MIDDLESEX WATER CO

MSEX, MSEXP · Water Supply · 18.6M shares · +1%/yr ↑ shares · EDGAR filings ↗

Net buyback after stock comp: -$2M (gross $619K, SBC $2M)

Reference price $55.21 · est. market cap ~$1.0B — last insider sale, 2026-03-04 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)

Grade

C65

Small regulated water utility with high margins but modest returns and weak liquidity.

Strengths

High net margin (22%, 75th pct) and decent ROA (3.1%, 66.7th pct)
Stable regulated revenue base with reasonable leverage (D/E 0.77)

Risks

Sub-median ROE (8.7%) and declining earnings (-3.4%) with low growth (1.5%, 25th pct)
Very weak liquidity (current/quick ratio 0.45, 8th pct)

Notable findings

Exec changeRecent 8-K item 5.02 8-K ↗
Weak liquidityCurrent ratio 0.45 (<1)
Insider buyingInsider buying — 1 open-market buy(s) by 1 insider(s) (~$108,619, last 6mo) Form 4 ↗
Insider sellingInsider selling — 2 open-market sale(s) by 2 insider(s) (cluster of 2 insiders, last 6mo) Form 4 ↗

Quarterly revenue

2024-12-31 · $47M2025-03-31 · $44M2025-12-31 · $47M2026-03-31 · $49M

Last 4 quarters · from SEC filings.

Key metrics

Operating margin

27.9%

Net margin

22.0%

Return on equity

8.7%

Return on assets

3.1%

ROIC

4.9%

Revenue growth (QoQ)

3.7%

Net-income growth

-3.4%

Debt / equity

0.8×

Net debt / EBITDA

4.3×

Current ratio

0.4×

EBITDA

$87M

Tangible book value

$494M

Cash & investments

$3M

Stock comp / revenue

0.6%

Insider transactions · last 18 months

Date	Insider	Type	Shares	Price
2026-04-01	Simpson Georgia M	Grant	2.1K	$52.05
2026-04-01	Simpson Georgia M	Other	759	$52.05
2026-04-01	Simpson Georgia M	Tax withheld	338	$52.05
2026-04-01	Kooper Jay L	Grant	2.6K	$52.05
2026-04-01	Kooper Jay L	Other	759	$52.05
2026-04-01	Kooper Jay L	Tax withheld	350	$52.05
2026-04-01	Ginegaw Lorrie Beth	Grant	2.0K	$52.05
2026-04-01	Ginegaw Lorrie Beth	Other	823	$52.05
2026-04-01	Ginegaw Lorrie Beth	Tax withheld	364	$52.05
2026-04-01	Fullagar Robert K	Grant	2.1K	$52.05
2026-04-01	Fullagar Robert K	Other	886	$52.05
2026-04-01	Fullagar Robert K	Tax withheld	394	$52.05
2026-04-01	Capko Robert John	Grant	1.7K	$52.05
2026-04-01	Capko Robert John	Other	193	$52.05
2026-04-01	Capko Robert John	Tax withheld	83	$52.05
2026-04-01	Zerhouni Mohammed G.	Grant	5.9K	$52.05
2026-04-01	Sorensen Gregory S	Grant	5.0K	$52.05
2026-04-01	Duchemin-Leslie Nadine	Grant	13K	$52.05
2026-04-01	REINHARD WALTER G	Grant	865	$52.05
2026-04-01	NOBLE ANN L.	Grant	865	$52.05
2026-04-01	McKoy Vaughn L	Grant	865	$52.05
2026-04-01	Mansue Amy B.	Grant	865	$52.05
2026-04-01	Klein Steven M	Grant	865	$52.05
2026-04-01	HOGLUND ROBERT N	Grant	865	$52.05
2026-04-01	Hanemann Kim C	Grant	865	$52.05
2026-04-01	Cosgrove James F. Jr.	Grant	865	$52.05
2026-04-01	Bershad Joshua	Grant	865	$52.05
2026-03-04	REINHARD WALTER G	Sell	300	$55.21
2026-03-03	Duchemin-Leslie Nadine	Other	4.6K	$54.55
2026-03-03	Duchemin-Leslie Nadine	Tax withheld	2.3K	$54.55
2026-03-01	Duchemin-Leslie Nadine	Grant	4.6K	$54.00
2026-02-27	HOGLUND ROBERT N	Buy	2.0K	$54.31
2026-02-25	Capko Robert John	Sell	134	$54.04
2025-11-18	Ginegaw Lorrie Beth	Sell	650	$50.92
2025-06-15	Bershad Joshua	Other	213K	—
2025-05-28	REINHARD WALTER G	Sell	702	$57.37
2025-04-01	Simpson Georgia M	Grant	1.1K	$64.10
2025-04-01	Simpson Georgia M	Other	702	$64.10
2025-04-01	Simpson Georgia M	Tax withheld	310	$64.10
2025-04-01	Kooper Jay L	Grant	1.6K	$64.10
2025-04-01	Kooper Jay L	Other	832	$64.10
2025-04-01	Kooper Jay L	Tax withheld	369	$64.10
2025-04-01	Capko Robert John	Grant	889	$64.10
2025-04-01	Capko Robert John	Other	211	$64.10
2025-04-01	Capko Robert John	Tax withheld	134	$64.10
2025-04-01	Fullagar Robert K	Grant	1.4K	$64.10
2025-04-01	Fullagar Robert K	Other	687	$64.10
2025-04-01	Fullagar Robert K	Tax withheld	304	$64.10
2025-04-01	Ginegaw Lorrie Beth	Grant	1.0K	$64.10
2025-04-01	Ginegaw Lorrie Beth	Other	943	$64.10
2025-04-01	Ginegaw Lorrie Beth	Tax withheld	418	$64.10
2025-04-01	Duchemin-Leslie Nadine	Grant	6.7K	$64.10
2025-04-01	Zerhouni Mohammed G.	Grant	3.1K	$64.10
2025-04-01	REINHARD WALTER G	Grant	702	$64.10
2025-04-01	NOBLE ANN L.	Grant	702	$64.10
2025-04-01	McKoy Vaughn L	Grant	702	$64.10
2025-04-01	Mansue Amy B.	Grant	702	$64.10
2025-04-01	Klein Steven M	Grant	702	$64.10
2025-04-01	Hanemann Kim C	Grant	702	$64.10
2025-04-01	Cosgrove James F. Jr.	Grant	702	$64.10
2025-04-01	Doll Dennis W	Grant	702	$64.10
2025-04-01	Bershad Joshua	Grant	702	$64.10
2025-03-21	Doll Dennis W	Sell	4.1K	$60.05
2025-03-11	REINHARD WALTER G	Sell	300	$64.41
2025-03-05	Duchemin-Leslie Nadine	Tax withheld	2.5K	$58.03
2025-03-01	Duchemin-Leslie Nadine	Grant	5.0K	$50.13
2025-01-31	Andreasen G. Christian Jr.	Other	2.8K	$50.64
2025-01-31	Andreasen G. Christian Jr.	Tax withheld	1.2K	$50.64
2024-12-31	Sohler Bernadette M	Other	4.0K	$52.63
2024-12-31	Sohler Bernadette M	Tax withheld	2.7K	$52.63

All non-derivative Form 4 activity (SEC), newest first.

Notable events (8-K)

Date	Items
2026-05-20	Shareholder vote	filing ↗
2026-04-30	ResultsExhibits	filing ↗
2026-03-26	Exec/director change	filing ↗
2026-02-24	Material agreementExhibits	filing ↗
2026-02-19	ResultsExhibits	filing ↗
2025-12-22	Exec/director changeExhibits	filing ↗
2025-10-31	ResultsExhibits	filing ↗
2025-07-31	ResultsExhibits	filing ↗

Recent filings

Form	Filed	Period	Accession
8-K	2026-05-20	2026-05-19	0001628280-26-036878 ↗
8-K	2026-04-30	2026-04-30	0001628280-26-028862 ↗
10-Q	2026-04-30	2026-03-31	0001628280-26-028887 ↗
8-K	2026-03-26	2026-03-26	0001628280-26-021412 ↗
8-K	2026-02-24	2026-02-20	0001628280-26-011115 ↗
8-K	2026-02-19	2026-02-19	0001628280-26-009722 ↗
10-K	2026-02-19	2025-12-31	0001628280-26-009777 ↗
8-K	2025-12-22	2025-12-22	0001628280-25-058529 ↗
8-K	2025-10-31	2025-10-31	0001628280-25-047818 ↗
10-Q	2025-10-31	2025-09-30	0001628280-25-047821 ↗
8-K	2025-07-31	2025-07-31	0001174947-25-001118 ↗
10-Q	2025-07-31	2025-06-30	0001174947-25-001119 ↗