59.50
-0.62%
Close of 9 Nov 2026, in USD
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About Middlesex Water
From its filings with the US Securities and Exchange Commission
Middlesex Water is based in Iselin, New Jersey and is incorporated in New Jersey. Its shares trade on Nasdaq under the ticker MSEX. The SEC classifies its business as water supply. In the fiscal year to 31 December 2025, it reported revenue of $194.7m and net income of $42.8m. At that date it held total assets of $1.37bn and shareholders' equity of $494.0m.
Middlesex was incorporated as a water utility company in 1897 and owns and operates regulated water utility and wastewater systems primarily in New Jersey and Delaware. Middlesex also operates water and wastewater systems under contract on behalf of municipal and private clients primarily in New Jersey and Delaware. Across our regulated utility systems, we serve approximately 131,000 customers. We operate water and wastewater systems under unregulated contracts for governmental entities and private entities.
Located in New Jersey, the Middlesex System provides water services to approximately 61,000 retail customers, primarily in eastern Middlesex County, and under wholesale contracts to the City of Rahway, Townships of Edison and Marlboro, the Borough of Highland Park and the Old Bridge Municipal Utilities Authority. The Middlesex System treats, stores and distributes water for residential, commercial, industrial and fire protection purposes. The Middlesex System also provides water treatment and pumping services to the Township of East Brunswick under contract. The amount of water supply allocated to the Township of East Brunswick is granted directly to the Township by the New Jersey Water Supply Authority. The Middlesex System produced approximately 67% of our 2025 consolidated operating revenues.
Quoted from its 10-K, filed 19 Feb 2026. Read the filing on SEC.gov ↗
Company facts
- Sector
- Utilities
- Industry
- Water Utilities
- Listed since
- 16 Sept 1958
- Employees
- 395
- Website
- middlesexwater.com ↗
- Head office
- 485C ROUTE 1 SOUTH, ISELIN, NJ, 08830
- Incorporated in
- NJ
- Classification
- Water Supply
- Filer status
- Large accelerated filer
Leadership
Pay as last reported
- Ms. Nadine Duchemin-LeslieChairman of the Board, President, Chief Executive Officer, since 2024$1.7m
- Mr. Mohammed ZerhouniChief Financial Officer, Senior Vice President, Treasurer$868,194
- Mr. Robert FullagarPresident - New Jersey Operations, since 2025$476,549
- Mr. Bruce PatrickPresident - Delaware Operations
- Mr. Gregory SorensenChief Operating Officer, Vice President
- Ms. Georgia SimpsonVice President - Information Technology, Chief Technology Officer, since 2022$407,673
- Mr. Robert CapkoCorporate Controller, Principal Accounting Officer
- Mr. Jay KooperVice President, General Counsel, Secretary$515,996
- Ms. Lorrie GinegawVice President - Human Resources$371,740
- Mr. Brian HagueVice President - Communications and Corporate Affairs
- Mr. Walter ReinhardLead Independent Director$97,500
- Dr. Joshua BershadIndependent Director$78,000
Environmental, social and governance
Scores out of 100, from our data supplier
- Overall
- 56
- Environment
- 20
- Social
- 82
- Governance
- 65
- Direct emissions (scope 1)
- 428.1 t
- Energy emissions (scope 2)
- 6,882.3 t
- Women in the workforce
- 25.7%
- Carbon reduction policy
- No
- Human rights policy
- Yes
SWOT analysis
AI-generated by our data supplier. Not written or checked by our editors.
Strengths
- Middlesex Water Co has several strengths that contribute to its success in the water industry. Firstly, the company has a long-standing history and experience in the sector, allowing it to build a strong reputation and brand image. Secondly, Middlesex Water Co boasts a diverse and reliable portfolio of water utility infrastructure, including treatment plants and distribution networks, ensuring a stable supply of clean water to its customers. Thirdly, the company has a skilled workforce with expertise in water management and operations, enabling efficient operations and prompt response to customer needs.
- Middlesex Water Co has built a strong brand image and reputation in the water industry due to its long history and established presence. This promotes customer trust and loyalty.
- Middlesex Water Co's diverse portfolio of water utility infrastructure, including treatment plants and distribution networks, ensures a reliable and efficient water supply to its customers.
- Middlesex Water Co boasts a skilled workforce with expertise in water management and operations. This enables the company to effectively manage its operations and promptly address customer needs.
Weaknesses
- Despite its strengths, Middlesex Water Co also faces certain weaknesses that can hinder its growth and performance. One of the weaknesses is the company's geographical concentration. Middlesex Water Co primarily operates in a specific region, which limits its potential market expansion. Additionally, regulatory challenges and compliance requirements can pose obstacles for the company's operations and lead to increased costs.
- Middlesex Water Co's operations are primarily concentrated in a specific region. This limits its ability to expand into new markets and diversify its customer base.
- Middlesex Water Co operates in a highly regulated industry, subject to various compliance requirements. Adhering to these regulations can be complex and may result in increased operational costs.
Opportunities
- Middlesex Water Co can leverage several opportunities to further strengthen its position in the water industry. Firstly, the growing global demand for clean and safe water presents significant market opportunities for the company to expand its customer base. Additionally, advancements in technology and water treatment techniques offer the potential for Middlesex Water Co to enhance operational efficiency and improve service quality.
- The increasing global demand for clean and safe water provides Middlesex Water Co with opportunities to expand its customer base and revenue streams.
- Technological advancements in water treatment and management open doors for Middlesex Water Co to improve operational efficiency and provide enhanced services to its customers.
Threats
- Middlesex Water Co faces certain threats that need to be carefully managed to ensure continued success. One of the primary threats is climate change and its potential impact on water availability and quality. Changing weather patterns and increased occurrences of extreme events can affect the company's ability to provide a reliable water supply. Furthermore, competition from other water utility companies poses a threat to Middlesex Water Co's market share and profitability.
- Climate change presents a threat to the water industry, including Middlesex Water Co. Changing weather patterns and extreme events can impact water availability and quality, potentially affecting the company's operations.
- Middlesex Water Co faces competition from other water utility companies in the market. This competition can impact the company's market share and profitability.
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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