Is Middlesex Water (MSEX) overvalued or fairly valued?

MarketChacha shows Middlesex Water's valuation in context — a trailing P/E of about 19.8, a forward P/E of about 17.8, a price-to-book of about 1.9 — alongside its revenue and profit growth and whether reported profit converts into operating cash, so you can judge value for yourself. MarketChacha does not issue ratings, price targets, or buy/sell advice.

Does Middlesex Water's reported profit turn into cash?

Over 3 years, operating cash flow fully covered reported profit — earnings are backed by real cash. MarketChacha computes this cash-conversion check (1.47×) from reported figures — education, not a rating.

What is Middlesex Water's revenue?

Middlesex Water reported revenue of $194.7M for FY2025, with net profit of $42.8M, per official filings.

What is the share price of Middlesex Water (MSEX)?

Middlesex Water last traded at $54.12 (+1.6% on the day), as of 10/20/2026 — a delayed quote shown for education, not investment advice.

Middlesex Water

MSEX · NYSE · Utilities · United States

Snapshot

TickerMSEX

ExchangeNYSE

SectorUtilities

IndustryUtilities - Regulated Water

CountryUnited States

Employees395

HeadquartersIselin, United States

Websitewww.middlesexwater.com

Filings tracked14

About Middlesex Water

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.

Who owns it

Insiders2.3%
Institutions88.7%
Public & other9.0%

317 institutional holders

Ownership breakdown from public market data.

Top holders

Blackrock Inc.16.63%
T. Rowe Price Investment Management, Inc.9.27%
Neuberger Berman Group, LLC8.51%
Morgan Stanley5.85%
Vanguard Capital Management LLC4.26%
State Street Corporation4.24%
Vanguard Portfolio Management LLC2.73%
Geode Capital Management, LLC2.66%

Largest institutional holders — last updated 6/30/2026.

Forensic scorecard

No major accounting red flags in the fundamentals we have — profit is backed by cash and returns look healthy.

Cash conversion1.47×

Over 3 years, operating cash flow fully covered reported profit — earnings are backed by real cash.

Net margin trend19.0% → 22.0%

Margin has expanded by about 3.0 points — the business is getting more profitable.

Growth qualityrev 8% · PAT 17%

Profit growth is broadly tracking revenue growth — the earnings trend looks operational rather than one-off.

Computed by MarketChacha from reported figures (SEC XBRL). Education, not a rating or recommendation.

What's expected next

Next quarter

Rev $52.3M · EPS 0.48

Est. earnings growth +4.3%

Next fiscal year

Rev $237.6M · EPS 2.99

Est. earnings growth +12.0%

Analyst consensus estimates — not the company's own guidance.

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P/E ROE ROCE Margins Market cap

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Financials at a glance

Source: SEC XBRL

Annual

Quarterly · last 8

Revenue (FY2025)

$194.7M

Net margin

22.0%

ROE

8.7%

Revenue CAGR (2y)

+8.2%

Profit CAGR (2y)

+16.6%

EPS (FY2025)

2.36

Net profit (FY2025)

$42.8M

Ask MarketChacha about MSEX

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Financials

Yearly

Period	Revenue	Net profit	EPS	Net margin	ROE
FY2025	$194.7M	$42.8M	2.36	22.0%	8.7%
FY2024	$191.9M	$44.4M	2.47	23.1%	10.0%
FY2023	$166.3M	$31.5M	1.76	19.0%	7.5%

Quarterly

Period	Revenue	Net profit	EPS	Net margin
2026Q2	$56.4M	$14.8M	0.79	26.2%
2026Q1	$48.7M	$10.6M	0.57	21.8%
2025Q3	$54.1M	$14.0M	0.77	25.8%
2025Q2	$49.3M	$10.8M	0.60	21.9%
2025Q1	$44.3M	$9.5M	0.53	21.4%
2024Q4	$47.1M	$8.8M	0.49	18.7%
2024Q3	$55.1M	$14.3M	0.80	26.0%
2024Q2	$49.1M	$10.5M	0.59	21.5%
2024Q1	$40.5M	$10.7M	0.59	26.4%
2023Q4	$38.6M	$5.8M	0.32	14.9%
2023Q3	$46.7M	$10.0M	0.56	21.4%
2023Q2	$42.8M	$9.9M	0.55	23.1%
2023Q1	$38.2M	$5.9M	0.33	15.4%

Figures as reported, in reporting currency. Source: SEC XBRL.

Filings & announcements

2026

8-K — Results of operations, Exhibits
SEC7/30/2026material
10-Q filing
SEC7/30/2026
8-K — Shareholder vote results
SEC5/20/2026material
8-K — Results of operations, Exhibits
SEC4/30/2026material
10-Q filing
SEC4/30/2026
8-K — Executive/director change
SEC3/26/2026material
8-K — Material agreement, Exhibits
SEC2/24/2026material
8-K — Results of operations, Exhibits
SEC2/19/2026material
10-K filing
SEC2/19/2026

2025

8-K — Executive/director change, Exhibits
SEC12/22/2025material
8-K — Results of operations, Exhibits
SEC10/31/2025material
10-Q filing
SEC10/31/2025
8-K — Results of operations, Exhibits
SEC7/31/2025material
10-Q filing
SEC7/31/2025

In the news

Education and discussion only — not investment advice. Financials from official filings (SEC/BSE) and reported company statements; market figures (delayed market data) are delayed and shown for reference only. Verify with the linked sources before acting.