MSEXMIDDLESEX WATER CO
Water Supply
- Revenue
- $195M
- 1.5% YoY
- Operating margin
- 27.9%
- 0.6% YoY
- EBITDA
- $87M
- 6.9% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- 1.6×
- $135M net debt
- AI in 10-K
- —
Red flags 0 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear1462523× net incomeCash flow under 80% of net income
- Dilutive SBCClear1% of revenueOver 10% of revenue
- Payouts exceed cash flowClear42% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear—Over 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $143M | $162M | $166M | $192M | $195M | 1.5% |
| Operating income | $33M | $47M | $39M | $53M | $54M | 2.2% |
| Net income | $37 | $42 | $32 | $44 | $43 | 3.6% |
| Operating cash flow | $33M | $61M | $53M | $59M | $63M | 6.6% |
| Capex | $79M | $91M | $90M | $75M | — | |
| Stock-based comp | $1M | $2M | $2M | $2M | $1M | 20% |
| Buybacks | — | — | $619K | $1M | — | |
| Dividends | $19M | $21M | $22M | $23M | $25M | 6.5% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $109K · 1
- Open-market sells, 12 mo
- $0 · 0
- Net
- $109K
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $2M | $2M | 76 | 88 |
| FY2024 | $2M | $2M | 90 | 91 |
| FY2023 | $2M | $1M | 109 | 103 |
| FY2022 | $1M | $39K | 129 | 120 |
| FY2021 | $1M | $3M | 195 | 133 |