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

$962.03M

P/E (TTM)

22.3

Dividend Yield

2.7%

52W High

$67.09

52W Low

$44.17

52W Range

34%

Rank30Top 19.5%

5.1

F-Score

Modified Piotroski Analysis

Based on 10-year fundamentals

Average • 5.1 / 9 points

Scoring Range (0-9)

8-9: Excellent Value

6-7: Strong Fundamentals

4-5: Average Quality

0-3: Weak Performance

Data Period: 2016-2025

Financial Dashboard

Q4 2025 Data

Revenue

$46.98M+0.00%

4-Quarter Trend

EPS

$0.47+0.00%

4-Quarter Trend

FCF

-$6.25M+0.00%

4-Quarter Trend

2025 Annual Earnings Highlights

Key Highlights

Operating Revenue Growth Operating Revenues reached $194.7 M in 2025, showing $2.8 M revenue increase compared to prior year.

Middlesex Rate Case Approval Secured $14.5 M base rate increase for Middlesex and Pinelands, effective February 23, 2026, via NJBPU.

Tidewater Rate Increase Secured Tidewater received $5.5 M base rate increase from DEPSC, effective July 3, 2025, boosting revenue recovery.

Major Capital Investment Plan Projected $506 M capital investment through 2028, prioritizing infrastructure upgrades and CJO Plant PFAS removal projects.

Risk Factors

Net Income Experienced Decline Net Income fell to $42.8 M in 2025, a $1.5 M decrease despite overall revenue growth achievements.

Weather Impacts Demand Volatility Warmer month demand variations due to weather patterns may decrease customer demand and adversely affect revenues.

PFAS Compliance Deadlines New USEPA PFAS MCLs require treatment implementation by 2029, posing significant compliance cost and regulatory risks.

Regulatory Cost Recovery Lag Inability to recover treatment costs timely through regulatory rate filings may reduce earnings and overall profitability.

Outlook

2026 Capital Expenditure Focus Plan $126 M investment in 2026, including $36 M for CJO Plant PFAS removal integration projects.

Pinelands Merger Finalization Pinelands merger into Middlesex approved by NJBPU, expected operational efficiencies finalized in the first quarter 2026.

Selective Growth Strategy Growth strategy focuses on infrastructure resiliency, selective acquisitions, and contract operations meeting defined risk profile.

Cybersecurity Program Maintenance Maintain robust defense-in-depth cybersecurity posture, utilizing continuous monitoring and external expert collaboration efforts.

Peer Comparison

Revenue (TTM)

EDN

$2.30B

+33.1%

RNW

$1.49B

+50.5%

WTTR

$1.41B

-3.1%

Gross Margin (Latest Quarter)

YORW

109.3%

-1.2pp

PCYO

68.4%

+4.7pp

RNW

56.6%

-13.9pp

Key Metrics

Symbol	Market Cap	P/E (TTM)	ROE (TTM)	Debt to Assets
ARIS	$3.94B	49.7	7.2%	21.6%
RNW	$1.88B	14.5	10.0%	75.1%
WTTR	$1.46B	67.0	2.6%	22.1%

Long-Term Trends

Last 4 Quarters

Revenue

Net Income

Operating Cash Flow

4Q Revenue CAGR

2.0%

Moderate Growth

4Q Net Income CAGR

-3.2%

Stable Profitability

Cash Flow Stability

100%

Strong Cash Flow

Deep Research

Next earnings:Apr 29, 2026

EPS:-

Revenue:-

Financials

Earnings Calls

Reports

News

Income Statement

Balance Sheet

Cash Flow Statement

Ratios

% Chg.

Income Statement	LTM

No Data