# Middlesex Water Company (MSEX) fundamentals

Data as of 2026-09-08. NASDAQ, United States. Sector: Utilities / Water Utilities. Price $58.26, market value $1.1 billion.

## Valuation
- **P/E (trailing): 22.5×** (5-yr avg 32.0×, 3-yr avg 25.5×). Middlesex Water Company trades at 22.5× trailing earnings, well below its own five-year average of 32.0×: cheap by its own standards. The Utilities median in the September 2026 study was 21.2×. Forward P/E is 19.5×, lower than trailing, so analysts expect earnings to grow.
- **Price / sales: 5.3×**. Each dollar of revenue is priced at 5.3×.
- **Price / book: 2.1×**. The shares trade at 2.1× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 16.0×**. Enterprise value is 16.0× operating earnings before depreciation, the multiple that ignores how the company is financed.
- **Earnings yield: 4.4%**. The inverse of the P/E: 4.4% of the price is earned each year.

## Profitability
- **Operating margin: 29.2%**. 29.2% of revenue is left after running the business, an exceptional level.
- **Net margin: 22.0%**. 22.0% of each dollar of sales reaches the bottom line.
- **Return on equity: 8.7%**. 8.7% on shareholders' equity is weak; the business earns little on the capital its owners have in it.
- **Return on invested capital: 5.4%**. Return on all capital, debt included, is 5.4%: close to or below the cost of capital, so growth may not create value.
- **Return on assets: 3.5%**. Each dollar of assets produces 3.5% of profit.

## Growth
- **Revenue growth (1 yr): 1.5%** (3-yr 6.3%/yr, 5-yr 6.6%/yr). Revenue grew 1.5% over the last year, against 6.6% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): -4.5%** (3-yr -0.4%/yr, 5-yr 1.6%/yr). Earnings per share fell 4.5%, slower than revenue, so margins compressed.

## Financial health
- **Debt to equity: 0.78**. Debt is 0.78 times equity, moderate leverage.
- **Net debt / EBITDA: 4.2×**. It would take 4.2 years of operating earnings to repay net borrowings, above the 3× level most lenders treat as comfortable.
- **Piotroski F-score: 4/9**. 4 of 9 checks pass: mixed.

## Dividends
- **Dividend yield: 2.47%** ($1.42 per share, trailing). Middlesex Water Company yields 2.47%, a modest yield more typical of a growth-oriented payer.
- **Payout ratio: 58%**. 58% of earnings goes out as dividends, leaving room to keep raising it.
- **Consecutive years of increases: 3**. 3 straight years of increases.
- **Dividend growth (5 yr): 5.8%/yr** (1-yr 4.9%). The dividend has grown 5.8% a year over five years.

## Price and momentum
- **Total return (1 yr): 11.7%** (YTD 17.1%, 3-mo 9.2%). The shares are up 11.7% over twelve months including dividends.
- **From 52-week high: -6.3%** (31.9% above the low). Trading 6% below its 52-week high.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 53**. An RSI of 53 is neutral.
- **Beta (1 yr): -0.16** (volatility 30%). Beta of -0.16 against the S&P 500: the shares move much less than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=MSEX · Page: https://foliofundamentals.com/stocks/msex

Not investment advice.