# Middlesex Water Company (MSEX)

> Source: Nexqual · https://nexqual.com/MSEX · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Middlesex Water Company (MSEX), nexqual.com/MSEX" · informational, not investment advice.

**Price:** USD 55.8 (+4.05% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 53.63 · day 53.63–55.83 · 52w 44.17–62.18 · market cap $1.05B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $206M, net income $47.9M (23.3% margin) (SEC filings).
- Valuation: P/E 21.9x (avg 26.6x at the last 3 fiscal year-ends), EV/EBITDA 16.0x, net debt $401M.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $35K; 1 not under a Rule 10b5-1 plan ($35K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.50 on a 1–5 scale) (2 analysts), mean target USD 61 (range 56–66).
- Total return with dividends: 1Y -5.1% vs S&P 500 +14.9%; 5Y -42.8% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 0.86, revenue estimate $59.9M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $143M | $162M | $166M | $192M | $195M | $206M |
| Operating income | $33.2M | $47.3M | $39.2M | $53.2M | $54.4M | $60.2M |
| Net income | $36.5M | $42.4M | $31.5M | $44.4M | $42.8M | $47.9M |
| EPS (diluted) | $2.07 | $2.39 | $1.76 | $2.47 | $2.36 | — |
| Free cash flow | -$46.4M | -$30.0M | -$37.4M | -$15.9M | — | — |
| Operating margin | 23.2% | 29.2% | 23.6% | 27.7% | 27.9% | 29.2% |
| Net margin | 25.6% | 26.1% | 19.0% | 23.1% | 22.0% | 23.3% |
| Revenue growth | +1.1% | +13.5% | +2.5% | +15.4% | +1.5% | — |
| Cash + short-term investments | $3.5M | $3.8M | $2.4M | $4.2M | $2.8M | — |
| Total debt | $313M | $308M | $723M | $361M | $387M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 21.9x · P/S 5.1x · EV/EBITDA 16.0x · EV/Sales 7.0x · P/B 2.0x · Earnings yield 4.56% · Dividend yield (paid, TTM) 2.48% · Net debt $401M · EV $1.45B
P/E at fiscal year-ends: Dec 2025 21.4x, Dec 2024 21.3x, Dec 2023 37.2x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-07 | Ginegaw Lorrie Beth | VP, Human Resources | 615 | $35K | 13.4% | No | Too little history (no open-market trades in 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.50 on a 1–5 scale), 2 analysts; mean target USD 61 (low 56, high 66).

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -5.1% | -42.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -5.1% | -10.6% |
| Volatility (annualized) | 29.7% | 30.5% |
| Max drawdown | -21.0% (Oct 2025→Nov 2025) | -59.5% (Dec 2021→Apr 2024) |

## Peers (Utilities - Regulated Water)
YORW (The York Water Company) USD 31.69 +3.70% · HTO (H2O America) USD 58.66 +4.41% · CWCO (Consolidated Water Co. Ltd.) USD 28.05 +3.31% · CWT (California Water Service Group) USD 47.54 +3.55% · ARTNA (Artesian Resources Corporation) USD 34.01 +3.19% · AWR (American States Water Company) USD 85.05 +3.54%

## More
Full page: https://nexqual.com/MSEX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Regulated | $53.5M | 94.9% | +15.5% | $17.5M | 32.7% |
| Non – Regulated | $3.2M | 5.7% | -0.5% | $770,000 | 23.8% |
| Total revenue | $56.4M | 100% | — | $18.2M | 32.3% |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.86 | $0.81 | +6.8% | $59.9M | 1 |
| Next quarter (ends 2026-12-31) | $0.49 | $0.47 | +3.2% | $51.9M | 1 |
| Current fiscal year (ends 2026-12-31) | $2.66 | $2.58 | +3.1% | $216.9M | 1 |
| Next fiscal year (ends 2027-12-31) | $2.96 | $2.99 | -1.0% | $236.2M | 1 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-12-18 (includes earnings 2026-10-29): ±8.5%; last 8 reports averaged ±4.7%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-12-18 | 56 | 29.4% | ±8.5% |
| 2027-03-19 | 147 | 25.5% | ±12.7% |
| 2027-06-17 | 237 | 27.4% | ±17.1% |