MSEXPNasdaqWater SupplyUS GAAP · USD

Middlesex Water Company

Middlesex Water Company is a regulated water and wastewater utility founded in 1897 that serves customers primarily in New Jersey and Delaware. It collects, treats, stores, distributes, and sells water for residential, commercial, municipal, industrial, and fire protection uses, and also operates some systems under contract for public and private clients.

Kysy yhtiöstä
Liikevaihto195milj. USD
+1,5 %v/v
Liikevoitto (EBIT)54,4milj. USD
+2,2 %v/v
EBIT-marginaali27,9%
+0,2 %-yks.v/v
Nettotulos42,8milj. USD
−3,4 %v/v
Vapaa kassavirta62,6milj. USD
+493,9 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

050100150200milj. USD2020: 141 milj. USD2020: EBIT 37 milj. USD20202021: 143 milj. USD2021: EBIT 33 milj. USD20212022: 162 milj. USD2022: EBIT 47 milj. USD20222023: 166 milj. USD2023: EBIT 39 milj. USD20232024: 192 milj. USD2024: EBIT 53 milj. USD20242025: 195 milj. USD2025: EBIT 54 milj. USD202519554
LiikevaihtoLiikevoitto (EBIT)
Kysy Clarifolta: Middlesex Water Company

Liiketoiminta

Osuus liikevaihdosta
Regulated water utility services78 %

Retail and wholesale water collection, treatment, storage, and distribution in New Jersey and Delaware.

Regulated wastewater services7 %

Wastewater collection and treatment services provided mainly in New Jersey.

Wholesale and contract water sales10 %

Water sold under contract to municipalities and other bulk customers.

Contract operations and utility management5 %

Operation of water and wastewater systems for governmental and private clients.

Asiakkaat

The company serves residential households, commercial and light industrial users, large industrial customers, municipalities, and fire protection customers. It also sells water under wholesale contracts and operates utility systems for governmental and private entities that outsource operations. Demand is driven by essential service needs, local population growth, industrial activity, and municipal infrastructure requirements.

Residential retail customers

Households in Middlesex and Tidewater service areas that buy essential metered water service for daily use.

Municipal wholesale customers

Cities, townships, and utility authorities that purchase bulk water to supplement their own systems.

Commercial and industrial customers

Businesses and industrial facilities that need dependable water supply and fire protection capacity.

Contract operations clients

Public and private entities that outsource operation of water and wastewater systems to Middlesex subsidiaries.

Wastewater customers

Customers in New Jersey served by regulated wastewater systems and related treatment services.

Strategia

Middlesex is focused on selective, sustainable growth through infrastructure investment, cost recovery, and disciplined expansion of its utility footprint. The company is prioritizing PFAS treatment upgrades, main replacements, storage and reliability projects, and selective acquisitions or contract operations that fit its risk profile.

Infrastructure modernization and resiliencyKeskipitkä aikaväli

Aging water assets and regulatory compliance needs require ongoing capital spending to maintain service quality and reliability.

Timely rate recoveryLyhyt aikaväli

The company must recover rising capital and operating costs to protect utility returns and fund future investment.

Selective growth through acquisitions and contractsKeskipitkä aikaväli

Adding regulated systems or contract operations can expand the asset base and customer count without relying only on organic growth.

Organic customer growth in TidewaterLyhyt aikaväli

Franchise expansion in Delaware supports volume growth and helps offset weather-driven demand variability.

Maantiede

Middlesex’s core business is concentrated in New Jersey, especially central and eastern Middlesex County, with additional regulated operations in Delaware through Tidewater. The company says its New Jersey and Delaware water systems are physically separate and not interconnected, which makes each service territory operationally distinct. Geography matters because local regulation, weather, aquifer conditions, and municipal growth patterns directly affect demand, capital spending, and rate recovery.

Riskit

The business is exposed to weather, drought, freezing conditions, and aquifer constraints that can reduce demand or disrupt supply. It also faces regulatory, contamination, and execution risk because water utilities must recover large capital investments through approved rates while meeting strict service and environmental standards.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Weather-driven demand volatility1Water supply contamination or quality events2Regulatory rate recovery lag3Acquisition and integration risk4Housing market and customer growth risk5
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Weather-driven demand volatilityVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Cooler summers, drought restrictions, or unusual rainfall can lower consumption and reduce revenue.

    Kohdistuu: Water usage and operating income

  2. Water supply contamination or quality eventsVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Naturally occurring or man-made contamination can interrupt service, trigger remediation costs, and create litigation exposure.

    KohdistuuOperationsReputationLegal claims
  3. Regulatory rate recovery lagVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Large capital programs must be approved for recovery, and delays can pressure earnings and cash flow.

    Kohdistuu: Capital spending and utility returns

  4. Acquisition and integration riskVaikutus: KeskitasoTodennäköisyys: Matala

    Growth depends partly on buying or operating additional systems, which may require approvals and may not deliver expected returns.

    Kohdistuu: M&A execution and regulatory approvals

  5. Housing market and customer growth riskVaikutus: KeskitasoTodennäköisyys: Matala

    Organic growth in service territories depends on new housing starts and home sales closings.

    Kohdistuu: Tidewater franchise expansion

Kysy Clarifolta: Middlesex Water Company

Kirjanpito

Harkinnanvaraiset erät
Regulatory accounting under ASC 980

Costs expected to be recovered in future rates may be deferred as regulatory assets, affecting reported earnings timing.

Vaikutus: Can smooth earnings but depends on regulatory approval and recovery assumptions

Unbilled revenues

Water service is consumed before billing, so management estimates period-end revenue accruals.

Vaikutus: Affects quarterly revenue and receivables

Pension and other postretirement benefits

Actuarial assumptions and asset returns change expense and liability measurements.

Vaikutus: Can move operating expense and balance sheet obligations

Utility plant capitalization and depreciation

Large infrastructure projects are capitalized and depreciated over time, influencing earnings and rate base.

Vaikutus: Affects depreciation expense and future rate recovery

Contingencies and environmental claims

Contamination or service claims may require accruals when loss is probable and estimable.

Vaikutus: Can create material charges and disclosure risk

Samankaltaisia listattuja yhtiöitä

Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.

The York Water Company

YORW · Water Supply

Tidewater Inc

TDW · Water Transportation

Eversource Energy (D/B/A)

ES · Electric Services

H2O America

HTO · Water Supply

Chesapeake Utilities Corporation

CPK · Natural Gas Transmisison & Distribution

MIDDLEBY Corp

MIDD · Refrigeration & Service Industry Machinery

Päivitetty: 24.9.2026

Middlesex Water Company (MSEXP) liikevaihto, tulos ja tunnusluvut 2025 – Clarifo