MSEXMIDDLESEX WATER CO

Water Supply

Revenue: $195M; 1.5% YoY
Operating margin: 27.9%; 0.6% YoY
EBITDA: $87M; 6.9% YoY
Market cap: $1.1B
Employees: 395; $493K revenue each
Net debt / EBITDA: 1.6×; $135M net debt
AI in 10-K: 0.4; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 0 of 7

TSR below peersNo
2 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$2M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
1462523× net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
42% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
82% lowest support
Any vote under 80% support

Buyer economics 3 of 4

Low revenue per employeeYes
$493K · 14th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.4 per 10K words · 19th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.6× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.1B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$16K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
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: $92K · 4
Net: $16K

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