow From Continuing Financing Activities
38.61
+117.81%
17.73
-50.70%
35.96
+32.46%
27.15
Net Issuance Payments Of Debt
31.55
+225.69%
-25.10
-155.05%
45.60
+20.83%
37.74
Issuance Of Debt
33.62
+1364.07%
2.30
-96.97%
75.81
+2747.93%
2.66
Repayment Of Debt
-7.32
+4.30%
-7.65
+56.22%
-17.46
-135.26%
-7.42
Long Term Debt Issuance
33.62
+1364.07%
2.30
-96.97%
75.81
+2747.93%
2.66
Long Term Debt Payments
-7.32
+4.30%
-7.65
+56.22%
-17.46
-135.26%
-7.42
Net Long Term Debt Issuance
26.30
+591.55%
-5.35
-109.17%
58.35
+1325.56%
-4.76
Net Short Term Debt Issuance
5.25
+126.58%
-19.75
-54.90%
-12.75
-130.00%
42.50
Net Common Stock Issuance
30.45
+3026.69%
0.97
-91.96%
12.12
+17.22%
10.34
Common Stock Dividend Paid
-24.92
-6.48%
-23.41
-4.31%
-22.44
-7.84%
-20.81
Cash Dividends Paid
-25.00
-6.31%
-23.52
-4.24%
-22.56
-7.79%
-20.93
Net Other Financing Charges
1.61
-97.53%
65.37
+8010.55%
0.81
+26766.67%
0.00
Changes In Cash
0.25
-86.44%
1.84
+227.68%
-1.44
-587.46%
0.29
Beginning Cash Position
4.23
+76.82%
2.39
-37.57%
3.83
+8.35%
3.53
End Cash Position
4.47
+5.89%
4.23
+76.82%
2.39
-37.57%
3.83
Free Cash Flow
-33.76
-112.42%
-15.89
+57.50%
-37.40
-24.76%
-29.97
Interest Paid Supplemental Data
—
14.48
+13.50%
12.76
+37.95%
9.25
Income Tax Paid Supplemental Data
—
3.17
+6.99%
2.96
-8.30%
3.23
Change In Income Tax Payable
4.02
+178.70%
1.44
+188.57%
-1.63
-145.95%
3.54
Change In Interest Payable
0.40
+277.93%
-0.22
-136.82%
0.60
+9.84%
0.55
Change In Tax Payable
4.02
+178.70%
1.44
+188.57%
-1.63
-145.95%
3.54
Common Stock Issuance
30.45
+3026.69%
0.97
-91.96%
12.12
+17.22%
10.34
Issuance Of Capital Stock
30.45
+3026.69%
0.97
-91.96%
12.12
+17.22%
10.34
Preferred Stock Dividend Paid
-0.08
+30.28%
-0.11
+9.17%
-0.12
+0.00%
-0.12
Sale Of Business
—
0.00
0.00
-100.00%
3.12
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

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