$56.22

+0.03 (+0.05%)

After Hours: $55.32 (-0.90, -1.60%)

Weekly Expected Move ±3.2%

$52 $54 $56 $58 $60

NASDAQ · Utilities · Regulated Water · Tech Score Strong Buy · Power 69 · $1.1B mcap · 18M float · 0.850% daily turnover · Short 62% of daily vol

Credit Risk of going bust: lower than 66% of companies Debt: 29.3% of company value Bonds: none of note held by US funds details ▾

Of US companies ranked in the safest four tenths, about 1 in 3,500 filed for bankruptcy within a year (2020-2025).
If the stock fell to about $1.49 (down 97%), Middlesex Water Company would be worth roughly what it owes.
Total debt $438.7M against a stock market value of $1.06B.
Distance to default 6.98 (Merton model): prices to 2026-10-26, balance sheet 2026-06-30, debt counted $239.4M (short-term plus half of long-term), stock volatility 29.6%; Altman Z'' 1.20. A ranking and a back-test, not a forecast.
US fund filings (SEC N-PORT) show under $25M of this company's bonds, so there is no bond page. Its debt may be bank loans or privately placed. How these are computed.

Revenue Segmentation

By Product / Service

Revenue by Segment (5-Year Trend)

Income Trends

Revenue

$195M +1.5% ▲

5Y CAGR: +6.6%

Gross Profit

$76M -23.3% ▼

5Y CAGR: +1.5%

Operating Income

$54M +2.2% ▲

5Y CAGR: +7.8%

Net Income

$43M -3.4% ▼

5Y CAGR: +2.2%

EPS (Diluted)

$2.36 -4.5% ▼

5Y CAGR: +1.6%

EBITDA

$94M +2.6% ▲

5Y CAGR: +10.0%

Profit Margins

Year-over-Year Growth

View Full Income Statement

Line Item	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	$143M	$162M	$166M	$192M	$195M
YoY Growth	+1.1%	+13.5%	+2.4%	+15.4%	+1.5%
Cost of Revenue	$74M	$79M	$83M	$92M	$118M
Gross Profit	$69M	$83M	$83M	$100M	$76M
Gross Margin	48.5%	51.3%	50.0%	51.9%	39.2%
R&D Expenses	$0	$0	$0	$0	$0
SG&A Expenses	$0	$0	$0	$0	$0
Operating Expenses	$36M	$36M	$44M	$46M	$22M
Operating Income	$33M	$47M	$39M	$53M	$54M
Operating Margin	23.2%	29.1%	23.6%	27.7%	27.9%
Interest Expense	$5M	$7M	$11M	$13M	$14M
Income Before Tax	$31M	$46M	$33M	$51M	$48M
Tax Expense	-$5M	$3M	$1M	$7M	$5M
Net Income	$37M	$42M	$32M	$44M	$43M
Net Margin	25.5%	26.1%	19.0%	23.1%	22.0%
EPS (Diluted)	$2.07	$2.39	$1.76	$2.47	$2.36
EBITDA	$63M	$80M	$73M	$92M	$94M
Shares Outstanding	18M	18M	18M	18M	18M

Line Item	FY2024 Q3	FY2024 Q4	FY2025 Q1	FY2025 Q2	FY2025 Q3	FY2025 Q4	FY2026 Q1	FY2026 Q2
Revenue	$55M	$47M	$44M	$49M	$54M	$47M	$49M	$56M
Cost of Revenue	$25M	$25M	$21M	$23M	$31M	$30M	$23M	$32M
Gross Profit	$30M	$22M	$23M	$26M	$23M	$17M	$26M	$24M
Gross Margin	54.0%	47.5%	52.4%	53.2%	43.3%	35.5%	52.8%	42.9%
R&D Expenses	$0	$0	$0	$0	$0	$0	$0	$0
SG&A Expenses	$0	$0	$0	$0	$0	$0	$0	$0
Operating Expenses	$12M	$12M	$12M	$12M	$6M	$5M	$13M	$6M
Operating Income	$18M	$11M	$12M	$14M	$18M	$11M	$13M	$18M
Operating Margin	31.8%	22.4%	26.1%	28.2%	32.7%	23.9%	26.9%	32.3%
Interest Expense	$3M	$3M	$3M	$4M	$4M	$4M	$3M	$4M
Income Before Tax	$16M	$9M	$11M	$12M	$15M	$9M	$12M	$17M
Tax Expense	$2M	$503K	$1M	$1M	$1M	$820K	$1M	$2M
Net Income	$14M	$9M	$9M	$11M	$14M	$9M	$11M	$15M
Net Margin	26.0%	18.7%	21.4%	21.9%	25.8%	18.3%	21.8%	26.2%
EPS (Diluted)	$0.80	$-1.98	$0.53	$0.60	$0.77	$0.46	$0.58	$0.79
EBITDA	$26M	$20M	$21M	$23M	$28M	$22M	$23M	$25M
Shares Outstanding	18M	18M	18M	18M	18M	18M	18M	19M

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