Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
Middlesex Water CoMSEX +1.39%78 Graham Number is $39.32 as of Jun. 2026, which is 1764% above its 10-year median of 2.11. GuruFocus rates MSEX with a GF Score™ of 78/100 and a GF Value™ of $59.53 (Fairly Valued). The stock has 4 warning signs investors should review. Among 415 Utilities - Regulated companies, Middlesex Water Co ranks worse than 67.23% on this metric.
Graham Number is a figure that measures a stock's fundamental value by taking into account the company's earnings per share and book value per share. The Graham number is the upper bound of the price range that a defensive investor should pay for the stock. According to the theory, any stock price below the Graham number is considered undervalued, and thus worth investing in.
As of today (2026-08-09), the stock price of Middlesex Water Co is $58.1703. Middlesex Water Co's graham number for the quarter that ended in Jun. 2026 was $39.32. Therefore, Middlesex Water Co's Price to Graham Number ratio for today is 1.48.
The historical rank and industry rank for Middlesex Water Co's Graham Number or its related term are showing as below:
MSEX'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 1.36 Med: 2.11 Max: 3.95
Current: 1.48
During the past 13 years, the highest Price to Graham Number ratio of Middlesex Water Co was 3.95. The lowest was 1.36. And the median was 2.11.
MSEX's Price-to-Graham-Number is ranked worse than 67.23% of 415
companies
in the Utilities - Regulated industry
Industry Median: 1.15
vs MSEX: 1.48
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Middlesex Water Co (NAS:MSEX) Graham Number Explanation
Ben Graham actually did not publish a formula like this. But he wrote in The Intelligent Investor (1948 version) regarding to the criteria for purchases:
Current price should not be more than 15 times average earnings of the past three years.
Current price should not be more than 1.5 times the book value last reported. However, a multiplier of earnings below 15 could justify a correspondingly higher multiplier of assets. As a rule of thumb we suggest that the product of the multiplier times the ratio of price to book value should not exceed 22.5. (This figure corresponds to 15 times earnings and 1.5 times book value. It would admit an issue selling at only 9 times earnings and 2.5 times asset value, etc.)
Unlike valuation methods such as DCF or Discounted Earnings, the Graham number does not take growth into the valuation. Unlike the valuation methods based on book value alone, it takes into account the earnings power. Therefore, the Graham Number is a combination of asset valuation and earnings power valuation.
In general, the Graham number is a very conservative way of valuing a stock. It cannot be applied to companies with negative book values.
Middlesex Water Co's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Jun. 2026 )
=
58.1703
/
39.32
=
1.48
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Be Aware
Please keep these in mind:
1. Graham Number does not take growth into account. Therefore it underestimates the values of the companies that have good earnings growth. We feel that if the earnings per share grows more than 10% a year, Graham Number underestimates the value.
2. Graham Number punishes the companies that have temporarily low earnings. Therefore, an average of earnings makes more sense in the calculation of Graham Number.
3. Graham Numbers underestimates companies that are light with book.
Middlesex Water Co Graham Number Related Terms
Middlesex Water Co Graham Number Historical Data
* Premium members only.
The historical data trend for Middlesex Water Co's Graham Number can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
MSEX vs YORW, CWCO, ARTNA: Graham Number Comparison
For the Utilities - Regulated Water subindustry, Middlesex Water Co's Price-to-Graham-Number, along with its competitors' market caps and Price-to-Graham-Number data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Middlesex Water Co Price-to-Graham-Number vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Middlesex Water Co's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Middlesex Water Co's Price-to-Graham-Number falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Middlesex Water Co (MSEX) has a Graham Number of $39.32 as of Jun. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Middlesex Water Co and its competitors. This is 1764% above median its historical median of 2.11. Over the past decade, Middlesex Water Co's Graham Number has ranged from 1.36 to 3.95. According to the industry distribution chart, Middlesex Water Co ranks #279 out of 415 companies in the Utilities - Regulated industry, placing it in the top 67.2%.
Is Middlesex Water Co's Graham Number too high?
Middlesex Water Co's current Graham Number of $39.32 is 1764% above median its 10-year median of 2.11. Over the past 10 years, this metric has ranged from a low of 1.36 to a high of 3.95. The Utilities - Regulated industry median Graham Number is 1.15. Middlesex Water Co's value of $39.32 is 3319.1% above this industry median. Based on the distribution chart, Middlesex Water Co ranks #279 out of 415 companies in the Utilities - Regulated industry, which is below the industry midpoint. Overall, Middlesex Water Co has a GF Score™ of 78/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Middlesex Water Co's Graham Number compare to YORW and CWCO?
According to the Utilities - Regulated industry distribution chart, Middlesex Water Co ranks #279 out of 415 companies for Graham Number. This places Middlesex Water Co in the lower half of its industry. The industry median Graham Number is 1.15. Middlesex Water Co's value of $39.32 is 3319.1% above this benchmark. Historically, Middlesex Water Co's own Graham Number has ranged from 1.36 to 3.95 over the past decade. While the company's 10-year median is 2.11 vs. the industry median of 1.15, Middlesex Water Co has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Graham Number for an Utilities - Regulated company?
The median Graham Number among Utilities - Regulated companies is 1.15, based on 415 companies in the industry. Companies in the top quartile (top 25%) have a Graham Number significantly above this median, while those in the bottom quartile fall well below. However, Graham Number should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Middlesex Water Co's current Graham Number of $39.32 is 3319.1% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Graham Number mean?
A high Graham Number can signal that a stock is expensive relative to its fundamentals. The Graham Number values a company based on its per-share earnings and book value. View historical data on Middlesex Water Co and its competitors. For the Utilities - Regulated industry, the median Graham Number is 1.15 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Middlesex Water Co's current Graham Number is $39.32, which is 1764% above median its own 10-year median of 2.11. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Middlesex Water Co stock overvalued right now?
Based on GuruFocus' analysis, Middlesex Water Co (MSEX) is currently considered Fairly Valued. The stock's GF Value™ is $59.53, compared to a current price of $58.17 — trading 2.3% below its estimated fair value. The current Graham Number is $39.32, which is 1764% above median its 10-year median of 2.11 and 3319.1% above the Utilities - Regulated industry median of 1.15. Middlesex Water Co's overall GF Score™ is 78/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Graham Number calculated?
Graham Number is calculated from a company's financial statements. For Middlesex Water Co (MSEX), the current Graham Number is $39.32 as of Jun. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Middlesex Water Co (MSEX) Overvalued in 2026?
Based on GuruFocus' analysis, Middlesex Water Co stock appears to be undervalued.
The current stock price of $58.17 is trading 2.3% below its estimated GF Value™ of $59.53.
GuruFocus considers Middlesex Water Co to be Fairly Valued.
Key valuation signals for MSEX:
Graham Number: $39.32 (1764% above median its 10-year median of 2.11)
GF Value™: $59.53 vs. price of $58.17 (2.3% below fair value)
Industry Position: 3319.1% above the Utilities - Regulated median (#279 of 415)
No single metric tells the full story. See the MSEX stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Middlesex Water Co owns and operates regulated water utility and wastewater systems in the U.S. The company has two operating segments, Regulated and Non-Regulated. The regulated business includes collecting and distributing water to residential, commercial, industrial, and fire protection consumers. The non-regulated business includes contract services for the operation of private water and wastewater systems. The majority of the company's revenue is derived from the Regulated segment and from residential customers.
78GF Score
Get the complete analysis for MSEX
Graham Number is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
MSEX has been successfully added to your 
