Middlesex Water Company — Earnings Quality Grade F
MSEX · Utilities
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 36 days, change +0 days YoY
AR growth 2.0% vs revenue growth 1.5%
Revenue 1.5%, CFFO 6.6%. Cash follows revenue
Expense Quality
Inventory 12.4% vs COGS -1.2%. Normal
CapEx growth 29.1% is >2x revenue growth 1.5%
Insufficient data
Gross margin 53.1%, change +1.2pp. Stable
Cash Flow Quality
CFFO/NI = 1.46. Profits backed by cash
FCF < 50% of Net Income for 3 years
Accruals ratio = -1.4%. Low accruals
Cash $0.0B covers only 1% of debt $0.4B
Balance Sheet Health
No goodwill. Clean balance sheet
Debt/EBITDA = 4.4x (>4x). Financial stress
Other assets grew 29.2% vs revenue 1.5%
No write-off data
Acquisition Risk
FCF after acquisitions negative for 3 years
Small-cap context: A single acquisition on a small balance sheet can trip serial-acquirer logic.
No goodwill
Manipulation Score
Insufficient data
Portfolio monitoring
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Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25