MSEX
Middlesex Water CompanyUtilities·Regulated Water
$52.53
$978M market cap
Revenue
$95.7M
Free Cash Flow
$-15.2M
Rev Growth
+0.0%
FCF Margin
-15.8%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
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
2-Year Price History
$52.11+4.2%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 48.7 | 23.3 | 13.1 | 10.6 | 11.7 | -8.9 | -20.6 | 2.0 | 428.0 | 18.4 | 8.0% | 7.3x | -- |
| Act | 2025-Q4 | 47.0 | 21.7 | 11.2 | 8.6 | 18.5 | -6.3 | -24.7 | 2.8 | 419.3 | 18.4 | 7.2% | 5.8x | -- |
Valuation & Metrics
Market Stats
Price$52.53
Market Cap$978M
Enterprise Value$1.4B
P/S Ratio10.2x
P/FCF--
EV/FCF--
FCF Margin (TTM)-15.8%
FCF Yield-1.5%
Dividend Yield (TTM)2.7%
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$95.7M
Net Income$19.2M
Free Cash Flow$-15.2M
Revenue Growth (YoY)+0.0%
EBITDA Margin47.0%
Net Margin20.1%
FCF Margin-15.8%
CapEx % of Revenue47.4%
SBC % of Revenue0.4%
ROIC7.6%
WC Change % Rev16.3%
Interest Coverage6.5x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares0.8M
Days to Cover3.6
Change (vs Prior)+3.9%
Need at least 2 settlement dates for chart
Employees
Headcount360
Revenue / Employee$265,814
Gross Profit / Employee$117,669
Cash Runway
1.6months
CRITICAL
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
47.9%(+0.0% YoY)
204 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
33.6%(-9.7% YoY)
11 filers
Vanguard, iShares, SPDR
Market makers
0.7%(-0.1% YoY)
5 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| BlackRock, Inc.Passive | $157M | $61.39 | −$22.6M | −$12.9M | -0.2% | $5.69T |
| T. Rowe Price Investment Management, Inc. | $90.7M | $55.30 | +$2.2M | +$13.6M | -1.3% | $145.22B |
| Neuberger Berman Group LLC | $80.7M | $51.92 | +$1.4M | +$80.7M | -0.3% | $131.37B |
| MORGAN STANLEY | $57.7M | $55.49 | +$2.1M | +$31.3M | -0.3% | $1.65T |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $43.1M | $51.69 | +$42.8M | +$43.1M | — | $4.04T |
| STATE STREET CORPPassive | $38.7M | $69.56 | +$723K | −$3.0M | -0.2% | $2.89T |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $25.4M | $51.69 | +$25.2M | +$25.4M | — | $1.91T |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $24.5M | $60.24 | +$281K | +$1.3M | +2.3% | $1.61T |
| Legal & General Group Plc | $21.1M | $58.18 | +$894K | +$7.8M | -0.1% | $432.24B |
| DIMENSIONAL FUND ADVISORS LPPassive | $18.0M | $69.59 | +$157K | −$1.8M | -0.4% | $480.92B |
| Invesco Ltd. | $15.1M | $60.27 | −$877K | −$668K | -0.2% | $652.04B |
| Ledgewood Wealth Advisors, LLC | $13.2M | $61.72 | +$0 | +$0 | -1.3% | $178M |
| TSP Capital Management Group, LLC | $10.9M | $50.50 | +$1.2M | +$5.3M | +1.3% | $410M |
| NORTHERN TRUST CORPPassive | $10.3M | $58.71 | −$13K | −$836K | -0.2% | $755.34B |
| MIROVA | $10.2M | $51.69 | +$10.1M | +$10.2M | -3.2% | $2.46B |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $10.0M | $56.49 | −$977K | +$1.2M | +0.7% | $645.81B |
| Bank of New York Mellon Corp | $9.2M | $54.55 | −$165K | −$634K | -0.2% | $543.21B |
| Zimmer Partners, LP | $9.2M | $55.84 | −$349K | +$3.4M | +0.4% | $3.95B |
| RENAISSANCE TECHNOLOGIES LLC | $7.7M | $58.06 | +$920K | −$1.7M | +1.2% | $63.91B |
| FIRST MANHATTAN CO | $7.5M | $64.04 | −$173K | −$1.3M | -0.2% | $36.06B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)BEARISH
Holders
-0.51%
avg per quarter
Holders (ex-self)
-0.46%
excl. this stock
Buyers (this Q)
-1.09%
99 buyers · $0.12B in
Sellers (this Q)
-0.47%
78 sellers · $0.03B out
alpha coverage: 90% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
-12.2%
how holders react when this stock falls
On quiet Qs
-7.3%
−10% to +10% baseline
On rallies (+10%+)
-0.9%
how they react when this stock rises
Holders' portfolio flow this Q
+4.7%
inflows — adds are organic
Sellers' portfolio flow this Q
-0.3%
Sellers' overall flow ~ flat.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-2.7%
Holder mid (any stock)
-3.0%
Holder rally (any stock)
-4.6%
Biggest decreases this quarter
BlackRock, Inc.−$22.6Mα-0.2Aventail Capital Group, LPexited−$2.3MPRINCIPAL FINANCIAL GROUP INC−$2.3Mα-0.5AMERICAN CENTURY COMPANIES INCexited−$2.0MGOLDMAN SACHS GROUP INC−$1.5Mα-0.2Catalyst Funds Management Pty Ltdexited−$1.1MCHARLES SCHWAB INVESTMENT MANAGEMENT INC−$977Kα+0.7Invesco Ltd.−$877Kα-0.2ExodusPoint Capital Management, LPexited−$800KIQ EQ FUND MANAGEMENT (IRELAND) Ltdexited−$793K
New buyers this quarter
Top-5 holders · 54.1%
BlackRock, Inc.--
T. Rowe Price Investment Management, Inc.--
Neuberger Berman Group LLC--
MORGAN STANLEY--
VANGUARD CAPITAL MANAGEMENT LLC--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
PRICE T ROWE ASSOCIATES INC /MD/32KT. Rowe Price Investment Management, Inc.1.7MFIRST TRUST ADVISORS LP6KPICTET ASSET MANAGEMENT SA—Neuberger Berman Group LLC1.5MMORGAN STANLEY1.1MPictet Asset Management Holding SA5KInvesco Ltd.291KEATON VANCE MANAGEMENT—PICTET ASSET MANAGEMENT LTD—
Analyst Coverage
Analyst Coverage
Price Targets
Last Quarter (1 analysts)$55.00470.0%
Last Year (2 analysts)$53.50180.0%
Current Price$52.53
Analyst Ratings
3
1
Buy: 3Hold: 1Consensus: Buy
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$109K
1 txn · 1 insider · 2,000 sh
Sells ($, 12mo)
$97K
4 txns · 3 insiders · 1,786 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-03-04 | SELL | REINHARD WALTER G | director | 300 | $55.21 | $17K | $334K |
| 2026-02-27 | BUY | HOGLUND ROBERT N | director | 2,000 | $54.31 | $109K | $109K |
| 2026-02-25 | SELL | Capko Robert John | officer: PAO & Controller | 134 | $54.04 | $7K | $0 |
| 2025-11-18 | SELL | Ginegaw Lorrie Beth | officer: VP-HR | 650 | $50.92 | $33K | $189K |
| 2025-05-28 | SELL | REINHARD WALTER G | director | 702 | $57.37 | $40K | $0 |
Order Flow (FINRA, ~3w lag)
9.5%retail-0.1pp
22.6%dark-0.0pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
Middlesex Water: Regulatory Alchemy and the Pension Piggy Bank
Overall Risk
3/10
Fraud
2/10
Dilution
5/10
Insolvency
3/10
Earnings Overstated
4/10
Hidden Liabilities
2/10
Legal
2/10
Audit Warnings
2/10
Hidden Upside
8/10
Contextually Acceptable
9/10