Middlesex Water Co (MSEX)
Middlesex Water Co brought in $206.1M of revenue over the twelve months to June 30, 2026, up 5.3% from a year earlier. Net income was $47.9M, a net margin of 23.3%. At June 30, 2026 it held $1.8M in cash against $403.2M of debt. Its latest periodic report to the SEC is the quarterly report (10-Q) filed on July 30, 2026.
Watch MSEX in 60 secondsWhat Middlesex Water Co does
Middlesex Water Co is registered with the SEC under industry code SIC 4941 (Water Supply). Its shares trade on NASDAQ under the ticker MSEX.
Revenue and profit by year
Key figures
| Fiscal year | Revenue | Net income | Diluted EPS | Free cash flow |
|---|---|---|---|---|
| 2025 | $194.7M | $42.8M | $2.36 | n/a |
| 2024 | $191.9M | $44.4M | $2.47 | -$15.9M |
| 2023 | $166.3M | $31.5M | $1.76 | -$37.4M |
| 2022 | $162.4M | $42.4M | $2.39 | -$30M |
| 2021 | $143.1M | $36.5M | $2.07 | -$46.4M |
| 2020 | $141.6M | $38.4M | $2.18 | -$52.3M |
Full financial statements: income, balance sheet and cash flow
Where MSEX ranks in Utilities
Dividends
Middlesex Water Co paid $1.38 per share in fiscal 2025. At the current price that is a yield of 2.63%. It paid out $24.9M in cash dividends, 58% of its net income.
| Fiscal year | Per share | Paid out | Of profit |
|---|---|---|---|
| 2025 | $1.38 | $24.9M | 58% |
| 2024 | $1.32 | $23.4M | 53% |
| 2023 | $1.26 | $22.4M | 71% |
| 2022 | $1.18 | $20.8M | 49% |
| 2021 | $1.11 | $19.4M | 53% |
| 2020 | $1.04 | $18.2M | 47% |
Latest SEC filings
What Middlesex Water Co has filed recently, newest first. Each links to the original document on SEC EDGAR.
- July 30, 2026Quarterly report 10-Q · period to June 30, 2026Revenue rose 14% to $56.4M versus the same quarter last year; diluted EPS $0.79 versus $0.60.
- July 30, 2026
- May 20, 2026
- April 30, 2026Quarterly report 10-Q · period to March 31, 2026Revenue rose 10% to $48.7M versus the same quarter last year; diluted EPS $0.57 versus $0.53.
- April 30, 2026
- April 30, 2026Passive stake (5% or more) SCHEDULE 13G
- April 24, 2026Passive stake changed SCHEDULE 13G/A
- April 6, 2026
- April 6, 2026Additional proxy material DEFA14A
- April 6, 2026Proxy statement DEF 14A
Insider trades
What the people running Middlesex Water Co did with its shares, from the Form 4 filings they must send the SEC within two business days.
Insiders sold $35.4K worth of shares in the last 90 days and bought none on the open market.
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| August 11, 2026 | Bershad JoshuaDirector | Other changeindirect | 6,900 | - |
| August 7, 2026 | Ginegaw Lorrie BethVP, Human Resources | Sold | 615 | $35.4K |
| April 1, 2026 | Bershad JoshuaDirector | Received as pay | 865 | $45K |
| April 1, 2026 | Cosgrove James F. Jr.Director | Received as pay | 865 | $45K |
| April 1, 2026 | Hanemann Kim CDirector | Received as pay | 865 | $45K |
| April 1, 2026 | Hoglund Robert NDirector | Received as pay | 865 | $45K |
| April 1, 2026 | Klein Steven MDirector | Received as pay | 865 | $45K |
| April 1, 2026 | Mansue Amy B.Director | Received as pay | 865 | $45K |
| April 1, 2026 | McKoy Vaughn LDirector | Received as pay | 865 | $45K |
| April 1, 2026 | Noble Ann L.Director | Received as pay | 865 | $45K |
| April 1, 2026 | Reinhard Walter GDirector | Received as pay | 865 | $45K |
| April 1, 2026 | Duchemin-Leslie NadinePresident, CEO | Received as pay | 12,675 | $659.7K |
| April 1, 2026 | Sorensen Gregory SVP, Chief Operating Officer | Received as pay | 4,983 | $259.4K |
| April 1, 2026 | Zerhouni Mohammed G.SVP, CFO and Treasurer | Received as pay | 5,927 | $308.5K |
| April 1, 2026 | Capko Robert JohnPAO & Controller | Received as pay | 1,679 | $87.4K |
Who owns MSEX
Three views from three kinds of SEC filings, each with its own date. They overlap and are not added up.
5% holders
| Holder | Of class | Filed |
|---|---|---|
| T. Rowe Price Investment Management, Inc.13G, passive | 9.1% | November 14, 2025 |
| First Trust Portfolios L.P.: 36-3768815 First Trust Advisors L.P.: 36-3788904 The Charger Corporation13G, passive | 6.96% | October 25, 2024 |
| Neuberger Berman Group LLC13G, passive with 1 related filers | 5.6% | October 14, 2025 |
| Vanguard Capital Management13G, passive | 5.18% | April 30, 2026 |
Largest institutional holders
Insiders
17 insiders reported holding 320,674 shares in total, about $16.8M at the last price.
| Holder | Shares |
|---|---|
| Bershad JoshuaDirector | 225,365223,798 held indirectly |
| Duchemin-Leslie NadinePresident, CEO | 26,481 |
| Ginegaw Lorrie BethVP, Human Resources | 9,406 |
| Zerhouni Mohammed G.SVP, CFO and Treasurer | 9,047 |
| Fullagar Robert KPresident-NJ Operations | 7,730 |
| Kooper Jay LVP, Gen. Counsel & Secretary | 7,569 |
| Reinhard Walter GDirector | 6,916 |
| Simpson Georgia MVP-IT | 6,621 |
| Sorensen Gregory SVP, Chief Operating Officer | 4,983 |
| Capko Robert JohnPAO & Controller | 3,531 |
Questions about MSEX
What does Middlesex Water Co do?
Middlesex Water Co is registered with the SEC under industry code SIC 4941 (Water Supply). Its shares trade on NASDAQ under the ticker MSEX.
Is Middlesex Water Co profitable?
Yes. Over the twelve months to June 30, 2026 it reported net income of $47.9M on revenue of $206.1M, a net margin of 23.3%.
How much revenue does Middlesex Water Co make?
Over the twelve months to June 30, 2026 Middlesex Water Co reported revenue of $206.1M. That is 5.3% more than a year earlier.
When did Middlesex Water Co last report?
Its most recent periodic report is the quarterly report (10-Q) filed on July 30, 2026. It covers the period to June 30, 2026. Its newest filing of any kind is the insider trade from August 12, 2026.
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Follow MSEX: get an email when it filesWhere the numbers come from
Financial figures are the values Middlesex Water Co tagged in its own SEC filings (XBRL), taken from the latest filing for each period, so restatements replace older figures. Revenue, profit and cash flow are for full fiscal years unless marked as the last twelve months, which is the sum of the four most recent quarters. Where a company reports only the full year, the fourth quarter is the year minus the first three.
Prices are delayed end-of-day market data in the listing currency, and market cap moves with the price. P/E is shown only when earnings per share are positive. Nothing here is investment advice.