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Middlesex Water Company

Middlesex Water Company

NASDAQ•MSEX
CEO: Ms. Georgia M. Simpson
Sector: Utilities
Industry: Regulated Water
Listing Date: 1973-02-21
Middlesex Water Company owns and operates regulated water utility and wastewater systems. It operates in Regulated and Non-Regulated segments. The Regulated segment collects, treats, and distributes water on a retail and wholesale basis to residential, commercial, industrial, and fire protection customers, as well as provides regulated wastewater systems in New Jersey and Delaware. The Non-Regulated segment provides non-regulated contract services for the operation and maintenance of municipal and private water and wastewater systems in New Jersey and Delaware. Middlesex Water Company was incorporated in 1896 and is headquartered in Iselin, New Jersey.
Contact Information
485C Route 1 South, Suite 400, Iselin, NJ, 08830, United States
732-634-1500
www.middlesexwater.com
Market Cap
$924.26M
P/E (TTM)
21.7
19.7
Dividend Yield
2.7%
52W High
$67.09
52W Low
$44.17
52W Range
32%
Rank33Top 18.8%
5.2
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Average • 5.2 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2015-2024

Financial Dashboard

Q3 2025 Data

Revenue

$54.09M-1.83%
4-Quarter Trend

EPS

$0.77-3.75%
4-Quarter Trend

FCF

-$6.86M-114.24%
4-Quarter Trend

2025 Q3 Earnings Highlights

Key Highlights

Operating Cash Flow Strong Operating cash flow increased $6.8M to $44.1M for nine months, driven by rate increases and lower tax payments.
Nine-Month Revenue Growth Operating revenues reached $147.7M, up $2.9M, supported by Middlesex and Tidewater base rate increases during nine months.
Equity Position Strengthened Total Common Equity grew to $482.5M by September 30, 2025, reflecting retained earnings growth and stock issuance activity.
PFAS Litigation Settlement Received Received $1.1M in net PFAS litigation settlement proceeds in Q3/Oct 2025, recorded as a regulatory liability pending approval.

Risk Factors

Net Income Declined Slightly Nine-month Net Income fell $1.3M to $34.2M, while Diluted EPS decreased to $1.90 from $1.98 previously reported.
Increased Short-Term Borrowing Current Notes Payable rose sharply to $55.0M by September 30, 2025, up $32.0M from year-end 2024 levels.
Higher Capital Expenditures Used Investing cash used $76.2M for nine months, a $26.8M increase, driven by utility plant investment and acquisitions.
Regulatory Rate Relief Timing Middlesex seeks $24.9M rate increase; timely recovery of costs remains subject to NJBPU approval timelines and statutes.

Outlook

Major Infrastructure Investment Planned Company plans approximately $93M capital investment in 2025 for infrastructure upgrades, resiliency, and main replacements.
Future Equity Issuance Authorized Middlesex authorized to issue up to $260.0M in debt/equity through 2028 to fund portions of its multi-year capital program.
PFAS Compliance Strategy Underway Finalizing engineering design for PFAS treatment at largest NJ facility to meet anticipated stricter USEPA MCLs by 2029.
Growth Dependent on Key Factors Future income growth relies on weather stability, adequate and timely rate relief, effective cost management, and customer growth.

Peer Comparison

Revenue (TTM)

Empresa Distribuidora y Comercializadora Norte Sociedad AnónimaEDN
$2.30B
+34.5%
ReNew Energy Global PlcRNW
$1.43B
+46.4%
Select Water Solutions, Inc.WTTR
$1.41B
-4.6%

Gross Margin (Latest Quarter)

ReNew Energy Global PlcRNW
82.8%
-16.1pp
Middlesex Water CompanyMSEX
43.3%
-10.7pp
Artesian Resources CorporationARTNA
40.3%
-13.9pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
RNW$2.00B20.97.6%75.5%
EDN$1.38B7.418.3%0.0%
WTTR$1.12B54.92.5%21.3%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
4.7%
Moderate Growth
4Q Net Income CAGR
16.6%
Profitability Improved
Cash Flow Stability
100%
Strong Cash Flow

Research & Insights

Next earnings:Feb 27, 2026
|
EPS:$0.47
|
Revenue:-
Reports
All Years

  • Form 10-Q - Q3 2025

    Period End: Sep 30, 2025|Filed: Oct 31, 2025|
    Revenue: $54.09M-1.8%
    |
    EPS: $0.77-3.8%
    Miss

  • Form 10-Q - Q2 2025

    Period End: Jun 30, 2025|Filed: Jul 31, 2025|
    Revenue: $49.32M+0.4%
    |
    EPS: $0.60+1.7%
    Miss

  • Form 10-Q - Q1 2025

    Period End: Mar 31, 2025|Filed: May 1, 2025|
    Revenue: $44.30M+9.3%
    |
    EPS: $0.53-11.7%
    Miss

  • Form 10-K/A - FY 2024

    Period End: Dec 31, 2024|Filed: Mar 11, 2025|
    Revenue: $191.88M+15.4%
    |
    EPS: $2.48+40.1%
    Beat

  • Form 10-K - FY 2024

    Period End: Dec 31, 2024|Filed: Feb 28, 2025|Refer to amended data

  • Form 10-Q - Q3 2024

    Period End: Sep 30, 2024|Filed: Oct 31, 2024|
    Revenue: $55.10M+17.9%
    |
    EPS: $0.80+42.9%
    Beat

  • Form 10-Q - Q2 2024

    Period End: Jun 30, 2024|Filed: Jul 31, 2024|
    Revenue: $49.15M+14.8%
    |
    EPS: $0.59+5.4%
    Miss

  • Form 10-Q - Q1 2024

    Period End: Mar 31, 2024|Filed: May 8, 2024|
    Revenue: $40.52M+6.2%
    |
    EPS: $0.60+81.8%
    Meet