Middlesex Water CoMSEX +1.78%72 Piotroski F-Score is 5 as of Jul. 05, 2026, which is at its 10-year median of 5.00. GuruFocus rates MSEX with a GF Score™ of 72/100 and a GF Value™ of $62.62 (Fairly Valued). The stock has 3 warning signs investors should review. Among 491 Utilities - Regulated companies, Middlesex Water Co ranks worse than 53.77% on this metric.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Middlesex Water Co has an F-score of 5 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for Middlesex Water Co's Piotroski F-Score or its related term are showing as below:
MSEX'
s Piotroski F-Score Range Over the Past 10 Years
Min: 2 Med: 5 Max: 7
Current: 5
During the past 13 years, the highest Piotroski F-Score of Middlesex Water Co was 7. The lowest was 2. And the median was 5.
Middlesex Water Co (NAS:MSEX) Piotroski F-Score Explanation
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
Middlesex Water Co Piotroski F-Score Related Terms
Middlesex Water Co Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Middlesex Water Co's Piotroski F-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
MSEX vs YORW, CWCO, ARTNA: Piotroski F-Score Comparison
For the Utilities - Regulated Water subindustry, Middlesex Water Co's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Middlesex Water Co Piotroski F-Score vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Middlesex Water Co's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Middlesex Water Co's Piotroski F-Score falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Middlesex Water Co's current Net Income (TTM) was 43.9.
==> Positive ==> Score 1.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
Middlesex Water Co's return on assets of this year was 0.0343607. Middlesex Water Co's return on assets of last year was 0.0345155.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Middlesex Water Co's gearing of this year was 0.27907921. Middlesex Water Co's gearing of last year was 0.28109115.
==> This year is lower or equal to last year. ==> Score 1.
Question 6. Change in Working Capital (Liquidity)
Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.
Score 1 if this year's current ratio is higher, 0 if it's lower
Middlesex Water Co's current ratio of this year was 0.39135013. Middlesex Water Co's current ratio of last year was 0.45937562.
==> Last year's current ratio is higher ==> Score 0.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
Middlesex Water Co's number of shares in issue this year was 18.575. Middlesex Water Co's number of shares in issue last year was 17.951.
==> There is larger number of shares in issue this year. ==> Score 0.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
Middlesex Water Co's gross margin of this year was 0.53194011. Middlesex Water Co's gross margin of last year was 0.52463533.
==> This year's gross margin is higher. ==> Score 1.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
Middlesex Water Co's asset turnover of this year was 0.15567871. Middlesex Water Co's asset turnover of last year was 0.15651005.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
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5
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Middlesex Water Co has an F-score of 5 indicating the company's financial situation is typical for a stable company.
Middlesex Water Co (MSEX) has a Piotroski F-Score of 5 as of Jul. 05, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Middlesex Water Co and its competitors. This is near median its historical median of 5.00. Over the past decade, Middlesex Water Co's Piotroski F-Score has ranged from 2.00 to 7.00. According to the industry distribution chart, Middlesex Water Co ranks #264 out of 491 companies in the Utilities - Regulated industry, placing it in the top 53.8%.
Is Middlesex Water Co's Piotroski F-Score too high?
Middlesex Water Co's current Piotroski F-Score of 5 is near median its 10-year median of 5.00. Over the past 10 years, this metric has ranged from a low of 2.00 to a high of 7.00. The Utilities - Regulated industry median Piotroski F-Score is 6.00. Middlesex Water Co's value of 5 is 16.7% below this industry median. Based on the distribution chart, Middlesex Water Co ranks #264 out of 491 companies in the Utilities - Regulated industry, which is below the industry midpoint. Overall, Middlesex Water Co has a GF Score™ of 72/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Middlesex Water Co's Piotroski F-Score compare to YORW and CWCO?
According to the Utilities - Regulated industry distribution chart, Middlesex Water Co ranks #264 out of 491 companies for Piotroski F-Score. This places Middlesex Water Co in the lower half of its industry. The industry median Piotroski F-Score is 6.00. Middlesex Water Co's value of 5 is 16.7% below this benchmark. Historically, Middlesex Water Co's own Piotroski F-Score has ranged from 2.00 to 7.00 over the past decade. While the company's 10-year median is 5.00 vs. the industry median of 6.00, Middlesex Water Co has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Piotroski F-Score for an Utilities - Regulated company?
The median Piotroski F-Score among Utilities - Regulated companies is 6.00, based on 491 companies in the industry. Companies in the top quartile (top 25%) have a Piotroski F-Score significantly above this median, while those in the bottom quartile fall well below. However, Piotroski F-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Middlesex Water Co's current Piotroski F-Score of 5 is 16.7% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Piotroski F-Score mean?
A high Piotroski F-Score can signal that a stock is expensive relative to its fundamentals. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Middlesex Water Co and its competitors. For the Utilities - Regulated industry, the median Piotroski F-Score is 6.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Middlesex Water Co's current Piotroski F-Score is 5, which is near median its own 10-year median of 5.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Middlesex Water Co stock overvalued right now?
Based on GuruFocus' analysis, Middlesex Water Co (MSEX) is currently considered Fairly Valued. The stock's GF Value™ is $62.62, compared to a current price of $57.55 — trading 8.1% below its estimated fair value. The current Piotroski F-Score is 5, which is near median its 10-year median of 5.00 and 16.7% below the Utilities - Regulated industry median of 6.00. Middlesex Water Co's overall GF Score™ is 72/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Piotroski F-Score calculated?
Piotroski F-Score is calculated from a company's financial statements. For Middlesex Water Co (MSEX), the current Piotroski F-Score is 5 as of Jul. 05, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Middlesex Water Co (MSEX) Overvalued in 2026?
Based on GuruFocus' analysis, Middlesex Water Co stock appears to be undervalued.
The current stock price of $57.55 is trading 8.1% below its estimated GF Value™ of $62.62.
GuruFocus considers Middlesex Water Co to be Fairly Valued.
Key valuation signals for MSEX:
Piotroski F-Score: 5 (near median its 10-year median of 5.00)
GF Value™: $62.62 vs. price of $57.55 (8.1% below fair value)
Industry Position: 16.7% below the Utilities - Regulated median (#264 of 491)
No single metric tells the full story. See the MSEX stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Middlesex Water Co owns and operates regulated water utility and wastewater systems in the U.S. The company has two operating segments, Regulated and Non-Regulated. The regulated business includes collecting and distributing water to residential, commercial, industrial, and fire protection consumers. The non-regulated business includes contract services for the operation of private water and wastewater systems. The majority of the company's revenue is derived from the Regulated segment and from residential customers.
72GF Score
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