Middlesex Water (MSEX)
Market Price (9/22/2026): $54.93 | Market Cap: $1.0 BilSector: Utilities | Industry: Water Utilities
Middlesex Water (MSEX)
Market Price (9/22/2026): $54.93Market Cap: $1.0 BilSector: UtilitiesIndustry: Water Utilities
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.2%, Dividend Yield is 2.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.1% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 28% Low stock price volatilityVol 12M is 29% Megatrend and thematic driversMegatrends include Water Infrastructure. Themes include Water Treatment & Delivery, and Wastewater Management. | Weak multi-year price returns2Y Excs Rtn is -52%, 3Y Excs Rtn is -92% | Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -20% Key risksMSEX key risks include [1] its profitability's heavy reliance on favorable and timely rate case decisions from New Jersey regulators and [2] potential earnings pressure from its significant, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.2%, Dividend Yield is 2.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.1% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 28% |
| Low stock price volatilityVol 12M is 29% |
| Megatrend and thematic driversMegatrends include Water Infrastructure. Themes include Water Treatment & Delivery, and Wastewater Management. |
| Weak multi-year price returns2Y Excs Rtn is -52%, 3Y Excs Rtn is -92% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -20% |
| Key risksMSEX key risks include [1] its profitability's heavy reliance on favorable and timely rate case decisions from New Jersey regulators and [2] potential earnings pressure from its significant, Show more. |
Qualitative Assessment
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Updated on 9/18/2026
Middlesex Water (MSEX) stock has gained about 5% since 5/31/2026 because of the following key factors:
1. Strong financial performance in fiscal Q2 2026. Middlesex Water (MSEX) reported diluted earnings per share (EPS) of $0.79 for fiscal Q2 2026, significantly surpassing the $0.70 consensus estimate by approximately 13%. Net income for the quarter soared 37% year-over-year to $14.8 million, while operating revenues increased by $7.0 million to $56.4 million, exceeding analyst expectations by 2%. This robust performance was primarily driven by higher wholesale demand, increased customer consumption, and the positive impact of approved rate increases.
2. Favorable regulatory outcomes supporting significant infrastructure investments. The company benefited from the New Jersey Board of Public Utilities' approval of a $14.5 million base rate increase for its Middlesex and Pinelands systems, effective February 23, 2026. Additionally, the approval of Resiliency and Environmental System Improvement Charge (RESIC) and Distribution System Improvement Charge (DSIC) programs allows for the recovery of up to $10.7 million in qualifying capital investments through semi-annual surcharges. These regulatory decisions facilitate Middlesex Water's plan to invest $506 million in water and wastewater infrastructure from fiscal 2026 through 2028, including $255 million for PFAS treatment. The company invested approximately $53 million in infrastructure during the first half of fiscal 2026 alone.
Show more
Middlesex Water (MSEX) stock has gained about 5% since 5/31/2026 because of the following key factors:
1. Strong financial performance in fiscal Q2 2026. Middlesex Water (MSEX) reported diluted earnings per share (EPS) of $0.79 for fiscal Q2 2026, significantly surpassing the $0.70 consensus estimate by approximately 13%. Net income for the quarter soared 37% year-over-year to $14.8 million, while operating revenues increased by $7.0 million to $56.4 million, exceeding analyst expectations by 2%. This robust performance was primarily driven by higher wholesale demand, increased customer consumption, and the positive impact of approved rate increases.
2. Favorable regulatory outcomes supporting significant infrastructure investments. The company benefited from the New Jersey Board of Public Utilities' approval of a $14.5 million base rate increase for its Middlesex and Pinelands systems, effective February 23, 2026. Additionally, the approval of Resiliency and Environmental System Improvement Charge (RESIC) and Distribution System Improvement Charge (DSIC) programs allows for the recovery of up to $10.7 million in qualifying capital investments through semi-annual surcharges. These regulatory decisions facilitate Middlesex Water's plan to invest $506 million in water and wastewater infrastructure from fiscal 2026 through 2028, including $255 million for PFAS treatment. The company invested approximately $53 million in infrastructure during the first half of fiscal 2026 alone.
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Updated on 9/18/2026
Middlesex Water (MSEX) stock has gained about 5% since 5/31/2026 because of the following key factors:
1. Strong financial performance in fiscal Q2 2026. Middlesex Water (MSEX) reported diluted earnings per share (EPS) of $0.79 for fiscal Q2 2026, significantly surpassing the $0.70 consensus estimate by approximately 13%. Net income for the quarter soared 37% year-over-year to $14.8 million, while operating revenues increased by $7.0 million to $56.4 million, exceeding analyst expectations by 2%. This robust performance was primarily driven by higher wholesale demand, increased customer consumption, and the positive impact of approved rate increases.
2. Favorable regulatory outcomes supporting significant infrastructure investments. The company benefited from the New Jersey Board of Public Utilities' approval of a $14.5 million base rate increase for its Middlesex and Pinelands systems, effective February 23, 2026. Additionally, the approval of Resiliency and Environmental System Improvement Charge (RESIC) and Distribution System Improvement Charge (DSIC) programs allows for the recovery of up to $10.7 million in qualifying capital investments through semi-annual surcharges. These regulatory decisions facilitate Middlesex Water's plan to invest $506 million in water and wastewater infrastructure from fiscal 2026 through 2028, including $255 million for PFAS treatment. The company invested approximately $53 million in infrastructure during the first half of fiscal 2026 alone.
3. Consistent dividend growth and attractive yield. Middlesex Water maintained its long-standing commitment to shareholder returns by declaring a quarterly cash dividend of $0.36 per share, payable on September 1, 2026. The company boasts a remarkable track record of 53 consecutive years of increasing its dividend, offering a current yield of 2.54% with a sustainable payout ratio of 55.60%. This consistent return to shareholders, coupled with the dividend's coverage by earnings, reinforces investor confidence in the company's financial stability and defensive nature.
Show less
Middlesex Water (MSEX) stock has gained about 5% since 5/31/2026 because of the following key factors:
1. Strong financial performance in fiscal Q2 2026. Middlesex Water (MSEX) reported diluted earnings per share (EPS) of $0.79 for fiscal Q2 2026, significantly surpassing the $0.70 consensus estimate by approximately 13%. Net income for the quarter soared 37% year-over-year to $14.8 million, while operating revenues increased by $7.0 million to $56.4 million, exceeding analyst expectations by 2%. This robust performance was primarily driven by higher wholesale demand, increased customer consumption, and the positive impact of approved rate increases.
2. Favorable regulatory outcomes supporting significant infrastructure investments. The company benefited from the New Jersey Board of Public Utilities' approval of a $14.5 million base rate increase for its Middlesex and Pinelands systems, effective February 23, 2026. Additionally, the approval of Resiliency and Environmental System Improvement Charge (RESIC) and Distribution System Improvement Charge (DSIC) programs allows for the recovery of up to $10.7 million in qualifying capital investments through semi-annual surcharges. These regulatory decisions facilitate Middlesex Water's plan to invest $506 million in water and wastewater infrastructure from fiscal 2026 through 2028, including $255 million for PFAS treatment. The company invested approximately $53 million in infrastructure during the first half of fiscal 2026 alone.
3. Consistent dividend growth and attractive yield. Middlesex Water maintained its long-standing commitment to shareholder returns by declaring a quarterly cash dividend of $0.36 per share, payable on September 1, 2026. The company boasts a remarkable track record of 53 consecutive years of increasing its dividend, offering a current yield of 2.54% with a sustainable payout ratio of 55.60%. This consistent return to shareholders, coupled with the dividend's coverage by earnings, reinforces investor confidence in the company's financial stability and defensive nature.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 5.8% change in MSEX stock from 5/31/2026 to 9/21/2026 was primarily driven by a 5.4% change in the company's Net Income Margin (%).| (LTM values as of) | 5312026 | 9212026 | Change |
|---|---|---|---|
| Stock Price ($) | 52.21 | 55.23 | 5.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 199 | 206 | 3.5% |
| Net Income Margin (%) | 22.1% | 23.3% | 5.4% |
| P/E Multiple | 22.0 | 21.6 | -2.2% |
| Shares Outstanding (Mil) | 19 | 19 | -0.9% |
| Cumulative Contribution | 5.8% |
Market Drivers
5/31/2026 to 9/21/2026| Return | Correlation | |
|---|---|---|
| MSEX | 5.8% | |
| Market (SPY) | 2.5% | -14.8% |
| Sector (XLU) | -7.9% | 47.7% |
Fundamental Drivers
The 3.6% change in MSEX stock from 2/28/2026 to 9/21/2026 was primarily driven by a 5.9% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282026 | 9212026 | Change |
|---|---|---|---|
| Stock Price ($) | 53.30 | 55.23 | 3.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 195 | 206 | 5.9% |
| Net Income Margin (%) | 22.0% | 23.3% | 5.7% |
| P/E Multiple | 22.9 | 21.6 | -5.9% |
| Shares Outstanding (Mil) | 18 | 19 | -1.6% |
| Cumulative Contribution | 3.6% |
Market Drivers
2/28/2026 to 9/21/2026| Return | Correlation | |
|---|---|---|
| MSEX | 3.6% | |
| Market (SPY) | 13.4% | -10.3% |
| Sector (XLU) | -13.7% | 41.4% |
Fundamental Drivers
The 5.9% change in MSEX stock from 8/31/2025 to 9/21/2026 was primarily driven by a 5.3% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312025 | 9212026 | Change |
|---|---|---|---|
| Stock Price ($) | 52.14 | 55.23 | 5.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 196 | 206 | 5.3% |
| Net Income Margin (%) | 22.2% | 23.3% | 5.0% |
| P/E Multiple | 21.6 | 21.6 | -0.2% |
| Shares Outstanding (Mil) | 18 | 19 | -4.0% |
| Cumulative Contribution | 5.9% |
Market Drivers
8/31/2025 to 9/21/2026| Return | Correlation | |
|---|---|---|
| MSEX | 5.9% | |
| Market (SPY) | 21.2% | -9.2% |
| Sector (XLU) | -0.9% | 31.8% |
Fundamental Drivers
The -21.1% change in MSEX stock from 8/31/2023 to 9/21/2026 was primarily driven by a -35.3% change in the company's P/E Multiple.| (LTM values as of) | 8312023 | 9212026 | Change |
|---|---|---|---|
| Stock Price ($) | 69.97 | 55.23 | -21.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 168 | 206 | 23.1% |
| Net Income Margin (%) | 22.2% | 23.3% | 4.6% |
| P/E Multiple | 33.3 | 21.6 | -35.3% |
| Shares Outstanding (Mil) | 18 | 19 | -5.3% |
| Cumulative Contribution | -21.1% |
Market Drivers
8/31/2023 to 9/21/2026| Return | Correlation | |
|---|---|---|
| MSEX | -21.1% | |
| Market (SPY) | 78.3% | 3.4% |
| Sector (XLU) | 41.4% | 38.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MSEX Return | 69% | -34% | -15% | -18% | -2% | 12% | -15% |
| Peers Return | 23% | -11% | -14% | -6% | 2% | 11% | 1% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| MSEX Win Rate | 67% | 42% | 42% | 42% | 33% | 67% | |
| Peers Win Rate | 65% | 47% | 47% | 45% | 48% | 67% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| MSEX Max Drawdown | -20% | -37% | -31% | -30% | -26% | -10% | |
| Peers Max Drawdown | -16% | -29% | -26% | -17% | -14% | -12% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: AWR, CWT, WTRG, AWK, YORW.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/21/2026 (YTD)
How Low Can It Go
| Event | MSEX | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -27.2% | -33.7% |
| % Gain to Breakeven | 37.3% | 50.9% |
| Time to Breakeven | 74 days | 140 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -10.9% | -17.9% |
| % Gain to Breakeven | 12.2% | 21.8% |
| Time to Breakeven | 24 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -16.5% | -15.4% |
| % Gain to Breakeven | 19.8% | 18.2% |
| Time to Breakeven | 142 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -34.5% | -53.4% |
| % Gain to Breakeven | 52.6% | 114.4% |
| Time to Breakeven | 274 days | 1085 days |
In The Past
Middlesex Water's stock fell -1.2% during the 2025 US Tariff Shock. Such a loss loss requires a 1.2% gain to breakeven.
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| Event | MSEX | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -27.2% | -33.7% |
| % Gain to Breakeven | 37.3% | 50.9% |
| Time to Breakeven | 74 days | 140 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -34.5% | -53.4% |
| % Gain to Breakeven | 52.6% | 114.4% |
| Time to Breakeven | 274 days | 1085 days |
In The Past
Middlesex Water's stock fell -1.2% during the 2025 US Tariff Shock. Such a loss loss requires a 1.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Middlesex Water (MSEX)
Middlesex Water Company (MSEX) is a utility firm primarily engaged in providing essential water and wastewater services. The core of its business lies in its Regulated segment, where it collects, treats, and distributes water on both a retail and wholesale basis. This segment also involves the management of regulated wastewater systems. Its primary customers include residential, commercial, industrial, and fire protection entities.
In addition to its regulated utility operations, Middlesex Water also offers non-regulated contract services. These services focus on the operation and maintenance of water and wastewater systems for municipal and private clients. All of the company's operations, spanning both its regulated and non-regulated segments, are concentrated geographically within New Jersey and Delaware.
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- The Con Edison for water and wastewater.
- A publicly traded version of your local city water department.
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- Water Utility Services: This involves the collection, treatment, and distribution of water to residential, commercial, industrial, and fire protection customers on both a retail and wholesale basis.
- Wastewater Utility Services: The company operates regulated systems for the collection and treatment of wastewater in its service areas.
- Contract Operation & Maintenance Services: These non-regulated services include the operation and maintenance of water and wastewater systems under contract for municipalities and private entities.
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Middlesex Water (MSEX) serves a diverse customer base across its regulated water utility and wastewater systems, as well as its non-regulated contract services. The company sells primarily to a mix of individuals and other entities, and its major customers can be categorized as follows:
- Residential Customers: Individuals and households that receive water and wastewater services directly from Middlesex Water for personal use.
- Commercial and Industrial Customers: A wide range of businesses, institutions, and industrial operations that utilize water for their daily operations, manufacturing processes, and require wastewater services. This also includes customers for fire protection services.
- Municipal and Private Water and Wastewater Systems: For its non-regulated segment, Middlesex Water provides contract services for the operation and maintenance of water and wastewater infrastructure owned by municipalities and other private entities.
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Nadine Leslie, Chair, President & Chief Executive Officer
Ms. Leslie was appointed President and CEO of Middlesex Water effective March 1, 2024, and assumed the role of Chair of the Board on May 23, 2025. She possesses over 25-30 years of leadership experience within the water industry, having previously served as Chief Executive Officer of SUEZ North America from 2019 to 2022. In her role at SUEZ North America, she was responsible for overseeing utility and environmental operations that included 15 regulated water utilities and 65 municipal contracts. Prior to that, she held positions as Executive Vice President - Health & Safety for the Paris-based SUEZ Group and President of SUEZ North America's Environmental Services.
Mohammed G. (Rally) Zerhouni, Senior Vice President, Chief Financial Officer & Treasurer
Mr. Zerhouni was appointed Senior Vice President, Chief Financial Officer & Treasurer of Middlesex Water Company, effective June 24, 2024. He brings over 20 years of experience, primarily in the regulated utility sector. Before joining Middlesex Water, he served as Senior Vice President of Finance and Principal Accounting Officer at SJW Group. His prior experience also includes serving as Chief Financial Officer for Veolia North America's regulated utility business and leading audit engagement teams at PwC, with a focus on large investor-owned utilities.
Robert J. Capko, Principal Accounting Officer
Mr. Capko joined Middlesex Water in 2009 as Corporate Controller and was appointed Principal Accounting Officer on March 28, 2023. Previously, he was an Audit Senior Manager with Deloitte & Touche LLP, specializing in publicly traded regulated utilities.
Jay L. Kooper, Vice President, General Counsel & Secretary
Mr. Kooper serves as Vice President, General Counsel, and Secretary. He was recognized as General Counsel of the Year in 2019.
Robert K. Fullagar, President New Jersey Operations
Mr. Fullagar is the President of New Jersey Operations for Middlesex Water Company.
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Middlesex Water Company (MSEX) faces several key risks inherent to the regulated water utility and wastewater industry.
The most significant risks include:
1. Significant Capital Expenditure Requirements and Regulatory Compliance: Middlesex Water Company faces substantial ongoing capital expenditure requirements for maintaining and upgrading its aging infrastructure, as well as for new projects driven by evolving regulatory demands. For instance, a major investment is required for a PFAS (Per- and Polyfluoroalkyl Substances) treatment plant. Compliance with environmental and other regulations is critical, as failure to meet these standards can result in fines, legal action, and increased operational costs. These investments can act as a drag on earnings and dividend growth.
2. Financial Risks from High Interest Rates and Debt: As a capital-intensive utility, Middlesex Water Company relies on debt to finance its infrastructure improvements and expansion. High interest rates increase borrowing costs, which can negatively impact the company's profitability and financial performance. The company's use of debt has been noted as potentially extensive, posing further financial risks.
3. Operational Risks Related to Water Supply and Quality: The company's ability to provide water services is susceptible to operational risks such as adverse weather conditions, overuse of underground aquifers, and the impacts of climate change, including droughts and severe weather events. Contamination of the water supply, from various sources, also presents a substantial risk, potentially leading to significant injury or damage to customers, substantial claims, and litigation.
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Here are the expected drivers of future revenue growth for Middlesex Water (MSEX) over the next 2-3 years:
* Approved Rate Increases: Middlesex Water's revenue growth is primarily driven by approved base rate increases. For example, the New Jersey Board of Public Utilities approved a rate increase effective February 23, 2026, which is projected to raise annual operating revenues by $14.5 million. Additionally, a Delaware rate settlement in July 2025 is expected to provide a $5.5 million annual revenue boost.
* Significant Capital Investments and Infrastructure Upgrades: The company plans substantial capital expenditures to enhance system reliability and meet regulatory requirements. Middlesex Water has a long-term capital expenditure plan of $387 million for 2025-2027, including $93 million in 2025, and a projected $506 million from 2026-2028. These investments include the RENEW program for infrastructure replacement, installation of hydrants and meters, and various water main and service replacements. These investments are crucial for rate base growth, which underpins future rate increases.
* Expansion of Customer Base through Acquisitions: Middlesex Water is actively pursuing strategic acquisitions to expand its service area and customer base. Recent examples include the Tidewater Utilities acquisition for $4.6 million in April 2025 and the asset purchase agreement to acquire Pinewood Acres water utility assets in Delaware in October 2025. Organic customer growth also contributes to increased operating revenues.
* Regulatory Compliance Initiatives (e.g., PFAS Treatment): Investments related to regulatory compliance, particularly for new environmental standards, represent a significant growth driver. The company plans to invest $255 million from 2026-2028 for advanced PFAS (Per- and Polyfluoroalkyl Substances) treatment facilities, including $105 million specifically for the Carl J. Olsen plant. These essential upgrades allow for cost recovery through the regulated rate structure.
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Share Repurchases
- Middlesex Water Company's Buyback Yield was -3.3% in 2025.
Share Issuance
- In 2025, Middlesex Water Company raised approximately $0.9 million by issuing shares under its Investment Plan.
- In September 2025, the New Jersey Board of Public Utilities authorized the company to issue and sell up to 2.5 million shares of common stock from January 2026 through December 2028.
Outbound Investments
- In the first quarter of 2025, Middlesex Water Company completed the $4.6 million acquisition of Ocean View's water utility assets in Delaware, serving 900 customers.
Capital Expenditures
- Middlesex Water Company invested $75 million in capital expenditures in 2024 to upgrade utility infrastructure, focusing on water quality, service reliability, security, and regulatory compliance.
- The company invested approximately $96 million in water and wastewater utility infrastructure during 2025.
- Middlesex Water Company plans significant infrastructure investments totaling $506 million from 2026 through 2028, with approximately $255 million allocated for PFAS (Perfluoroalkyl Substances) treatment at its Carl J. Olsen surface water treatment plant.
Peer Outperformance in Water Utilities
MSEX has trailed 90% of its 10 Water Utilities peers over 5Y. Among the peers that beat it are HTO, AWR and WTRG. Water Utilities ranks 5th of 6 industries in Utilities by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Water Utilities constituents that MSEX has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
50%
of 10 industry peers · 7.4% return
3Y
10%
of 10 industry peers · -12.7% return
5Y
10%
of 10 industry peers · -42.4% return
Water Utilities peers with revenue growth within 4pp of MSEX's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| MSEX | Middlesex Water | 7.2% | 21.6x | 7.4% | -12.7% | -42.4% | — |
| HTO | H2O America | 8.9% | 24.5x | 32.7% | 10.6% | 8.5% | +51pp |
| AWR | American States Water | 6.6% | 23.3x | 21.2% | 13.2% | 8.1% | +50pp |
| WTRG | Essential Utilities | 4.9% | 20.7x | 13.4% | 24.0% | 1.1% | +43pp |
| CWT | California Water Service | 10.4% | 21.4x | 6.9% | 5.6% | -11.0% | +31pp |
| AWK | American Water Works | 9.3% | 23.3x | 1.9% | 9.0% | -16.0% | +26pp |
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Utilities sector, ranked by 5Y. Water Utilities is MSEX's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Independent Power Producers & Energy Traders | 6 | -26.1% | 42.0% | 105.5% | HNRG 558% · OKLO 309% · NRG 179% |
| Gas Utilities | 10 | 2.8% | 44.8% | 43.2% | ATO 102% · NFG 84% · NJR 79% |
| Electric Utilities | 24 | 5.7% | 40.0% | 40.2% | VST 778% · GNE 183% · ETR 131% |
| Multi-Utilities | 18 | 4.9% | 34.5% | 39.7% | NI 98% · MDU 97% · CNP 75% |
| Water Utilities ← | 11 | 7.4% | 5.6% | -11.0% | CWCO 174% · HTO 8% · AWR 8% |
| Renewable Electricity | 5 | -33.5% | -66.0% | -93.7% | ORA 47% · CWEN 26% · AGIG -94% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Latest Trefis Analyses
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 51.24 |
| Mkt Cap | 3.1 |
| Rev LTM | 876 |
| Op Inc LTM | 213 |
| FCF LTM | -138 |
| FCF 3Y Avg | -113 |
| CFO LTM | 282 |
| CFO 3Y Avg | 247 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.2% |
| Rev Chg 3Y Avg | 7.9% |
| Rev Chg Q | 12.7% |
| QoQ Delta Rev Chg LTM | 3.1% |
| Op Inc Chg LTM | 8.3% |
| Op Inc Chg 3Y Avg | 11.0% |
| Op Mgn LTM | 33.5% |
| Op Mgn 3Y Avg | 33.8% |
| QoQ Delta Op Mgn LTM | 1.1% |
| CFO/Rev LTM | 37.0% |
| CFO/Rev 3Y Avg | 35.2% |
| FCF/Rev LTM | -18.6% |
| FCF/Rev 3Y Avg | -19.9% |
FDA Approved Drugs Data
Expand for More| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| NDA216614 | CARBON DIOXIDE, USP | carbon dioxide | gas | 10182021 | -3.2% | -11.0% | -19.7% | -38.8% | -42.3% |
| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| NDA216614 | CARBON DIOXIDE, USP | carbon dioxide | gas | 10182021 | -3.2% | -11.0% | -19.7% | -38.8% | -42.3% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Regulated | 183 | 179 | 155 | 151 | 132 |
| Non-Regulated | 13 | 14 | 13 | 12 | 13 |
| Inter-segment Elimination | -1 | -1 | -1 | -1 | -1 |
| Total | 195 | 192 | 166 | 162 | 143 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Regulated | 51 | 49 | 36 | 44 | 30 |
| Non-Regulated | 4 | 4 | 3 | 3 | 4 |
| Total | 54 | 53 | 39 | 47 | 33 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Regulated | 40 | 42 | 29 | 40 | 34 |
| Non-Regulated | 3 | 3 | 2 | 2 | 3 |
| Total | 43 | 44 | 32 | 42 | 37 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Regulated | 1,377 | 1,264 | 1,236 | 1,079 | 1,022 |
| Non-Regulated | 9 | 8 | 8 | 7 | 8 |
| Inter-segment Elimination | -21 | -17 | -8 | -12 | -10 |
| Total | 1,366 | 1,255 | 1,236 | 1,074 | 1,020 |
Price Behavior
Price Behavior
| Market Price | $55.23 | |
| Market Cap ($ Bil) | 1.0 | |
| First Trading Date | 03/26/1990 | |
| Distance from 52W High | -8.5% | |
| 50 Days | 200 Days | |
| DMA Price | $57.18 | $53.27 |
| DMA Trend | up | up |
| Distance from DMA | -3.4% | 3.7% |
| 3M | 1YR | |
| Volatility | 20.2% | 29.5% |
| Downside Capture | -43.07 | -31.52 |
| Upside Capture | -0.19 | -17.23 |
| Correlation (SPY) | -10.4% | -9.4% |
MSEX Betas & Captures as of 8/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.01 | -0.25 | -0.30 | -0.21 | -0.22 | 0.07 |
| Up Beta | 0.63 | -0.46 | -0.51 | -0.43 | -0.18 | 0.11 |
| Down Beta | -0.88 | 0.23 | -0.09 | 0.10 | -0.11 | -0.11 |
| Up Capture | -9% | -12% | -5% | -8% | -10% | 2% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 8 | 16 | 29 | 65 | 131 | 367 |
| Down Capture | -66% | -51% | -69% | -47% | -60% | 38% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 13 | 26 | 35 | 62 | 119 | 381 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MSEX | |
|---|---|---|---|---|
| MSEX | 6.8% | 29.4% | 0.23 | - |
| Sector ETF (XLU) | -1.0% | 15.2% | -0.27 | 31.7% |
| Equity (SPY) | 18.2% | 13.0% | 1.01 | -9.5% |
| Gold (GLD) | 18.8% | 29.3% | 0.59 | -12.6% |
| Commodities (DBC) | 47.0% | 20.6% | 1.76 | -20.1% |
| Real Estate (VNQ) | 5.7% | 13.6% | 0.15 | 35.5% |
| Bitcoin (BTCUSD) | -31.0% | 44.4% | -0.71 | -10.8% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MSEX | |
|---|---|---|---|---|
| MSEX | -11.0% | 30.2% | -0.36 | - |
| Sector ETF (XLU) | 6.7% | 17.4% | 0.24 | 45.2% |
| Equity (SPY) | 13.1% | 17.2% | 0.58 | 18.7% |
| Gold (GLD) | 18.9% | 18.8% | 0.81 | 5.5% |
| Commodities (DBC) | 11.0% | 19.5% | 0.44 | -4.9% |
| Real Estate (VNQ) | 1.2% | 18.8% | -0.04 | 45.3% |
| Bitcoin (BTCUSD) | 12.5% | 52.6% | 0.42 | 7.4% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MSEX | |
|---|---|---|---|---|
| MSEX | 7.3% | 32.2% | 0.29 | - |
| Sector ETF (XLU) | 8.7% | 19.2% | 0.38 | 52.6% |
| Equity (SPY) | 15.6% | 17.9% | 0.74 | 34.1% |
| Gold (GLD) | 12.1% | 16.4% | 0.61 | 5.6% |
| Commodities (DBC) | 8.4% | 18.1% | 0.38 | 5.0% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 49.4% |
| Bitcoin (BTCUSD) | 62.7% | 66.2% | 1.03 | 8.3% |
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Returns Analyses
Earnings Returns History
Updated 9/1/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/30/2026 | 2.7% | 2.8% | 5.4% |
| 4/30/2026 | 0.1% | 1.0% | 2.5% |
| 2/19/2026 | -0.6% | -1.4% | -7.9% |
| 10/31/2025 | -13.1% | -6.8% | -10.4% |
| 7/31/2025 | 1.5% | 3.2% | 4.4% |
| 5/1/2025 | -3.9% | -4.4% | -8.3% |
| 2/28/2025 | 15.8% | 28.1% | 27.9% |
| 10/31/2024 | 6.7% | 12.1% | 5.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 13 | 14 |
| # Negative | 12 | 11 | 10 |
| Median Positive | 1.9% | 4.2% | 6.3% |
| Median Negative | -3.9% | -2.8% | -5.6% |
| Max Positive | 15.8% | 28.1% | 27.9% |
| Max Negative | -13.1% | -8.7% | -10.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/30/2026 | 2.7% | 2.8% | 5.4% |
| 4/30/2026 | 0.1% | 1.0% | 2.5% |
| 2/19/2026 | -0.6% | -1.4% | -7.9% |
| 10/31/2025 | -13.1% | -6.8% | -10.4% |
| 7/31/2025 | 1.5% | 3.2% | 4.4% |
| 5/1/2025 | -3.9% | -4.4% | -8.3% |
| 2/28/2025 | 15.8% | 28.1% | 27.9% |
| 10/31/2024 | 6.7% | 12.1% | 5.1% |
| 7/31/2024 | -0.8% | -7.9% | -5.2% |
| 5/8/2024 | 4.6% | 5.6% | -2.9% |
| 2/29/2024 | 0.8% | 1.2% | 0.7% |
| 11/9/2023 | -2.6% | 4.2% | 7.1% |
| 7/28/2023 | -0.7% | -1.3% | -4.0% |
| 5/1/2023 | -4.4% | 2.0% | 12.6% |
| 2/24/2023 | -4.9% | -8.7% | -8.5% |
| 10/28/2022 | -0.5% | -2.3% | 1.4% |
| 7/29/2022 | -6.9% | -2.7% | -4.6% |
| 4/29/2022 | -3.8% | -0.7% | -4.1% |
| 2/25/2022 | 1.7% | 8.4% | 4.5% |
| 10/29/2021 | -8.2% | -6.1% | -5.9% |
| 7/30/2021 | 2.1% | 6.6% | 8.0% |
| 5/5/2021 | 0.1% | -2.8% | 7.8% |
| 2/25/2021 | 1.7% | 2.5% | 17.3% |
| 10/30/2020 | 5.6% | 4.2% | 9.3% |
| SUMMARY STATS | |||
| # Positive | 12 | 13 | 14 |
| # Negative | 12 | 11 | 10 |
| Median Positive | 1.9% | 4.2% | 6.3% |
| Median Negative | -3.9% | -2.8% | -5.6% |
| Max Positive | 15.8% | 28.1% | 27.9% |
| Max Negative | -13.1% | -8.7% | -10.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/19/2026 | 10-K |
| 09/30/2025 | 10/31/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/28/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 03/01/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 07/28/2023 | 10-Q |
| 03/31/2023 | 05/01/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 10/28/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/19/2026 | 10-K |
| 09/30/2025 | 10/31/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/28/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 03/01/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 07/28/2023 | 10-Q |
| 03/31/2023 | 05/01/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 10/28/2022 | 10-Q |
| 06/30/2022 | 07/29/2022 | 10-Q |
| 03/31/2022 | 04/29/2022 | 10-Q |
| 12/31/2021 | 02/25/2022 | 10-K |
| 09/30/2021 | 10/29/2021 | 10-Q |
| 06/30/2021 | 07/30/2021 | 10-Q |
| 03/31/2021 | 05/05/2021 | 10-Q |
| 12/31/2020 | 02/25/2021 | 10-K |
| 09/30/2020 | 10/30/2020 | 10-Q |
| 06/30/2020 | 07/31/2020 | 10-Q |
| 03/31/2020 | 05/05/2020 | 10-Q |
| 12/31/2019 | 02/27/2020 | 10-K |
| 09/30/2019 | 11/01/2019 | 10-Q |
Recent Forward Guidance
Updated 7/31/2026Latest: Q2 2026 Earnings Reported 7/30/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Capital Expenditures | Reported | 126.00 Mil | 0 | Affirmed | Guidance: 126.00 Mil for 2026 | |||
Prior: Q1 2026 Earnings Reported 4/30/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Capital Expenditures | Reported | 126.00 Mil | 0 | Affirmed | Guidance: 126.00 Mil for 2026 | |||
Q4 2025 Earnings Reported 2/19/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Infrastructure Investment | Reported | 126.00 Mil | ||||||
| 2026 Annual Operating Revenue Increase | Reported | 14.50 Mil | ||||||
| 2026-2028 Infrastructure Investment | Reported | 506.00 Mil | ||||||
| 2026-2028 PFAS Treatment Investment | Reported | 255.00 Mil | ||||||
| 2026-2028 Capital Investment Recovery | Reported | 10.70 Mil | ||||||
Q3 2025 Earnings Reported 10/31/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Annual Revenue from DSIC | Reported | 0.90 Mil | ||||||
| 2025 Capital Expenditures | Reported | 93.00 Mil | 0 | Affirmed | Guidance: 93.00 Mil for 2025 | |||
Insider Activity
Updated 8/12/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Ginegaw, Lorrie Beth | VP, Human Resources | Direct | Sell | 8072026 | 57.61 | 615 | 35,430 | 229,173 | Form |
| 2 | Reinhard, Walter G | Direct | Sell | 3042026 | 55.21 | 300 | 16,563 | 334,076 | Form | |
| 3 | Hoglund, Robert N | Direct | Buy | 2272026 | 54.31 | 2,000 | 108,619 | 108,619 | Form | |
| 4 | Capko, Robert John | PAO & Controller | Direct | Sell | 2252026 | 54.04 | 134 | Form | ||
| 5 | Ginegaw, Lorrie Beth | VP-HR | Direct | Sell | 11182025 | 50.92 | 650 | 33,097 | 188,858 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Ginegaw, Lorrie Beth | VP, Human Resources | Direct | Sell | 8072026 | 57.61 | 615 | 35,430 | 229,173 | Form |
| 2 | Reinhard, Walter G | Direct | Sell | 3042026 | 55.21 | 300 | 16,563 | 334,076 | Form | |
| 3 | Hoglund, Robert N | Direct | Buy | 2272026 | 54.31 | 2,000 | 108,619 | 108,619 | Form | |
| 4 | Capko, Robert John | PAO & Controller | Direct | Sell | 2252026 | 54.04 | 134 | Form | ||
| 5 | Ginegaw, Lorrie Beth | VP-HR | Direct | Sell | 11182025 | 50.92 | 650 | 33,097 | 188,858 | Form |
Investor Activity (13F)
Updated Sep 22, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
| Utilities Resources |
| Data.gov Energy Infrastructure |
| Data.gov Energy Resources |
| Utility Dive |
| Water Utilities Resources |
| American Water Works Association (AWWA) |
| WaterWorld |
| Water & Wastes Digest (WWD) |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 9/21/2026