Middlesex Water Company

Middlesex Water Company

MSEX
Middlesex Water CompanyUS flagNASDAQ Global Select
53.20
USD
-0.52
- -
990.81MMarket Cap
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
7.24
7.3
7.8
8.18
8.02
8.42
8.05
8.11
8.17
9.21
9.38
10.75
10.76
10.9
Basic EPS, GAAP
1.04
1.14
1.23
1.39
1.39
1.97
2.02
2.19
2.08
2.4
1.77
2.48
2.36
2.4
Free Cash Flow per Basic Share
0.86
0.62
1.57
-0.02
-0.46
-1.6
-3.18
-2.99
1.89
3.48
2.98
3.29
3.46
3.32
Dividend per Share
0.76
0.77
0.79
0.82
0.87
0.92
0.98
1.05
1.11
1.19
1.27
1.32
1.38
1.4
Book Value per Share
11.89
12.29
12.79
13.44
14.05
15.17
19.38
19.83
21
22.71
23.85
24.96
27.3
27.44
Tangible Book Value per Share
11.89
12.29
12.79
13.44
14.05
15.17
19.38
19.83
21
22.71
23.85
24.96
27.3
27.44
Basic Weighted Avg Shares
16
16
16
16
16
16
17
17
18
18
18
18
18
18
Sales/Revenue/Turnover
115
117
126
133
131
138
135
142
143
162
166
192
195
199
Operating Margin (%)
26.97
29.36
28.44
30.32
28.9
26.9
26.39
26.43
23.2
25.92
23.59
27.73
27.93
28.09
Depreciation Expense
12
12
13
14
15
16
17
21
27
27
29
28
32
33
Net Income, GAAP
17
18
20
23
23
32
34
38
37
42
32
44
43
44
Effective Tax Rate (%)
34.14
35.01
34.5
34.04
32.73
2.77
- -
- -
- -
7.09
3.2
13.47
10.12
10.11
Profit Margin (%)
14.48
15.75
15.89
17.11
17.44
23.5
25.18
27.14
25.53
26.12
18.96
23.11
21.99
22.07
Working Capital
-27
-21
-4
-20
-35
-64
-36
-23
-22
-81
5
-40
-52
-73
LT Debt
130
136
133
135
139
153
237
278
311
294
361
355
381
373
Total Equity
192
200
209
221
232
251
326
348
370
402
425
447
495
502
Return on Invested Capital (%)
5.61
6.11
6.45
7.14
6.35
8.12
- -
- -
- -
5.27
4.67
5.46
5.53
5.55
Return on Capital (%)
5.7
6.11
6.58
7.13
6.68
8.71
- -
- -
- -
6.67
5.22
6.64
6.38
6.45
Return on Common Equity (%)
8.88
9.48
9.84
10.63
10.13
13.52
11.79
11.43
10.2
11.02
7.63
10.19
9.1
9.24

Capital Structure

FRC

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
63
36
55
LT Borrowings
350
379
372
LT Finance Leases
2
2
2
Preferred Equity and Hybrid Capital
1
1
1
Shares Outstanding
18
19
19
Market Capitalization
972
912
950

Working Capital

FRC

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
50
42
47
Cash, Cash Equivalents & STI
3
3
2
Accounts Receivable, Net
23
19
19
Inventories
7
8
8
Total Current Liabilities
118
94
120
Payables & Accruals
46
51
55
ST Debt
63
36
55
Deferred Revenue
1
- -
- -

Growth Rates

FRC

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
9.22%
7.32%
10.85%
Free Cash Flow
253.11%
-14.71%
6.58%
Net Income, GAAP
9.67%
4.55%
-3.45%
Sales/Revenue/Turnover
4.59%
6.76%
1.47%
Total Cash Common Dividend
7.12%
6.52%
6.49%

Quarterly Revenue

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
41
49
55
47
192
2025
44
49
54
47
195
2026
49
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.6
0.59
0.8
0.49
2.48
2025
0.53
0.6
0.77
0.47
2.36
2026
0.57
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.32
0.33
0.33
0.34
1.32
2025
0.34
0.34
0.34
0.36
1.38
2026
0.36
- -
- -
- -
- -

Company Description

APIChat
CEO
Nadine Duchemin-Leslie
Full Time Employees
360
Sector
Utilities
Industry
Regulated Water
Address
485C Route 1 South Iselin NJ United States of America 08830
IPO Date
Feb 21, 1973
Business
Middlesex Water Company Middlesex Water Company (NASDAQ:MSEX), incorporated in 1897 and headquartered in Iselin, New Jersey, owns and operates regulated water utilities and wastewater systems primarily in New Jersey and Delaware, with additional contract operations extending to Pennsylvania; the company collects, treats, distributes, and sells water for domestic, commercial, municipal, industrial, and fire protection purposes, while providing regulated wastewater collection and treatment services alongside non-regulated contract operations and maintenance for municipal and private water and wastewater systems. Its subsidiaries, including Tidewater Utilities, Inc., Pinelands Water Company, Pinelands Wastewater Company, Utility Service Affiliates, Inc., and others such as Southern Shores Water Company, LLC and White Marsh Environmental Systems, Inc., support a family of companies delivering technical and management solutions for aging infrastructure and regulatory compliance challenges faced by municipalities, developers, and small system owners. The company operates through two primary business segments: regulated operations serving residential, commercial, industrial, and fire protection customers on a retail and wholesale basis; and non-regulated services focused on the operation and maintenance of water and wastewater systems under contract. Middlesex Water Company recently expanded its Delaware footprint through its subsidiary Tidewater Utilities, Inc., which completed the acquisition of the Town of Ocean View's water system assets in Sussex County for $4.6 million in April 2025, adding approximately 900 customers to its base and enhancing service reliability in the region where Tidewater has supplied water since 2008. This transaction, approved by the Delaware Public Service Commission in February 2025, aligns with the company's ongoing strategy of strategic acquisitions to consolidate fragmented markets, upgrade infrastructure, and extend high-quality services amid industry-wide pressures from aging pipelines and regulatory demands. The company continues significant capital investments, with projected expenditures around $165-178 million in 2024-2025 for system renewals, treatment plant upgrades like the Carl J. Olsen facility, and pipeline replacements to ensure compliance and reliability across its multi-state service territories.

Company News

APIChat
  • AWK Concludes the Acquisition of Nexus Utility Assets for $315 Million

  • Middlesex Water: Not My Favorite Utility, Though Valuation Has Improved (Rating Upgrade)

  • Middlesex Water Company Reports First Quarter 2026 Earnings

  • Middlesex Water Company Declares Quarterly Cash Dividend

  • Middlesex Water Company Declares Quarterly Cash Dividend

  • Middlesex Water Company Appoints Tatyana Kaplan as Vice President and Chief Accounting Officer

  • Is Middlesex Water Stock a Buy After a Director Purchased 2,000 Shares?

  • Tidewater Utilities Announces Customer Bill Credit Using PFAS Litigation Proceeds

  • CenterBook Partners LP Reduces Holdings in Middlesex Water Company $MSEX

  • Middlesex Water Company Reports 2025 Earnings

  • Middlesex Water Company to Report 2025 Earnings on February 19

  • Middlesex Water Subsidiary Finalizes Pinewood Acres Water System Acquisition

  • Middlesex Water Company Declares Quarterly Cash Dividend

  • Middlesex Water (NASDAQ:MSEX) Share Price Passes Above 200-Day Moving Average – Here’s Why

  • Middlesex Water Company: Others Were More Attractive, But This Is Getting There

  • Middlesex Water Company Appoints Robert Hoglund to Board of Directors

  • Middlesex Water (NASDAQ:MSEX) Stock Price Passes Above 200-Day Moving Average – What’s Next?

  • Dividend Kings: 3 Ideal Buys In 56 For December

  • Buy 3 Ideal Dividend Kings Of 24 'Safer' In November's 56

  • ADP, Snap-on Lead 14 Companies To Announce Annual Increases In First Half Of November