Middlesex Water Company (MSEX)

Debt-to-equity ratio

		Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Long-term debt	US$ in thousands	352,822	358,153	290,280	290,280	273,244
Total stockholders’ equity	US$ in thousands	445,263	422,991	400,328	367,726	348,292
Debt-to-equity ratio		0.79	0.85	0.73	0.79	0.78

December 31, 2024 calculation

Debt-to-equity ratio = Long-term debt ÷ Total stockholders’ equity
= $352,822K ÷ $445,263K
= 0.79

The debt-to-equity ratio of Middlesex Water Company has shown slight fluctuations over the past five years. As of December 31, 2020, the ratio stood at 0.78, and it increased marginally to 0.79 by December 31, 2021. Subsequently, there was a decrease to 0.73 by December 31, 2022, suggesting a reduction in leverage. However, the ratio increased to 0.85 by December 31, 2023, indicating higher debt relative to equity. Finally, by December 31, 2024, the ratio reverted back to 0.79, similar to the level observed in 2021. Overall, the company's debt-to-equity ratio has demonstrated a moderate level of stability with minor fluctuations, signifying a balanced capital structure over the period under consideration.