Question 1

What is Middlesex Water's P/FCF ratio?

Accepted Answer

Middlesex Water (MSEX) P/FCF ratio is 68.7× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Middlesex Water?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Middlesex Water specifically, the relevant sector benchmark is the current sector median of 45.4×.

Question 5

Is Middlesex Water's P/FCF ratio high or low?

Accepted Answer

Middlesex Water's P/FCF ratio of 68.7× is above its own 5-year average of 37.9× and above the sector median of 45.4×. That places the current reading at the 99th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Middlesex Water's historical P/FCF ratio range?

Accepted Answer

In the available daily series, Middlesex Water (MSEX) P/FCF ratio has ranged from a low of 12.1× in 2025 to a high of 312.7× in 2017. The 5-year average is 37.9× and the 5-year median is 35.2×.

Question 7

What was Middlesex Water's P/FCF ratio in 2025?

Accepted Answer

Middlesex Water (MSEX) P/FCF ratio at the end of 2025 was 48.9×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Middlesex Water's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$928M	$19M	48.9×	+20.9×	Dec 31, 2025
2024	$941M	$33.6M	28.0×	—	Dec 31, 2024
2023	$1.17B	-$37.4M	—	—	Dec 31, 2023
2022	$1.39B	-$30M	—	—	Dec 31, 2022
2021	$2.06B	-$46.4M	—	—	Dec 31, 2021
2020	$1.27B	-$52.3M	—	—	Dec 31, 2020
2019	$1.09B	-$53.1M	—	—	Dec 31, 2019
2018	$863M	-$26.2M	—	—	Dec 31, 2018
2017	$642M	-$7.46M	—	—	Dec 31, 2017
2016	$684M	-$304K	—	—	Dec 31, 2016
2015	$414M	$25.4M	16.3×	-21.0×	Dec 31, 2015
2014	$372M	$9.98M	37.3×	+12.9×	Dec 31, 2014
2013	$334M	$13.7M	24.3×	-14.3×	Dec 31, 2013
2012	$309M	$7.99M	38.6×	—	Dec 31, 2012
2011	$292M	-$726K	—	—	Dec 31, 2011
2010	$286M	-$4.04M	—	—	Dec 31, 2010
2009	$238M	-$1.62M	—	—	Dec 31, 2009
2008	$231M	-$9.31M	—	—	Dec 31, 2008
2007	$251M	-$3.11M	—	—	Dec 31, 2007
2006	$235M	-$14.5M	—	—	Dec 31, 2006
2005	$200M	-$11.8M	—	—	Dec 31, 2005
2004	$215M	-$14.3M	—	—	Dec 31, 2004
2003	$214M	-$5.33M	—	—	Dec 31, 2003
2002	$163M	-$5.39M	—	—	Dec 31, 2002


Eversource Energy (ES)	110.1×
Constellation Energy (CEG)	86.9×
NextEra Energy (NEE)	82.1×
American States Water (AWR)	77.8×
Vistra (VST)	45.4×
UGI (UGI)	32.9×
FirstEnergy (FE)	16.3×
Duke Energy (DUK)	15.4×
Consolidated Edison (ED)	14.6×
American Electric Power Company (AEP)	9.3×

P/FCF Ratio for Middlesex Water (MSEX) 2012-2026

P/FCF Ratio daily chart for Middlesex Water (MSEX)

Historical P/FCF Ratio for Middlesex Water (MSEX) from 2002 to 2025

About P/FCF Ratio at Middlesex Water (MSEX)

Middlesex Water P/FCF Ratio by Year

Middlesex Water P/FCF Ratio 2025: 48.9×

Middlesex Water P/FCF Ratio 2024: 28.0×

Middlesex Water P/FCF Ratio 2015: 16.3×

Middlesex Water P/FCF Ratio 2014: 37.3×

Middlesex Water P/FCF Ratio 2013: 24.3×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Middlesex Water (MSEX) Key Financials