Middlesex Water (MSEX)
Market Price (5/6/2026): $50.99 | Market Cap: $945.6 MilSector: Utilities | Industry: Water Utilities
Middlesex Water (MSEX)
Market Price (5/6/2026): $50.99Market Cap: $945.6 MilSector: UtilitiesIndustry: Water Utilities
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.4%, Dividend Yield is 2.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.0% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 30% Low stock price volatilityVol 12M is 31% Megatrend and thematic driversMegatrends include Water Infrastructure. Themes include Water Treatment & Delivery, and Wastewater Management. | Weak multi-year price returns2Y Excs Rtn is -39%, 3Y Excs Rtn is -99% | Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -19% Key risksMSEX key risks include [1] its profitability's heavy reliance on favorable and timely rate case decisions from New Jersey regulators and [2] potential earnings pressure from its significant, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.4%, Dividend Yield is 2.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.0% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 30% |
| Low stock price volatilityVol 12M is 31% |
| Megatrend and thematic driversMegatrends include Water Infrastructure. Themes include Water Treatment & Delivery, and Wastewater Management. |
| Weak multi-year price returns2Y Excs Rtn is -39%, 3Y Excs Rtn is -99% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -19% |
| Key risksMSEX key risks include [1] its profitability's heavy reliance on favorable and timely rate case decisions from New Jersey regulators and [2] potential earnings pressure from its significant, Show more. |
Qualitative Assessment
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Middlesex Water (MSEX) stock has remained largely at the same level since 1/31/2026 because of the following key factors:
1. Steady Operational Performance Offset by Modest Earnings Miss. Middlesex Water Company reported an increase in Q1 2026 net income to $10.6 million, up from $9.5 million in Q1 2025, with diluted earnings per share (EPS) of $0.57, compared to $0.53 in the prior year. Operating revenues also grew by 10% to $48.7 million. However, these revenues fell short of analyst projections of approximately $50.7 million, while diluted EPS met consensus but slightly missed non-GAAP estimates, contributing to a muted market reaction.
2. Defensive Appeal of the Utilities Sector Counterbalanced by Macroeconomic Pressures. The utilities sector generally exhibited defensive strength in the first quarter of 2026, with the S&P 500 Utilities Index gaining 8.3% and outperforming the broader market. This underlying sector stability likely provided some support for MSEX. Conversely, rising inflation concerns and an increase in the 10-year Treasury yield above 4.3% created a headwind for utility stocks, which are sensitive to interest rate fluctuations.
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1. Steady Operational Performance Offset by Modest Earnings Miss. Middlesex Water Company reported an increase in Q1 2026 net income to $10.6 million, up from $9.5 million in Q1 2025, with diluted earnings per share (EPS) of $0.57, compared to $0.53 in the prior year. Operating revenues also grew by 10% to $48.7 million. However, these revenues fell short of analyst projections of approximately $50.7 million, while diluted EPS met consensus but slightly missed non-GAAP estimates, contributing to a muted market reaction.
2. Defensive Appeal of the Utilities Sector Counterbalanced by Macroeconomic Pressures. The utilities sector generally exhibited defensive strength in the first quarter of 2026, with the S&P 500 Utilities Index gaining 8.3% and outperforming the broader market. This underlying sector stability likely provided some support for MSEX. Conversely, rising inflation concerns and an increase in the 10-year Treasury yield above 4.3% created a headwind for utility stocks, which are sensitive to interest rate fluctuations.
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Stock Movement Drivers
Fundamental Drivers
The -2.1% change in MSEX stock from 1/31/2026 to 5/5/2026 was primarily driven by a -2.3% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 1312026 | 5052026 | Change |
|---|---|---|---|
| Stock Price ($) | 52.04 | 50.93 | -2.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 195 | 199 | 2.2% |
| Net Income Margin (%) | 22.1% | 22.1% | 0.0% |
| P/E Multiple | 21.9 | 21.5 | -2.0% |
| Shares Outstanding (Mil) | 18 | 19 | -2.3% |
| Cumulative Contribution | -2.1% |
Market Drivers
1/31/2026 to 5/5/2026| Return | Correlation | |
|---|---|---|
| MSEX | -2.1% | |
| Market (SPY) | 3.6% | -19.3% |
| Sector (XLU) | 8.0% | 40.5% |
Fundamental Drivers
The -10.2% change in MSEX stock from 10/31/2025 to 5/5/2026 was primarily driven by a -10.0% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 5052026 | Change |
|---|---|---|---|
| Stock Price ($) | 56.70 | 50.93 | -10.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 195 | 199 | 2.2% |
| Net Income Margin (%) | 22.1% | 22.1% | 0.0% |
| P/E Multiple | 23.9 | 21.5 | -10.0% |
| Shares Outstanding (Mil) | 18 | 19 | -2.3% |
| Cumulative Contribution | -10.2% |
Market Drivers
10/31/2025 to 5/5/2026| Return | Correlation | |
|---|---|---|
| MSEX | -10.2% | |
| Market (SPY) | 5.5% | -11.5% |
| Sector (XLU) | 5.6% | 28.3% |
Fundamental Drivers
The -17.2% change in MSEX stock from 4/30/2025 to 5/5/2026 was primarily driven by a -13.3% change in the company's P/E Multiple.| (LTM values as of) | 4302025 | 5052026 | Change |
|---|---|---|---|
| Stock Price ($) | 61.50 | 50.93 | -17.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 192 | 199 | 3.8% |
| Net Income Margin (%) | 23.1% | 22.1% | -4.5% |
| P/E Multiple | 24.8 | 21.5 | -13.3% |
| Shares Outstanding (Mil) | 18 | 19 | -3.6% |
| Cumulative Contribution | -17.2% |
Market Drivers
4/30/2025 to 5/5/2026| Return | Correlation | |
|---|---|---|
| MSEX | -17.2% | |
| Market (SPY) | 30.4% | -5.1% |
| Sector (XLU) | 20.9% | 35.6% |
Fundamental Drivers
The -25.3% change in MSEX stock from 4/30/2023 to 5/5/2026 was primarily driven by a -24.2% change in the company's P/E Multiple.| (LTM values as of) | 4302023 | 5052026 | Change |
|---|---|---|---|
| Stock Price ($) | 68.19 | 50.93 | -25.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 162 | 199 | 22.6% |
| Net Income Margin (%) | 26.1% | 22.1% | -15.5% |
| P/E Multiple | 28.3 | 21.5 | -24.2% |
| Shares Outstanding (Mil) | 18 | 19 | -4.9% |
| Cumulative Contribution | -25.3% |
Market Drivers
4/30/2023 to 5/5/2026| Return | Correlation | |
|---|---|---|
| MSEX | -25.3% | |
| Market (SPY) | 78.7% | 6.3% |
| Sector (XLU) | 47.4% | 38.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MSEX Return | 69% | -34% | -15% | -18% | -2% | 2% | -22% |
| Peers Return | 23% | -11% | -14% | -6% | 2% | -1% | -10% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 5% | 92% |
Monthly Win Rates [3] | |||||||
| MSEX Win Rate | 67% | 42% | 42% | 42% | 33% | 60% | |
| Peers Win Rate | 65% | 47% | 47% | 45% | 48% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 40% | |
Max Drawdowns [4] | |||||||
| MSEX Max Drawdown | -7% | -37% | -21% | -30% | -8% | -0% | |
| Peers Max Drawdown | -10% | -29% | -23% | -13% | -7% | -4% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: AWR, CWT, WTRG, AWK, YORW.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/5/2026 (YTD)
How Low Can It Go
| Event | MSEX | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -27.2% | -33.7% |
| % Gain to Breakeven | 37.3% | 50.9% |
| Time to Breakeven | 74 days | 140 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -10.9% | -17.9% |
| % Gain to Breakeven | 12.2% | 21.8% |
| Time to Breakeven | 24 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -16.5% | -15.4% |
| % Gain to Breakeven | 19.8% | 18.2% |
| Time to Breakeven | 142 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -34.5% | -53.4% |
| % Gain to Breakeven | 52.6% | 114.4% |
| Time to Breakeven | 274 days | 1085 days |
In The Past
Middlesex Water's stock fell -1.2% during the 2025 US Tariff Shock. Such a loss loss requires a 1.2% gain to breakeven.
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| Event | MSEX | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -27.2% | -33.7% |
| % Gain to Breakeven | 37.3% | 50.9% |
| Time to Breakeven | 74 days | 140 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -34.5% | -53.4% |
| % Gain to Breakeven | 52.6% | 114.4% |
| Time to Breakeven | 274 days | 1085 days |
In The Past
Middlesex Water's stock fell -1.2% during the 2025 US Tariff Shock. Such a loss loss requires a 1.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Middlesex Water (MSEX)
Middlesex Water Company owns and operates regulated water utility and wastewater systems. It operates in two segments, Regulated and Non-Regulated. The Regulated segment collects, treats, and distributes water on a retail and wholesale basis to residential, commercial, industrial, and fire protection customers, as well as provides regulated wastewater systems in New Jersey and Delaware. The Non-Regulated segment provides non-regulated contract services for the operation and maintenance of municipal and private water and wastewater systems in New Jersey and Delaware. The company was incorporated in 1896 and is headquartered in Iselin, New Jersey.
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- The Con Edison for water and wastewater.
- A publicly traded version of your local city water department.
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- Water Utility Services: This involves the collection, treatment, and distribution of water to residential, commercial, industrial, and fire protection customers on both a retail and wholesale basis.
- Wastewater Utility Services: The company operates regulated systems for the collection and treatment of wastewater in its service areas.
- Contract Operation & Maintenance Services: These non-regulated services include the operation and maintenance of water and wastewater systems under contract for municipalities and private entities.
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Middlesex Water (MSEX) serves a diverse customer base across its regulated water utility and wastewater systems, as well as its non-regulated contract services. The company sells primarily to a mix of individuals and other entities, and its major customers can be categorized as follows:
- Residential Customers: Individuals and households that receive water and wastewater services directly from Middlesex Water for personal use.
- Commercial and Industrial Customers: A wide range of businesses, institutions, and industrial operations that utilize water for their daily operations, manufacturing processes, and require wastewater services. This also includes customers for fire protection services.
- Municipal and Private Water and Wastewater Systems: For its non-regulated segment, Middlesex Water provides contract services for the operation and maintenance of water and wastewater infrastructure owned by municipalities and other private entities.
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Nadine Leslie, Chair, President & Chief Executive Officer
Ms. Leslie was appointed President and CEO of Middlesex Water effective March 1, 2024, and assumed the role of Chair of the Board on May 23, 2025. She possesses over 25-30 years of leadership experience within the water industry, having previously served as Chief Executive Officer of SUEZ North America from 2019 to 2022. In her role at SUEZ North America, she was responsible for overseeing utility and environmental operations that included 15 regulated water utilities and 65 municipal contracts. Prior to that, she held positions as Executive Vice President - Health & Safety for the Paris-based SUEZ Group and President of SUEZ North America's Environmental Services.
Mohammed G. (Rally) Zerhouni, Senior Vice President, Chief Financial Officer & Treasurer
Mr. Zerhouni was appointed Senior Vice President, Chief Financial Officer & Treasurer of Middlesex Water Company, effective June 24, 2024. He brings over 20 years of experience, primarily in the regulated utility sector. Before joining Middlesex Water, he served as Senior Vice President of Finance and Principal Accounting Officer at SJW Group. His prior experience also includes serving as Chief Financial Officer for Veolia North America's regulated utility business and leading audit engagement teams at PwC, with a focus on large investor-owned utilities.
Robert J. Capko, Principal Accounting Officer
Mr. Capko joined Middlesex Water in 2009 as Corporate Controller and was appointed Principal Accounting Officer on March 28, 2023. Previously, he was an Audit Senior Manager with Deloitte & Touche LLP, specializing in publicly traded regulated utilities.
Jay L. Kooper, Vice President, General Counsel & Secretary
Mr. Kooper serves as Vice President, General Counsel, and Secretary. He was recognized as General Counsel of the Year in 2019.
Robert K. Fullagar, President New Jersey Operations
Mr. Fullagar is the President of New Jersey Operations for Middlesex Water Company.
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Middlesex Water Company (MSEX) faces several key risks inherent to the regulated water utility and wastewater industry. The most significant risks include: 1. Significant Capital Expenditure Requirements and Regulatory Compliance: Middlesex Water Company faces substantial ongoing capital expenditure requirements for maintaining and upgrading its aging infrastructure, as well as for new projects driven by evolving regulatory demands. For instance, a major investment is required for a PFAS (Per- and Polyfluoroalkyl Substances) treatment plant. Compliance with environmental and other regulations is critical, as failure to meet these standards can result in fines, legal action, and increased operational costs. These investments can act as a drag on earnings and dividend growth. 2. Financial Risks from High Interest Rates and Debt: As a capital-intensive utility, Middlesex Water Company relies on debt to finance its infrastructure improvements and expansion. High interest rates increase borrowing costs, which can negatively impact the company's profitability and financial performance. The company's use of debt has been noted as potentially extensive, posing further financial risks. 3. Operational Risks Related to Water Supply and Quality: The company's ability to provide water services is susceptible to operational risks such as adverse weather conditions, overuse of underground aquifers, and the impacts of climate change, including droughts and severe weather events. Contamination of the water supply, from various sources, also presents a substantial risk, potentially leading to significant injury or damage to customers, substantial claims, and litigation.AI Analysis | Feedback
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Here are the expected drivers of future revenue growth for Middlesex Water (MSEX) over the next 2-3 years: * Approved Rate Increases: Middlesex Water's revenue growth is primarily driven by approved base rate increases. For example, the New Jersey Board of Public Utilities approved a rate increase effective February 23, 2026, which is projected to raise annual operating revenues by $14.5 million. Additionally, a Delaware rate settlement in July 2025 is expected to provide a $5.5 million annual revenue boost. * Significant Capital Investments and Infrastructure Upgrades: The company plans substantial capital expenditures to enhance system reliability and meet regulatory requirements. Middlesex Water has a long-term capital expenditure plan of $387 million for 2025-2027, including $93 million in 2025, and a projected $506 million from 2026-2028. These investments include the RENEW program for infrastructure replacement, installation of hydrants and meters, and various water main and service replacements. These investments are crucial for rate base growth, which underpins future rate increases. * Expansion of Customer Base through Acquisitions: Middlesex Water is actively pursuing strategic acquisitions to expand its service area and customer base. Recent examples include the Tidewater Utilities acquisition for $4.6 million in April 2025 and the asset purchase agreement to acquire Pinewood Acres water utility assets in Delaware in October 2025. Organic customer growth also contributes to increased operating revenues. * Regulatory Compliance Initiatives (e.g., PFAS Treatment): Investments related to regulatory compliance, particularly for new environmental standards, represent a significant growth driver. The company plans to invest $255 million from 2026-2028 for advanced PFAS (Per- and Polyfluoroalkyl Substances) treatment facilities, including $105 million specifically for the Carl J. Olsen plant. These essential upgrades allow for cost recovery through the regulated rate structure.AI Analysis | Feedback
Share Repurchases
- Middlesex Water Company's Buyback Yield was -3.3% in 2025.
Share Issuance
- In 2025, Middlesex Water Company raised approximately $0.9 million by issuing shares under its Investment Plan.
- In September 2025, the New Jersey Board of Public Utilities authorized the company to issue and sell up to 2.5 million shares of common stock from January 2026 through December 2028.
Outbound Investments
- In the first quarter of 2025, Middlesex Water Company completed the $4.6 million acquisition of Ocean View's water utility assets in Delaware, serving 900 customers.
Capital Expenditures
- Middlesex Water Company invested $75 million in capital expenditures in 2024 to upgrade utility infrastructure, focusing on water quality, service reliability, security, and regulatory compliance.
- The company invested approximately $96 million in water and wastewater utility infrastructure during 2025.
- Middlesex Water Company plans significant infrastructure investments totaling $506 million from 2026 through 2028, with approximately $255 million allocated for PFAS (Perfluoroalkyl Substances) treatment at its Carl J. Olsen surface water treatment plant.
Latest Trefis Analyses
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| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 03312026 | SRE | Sempra | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | -2.1% | -2.1% | -4.9% |
| 12122025 | CTRI | Centuri | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 41.5% | 41.5% | -5.5% |
| 11212025 | PEG | Public Service Enterprise | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 2.1% | 2.1% | -4.0% |
| 09302021 | MSEX | Middlesex Water | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | 3.2% | -23.8% | -23.8% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 46.98 |
| Mkt Cap | 2.8 |
| Rev LTM | 834 |
| Op Inc LTM | 189 |
| FCF LTM | -130 |
| FCF 3Y Avg | -123 |
| CFO LTM | 272 |
| CFO 3Y Avg | 223 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.2% |
| Rev Chg 3Y Avg | 8.6% |
| Rev Chg Q | 9.4% |
| QoQ Delta Rev Chg LTM | 2.2% |
| Op Inc Chg LTM | 4.8% |
| Op Inc Chg 3Y Avg | 12.4% |
| Op Mgn LTM | 33.0% |
| Op Mgn 3Y Avg | 33.7% |
| QoQ Delta Op Mgn LTM | -0.3% |
| CFO/Rev LTM | 35.9% |
| CFO/Rev 3Y Avg | 35.1% |
| FCF/Rev LTM | -20.4% |
| FCF/Rev 3Y Avg | -19.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 2.8 |
| P/S | 4.6 |
| P/Op Inc | 14.6 |
| P/EBIT | 13.1 |
| P/E | 21.5 |
| P/CFO | 12.5 |
| Total Yield | 7.4% |
| Dividend Yield | 2.8% |
| FCF Yield 3Y Avg | -4.0% |
| D/E | 0.6 |
| Net D/E | 0.6 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -7.0% |
| 3M Rtn | -0.1% |
| 6M Rtn | -3.3% |
| 12M Rtn | -11.2% |
| 3Y Rtn | -14.7% |
| 1M Excs Rtn | -15.9% |
| 3M Excs Rtn | -5.1% |
| 6M Excs Rtn | -8.1% |
| 12M Excs Rtn | -38.4% |
| 3Y Excs Rtn | -87.3% |
FDA Approved Drugs Data
Expand for More| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| NDA216614 | CARBON DIOXIDE, USP | carbon dioxide | gas | 10182021 | -3.2% | -11.0% | -19.7% | -38.8% | -47.1% |
Price Behavior
Price Behavior
| Market Price | $50.93 | |
| Market Cap ($ Bil) | 0.9 | |
| First Trading Date | 03/26/1990 | |
| Distance from 52W High | -16.7% | |
| 50 Days | 200 Days | |
| DMA Price | $52.66 | $52.69 |
| DMA Trend | indeterminate | indeterminate |
| Distance from DMA | -3.3% | -3.3% |
| 3M | 1YR | |
| Volatility | 30.4% | 31.1% |
| Downside Capture | -0.19 | -0.04 |
| Upside Capture | -26.90 | -21.91 |
| Correlation (SPY) | -18.6% | -3.6% |
MSEX Betas & Captures as of 4/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.34 | -0.16 | -0.39 | -0.27 | -0.12 | 0.13 |
| Up Beta | -0.31 | -0.29 | -0.55 | -0.19 | 0.06 | 0.17 |
| Down Beta | 6.20 | 0.21 | -0.13 | -0.28 | -0.17 | -0.11 |
| Up Capture | -29% | -21% | -26% | -29% | -15% | 4% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 12 | 22 | 34 | 64 | 123 | 369 |
| Down Capture | -411% | -22% | -60% | -29% | -20% | 56% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 10 | 21 | 30 | 61 | 128 | 380 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MSEX | |
|---|---|---|---|---|
| MSEX | -13.4% | 31.0% | -0.44 | - |
| Sector ETF (XLU) | 19.7% | 14.2% | 1.03 | 36.5% |
| Equity (SPY) | 27.8% | 12.5% | 1.73 | -3.7% |
| Gold (GLD) | 40.6% | 27.2% | 1.23 | -5.4% |
| Commodities (DBC) | 50.1% | 18.0% | 2.16 | -18.1% |
| Real Estate (VNQ) | 11.0% | 13.4% | 0.53 | 41.8% |
| Bitcoin (BTCUSD) | -17.3% | 42.2% | -0.34 | -2.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MSEX | |
|---|---|---|---|---|
| MSEX | -7.1% | 31.2% | -0.20 | - |
| Sector ETF (XLU) | 10.5% | 17.2% | 0.46 | 44.0% |
| Equity (SPY) | 12.8% | 17.1% | 0.59 | 19.7% |
| Gold (GLD) | 20.2% | 17.9% | 0.92 | 7.4% |
| Commodities (DBC) | 14.0% | 19.1% | 0.60 | -2.9% |
| Real Estate (VNQ) | 3.4% | 18.8% | 0.09 | 43.5% |
| Bitcoin (BTCUSD) | 7.9% | 56.2% | 0.35 | 7.3% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MSEX | |
|---|---|---|---|---|
| MSEX | 5.5% | 32.4% | 0.24 | - |
| Sector ETF (XLU) | 10.4% | 19.2% | 0.47 | 52.9% |
| Equity (SPY) | 14.9% | 17.9% | 0.71 | 34.5% |
| Gold (GLD) | 13.4% | 15.9% | 0.70 | 6.6% |
| Commodities (DBC) | 9.6% | 17.7% | 0.45 | 5.5% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.23 | 49.3% |
| Bitcoin (BTCUSD) | 67.4% | 66.9% | 1.06 | 8.6% |
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Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/19/2026 | -0.6% | -1.4% | -7.9% |
| 10/31/2025 | -13.1% | -6.8% | -10.4% |
| 7/31/2025 | 1.5% | 3.2% | 4.4% |
| 2/28/2025 | 15.8% | 28.1% | 27.9% |
| 10/31/2024 | 6.7% | 12.1% | 5.1% |
| 7/31/2024 | -0.8% | -7.9% | -5.2% |
| 2/29/2024 | 0.8% | 1.2% | 0.7% |
| 11/9/2023 | -2.6% | 4.2% | 7.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 10 | 11 |
| # Negative | 9 | 8 | 7 |
| Median Positive | 2.1% | 5.4% | 5.1% |
| Median Negative | -2.6% | -4.4% | -5.9% |
| Max Positive | 15.8% | 28.1% | 27.9% |
| Max Negative | -13.1% | -8.7% | -10.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/19/2026 | 10-K |
| 09/30/2025 | 10/31/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/28/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 03/01/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 07/28/2023 | 10-Q |
| 03/31/2023 | 05/01/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 10/28/2022 | 10-Q |
| 06/30/2022 | 07/29/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q4 2025 Earnings Reported 2/19/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Infrastructure Investment | 126.00 Mil | 35.5% | Higher New | Actual: 93.00 Mil for 2025 | |||
| 2026 Annual Operating Revenue Increase | 14.50 Mil | 1511.1% | Higher New | Actual: 0.90 Mil for 2025 | |||
| 2026-2028 Infrastructure Investment | 506.00 Mil | ||||||
| 2026-2028 PFAS Treatment Investment | 255.00 Mil | ||||||
| 2026-2028 Capital Investment Recovery | 10.70 Mil | ||||||
Prior: Q3 2025 Earnings Reported 10/31/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Capital Expenditures | 93.00 Mil | 0 | Affirmed | Guidance: 93.00 Mil for 2025 | |||
| 2025 Annual Revenue from DSIC | 0.90 Mil | ||||||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Reinhard, Walter G | Direct | Sell | 3042026 | 55.21 | 300 | 16,563 | 334,076 | Form | |
| 2 | Hoglund, Robert N | Direct | Buy | 2272026 | 54.31 | 2,000 | 108,619 | 108,619 | Form | |
| 3 | Capko, Robert John | PAO & Controller | Direct | Sell | 2252026 | 54.04 | 134 | Form | ||
| 4 | Ginegaw, Lorrie Beth | VP-HR | Direct | Sell | 11182025 | 50.92 | 650 | 33,097 | 188,858 | Form |
| 5 | Reinhard, Walter G | Direct | Sell | 5292025 | 57.37 | 702 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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