Middlesex Water Company

MSEX

Regulated Water · Utilities

Price

$57.44

+0.46 (+0.81%)

Market Cap

$1.07B

Exchange

NASDAQ

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+3.1% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 17.6M (2021) → 18.2M (2025)

Middlesex Water Company owns and operates regulated water utility and wastewater systems. It operates in two segments, Regulated and Non-Regulated. The Regulated segment collects, treats, and distributes water on a retail and wholesale basis to residential, commercial, industrial, and fire protection customers, as well as provides regulated wastewater systems in New Jersey and Delaware. The Non-Regulated segment provides non-regulated contract services for the operation and maintenance of munici

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+10.0% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+9.4% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

2.8%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~1 months

$2M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Short runway — potential dilution ahead through share issuance

Cash watch

Middlesex Water Company has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

52.8%

Healthy — 52.8% gross margin

Operating Margin

26.9%

Excellent — 26.9% operating margin

ROCE

1.4%

Weak — 1.4% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+1.8%

Nearly flat sales (1.8% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

138%

Turns 138% of profit into real cash

FCF Margin

-11.4%

Burning cash (-11.4%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.85

Moderate — manageable debt (0.85)

Interest Cover

3.78x

Tight — interest eats into profit (3.8x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

23.7x

Growth-priced — P/E 23.7

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+5.4

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (23.7 → 18.4)

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Dividends

Dividend Yield

2.47%

Moderate income — 2.47% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

+5.6%

Dividend growing modestly (5.6% YoY)

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