Middlesex Water Company (MSEX) Key Metrics
MSEX valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $1.03B
- Enterprise value
- $1.45B
- P/E (TTM)
- 21.1 10-yr median 31.3
- Forward P/E
- 28.6
- PEG ratio
- 18.45
- Price / sales
- 5.0 10-yr median 6.7
- Price / book
- 1.9 10-yr median 3.2
- EV / EBITDA
- 15.0 10-yr median 20.8
- Dividend yield
- 2.64% $1.44 a year
- Beta
- 0.73
MSEX key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsMSEX valuation Price multiples at each fiscal year-end price.
MSEX returns How much profit the business earns on the capital it uses.
MSEX per-share figures Results divided by the shares outstanding at year-end.
MSEX financial health Debt, liquidity and how easily interest is covered.
MSEX efficiency & capital use Working capital cycle and where the cash goes.
MSEX valuation history
MSEX returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
MSEX debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
MSEX cash returned to shareholders
MSEX price vs earnings per share
MSEX key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $915.3M | $944.5M | $1.17B | $1.39B | $2.12B | $1.27B | $1.07B | $882.4M | $658.0M | $705.3M |
| Enterprise value | $1.33B | $1.33B | $1.58B | $1.76B | $2.45B | $1.56B | $1.33B | $1.09B | $826.9M | $854.2M |
| P/E ratio | 21.4 | 21.3 | 37.2 | 32.8 | 58.0 | 33.1 | 31.6 | 27.2 | 28.8 | 31.0 |
| Price / sales | 4.7 | 4.9 | 7.0 | 8.6 | 14.8 | 9.0 | 7.9 | 6.4 | 5.0 | 5.3 |
| Price / book | 1.8 | 2.1 | 2.8 | 3.5 | 5.7 | 3.7 | 3.3 | 3.5 | 2.8 | 3.2 |
| Price / operating cash flow | 14.6 | 16.1 | 22.2 | 22.7 | 64.1 | 23.9 | 29.7 | 19.2 | 15.4 | 15.0 |
| EV / sales | 6.8 | 6.9 | 9.5 | 10.8 | 17.1 | 11.0 | 9.9 | 7.9 | 6.3 | 6.4 |
| EV / EBITDA | 14.1 | 14.4 | 21.7 | 21.9 | 38.6 | 26.6 | 25.6 | 19.9 | 15.4 | 16.2 |
| Earnings yield | 4.7% | 4.7% | 2.7% | 3.0% | 1.7% | 3.0% | 3.2% | 3.7% | 3.5% | 3.2% |
| Free cash flow yield | −3.7% | −1.7% | −3.2% | −2.2% | −2.2% | −4.1% | −5.0% | −3.0% | −1.1% | −0.0% |
| Dividend yield | 2.7% | 2.5% | 1.9% | 1.5% | 0.9% | 1.4% | 1.5% | 1.7% | 2.1% | 1.9% |
| Shareholder yield (dividends + buybacks) | 2.7% | 2.5% | 2.0% | 1.5% | 0.9% | 1.4% | 1.5% | 1.7% | 2.1% | 1.9% |
| Share price at fiscal year-end | $50.42 | $52.63 | $65.62 | $78.67 | $120.30 | $72.47 | $63.57 | $53.35 | $39.91 | $42.94 |
| Per share | ||||||||||
| Revenue per share | $10.72 | $10.69 | $9.32 | $9.17 | $8.13 | $8.06 | $8.00 | $8.35 | $7.93 | $8.09 |
| Earnings per share | $2.36 | $2.47 | $1.77 | $2.40 | $2.08 | $2.19 | $2.01 | $1.96 | $1.38 | $1.38 |
| Operating cash flow per share | $3.45 | $3.27 | $2.96 | $3.46 | $1.88 | $3.04 | $2.14 | $2.77 | $2.60 | $2.87 |
| Free cash flow per share | −$1.86 | −$0.89 | −$2.10 | −$1.69 | −$2.63 | −$2.97 | −$3.15 | −$1.59 | −$0.45 | −$0.02 |
| Cash per share | $0.15 | $0.24 | $0.13 | $0.22 | $0.20 | $0.26 | $0.13 | $0.22 | $0.30 | $0.24 |
| Book value per share | $27.29 | $24.90 | $23.82 | $22.72 | $21.00 | $19.82 | $19.36 | $15.19 | $14.05 | $13.45 |
| Tangible book value per share | $27.29 | $24.90 | $23.82 | $22.72 | $21.00 | $19.82 | $19.36 | $15.19 | $14.05 | $13.45 |
| Dividends per share | $1.37 | $1.31 | $1.26 | $1.18 | $1.11 | $1.04 | $0.97 | $0.91 | $0.86 | $0.81 |
| Capex per share | $5.31 | $4.16 | $5.05 | $5.16 | $4.51 | $6.01 | $5.30 | $4.36 | $3.05 | $2.88 |
| Debt per share | $22.96 | $21.51 | $23.10 | $20.72 | $18.78 | $16.36 | $15.67 | $12.62 | $10.55 | $9.30 |
| Shares outstanding | 18.2M | 17.9M | 17.8M | 17.7M | 17.6M | 17.6M | 16.8M | 16.5M | 16.5M | 16.4M |
| Change in shares outstanding | +1.2% | +0.6% | +0.8% | +0.6% | +0.2% | +4.4% | +1.7% | +0.3% | +0.4% | +0.6% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 9.1% | 10.2% | 7.6% | 11.0% | 10.2% | 11.4% | 11.7% | 13.4% | 10.1% | 10.6% |
| Return on invested capital (ROIC) | 5.6% | 5.5% | 4.7% | 6.0% | 5.0% | 6.1% | 6.8% | 8.4% | 6.6% | 7.4% |
| Return on assets (ROA) | 3.3% | 3.6% | 2.7% | 4.1% | 3.7% | 4.1% | 4.0% | 4.5% | 3.6% | 3.8% |
| Return on tangible assets | 3.1% | 3.5% | 2.6% | 3.9% | 3.6% | 3.9% | 3.7% | 4.2% | 3.4% | 3.7% |
| Free cash flow margin | −17.3% | −8.3% | −22.5% | −18.5% | −32.4% | −36.9% | −39.4% | −19.0% | −5.7% | −0.2% |
| Income quality (OCF / net income) | 1.46 | 1.32 | 1.67 | 1.45 | 0.90 | 1.39 | 1.06 | 1.41 | 1.88 | 2.07 |
| Financial health | ||||||||||
| Total debt | $416.8M | $386.0M | $412.3M | $366.9M | $330.6M | $287.5M | $263.7M | $208.7M | $173.9M | $152.7M |
| Cash & short-term investments | $2.8M | $4.2M | $2.4M | $3.8M | $3.5M | $4.5M | $2.2M | $3.7M | $4.9M | $3.9M |
| Net debt | $414.0M | $381.7M | $409.9M | $363.1M | $327.1M | $283.1M | $261.5M | $205.0M | $169.0M | $148.8M |
| Debt / equity | 0.84 | 0.86 | 0.97 | 0.91 | 0.89 | 0.83 | 0.81 | 0.83 | 0.75 | 0.69 |
| Debt / assets | 0.31 | 0.31 | 0.33 | 0.34 | 0.32 | 0.29 | 0.29 | 0.27 | 0.26 | 0.25 |
| Net debt / EBITDA | 4.38 | 4.15 | 5.64 | 4.53 | 5.17 | 4.83 | 5.02 | 3.76 | 3.15 | 2.82 |
| Current ratio | 0.45 | 0.52 | 1.05 | 0.32 | 0.61 | 0.60 | 0.45 | 0.33 | 0.45 | 0.57 |
| Quick ratio | 0.36 | 0.44 | 0.98 | 0.26 | 0.51 | 0.51 | 0.36 | 0.27 | 0.39 | 0.48 |
| Interest coverage | 3.8 | 4.2 | 3.7 | 6.7 | 6.1 | 10.8 | 8.6 | 6.9 | 7.9 | 8.6 |
| Working capital | −$52.0M | −$39.9M | $4.7M | −$80.6M | −$22.3M | −$22.7M | −$35.8M | −$63.5M | −$35.3M | −$20.3M |
| Invested capital | $909.4M | $828.6M | $835.0M | $765.5M | $696.9M | $631.3M | $587.3M | $456.2M | $400.6M | $369.7M |
| Tangible asset value | $495.4M | $446.9M | $425.1M | $402.4M | $369.8M | $348.3M | $325.9M | $251.2M | $231.6M | $220.9M |
| Net current asset value | −$828.6M | −$765.3M | −$702.4M | −$634.7M | −$615.9M | −$594.1M | −$554.9M | −$485.8M | −$400.3M | −$372.6M |
| Graham number | $38.06 | $37.21 | $30.77 | $34.99 | $31.32 | $31.22 | $29.62 | $25.89 | $20.91 | $20.47 |
| Graham net-net per share | −$46.40 | −$43.38 | −$41.02 | −$36.51 | −$35.61 | −$34.42 | −$33.56 | −$29.98 | −$24.82 | −$23.18 |
| Capital allocation | ||||||||||
| Dividends paid | $24.9M | $23.5M | $22.6M | $20.9M | $19.5M | $18.3M | $16.3M | $15.1M | $14.1M | $13.3M |
| Share buybacks (net) | — | — | $619,000 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Dividend payout ratio | 58.2% | 53.0% | 71.6% | 49.3% | 53.3% | 47.6% | 48.1% | 46.5% | 62.0% | 58.4% |
| Capex / revenue | 49.5% | 38.9% | 54.2% | 56.2% | 55.5% | 74.6% | 66.2% | 52.2% | 38.5% | 35.6% |
| Capex / operating cash flow | 153.9% | 127.1% | 170.9% | 148.8% | 240.3% | 198.0% | 247.2% | 157.2% | 117.4% | 100.6% |
| Capex / depreciation | 2.97 | 2.66 | 3.06 | 3.32 | 2.96 | 5.07 | 5.17 | 4.57 | 3.39 | 3.50 |
| Stock-based compensation / revenue | 0.6% | 0.8% | 1.3% | 1.0% | 0.9% | 0.8% | 0.5% | 0.8% | 0.6% | 0.6% |
| SG&A / revenue | — | — | — | 59.9% | 62.1% | 60.5% | 61.2% | 62.2% | 59.8% | 59.8% |
| Efficiency | ||||||||||
| Days sales outstanding | 54.5 | 120.7 | 133.9 | 53.1 | 56.4 | 52.5 | 51.7 | 48.7 | 48.1 | 45.3 |
| Days of inventory on hand | 22.0 | 27.1 | 28.9 | 26.6 | 25.9 | 27.2 | 29.1 | 24.3 | 23.2 | 18.6 |
| Days payables outstanding | 91.5 | 110.0 | 115.2 | 106.1 | 127.7 | 138.6 | 114.4 | 84.8 | 74.1 | 52.5 |
| Cash conversion cycle (days) | -15.0 | 37.8 | 47.6 | -26.4 | -45.4 | -58.9 | -33.6 | -11.8 | -2.8 | 11.4 |
| Receivables turnover | 6.69 | 3.02 | 2.73 | 6.87 | 6.47 | 6.95 | 7.06 | 7.50 | 7.58 | 8.05 |
| Payables turnover | 3.99 | 3.32 | 3.17 | 3.44 | 2.86 | 2.63 | 3.19 | 4.30 | 4.92 | 6.95 |
| Inventory turnover | 16.60 | 13.49 | 12.64 | 13.71 | 14.07 | 13.41 | 12.52 | 15.02 | 15.75 | 19.58 |
| Asset turnover | 0.15 | 0.15 | 0.14 | 0.16 | 0.14 | 0.15 | 0.16 | 0.19 | 0.20 | 0.22 |
| Average receivables | $29.1M | $63.5M | $61.0M | $23.6M | $22.1M | $20.4M | $19.1M | $18.4M | $17.3M | $16.5M |
| Average payables | $29.7M | $27.8M | $26.2M | $23.0M | $25.8M | $26.9M | $21.3M | $16.6M | $13.1M | $9.4M |
| Average inventory | $7.1M | $6.8M | $6.6M | $5.8M | $5.2M | $5.3M | $5.4M | $4.8M | $4.1M | $3.3M |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from MSEX's annual financial statements (latest annual report filed February 19, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
MSEX valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Middlesex Water traded at 21.4 times earnings, against a 10-year median of 31.3. Based on the latest twelve months, the trailing P/E is 21.1 and the forward P/E is 28.6. Middlesex Water earned a return on equity of 9.1% and a return on invested capital of 5.6% in fiscal 2025. It ended the year with $416.8 million of debt and $2.8 million in cash and short-term investments, net debt of $414.0 million. It returned $24.9 million to shareholders: $24.9 million in dividends and $0 in share buybacks. The share count rose 10.5% from 16.4M to 18.2M over 9 years.
See the MSEX income statement, the MSEX chart for price history, or the MSEX stock overview for the latest quote and news.
MSEX key metrics FAQ
What is Middlesex Water's P/E ratio?
Middlesex Water's trailing P/E ratio is 21.1 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 28.6. At the end of fiscal 2025 it was 21.4, compared with a 10-year median of 31.3.
What is Middlesex Water's EV/EBITDA?
Middlesex Water's enterprise value was 14.1 times EBITDA at the end of fiscal 2025 (enterprise value $1.3 billion, EBITDA $94.4 million); the current EV/EBITDA is 15.0.
What is Middlesex Water's return on equity?
Middlesex Water's return on equity (ROE) was 9.1% in fiscal 2025: net income of $42.8 million on average shareholders' equity of $471.1 million.
What is Middlesex Water's ROIC?
Middlesex Water's return on invested capital was 5.6% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Middlesex Water have?
Middlesex Water had total debt of $416.8 million at the end of fiscal 2025, a debt-to-equity ratio of 0.84 and $414.0 million of net debt (4.38 times EBITDA).
What is Middlesex Water's dividend yield?
Middlesex Water's forward dividend yield is 2.64%. Middlesex Water paid $24.9 million in dividends in fiscal 2025 ($1.37 per share), a payout ratio of 58.2%.
What is Middlesex Water's free cash flow yield?
Middlesex Water generated -$33.8 million of free cash flow in fiscal 2025, a free cash flow yield of −3.7% on its market value at year-end ($915.3 million).
What is Middlesex Water's current ratio?
Middlesex Water's current ratio was 0.45 at the end of fiscal 2025: current assets were 0.45 times current liabilities.