Middlesex Water Company (MSEX) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Middlesex Water Company $22.89, price $53.65, upside -57.3%, quality 41 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
60‑month range $43.08 – $109.11 · fair‑value band $19.37 – $28.18 · the $53.65 price screens above the $22.89 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.
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Middlesex Water Company owns and operates regulated water utility and wastewater systems in the United States. It operates in two segments, Regulated and Non-Regulated.
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Middlesex Water Company owns and operates regulated water utility and wastewater systems in the United States. It operates in two segments, Regulated and Non-Regulated. The company collects, treats, and distributes water on a retail and wholesale basis to residential, commercial, industrial, and fire protection customers; and provides regulated wastewater system. It also provides non-regulated contract services for the operation and maintenance of municipal and private water and wastewater systems. Middlesex Water Company was incorporated in 1896 and is headquartered in Iselin, New Jersey.
Stock analysis
Middlesex Water Company (MSEX) currently trades at $53.65, while our model-based Fair Value estimate is $22.89, implying the stock looks roughly 134.4% overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of $35.39 per share, and 0 of the 16 models we run sit above the $53.65 price.
Bear case: the Economic Profit group reads lowest at $3.65, and 16 of the 16 models stay below the price. Evidence for this calculation is high.
Scenario range: $19.37 (bear) to $28.18 (bull), the price of $53.65 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 41/100 (below-average quality), in the Utilities sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Middlesex Water Company reported revenue of $195M in FY2025 versus $143M in FY2021, a compound +8.0%/yr. Reported net income was $42.8M in FY2025, compounding +4.0%/yr from FY2021.
Key figures
Market cap $1.0B · P/E ratio 20.6 · P/S ratio 4.52 · EPS (TTM) $2.61 · Dividend yield 2.6% · Net margin 22.0% · Return on equity 9.8% · Return on assets (EBIT) 3.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 46 out of 100 (medium confidence).
What moves the price
The share trades about 11% below its 52-week high and 13% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Utilities peers we cover trades at −42% fair-value upside, at −57%, MSEX screens richer than that median.
Fair Value models
Bear $19.37Fair Value $22.89Bull $28.18
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then ($0.8705 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+1.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.6%
Start year 2020 (pandemic). Over 10 years: +4.4% a year
Revenue growth 40 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.8%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+5.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+2.6%
Dividend (yield on the price)2.6%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.3% vs 7%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.26% → 28%
Compare Middlesex Water Company with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Utilities - Regulated Water · 66 stocks
Beats the industry median on 6/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score41 · Below median
Fair Value upside−57% · Bottom 25%
Profitability
Return on equity (TTM)10% · Above median
Return on assets3% · Above median
Net margin (TTM)23% · Top 25%
Operating margin (TTM)34% · Top 25%
Growth and dividend
Revenue growth14% · Top 25%
Dividend yield (TTM)2.6% · Above median
Balance sheet
Debt / equity0.77× · Above median
Valuation Multiplesvs Utilities - Regulated Water median · lower = cheaper
P/E (TTM)20.6× · Pricier than median
P/B2.03× · Pricier than median
P/S (TTM)4.88× · Priciest 25%
EV/EBITDA14.2× · Pricier than median
PEG18.45× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 11
FUTURE (revenue growth)72· sector 28
PAST (return on equity)39· sector 30
HEALTH (low debt)62· sector 66
DIVIDEND (yield)53· sector 48
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Middlesex Water Company Fair Value". https://www.fairvalue-calculator.com/stock/MSEX
Frequently asked questions
Is Middlesex Water Company (MSEX) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of $22.89 versus a price of $53.65, about −57% upside (overvalued).
What is the fair value of MSEX?
Our model-based fair value for Middlesex Water Company is $22.89 (as of Sep 23, 2026), built from audited fundamentals. The current price: $53.65.
What is the quality score of MSEX?
Middlesex Water Company has a Quality Score of 41/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Middlesex Water Company (MSEX)?
Our model-based price target is the fair value of $22.89 (as of Sep 23, 2026) from 16 valuation models. Cautious scenario $19.37, optimistic scenario $28.18. It is a calculation from audited fundamentals, not an analyst target.
What is the Middlesex Water Company stock forecast for 2026?
Our models put fair value at $22.89, about −57% upside versus a price of $53.65 (overvalued). Cautious scenario $19.37, optimistic scenario $28.18. The calculation is refreshed regularly with new filings.
What is the revenue of Middlesex Water Company (MSEX)?
Middlesex Water Company reported trailing-twelve-month revenue of about $206M (latest available figure, as of Sep 23, 2026).
Does Middlesex Water Company pay a dividend?
Middlesex Water Company currently shows a dividend yield of about 2.65% relative to its recent price (as of Sep 23, 2026).
What is the intrinsic value of Middlesex Water Company (MSEX)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Middlesex Water Company it is $22.89 per share (as of Sep 23, 2026), against a price of $53.65. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is Middlesex Water Company stock overvalued or undervalued in 2026?
As of Sep 23, 2026, MSEX trades above its calculated fair value: price $53.65, fair value $22.89, a gap of about −57% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of MSEX?
No. The price is what the market pays today ($53.65); the fair value is what the company's own numbers justify ($22.89). For Middlesex Water Company the two are $30.76 per share apart. That gap is exactly why we show both numbers side by side.
How much is Middlesex Water Company worth?
The market values Middlesex Water Company at about $1.0B (market capitalisation, as of Sep 23, 2026). Per share that is $53.65; our models calculate a fair value of $22.89 per share.
What do the bullish and bearish scenarios say about MSEX?
Our models span a range for Middlesex Water Company: cautious scenario $19.37, base $22.89, optimistic $28.18 per share (as of Sep 23, 2026, price $53.65). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MSEX?
Middlesex Water Company trades at a price-to-earnings ratio of 20.6 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $22.89 is built from several models across several years. Other multiples: PEG 18.5, P/B 2.0, P/S 4.9, EV/EBITDA 14.2.
What is the PEG ratio of MSEX?
The PEG ratio of Middlesex Water Company is 18.45 (P/E divided by earnings growth, as of Sep 23, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Middlesex Water Company (MSEX)?
Balance-sheet figures for Middlesex Water Company (as of Sep 23, 2026): return on equity 9.8%, debt of 0.77 per unit of equity. They feed the Quality Score of 41/100, which measures business quality independently of the share price.
How far is MSEX from its 52-week high?
Middlesex Water Company trades at $53.65, about 11% below its 52-week high of $60.34 and 13% above the low of $47.65 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of $22.89 is for.
Which stocks are comparable to Middlesex Water Company?
From the same area (Utilities) we also value American Water Works Company, SBS, Essential Utilities, Inc, Grandblue Environment Co, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Middlesex Water Company stock attractive at the current price?
The data as of Sep 23, 2026: price $53.65, calculated fair value $22.89 (−57%), Quality Score 41/100, from 16 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of MSEX calculated?
We run Middlesex Water Company through 16 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $22.89, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. Middlesex Water Company itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Middlesex Water Company (MSEX)?
The closing price on Sep 23, 2026 was $53.65. Our model-based fair value is $22.89, about −57% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Middlesex Water Company right now?
The price sits above even our optimistic bull case ($28.18). The favourable scenario is already priced in. Weak quality (41/100) and above fair value at the same time, the margin of safety is missing on both counts.
Where does the earnings growth of Middlesex Water Company (MSEX) come from?
Earnings per share at Middlesex Water Company grew +6.5 % a year from 2014 to 2025. Broken into its drivers: revenue per share +3.3 %, EBIT margin −1.1 %, tax rate +3.6 %, residual (interest, one-offs) +0.6 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Middlesex Water Company
How large is the market capitalisation of Middlesex Water Company (MSEX)?
The market capitalisation of Middlesex Water Company is $1.0B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Middlesex Water Company (MSEX)?
The price-to-sales ratio of Middlesex Water Company is 4.52 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Middlesex Water Company (MSEX)?
Earnings per share at Middlesex Water Company are $2.61 (price ÷ EPS = P/E 20.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Middlesex Water Company (MSEX)?
The dividend yield of Middlesex Water Company is 2.6% (payout 54.4%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Middlesex Water Company (MSEX)?
The net margin of Middlesex Water Company is 22.0% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Middlesex Water Company (MSEX)?
The return on equity (ROE) of Middlesex Water Company is 9.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Middlesex Water Company (MSEX)?
On an EBIT basis the return on assets of Middlesex Water Company is 3.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Middlesex Water Company (MSEX)?
The operating margin of Middlesex Water Company is 34.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Middlesex Water Company (MSEX)?
Revenue at Middlesex Water Company is growing +14.3% versus a year earlier (3y avg +6.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Middlesex Water Company (MSEX)?
Earnings per share at Middlesex Water Company are growing +31.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Middlesex Water Company (MSEX) generate?
The free cash flow of Middlesex Water Company is −$33.8M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Middlesex Water Company (MSEX) carry?
The net debt of Middlesex Water Company is $416M (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Sep 23, 2026