Middlesex Water
A dual-state regulated water utility founded in 1897, serving customers across New Jersey and Delaware.
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Profile
Owns and operates regulated water and wastewater systems across New Jersey, Delaware, and a small Pennsylvania footprint, plus non-regulated contract operations in both states. Structured around two reportable segments — Regulated and Non-Regulated — with over 50 consecutive years of annual dividend increases as the defining capital-return trait.
Owns and operates regulated retail water and wastewater systems under four subsidiaries: Middlesex (the founding NJ system), Tidewater Utilities (Delaware, acquired 1992), Pinelands Water and Pinelands Wastewater (Burlington County, NJ), and Twin Lakes Utilities (Pennsylvania). A non-regulated segment holds municipal contract-operations businesses in New Jersey and Delaware, including contracts in Perth Amboy, Avalon, and Highland Park.
The NJ Middlesex system anchors roughly two-thirds of consolidated operating revenues; Tidewater adds a meaningful share from three Delaware counties. Revenue is governed by rate cases before the New Jersey Board of Public Utilities and the Delaware Public Service Commission. The company has raised its dividend annually for over 50 consecutive years.
The Park Avenue wellfield in South Plainfield, NJ was taken offline in 2021 after exceeding NJDEP PFOA limits; a PFAS-removal treatment plant was commissioned in 2023 and is now operational.
Company facts
Categories
Key statistics
Year to date +16.3% · Average volume (30d) 129.7K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 31, 2026 | Robert W. Baird | Target | $66 | |||
| Jul 9, 2026 | New Street | Target | $52 | $64 | ||
| Feb 25, 2026 | Loop Capital Markets | Target | $55 | |||
| Dec 5, 2025 | New Street | Target | $52 | |||
| May 12, 2025 | Janney Montgomery Scott | Upgrade | Neutral | Buy |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 30, 2026Q2 FY26 | $0.66 | $0.79 | +20.2% | $54.5M | $56.4M | +3.4% | +2.67% |
| Apr 30, 2026Q1 FY26 | $0.57 | $0.57 | 0.0% | $49.8M | $48.7M | −2.1% | +0.10% |
| Feb 19, 2026Q4 FY25 | $0.49 | $0.46 | −6.1% | $46.9M | $47.0M | +0.1% | −0.62% |
| Oct 31, 2025Q3 FY25 | $0.86 | $0.77 | −10.5% | $47.6M | $54.1M | +13.6% | −13.14% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $44.3M | $49.3M | $54.1M | $47.0M | $48.7M | $56.4M | |
| Gross profit | $23.2M | $26.3M | $23.4M | $16.7M | $25.7M | $24.2M | |
| Operating income | $11.6M | $13.9M | $17.7M | $11.2M | $13.1M | $18.2M | |
| Net income | $9.5M | $10.8M | $14.0M | $8.6M | $10.6M | $14.8M | |
| Diluted EPS | $0.53 | $0.60 | $0.77 | $0.46 | $0.58 | $0.79 | |
| Gross margin | 52.4% | 53.2% | 43.3% | 35.5% | 52.8% | 42.9% | |
| Operating margin | 26.1% | 28.2% | 32.7% | 23.9% | 26.9% | 32.3% |
Fiscal years (4-quarter sums)FY21 $143.1M · FY22 $162.4M · FY23 $166.3M · FY24 $191.9M · FY25 $194.7M
Balance sheet, Jun 30, 2026Cash & short-term investments $1.8M · Total debt $438.7M · Total assets $1.42B · Shareholders' equity $522.4M
Dividends
Raised for 38 straight years — most recently to $0.36 from $0.34 in Nov 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 17, 2026 | Aug 17 | Sep 1 | $0.36 | |
| May 15, 2026 | May 15 | Jun 1 | $0.36 | |
| Feb 17, 2026 | Feb 17 | Mar 2 | $0.36 | |
| Nov 17, 2025 | Nov 17 | Dec 1 | $0.36 | raised from $0.34 |
| Aug 15, 2025 | Aug 15 | Sep 2 | $0.34 | |
| May 15, 2025 | May 15 | Jun 2 | $0.34 | |
| Feb 18, 2025 | Feb 18 | Mar 3 | $0.34 | |
| Nov 15, 2024 | Nov 15 | Dec 2 | $0.34 | raised from $0.325 |
Ownership
Shares outstanding 18.84M · Float 18.32M · 97.2% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 3.13M | 16.63% | 13F | Aug 7, 2026 |
| T. Rowe Price Investment Management, Inc. | 1.75M | 9.27% | 13F | Aug 14, 2026 |
| Neuberger Berman Group LLC | 1.60M | 8.51% | 13F | Aug 13, 2026 |
| Morgan Stanley | 1.10M | 5.85% | 13F | Aug 13, 2026 |
| Vanguard Capital Management LLC | 802.3K | 4.26% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 7, 2026 | Lorrie Beth Ginegaw | officer: VP, Human Resources | −615 | $57.61 |
| Mar 4, 2026 | Walter G. Reinhard | director | −300 | $55.21 |
| Feb 27, 2026 | Robert N. Hoglund | director | +2,000 | $54.31 |
| Feb 25, 2026 | Robert John Capko | officer: PAO & Controller | −134 | $54.04 |
| Nov 18, 2025 | Lorrie Beth Ginegaw | officer: VP-HR | −650 | $50.92 |
Peers
- American Water Works
Largest US regulated water utility; NJ subsidiary overlaps core MSEX territory
- Essential Utilities
Multi-state water/gas utility; Aqua NJ and PA overlap both MSEX core states
- Artesian Resources
Delaware's oldest and largest investor-owned water utility; Tidewater peer
- California Water Service Group
West Coast Dividend King water utility; rate-case and capital-market peer
- H2O America
Mid-cap regulated water utility in CA, CT, TX, ME; nearest scale peer above MSEX
- American States Water
Dividend longevity record-holder (71 years) with military base utility contracts
- York Water
Oldest US investor-owned utility; regulated water/wastewater in south-central PA
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Middlesex Water | $57.66 | −1.35% | $1.10B | 22.5 | 22.2 | 5.3 | +14.3% |
| American Water Works | $134.88 | −2.46% | $27.48B | 23.9 | 22.6 | 5.2 | +6.2% |
| Essential Utilities | $41.25 | +0.39% | $11.66B | 21.0 | 17.8 | 4.5 | +3.1% |
| Artesian Resources | $35.63 | +0.14% | $367.9M | 15.6 | 15.3 | 3.1 | +7.4% |
| California Water Service Group | $50.48 | 0.00% | $3.12B | 22.8 | 19.4 | 3.0 | +16.5% |
| H2O America | $63.02 | −0.83% | $2.66B | 22.4 | 23.2 | 3.2 | +6.2% |
| American States Water | $89.88 | +0.01% | $3.52B | 24.6 | 24.2 | 5.1 | +11.2% |
| York Water | $34.12 | +0.06% | $553.1M | 21.2 | 21.0 | 93.2 | +22.5% |
| Median | 22.4 | 21.0 | 4.5 | +7.4% |