Middlesex Water Company PFD 7% Financial Ratios — MSEXP

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	12.57	7.91	8.88	9.48	9.84	10.63	10.13	13.52	11.79	11.43	10.2	11.02	7.63	10.19	9.1
Return on Assets (%)	2.62	2.62	3.05	3.34	3.46	3.79	3.56	4.54	4.04	4.07	3.66	4.05	2.73	3.56	3.27
Return on Capital (%)	6.44	5.32	5.7	6.11	6.58	7.13	6.68	8.71	- -	- -	- -	6.67	5.22	6.64	6.38
Return on Invested Capital (%)	4.73	5.13	5.61	6.11	6.45	7.14	6.35	8.12	- -	- -	- -	5.27	4.67	5.46	5.53
Gross Margin (%)	44.51	45.23	47.1	49.52	48.29	50.44	49.92	48.17	49.49	50	48.53	51.31	50.01	51.86	53.11
EBITDA Margin (%)	33.93	35.22	37.29	39.77	38.82	40.51	40.26	38.33	39.19	41.14	41.92	42.83	41.3	42.34	44.62
Operating Margin (%)	23.71	25.05	26.97	29.36	28.44	30.32	28.9	26.9	26.39	26.43	23.2	25.92	23.59	27.73	27.93
Incremental Operating Margin (%)	359.76	41.47	74.39	149.24	16.3	64.85	117.5	-8.98	46.62	27.17	-271.72	46.08	-74.95	54.63	41.39
Pretax Margin (%)	19.57	19.73	21.99	24.23	24.26	25.94	25.93	24.17	22.84	24.23	21.7	28.12	19.59	26.71	24.47
Profit Margin (%)	13.17	13.04	14.48	15.75	15.89	17.11	17.44	23.5	25.18	27.14	25.53	26.12	18.96	23.11	21.99
Net Income to Common Margin (%)	12.97	12.86	14.32	15.62	15.78	17	17.33	23.4	25.08	27.05	25.45	26.05	18.89	23.06	21.96
Effective Tax Rate (%)	32.68	33.9	34.14	35.01	34.5	34.04	32.73	2.77	- -	- -	- -	7.09	3.2	13.47	10.12
Dvd Payout Ratio (%)	86.38	82.3	72.63	66.86	63.13	58.13	61.78	46.21	47.89	47.46	53.19	49.19	71.46	52.91	58.31
Sustainable Growth Rate (%)	1.71	1.4	2.43	3.14	3.63	4.45	3.87	7.27	6.14	6.01	4.78	5.6	2.18	4.8	3.79

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	161	171	164	161	142	153	174	209	264	288	331	367	412	386	417
ST Debt	29	39	34	25	9	18	35	56	27	9	20	73	50	31	36
LT Debt	132	131	130	136	133	135	139	153	237	278	311	294	361	355	381
Total Debt/EBITDA	4.65	4.39	3.82	3.46	2.9	2.84	3.3	3.94	5	4.94	5.51	5.27	6	4.75	4.8
Net Debt/EBITDA	4.56	4.31	3.71	3.4	2.82	2.76	3.21	3.87	4.85	4.77	5.38	5.17	5.92	4.67	4.74
Total Debt/EBIT	6.65	6.17	5.28	4.68	3.95	3.79	4.6	5.62	7.42	7.68	9.96	8.72	10.5	7.25	7.67
Net Debt/EBIT	6.52	6.06	5.13	4.6	3.86	3.69	4.47	5.52	7.2	7.43	9.72	8.54	10.36	7.13	7.58
EBITDA to Interest Expense	6.23	6.23	7.8	8.81	9.46	11.52	10.96	9.81	12.81	16.76	10.99	9.86	6.41	6.36	6.08
EBITDA-CapEx/Interest Expense	1.99	2.77	4.14	4.53	4.48	1.38	0.49	-3.55	-8.83	-13.62	10.99	9.86	6.41	6.36	6.08
EBIT to Interest Expense	4.36	4.43	5.64	6.5	6.93	8.62	7.87	6.88	8.63	10.76	6.08	5.97	3.66	4.17	3.8
Interest Expense	6	6	5	5	5	5	5	5	4	3	5	7	11	13	14
Common Equity/Total Assets	32.92	32.33	35.59	34.27	35.55	35.22	34.66	32.4	35.59	35.46	36.05	37.26	34.22	35.47	36.17
Long-Term Debt/Equity (%)	73.29	71.07	67.73	68.11	63.55	60.91	60.03	60.84	72.58	79.9	84.07	73.06	84.98	79.49	76.85
Long-Term Debt/Capital (%)	38.72	36.98	36.54	37.72	37.89	36.01	34.29	33.23	40.12	43.77	44.39	38.21	43.17	42.65	41.74
Long-Term Debt/Total Assets (%)	24.59	23.4	24.47	23.63	22.86	21.69	21.03	19.91	25.99	28.5	30.48	27.36	29.22	28.3	27.88
Total Debt/Equity (%)	89.27	92.2	85.39	80.58	67.73	69.13	75.09	83.07	80.92	82.56	89.4	91.19	96.85	86.37	84.14
Total Debt/Capital (%)	47.17	47.97	46.06	44.62	40.38	40.88	42.89	45.38	44.73	45.22	47.2	47.7	49.2	46.34	45.69
Total Debt/Total Assets (%)	29.95	30.36	30.85	27.95	24.36	24.62	26.3	27.18	28.98	29.45	32.41	34.15	33.31	30.75	30.52
Net Debt to Equity	87.55	90.56	82.87	79.25	66.07	67.38	72.96	81.6	78.47	79.82	87.27	89.31	95.57	84.88	83.2
Net Debt/Capital (%)	46.68	47.52	45.32	44.21	39.79	40.25	42.18	44.93	43.54	44.03	46.31	46.95	48.69	45.77	45.32
EBITDA	35	39	43	47	49	54	53	53	53	58	60	70	69	81	87
EBITDA-CapEx	11	17	23	24	23	6	2	-19	-36	-47	60	70	69	81	87
Operating Income (Loss)	24	28	31	34	36	40	38	37	36	37	33	42	39	53	54

Liquidity (USD)

API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	0.07	0.05	0.09	0.06	0.12	0.08	0.08	0.04	0.03	0.08	0.06	0.03	0.02	0.05	0.03
Current Ratio	0.49	0.44	0.49	0.52	0.86	0.57	0.45	0.33	0.45	0.6	0.61	0.32	1.05	0.52	0.45
Quick Ratio	0.41	0.37	0.42	0.42	0.7	0.44	0.35	0.24	0.33	0.46	0.46	0.24	0.96	0.41	0.33
CFO/Avg Current Liab	0.52	0.58	0.62	0.67	1.42	1.25	0.77	0.58	0.45	0.88	0.58	0.7	0.48	0.63	0.71
Common Equity/Total Assets	32.92	32.33	35.59	34.27	35.55	35.22	34.66	32.4	35.59	35.46	36.05	37.26	34.22	35.47	36.17
Long-Term Debt/Equity (%)	73.29	71.07	67.73	68.11	63.55	60.91	60.03	60.84	72.58	79.9	84.07	73.06	84.98	79.49	76.85
Long-Term Debt/Capital (%)	38.72	36.98	36.54	37.72	37.89	36.01	34.29	33.23	40.12	43.77	44.39	38.21	43.17	42.65	41.74
Long-Term Debt/Total Assets (%)	24.59	23.4	24.47	23.63	22.86	21.69	21.03	19.91	25.99	28.5	30.48	27.36	29.22	28.3	27.88
Total Debt/Equity (%)	89.27	92.2	85.39	80.58	67.73	69.13	75.09	83.07	80.92	82.56	89.4	91.19	96.85	86.37	84.14
Total Debt/Capital (%)	47.17	47.97	46.06	44.62	40.38	40.88	42.89	45.38	44.73	45.22	47.2	47.7	49.2	46.34	45.69
Total Debt/Total Assets (%)	29.95	30.36	30.85	27.95	24.36	24.62	26.3	27.18	28.98	29.45	32.41	34.15	33.31	30.75	30.52
CFO/Total Liabilities	6.39	7.85	9.98	8.66	13.76	11.79	9.97	8.88	6.17	8.49	5.08	9.13	6.51	7.27	7.19
CFO/CapEx	0.97	1.37	1.68	1.44	1.99	0.99	0.85	0.64	0.4	0.51	- -	- -	- -	- -	- -
Altman's Z-Score	0.38	0.39	0.46	0.48	0.55	0.54	0.48	0.41	0.4	0.43	0.42	0.41	0.44	0.47	0.45

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	8.78	9.3	9.54	10.82	12.56	13.17	12.51	12.25	11.37	10.7	9.58	10.37	9.73	10.37	10.23
Days Sales Outstanding	41.56	39.23	38.28	33.73	29.07	27.72	29.19	29.8	32.09	34.13	38.1	35.2	37.53	35.21	35.67
Inventory Turnover	26.85	35.29	35.87	27.91	26.86	19.68	15.95	15.02	12.52	13.41	14.07	13.71	12.64	13.49	12.8
Days Inventory Outstanding	13.6	10.34	10.18	13.08	13.59	18.55	22.88	24.3	29.14	27.21	25.94	26.61	28.87	27.05	28.52
Accounts Payable Turnover	9.33	12.58	12.1	9.37	10.17	7.14	4.99	4.38	3.19	2.62	2.87	3.48	3.2	3.31	3.1
Accounts Payable Turnover Days	39.14	29.02	30.16	38.97	35.88	51.12	73.18	83.29	114.39	139.21	127.32	104.99	114.11	110.3	117.63
Cash Conversion Cycle	16.01	20.56	18.29	7.85	6.78	-4.85	-21.11	-29.19	-53.15	-77.87	-63.29	-43.17	-47.71	-48.04	-53.43
Inventory to Cash Days	27.96	28.89	28.1	20.66	15.48	9.17	6.3	5.5	2.95	6.91	12.16	8.58	8.65	8.15	7.15
Inventories	2	1	2	2	3	4	4	5	5	5	5	6	7	7	8
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	2	1	2	2	3	4	4	5	5	5	5	6	7	7	8

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Cash & Cash Equivalents	3	3	5	3	3	4	5	4	2	4	4	4	2	4	3
+ Preferred Equity and Hybrid Capital	3	3	3	2	2	2	2	2	2	2	2	2	2	2	1
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	161	171	164	161	142	153	174	209	264	288	331	367	412	386	417
Enterprise Value	161	171	162	161	141	151	171	207	264	285	329	365	411	383	415
Total Capital	341	356	355	361	351	374	406	460	590	636	700	769	837	833	912
Total Debt/Capital (%)	47.17	47.97	46.06	44.62	40.38	40.88	42.89	45.38	44.73	45.22	47.2	47.7	49.2	46.34	45.69
Total Debt / EV	1	1	1.01	1	1.01	1.01	1.01	1.01	1	1.01	1	1	1	1.01	1
EV/Sales	1.58	1.55	1.41	1.37	1.12	1.14	1.31	1.5	1.96	2.01	2.3	2.25	2.47	2	2.13
EV/EBITDA	4.66	4.4	3.78	3.45	2.87	2.81	3.26	3.92	5	4.89	5.49	5.25	5.99	4.72	4.78
EV/EBIT	6.66	6.18	5.22	4.67	3.92	3.75	4.53	5.58	7.42	7.62	9.91	8.67	10.49	7.2	7.64
EV/Cash Flow to Firm	6.07	5.07	4.32	4.46	2.58	3.02	3.72	4.06	6.49	4.98	8.34	5.38	6.51	5.49	5.51
EV/Free Cash Flow to Firm	3.22	3.09	2.81	2.74	1.75	1.55	1.78	1.68	2.03	1.75	8.34	5.38	6.51	5.49	5.51
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Enterprise Value	161	171	162	161	141	151	171	207	264	285	329	365	411	383	415
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Sales	102	110	115	117	126	133	131	138	135	142	143	162	166	192	195
TTM EBITDA	35	39	43	47	49	54	53	53	53	58	60	70	69	81	87
TTM Operating Income	24	28	31	34	36	40	38	37	36	37	33	42	39	53	54
TTM Cash Flow to Firm	27	34	37	36	55	50	46	51	41	57	39	68	63	70	75
TTM Free Cash Flow to Firm	50	55	58	59	80	98	96	123	130	163	39	68	63	70	75

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	6.66	6.18	5.22	4.67	3.92	3.75	4.53	5.58	7.42	7.62	9.91	8.67	10.49	7.2	7.64
Enterprise Value	161	171	162	161	141	151	171	207	264	285	329	365	411	383	415
Low Price	- -	- -	- -	- -	- -	- -	102	102.5	101	133.32	106	98.25	98.25	92	462
EV/Sales	1.58	1.55	1.41	1.37	1.12	1.14	1.31	1.5	1.96	2.01	2.3	2.25	2.47	2	2.13
EV/EBITDA	4.66	4.4	3.78	3.45	2.87	2.81	3.26	3.92	5	4.89	5.49	5.25	5.99	4.72	4.78
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Sales Average	1.58	1.55	1.41	1.37	1.12	1.14	1.31	1.5	1.96	2.01	2.3	2.25	2.47	2	2.13
EV/Sales High	1.58	1.55	1.41	1.37	1.12	1.14	1.31	1.5	1.96	2.01	2.3	2.25	2.47	2	2.13
EV/Sales Low	1.58	1.55	1.41	1.37	1.12	1.14	1.31	1.5	1.96	2.01	2.3	2.25	2.47	2	2.13
EV/EBITDA Average	4.66	4.4	3.78	3.45	2.87	2.81	3.26	3.92	5	4.89	5.49	5.25	5.99	4.72	4.78
EV/EBITDA High	4.66	4.4	3.78	3.45	2.87	2.81	3.26	3.92	5	4.89	5.49	5.25	5.99	4.72	4.78
EV/EBITDA Low	4.66	4.4	3.78	3.45	2.87	2.81	3.26	3.92	5	4.89	5.49	5.25	5.99	4.72	4.78
EV/EBIT Average	6.66	6.18	5.22	4.67	3.92	3.75	4.53	5.58	7.42	7.62	9.91	8.67	10.49	7.2	7.64
EV/EBIT High	6.66	6.18	5.22	4.67	3.92	3.75	4.53	5.58	7.42	7.62	9.91	8.67	10.49	7.2	7.64
EV/EBIT Low	6.66	6.18	5.22	4.67	3.92	3.75	4.53	5.58	7.42	7.62	9.91	8.67	10.49	7.2	7.64
Last Price	- -	- -	- -	- -	- -	- -	123.17	98.52	105.27	109.18	90.31	89.59	105.56	665.54	570
High Price	- -	- -	- -	- -	- -	- -	194.5	182.5	146	140	135.01	106	225	795	668
Enterprise Value Average	161	171	162	161	141	151	171	207	264	285	329	365	411	383	415
Enterprise Value High	161	171	162	161	141	151	171	207	264	285	329	365	411	383	415
Enterprise Value Low	161	171	162	161	141	151	171	207	264	285	329	365	411	383	415

Shares Outstanding	16	16	16	16	16	16	16	16	17	17	18	18	18	18	19
Diluted Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Revenue per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Free Cash Flow per Basic Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash & Equivalents per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Tangible Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Middlesex Water Company PFD 7%

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)