Middlesex Water Company (MSEX)

Total 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
Total assets	US$ in thousands	1,236,050	1,243,420	1,127,590	1,098,920	1,074,450	1,064,670	1,038,020	1,074,450	1,020,020	1,029,590	1,014,980	986,210	976,470	959,834	950,870	935,316	909,878	887,353	807,571	782,973
Total asset turnover		0.12	0.13	0.14	0.14	0.15	0.15	0.14	0.13	0.13	0.13	0.13	0.14	0.14	0.14	0.14	0.14	0.14	0.14	0.16	0.17

December 31, 2023 calculation

Total asset turnover = Revenue (ttm) ÷ Total assets
= $153,588K ÷ $1,236,050K
= 0.12

Middlesex Water Co.'s total asset turnover has remained relatively stable over the past eight quarters, ranging from 0.13 to 0.15. This ratio indicates that, on average, the company generates revenue equivalent to approximately 13% to 15% of its total assets in a given period. A total asset turnover of below 1 suggests that the company may not be efficiently utilizing its assets to generate sales.

The slight fluctuations in total asset turnover suggest that Middlesex Water Co. has been able to maintain a consistent level of efficiency in utilizing its assets to generate revenue. However, there may be opportunities for the company to improve operational effectiveness and potentially increase sales relative to its asset base.

Overall, a total asset turnover ratio of around 0.13 to 0.15 indicates that Middlesex Water Co. may benefit from further analysis and initiatives to optimize asset utilization and improve overall operational efficiency.