MARKETS / NASDAQ / MSEX

NASDAQ · WATER SUPPLY · LARGE CAP

Middlesex Water Co. MSEX

17 fiscal years on record · USD · FY2025 reported · SEC filings only

3 YEARS OF DIVIDEND GROWTH

Revenue

$194.7M

▲ 1.5% YoY

Net income

$42.8M

▼ 3.4% YoY

In brief

What this company does

Middlesex owns and operates regulated water utility and wastewater systems primarily in New Jersey and Delaware, and also operates water and wastewater systems under contract on behalf of municipal and private clients in New Jersey and Delaware. Across its regulated utility systems, the company serves approximately 131,000 customers. As of December 31, 2025, the company had 395 employees. Located in New Jersey, the Middlesex System provides water services to approximately 61,000 retail customers, primarily in eastern Middlesex County. Tidewater, together with its wholly-owned subsidiary Southern Shores, provides water services to approximately 65,000 retail customers in over 485 separate communities in New Castle, Kent and Sussex Counties, Delaware. Middlesex was incorporated as a water utility company in 1897.

Written from the business description in Middlesex Water Company's annual report to the U.S. Securities and Exchange Commission, filed 19 February 2026. Every sentence was checked against that document before publication.

Growth

USD 194.7M

Revenue, FY2025 · full 17-year series below

Revenue $M Net income $M

FY2025 · Revenue 194.7 · Net income 42.8

Compound annual growth

Revenue

+6.3%

+6.6%

+4.4%

Net income

+0.3%

+2.2%

+7.9%

+7.6%

EPS, diluted

−0.4%

Dividend / share

+5.3%

Returned to shareholders

+6.2%

+6.5%

+7.1%

+5.9%

3 yrs

5 yrs

10 yrs

15 yrs

Revenue compounded at +6.6% a year over five years — but profit grew slower: net income at +2.2%.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

22 cents

of every revenue dollar became profit

Operating margin Net margin

FY2025 · Operating 27.9% · Net 22.0%

ROE

FY2025 · ROE 9.1%

Gross margin—

Operating margin27.9%

Net margin22.0%

Return on assets3.3%

EBITDAUSD 81.5M

Each USD of equity produced 9 cents of profit this year.

Cash & shareholders

USD 24.9M

returned in FY2025 · dividends + net buybacks

Free cash flow $M

FY2024 · FCF -15.9

Net buybacks $M Dividends $M

FY2025 · Dividends 24.9 · Net buybacks —

Dividends paidUSD 24.9M

Net buybacks—

Share of profit58.2%

Consecutive raises3 years (since the 2022 share-count change)

USD 24.9M in dividends — 58% of the year's profit went back to shareholders.

Total assetsUSD 1.4B

EquityUSD 494.0M

CashUSD 2.8M

Gross debtUSD 386.7M

Net debtUSD 383.9M

Current ratio0.45×

Net debt stands at 78% of equity.

The 17-year record

17 fiscal years

Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Revenue $B	0.2	0.2	0.2	0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
Operating income $B	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
EBITDA $B	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Income tax $B	0.0	0.0	0.0	0.0	−0.0	−0.0	−0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net income $B	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Free cash flow $B	·	−0.0	−0.0	−0.0	−0.0	−0.1	·	·	·	·	·	·	·	·	·	·	·
EPS, diluted $	2.36	2.47	1.76	2.39	2.07	2.18	2.01	1.96	1.38	1.38	1.22	1.13	1.03	0.90	0.84	0.96	0.72
Dividend / sh $	1.38	1.31	1.26	1.18	1.11	1.04	0.98	0.91	0.86	0.81	0.78	0.76	0.75	0.74	0.73	0.72	0.71
Payout %	58	53	71	49	53	47	48	46	61	58	63	66	72	81	85	73	96
ROE %	9.1	10.2	7.7	11.0	10.2	11.1	·	·	·	·	·	5.7	5.2	4.5	·	·	·
Shares out B	0.02	0.02	0.02	0.02	0.00	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Compare

This company against its peers

Middlesex Water Co.vsAmerican Water Works Company, Inc.Same industry: Water Supply Middlesex Water Co.vsEssential Utilities, Inc.Same industry: Water Supply Middlesex Water Co.vsCalifornia Water Service GroupSame industry: Water Supply Middlesex Water Co.vsH2O AmericaSame industry: Water Supply Middlesex Water Co.vsAmerican States Water Co.Same industry: Water Supply Middlesex Water Co.vsConsolidated Water Co. Ltd.Same industry: Water Supply Middlesex Water Co.vsArtesian Resources Corp.Same industry: Water Supply

Provenance

Company facts, as filed

How we verify · 0 failures in 66 reconciliationsAUDITED

Reconciled in 17 of 19 fiscal years. 10 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures

ActivityWater Supply

Listed onNASDAQ

Incorporated inNew Jersey

Fiscal year endsDecember 31

Data on record since2009