MSEX at a glance
MIDDLESEX WATER CO (MSEX, SEC CIK 66004) filed its latest 10-K annual report on February 19, 2026, a 10-Q quarterly report on July 30, 2026, an 8-K current report on July 30, 2026 and Form 4 insider filings as recently as August 12, 2026. SignalX summarizes each filing with AI and tracks the company's insider trades and institutional holders.
- For the fiscal year ended December 31, 2025 (FY2025), MIDDLESEX WATER CO (MSEX) reported revenue of $194.7 million (up 1.5% from FY2024) and net income of $42.8 million. Diluted EPS was $2.36.
- As of June 30, 2026, 29 institutional investment managers tracked by SignalX reported holding MIDDLESEX WATER CO (MSEX) shares worth $463.2 million in 13F-HR filings.
- The most recent insider open-market sale reported on Form 4 was by Ginegaw Lorrie Beth on August 7, 2026 of 615 shares at $57.61 per share.
- In the last 90 days, MSEX insiders reported 0 open-market purchases ($0) and 1 open-market sale ($35K) on Form 4, a net sale of $35K.
Source: SEC EDGAR (XBRL financial data, 13F-HR and Form 4 filings).
- Revenue · FY2025
- $194.7M
- +1.5% vs prior year
- Insiders · 90 days
- 0 buys · 1 sell
- Net −$35K
- 13F holders
- 29 funds
- $463.2M · −2 vs prior quarter
- Latest 8-K
- Jul 30, 2026
- Item 2.02
AI 10-K Annual Report Analysis
Latest 10-K, fiscal year ended Dec 31, 2025
Business Overview
- Core business model: Water utility services primarily focused on regulated water supply and wastewater operations
- No new products, services, or segments introduced or emphasized this year
- No strategic shift or changed competitive positioning disclosed in this filing
- Proxy statement for 2026 Annual Meeting includes insider trading, executive compensation, security ownership, related transactions, and auditor fees details by reference
- Filing mainly incorporates key governance and financial disclosures by reference, with minimal standalone business narrative
Risk Factors
- Compliance risk under Federal Safe Drinking Water Act and NJDEP regulations with potential fines and remediation costs from contamination or water quality violations
- Concentration risk in New Jersey and Delaware markets with exposure to local regulatory, economic, demographic, and weather conditions impacting revenues
- Supply chain disruptions for critical goods (pipe, chemicals, power) causing operational delays and increased costs
- Competitive risk from other utilities and challengers in Delaware affecting new franchise awards and long-term contract renewals
- Financing risk with $506 million planned capital projects through 2028 requiring prior regulator approval for debt/equity issuance
Management Discussion & Analysis
- Revenue $194.7M in 2025, up $2.8M YoY; regulated up mainly from Middlesex +$1.5M and Tidewater +$1.6M, non-regulated down $0.6M
- Operating margin 27.9% in 2025 vs 27.7% in 2024 (Operating income $54.4M/$194.7M vs $53.2M/$191.9M)
- Best segment: Regulated revenue $182.2M (+$3.4M YoY), Net income $40.3M; Worst segment: Non-Regulated revenue $12.5M (-$0.6M YoY), Net income $2.5M
- Cash flow from operations $62.6M (+$3.9M YoY); investing cash flow used $101.0M (+$26.3M YoY) mostly on utility plant and acquisitions; financing cash flow $38.6M (+$20.9M YoY) from increased debt and equity issuance ($29.5M net proceeds from ATM sales in 2025)
- 2026 capital expenditures planned $126M focused on PFAS treatment and system upgrades; 2026-2028 total $506M; management expects customer growth (~3% at Tidewater in 2025), timely rate relief critical, PFAS compliance a key emerging regulatory risk
AI summary of the MSEX 10-K filed . Generated from the filing text; verify against the original.View on SEC EDGARHow to read a 10-K
AI 10-Q Quarterly Report Analysis
Latest 10-Q, quarter ended Jun 30, 2026
Management Discussion & Analysis
- Quarterly revenue $56.4M, up $7.0M YoY from $49.3M, driven by Middlesex and Tidewater rate increases and consumption
- Operating margin 32.3% vs 28.2% YoY, with operating income $18.2M vs $13.9M
- Regulated segment best performer: revenue $53.2M and operating income $17.5M vs $3.1M and $0.8M Non-Regulated
- Operating cash flow $28.1M, down $4.0M; investing outflows $53.6M and financing inflows $24.5M
- 2026 capital plan approximately $126M; PFAS compliance and evolving market conditions emerging headwinds.calc
Risk Factors
- No newly added risk identified from the supplied excerpt
- No regulatory, legal, compliance, operational, competitive, market, or financial risk details provided
- Exhibits show $60,000,000 uncommitted loan agreement amendment dated July 24, 2026
AI summary of the MSEX 10-Q filed . Generated from the filing text; verify against the original.View on SEC EDGAR10-K vs 10-Q vs 8-K
AI 8-K Current Report Analysis
The most recent material events, by 8-K item
Item 2.02: Results of Operations and Financial Condition
- Quarterly results announced for period ended June 30, 2026
- Full financial figures and management commentary contained in Exhibit 99.1
Item 5.07: Submission of Matters to a Vote of Security Holders
- Shareholders elected Robert Hoglund, Joshua Bershad, James Cosgrove, and Vaughn McKoy to the Board
- Advisory executive compensation proposal approved, with 13,250,940 votes for and 982,607 against
Item 2.02: Results of Operations and Financial Condition
- Q1 2026 results announced for quarter ended March 31, 2026
- Detailed financial results contained in Exhibit 99.1, the attached earnings press release
AI summaries of MSEX 8-K current reports filed with the SEC. What 8-K item codes mean
SignalX for MSEX
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Recent Insider Transactions (Form 4)
Latest reported trades by officers, directors and 10% owners
| Insider | Type | Date | Shares | Price |
|---|---|---|---|---|
| Bershad Joshua | J | Aug 11, 2026 | 6,900 | - |
| Ginegaw Lorrie Beth | Sell | Aug 7, 2026 | 615 | $57.61 |
| Mansue Amy B. | A | Apr 1, 2026 | 865 | $52.05 |
| Cosgrove James F. Jr. | A | Apr 1, 2026 | 865 | $52.05 |
| NOBLE ANN L. | A | Apr 1, 2026 | 865 | $52.05 |
| Bershad Joshua | A | Apr 1, 2026 | 865 | $52.05 |
| Klein Steven M | A | Apr 1, 2026 | 865 | $52.05 |
| HOGLUND ROBERT N | A | Apr 1, 2026 | 865 | $52.05 |
Financial SummaryXBRL
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Profitability | |||
| Revenue | - | $191.9M | $194.7M |
| Operating Income | $39.2M | $53.2M | $54.4M |
| Net Income | $31.5M | $44.4M | $42.8M |
| Op. Margin | - | 27.7% | 27.9% |
| Net Margin | - | 23.1% | 22.0% |
| Balance Sheet | |||
| Total Assets | $1.2B | $1.3B | $1.4B |
| Equity | - | $445.3M | $494.0M |
| ROE | - | 10.0% | 8.7% |
| Per Share | |||
| EPS | $1.76 | $2.47 | $2.36 |
| Cash Flow | |||
| Operating CF | - | $58.7M | $62.6M |
| CapEx | $90.2M | $74.6M | - |
Source: XBRL data in MIDDLESEX WATER CO (MSEX)'s 10-K filings on SEC EDGAR, in USD. Compare across companies →
13F Fund Holdings: Quarterly Trend
Latest: Q2 2026Aggregate MSEX share value held by 13F filers tracked by SignalX, by quarter.
Quarterly totals table
| Quarter | Funds | Total value |
|---|---|---|
| Q2 2026 | 29 | $463.2M |
| Q1 2026 | 31 | $417.7M |
| Q4 2025 | 27 | $425.3M |
| Q3 2025 | 29 | $434.5M |
| Q2 2025 | 28 | $430.7M |
| Q1 2025 | 25 | $299.1M |
| Q4 2024 | 22 | $202.1M |
| Q3 2024 | 15 | $153.9M |
- BlackRock+117.9K (+4%)
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- AQR Capital Management+66.7K (+394%)
- State Street Corp+54.2K (+7%)
- Vanguard Portfolio Management LLC+25.7K (+5%)
- Goldman Sachs Group−45.1K (-35%)
- Renaissance Technologies LLC−36.2K (-25%)
- Bank of America Corp−28.9K (-42%)
- Vanguard Capital Management LLC−25.6K (-3%)
- Invesco Ltd−10.4K (-4%)
- Millennium Management−40.8K
- Mangrove Partners−5.3K
Source: 13F-HR filings on SEC EDGAR (aggregated from 206 fund-quarter rows). Reflects only 13F filers tracked by SignalX, not the full institutional ownership universe. How 13F filings work
MSEX filing archive
AI analysis pages for each 10-K, 10-Q and 8-K
10-K annual reports
10-Q quarterly reports
8-K current reports
Latest 2026 SEC Filings: 10-K, 10-Q, 8-K & Form 4
| Form | Filing date | Period | Analysis | SEC |
|---|---|---|---|---|
| 4 | Aug 12, 2026 | - | - | - |
| 4 | Aug 7, 2026 | - | - | - |
| 8-K | Jul 30, 2026 | - | Analysis | - |
| 10-Q | Jul 30, 2026 | Jun 30, 2026 | Analysis | |
| 8-K | May 20, 2026 | - | Analysis | |
| 10-Q | Apr 30, 2026 | Mar 31, 2026 | Analysis | |
| SC 13G | Apr 30, 2026 | - | - | |
| 8-K | Apr 30, 2026 | - | Analysis | - |
| 4 | Apr 1, 2026 | - | - | - |
| 4 | Apr 1, 2026 | - | - | - |
| 4 | Apr 1, 2026 | - | - | - |
| 4 | Apr 1, 2026 | - | - | - |
| 4 | Apr 1, 2026 | - | - | - |
| 4 | Apr 1, 2026 | - | - | - |
| 4 | Apr 1, 2026 | - | - | - |
| 4 | Apr 1, 2026 | - | - | - |
| 4 | Apr 1, 2026 | - | - | - |
| 4 | Apr 1, 2026 | - | - | - |
| 4 | Apr 1, 2026 | - | - | - |
| 4 | Apr 1, 2026 | - | - | - |
| 4 | Apr 1, 2026 | - | - | - |
| 4 | Apr 1, 2026 | - | - | - |
| 4 | Apr 1, 2026 | - | - | - |
| 4 | Apr 1, 2026 | - | - | - |
| 4 | Apr 1, 2026 | - | - | - |
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MSEX SEC filings: frequently asked questions
Are MSEX insiders buying or selling?
In the last 90 days, MIDDLESEX WATER CO (MSEX) officers, directors and 10% owners reported no open-market purchases and 1 open-market sale worth $35,430 by 1 insider on Form 4. Many insider sales are pre-planned or for taxes, so purchases usually carry more information.
Which institutions hold MSEX stock?
As of June 30, 2026, the largest MIDDLESEX WATER CO (MSEX) holders among the 13F filers tracked by SignalX were BlackRock ($176.0 million), Morgan Stanley ($61.9 million), Vanguard Capital Management LLC ($45.1 million), State Street Corp ($44.8 million), Vanguard Portfolio Management LLC ($28.9 million). 13F-HR reports are filed up to 45 days after each quarter ends.
What was MSEX's revenue in fiscal year 2025?
For the fiscal year ended December 31, 2025 (FY2025), MIDDLESEX WATER CO (MSEX) reported revenue of $194.7 million (up 1.5% from FY2024) and net income of $42.8 million. Diluted EPS was $2.36. The figures come from the XBRL data in the 10-K.
What are the main risks in MSEX's latest 10-K?
In the 10-K filed February 19, 2026, MIDDLESEX WATER CO (MSEX) flagged: Compliance risk under Federal Safe Drinking Water Act and NJDEP regulations with potential fines and remediation costs from contamination or water quality violations. Concentration risk in New Jersey and Delaware markets with exposure to local regulatory, economic, demographic, and weather conditions impacting revenues. (AI summary of the Risk Factors section.)
What did MSEX report in its latest 8-K?
MIDDLESEX WATER CO (MSEX) filed an 8-K on July 30, 2026 reporting Item 2.02 (Results of Operations and Financial Condition). Quarterly results announced for period ended June 30, 2026.
What are the latest MSEX SEC filings?
MIDDLESEX WATER CO (MSEX) filed its latest 10-K annual report on February 19, 2026, a 10-Q quarterly report on July 30, 2026, an 8-K current report on July 30, 2026 and a Form 4 insider filing on August 12, 2026.
What is MSEX's SEC CIK number?
MIDDLESEX WATER CO (MSEX)'s SEC Central Index Key (CIK) is 66004. EDGAR lists every MSEX filing under that number.
Ask anything about MSEX
The research agent reads MSEX's filings, financials, insider trades and 13F holders, then answers with sources.