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MIDDLESEX WATER CO MSEX

Nasdaq · stock · Water Supply · website · IPO 1958-09-16

MIDDLESEX WATER CO statistics & valuation

Market cap$1.0B
P / E24.1×
P / S5.3×
P / B2.1×
Dividend yield2.41%
Net margin22.0%
Return on equity8.7%
Net debt$376.1M
Net debt / EBITDA4.3×
Enterprise value USD$1.4B
EV / EBITDA16.2×
Earnings yield EBIT/EV3.9%
Return on capital4.3%
Graham number -35.4%$37.64

Market cap as of 2026-06-29. Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value ($37.64); a green figure means the price is below it.

Profitability & efficiency

Net margin (%)
17.10% 17.50% 23.50% 25.20% 27.20% 25.60% 26.10% 19.00% 23.10% 22.00% 2016201720182019202020212022202320242025
Gross margin (%)
2016201720182019202020212022202320242025
Operating margin (%)
30.40% 28.90% 26.90% 26.40% 26.50% 23.20% 29.20% 23.60% 27.70% 27.90% 2016201720182019202020212022202320242025
Return on equity (%)
11.10% 9.90% 10.60% 7.50% 10.00% 8.70% 2016201720182019202020212022202320242025
Shares outstanding
16.4M 16.5M 16.4M 17.4M 17.5M 17607 17.7M 17.8M 17.9M 18.5M 2016201720182019202020212022202320242025
Net debt ($)
$138.2M $142.9M $159.2M $232.2M $272.8M $302.9M $302.6M $362.3M $348.6M $376.1M 2016201720182019202020212022202320242025
Share buybacks ($)
2016201720182019202020212022202320242025
Return on assets (%)
3.70% 3.40% 4.20% 3.70% 3.90% 3.60% 3.90% 2.60% 3.50% 3.10% 2016201720182019202020212022202320242025
Free cash flow margin (%)
-36.90% -32.40% -18.50% -22.50% -8.30% 2016201720182019202020212022202320242025
Debt / equity (×)
0.80× 0.83× 0.77× 0.86× 0.79× 0.77× 2016201720182019202020212022202320242025
EPS ($)
$1.38 $1.38 $1.96 $2.01 $2.18 $2.07 $2.39 $1.76 $2.47 $2.36 2016201720182019202020212022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

MIDDLESEX WATER CO trades at about 24.7× earnings — below its 10-year norm (10-year range 20.5×–48.9×, median 31.8×).

20.5× 48.9×

Shaded band = 10-year range (20.5×–48.9×); dot = today's 24.7×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating margin27.9%27.7%23.6%29.2%23.2%26.5%26.4%26.9%28.9%30.4%
Net margin22.0%23.1%19.0%26.1%25.6%27.2%25.2%23.5%17.5%17.1%
FCF margin—-8.3%-22.5%-18.5%-32.4%-36.9%————
Return on assets3.1%3.5%2.6%3.9%3.6%3.9%3.7%4.2%3.4%3.7%
Return on equity8.7%10.0%7.5%10.6%9.9%11.1%————
Debt / equity0.77×0.79×0.86×0.77×0.83×0.80×————
Current ratio0.450.521.050.320.610.600.450.330.450.57

Computed from company filings · US · as of 2025-12-31. Facts plus Stocktoria's own computed scores — not investment advice.