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Middlesex Water Company

Logo: The logo is from the following website: https://www.middlesexwater.com/wp-content/uploads/2018/06/MWC_Blue.png, Non-free logo, via Wikipedia4

Middlesex Water Company is a water utility based in the U.S. state of New Jersey that was first incorporated in 1897. The company declared an annual net income of $33.8M, with a revenue of $135.5M for fiscal year 2019.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 19, 2026.

Overview

1897Founded1

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  • TickerMSEX on Nasdaq1
  • IndustryWater Supply1
  • HeadquartersIselin1
  • Websitewww.middlesexwater.com
  • Incorporated inNJ5
  • Business address485C Route 1 South, Suite 400, Iselin, Nj 088305
  • Filer categoryLarge accelerated filer5

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Middlesex Water Company is a water utility based in the U.S. state of New Jersey that was first incorporated in 1897. The company declared an annual net income of $33.8M, with a revenue of $135.5M for fiscal year 2019.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

27.9%Operating margin7
22.0%Net margin7
1.5%Revenue growth, 20257
8.7%Return on equity7
0.77×Debt to equity7

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Regulated brought in 93% of the revenue Middlesex Water Company broke down this way in fiscal 2025.

  1. Regulated$182.7M793%up 2% from 2024
  2. Non-Regulated$13.0M77%down 4% from 2024
Business segments by year
Business segments202320242025
Regulated$154.6M$179.4M$182.7M
Non-Regulated$12.8M$13.6M$13.0M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs76¢$147.1M
  • Income tax2¢$4.8M
  • Profit22¢$42.8M

Out of $194.7M in revenue.7

Where each dollar of operating cash went, fiscal 2025

  • Dividends paid40¢$24.9M
  • Kept or used elsewhere60¢$37.7M

Out of $62.6M of cash from operations.7

Financial statements

Revenue8910117$194.7M in 2025+45% since 2019
0$50.0M$100.0M$150.0M$200.0M2019: $134.5M$134.5M20192020: $141.4M$141.4M2020+5%2021: $143.0M$143.0M2021+1%2022: $162.3M$162.3M2022+13%2023: $166.3M$166.3M2023+2%2024: $191.9M$191.9M2024+15%2025: $194.7M$194.7M2025+1%
Operating income8910117$54.4M in 2025+53% since 2019
0$20.0M$40.0M$60.0M2019: $35.5M$35.5M20192020: $37.4M$37.4M2020+5%2021: $33.2M$33.2M2021−11%2022: $47.3M$47.3M2022+43%2023: $39.2M$39.2M2023−17%2024: $53.2M$53.2M2024+36%2025: $54.4M$54.4M2025+2%
Net income8910117$42.8M in 2025+26% since 2019
0$20.0M$40.0M$60.0M2019: $33.9M$33.9M20192020: $38.4M$38.4M2020+13%2021: $36.5M$36.5M2021−5%2022: $42.4M$42.4M2022+16%2023: $31.5M$31.5M2023−26%2024: $44.4M$44.4M2024+41%2025: $42.8M$42.8M2025−3%

Every line of the income statement as filed: the last 3 fiscal years, latest first.7

Period ending2025-12-312024-12-312023-12-31
Operating Revenues$194.7M$191.9M$166.3M
Operations and Maintenance$91.3M$92.4M$83.1M
Depreciation$27.1M$24.4M$25.2M
Other Taxes$21.9M$21.9M$18.7M
Total Operating Expenses$140.3M$138.7M$127.1M
Operating Income$54.4M$53.2M$39.2M
Allowance for Funds Used During Construction$1.6M$1.3M$2.4M
Other Income, net$5.9M$10.8M$4.1M
Total Other Income, net$7.6M$12.1M$6.5M
Interest Charges$14.3M$14.0M$13.1M
Income before Income Taxes$47.6M$51.3M$32.6M
Income Taxes$4.8M$6.9M$1.0M
Net Income$42.8M$44.4M$31.5M
Preferred Stock Dividend Requirements$76.0K$112.0K$120.0K
Earnings Applicable to Common Stock, Basic$42.7M$44.2M$31.4M
Earnings Applicable to Common Stock, Diluted$42.7M$44.2M$31.4M
Basic (in dollars per share)$2.36$2.48$1.77
Diluted (in dollars per share)$2.36$2.47$1.76
Basic (in shares)18.1M shares17.8M shares17.7M shares
Diluted (in shares)18.1M shares17.9M shares17.8M shares

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Leadership

Who has led Middlesex Water Company, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Dennis W. Doll2011–2023
  2. Nadine Duchemin-Leslie2024–now

Chair

  1. Dennis W. Doll2010

President

  1. Dennis G. Sullivan2003–2005
  2. Gerard L. Esposito2004–2018
  3. Dennis W. Doll2006–2023
  4. Nadine Duchemin-Leslie2024–2025
  5. Robert K. Fullagar2025–now

Chief financial officer

  1. A. Bruce Oconnor2004–2024
  2. Mohammed G. Zerhouni2024–now

Chief operating officer

  1. Richard M. Risoldi2019
  2. Gregory S. Sorensen2024–now
197019801990200020102020
Board members and other officers (33)

Products and brands

The Middlesex Water Company provides regulated and non-regulated water related services in New Jersey and Delaware. These services include collecting, treating, distributing and selling water for domestic, commercial, municipal and industrial uses.

The company owns and operates regulated water utility and wastewater systems as well as operates water and wastewater systems under contract on behalf of municipal and private clients in New Jersey and Delaware. The company was awarded a $32 million contract to take responsibility for constructing and maintaining the water distribution system at Dover Air Force Base in Delaware for the next 50 years in September, 2013.

The company also operates regional affiliated service subsidiaries including Tidewater Utilities, Inc., Pinelands Water Company, Pinelands Wastewater Company, Twin Lakes Utilities, Inc., Utility Service Affiliates, Inc., Utility Service Affiliates (Perth Amboy) Inc., and Tidewater Environmental Systems, Inc. Tidewater's wholly owned subsidiaries include Southern Shores Water Company, LLC and White Marsh Environmental Systems, Inc. These companies are engaged in the business of helping small communities and real estate developers to address aging infrastructure issues as well as provide technical support for environmental regulations related to building and operating water distribution and treatment systems.

The company has two overall business segments:

Read the full text

Regulated: The regulated business of collecting, treating and distributing water on a retail and wholesale basis to residential, commercial, industrial and fire protection customers in parts of New Jersey and Delaware. This segment also includes regulated wastewater systems in New Jersey and Delaware.

Non-Regulated: Non-regulated contract services for the operation and maintenance of municipal and private water and wastewater systems in New Jersey and Delaware.

It is one of the few publicly held water utilities in the United States.

From Wikipedia’s article on Middlesex Water Company, shared under CC BY-SA 4.0.6

Timeline

  1. Mar 8, 2024New chief executive Nadine Duchemin-Leslie becomes CEO15
  2. Aug 23, 2011New chief executive Dennis W. Doll becomes CEO16
  3. Mar 26, 1990Went public Listed on NASDAQ1
  4. 1897Founded Founded1

Filings

279 filings to the SEC since October 2021: 7 annual reports, 17 quarterly reports, 64 major events, 147 insider forms, 25 large holders, 19 other. The latest 20:

  1. Aug 12, 20264 EDGAR
  2. Aug 7, 20264 EDGAR
  3. Jul 30, 202610-Q EDGAR
  4. Jul 30, 20268-K EDGAR
  5. May 20, 20268-K EDGAR
  6. Apr 30, 2026SCHEDULE 13G EDGAR
  7. Apr 30, 202610-Q EDGAR
  8. Apr 30, 20268-K EDGAR
  9. Apr 24, 2026SCHEDULE 13G/A EDGAR
  10. Apr 8, 20263 EDGAR
  11. Apr 6, 2026ARS ANNUAL REPORT TO SECURITY HOLDERS EDGAR
  12. Apr 6, 2026DEFA14A DEFINITIVE ADDITIONAL PROXY SOLICITING MATERIALS EDGAR
  13. Apr 6, 2026DEF 14A EDGAR
  14. Apr 1, 20264 EDGAR
  15. Apr 1, 20264 EDGAR
  16. Apr 1, 20264 EDGAR
  17. Apr 1, 20264 EDGAR
  18. Apr 1, 20264 EDGAR
  19. Apr 1, 20264 EDGAR
  20. Apr 1, 20264 EDGAR

The 279 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

25 open-market trades by officers, directors and large owners since October 2021: 2 buys and 23 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 7, 2026Ginegaw Lorrie BethVP, Human ResourcesSale615$57.61$35.4KForm 4
Mar 4, 2026REINHARD WALTER GDirectorSale300$55.21$16.6KForm 4
Feb 27, 2026HOGLUND ROBERT NDirectorBuy2,000$54.31$108.6KForm 4
Feb 25, 2026Capko Robert JohnPAO & ControllerSale134$54.04$7.2KForm 4
Nov 18, 2025Ginegaw Lorrie BethVP, Human ResourcesSale650$50.92$33.1KForm 4
May 28, 2025REINHARD WALTER GDirectorSale702$57.37$40.3KForm 4
Mar 21, 2025Doll Dennis WDirectorSale4,067$60.05$244.2KForm 4
Mar 11, 2025REINHARD WALTER GDirectorSale300$64.41$19.3KForm 4
Nov 8, 2024Capko Robert JohnPAO & ControllerSale143$69.31$9.9KForm 4
Aug 27, 2024REINHARD WALTER GDirectorSale500$61.95$31.0KForm 4
May 22, 2024REINHARD WALTER GDirectorSale857$57.16$49.0KForm 4
Mar 6, 2024Cosgrove James F. Jr.DirectorBuy1,600$51.70$82.7KForm 4
Dec 20, 2023Ginegaw Lorrie BethVP, Human ResourcesSale300$71.05$21.3KForm 4
Dec 11, 2023Cosgrove James F. Jr.DirectorSale1,352$66.83$90.4KForm 4
Jun 13, 2023Capko Robert JohnPAO & ControllerSale297$81.55$24.2KForm 4
Jun 1, 2023REINHARD WALTER GDirectorSale576$79.80$46.0KForm 4
Dec 1, 2022Sohler Bernadette MVP-Corporate AffairsSale2,200$92.03$202.5KForm 4
Nov 23, 2022REINHARD WALTER GDirectorSale333$93.43$31.1KForm 4
Jun 21, 2022Ginegaw Lorrie BethVP, Human ResourcesSale620$80.34$49.8KForm 4
Mar 18, 2022Sohler Bernadette MVP-Corporate AffairsSale1,000$103.33$103.3KForm 4

All 25 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.3,134,461$176.0M0.0%+117,859
Neuberger Berman Group LLC1,604,067$90.1M0.1%+54,161
Morgan Stanley1,101,704$61.9M0.0%−5,911
Vanguard Capital Management LLC802,323$45.1M0.0%−25,630
State Street Corp798,240$44.8M0.0%+54,178
Vanguard Portfolio Management LLC513,809$28.9M0.0%+25,742
Geode Capital Management, LLC500,555$28.1M0.0%+30,638
Legal & General Group Plc437,504$24.6M0.0%+31,657
Dimensional Fund Advisors LP348,430$19.6M0.0%+2,669
Invesco Ltd.280,212$15.7M0.0%−10,419
Ledgewood Wealth Advisors, LLC254,016$14.3M7.6%No change
Northern Trust Corp222,747$12.5M0.0%+24,651
TSP Capital Management Group, LLC211,037$11.9M2.8%New
Charles Schwab Investment Management Inc193,653$10.9M0.0%+1,768
Bank of New York Mellon Corp179,021$10.1M0.0%+1,403
Zimmer Partners, LP176,903$9.9M0.2%No change
Two Sigma Investments, LP163,002$9.2M0.0%+97,485
Mirova159,067$8.9M0.3%−36,933
First Manhattan Co. Llc.141,624$8.0M0.0%−2,265
ProShare Advisors LLC131,066$7.4M0.0%+12,366
Jupiter Topco LLC129,345$7.3M0.0%New
Vanguard Fiduciary Trust Co123,103$6.9M0.0%+4,135
Renaissance Technologies LLC110,813$6.2M0.0%−36,200
Cramer Rosenthal Mcglynn LLC108,192$6.1M0.3%+14,535
Principal Financial Group Inc107,530$6.0M0.0%+2,143

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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