Advance Auto Parts Inc (AAP)
Total asset turnover
| Dec 31, 2023 | Oct 7, 2023 | Jul 15, 2023 | Apr 22, 2023 | Dec 31, 2022 | Oct 8, 2022 | Apr 23, 2022 | Dec 31, 2021 | Oct 9, 2021 | Jul 17, 2021 | Apr 24, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jul 11, 2020 | Apr 18, 2020 | Dec 31, 2019 | Oct 5, 2019 | Jul 13, 2019 | Apr 20, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (ttm) | US$ in thousands | 11,284,210 | 11,292,080 | 11,214,340 | 11,895,070 | 10,872,760 | 11,024,650 | 11,032,730 | 10,996,300 | 10,959,250 | 10,879,950 | 10,731,910 | 10,099,420 | 9,853,800 | 9,623,980 | 9,454,850 | 9,709,010 | 9,701,470 | 9,664,340 | 9,658,740 | 9,580,550 |
| Total assets | US$ in thousands | 12,276,300 | 12,249,200 | 12,299,200 | 12,177,300 | 11,986,400 | 12,129,300 | 12,002,500 | 12,194,200 | 11,864,200 | 11,838,700 | 11,868,500 | 11,839,600 | 11,972,800 | 11,930,700 | 12,072,600 | 11,248,500 | 11,106,800 | 11,267,900 | 11,081,500 | 9,040,650 |
| Total asset turnover | 0.92 | 0.92 | 0.91 | 0.98 | 0.91 | 0.91 | 0.92 | 0.90 | 0.92 | 0.92 | 0.90 | 0.85 | 0.82 | 0.81 | 0.78 | 0.86 | 0.87 | 0.86 | 0.87 | 1.06 |
December 31, 2023 calculation
Total asset turnover = Revenue (ttm) ÷ Total assets
= $11,284,210K ÷ $12,276,300K
= 0.92
Advance Auto Parts Inc's total asset turnover ratio has fluctuated over the years, ranging from 0.78 to 1.06. Total asset turnover indicates how efficiently the company is utilizing its assets to generate revenue. A higher ratio typically suggests better asset utilization efficiency.
In analyzing the data, we observe that the ratio has generally been around 0.92, with occasional deviations. The ratio was at its highest in December 2018 at 1.06, indicating that the company was generating $1.06 in revenue for every $1 of assets. Conversely, in April 2020, the ratio dropped to 0.78, signaling a decline in asset efficiency.
Overall, fluctuations in the total asset turnover ratio indicate changes in the company's ability to generate revenue relative to its asset base. Further analysis would be required to understand the specific factors driving these variations and their implications for Advance Auto Parts Inc's operational efficiency and financial performance.
Peer comparison
Dec 31, 2023