Company research
MIDDLESEX WATER CO
CIK 66004Updated Sep 24, 2026
MSEX price & chart
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NASDAQ:MSEX on TradingView ↗About the company
Middlesex Water Company (“Middlesex”) is one of the nation’s premier investor-owned water and wastewater utilities. Established in 1897, Middlesex is a trusted provider of life-sustaining services to more than half a million people in New Jersey and Delaware. The company focuses on employee engagement, operational excellence, superior customer experience, investment in infrastructure, and selective and sustainable growth to deliver value to our customers, investors, and the communities we serve.
In the news
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Recent filings
10-Q filing
Results of Operations and Financial Condition
Items 2.02, 9.01
Submission of Matters to a Vote of Security Holders
Items 5.07
10-Q filing
Results of Operations and Financial Condition
Items 2.02, 9.01
Financials
FY 2025 · USDSource
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balance sheet · annual statements
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| ASSETS | ||||
| AssetsUSD | 1,365,737,000Source | 1,255,174,000Source | 1,236,052,000Source | 1,074,450,000Source |
| Current assets: | ||||
| Cash and Cash Equivalents, at Carrying ValueUSD | 2,800,000Source | 4,226,000Source | 2,390,000Source | 3,828,000Source |
| Accounts Receivable, after Allowance for Credit Loss, CurrentUSD | 19,213,000Source | 18,842,000Source | 18,172,000Source | 16,018,000Source |
| Assets, CurrentUSD | 41,766,000Source | 42,973,000Source | 108,536,000Source | 37,306,000Source |
| Operating Lease, Right-of-Use AssetUSD | 1,972,000Source | 2,567,000Source | 3,185,000Source | 3,826,000Source |
| Other Assets, NoncurrentUSD | 6,151,000Source | 3,863,000Source | 62,000Source | 19,000Source |
| LIABILITIES AND EQUITY | ||||
| Stockholders’ equity: | ||||
| Preferred Stock, Value, IssuedUSD | 1,343,000Source | 1,635,000Source | 2,084,000Source | 2,084,000Source |
| Common Stock, Value, IssuedUSD | 279,148,000Source | 248,202,000Source | 246,764,000Source | 233,054,000Source |
| Retained Earnings (Accumulated Deficit)USD | 214,883,000Source | 197,061,000Source | 176,227,000Source | 167,274,000Source |
| Stockholders' Equity Attributable to ParentUSD | 494,031,000Source | 445,263,000Source | 422,991,000Source | — |
| Liabilities and EquityUSD | 1,365,737,000Source | 1,255,174,000Source | 1,236,052,000Source | 1,074,450,000Source |
| Current liabilities: | ||||
| Liabilities, CurrentUSD | 93,795,000Source | 82,888,000Source | 103,829,000Source | 117,859,000Source |
| Operating Lease, Liability, CurrentUSD | 600,000Source | 600,000Source | 600,000Source | — |
| Accounts Payable, CurrentUSD | 31,326,000Source | 28,050,000Source | 27,618,000Source | 24,847,000Source |
| Operating Lease, Liability, NoncurrentUSD | 1,838,000Source | 2,400,000Source | 3,100,000Source | — |
| Deferred Income Tax Liabilities, NetUSD | 110,475,000Source | 101,235,000Source | 88,736,000Source | 77,783,000Source |
| Other Liabilities, NoncurrentUSD | 229,000Source | 344,000Source | 592,000Source | 919,000Source |
| Additional Financial Items | ||||
| Accrued Liabilities, CurrentUSD | 3,311,000Source | 2,916,000Source | 3,138,000Source | — |
| Deferred Revenue, CurrentUSD | — | — | 1,390,000Source | 1,365,000Source |
| Deferred Tax Liabilities, NetUSD | 110,475,000Source | 101,235,000Source | 88,736,000Source | 77,783,000Source |
| Long-term Debt, Current MaturitiesUSD | 7,850,000Source | 359,386,000Source | 7,740,000Source | 17,462,000Source |
| Long-term Debt, Excluding Current MaturitiesUSD | 378,874,000Source | 352,822,000Source | 358,153,000Source | 290,280,000Source |
| Partners' CapitalUSD | 494,031,000Source | 445,263,000Source | 422,991,000Source | — |
cash flow · annual statements
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Cash flows from operating activities: | ||||
| Net Income (Loss), Including Portion Attributable to Noncontrolling InterestUSD | — | — | 31,524,000Source | 42,428,000Source |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||
| Depreciation, Depletion and AmortizationUSD | — | — | 29,442,000Source | 27,475,000Source |
| Share-based Payment Arrangement, Noncash ExpenseUSD | 1,237,000Source | 1,537,000Source | 2,214,000Source | 1,630,000Source |
| Changes in operating assets and liabilities: | ||||
| Increase (Decrease) in Accounts ReceivableUSD | 371,000Source | 670,000Source | 2,154,000Source | 707,000Source |
| Increase (Decrease) in Accounts PayableUSD | 1,296,000Source | 2,574,000Source | 2,771,000Source | 3,722,000Source |
| Deferred Income Tax Expense (Benefit)USD | — | — | -5,599,000Source | -5,334,000Source |
| Net Cash Provided by (Used in) Operating ActivitiesUSD | 62,596,000Source | 58,730,000Source | 52,782,000Source | 61,361,000Source |
| Cash flows from investing activities: | ||||
| Net Cash Provided by (Used in) Investing ActivitiesUSD | -100,961,000Source | -74,622,000Source | -90,179,000Source | -88,213,000Source |
| Payments to Acquire Property, Plant, and EquipmentUSD | — | 74,622,000Source | 90,179,000Source | 91,335,000Source |
| Cash flows from financing activities: | ||||
| Payment, Tax Withholding, Share-based Payment ArrangementUSD | 371,000Source | — | — | — |
| Payments for Repurchase of Common StockUSD | — | 1,468,000Source | 619,000Source | — |
| Net Cash Provided by (Used in) Financing ActivitiesUSD | 38,614,000Source | 17,728,000Source | 35,959,000Source | 27,147,000Source |
| Payments of Ordinary Dividends, Common StockUSD | 24,924,000Source | 23,408,000Source | 22,441,000Source | 20,810,000Source |
| Proceeds from (Payments for) Other Financing ActivitiesUSD | 2,792,000Source | 3,258,000Source | 1,566,000Source | 659,000Source |
| Repayments of Long-term DebtUSD | 7,317,000Source | 7,646,000Source | 17,463,000Source | 7,423,000Source |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate EffectUSD | — | — | — | 295,000Source |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash EquivalentsUSD | 4,475,000Source | 4,226,000Source | 2,390,000Source | — |
| Supplemental disclosure of cash flow information: | ||||
| Interest Paid, Excluding Capitalized Interest, Operating ActivitiesUSD | 13,459,000Source | 14,485,000Source | 12,762,000Source | 9,251,000Source |
| Income Taxes Paid, NetUSD | 1,639,000Source | 3,169,000Source | 2,962,000Source | 3,230,000Source |
| Additional Financial Items | ||||
| Deferred Other Tax Expense (Benefit)USD | -54,000Source | -59,000Source | -64,000Source | -68,000Source |
| DepreciationUSD | 27,113,000Source | 24,430,000Source | 25,194,000Source | 23,029,000Source |
| Income Tax Expense (Benefit)USD | 4,821,000Source | 6,905,000Source | 1,041,000Source | 3,240,000Source |
| InterestExpenseNonoperatingUSD | 14,295,000Source | 14,023,000Source | — | — |
| Net Income (Loss) Attributable to ParentUSD | 42,822,000Source | 44,351,000Source | 31,524,000Source | 42,429,000Source |
| Net Income (Loss) Available to Common Stockholders, BasicUSD | 42,746,000Source | 44,239,000Source | 31,404,000Source | 42,309,000Source |
| Nonoperating Income (Expense)USD | 7,562,000Source | 12,069,000Source | 6,485,000Source | 7,703,000Source |
| Operating Costs and ExpensesUSD | — | 7,497,000Source | — | — |
| Operating ExpensesUSD | 140,318,000Source | 138,667,000Source | 127,051,000Source | 120,333,000Source |
| Other Nonoperating Income (Expense)USD | 5,944,000Source | 10,815,000Source | 4,052,000Source | 5,389,000Source |
| Proceeds from Issuance of Common StockUSD | 30,454,000Source | 974,000Source | 12,115,000Source | 10,335,000Source |
| Proceeds from Issuance of Long-term DebtUSD | 33,615,000Source | 2,296,000Source | 75,812,000Source | 2,662,000Source |
| Public Utilities, Allowance for Funds Used During Construction, Capitalized Cost of EquityUSD | 977,000Source | 743,000Source | 1,458,000Source | 1,387,000Source |
| Revenue from Contract with Customer, Including Assessed TaxUSD | — | 191,753,000Source | 166,131,000Source | 162,292,000Source |
income statement · annual statements
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Total RevenueUSD | 194,694,000Source | 191,877,000Source | — | — |
| Operating Income (Loss)USD | 54,376,000Source | 53,210,000Source | 39,223,000Source | 47,333,000Source |
| Other Nonoperating Income (Expense)USD | 5,944,000Source | 10,815,000Source | 4,052,000Source | 5,389,000Source |
| Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling InterestUSD | 47,643,000Source | 51,256,000Source | 32,565,000Source | 45,669,000Source |
| Income Tax Expense (Benefit)USD | 4,821,000Source | 6,905,000Source | 1,041,000Source | 3,240,000Source |
| Net Income (Loss) Attributable to ParentUSD | 42,822,000Source | 44,351,000Source | 31,524,000Source | 42,429,000Source |
| Earnings Per Share, BasicUSD per share | 2.36Source | 2.48Source | 1.77Source | 2.4Source |
| Earnings Per Share, DilutedUSD per share | 2.36Source | 2.47Source | 1.76Source | 2.39Source |
| Weighted Average Number of Shares Outstanding, Basicshares | 18,096,000Source | 17,842,000Source | 17,732Source | 17,597Source |
| Weighted Average Number of Shares Outstanding, Dilutedshares | 18,137,000Source | 17,946,000Source | 17,847Source | 17,712Source |
| Interest Expense (non-operating)USD | 14,295,000Source | 14,023,000Source | — | — |
| Additional Financial Items | ||||
| Common Stock, Dividends, Per Share, DeclaredUSD per share | — | 1.32Source | 1.26Source | 1.18Source |
| Cost, Depreciation and AmortizationUSD | — | — | 25,194,000Source | 23,029,000Source |
| Depreciation, Depletion and Amortization, NonproductionUSD | 32,495,000Source | 28,038,000Source | — | — |
| Interest ExpenseUSD | — | — | 13,143,000Source | 9,367,000Source |
| Net Income (Loss) Available to Common Stockholders, BasicUSD | 42,746,000Source | 44,239,000Source | 31,404,000Source | 42,309,000Source |
| Nonoperating Income (Expense)USD | 7,562,000Source | 12,069,000Source | 6,485,000Source | 7,703,000Source |
| Operating Costs and ExpensesUSD | — | 7,497,000Source | — | — |
| Operating ExpensesUSD | 140,318,000Source | 138,667,000Source | 127,051,000Source | 120,333,000Source |
| Other Cost and Expense, OperatingUSD | — | 84,866,000Source | — | — |
| Preferred Stock Dividends and Other AdjustmentsUSD | — | 1,635,000Source | 2,084,000Source | 2,084,000Source |
| Preferred Stock Dividends, Income Statement ImpactUSD | 76,000Source | 112,000Source | 120,000Source | 120,000Source |
| Preferred Stock, Dividends Per Share, DeclaredUSD per share | — | 7Source | 7Source | 7Source |
| Public Utilities, Allowance for Funds Used During Construction, Capitalized Cost of EquityUSD | 977,000Source | 743,000Source | 1,458,000Source | 1,387,000Source |
| Revenue from Contract with Customer, Including Assessed TaxUSD | — | 191,753,000Source | 166,131,000Source | 162,292,000Source |
Filing attachments
cicagreement-03262026ex992.htm · 8-K · 2026-03-26
EX-99.2 3 cicagreement-03262026ex992.htm EX-99.2 Document EXHIBIT 99.2 CHANGE IN CONTROL AGREEMENT This Change in Control Termination Agreement (the “CIC Agreement”) is entered into as of March 26, 2026, between Middlesex Water Company (the “Company”), a New Jersey corporation, and Tatyana Kaplan (referred to as “You” in this CIC Agreement). Recitals A.The Company considers it essential to the best interests of its shareholders to foster the continuous employment of key management perso…
Read attachment ↗pressrelease-03262026ex991.htm · 8-K · 2026-03-26
EX-99.1 2 pressrelease-03262026ex991.htm EX-99.1 Document MIDDLESEX WATER COMPANY APPOINTS TATYANA KAPLAN AS VICE PRESIDENT AND CHIEF ACCOUNTING OFFICER ISELIN, N.J., March 26, 2026 -- Middlesex Water Company (NASDAQ: MSEX) has announced today that Mrs. Tatyana Kaplan joined the company as Vice President and Chief Accounting Officer, effective March 26, 2026. “We are delighted to welcome Tatyana Kaplan to our executive leadership team as Vice President and Chief Accounting Officer,” stat…
Read attachment ↗ex99-1.htm · 8-K · 2025-07-31
EX-99.1 2 ex99-1.htm EX-99.1 Middlesex Water Company Reports Second Quarter 2025 Earnings Diluted earnings per share (“EPS”) of $0.60 Invested $51 million in water and wastewater utility infrastructure during the first half of 2025, or approximately 55% of the 2025 capital budget Constructive outcome of the general base rate case in Delaware Declared $0.34 common stock cash dividend ISELIN, N.J., July 31, 2025 -- Middlesex Water Company (“Middlesex” or the “Company”) (NASDAQ: MSEX)…
Read attachment ↗ex99-1.htm · 8-K · 2025-05-22
EX-99.1 2 ex99-1.htm EX-99.1 Sustaining Life…with Every Drop ANNUAL SHAREHOLDERS MEETING May 20, 2025 NASDAQ: MSEX 1 President & Chief Executive Officer Nadine Leslie Vice President, General Counsel & Secretary Jay L. Kooper Dennis W. Doll Chairman of the Board Annual Meeting Speakers 2 Forward Looking Statement In addition to historical information this presentation also contains forward - looking statements within the meaning of U.S. federal securities laws. Forward looking statements ar…
Read attachment ↗ex99-1.htm · 8-K · 2025-05-01
EX-99.1 2 ex99-1.htm EX-99.1 Exhibit 99.1 Middlesex Water Company Reports First Quarter 2025 Earnings Diluted earnings per share (“EPS”) of $0.53 Completed the acquisition of Ocean View water utility assets in Delaware Declared $0.34 common stock cash dividend Invested $19 million in water and wastewater utility infrastructure ISELIN, N.J., May 1, 2025 -- Middlesex Water Company (“Middlesex” or the “Company”) (NASDAQ: MSEX) today announced financial results for the first quarte…
Read attachment ↗ex99-1.htm · 8-K · 2025-03-04
EX-99.1 2 ex99-1.htm EX-99.1 Exhibit 99.1 March 3, 2025 Securities and Exchange Commission 100 F Street, N.E. Washington, DC 20549 Dear Ladies and Gentlemen: We are the former independent registered public accounting firm for Middlesex Water Company (the “Company”). We have read the Company’s disclosure set forth in Item 4.01 “Changes in Registrant’s Certifying Accountant” of the Company’s Current Report on Form 8-K dated February 28, 2025 (the “Current Report”) and are in agreement wi…
Read attachment ↗