Middlesex Water Company (MSEX)

Total asset turnover

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Revenue	US$ in thousands	153,788	161,157	135,679	133,956	127,194
Total assets	US$ in thousands	1,236,050	1,074,450	1,020,020	976,470	909,878
Total asset turnover		0.12	0.15	0.13	0.14	0.14

December 31, 2023 calculation

Total asset turnover = Revenue ÷ Total assets
= $153,788K ÷ $1,236,050K
= 0.12

Middlesex Water Co.'s total asset turnover has shown a declining trend over the past five years. The ratio decreased from 0.15 in 2019 to 0.13 in 2023. This indicates that the company's ability to generate sales from its assets has decreased over the years, suggesting possible inefficiencies in asset utilization. A lower total asset turnover could signify that the company is not effectively using its assets to generate revenues. Management should closely monitor and analyze the reasons behind this trend to make necessary improvements in asset management and operational efficiency.