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MSEX

Middlesex Water Company

MSEX

Middlesex Water Company • NASDAQ
$51.31 ▲ 0.27% (+0.14)
Market Cap $921.74 M
52w High $67.09
52w Low $44.17
Dividend Yield 1.38%
P/E 21.47
Volume 57.43K
Outstanding Shares 17.96M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $54.091M ▲ $5.709M ▼ $13.958M ▲ 25.805% ▲ $0.77 ▲ $28.12M ▲
Q2-2025 $49.323M ▲ $12.345M ▲ $10.778M ▲ 21.852% ▲ $0.6 ▲ $23.354M ▲
Q1-2025 $44.301M ▼ $11.635M ▼ $9.479M ▲ 21.397% ▲ $0.53 ▲ $21.267M ▲
Q4-2024 $47.107M ▼ $11.864M ▼ $8.804M ▼ 18.689% ▼ $-1.99 ▼ $19.949M ▼
Q3-2024 $55.1M $12.24M $14.319M 25.987% $0.8 $26.338M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $3.384M ▲ $1.342B ▲ $859.413M ▲ $482.546M ▲
Q2-2025 $2.56M ▼ $1.316B ▲ $856.755M ▲ $459.135M ▲
Q1-2025 $2.657M ▼ $1.279B ▲ $829.913M ▲ $449.048M ▲
Q4-2024 $4.226M ▼ $1.255B ▲ $808.276M ▲ $446.898M ▲
Q3-2024 $6.344M $1.23B $785.791M $443.824M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $13.959M ▲ $12.048M ▼ $-21.007M ▲ $9.783M ▼ $824K ▼ $-6.863M ▼
Q2-2025 $10.779M ▲ $18.304M ▲ $-36.331M ▼ $19.605M ▲ $1.578M ▲ $37.215M ▲
Q1-2025 $9.479M ▲ $13.782M ▼ $-18.911M ▲ $3.56M ▲ $-1.569M ▲ $-5.129M ▼
Q4-2024 $8.804M ▼ $21.395M ▲ $-25.142M ▼ $1.629M ▲ $-2.118M ▼ $-3.747M ▼
Q3-2024 $14.319M $19.456M $-20.743M $-394K $-1.681M $48.193M

Revenue by Products

Product Q2-2024Q3-2024Q1-2025Q2-2025
Commercial Member
Commercial Member
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Industrial Member
Industrial Member
 $0 ▲$0 ▲$0 ▲$0 ▲
Residential Member
Residential Member
 $20.00M ▲$30.00M ▲$20.00M ▼$30.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Middlesex Water shows a classic regulated-utility profile: slow but steady growth in revenue and fairly stable profits over the past few years. Earnings have bumped around a bit year to year, but overall they are trending upward, with the most recent year among the stronger ones. Profit margins look reasonably healthy for a water utility, suggesting that rate decisions and cost control have generally been supportive. There is no sign of rapid expansion, but rather a consistent, incremental build in the business, which fits the nature of a regulated water provider.

Balance Sheet

Balance Sheet The balance sheet reflects a capital-intensive utility that has been adding assets over time while also building its equity base. Debt has increased, but not wildly, and appears to be growing alongside the asset base rather than outpacing it. Equity has risen steadily, which points to retained earnings and a gradually strengthening capital position. The company keeps very little cash on hand, but that is common for regulated utilities that rely on ongoing cash inflows and access to financing. Overall, the financial foundation looks solid but dependent on continued access to capital markets and supportive regulators.

Cash Flow

Cash Flow Operating cash flow has been consistently positive and generally improving, which is important for a utility that must fund ongoing operations and maintenance. However, capital spending has been very heavy, driven by major infrastructure upgrades and modernization programs. As a result, free cash flow has been negative for several years, meaning the company is relying on debt and possibly equity to fund investments. This pattern is typical for a water utility that is in an intensive replacement and upgrade cycle, but it does mean the business is in a cash-out phase rather than a cash-harvest phase.

Competitive Edge

Competitive Edge Middlesex benefits from the strong protective features of a regulated water utility: limited direct competition, stable service territories, and rate setting by regulators. Its long operating history and expertise in managing complex water and wastewater systems create meaningful barriers for new entrants. The company also operates beyond just basic water delivery, offering contract operations and public‑private partnerships, which broadens its role with municipalities. This combination of regulated stability, operational know‑how, and service breadth supports a durable, if not high‑growth, competitive position.

Innovation and R&D

Innovation and R&D While not a technology company, Middlesex is actively modernizing its system. Its large capital programs focus on renewing aging pipes, upgrading treatment plants, and improving water quality, including advanced disinfection and aggressive lead service line replacement. The expanded use of GIS and structured asset management should improve planning and reduce emergency repairs over time. On the customer side, digital billing tools and meter relocation projects add convenience and potentially set the stage for future smart‑metering. The innovation here is practical and incremental, aimed at reliability, compliance, and efficiency rather than flashy new products.

Summary

Middlesex Water looks like a steady, infrastructure‑heavy utility in the middle of a significant modernization push. Revenues and earnings are growing gradually, margins are respectable, and the balance sheet has been expanding in an orderly way, with debt rising to support asset growth but equity also building. Cash flow from operations is solid, but large capital projects are consuming more cash than the business generates, a deliberate trade‑off to renew and upgrade the system. The company’s regulated status, long history, and specialized capabilities give it a strong defensive position, while its infrastructure and technology investments aim to secure long‑term reliability and regulatory alignment. Key uncertainties center on the pace and cost of capital projects, regulatory outcomes, and the company’s continued ability to finance heavy investment needs on attractive terms.

NEWS

October 31, 2025 · 4:50 PM UTC

Middlesex Water Company Reports Third Quarter 2025 Earnings

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October 24, 2025 · 4:05 PM UTC

Middlesex Water Company Increases Common Dividend by 5.88%

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September 12, 2025 · 12:01 PM UTC

Middlesex Water Company to Present at Janney's 5th Annual Virtual Water Utilities Conference

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