MIDDLESEX WATER CO (MSEX) FY2025 10-K Annual Report
MIDDLESEX WATER CO (MSEX) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 19, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
MIDDLESEX WATER CO FY2025 10-K Analysis
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
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)
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
MIDDLESEX WATER CO FY2025 Key Financial MetricsXBRL
Revenue
$195M
▲ +1.5% YoY
Net Income
$43M
▼ -3.4% YoY
Operating Margin
27.9%
▲ +20bp YoY
Net Margin
22.0%
▼ -112bp YoY
ROE
8.7%
▼ -129bp YoY
Total Assets
$1.4B
▲ +8.8% YoY
EPS (Diluted)
$2.36
▼ -4.5% YoY
Operating Cash Flow
$63M
▲ +6.6% YoY
Source: XBRL data from MIDDLESEX WATER CO FY2025 10-K filing on SEC EDGAR. All figures in USD.
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