Middlesex Water Co (MSEXP) company profile
Close on Oct 19, 2026Market cap $1.09BP/E 20.8Yield 2.39%
About Middlesex Water
Water Supply, SIC 4941
Middlesex Water Company operates regulated water and wastewater utility systems and manages municipal and private systems under contract. Its core operations include treating, storing, and distributing potable water for retail customers, wholesale municipal clients, and fire protection. In addition, the company provides wastewater collection and treatment services, manages contracted utility operations for public entities, and facilitates residential utility line protection programs. Its customer base includes residential households, commercial businesses, industrial facilities, and municipal government partners.
The enterprise conducts its business primarily in New Jersey and Delaware. Across its regulated utility network, it serves approximately 131,000 customers, including retail accounts across eastern Middlesex County and neighboring communities in New Jersey, as well as over 485 separate communities in Delaware. It also maintains contracted municipal operations covering areas with more than 200,000 residents. Middlesex Water Company is headquartered in Iselin, New Jersey, and employs 395 people.
Summary of the business section of Middlesex Water's latest annual report, written by StockData.
Company profile
Company
- Legal name
- Middlesex Water Co
- Founded
- 1897
- Headquarters
- Iselin, NJ
- Address
- 485c Route 1 South, Suite 400 08830
- Phone
- (732) 634-1500
- Website
- middlesexwater.com
- Employees
- 395, Dec 31, 2025
- Industry
- Water Supply
- Incorporated in
- New Jersey
- Fiscal year ends
- December 31
- Auditor
- Baker Tilly US, LLP, Philadelphia, Pennsylvania
Stock & identifiers
- Ticker
- MSEXP
- Other tickers
- MSEX
- Exchange
- OTC
- Shares outstanding
- 19M, Jul 29, 2026
- Public float
- $954.60M, Jun 30, 2025
- Filer category
- Large accelerated filer
- Stock splits
- 4-for-3, Nov 17, 2003; 3-for-2, Jan 3, 2002; 2-for-1, Oct 2, 1992; 2-for-1, Jan 2, 1985
- SEC CIK
- 66004
- CUSIP
- 596680108
- ISIN
- US5966801087
- EIN
- 22-1114430
Executives and directors
Officers and directors who filed ownership reports (Forms 3, 4, 5) in the last two years
| Name | Position | Shares owned |
|---|---|---|
| Lorrie Beth Ginegaw | VP, Human Resources | 3,978 |
| Tatyana Kaplan | Chief Accounting Officer | – |
| Nadine Duchemin-Leslie | President, CEO | 19,352 |
| Mohammed G. Zerhouni | SVP, CFO and Treasurer | 9,047 |
| Robert John Capko | PAO & Controller | 83 |
| Gregory S. Sorensen | VP, Chief Operating Officer | 4,983 |
| Robert K. Fullagar | President-NJ Operations | 6,457 |
| Georgia M. Simpson | VP-IT | 6,323 |
| Jay L. Kooper | VP, Gen. Counsel & Secretary | 878 |
| G. Christian Andreasen Jr. | Vice President-Engineering | 12,931 |
| Bernadette M. Sohler | VP-Corporate Affairs | 0 |
| Joshua Bershad | Director | 240,896 |
| Kim C. Hanemann | Director | 3,367 |
| Steven M. Klein | Director | 3,333 |
| Walter G. Reinhard | Director | 865 |
| Amy B. Mansue | Director | 865 |
| James F. Cosgrove Jr. | Director | 865 |
| Robert N. Hoglund | Director | 865 |
| Ann L. Noble | Director | 865 |
| Vaughn L. McKoy | Director | 865 |
| Dennis W. Doll | Director | 20,077 |
CEO pay and shareholder return
Pay versus performance table from the proxy statement
| Fiscal year | CEO total pay | CEO pay actually paid | Other executives (avg) | Value of $100 invested | Peer group |
|---|---|---|---|---|---|
| FY2025 | $1.91M | $1.57M | $693.76K | $76 | $88 |
| FY2024 | $1.83M | $1.58M | $616.18K | $90 | $91 |
| FY2023 | $1.76M | $1.41M | $673.74K | $109 | $103 |
| FY2022 | $1.15M | $38.88K | $452.48K | $129 | $120 |
| FY2021 | $1.29M | $3.17M | $490.57K | $195 | $133 |
| FY2020 | $1.78M | $1.71M | $677.01K | $116 | $102 |
“Actually paid” adjusts reported pay for changes in the value of equity awards. Shareholder return assumes $100 invested at the start of the measurement period, as disclosed by the company.
Executive compensation, fiscal 2025
Summary compensation table from the latest proxy statement
| Executive | Salary | Stock awards | Incentive pay | Other | Total | vs. prior year |
|---|---|---|---|---|---|---|
| Nadine Leslie Chair, President and Chief Executive Officer | $754.00K | $678.00K | $427.53K | $46.50K | $1.91M | +53% |
| Mohammed G. Zerhouni Senior Vice President, Chief Financial Officer and Treasurer | $587.60K | $200.00K | $199.91K | $37.19K | $1.02M | +53% |
| Gregory S. Sorensen Vice President, Chief Operating Officer | $494.00K | – | $165.10K | $37.42K | $696.51K | +480% |
| Jay L. Kooper Vice President, General Counsel and Secretary | $386.23K | $103.00K | $63.96K | $33.06K | $586.24K | +24% |
| Georgia M. Simpson Vice President, Information Technology and Chief Technology Officer | $318.21K | $72.00K | $52.70K | $24.68K | $467.59K | +21% |
Stock and option awards are grant-date fair values, not realized pay. “Other” includes pension value changes and all other compensation. Source proxy statement.
Employees
Headcount reported in annual reports
“As of December 31, 2025, the Company had 395 employees.”
Corporate history
Events identified from SEC filings
| Date | Event | Details |
|---|---|---|
| Mar 4, 2025 | Auditor change | Change in certifying accountant (8-K Item 4.01) |
| Mar 1, 2024 | Late filing | Notification of late filing |
| Oct 1, 2014 | Auditor change | Change in certifying accountant (8-K Item 4.01) |
| Oct 2, 2009 | Auditor change | Change in certifying accountant (8-K Item 4.01) |
| Apr 5, 2006 | Auditor change | Change in certifying accountant (8-K Item 4.01) |
| Nov 9, 2005 | Late filing | Notification of late filing |
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