Middlesex Water Company (MSEX) Stock

Middlesex Water Company (MSEX) is a Utilities stock trading at $58.21 (as of 2026-08-21), with a market capitalization of $1.10B and a trailing P/E of 22.0. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Middlesex Water Company owns and operates regulated water utility and wastewater systems with two operating segments: Regulated and Non-Regulated. The company provides regulated water and wastewater services, and also offers non-regulated operation and maintenance contract services, serving customers in New Jersey and Delaware.

Understand Middlesex Water Company: how it makes money

Middlesex Water Company owns and operates regulated water utility and wastewater systems, and it also provides non-regulated contract operation and maintenance services, earning money by delivering water and regulated wastewater service to customers and by performing contracted utility system services.

The profit model is structurally split between (1) the Regulated segment, which collects, treats, and distributes water and provides regulated wastewater service to customers, and (2) the Non-Regulated segment, which earns revenue by providing contract operation and maintenance for municipal and private water and wastewater systems.

Business quality (Mixed): Good operational context is provided (customer and community counts, plus regulated versus non-regulated split), but there is no segment revenue detail in the supplied facts, so segment-level financial contribution cannot be quantified.

Valuation: At 23× earnings, MSEX trades in line with the Utilities average (22×). Note: one-time items can distort reported P/E.

Bull case

Essential, ongoing service: The Regulated segment collects, treats, and distributes water on a retail and wholesale basis to residential, commercial, industrial, and fire protection customers.
Broader operating footprint: The company serves about 59,000 customers across about 470 separate communities.
Second revenue stream: The Non-Regulated segment provides contract services for the operation and maintenance of municipal and private water and wastewater systems in New Jersey and Delaware.

Bear case

Regulatory exposure risk: Because a large part of operations is regulated (water distribution and regulated wastewater systems), results can be sensitive to how regulated service and related rules affect operating economics.
Cost and infrastructure execution risk: Operating and maintaining water and wastewater systems can face cost pressures and execution demands that can impact profitability.
Non-regulated contract variability: The Non-Regulated segment depends on non-regulated contract services, which may be less predictable than customer utility service.

Valuation — source: SEC EDGAR (first-party)
Price	$58.21
Market Cap	$1.10B
P/E Ratio	22.0
EV / EBITDA	16.2
Price / Book	2.11
Price / Sales	5.28
DCF Value (model)	$12.60
DCF Upside vs Price	-78.4%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$194.69M
Net Margin	22.0%
Revenue Growth (YoY)	1.5%
EPS Growth (YoY)	-4.8%

Financial Health — source: SEC EDGAR
Altman Z-Score	1.19 (distress)

Valuation vs Sector & Industry
Stock P/E	22.0
Sector P/E (Utilities)	20.8
Industry P/E (Utilities)	20.1
vs Sector	5.4%
vs Industry	9.4%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	BlackRock, Inc. ($157.01M)
Institutional Holders Tracked	10

Company
Sector	Utilities
Industry	Utilities
CEO	Nadine Duchemin-Leslie
Employees	360
Country	US
IPO Date	1973-02-21

Related Companies (Business model: Regulated Utility (Electric / Gas); 8 closest by market cap; US-domiciled)

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.