Middlesex Water Company logo MSEX - Middlesex Water Company

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BUY 3
HOLD 1
SELL 0
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| PRICE TARGET: $53.50 DETAILS
HIGH: $55.00
LOW: $52.00
MEDIAN: $53.50
CONSENSUS: $53.50
UPSIDE: 2.67%
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993
Revenue
Revenue 194.7 191.9 166.3 162.4 143.1 141.6 134.6 138.1 130.8 132.9 126.0 117.1 114.8 110.4 102.1 102.7 91.2 91.0 86.1 81.1 74.6 71.0 64.1 61.9 59.6 54.5 53.5 43.1 40.3 38 37.8 36.1 35.5
Cost of Revenue 118.4 92.4 83.1 79.1 73.7 70.8 68.0 71.6 64.7 65.5 65.2 59.1 60.7 60.5 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3.2 3 2.7 2.8 0
Gross Profit 76.3 99.5 83.2 83.3 69.5 70.8 66.6 66.5 66.1 67.4 60.9 58.0 54.1 49.9 102.1 102.7 91.2 91.0 86.1 81.1 74.6 71.0 64.1 61.9 59.6 54.5 53.5 43.1 37.1 35 35.1 33.3 35.5
Operating Expenses
R&D Expenses 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
SG&A Expenses 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Expenses 21.9 46.3 43.9 36.0 36.3 33.4 31.1 29.4 27.5 26.7 25.0 23.6 23.1 22.3 21.2 20.7 71.1 67.0 63.4 59.7 57.4 54.1 49.4 45.5 44.4 41.9 39.7 31 25.2 24.4 23.7 22.2 35.5
Operating Expenses 21.9 46.3 43.9 36.0 36.3 33.4 31.1 29.4 27.5 26.7 25.0 23.6 23.1 22.3 21.2 20.7 71.1 67.0 63.4 59.7 57.4 54.1 49.4 45.5 44.4 41.9 39.7 31 25.2 24.4 23.7 22.2 35.5
Operating Income
Operating Income 54.4 53.2 39.2 47.3 33.2 37.4 35.5 37.1 37.8 40.3 35.8 34.4 31.0 27.6 24.2 26.6 20.2 24.0 22.7 21.3 17.2 16.9 14.7 16.5 15.3 12.6 13.8 12.1 11.9 10.6 11.4 11.1 35.5
Interest Expense 14.3 12.8 10.7 7.1 5.5 3.5 4.1 5.4 4.8 4.7 5.2 5.3 5.5 6.2 5.6 6.0 6.8 7.1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Interest Income 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Profitability
EBITDA 94.4 92.1 72.7 80.2 63.3 58.6 52.1 54.6 53.6 52.7 48.8 45.9 42.6 39.3 36.0 37.0 31.1 33.9 94.3 29.1 24.4 23.3 20.4 21.9 20.6 17.5 18.1 15.9 15 13.6 14.3 14.1 35.5
EBIT 61.9 64.0 43.3 52.7 36.5 37.8 34.9 38.8 38.7 39.2 35.8 33.7 30.7 28.0 25.5 27.1 21.9 25.3 86.1 21.3 17.2 16.9 14.7 16.5 15.3 12.6 13.8 12.1 11.9 10.6 11.4 11.1 35.5
Income Before Tax 47.6 51.3 32.6 45.7 31.1 34.3 30.7 33.4 33.9 34.5 30.6 28.4 25.3 21.8 20.0 21.1 15.1 18.3 17.6 15.1 11.7 12.3 9.9 11.8 10.7 7.9 11.1 9.5 9 7.7 8.7 8.3 0
Income Tax Expense 4.8 6.9 1.0 3.2 (5.5) (4.1) (3.1) 0.9 11.1 11.7 10.6 9.9 8.6 7.4 6.5 6.8 5.2 6.1 5.7 5.0 3.2 3.8 3.2 3.9 3.7 2.6 3.2 3 3.1 2.5 3 2.8 (5.5)
Net Income 42.8 44.4 31.5 42.4 36.5 38.4 33.9 32.5 22.8 22.7 20.0 18.4 16.6 14.4 13.4 14.3 10.0 12.2 11.8 10.0 8.5 8.4 6.6 7.8 7.0 5.3 7.9 6.5 5.9 5.2 5.7 5.5 5.5
Per Share Data
EPS (Basic) 2.36 2.48 1.77 2.40 2.08 2.19 2.02 1.98 1.39 1.39 1.23 1.14 1.04 0.90 0.85 0.96 0.73 0.90 0.88 0.83 0.72 0.74 0.61 0.73 0.66 0.51 0.77 0.71 0.67 0.60 0.68 0.67 0.67
EPS (Diluted) 2.36 2.47 1.76 2.39 2.07 2.18 2.01 1.96 1.38 1.38 1.22 1.13 1.03 0.90 0.84 0.96 0.72 0.89 0.87 0.82 0.71 0.73 0.61 0.73 0.66 0.51 0.76 0.71 0.67 0.60 0.68 0.67 0.67
Shares Outstanding 18.1 17.8 17.7 17.6 17.5 17.5 16.7 16.4 16.3 16.3 16.2 16.1 15.9 15.7 15.6 14.7 13.5 13.3 13.2 11.8 11.4 11.1 10.5 10.3 10.1 10.0 9.9 8.7 8.6 8.3 8.1 8.0 7.8
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2009 2008 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994
Current Assets
Cash & Cash Equivalents 2.8 4.2 2.4 3.8 3.5 4.5 2.2 3.7 4.9 3.9 4.3 3.3 4.0 3.0 2.9 4.5 2.5 5.2 9.4 2.5 4.3 4.9 3.9
Short-Term Investments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Net Receivables 19.2 29.6 97.3 24.7 22.6 21.6 19.1 19.1 17.8 16.7 15.0 14.3 9.9 8.9 9.2 9.5 8.3 8.6 7.2 6 6.2 6.4 6.3
Inventory 7.5 6.7 7.0 6.2 5.4 5.1 5.4 5.4 4.1 4.1 1.6 1.5 1.2 1.4 1.2 1.0 1.0 1 0.9 1 1 1 1
Other Current Assets 9.4 0 0 0 0 0 0 0 0 0 0 0 0 1.0 7.0 10.1 3.5 6.3 10.3 0.6 0.4 0.7 1.8
Total Current Assets 41.8 43.0 108.5 37.3 34.4 34.1 29.1 30.8 29.2 26.7 22.0 20.6 16.0 14.4 20.3 25.1 15.3 21.1 27.8 10.1 11.9 13 13
Non-Current Assets
Property, Plant & Equipment 2.0 1,058.0 1,013.0 924.4 869.9 801.8 711.7 618.5 557.2 517.8 376.5 359.5 251.8 230.9 211.4 199.1 191.2 181.8 162.8 137.1 123 119.6 109.1
Goodwill 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Intangible Assets 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Long-Term Investments 1.7 0 0 0 0 0 0 2.0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Assets 1,320.3 154.2 114.5 35.0 46.3 140.5 114.7 71.3 31.5 3.6 31.7 38.2 31.4 17.9 12.9 12.2 12.9 12.1 12.9 12.6 13.8 12.2 10.3
Total Non-Current Assets 1,324.0 1,212.2 1,127.5 1,037.1 985.7 942.3 880.7 737.0 631.9 593.4 436.0 419.4 283.2 248.8 224.3 211.3 204.1 193.9 175.7 149.7 136.8 131.8 119.4
Total Assets 1,365.7 1,255.2 1,236.1 1,074.5 1,020.0 976.5 909.9 767.8 661.1 620.2 458.1 440 299.1 263.2 244.6 236.4 219.4 215 203.5 159.8 148.7 144.8 132.4
Current Liabilities
Account Payables 31.3 28.1 27.6 24.8 21.1 30.4 23.3 19.3 13.9 12.3 4.3 5.7 6.0 4.8 2.5 2.4 2.4 3.4 3.4 3.2 1.7 1.5 1.6
Short-Term Debt 36.7 30.7 50.5 73.0 19.7 9.3 27.2 55.8 34.9 18.2 46.6 43.9 12.1 13.6 18.3 13.6 6.3 2.2 1.1 0.6 0 0.2 0
Deferred Revenue 0.5 1.5 1.4 1.4 1.3 1.3 1.2 1.0 1.0 0.9 0.9 0.8 (2.4) (4.2) (9.1) (3.6) 3.0 8.8 7.6 0 0 6.9 0
Other Current Liabilities 9.3 7.8 3.8 4.0 3.8 3.6 3.6 2.6 2.3 2.2 1.4 1.2 0 0 0 0 0 (0.1) 0 0 0 0 0
Total Current Liabilities 93.8 82.9 103.8 117.9 56.6 56.8 65.0 94.4 64.5 47.1 60.7 61.5 27.8 27.7 29.6 26.0 18.0 14.3 13.2 13 9.9 8.8 8.4
Non-Current Liabilities
Long-Term Debt 380.7 352.8 358.2 290.3 306.5 273.2 230.8 152.9 139.0 134.5 124.9 118.2 115.3 97.4 87.5 88.1 82.1 82.5 78 52.9 53 53 49.5
Deferred Tax Liabilities 110.5 101.2 88.7 77.8 69.5 61.3 54.4 47.3 43.2 72.8 29.1 23.1 16.3 15.9 15.1 14.6 14.4 14.2 14.3 14.4 14.4 13.5 12.3
Other Non-Current Liabilities 258.0 246.3 235.9 161.0 189.7 208.3 204.2 199.6 161.4 124.0 68.0 96.0 47.1 43.2 36.2 31.2 30.2 (96.7) 26.3 (67.3) 19.5 19.2 0
Total Non-Current Liabilities 777.9 725.4 707.1 554.2 593.6 571.3 519.0 422.2 365.0 352.2 254.4 237.3 178.6 156.5 138.8 134 126.7 126.2 118.6 91.9 86.9 85.7 61.8
Total Liabilities 871.7 808.3 811.0 672.0 650.2 628.2 584.0 516.6 429.5 399.3 315.1 298.8 199.9 179.5 164.0 160.0 144.7 140.4 131.8 103.6 96.8 94.5 84.7
Stockholders' Equity
Common Stock 279.1 248.2 246.8 233.1 221.9 217.5 215.1 157.4 155.1 153.0 109.4 107.7 72.0 56.9 53.9 50.1 48.8 47.6 45.5 31.1 30 28.8 27.2
Retained Earnings 214.9 197.1 176.2 167.3 145.8 128.8 108.7 91.4 74.1 65.4 30.3 30.1 23.1 22.7 23.2 22.2 21.8 22.9 21.2 20.1 19.2 18.8 17.7
Accumulated Other Comprehensive Income 0 0 0 0 0 0 0 0 0 0 0 0 0.0 0.1 (0.6) 0 0 0 0 0 0 0 0
Total Stockholders' Equity 494.0 446.9 425.1 402.4 369.8 348.3 325.9 251.2 231.6 220.9 143.0 141.2 99.2 83.7 80.6 76.4 74.7 74.6 71.7 56.2 51.9 50.3 47.7
Total Liabilities & Equity 1,365.7 1,255.2 1,236.1 1,074.5 1,020.0 976.5 909.9 767.8 661.1 620.2 458.1 440 299.1 263.2 244.6 236.4 219.4 215 203.5 159.8 148.7 144.8 132.4
Debt Metrics
Total Debt 419.2 386.0 412.3 366.9 330.6 287.5 263.7 208.7 173.9 152.7 171.5 162.1 127.4 110.9 105.8 101.7 88.4 84.7 79.1 53.5 53 53.2 49.5
Net Debt 416.4 381.7 409.9 363.1 327.1 283.1 261.5 205.0 169.0 148.8 167.2 158.8 123.3 107.9 102.8 97.2 85.9 79.5 69.7 51 48.7 48.3 45.6
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994
Operating Activities
Net Income 42.8 44.4 31.5 42.4 36.5 38.4 33.9 32.5 22.8 22.7 8.5 8.4 6.6 7.8 7.0 5.3 7.9 6.5 5.9 5.2 5.7 5.5
Depreciation & Amortization 32.5 28.0 29.4 27.5 26.8 20.8 17.2 15.8 14.8 13.5 0 0 0 0 0 0 0 0 0 0 0 0
Stock-Based Compensation 1.2 1.5 2.2 1.6 1.3 1.1 0.6 1.1 0.8 0.8 0 0 0 0 0 0 0 0 0 0 0 0
Change in Working Capital (7.5) (12.5) (3.0) 1.4 (19.0) 9.4 (1.7) 6.2 (2.9) 6.9 (1.8) 0.7 2.0 (0.7) (0.4) 0.1 (0.7) 1 3 1.4 0.1 (0.3)
Other Non-Cash Items (6.5) (2.7) (1.8) (6.2) (1.6) (2.9) (2.2) (0.9) (0.7) (0.5) 6.6 5.8 5.3 3.9 5.4 4.4 2.9 2.8 2.9 2.9 2.8 3
Operating Cash Flow 62.6 58.7 52.8 61.4 33.0 53.4 36.1 45.9 42.8 47.1 13.5 15.6 14.2 11.1 12.3 10.0 10 10.4 12.6 10.3 8.9 8.8
Investing Activities
Capital Expenditure (96.4) (74.6) (90.2) (91.3) (79.4) (105.6) (89.1) (72.1) (50.3) (47.4) (25.3) (29.9) (19.6) (16.5) (12.7) (13.6) (23.3) (26.3) (10.2) (6.2) (9) (6)
Acquisitions (4.6) 0 0 3.1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.2 0 0 0
Purchases of Investments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (0.9)
Sales/Maturities of Investments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.9 0
Other Investing Activities 0 0 0 0 0 0 0 0 (1.0) (24.4) 6.6 (9.4) 2.1 (0.1) 0.2 (1.0) 2.5 (2.3) (1.3) (1.5) (1.5) (0.3)
Investing Cash Flow (101.0) (74.6) (90.2) (88.2) (79.4) (105.6) (89.1) (72.1) (51.3) (47.4) (18.7) (39.2) (17.5) (16.6) (12.5) (14.6) (20.8) (28.6) (11.3) (7.7) (9.6) (7.2)
Financing Activities
Net Debt Issuance 31.4 (25.1) 45.6 37.7 44.9 24.8 50.2 35.6 21.4 11.7 6.7 16.4 5.2 4.0 13.3 3.8 5.4 25.6 0 (0.2) 3.7 3.5
Stock Repurchased 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (0.1) (1.2)
Dividends Paid (24.9) (23.5) (22.6) (20.9) (19.5) (18.3) (16.3) (15.1) (14.1) (13.3) (7.9) (7.6) (7.0) (6.8) (6.6) (6.4) (6.2) (5.3) (5) (4.8) (4.6) (4.4)
Other Financing Activities 2.3 65.4 0.8 0.0 10.2 8.4 3.2 3.9 1.1 0.9 1.3 0.8 1.6 0.6 (5.8) 3.3 6.3 (9.5) 1 0.4 1 2.3
Financing Cash Flow 38.6 17.7 36.0 27.1 39.5 16.2 93.9 25.5 9.5 0.7 4.1 24.7 3.3 3.9 2.2 2.0 6.6 25.1 (2.9) (3.2) 1.7 1.1
Cash Position
Net Change in Cash 0.2 1.8 (1.4) 0.3 (6.9) (36.1) 40.8 (0.7) 1.1 0.4 (1.1) 1.0 0.1 (1.6) 2.0 (2.7) (4.2) 6.9 (1.5) (0.6) 1 2.8
Cash at Beginning 4.2 2.4 3.8 3.5 10.4 46.5 5.7 6.4 3.9 3.5 4.0 3.0 2.9 4.5 2.5 5.2 9.4 2.5 4 4.9 3.9 1.1
Cash at End 4.5 4.2 2.4 3.8 3.5 10.4 46.5 5.7 4.9 3.9 3.0 4.0 3.0 2.9 4.5 2.5 5.2 9.4 2.5 4.3 4.9 3.9
Free Cash Flow (33.8) (15.9) (37.4) (30.0) (46.4) (52.3) (53.1) (26.2) (7.5) (0.3) (11.8) (14.3) (5.3) (5.4) (0.4) (3.6) (13.3) (15.9) 2.4 4.1 (0.1) 2.8
Key Metrics 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993
Income Statement
Revenue 194.7 191.9 166.3 162.4 143.1 141.6 134.6 138.1 130.8 132.9 126.0 117.1 114.8 110.4 102.1 102.7 91.2 91.0 86.1 81.1 74.6 71.0 64.1 61.9 59.6 54.5 53.5 43.1 40.3 38 37.8 36.1 35.5
Gross Profit 76.3 99.5 83.2 83.3 69.5 70.8 66.6 66.5 66.1 67.4 60.9 58.0 54.1 49.9 102.1 102.7 91.2 91.0 86.1 81.1 74.6 71.0 64.1 61.9 59.6 54.5 53.5 43.1 37.1 35 35.1 33.3 35.5
Operating Income 54.4 53.2 39.2 47.3 33.2 37.4 35.5 37.1 37.8 40.3 35.8 34.4 31.0 27.6 24.2 26.6 20.2 24.0 22.7 21.3 17.2 16.9 14.7 16.5 15.3 12.6 13.8 12.1 11.9 10.6 11.4 11.1 35.5
Net Income 42.8 44.4 31.5 42.4 36.5 38.4 33.9 32.5 22.8 22.7 20.0 18.4 16.6 14.4 13.4 14.3 10.0 12.2 11.8 10.0 8.5 8.4 6.6 7.8 7.0 5.3 7.9 6.5 5.9 5.2 5.7 5.5 5.5
EPS (Diluted) 2.36 2.47 1.76 2.39 2.07 2.18 2.01 1.96 1.38 1.38 1.22 1.13 1.03 0.90 0.84 0.96 0.72 0.89 0.87 0.82 0.71 0.73 0.61 0.73 0.66 0.51 0.76 0.71 0.67 0.60 0.68 0.67 0.67
Balance Sheet
Cash & Equivalents 2.8 4.2 2.4 3.8 3.5 4.5 2.2 3.7 4.9 3.9 4.3 3.3 4.0 3.0 2.9 4.5 2.5 5.2 9.4 2.5 4.3 4.9 3.9
Total Assets 1,365.7 1,255.2 1,236.1 1,074.5 1,020.0 976.5 909.9 767.8 661.1 620.2 458.1 440 299.1 263.2 244.6 236.4 219.4 215 203.5 159.8 148.7 144.8 132.4
Total Debt 419.2 386.0 412.3 366.9 330.6 287.5 263.7 208.7 173.9 152.7 171.5 162.1 127.4 110.9 105.8 101.7 88.4 84.7 79.1 53.5 53 53.2 49.5
Stockholders' Equity 494.0 446.9 425.1 402.4 369.8 348.3 325.9 251.2 231.6 220.9 143.0 141.2 99.2 83.7 80.6 76.4 74.7 74.6 71.7 56.2 51.9 50.3 47.7
Cash Flow
Operating Cash Flow 62.6 58.7 52.8 61.4 33.0 53.4 36.1 45.9 42.8 47.1 13.5 15.6 14.2 11.1 12.3 10.0 10 10.4 12.6 10.3 8.9 8.8
Capital Expenditure (96.4) (74.6) (90.2) (91.3) (79.4) (105.6) (89.1) (72.1) (50.3) (47.4) (25.3) (29.9) (19.6) (16.5) (12.7) (13.6) (23.3) (26.3) (10.2) (6.2) (9) (6)
Free Cash Flow (33.8) (15.9) (37.4) (30.0) (46.4) (52.3) (53.1) (26.2) (7.5) (0.3) (11.8) (14.3) (5.3) (5.4) (0.4) (3.6) (13.3) (15.9) 2.4 4.1 (0.1) 2.8