Middlesex Water Company (MSEX)

Fixed asset turnover

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Revenue (ttm)	US$ in thousands	153,588	156,997	159,166	157,131	161,158	154,740	147,137	144,256	135,282	135,917	135,959	134,658	133,956	131,761	129,520	127,795	127,194	128,174	129,392	130,640
Property, plant and equipment	US$ in thousands	—	—	—	—	935,584	914,945	894,244	873,682	881,299	865,947	851,710	831,467	813,014	782,276	762,373	742,701	722,044	694,189	670,889	57,066
Fixed asset turnover		—	—	—	—	0.17	0.17	0.16	0.17	0.15	0.16	0.16	0.16	0.16	0.17	0.17	0.17	0.18	0.18	0.19	2.29

December 31, 2023 calculation

Fixed asset turnover = Revenue (ttm) ÷ Property, plant and equipment
= $153,588K ÷ $—K
= —

The fixed asset turnover ratio for Middlesex Water Co. has remained relatively stable over the past eight quarters, ranging between 0.16 and 0.17. This ratio indicates the company's ability to generate revenue from its investment in fixed assets, such as property, plant, and equipment.

A fixed asset turnover ratio of less than 1 suggests that the company may not be efficiently utilizing its fixed assets to generate sales. While the consistency in the ratios over time is positive, the low values indicate that Middlesex Water Co. may need to improve its operational efficiency in utilizing its fixed assets to generate revenue.

Further analysis of the company's operational processes and investment strategies may be necessary to identify opportunities for improving the utilization of fixed assets and increasing revenue generation.