Seven criteria, each scored 0 to 100 on a published scale, weighted into one number.
37/100RyuScore 37 out of 100, Below average
37
Today's price. Only valuation depends on it.
-50%-40%-30%-20%-10%today+10%+20%+30%
Below average. Middlesex Water Company scores higher than 32% of the 1,794 companies Ryufin scores.
Carried by capital allocation and earnings quality, held back by valuation and return on capital.
Utilities median 40 · all companies 50
Valuation
26% of the score
9median 13
Middlesex Water Company is valued at 23.5x its operating profit, including debt: a rich multiple.
25x
20x
15x
10x
6x
23.5x
Full points at 6x or less, none from 25xfull points
Return on capital
18% of the score
13median 34
Over 7 years the business earned 3.8% a year after tax on the capital it uses.
2%
8%
15%
25%
3.8%
None at 2% or less, full points from 25%full points
Return on capital by year
7 years agolatest 3.9%
Return on new capital
16% of the score
63median 49
For every dollar of operating profit earned over 6 years, yearly profit grew by 6 cents. New capital earned 4%, and 143% of profit went back into the business.
-5%
12%
5.8%
None at minus 5 cents, full points from 12 centsfull points
Capital allocation
14% of the score
66median 64
How management spends the money: shares bought back or issued, and whether assets grow faster than the business they serve.
Share countUp 0.6% a year over 5 years: new shares
55
5%
-3%
0.6%
0 pointsfull points
Assets against salesAssets grew 6.9% a year, sales 6.6%
83
12%
-2%
0.4%
0 pointsfull points
Cycle position
12% of the score
57median 62
Today's operating margin of 29% is 1.10x its normal 26%: above its usual level. Normal is half the 10 year median, half the last four years, so a margin that has held is not taken for a peak.
2x
1.5x
1x
0.7x
1.1x
A trough earns points, a peak costs themfull points
Operating margin by year, against its normal level
10 years agonow 29%
Balance sheet
8% of the score
13median 50
What the debt weighs against the profit that has to carry it.
Net debt to EBITDA4.4x a year of EBITDA
2
4.5x
0.5x
4.4x
0 pointsfull points
Interest coverOperating profit covers interest 4x
24
1.5x
12x
4x
0 pointsfull points
Earnings quality
6% of the score
84median 90
Whether the reported profit arrives as cash, and whether the accounts show the usual signs of stretching.
Cash against profitOperating cash flow was 1.47x profit over 3 years
100
0.7x
1x
1.3x
1.5x
0 pointsfull points
AccrualsCash ran ahead of profit by 1.5% of assets
68
8%
0%
-8%
-1.5%
0 pointsfull points
How the RyuScore works
Each criterion earns 0 to 100 points on the scale drawn under it, and the RyuScore is their average weighted 26, 18, 16, 14, 12, 8 and 6. Scales bend in the company's favour between their ends, so an ordinary figure is never already near zero. Where a criterion cannot be measured from the filings it is taken out and the remaining weights scale up; a company needs 60% of the weight covered, and always a price, to get a score.
Built from the company's annual and quarterly filings with the SEC and today's share price. Banks, insurers and property trusts are not scored: their debt is their raw material, so these yardsticks mean something else there. Figures as of 2026-06-30, latest annual report FY2025.