Middlesex Water Company

MSEXActive

CIK 66004 · Water Utilities

N/A

Market data as of N/A

Financials: LTM / latest available company filings

Sources: FMP, MSEX filings, SEC EDGAR

$960

Market cap ($MM)

$1,386

Enterprise value ($MM)

$199

Revenue · LTM ($MM)

$96

EBITDA · LTM ($MM)

48%

EBITDA margin

7.0x

EV / revenue

14.4x

EV / EBITDA

3.9x

Net debt / EBITDA

Coverage

Coverage view

The analytical read on the name and the balance-sheet capacity behind the program.

Key points

01MSEX is a scaled public consolidator in Water Utilities, a benchmark for how the sub-sector buys, pays, and trades.
02The relevant peer set is AWK, PCYO, WTRG, CWCO, CDZI, ARTNA.

Balance sheet & capacity

Indicative capacity read: 3.9x net debt / EBITDA with EBITDA of $96.5MM.

Cash & equiv. ($MM)

$379

Total debt ($MM)

$377

Net debt ($MM)

3.9x

Net debt / EBITDA

Valuation

Where it trades against its peer set

MSEX versus the scaled public Water Utilities comparables.

Indexed share-price performance

MSEX versus available Water Utilities peers and SPY.

-39%

MSEX

N/A

Peer med.

+79%

SPY

Indexed to 100 from May 28, 2021 through May 26, 2026. Source: FMP month-end close history.

Company	Ticker	Revenue ($MM)	EBITDA ($MM)	Margin	Market cap ($MM)	EV ($MM)	EV / rev	EV / EBITDA	Net debt / EBITDA
Middlesex Water Company	MSEX	$199	$96	48%	$960	$1,386	7.0x	14.4x	3.9x

Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.

M&A program

A sustained, programmatic tuck-in cadence

MSEX's disclosed acquisition footprint and the deals behind it.

Disclosed acquisitions

Active years

Named deals

Avg / active year

5.0

Acq. cash outflow ($MM)

N/A

Banker read

01MSEX reads as a programmatic acquirer: 15 disclosed acquisitions across 3 active years, or 5.0 per active year. The chart shows activity in 3 of the last 3 visible years.
02In the last three years, the file shows 3 acquisitions versus 0 in the prior three; recent activity is the visible baseline.
03Spend changes the read: $2.2MM of disclosed spend is concentrated in lumpy years, with FY19 the largest year at $1.8MM. Recent spend is the visible baseline.

Annual acquisitions + disclosed spend

count spend named deal

MSEX count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.

Program diagnostics

Recent / prior

3 / 0

Last three years sets the visible baseline vs prior three.

Peak count year

FY09

1 disclosed acquisitions in the peak visible year.

Recent spend

$2.2MM

sets the visible baseline vs prior three; peak FY19 at $1.8MM.

Named evidence

1 rows

6.7% selected source-cited transaction coverage.

Selected transactions

Date	Target	Segment	Consideration ($MM)	Strategic rationale	Source
Oct 1, 2013	Plantations wastewater utility assets acquisition	Water utilities	$0	On October 1, 2013, TESI closed on its DEPSC-approved purchase of the wastewater utility assets of the Plantations development (the Plantations) for $0.4 million and began provi...	10-K^†

Acquisitions disclosed/extracted from SEC filings; not necessarily full M&A history. Disclosed acquisition cash outflow is cumulative "payments for acquisitions, net of cash acquired" from the 10-K cash-flow statements (a cash outflow, not deal value). Built on 2 SEC-backed facts across 1 cited filings.

Evidence

Source archive

A collapsed investigation trail for the SEC filings behind the financials, annual M&A cadence, named transactions, and management language.

Annual 10-Ks

Named deal filings

Recent SEC filings

Evidence clips

Annual 10-K M&A evidenceAccepted annual filings used for disclosed acquisition count and spend.23 rows+

Fiscal year	Filing date	Form	Status	Count	Cash spend	Purchase consideration	Source
FY2025	Feb 19, 2026	Annual M&A 10-K	warning (1 warn)	1	$4.6MM	N/A	SEC filing
FY2024	Feb 28, 2025	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2023	Mar 1, 2024	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2022	Feb 24, 2023	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2021	Feb 25, 2022	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2020	Feb 25, 2021	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2019	Feb 27, 2020	Annual M&A 10-K	warning (1 warn)	1	$1.8MM	N/A	SEC filing
FY2018	Mar 8, 2019	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2017	Mar 9, 2018	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2016	Mar 3, 2017	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2015	Mar 4, 2016	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2014	Mar 5, 2015	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2013	Mar 5, 2014	Annual M&A 10-K	warning (1 warn)	1	$0.4MM	N/A	SEC filing
FY2012	Mar 7, 2013	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2011	Mar 8, 2012	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2010	Mar 9, 2011	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2009	Mar 8, 2010	Annual M&A 10-K	accepted	1	N/A	N/A	SEC filing
FY2008	Mar 13, 2009	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2007	Mar 10, 2008	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2006	Mar 14, 2007	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2005	Mar 16, 2006	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2004	Mar 16, 2005	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2003	Mar 15, 2004	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing

Named transaction source filingsFilings behind selected named-deal rows and transaction excerpts.1 rows+

Filing date	Form	Targets / topics	Support	Source
Mar 5, 2014	10-K	Plantations wastewater utility assets acquisition	Annual M&ANamed deals	SEC filing

Recent SEC filingsThe latest profile filings, kept separate so someone can investigate beyond M&A.0 rows+

No filing source clears this category.

Evidence clipsShort excerpts used on the page; expand only when you want the language.1 rows+

Plantations wastewater utility assets acquisition

10-K - Mar 5, 2014

Medium

On October 1, 2013, TESI closed on its DEPSC-approved purchase of the wastewater utility assets of the Plantations development (the Plantations) for $0.4 million and began providing wastewater serv...

SEC source

Annual M&A counts and disclosed spend are extracted from SEC acquisition disclosures and cash-flow statements; named-deal rows carry direct filing links where the filing identifies the target or consideration.

Search

Coverage view

Where it trades against its peer set

A sustained, programmatic tuck-in cadence

Source archive