Loading…
Regulated water and wastewater utility serving parts of New Jersey and Delaware (via Tidewater subsidiary).
Regulated water and wastewater utility serving parts of New Jersey and Delaware (via Tidewater subsidiary).
Earns a return set by state regulators on the money invested in its water and wastewater systems, so profit grows as it adds pipes and treatment plants and wins rate increases that regulators approve. Customers cannot choose another supplier, and state approval of rates is the key event.
Moat: wide (regulatory licence, scale). Small but protected regulated-monopoly franchises with state-approved rate bases.
Headquarters: Iselin, New Jersey · Founded: 1897 · Employees: 395
Size Middlesex Water (MSEX) is a United States Utilities company (Water Utilities) with a market value of $1.15B, the 2168th largest of 3,117 United States companies the cockpit tracks. Shares closed at $59.87 on 6 Nov 2026.
Performance Over six months the shares gained 16.1%, against -12.2% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue grew 8.9% over the last twelve months (peer median +2.6%); the operating margin is 30.5% (peer median 20.7%).
Valuation It trades at 21.7× forward earnings against a peer median of 16.5× (4th most expensive of 15).
Capital Return on invested capital runs 2.4 points below its cost of capital (7.6% WACC).
Short interest Short interest is 3.9% of the free float (15 Oct 2026).
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $212M | $195M | $192M | $166M | $162M |
| Revenue growth | — | +1% | +15% | +2% | — |
| Gross profit | $88.0M | $76.3M | $75.1M | $58.0M | $60.3M |
| EBITDA | $96.1M | $86.9M | $81.2M | $68.7M | $69.6M |
| Net income | $52.0M | $42.8M | $44.4M | $31.5M | $42.4M |
| Free cash flow | -$39.1M | -$33.8M | -$15.9M | -$37.4M | -$30.0M |
| Capital expenditure | $109M | $96.4M | $74.6M | $90.2M | $91.3M |
| Total debt | $438M | $417M | $387M | $412M | $368M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Middlesex Water MSEX | $1.15B | +16% | +9% | 31% | 21.7× | n/a |
| American Water Works AWK | $29.9B | +21% | +5% | 37% | 23.9× | n/a |
| Essential Utilities WTRG | $12.9B | +21% | +9% | 36% | 19.8× | n/a |
| American States Water AWR | $3.57B | +17% | +13% | 32% | 23.9× | 9.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MSEX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +12.8% | -3.6% | highest of 21 |
| 6-month return | +16.1% | -12.2% | 3rd highest of 21 |
| Distance from 52-week high | -1.4% | -22.6% | highest of 21 |
| Revenue growth (TTM) | +8.9% | +2.6% | 6th highest of 21 |
| Operating margin | 30.5% | 20.7% | 3rd highest of 21 |
| Forward P/E | 21.7× | 16.5× | 4th most expensive of 15 |
| ROIC minus cost of capital | -2.4 pp | +0.7 pp | 5th lowest of 20 |
| EV / EBITDA | 16.5× | 13.3× | most expensive of 8 |
| Net debt / EBITDA | 4.5× | 4.3× | 4th most indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Middlesex Water MSEX | United States | $1.15B | +16% | +9% | 31% | 21.7× | n/a | n/a |
| Guangdong Shunkong Development 003039.SZ | China | $1.12B | -16% | +6% | 25% | n/a | 4.3% | +12.5% |
| Indium Target Advanced Materials (Harbin) 000711.SZ | China | $1.54B | -27% | +46% | -4% | n/a | n/a | n/a |
| China Water Affairs 0855.HK | Hong Kong | $823M | -22% | -11% | 25% | 5.8× | -0.6% | 0.0% |
| Jiangxi Hongcheng Environment 600461.SS | China | $1.69B | -17% | -11% | 24% | 9.1× | -10.2% | +2.6% |
| Jiangsu Jiangnan Water 601199.SS | China | $763M | +2% | -4% | 12% | n/a | -1.5% | +8.9% |
| Wuhan Xianglong Power Industry 600769.SS | China | $687M | -24% | +4% | 20% | n/a | n/a | n/a |
| Qianjiang Water Resources Development 600283.SS | China | $627M | -19% | +7% | 11% | 16.9× | n/a | n/a |
| Guangxi Nanning Waterworks 601368.SS | China | $601M | -9% | 0% | 22% | n/a | n/a | n/a |
| Zhongshan Public Utilities 000685.SZ | China | $2.36B | -8% | -11% | 11% | 6.2× | 9.9% | +16.2% |
| Haitian Water 603759.SS | China | $535M | -17% | +112% | 5% | n/a | n/a | n/a |
| York Water YORW | United States | $529M | +10% | +9% | 37% | 20.1× | n/a | n/a |
| Jiangsu United Water Technology 603291.SS | China | $476M | -35% | -13% | 11% | 16.0× | -0.5% | +6.9% |
| Chongqing Water 601158.SS | China | $3.01B | -6% | +1% | 14% | 22.6× | -5.0% | +3.5% |
| Consolidated Water CWCO | United States | $436M | -17% | -1% | 12% | 19.4× | 4.5% | +12.7% |
| H2O America HTO | United States | $3.04B | +9% | +4% | 21% | 22.5× | n/a | n/a |
| Beijing Capital Eco-Environment Protection 600008.SS | China | $3.09B | -8% | -8% | 21% | 10.8× | 0.3% | -0.4% |
| Pennon PNN.L | United Kingdom | $3.18B | -35% | +23% | 25% | 13.3× | n/a | n/a |
| California Water Service CWT | United States | $3.21B | +17% | +7% | 21% | 19.0× | n/a | n/a |
| Chengdu Xingrong Environment 000598.SZ | China | $3.27B | +7% | +1% | 29% | 10.3× | -8.2% | +10.8% |
| American States Water AWR | United States | $3.57B | +17% | +13% | 32% | 23.9× | 9.3% | +6.2% |