$52.11

+0.36 (+0.70%)

After Hours: $51.61 (-0.50, -0.95%)

Weekly Expected Move ±3.8%

$46 $48 $50 $52 $54

NASDAQ · Utilities · Regulated Water · Alpha Radar Neutral · Power 48 · $970.5M mcap · 18M float · 0.858% daily turnover · Short 65% of daily vol

Edge Score

Quantitative competitive moat analysis scoring five pillars of durable advantage — cost leadership, brand intangibles, switching costs, network effects, and efficient scale — using industry percentile rankings on a 0–100 scale.

WEAK EDGE

46.8 / 100

NoneWeakNarrowWide

Primary source: Cost Advantage · ROIC: 5.5% · 5Y Avg: 5.5%

Cost Advantage ★

Intangibles

Switching Cost

Network Effect

Scale

The Edge Score quantifies a company's competitive moat using five pillars: Cost Advantage (20%, operating margin and SG&A efficiency vs industry peers), Intangible Assets (25%, gross margin premium, R&D intensity, brand pricing power), Switching Costs (25%, revenue stability, earnings consistency, customer retention proxied by operating leverage), Network Effects (15%, revenue growth with expanding margins, market share dominance), and Efficient Scale (15%, market concentration, ROIC sustainability). Each pillar is scored 0–100 using industry percentile rankings, then weighted into a composite. Wide ≥ 70, Narrow ≥ 55, Weak ≥ 40, None < 40. MSEX shows a Weak competitive edge (46.8/100) — limited structural advantages that may face competitive pressure. The primary source of advantage is Cost Advantage. ROIC of 5.5% suggests modest returns relative to capital deployed.

Analyst Insights

Wall Street analyst consensus based on price targets and buy/sell/hold recommendations from institutional research coverage over the trailing 12 months.

Analyst Price Targets

Low

$55

Avg Target

$55

High

Based on 2 analyst ratings (12 mo)

Analyst Recommendations

Strong Buy: 0Buy: 3Hold: 1Sell: 0Strong Sell: 0

Rating Summary

ConsensusBuy

Avg Target$55.00

Analysts1

Price Target Change History

Date	Firm	Analyst	Old	New	Change	Upside @ Call	Stock@Call
2026-02-25	Loop Capital Markets	Matvey Tayts	Initiated	$55	—	+2.5%	$53.67
2025-12-05	New Street	—	Initiated	$52	—	+1.9%	$51.05

Financial Rating

Composite financial health rating (A+ to F) based on discounted cash flow valuation, return on equity, return on assets, debt-to-equity leverage, and relative P/E and P/B multiples.

B-

May 22, 2026

DCF

ROE

ROA

D/E

P/E

P/B

The Financial Rating evaluates six fundamental factors — discounted cash flow (DCF) valuation, return on equity (ROE), return on assets (ROA), debt-to-equity leverage (D/E), and relative price-to-earnings (P/E) and price-to-book (P/B) multiples — each scored 1–5. MSEX receives an overall rating of B-. Strongest factors: ROA (4/5). Areas of concern: DCF (1/5), P/E (2/5), P/B (2/5).

Rating Change History

Date	From	To
2026-05-06	B	B-
2026-05-04	C+	B
2026-04-30	B-	C+

InsiderStreet Scorecard

Proprietary multi-factor scorecard rating companies across seven fundamental dimensions — profitability, balance sheet strength, earnings quality, growth, value, momentum, and safety — each scored 0–100.

★ ★ ★ ★ ★ 39 Grade A

Profitability

Balance Sheet

Earnings Quality

Growth

Value

Momentum

Safety

Cash Flow

The InsiderStreet Scorecard rates companies across eight dimensions: Profitability (margins, ROA, ROE), Balance Sheet (leverage, liquidity, coverage), Earnings Quality (accruals, cash conversion), Growth (revenue and earnings trajectory), Value (P/E, P/B, earnings yield, Graham criteria), Momentum (revenue and earnings acceleration), Safety (Altman Z-Score risk adjustment), and Cash Flow (operating cash flow quality, FCF conversion, cash coverage). The overall score blends 35% quality, 35% value, and 30% momentum, with a penalty for distress-zone Altman scores. MSEX scores highest in Earnings Quality (88/100) and lowest in Safety (15/100). An overall grade of A places MSEX among the highest-quality companies in its peer group.

Risk & Quality Signals

Academic financial models used by institutional investors to assess bankruptcy risk, earnings manipulation, financial strength, and credit quality.

Altman Z-Score

1.13

Distress Zone

Piotroski F-Score

5/9

✓ ✓ ✗ ✓ ✓ ✗ ✗ ✓ ✗

Beneish M-Score

-0.02

Possible Manipulator

Ohlson O-Score

-6.02

Bankruptcy prob: 0.2%

Low Risk

Credit Rating

B+

Score: 34.5/100

Trend: Deteriorating

Earnings Quality

100/100

OCF/NI: 1.38x

Accruals: -1.3%

The Altman Z-Score (1968) combines five ratios — working capital, retained earnings, EBIT, market value of equity, and sales, all relative to total assets or liabilities — into a single bankruptcy predictor. MSEX scores 1.13, placing it in the Distress Zone (safe > 2.99, distress < 1.81). Historically, companies in this range face elevated bankruptcy risk. The Piotroski F-Score (2000) is a 9-point binary checklist — four profitability tests (positive ROA, positive cash flow, improving ROA, cash flow exceeding net income), three leverage tests (declining debt ratio, improving current ratio, no share dilution), and two efficiency tests (improving gross margin, improving asset turnover). Each pass scores 1 point. MSEX scores 5/9, indicating moderate financial health — some areas of strength offset by weaknesses in others. The Beneish M-Score (1999) is an 8-variable model that detects earnings manipulation by comparing year-over-year changes in receivables, gross margins, asset quality, sales growth, depreciation, SG&A, leverage, and accruals. Scores above −1.78 statistically resemble past manipulators. MSEX's score of -0.02 exceeds the −1.78 red flag threshold — this does not confirm manipulation but indicates the earnings profile resembles past manipulators statistically. The Ohlson O-Score (1980) is a 9-variable logistic regression that estimates bankruptcy probability using firm size, leverage, working capital, current ratio, profitability (ROA), cash flow coverage, negative equity flag, consecutive losses flag, and earnings trajectory. The raw score is converted to a probability via logistic transformation. MSEX's implied 0.2% bankruptcy probability is well within safe territory. Our Credit Rating model scores companies on five weighted components — solvency (30%), earning power (25%), leverage (20%), liquidity (15%), and cash flow quality (10%) — then blends the absolute score with sector and industry peer rankings. For companies with large buyback programs, equity is adjusted by adding back cumulative 5-year repurchases (capped at 80% of FCF generated) to avoid penalizing shareholder-friendly capital allocation. MSEX receives an estimated rating of B+ (score: 34.5/100), with a deteriorating trend. The Earnings Quality score measures how well reported earnings are backed by real cash. It evaluates the operating cash flow to net income ratio (OCF/NI ≥ 1.0 means every dollar of earnings is cash-backed) and the accruals ratio (the gap between earnings and cash flow relative to assets — lower is better). MSEX's score of 100/100 is high — cash flows strongly support reported earnings.

Valuation

Key valuation multiples comparing the stock's market price to its earnings, revenue, book value, and cash flows. Lower multiples may indicate relative undervaluation versus peers.

P/E

21.95x

PEG

0.01x

P/S

4.90x

P/B

1.93x

P/FCF

63.16x

P/OCF

15.85x

EV/EBITDA

14.27x

EV/Revenue

6.91x

EV/EBIT

21.61x

EV/FCF

90.57x

Earnings Yield

4.58%

FCF Yield

1.58%

Shareholder Yield

2.66%

Graham Number

$37.91

Equity-based multiples (P/E, P/B, P/FCF) compare the stock price to per-share fundamentals and are affected by capital structure. Enterprise value multiples (EV/EBITDA, EV/Revenue, EV/FCF) strip out debt and cash, making them more useful for cross-company comparisons regardless of how companies are financed. The Graham Number — √(22.5 × EPS × Book Value) — is Benjamin Graham's formula for the maximum price a defensive investor should pay. At 21.9x earnings, MSEX commands a growth premium. Graham's intrinsic value formula yields $37.91 per share, 37% below the current price.

DuPont Decomposition (5-Factor)

The 5-factor DuPont framework breaks Return on Equity into its component drivers — tax efficiency, interest burden, operating profitability, asset utilization, and financial leverage — to reveal what truly drives shareholder returns.

Tax Burden

0.899

NI / EBT

Interest Burden

0.768

EBT / EBIT

EBIT Margin

0.320

EBIT / Rev

Asset Turnover

0.152

Rev / Assets

Equity Multiplier

2.785

Assets / Equity

ROE

9.3%

The 5-factor DuPont identity decomposes ROE as: Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Equity Multiplier = ROE. This reveals whether returns are driven by operating performance, financial leverage, or tax efficiency — three very different sources of profitability. MSEX's ROE of 9.3% is driven by a balanced combination of operating margin, asset efficiency, and leverage.

Graham-Dodd Adjusted Valuation

Our adaptation of Graham's growth formula (Fair P/E = 8.5 + 2g) from The Intelligent Investor. The classic version relies on analyst growth projections, which can be unreliable. This adjusted model substitutes the company's realized 3-year EPS CAGR — a backward-looking, verifiable measure of actual earnings power — grounding the valuation in demonstrated performance rather than forecasts.

Adj. Growth Rate

5.37%

Fair P/E

19.25x

Intrinsic Value

$45.89

Price/Value

1.13x

Margin of Safety

-13.43%

Premium

13.43%

Assessment

Overvalued

Graham's classic formula uses analyst-projected growth to estimate a fair P/E (8.5 + 2g). Our adjusted version replaces that projection with MSEX's realized 5.4% 3-year EPS CAGR — what the company actually delivered, not what analysts hope for. MSEX trades at a 13% premium to its adjusted intrinsic value of $45.89, suggesting the market is pricing in future growth beyond what historical earnings support. The adjusted fair P/E of 19.2x compares to the current market P/E of 21.9x.

Profitability Trends

Historical profitability ratios tracking how efficiently the company converts revenue into returns for shareholders over time.

Leverage & Solvency Trends

Debt and liquidity metrics showing the company's financial leverage and ability to meet short-term and long-term obligations.

Efficiency & Working Capital Trends

Operating efficiency metrics measuring how quickly the company converts inventory to sales, collects receivables, and manages its cash conversion cycle.

Growth Trends (YoY %)

Year-over-year growth rates for key financial metrics, showing the trajectory of revenue, earnings, and cash flow generation.

Earnings Stability

R-squared of linear regression measuring how predictably revenue, earnings, and margins follow a trend over the trailing 5 years. 1.0 = perfectly predictable; lower values indicate erratic or cyclical behavior.

Monte Carlo Price Simulation

Geometric Brownian Motion with 1,000 antithetic paths over 1 year, seeded from 1800 days of historical volatility. Percentile bands show the range of statistically plausible outcomes — this is a statistical model, not a forecast.

Current Price

$52.11

Median 1Y

$49.54

5th Pctile

$29.67

95th Pctile

$83.49

Ann. Volatility

33.3%

Analyst Target

$55.00

25th–75th percentile 5th–95th percentile Median path Historical Analyst target

Executive Compensation

C-suite compensation breakdown including salary, stock awards, options, and incentive pay. The CEO-to-employee pay ratio and Gini coefficient measure pay distribution fairness.

C-Suite Compensation

Executive	Salary	Stock	Total
Nadine Leslie Chair, President and Chief Executive Officer	$754,000	$678,000	$1,906,024
Mohammed G. Zerhouni Senior Vice President, Chief Financial Officer and Treasurer	$587,600	$200,000	$1,024,696
Gregory S. Sorensen Vice President, Chief Operating Officer	$494,000	$—	$696,514
Jay L. Kooper Vice President, General Counsel and Secretary	$386,227	$103,000	$586,243
Georgia M. Simpson Vice President, Information Technology and Chief Technology Officer	$318,210	$72,000	$467,588

CEO Pay Ratio

Insufficient data for pay ratio.

C-Suite Pay Equality (Gini)

CEO Compensation Mix

Workforce & Productivity

Workforce efficiency metrics measuring revenue, profit, and R&D spend per employee — key indicators of operational leverage and human capital productivity.

Employees

395

+9.7% YoY

Revenue / Employee

$492,896

Rev: $194,694,000

Profit / Employee

$108,410

NI: $42,822,000

SGA / Employee

—

Avg labor cost proxy

Scaling Efficiency

All Ratios & Metrics

Complete fundamental data with up to 20 periods of history, sparkline trends, and current values across 13 categories and 130+ financial metrics.

Profitability

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
ROE	11.5%	11.2%	10.2%	11.6%	11.1%	11.8%	11.0%	9.4%	9.6%	8.5%	7.6%	8.8%	8.9%	10.0%	10.2%	9.9%	9.9%	9.9%	9.1%	9.3%	9.34%
ROA	4.1%	4.0%	3.7%	4.2%	4.0%	4.3%	4.1%	3.5%	3.6%	3.1%	2.7%	3.1%	3.2%	3.6%	3.6%	3.5%	3.5%	3.5%	3.3%	3.4%	3.35%
ROIC	6.6%	6.5%	5.6%	6.4%	6.1%	6.3%	5.7%	5.0%	5.2%	4.9%	4.5%	4.8%	4.8%	5.3%	5.6%	5.7%	5.8%	5.9%	5.4%	5.5%	5.52%
ROCE	4.2%	4.0%	3.8%	4.6%	4.7%	5.3%	5.5%	5.0%	5.2%	4.7%	4.0%	4.5%	5.0%	5.4%	5.5%	5.3%	5.2%	5.2%	4.9%	5.0%	5.01%
Gross Margin	51.1%	52.5%	45.9%	47.1%	50.7%	57.4%	48.3%	46.9%	50.5%	51.7%	50.6%	49.5%	55.6%	54.0%	47.5%	52.4%	53.2%	43.3%	35.5%	52.8%	52.76%
Operating Margin	26.7%	28.7%	18.6%	34.6%	25.4%	34.7%	21.0%	19.6%	24.9%	27.4%	21.4%	24.3%	31.2%	31.8%	22.4%	26.1%	28.2%	32.7%	23.9%	26.9%	26.90%
Net Margin	29.8%	28.8%	21.3%	33.4%	22.3%	29.9%	18.5%	15.4%	23.1%	21.4%	14.9%	26.4%	21.5%	26.0%	18.7%	21.4%	21.9%	25.8%	18.3%	21.8%	21.77%
EBITDA Margin	46.9%	41.4%	49.6%	57.3%	45.5%	51.8%	43.0%	43.0%	47.1%	45.6%	42.8%	52.3%	50.9%	47.8%	42.3%	48.0%	47.3%	52.0%	46.2%	47.8%	47.81%
FCF Margin	-41.4%	-42.7%	-32.4%	-24.8%	-18.0%	-16.1%	-18.5%	-21.8%	-23.2%	-24.8%	-22.5%	-21.7%	-15.4%	18.0%	17.5%	18.5%	39.1%	11.0%	9.7%	7.6%	7.63%
OCF Margin	32.8%	24.1%	23.1%	25.6%	30.3%	37.2%	37.8%	38.5%	38.1%	34.3%	31.7%	25.8%	23.6%	27.3%	30.6%	33.7%	37.2%	33.6%	32.2%	30.4%	30.41%
ROE 3Y Avg	snapshot only																				9.03%
ROE 5Y Avg	snapshot only																				9.48%
ROA 3Y Avg	snapshot only																				3.20%
ROIC 3Y Avg	snapshot only																				4.93%
ROIC Economic	snapshot only																				5.52%
Cash ROA	snapshot only																				4.43%
Cash ROIC	snapshot only																				6.65%
CROIC	snapshot only																				1.67%
NOPAT Margin	snapshot only																				25.25%
Pretax Margin	snapshot only																				24.56%
R&D / Revenue	snapshot only																				0.00%
SGA / Revenue	snapshot only																				0.00%
SBC / Revenue	snapshot only																				0.57%

Valuation

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
P/E Ratio	34.07	44.40	53.55	41.29	36.41	30.11	30.66	36.08	36.49	34.10	35.35	24.84	24.44	27.48	20.76	26.16	22.17	22.68	21.71	21.83	21.949
P/S Ratio	9.21	11.62	13.67	11.74	9.65	8.12	8.01	7.94	8.11	6.74	6.70	5.35	5.17	6.19	4.80	5.77	4.91	5.01	4.77	4.82	4.902
P/B Ratio	3.80	4.79	5.29	4.66	3.91	3.46	3.23	3.25	3.38	2.79	2.62	2.12	2.13	2.67	2.06	2.53	2.15	2.18	1.88	1.94	1.925
P/FCF	-22.22	-27.21	-42.22	-47.32	-53.69	-50.29	-43.40	-36.41	-34.98	-27.15	-29.80	-24.67	-33.60	34.37	27.41	31.18	12.57	45.44	48.99	63.16	63.161
P/OCF	28.11	48.12	59.25	45.87	31.89	21.82	21.20	20.61	21.30	19.66	21.12	20.77	21.85	22.64	15.68	17.14	13.19	14.89	14.85	15.85	15.848
EV/EBITDA	26.09	32.99	36.07	28.74	24.55	19.98	20.75	22.00	22.08	19.93	20.49	16.57	15.64	17.35	14.08	16.32	14.78	14.65	14.25	14.27	14.265
EV/Revenue	11.18	13.59	15.96	13.97	11.83	10.19	10.24	10.15	10.28	8.93	9.17	7.78	7.51	8.43	6.79	7.72	6.86	6.97	6.91	6.91	6.911
EV/EBIT	42.12	53.20	62.54	46.59	39.47	31.68	31.56	34.75	34.89	32.94	33.92	25.75	23.41	25.13	20.21	24.13	22.24	22.29	21.73	21.61	21.605
EV/FCF	-26.97	-31.82	-49.27	-56.30	-65.84	-63.15	-55.52	-46.54	-44.33	-35.93	-40.76	-35.87	-48.83	46.78	38.78	41.73	17.56	63.21	70.94	90.57	90.573
Earnings Yield	2.9%	2.3%	1.9%	2.4%	2.7%	3.3%	3.3%	2.8%	2.7%	2.9%	2.8%	4.0%	4.1%	3.6%	4.8%	3.8%	4.5%	4.4%	4.6%	4.6%	4.58%
FCF Yield	-4.5%	-3.7%	-2.4%	-2.1%	-1.9%	-2.0%	-2.3%	-2.7%	-2.9%	-3.7%	-3.4%	-4.1%	-3.0%	2.9%	3.6%	3.2%	8.0%	2.2%	2.0%	1.6%	1.58%
PEG Ratio	snapshot only																				0.014
Price/Tangible Book	snapshot only																				1.942
EV/OCF	snapshot only																				22.727
EV/Gross Profit	snapshot only																				14.952
Acquirers Multiple	snapshot only																				24.606
Shareholder Yield	snapshot only																				2.66%
Graham Number	snapshot only																				$37.91

Leverage & Solvency

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Current Ratio	0.60	0.60	0.61	0.61	0.61	0.61	0.32	0.32	0.32	0.32	1.05	1.05	1.05	1.05	0.52	0.52	0.52	0.52	0.45	0.45	0.445
Quick Ratio	0.51	0.51	0.51	0.51	0.51	0.51	0.26	0.26	0.26	0.26	0.98	0.98	0.98	0.98	0.44	0.44	0.44	0.44	0.36	0.36	0.365
Debt/Equity	0.83	0.83	0.89	0.89	0.89	0.89	0.91	0.91	0.91	0.91	0.97	0.97	0.97	0.97	0.86	0.86	0.86	0.86	0.85	0.85	0.849
Net Debt/Equity	0.81	0.81	0.88	0.88	0.88	0.88	0.90	0.90	0.90	0.90	0.96	0.96	0.96	0.96	0.85	0.85	0.85	0.85	0.84	0.84	0.843
Debt/Assets	0.29	0.29	0.32	0.32	0.32	0.32	0.34	0.34	0.34	0.34	0.33	0.33	0.33	0.33	0.31	0.31	0.31	0.31	0.31	0.31	0.307
Debt/EBITDA	4.67	4.86	5.22	4.63	4.58	4.11	4.58	4.84	4.71	4.92	5.54	5.21	4.91	4.63	4.17	4.17	4.25	4.16	4.44	4.35	4.346
Net Debt/EBITDA	4.60	4.78	5.17	4.59	4.53	4.07	4.53	4.79	4.66	4.87	5.51	5.18	4.88	4.60	4.13	4.12	4.20	4.12	4.41	4.32	4.317
Interest Coverage	10.73	8.42	6.69	6.81	6.43	7.30	7.47	5.87	5.14	4.14	3.63	3.91	4.06	4.43	4.88	4.95	4.94	4.55	4.33	4.30	4.304
Equity Multiplier	2.80	2.80	2.76	2.76	2.76	2.76	2.67	2.67	2.67	2.67	2.91	2.91	2.91	2.91	2.81	2.81	2.81	2.81	2.76	2.76	2.764
Cash Ratio	snapshot only																				0.030
Debt Service Coverage	snapshot only																				6.519
Cash to Debt	snapshot only																				0.007
FCF to Debt	snapshot only																				0.036
Defensive Interval	snapshot only																				222.5 days

Efficiency & Turnover

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Asset Turnover	0.15	0.15	0.14	0.15	0.15	0.16	0.16	0.16	0.16	0.16	0.14	0.15	0.15	0.16	0.15	0.16	0.16	0.16	0.15	0.15	0.152
Inventory Turnover	13.70	13.89	14.07	14.22	14.53	14.79	13.71	13.91	14.19	14.59	12.64	12.67	12.77	13.19	13.49	13.59	13.77	14.55	14.74	15.01	15.009
Receivables Turnover	7.06	7.06	6.47	6.64	6.77	7.13	6.87	6.96	7.09	7.05	6.38	6.47	6.71	7.03	8.29	8.45	8.46	8.41	10.23	10.46	10.464
Payables Turnover	2.69	2.73	2.86	2.89	2.95	3.00	3.44	3.49	3.56	3.66	3.17	3.18	3.20	3.31	3.32	3.34	3.39	3.58	3.54	3.61	3.607
DSO	52	52	56	55	54	51	53	52	51	52	57	56	54	52	44	43	43	43	36	35	34.9 days
DIO	27	26	26	26	25	25	27	26	26	25	29	29	29	28	27	27	27	25	25	24	24.3 days
DPO	136	134	128	126	124	122	106	105	102	100	115	115	114	110	110	109	108	102	103	101	101.2 days
Cash Conversion Cycle	-57	-56	-45	-46	-45	-46	-26	-26	-25	-23	-29	-30	-31	-31	-39	-39	-38	-34	-43	-42	-42.0 days
Fixed Asset Turnover	snapshot only																				100.967
Operating Cycle	snapshot only																				59.2 days
Cash Velocity	snapshot only																				71.110
Capital Intensity	snapshot only																				6.859

Growth (YoY)

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Revenue	4.5%	2.9%	1.1%	3.1%	4.2%	9.7%	13.5%	12.0%	11.8%	5.6%	2.4%	2.6%	4.5%	10.1%	15.4%	16.0%	11.9%	6.2%	1.5%	1.8%	1.76%
Net Income	6.3%	-1.5%	-4.9%	10.8%	2.1%	13.0%	16.1%	-13.3%	-6.2%	-22.5%	-25.7%	0.4%	-0.7%	25.5%	40.7%	18.7%	17.3%	4.1%	-3.5%	1.8%	1.85%
EPS	6.1%	-1.6%	-5.5%	10.4%	1.5%	12.1%	15.7%	-13.8%	-6.9%	-23.1%	-26.4%	-0.5%	-1.3%	24.9%	39.6%	18.6%	17.0%	3.0%	-6.0%	-0.8%	-0.82%
FCF	-11.2%	-26.0%	11.3%	34.8%	54.8%	58.5%	35.3%	1.5%	-44.3%	-62.6%	-24.8%	-2.0%	30.7%	1.8%	1.9%	2.0%	3.8%	-35.0%	-43.5%	-58.0%	-58.03%
EBITDA	16.9%	7.2%	8.0%	20.3%	17.2%	35.8%	26.7%	6.4%	8.0%	-7.2%	-7.3%	4.4%	7.8%	19.4%	24.4%	16.9%	8.2%	4.1%	2.1%	4.2%	4.22%
Op. Income	4.2%	-3.9%	-11.3%	9.8%	9.2%	29.3%	42.5%	5.5%	6.2%	-14.0%	-17.1%	-1.7%	7.8%	30.1%	35.7%	32.0%	15.7%	5.5%	2.2%	1.9%	1.86%
OCF Growth	snapshot only																				-8.07%
Asset Growth	snapshot only																				8.81%
Equity Growth	snapshot only																				10.55%
Debt Growth	snapshot only																				8.62%
Shares Change	snapshot only																				2.70%
Dividend Growth	snapshot only																				7.19%

Growth (CAGR)

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Revenue 3Y	2.4%	1.8%	1.2%	2.2%	3.3%	5.3%	6.5%	6.6%	6.8%	6.0%	5.5%	5.8%	6.8%	8.5%	10.3%	10.1%	9.3%	7.3%	6.2%	6.6%	6.59%
Revenue 5Y	2.2%	1.7%	1.5%	2.1%	2.4%	3.8%	4.4%	4.5%	4.6%	4.1%	3.8%	4.2%	5.2%	6.3%	7.3%	7.6%	7.3%	6.9%	6.6%	6.9%	6.94%
EPS 3Y	11.8%	4.7%	1.2%	4.3%	3.2%	6.9%	7.5%	0.7%	0.1%	-5.3%	-7.0%	-1.8%	-2.3%	2.5%	5.9%	0.6%	2.4%	-0.4%	-1.2%	5.4%	5.37%
EPS 5Y	10.5%	7.8%	8.9%	11.7%	11.1%	13.8%	11.8%	8.0%	5.7%	-0.2%	-2.5%	-0.5%	0.2%	3.3%	5.0%	3.8%	3.0%	1.8%	1.1%	2.2%	2.17%
Net Income 3Y	14.1%	6.9%	4.0%	6.5%	5.3%	9.0%	7.8%	1.1%	0.6%	-4.8%	-6.4%	-1.2%	-1.6%	3.2%	6.7%	1.1%	3.0%	0.4%	0.3%	6.7%	6.68%
Net Income 5Y	12.0%	9.3%	9.9%	13.3%	12.7%	15.5%	13.2%	9.6%	7.3%	1.3%	-0.6%	1.0%	1.7%	4.7%	5.5%	4.3%	3.5%	2.4%	2.2%	3.1%	3.13%
EBITDA 3Y	3.8%	1.8%	4.8%	8.6%	10.5%	15.5%	17.0%	14.2%	13.9%	10.5%	8.3%	10.1%	10.9%	14.6%	13.5%	9.1%	8.0%	4.9%	5.6%	8.3%	8.33%
EBITDA 5Y	3.6%	1.6%	3.7%	6.5%	7.0%	9.8%	8.4%	7.5%	7.2%	5.9%	6.2%	7.3%	9.4%	11.3%	13.1%	12.7%	11.5%	10.9%	10.0%	10.2%	10.22%
Gross Profit 3Y	2.3%	1.5%	1.5%	2.2%	3.6%	6.9%	7.7%	8.1%	8.2%	5.8%	5.5%	6.6%	8.4%	11.1%	12.7%	12.4%	11.3%	5.9%	2.4%	3.0%	3.02%
Gross Profit 5Y	2.1%	0.8%	0.6%	1.5%	2.1%	4.2%	4.7%	5.3%	5.1%	4.1%	4.6%	4.7%	6.6%	8.0%	8.4%	9.0%	8.5%	6.5%	4.8%	5.5%	5.50%
Op. Income 3Y	-1.0%	-2.9%	-3.7%	2.0%	3.8%	9.0%	10.0%	6.5%	6.5%	2.2%	1.6%	4.4%	7.8%	13.1%	17.0%	11.0%	9.8%	5.7%	4.7%	9.8%	9.75%
Op. Income 5Y	-0.8%	-3.1%	-4.0%	0.1%	0.7%	4.0%	4.5%	2.8%	2.4%	0.3%	1.1%	1.9%	5.1%	7.7%	8.4%	9.4%	8.6%	7.9%	7.8%	8.9%	8.89%
FCF 3Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
FCF 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
OCF 3Y	4.0%	-9.7%	-10.4%	-5.5%	5.8%	17.3%	19.4%	12.5%	12.1%	4.5%	-0.4%	-2.3%	-4.2%	13.0%	21.2%	20.6%	17.2%	3.8%	0.7%	-1.5%	-1.50%
OCF 5Y	-0.3%	-8.0%	-6.8%	-3.5%	-2.1%	5.4%	7.4%	8.7%	8.8%	3.9%	2.8%	-0.5%	1.6%	6.6%	10.3%	8.1%	10.0%	5.6%	3.2%	5.3%	5.35%
Assets 3Y	13.9%	13.9%	9.9%	9.9%	9.9%	9.9%	5.7%	5.7%	5.7%	5.7%	8.2%	8.2%	8.2%	8.2%	7.2%	7.2%	7.2%	7.2%	8.3%	8.3%	8.32%
Assets 5Y	10.8%	10.8%	10.5%	10.5%	10.5%	10.5%	10.2%	10.2%	10.2%	10.2%	10.0%	10.0%	10.0%	10.0%	6.6%	6.6%	6.6%	6.6%	6.9%	6.9%	6.94%
Equity 3Y	14.6%	14.6%	13.8%	13.8%	13.8%	13.8%	7.3%	7.3%	7.3%	7.3%	6.9%	6.9%	6.9%	6.9%	6.5%	6.5%	6.5%	6.5%	7.1%	7.1%	7.08%
Book Value 3Y	12.2%	12.2%	10.7%	11.4%	11.5%	11.6%	7.0%	6.9%	6.8%	6.7%	6.2%	6.2%	6.2%	6.2%	5.8%	5.9%	5.9%	5.7%	5.5%	5.8%	5.77%
Dividend 3Y	0.8%	0.4%	-0.7%	0.0%	0.2%	0.3%	2.1%	2.1%	2.2%	2.2%	1.8%	1.5%	1.2%	0.9%	0.7%	1.0%	1.0%	0.9%	0.6%	1.1%	1.09%

Growth Quality

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Revenue Stability	0.94	0.87	0.75	0.84	0.88	0.84	0.79	0.82	0.82	0.85	0.80	0.86	0.91	0.94	0.90	0.91	0.95	0.98	0.94	0.95	0.947
Earnings Stability	0.94	0.84	0.85	0.90	0.91	0.89	0.84	0.59	0.65	0.23	0.06	0.12	0.23	0.17	0.17	0.25	0.30	0.13	0.15	0.30	0.297
Margin Stability	0.99	0.98	0.98	0.99	0.99	0.98	0.98	0.98	0.98	0.99	0.97	0.98	0.97	0.97	0.97	0.97	0.97	0.97	0.95	0.95	0.953
Rev. Growth Consistency	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.000
Earn. Growth Consistency	1.00	0.00	0.00	1.00	1.00	0.50	0.50	0.00	0.00	0.00	0.00	0.50	0.00	0.50	0.50	1.00	0.50	1.00	0.00	1.00	1.000
FCF Positive Streak	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1	1	1	0
Earnings Persistence	0.97	0.99	0.98	0.96	0.99	0.95	0.94	0.95	0.98	0.91	0.90	1.00	1.00	0.90	0.84	0.93	0.93	0.98	0.99	0.99	0.993
Earnings Smoothness	0.94	0.98	0.95	0.90	0.98	0.88	0.85	0.86	0.94	0.75	0.71	1.00	0.99	0.77	0.66	0.83	0.84	0.96	0.96	0.98	0.982
ROE Trend	-0.01	-0.02	-0.01	0.01	-0.00	0.00	0.00	-0.02	-0.02	-0.03	-0.03	-0.02	-0.01	-0.00	0.01	0.01	0.01	0.01	-0.00	-0.00	-0.002
Gross Margin Trend	0.01	-0.00	-0.01	0.00	-0.00	0.02	0.02	0.02	0.02	-0.00	0.00	0.00	0.02	0.03	0.01	0.02	0.00	-0.02	-0.05	-0.05	-0.053
FCF Margin Trend	-0.07	-0.08	0.06	0.16	0.22	0.23	0.16	0.10	0.07	0.05	0.03	0.02	0.05	0.39	0.38	0.40	0.58	0.14	0.12	0.09	0.092
Sustainable Growth Rate	5.9%	5.5%	4.7%	6.1%	5.4%	6.1%	5.6%	3.8%	4.0%	2.8%	2.2%	3.3%	3.4%	4.4%	4.8%	4.4%	4.4%	4.3%	3.8%	3.9%	3.91%
Internal Growth Rate	2.2%	2.0%	1.7%	2.2%	2.0%	2.3%	2.1%	1.4%	1.5%	1.0%	0.8%	1.2%	1.2%	1.6%	1.7%	1.6%	1.6%	1.5%	1.4%	1.4%	1.42%

Cash Flow Quality

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
OCF/Net Income	1.21	0.92	0.90	0.90	1.14	1.38	1.45	1.75	1.71	1.73	1.67	1.20	1.12	1.21	1.32	1.53	1.68	1.52	1.46	1.38	1.378
FCF/OCF	-1.26	-1.77	-1.40	-0.97	-0.59	-0.43	-0.49	-0.57	-0.61	-0.72	-0.71	-0.84	-0.65	0.66	0.57	0.55	1.05	0.33	0.30	0.25	0.251
FCF/Net Income	snapshot only																				0.346
OCF/EBITDA	snapshot only																				0.628
CapEx/Revenue	74.2%	66.8%	55.5%	50.4%	48.2%	53.3%	56.2%	60.4%	61.3%	59.1%	54.2%	47.5%	39.0%	9.3%	13.1%	15.2%	1.8%	22.6%	22.4%	22.8%	22.78%
CapEx/Depreciation	snapshot only																				1.384
Accruals Ratio	-0.01	0.00	0.00	0.00	-0.01	-0.02	-0.02	-0.03	-0.03	-0.02	-0.02	-0.01	-0.00	-0.01	-0.01	-0.02	-0.02	-0.02	-0.02	-0.01	-0.013
Sloan Accruals	snapshot only																				-0.034
Cash Flow Adequacy	snapshot only																				0.854
Earnings Quality Score	snapshot only																				1.000

Dividends & Buybacks

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Dividend Yield	1.4%	1.1%	1.0%	1.2%	1.4%	1.6%	1.6%	1.6%	1.6%	2.0%	2.0%	2.5%	2.5%	2.1%	2.6%	2.1%	2.5%	2.5%	2.7%	2.7%	2.71%
Dividend/Share	$1.07	$1.09	$1.11	$1.12	$1.14	$1.16	$1.19	$1.20	$1.22	$1.24	$1.27	$1.27	$1.28	$1.30	$1.31	$1.33	$1.34	$1.35	$1.36	$1.39	$1.42
Payout Ratio	48.6%	51.0%	53.3%	47.5%	50.8%	48.2%	49.3%	59.0%	58.5%	67.5%	71.6%	62.7%	62.3%	56.4%	53.0%	55.3%	55.7%	56.9%	58.4%	58.2%	58.18%
FCF Payout Ratio	—	—	—	—	—	—	—	—	—	—	—	—	—	70.5%	70.0%	65.9%	31.6%	1.1%	1.3%	1.7%	1.68%
Total Payout Ratio	48.6%	51.0%	53.3%	47.5%	50.8%	48.2%	49.3%	59.0%	58.5%	67.5%	71.6%	62.7%	62.3%	56.4%	53.0%	55.3%	55.7%	56.9%	58.4%	58.2%	58.18%
Div. Increase Streak	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
Chowder Number	0.10	0.09	0.08	0.08	0.08	0.09	0.09	0.09	0.10	0.10	0.10	0.09	0.08	0.07	0.07	0.07	0.07	0.08	0.09	0.10	0.099
Buyback Yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.00%
Net Buyback Yield	-0.1%	-0.1%	-0.2%	-0.4%	-0.7%	-1.0%	-0.8%	-0.7%	-0.7%	-0.8%	-1.1%	-1.1%	-0.8%	-0.3%	-0.1%	-0.1%	-0.5%	-2.2%	-3.3%	-3.4%	-3.42%
Total Shareholder Return	1.3%	1.1%	0.8%	0.8%	0.7%	0.6%	0.8%	0.9%	0.9%	1.2%	0.9%	1.4%	1.8%	1.7%	2.4%	2.0%	2.0%	0.3%	-0.6%	-0.8%	-0.76%

DuPont Factors

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Tax Burden (NI/EBT)	1.12	1.16	1.18	1.11	1.05	0.97	0.93	0.91	0.94	0.96	0.97	0.96	0.87	0.87	0.87	0.86	0.90	0.91	0.90	0.90	0.899
Interest Burden (EBT/EBIT)	0.91	0.88	0.85	0.85	0.84	0.86	0.87	0.83	0.81	0.76	0.72	0.74	0.75	0.77	0.80	0.80	0.80	0.78	0.77	0.77	0.768
EBIT Margin	0.27	0.26	0.26	0.30	0.30	0.32	0.32	0.29	0.29	0.27	0.27	0.30	0.32	0.34	0.34	0.32	0.31	0.31	0.32	0.32	0.320
Asset Turnover	0.15	0.15	0.14	0.15	0.15	0.16	0.16	0.16	0.16	0.16	0.14	0.15	0.15	0.16	0.15	0.16	0.16	0.16	0.15	0.15	0.152
Equity Multiplier	2.80	2.80	2.78	2.78	2.78	2.78	2.71	2.71	2.71	2.71	2.79	2.79	2.79	2.79	2.86	2.86	2.86	2.86	2.79	2.79	2.785

Per Share

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
EPS (Diluted TTM)	$2.21	$2.14	$2.08	$2.36	$2.24	$2.40	$2.41	$2.04	$2.09	$1.84	$1.77	$2.03	$2.06	$2.30	$2.47	$2.40	$2.41	$2.37	$2.32	$2.38	$2.38
Book Value/Share	$19.79	$19.78	$21.04	$20.95	$20.90	$20.84	$22.81	$22.65	$22.57	$22.52	$23.85	$23.70	$23.69	$23.68	$24.89	$24.90	$24.84	$24.62	$26.80	$26.80	$27.22
Tangible Book/Share	$19.79	$19.78	$21.04	$20.95	$20.90	$20.84	$22.81	$22.65	$22.57	$22.52	$23.85	$23.70	$23.69	$23.68	$24.89	$24.90	$24.84	$24.62	$26.80	$26.80	$26.80
Revenue/Share	$8.17	$8.16	$8.14	$8.32	$8.46	$8.88	$9.21	$9.25	$9.40	$9.32	$9.33	$9.40	$9.75	$10.21	$10.69	$10.90	$10.88	$10.73	$10.56	$10.80	$10.82
FCF/Share	$-3.39	$-3.49	$-2.64	$-2.06	$-1.52	$-1.43	$-1.70	$-2.02	$-2.18	$-2.31	$-2.10	$-2.04	$-1.50	$1.84	$1.87	$2.02	$4.25	$1.18	$1.03	$0.82	$0.83
OCF/Share	$2.68	$1.97	$1.88	$2.13	$2.56	$3.30	$3.48	$3.57	$3.58	$3.20	$2.96	$2.42	$2.31	$2.79	$3.27	$3.67	$4.05	$3.61	$3.40	$3.28	$3.29
Cash/Share	$0.26	$0.26	$0.20	$0.20	$0.20	$0.20	$0.22	$0.22	$0.21	$0.21	$0.13	$0.13	$0.13	$0.13	$0.24	$0.24	$0.23	$0.23	$0.15	$0.15	$0.11
EBITDA/Share	$3.50	$3.36	$3.60	$4.04	$4.08	$4.53	$4.55	$4.27	$4.37	$4.17	$4.17	$4.42	$4.68	$4.96	$5.15	$5.16	$5.05	$5.11	$5.12	$5.23	$5.23
Debt/Share	$16.33	$16.33	$18.81	$18.73	$18.68	$18.63	$20.80	$20.65	$20.58	$20.53	$23.14	$22.99	$22.98	$22.97	$21.50	$21.50	$21.45	$21.26	$22.74	$22.74	$22.74
Net Debt/Share	$16.08	$16.08	$18.61	$18.53	$18.48	$18.43	$20.58	$20.44	$20.37	$20.32	$23.00	$22.86	$22.84	$22.83	$21.26	$21.27	$21.22	$21.03	$22.59	$22.59	$22.59

Academic Models

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Altman Z-Score	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	1.135
Altman Z-Prime	snapshot only																				1.732
Piotroski F-Score	8	4	4	7	6	8	7	5	5	5	6	6	6	8	6	7	6	6	4	5	5
Beneish M-Score	-2.48	-2.39	-2.47	-2.53	-2.53	-2.61	-2.52	-2.53	-2.52	-2.45	0.13	0.01	-0.18	-0.22	-2.86	-3.04	-3.07	-2.95	0.11	-0.02	-0.024
Ohlson O-Score	snapshot only																				-6.016
Net-Net WC	snapshot only																				$-45.02
EVA	snapshot only																				$-40782238.96

Credit

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Credit Rating	snapshot only																				B+
Credit Score	50.07	55.31	49.33	52.92	43.39	50.67	46.96	44.43	42.10	38.83	44.47	39.96	40.32	48.72	36.09	43.13	42.96	42.29	34.91	34.46	34.460
Credit Grade	snapshot only																				14
Credit Trend	snapshot only																				-8.669
Implied Spread (bps)	snapshot only																				650.000
Industry Credit Rank	snapshot only																				30
Sector Credit Rank	snapshot only																				40

MSEX NASDAQ

Edge Score

Analyst Insights

Financial Rating

InsiderStreet Scorecard

Risk & Quality Signals

Valuation

DuPont Decomposition (5-Factor)

Graham-Dodd Adjusted Valuation

Profitability Trends

Leverage & Solvency Trends

Efficiency & Working Capital Trends

Growth Trends (YoY %)

Earnings Stability

Monte Carlo Price Simulation

Executive Compensation

C-Suite Compensation

CEO Pay Ratio

C-Suite Pay Equality (Gini)

CEO Compensation Mix

Workforce & Productivity

Scaling Efficiency

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