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Middlesex Water Co (MSEX) stock

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NASDAQ: MSEX Nasdaq Water Utilities Next results ~February 18, 2027

C+ Fundamentals grade

Middlesex Water Co is a US-listed company in the water utilities industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: after-tax interest is 61% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy.

Price vs value

Under review: after-tax interest is 61% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy. We'll show the comparison once resolved.

Middlesex Water Co valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 3 selling1 purchase and 4 sales by directors and officers, last 12 monthsInsider trades
  • Funds117 adding, 76 cuttingOf 25 active managers that changed their stake, 14 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Middlesex Water files

10-Q filed October 29: Middlesex Water Co

Middlesex Water's trailing twelve-month revenue to September 2026 reached $212m, an 8.9% increase on the prior year and a step up from the 5.3% growth recorded a quarter earlier. Profitability also improved: operating margin widened to 30.5%, from 27.6%, while free-cash-flow margin held steady at 18.4%. Less encouraging is the diluted share count, which rose 3.8% year on year, diluting existing holders even as earnings metrics strengthened. Taken together, the figures point to accelerating top-line growth and better margins, though shareholders are absorbing a modest increase in share count alongside those gains.

Our model value for Middlesex Water is under review, so past values are not shown until it is resolved.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Middlesex Water Co stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $206m, up 5.3% on a year earlier, faster than the 1.8% growth a quarter earlier. Free-cash-flow margin fell to 13.7% from 22.6% a year earlier. The diluted share count is up 2.9% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 1 of our 6 financial-health checks.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 18, 2027 (estimated)

Middlesex Water Co's trailing-twelve-month revenue grew 8.9% year on year, with a free-cash-flow margin of 18.4%. Where it stands out: net margin of 24.5% ranks 3 of 12 water utilities companies we cover. Where it lags: days sales outstanding of 41 days ranks 10 of 11 water utilities companies we cover.

Our discounted-cash-flow model values the business at ~$20 per share in the base case (~$9.6–$33 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to 8.9% (+3.7pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Growth speeding up. The growth rate is 3.7 points higher than a quarter earlier.
  • High operating margin. 30.5% of revenue is left as operating profit, against a median of 30.5% for water utilities companies we cover.

Things to watch

  • Share dilution. Diluted shares rose 3.8% in a year.
  • High debt. Long-term debt exceeds cash by $0.4bn, more than 1.5 times annual revenue.
  • Weak cash conversion. Free cash flow was 75% of net income over the last 12 months.
  • Below peers: days sales outstanding. Days sales outstanding of 41 days ranks 10 of 11 water utilities companies we cover (median 32 days).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$0.95 against an average estimate of $0.86: beat by 10.5%
Revenue
$60m, up 11.3% on a year earlier
Share reaction
+2.5% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Next report
October 29, 2026

Middlesex Water's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-0.8%
  • 1 week+3.0%
  • 1 month+8.1%
  • This year+18.0%
  • 1 year+19.1%
  • 5 years-37.0%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$212M
Operating margin
30.5%
Net margin
24.5%
EPS (TTM, diluted)
$2.78

Growth

Revenue growth
+8.9%
Change in growth rate
+3.7 pts
Share count change
+3.8%

Cash

Free cash flow (TTM)
$39.2M
FCF margin
18.4%
Stock pay % of revenue
0.8%

Earnings

Last results
October 29, 2026
Next results (est.)
February 18, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Middlesex Water Co valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: after-tax interest is 61% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Middlesex Water Co as an utility or power producer, with every model that fits that kind of business. Cost of equity 7%: the 10-year Treasury yield (4.9%) plus a beta of 0.4 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. — Does not apply: This model is withheld pending its input or assumption review.
Utility earnings model Net income growing 3% a year, discounted at 8%: for regulated investment that makes free cash flow negative. ~$56 ~$46–$70 Included
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. ~$47 ~$47–$65 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$47 ~$37–$62 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$39 ~$27–$59 Included
Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. ~$46 ~$36–$62 Included
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Middlesex Water Co with utilities and power producers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$21.53$35.67$33.91$46.30$56.09$64.93$109.11$72.28$61.31$50.27$49.44$58.33
Market value$352m$586m$559m$766m$944m$1.1bn$1.9bn$1.3bn$1.1bn$902m$897m$1.1bn
+ Net debt (− = net cash)$140m$150m$171m$208m$256m$278m$323m$444m$502m$496m$412m$398m
Enterprise value$491m$736m$730m$974m$1.2bn$1.4bn$2.2bn$1.7bn$1.6bn$1.4bn$1.3bn$1.5bn
Multiples
Price / sales 2.8x4.4x4.3x5.5x7.0x8.1x13.4x7.9x6.6x4.7x4.6x5.1x
Price / earnings 17.6x25.8x24.5x23.6x27.9x29.7x52.6x30.2x34.7x20.3x20.9x21.0x
Price / free cash flow ——————————14.3x15.7x
EV / EBITDA 10.0x13.7x13.9x18.4x22.7x24.4x37.4x23.0x23.3x17.2x15.1x15.6x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

47 /100

Moderate moat

How hard Middlesex Water's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 3 / 20

    Net income has been a median 3.6% of total assets over 10 years.

  • Durability 19 / 20

    Operating margin has been a median 27.7%; its worst year was 23.5%.

  • Cash conversion 3 / 20

    Free cash flow was positive in 2 of 6 years, at a median -12.6% of revenue.

  • Discipline 12 / 20

    The diluted share count rose 14.7% over five years; stock-based pay has been a median 0.8% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $2.66 +13% $217m +11%
Next $2.96 +11% $236m +9%

Next year's EPS estimate has moved −1.0% in 90 days, across 1 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +3.1% on 90 days ago. In the last 30 days, 1 analyst raised Middlesex Water Co's forecast and 0 cut it.

Consensus EPS forecast Middlesex Water Co, last 90 days
$2.40 $2.60 $2.80 $3.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.58 Current fiscal year, 60 days ago: $2.67 Current fiscal year, 30 days ago: $2.67 Current fiscal year, 7 days ago: $2.67 Current fiscal year, Now: $2.66 $2.66 Next fiscal year, 90 days ago: $2.99 Next fiscal year, 60 days ago: $2.99 Next fiscal year, 30 days ago: $2.99 Next fiscal year, 7 days ago: $2.99 Next fiscal year, Now: $2.96 $2.96

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.58$2.99
60 days ago $2.67$2.99
30 days ago $2.67$2.99
7 days ago $2.67$2.99
Now $2.66$2.96

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.86 $0.95 +10.5%
Jun 2026 $0.70 $0.79 +12.9%
Mar 2026 $0.59 $0.57 −3.4%
Dec 2025 $0.46 $0.46 0.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

2 analysts, Oct 2026
Buy150%
Hold150%
Sell00%

Monthly trend

  1. Oct 2026112
  2. Sep 2026112
  3. Aug 2026112

Counts of recommendations published by analysts covering Middlesex Water Co, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
4.8%
of tradable shares
Days to cover
5
at average volume
Short interest, 1 month
−15%
to October 15, 2026
Held by institutions
89%
of shares
Held by insiders
2.3%
of shares
Employees
395
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +4.2%

$55.97 on October 31, 2025 to $58.33

ThenNowEffect
Revenue (last 12 months) $196m $206m +5.3%
Net margin 22.2% 23.3% +5.0%
P/E multiple 23.2x 22.5x −3.0%
Share count 18m 18m −2.8%

Biggest factor: revenue.

Last 3 years −7.8%

$63.26 on November 3, 2023 to $58.33

ThenNowEffect
Revenue (last 12 months) $168m $206m +23.1%
Net margin 22.2% 23.3% +4.6%
P/E multiple 30.2x 22.5x −25.5%
Share count 18m 18m −3.9%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
MSEX+68%−34%−15%−18%−2%+18%
Industry peers (median)+21%−9%−12%−10%+3%+11%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
MSEX67%42%42%42%33%73%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
MSEX−21%−37%−31%−30%−26%−12%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 61% from December 31, 2021 to April 16, 2024. Getting back needed a 153% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$47.65 – $59.47
From 52-week high
−1.9%
vs 50-day average
+5.1%
vs 200-day average
+8.5%
Volatility (1 year)
29%
Beta vs S&P 500
-0.29

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 4 down
typical move ±3.8%
After a week
6 up, 5 down
typical move ±5.9%
After a month
6 up, 5 down
typical move ±6.3%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 +2.5% −2.1% — —
July 30, 2026 +0.1% +2.4% +0.2% +2.8%
April 30, 2026 −2.0% +1.3% −1.1% +0.3%
February 19, 2026 +0.1% +0.5% −0.7% −7.2%
October 31, 2025 −12.3% +0.5% −5.9% −10.0%
July 31, 2025 +0.8% −2.0% +2.5% +3.7%
May 1, 2025 −4.4% +2.2% −4.9% −8.8%
February 28, 2025 +13.7% −0.2% +25.8% +25.6%
October 31, 2024 +4.5% −1.5% +9.8% +2.9%
July 31, 2024 −0.3% +0.2% −7.4% −4.7%
May 8, 2024 +4.6% +0.6% +5.6% −2.9%
February 29, 2024 +0.4% +1.3% +0.8% +0.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Middlesex Water Co in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Middlesex Water Co
$160M $180M $200M $220M FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $166.3M Revenue (TTM), FY24 Q1: $168.6M Revenue (TTM), FY24 Q2: $175M Revenue (TTM), FY24 Q3: $183.4M Revenue (TTM), FY24 Q4: $191.9M Revenue (TTM), FY25 Q1: $195.7M Revenue (TTM), FY25 Q2: $195.8M Revenue (TTM), FY25 Q3: $194.8M Revenue (TTM), FY25 Q4: $194.7M Revenue (TTM), FY26 Q1: $199.1M Revenue (TTM), FY26 Q2: $206.1M Revenue (TTM), FY26 Q3: $212.3M $212.3M

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $166.3M
FY24 Q1 $168.6M
FY24 Q2 $175M
FY24 Q3 $183.4M
FY24 Q4 $191.9M
FY25 Q1 $195.7M
FY25 Q2 $195.8M
FY25 Q3 $194.8M
FY25 Q4 $194.7M
FY26 Q1 $199.1M
FY26 Q2 $206.1M
FY26 Q3 $212.3M
Revenue growth, TTM YoY Middlesex Water Co
0% 5% 10% 15% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 2.4% Revenue growth, TTM YoY, FY24 Q1: 2.6% Revenue growth, TTM YoY, FY24 Q2: 4.5% Revenue growth, TTM YoY, FY24 Q3: 10.1% Revenue growth, TTM YoY, FY24 Q4: 15.4% Revenue growth, TTM YoY, FY25 Q1: 16.0% Revenue growth, TTM YoY, FY25 Q2: 11.9% Revenue growth, TTM YoY, FY25 Q3: 6.2% Revenue growth, TTM YoY, FY25 Q4: 1.5% Revenue growth, TTM YoY, FY26 Q1: 1.8% Revenue growth, TTM YoY, FY26 Q2: 5.3% Revenue growth, TTM YoY, FY26 Q3: 8.9% 8.9%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 2.4%
FY24 Q1 2.6%
FY24 Q2 4.5%
FY24 Q3 10.1%
FY24 Q4 15.4%
FY25 Q1 16.0%
FY25 Q2 11.9%
FY25 Q3 6.2%
FY25 Q4 1.5%
FY26 Q1 1.8%
FY26 Q2 5.3%
FY26 Q3 8.9%
Operating margin (TTM) Middlesex Water Co
22% 24% 26% 28% 30% 32% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 23.6% Operating margin (TTM), FY24 Q1: 24.7% Operating margin (TTM), FY24 Q2: 26.4% Operating margin (TTM), FY24 Q3: 27.8% Operating margin (TTM), FY24 Q4: 27.7% Operating margin (TTM), FY25 Q1: 28.1% Operating margin (TTM), FY25 Q2: 27.3% Operating margin (TTM), FY25 Q3: 27.6% Operating margin (TTM), FY25 Q4: 27.9% Operating margin (TTM), FY26 Q1: 28.1% Operating margin (TTM), FY26 Q2: 29.2% Operating margin (TTM), FY26 Q3: 30.5% 30.5%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 23.6%
FY24 Q1 24.7%
FY24 Q2 26.4%
FY24 Q3 27.8%
FY24 Q4 27.7%
FY25 Q1 28.1%
FY25 Q2 27.3%
FY25 Q3 27.6%
FY25 Q4 27.9%
FY26 Q1 28.1%
FY26 Q2 29.2%
FY26 Q3 30.5%
FCF margin (TTM) Middlesex Water Co
-40% -20% 0% 20% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: -22.5% FCF margin (TTM), FY24 Q1: -21.7% FCF margin (TTM), FY24 Q2: -15.4% FCF margin (TTM), FY24 Q3: -9.0% FCF margin (TTM), FY24 Q4: -8.3% FCF margin (TTM), FY25 Q1: 19.2% FCF margin (TTM), FY25 Q2: 22.6% FCF margin (TTM), FY25 Q3: 18.6% FCF margin (TTM), FY25 Q4: 16.7% FCF margin (TTM), FY26 Q1: 15.2% FCF margin (TTM), FY26 Q2: 13.7% FCF margin (TTM), FY26 Q3: 18.4% 18.4%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 -22.5%
FY24 Q1 -21.7%
FY24 Q2 -15.4%
FY24 Q3 -9.0%
FY24 Q4 -8.3%
FY25 Q1 19.2%
FY25 Q2 22.6%
FY25 Q3 18.6%
FY25 Q4 16.7%
FY26 Q1 15.2%
FY26 Q2 13.7%
FY26 Q3 18.4%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Middlesex Water took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $195M
  2. Other operating costs $140M · 72.1%
  3. Operating income $54.4M · 27.9%
  4. Income tax $4.8M · 2.5%
  5. Interest and other $6.7M · 3.5%
  6. Net income $42.8M · 22.0%

Shares of revenue. Source: Middlesex Water's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 91 103 102 110 115 117 126 133 131 138 135 142 143 162 166 192 195 212
EBITDA 29 37 35 39 43 47 49 54 53 53 53 58 60 75 69 81 87 95
Operating income 20 27 24 28 31 34 36 40 38 37 36 37 33 47 39 53 54 65
Net income 10 14 13 14 17 18 20 23 23 32 34 38 37 42 32 44 43 52
Diluted EPS $0.72 $0.96 $0.84 $0.90 $1.03 $1.13 $1.22 $1.38 $1.38 $1.96 $2.01 $2.18 $2.07 $2.39 $1.76 $2.47 $2.36 $2.78
Growth (year on year)
Revenue — +12.6% −0.6% +8.1% +4.0% +2.0% +7.6% +5.5% −1.6% +5.6% −2.5% +5.2% +1.1% +13.5% +2.4% +15.4% +1.5% +8.9%
EBITDA — +24.4% −5.3% +12.3% +10.2% +8.8% +5.0% +10.0% −2.2% +0.5% −0.3% +10.4% +3.0% +24.7% −8.2% +18.3% +6.9% +14.5%
Operating income — +31.9% −9.0% +14.2% +12.0% +11.0% +4.2% +12.4% −6.2% −1.7% −4.4% +5.3% −11.2% +42.5% −17.1% +35.7% +2.2% +20.7%
Net income — +43.6% −6.2% +7.1% +15.5% +10.9% +8.6% +13.6% +0.3% +42.3% +4.4% +13.4% −4.9% +16.1% −25.7% +40.7% −3.4% +20.9%
Diluted EPS — +33.3% −12.5% +7.1% +14.4% +9.7% +8.0% +13.1% 0.0% +42.0% +2.6% +8.5% −5.0% +15.5% −26.4% +40.3% −4.5% +16.5%
Margins
EBITDA margin 32.2% 35.6% 33.9% 35.2% 37.3% 39.8% 38.8% 40.5% 40.3% 38.3% 39.2% 41.1% 41.9% 46.1% 41.3% 42.3% 44.6% 44.8%
Operating margin 22.1% 25.9% 23.7% 25.0% 27.0% 29.4% 28.4% 30.3% 28.9% 26.9% 26.4% 26.4% 23.2% 29.1% 23.6% 27.7% 27.9% 30.5%
Net margin 10.9% 13.9% 13.2% 13.0% 14.5% 15.7% 15.9% 17.1% 17.4% 23.5% 25.2% 27.1% 25.5% 26.1% 19.0% 23.1% 22.0% 24.5%
Free-cash-flow margin — — — — — — — — — — — −36.9% −32.4% −18.5% −22.5% −8.3% 32.2% 32.7%
Cash flow
Cash from operations 19 26 23 30 34 33 51 47 43 46 36 53 33 61 53 59 63 69
Capital spending — — — — — — — — — — — 106 79 91 90 75 0 0
Free cash flow — — — — — — — — — — — −52 −46 −30 −37 −16 63 69
Stock-based pay 0 0 0 1 0 1 1 1 1 1 1 1 1 2 2 2 1 2
Free cash flow after stock pay — — — — — — — — — — — −53 −48 −32 −40 −17 61 68
Balance sheet
Cash 4 2 3 3 5 3 3 4 5 4 2 4 4 4 2 4 3 2
Total debt 0 155 161 171 164 161 143 154 176 211 258 282 326 448 505 501 415 400
Net debt (negative = net cash) −4 153 158 168 159 158 140 150 171 208 256 278 323 444 502 496 412 398
Diluted shares 14m 15m 16m 16m 16m 16m 16m 16m 16m 17m 17m 18m 18m 18m 18m 18m 18m 19m
Returned to shareholders
Dividends 0 0 0 0 12 12 13 13 14 15 16 18 19 21 22 23 25 27
Buybacks — — — — — — — — — — — — — — 1 1 — —
Total returned 0 0 0 0 12 12 13 13 14 15 16 18 19 21 23 25 25 27

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 6 checks passed · September 30, 2026
What it owns · $1.5bn
Short-term assets $55mLonger-term assets $1.4bn
What it owes, and who funded it · $657m
Short-term liabilities $109mShareholders' equity $548m
  • Short-term assets cover short-term liabilities $55m of assets due within a year against $109m of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $2m of cash against $400m of debt.
  • Debt below 40% of shareholders' equity Debt is 73% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 81% to 73% over five years.
  • A year's operating cash flow covers at least 20% of debt $69m of operating cash flow against $400m of debt.
  • Operating profit covers interest at least five times over Operating income of $65m against $15m of interest.

From Middlesex Water Co's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2025 Q2 TTM
Buybacks (TTM)
$519,000
Dividends (TTM)
$26.8M
Returned to shareholders
56%
of free cash flow
Diluted share count
+3.8%
year over year
Total shareholder yield
2.5%
dividends 2.4% + buybacks 0.1% of market value
Dividend payout ratio
52%
of net income paid out
Days sales outstanding
41 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in water utilities
Last 12 months unless stated MSEX ARTNA YORW AWR GWRS HTO Median
Revenue, last 12 months $212m $117m $83m $697m $60m $838m $455m
Revenue growth, last 12 months 8.9% 5.9% 9.4% 13.2% 10.8% 4.2% 7.4%
Revenue growth, 3-year average 8.4% 5.6% 8.6% 6.4% 7.0% 7.7% 8.4%
Revenue growth, latest quarter 11.3% 7.4% 22.5% 11.2% 24.8% 4.0% 7.4%
Operating margin 30.5% 25.0% 36.6% 31.8% 13.6% 20.7% 30.5%
Operating margin, 3-year average 28.6% 24.5% 37.6% 31.3% 16.3% 22.2% 28.6%
Net margin 24.5% 20.2% 28.5% 20.5% 5.2% 12.5% 20.9%
Cash from operations / revenue 32.7% 34.4% 40.2% 33.9% 34.1% 29.6% 33.3%
Free-cash-flow margin 18.4% −15.5% −17.0% 3.0% −40.5% 13.8% 8.4%
Free-cash-flow margin, 3-year average 9.3% −14.4% −25.3% −4.4% −33.6% 12.3% 2.5%
Stock pay / revenue 0.8% 0.3% — 0.5% 1.5% 0.8% 0.7%
Change in share count 3.8% 0.2% 2.9% 2.3% 13.3% 16.7% 2.4%

Median of all 12 companies we cover in water utilities. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

12 water utilities companies
Measure Company Peer median Rank
Revenue growth Growth 8.9% 8.9% 6 of 12
Change in growth rate Growth +3.7pp +0.9pp 4 of 12
Operating margin Profitability 30.5% 30.5% 6 of 11
Net margin Profitability 24.5% 21.3% 3 of 12
Free-cash-flow margin Cash generation 18.4% 13.8% 4 of 12
Stock pay as % of revenue Cash generation 0.8% 0.8% 5 of 9
Long-term debt as % of assets Balance sheet 26.9% 26.9% 7 of 12
Change in share count Balance sheet 3.8% 2.3% 9 of 11
Days sales outstanding Balance sheet 41 days 32 days 10 of 11

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Regulated $183M 93.4% ▲ 1.8%
Non Regulated $13M 6.6% ▼ 4.2%

From Middlesex Water Co's 10-K filed February 19, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$882M
Institutions reporting
224
Shares held vs prior quarter
▲ 4.4%
Positions opened / closed
28 / 21

Top buyers and sellers, Q2 2026: 117 institutions bought and 76 sold ; the biggest buyer was Tsp Capital Management Group, LLC (+211K shares) and the biggest seller Jane Street Group, LLC (−82K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $176M 3.1M 20.0% ▲ 3.9%
T. Rowe Price Investment Management, Inc. $98.1M 1.7M 11.1% ▲ 0.3%
Neuberger Berman Group LLC $90.1M 1.6M 10.2% ▲ 3.5%
Morgan Stanley $61.9M 1.1M 7.0% ▼ 0.5%
Vanguard Capital Management LLC $45.1M 802K 5.1% ▼ 3.1%
State Street Corp $44.8M 798K 5.1% ▲ 7.3%
Vanguard Portfolio Management LLC $28.9M 514K 3.3% ▲ 5.3%
Geode Capital Management, LLC $28.1M 501K 3.2% ▲ 6.5%
Legal & General Group PLC $24.6M 438K 2.8% ▲ 7.8%
Dimensional Fund Advisors LP $19.6M 348K 2.2% ▲ 0.8%
Invesco Ltd. $15.7M 280K 1.8% ▼ 3.6%
Ledgewood Wealth Advisors, LLC $14.3M 254K 1.6% 0.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Middlesex Water Co's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $108,620 1 trade by 1 insider, last 12 months Insider sales History → $92,333 4 trades by 3 insiders · 0% under pre-set plans
Net ▲ $16,287 net buying
Insider Date Trade Shares Price Value
Ginegaw Lorrie Beth VP, Human Resources August 7, 2026 Sell 615 $57.61 $35,430
Reinhard Walter G Director March 4, 2026 Sell 300 $55.21 $16,563
Hoglund Robert N Director February 27, 2026 Buy 2,000 $54.31 $108,620
Capko Robert John PAO & Controller February 25, 2026 Sell 134 $54.04 $7,241
Ginegaw Lorrie Beth VP-HR November 18, 2025 Sell 650 $50.92 $33,098

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around February 18, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 30, 2026
  • April 30, 2026
  • February 19, 2026
  • October 31, 2025
  • July 31, 2025

Recent SEC filings

Data status

When each part of this page on Middlesex Water Co was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Middlesex Water Co in brief

What does Middlesex Water Co do?
Middlesex Water Co is a US-listed company in the water utilities industry. Its financial year ends in December.
What is Middlesex Water Co's stock ticker?
Middlesex Water Co trades under the ticker MSEX on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Middlesex Water Co's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Middlesex Water Co reported revenue of $212M, 8.9% higher than a year earlier, according to its SEC filings.
What is Middlesex Water Co's free cash flow?
Middlesex Water Co's free-cash-flow margin is 18.4% of revenue over the trailing twelve months, ranking 4 of the 12 water utilities companies we cover.
Who are Middlesex Water Co's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., T. Rowe Price Investment Management, Inc. and Neuberger Berman Group LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Middlesex Water Co buying back stock, and does it pay a dividend?
Middlesex Water Co spent $519,000 on share repurchases over the trailing twelve months, and its diluted share count still rose 3.8% over the year.
What is Middlesex Water Co's market cap?
On November 2, 2026, Middlesex Water Co's market capitalisation was about $1.1B, with a price-to-earnings ratio of 21.0 and net debt of $398M. Market figures come from third-party market data and may be delayed.
Does Middlesex Water Co pay a dividend?
Yes: Middlesex Water Co paid $26.8M in dividends over the trailing twelve months, a dividend yield of 2.40% and a payout ratio of 51.6%.
How much debt does Middlesex Water Co have?
Middlesex Water Co's debt-to-equity ratio is 73.0%, from its latest balance sheet (81.1% five years earlier). The financial health section below sets out its other solvency checks.
Who are Middlesex Water Co's competitors?
In our Water Utilities peer group, the companies closest to Middlesex Water Co are Artesian Resources Corp, York Water Co, American States Water Co, Global Water Resources, Inc. and H2o America. The side-by-side comparison below sets their revenue, margins and growth against Middlesex Water Co's.
Are insiders buying or selling Middlesex Water Co stock?
Over the last 12 months, Middlesex Water Co's directors and officers reported 1 open-market purchases and 4 sales on Form 4. The insider trading page charts every trade.
When is Middlesex Water Co's next earnings date?
Around February 18, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Middlesex Water Co announces its own schedule.