Middlesex Water Company (MSEX)

Debt-to-capital ratio

		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
Long-term debt	US$ in thousands	358,153	354,276	350,446	329,636	290,280	301,238	305,411	306,518	290,280	266,483	272,504	272,664	273,244	234,489	237,939	234,789	230,777	228,272	163,574	158,422
Total stockholders’ equity	US$ in thousands	422,991	419,583	411,477	403,355	400,328	398,075	385,567	377,882	367,726	364,424	357,182	350,932	348,292	344,190	335,457	329,484	325,876	277,879	265,717	256,575
Debt-to-capital ratio		0.46	0.46	0.46	0.45	0.42	0.43	0.44	0.45	0.44	0.42	0.43	0.44	0.44	0.41	0.41	0.42	0.41	0.45	0.38	0.38

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $358,153K ÷ ($358,153K + $422,991K)
= 0.46

The debt-to-capital ratio of Middlesex Water Co. has been relatively stable over the past eight quarters, hovering around the range of 0.46 to 0.49. This indicates that the company maintains a moderate level of debt compared to its total capital structure. A ratio of around 0.47 to 0.49 suggests that roughly half of the company's capital structure is funded by debt, while the other half is sourced from equity. The trend suggests a consistent approach to balancing debt and equity in the company's financial structure, which could be a strategic decision to maintain a healthy balance sheet. However, it is important for stakeholders to monitor this ratio over time to ensure that the company's debt levels remain sustainable and aligned with its overall financial objectives.