MSEXMiddlesex Water Company
Is it safe?
Solid, nothing alarming. Balance sheet to watch.
Mixed, watch the balance sheet Altman Z-score, a bankruptcy-risk model from five balance-sheet ratios.
Insiders were net sellers (-$35K, 90 days to Oct 8, 2026), selling is often routine.
Investment-grade balance sheet. A rule of thumb on leverage, not a credit rating.
Moderate price swings, typical volatility. Worst drawdown -61% · now 12% below its 52-week high.
Unless marked, from SEC EDGAR, as of Dec 31, 2025.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. Altman sits structurally low for utilities and pipelines; Beneish runs high for fast growers, since sales growth alone lifts it; banks and REITs are excluded.
Can MSEX take a bad year?
Middlesex Water Company carries $401M of net debt at 4.43× EBITDA: a heavy load to carry through a bad year.
Net debt · as at Q2 2026 · over four years of earnings before interest, tax and depreciation, heavy
- Net debt / EBITDA
- 4.43×
Net debt / EBITDA · 9.26× a year ago · the load is coming down
- Altman Z-score
- 1.15
Altman Z-score · distress zone, below 1.8
- Interest cover
- 3.97×
Interest cover · operating profit covers the interest bill, with room to spare
Details›
- Total debtQ2 2026
- $403M
- Cash and short-term investments
- $1.8M
- Net debt
- $401M
- EBITDA, trailing twelve months
- $91M
- Operating profit, trailing twelve months
- $60M
- Debt / equity
- 0.77×
- Total debt / EBITDA
- 4.45×
- Annualised volatilitytwo years of daily moves
- 31%
- Worst drawdown on file
- −61%
- Below its 52-week high
- 12%
Balance sheet from SEC filings; drawdown and volatility from end-of-day closes; Altman Z from the filed statements.
Utilities, Regulated Water
Ranks #6 of 9 by RyuScore