Middlesex Water Company
Research Middlesex Water Company (MSEX) on Bullrun: valuation model: 7.4% undervalued, market cap USD 1.11B, P/E 22.6, dividend yield 2.5%. Explore financials, valuation history, model signals, and stock context.
Key Metrics
- TickerMSEX
- ExchangeNASDAQ
- CountryUnited States
- SectorUtilities
- IndustryUtilities-Regulated Water
- CurrencyUSD
- Valuation signal7.4% undervalued
- Market capUSD 1.11B
- P/E22.6
- Dividend yield2.5%
- Financial periodQ2 2026
- RevenueUSD 56.36M
- Net incomeUSD 14.77M
- Free cash flow-USD 16.43M
- Gross margin54.9%
Valuation Snapshot
Bullrun's latest valuation model marks Middlesex Water Company as 7.4% undervalued; latest market cap is USD 1.11B; P/E is 22.6; dividend yield is 2.5%.
Peer valuation comparison
Latest P/E is 22.65x versus a Utilities sector median of 17.14x (32.2% above).
Latest dividend yield is 2.49% versus a Utilities sector median of 3.61% (31.0% below).
Five-year financial history
| Year | Revenue | Net income | Free cash flow | Gross margin | Diluted EPS | Cash | Total debt | Equity |
|---|---|---|---|---|---|---|---|---|
| FY2025 | USD 194.69M | USD 43 | -USD 33.76M | 53.1% | 2.36 | USD 2.80M | USD 386.72M | USD 494.03M |
| FY2024 | USD 191.88M | USD 44 | -USD 15.89M | 51.9% | 2.47 | USD 4.23M | USD 360.53M | USD 445.26M |
| FY2023 | USD 166.27M | USD 32 | -USD 37.40M | n/a | 1.76 | USD 2.39M | USD 722.89M | USD 422.99M |
| FY2022 | USD 162.29M | USD 42 | -USD 29.97M | n/a | 2.39 | USD 3.83M | USD 307.74M | USD 400.33M |
Valuation history
| Year | Snapshot date | Market cap | P/E | Dividend yield | Annual dividend/share |
|---|---|---|---|---|---|
| 2026 | 2026-08-25 | USD 1.11B | 22.6 | 2.5% | 1.44 |
| 2025 | 2025-12-31 | USD 933.83M | 21.4 | 2.7% | 1.38 |
| 2024 | 2024-12-31 | USD 941.39M | 21.3 | 2.5% | 1.33 |
| 2023 | 2023-12-29 | USD 1.17B | 35.5 | 1.9% | 1.26 |
| 2022 | 2022-12-30 | USD 1.39B | 32.8 | 1.5% | 1.18 |
| 2021 | 2021-12-31 | USD 2.11B | 58.1 | 1.2% | 1.39 |
Dividend history
Latest trailing dividend snapshot: annual dividend/share 1.44 USD, yield 2.5%.
| Year | Dividends/share |
|---|---|
| FY2025 | 1.38 USD |
| FY2024 | 1.32 USD |
| FY2023 | 1.26 USD |
| FY2022 | 1.18 USD |
About Middlesex Water Company
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.
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Frequently asked questions
Is Middlesex Water Company overvalued or undervalued?
Bullrun's valuation model currently marks Middlesex Water Company as 7.4% undervalued.
What is Middlesex Water Company's market cap?
Middlesex Water Company's market capitalization is USD 1.11B.
What is Middlesex Water Company's P/E ratio?
Middlesex Water Company's price-to-earnings (P/E) ratio is 22.6.
Does Middlesex Water Company pay a dividend?
Middlesex Water Company has a dividend yield of 2.5%.
What does Middlesex Water Company do?
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.