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Middlesex Water Co
Middlesex Water Co (MSEX) is listed on NASDAQ and classified in Utilities - Regulated Water, part of the Utilities sector. It is headquartered in Iselin, United States and has 395 employees. The company is worth $1.05B and trades at 21.5x its earnings of the last twelve months; the median for its sector is 20.5x. Revenue was $194.69M in fiscal 2025, up 1.5% from the year before. Net income was $42.82M. The share price is 10.3% below its 52-week high of $62.18. It pays a dividend yielding 2.58%, and has raised its annual dividend for 22 years in a row in our records. 4 of the 38 superinvestors we track held it at the end of Q2 2026. The largest position belongs to Two Sigma (Two Sigma Investments), at $9.15M. In that quarter, 2 of them opened or added to the position and 1 reduced it. No open-market insider trades in it were filed over the last 30 days.
Written from the data on this page: SEC filings (13F, Form 4, annual reports) and market prices.
Year by year, from the annual reports; dividends from the payments themselves.
Bars are year-end balances; lines are what happened during the year.
Major managers that reported this stock in their latest 13F.
▼ -47.0% over 5Y.
today you would have $549.63▼ -45.0%
Dividends reinvested, splits accounted for. Past prices say what happened, not what will.
The last 17 closed years, each at that year’s closing price and reported numbers.
| Indicator | Median | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Year-end price | $50.42 | $52.63 | $65.62 | $78.67 | $120.30 | $72.47 | $63.57 | $53.35 | $39.91 | $42.94 | $26.54 | $23.06 | $20.94 | $19.56 | $18.66 | $18.35 | $17.62 | |
| P/E |
Seven formulas applied to the reported numbers, each with its assumption next to the result. None of them predicts a price.
Square root of 22.5 × earnings × book value. Blind to intangibles, so it undervalues software and brands.
Earnings growing 1.6% a year plus a 2.6% dividend yield. Growth capped at 25%.
Median P/E of 20.5 among peers in the sector.
Median P/E of 24.5 across this company’s own years on record.
This formula has no meaning here — usually a loss, negative cash flow, or a missing input.
Sector median of 13.3x operating profit, less net debt. Banks have no EBITDA.
Dividend growing 3.3% a year against a 7.7% required return, from the stock’s beta.
Companies of similar size in Utilities, for comparison. The columns are the same ones above, in the same order.
| Stock | Price | P/E | P/B | Dividend yield | ROE | Market cap |
|---|---|---|---|---|---|---|
| UTLUnitil Corp | $55.06 | 17.4x | 1.6x | 3.45% | 9.62% | $1B |
| FLNCFluence Energy, Inc. | $5.70 | — | 2.2x | 0.00% | -23.54% | $1.11B |
| SPHSuburban Propane Partners LP | $17.73 | 9.0x | 1.7x | 7.33% | 19.23% | $1.18B |
| XIFRXPLR Infrastructure, LP | $9.84 |
| 24.5x |
| 21.4x |
| 21.3x |
| 37.3x |
| 32.9x |
| 58.1x |
| 33.2x |
| 31.6x |
| 27.2x |
| 28.9x |
| 31.1x |
| 21.8x |
| 20.4x |
| 20.3x |
| 21.7x |
| 22.2x |
| 19.1x |
| 24.5x |
| P/S | 4.9x | 4.8x | 4.9x | 7.0x | 8.5x | 14.7x | 8.9x | 8.2x | 6.3x | 5.0x | 5.3x | 3.4x | 3.2x | 2.9x | 2.8x | 2.9x | 2.8x | 2.6x |
| P/B | 1.9x | 1.9x | 2.1x | 2.8x | 3.5x | 5.7x | 3.7x | — | — | — | — | — | — | 1.0x | 1.0x | 0.9x | 0.9x | 1.7x |
| EPS | $2.36 | $2.47 | $1.76 | $2.39 | $2.07 | $2.18 | $2.01 | $1.96 | $1.38 | $1.38 | $1.22 | $1.13 | $1.03 | $0.90 | $0.84 | $0.96 | $0.72 |
| Dividend yield | 2.50% | 2.74% | 2.50% | 1.93% | 1.50% | 1.16% | 1.44% | 1.54% | 1.71% | 2.15% | 1.88% | 2.93% | 3.31% | 3.60% | 3.80% | 3.93% | 3.94% | 4.05% |
| Payout | 63.77% | 58.47% | 53.24% | 71.82% | 49.50% | 67.58% | 47.75% | 48.56% | 46.53% | 62.10% | 58.55% | 63.77% | 67.52% | 73.20% | 82.56% | 87.38% | 75.31% | 99.17% |
| Profit margin | 17.44% | 21.99% | 23.11% | 18.96% | 26.12% | 25.53% | 27.14% | 25.18% | 23.50% | 17.44% | 17.11% | 15.89% | 15.75% | 14.48% | 13.04% | 13.17% | 13.95% | 10.93% |
| ROE | 7.45% | 8.67% | 9.96% | 7.45% | 10.60% | 9.94% | 11.10% | — | — | — | — | — | — | 5.17% | 4.55% | 4.30% | 4.62% | 7.15% |
Median of the years shown; P/E years above 200x are left out.
The average of the method families that answered, not of the seven numbers: four of the seven start from the same earnings per share.
6 methods answered, across 3 families.
Room for errors in the reported numbers.
-30.9% from the average.
Models, not forecasts, and not investment advice. How each formula works →
| 14.3x |
| 0.3x |
| 0.00% |
| -1.61% |
| $927.91M |
| HEHawaiian Electric Industries Inc | $8.75 | 6.7x | 0.9x | 0.00% | 13.45% | $1.51B |
| CEPUCentral Puerto S.a | $12.93 | 5.7x | 1.0x | 8.35% | 19.03% | $1.94B |