Air Lease Corporation (AL)
Fixed asset turnover
| 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (ttm) | US$ in thousands | 2,684,978 | 2,570,020 | 2,471,990 | 2,356,782 | 2,317,301 | 2,312,867 | 2,276,042 | 2,210,223 | 2,088,389 | 1,980,315 | 1,949,407 | 1,978,879 | 2,015,439 | 2,074,893 | 2,112,194 | 2,062,240 | 2,016,904 | 1,918,329 | 1,838,125 | 1,764,544 |
| Property, plant and equipment | US$ in thousands | — | 25,595,300 | 26,621,000 | 26,969,800 | 25,883,400 | 25,421,900 | 25,086,400 | 23,911,200 | 24,407,900 | 23,708,300 | 21,531,300 | 1,767,490 | 1,800,120 | 1,634,150 | 1,790,940 | 1,576,510 | 1,564,190 | 1,600,960 | 1,694,760 | 1,871,090 |
| Fixed asset turnover | — | 0.10 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.08 | 0.09 | 1.12 | 1.12 | 1.27 | 1.18 | 1.31 | 1.29 | 1.20 | 1.08 | 0.94 |
December 31, 2023 calculation
Fixed asset turnover = Revenue (ttm) ÷ Property, plant and equipment
= $2,684,978K ÷ $—K
= —
The fixed asset turnover ratio for Air Lease Corporation has shown fluctuations over the past few quarters. The ratio was consistently around 0.09 to 0.10 from December 2019 to September 2022, indicating that the company generated approximately $0.09 to $0.10 in revenue for every dollar invested in fixed assets during that period.
However, there was a significant spike in the fixed asset turnover ratio in the second quarter of 2021 and the first quarter of 2022, where it jumped to notably high levels of 1.12 and 1.27, respectively. This sharp increase suggests that Air Lease Corporation was able to generate substantially higher revenue relative to its investment in fixed assets during those periods, potentially due to increased efficiency or utilization of its fixed assets.
Subsequently, the fixed asset turnover ratio decreased in the following quarters but remained relatively high compared to the earlier period, ranging from 1.18 to 1.08. This indicates that the company continued to effectively generate revenue from its fixed assets, although at slightly lower levels than the peak observed in early 2022.
Overall, the trend in Air Lease Corporation's fixed asset turnover ratio suggests that the company has been able to efficiently generate revenue from its fixed assets, with periods of exceptionally high turnover indicating particularly strong asset utilization. It is important for investors and analysts to monitor this ratio over time to assess the company's operational efficiency and asset management capabilities.
Peer comparison
Dec 31, 2023