Middlesex Water Company (MSEX)

Debt-to-capital ratio

		Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	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
Long-term debt	US$ in thousands	352,822	352,282	355,975	356,960	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
Total stockholders’ equity	US$ in thousands	445,263	441,935	432,878	427,692	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
Debt-to-capital ratio		0.44	0.44	0.45	0.45	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

December 31, 2024 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $352,822K ÷ ($352,822K + $445,263K)
= 0.44

Middlesex Water Company's debt-to-capital ratio has shown relatively stable trends over the analyzed period from March 31, 2020, to December 31, 2024. The ratio fluctuated within a narrow range between 0.41 and 0.46, indicating that the company's level of debt in relation to its total capital remained fairly consistent.

While there were slight fluctuations in the debt-to-capital ratio, the changes were not significant enough to signal any alarming shifts in the company's capital structure. Overall, the consistent range of the debt-to-capital ratio suggests that Middlesex Water Company has maintained a balanced approach to financing its operations through a mix of debt and equity.

It would be important for stakeholders and investors to continue monitoring the debt-to-capital ratio in conjunction with other financial metrics to gain a comprehensive understanding of the company's financial health and risk management strategies.