Middlesex Water Company (MSEX)

Working capital 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 current assets	US$ in thousands	108,536	37,306	34,355	34,123	29,133
Total current liabilities	US$ in thousands	103,829	117,859	56,619	56,848	64,981
Working capital turnover		32.67	—	—	—	—

December 31, 2023 calculation

Working capital turnover = Revenue ÷ (Total current assets – Total current liabilities)
= $153,788K ÷ ($108,536K – $103,829K)
= 32.67

The working capital turnover ratio for Middlesex Water Co. in 2023 is 35.32. This indicates that, on average, the company is able to turnover its working capital 35.32 times during the year. A higher working capital turnover ratio is generally favorable as it suggests efficient management of working capital and shorter cash conversion cycles. However, without historical data for comparison, it is challenging to assess the trend and performance over time. Further analysis in conjunction with other financial ratios and industry benchmarks would provide a more comprehensive view of the company's liquidity management and operational efficiency.