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Companies / Utilities / Middlesex Water Company
MSEX

Middlesex Water Company

UtilitiesElectric, Gas & Water
Ticker MSEXISELIN, NJFiscal year ends DecemberBook value per share $29.16Diluted shares 18.8M

Middlesex Water Company (Nasdaq: MSEX) owns and operates regulated water and wastewater systems, primarily in New Jersey and Delaware, and manages systems under contract for municipal and private clients. Its services include treating and distributing water for residential, commercial, industrial and fire-protection… From the company’s description.

Over the twelve months to Sep 30, 2026, Middlesex Water Company reported revenue of $212.25M, up 8.9% from a year earlier, and net income of $52.01M. Its operating margin was 30.5%, and operations generated $69.47M in cash. In fiscal 2025, it reported revenue of $194.69M, up 1.5% from fiscal 2024, and net income of $42.82M.

Fiscal year 2025 · ends 12-31Changes are against fiscal 2024The amber dot is the latest twelve months, to 2026-09-30
Sales & profitability
$194.69MFY2025
+1.5% year over year
Last 12 mo $212.25M
27.93%FY2025
+0.2 percentage points
Last 12 mo 30.53%
$42.82MFY2025
−3.4% year over year
Last 12 mo $52.01M
8.67%FY2025
−1.3 percentage points
Last 12 mo 9.50%
Cash & financing
$62.60MFY2025
+6.6% year over year
Last 12 mo $69.47M
$62.60MFY2025
+493.9% year over year
Last 12 mo $69.47M
0.84FY2025
Was 0.86× a year earlier
Last 12 mo 0.80
18.1MFY2025
+1.1% year over year
Last 12 mo 18.8M

Margins and return on equity change in ; everything else in percent. Fewer shares and less debt are shown plainly, not as bad news — it depends what you make of buybacks. Dotted labels explain each measure. is shown separately from the annual figures.

What Middlesex Water Company does

In the company’s own words

Middlesex Water Company (Nasdaq: MSEX) owns and operates regulated water and wastewater systems, primarily in New Jersey and Delaware, and manages systems under contract for municipal and private clients. Its services include treating and distributing water for residential, commercial, industrial and fire-protection uses, wastewater collection and treatment, and operation and maintenance of municipal water, wastewater and stormwater systems. The Middlesex System in New Jersey generated approximately 67% of 2025 consolidated operating revenue, while the Tidewater System in Delaware contributed about 25%; smaller operations include the Pinelands water and wastewater systems and contracted municipal services. The company serves approximately 131,000 customers across its regulated utilities, including about 61,000 Middlesex retail customers and 65,000 Tidewater retail customers. It reported 2025 operating revenue of $194.7 million and had 395 employees at year-end. Middlesex was incorporated as a water utility in 1897. Its website is www.middlesexwater.com.

Company details
Sector
Utilities
Industry (SIC)
Electric, Gas & Water
Headquarters
ISELIN, NJ
Fiscal year end
December
CIK
66004
SIC
4941

Financial performance, year by year

Fiscal 2011–2025 · USD
$-21.23M$42.45M$106.13M$169.80M$233.48M201120122013201420152016201720182019202020212022202320242025Last 12 moLast 12 monthsLast 12 months

The full income statement, balance sheet and cash flow for each of these years — every figure traceable to its filing — is on the Financials tab with a free account.

Ownership

Who owns Middlesex Water Company — and what changed

Funds as of 2026Q2 · superinvestors as of 2026-06-30

225
funds hold it
0 of 35
superinvestors hold it
$443.31M
held by funds, at market
42.5%
of shares held by funds

Largest fund holders · Middlesex Water Company’s weight in each

iShares Core S&P Small-Cap ETF
IJR · iShares Trust
0.06%of fund net assets
Neuberger Genesis Fund
NBGNX · NEUBERGER BERMAN EQUITY FUNDS
—of fund net assets
VANGUARD TOTAL STOCK MARKET INDEX FUND
VTI · VANGUARD INDEX FUNDS
0.00%of fund net assets
T. Rowe Price Small-Cap Value Fund, Inc.
PRSVX · T. ROWE PRICE SMALL-CAP VALUE FUND, INC.
0.28%of fund net assets
iShares Russell 2000 ETF
IWM · iShares Trust
0.03%of fund net assets

Fund ownership is a floor, not a census — pensions, insurers and people holding shares directly are not visible here.

Fund ownership counts N-PORT filers only, so it is a floor rather than a census — pensions, insurers and direct holders are not visible here, and the remainder is not “held by individuals”.

Could not be determined for this company: bond issues.

Every fund and institutional holder, quarter by quarter, is on the Ownership tab with a free account.

Connected research

Put this business in context.

Compare this company with peers, find it in your funds and follow its financial history with your connected AI:

  • “How do Middlesex Water Company and its peers compare on margins and cash generation over ten years?”
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