Albemarle Corp (ALB)

Total asset turnover

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Revenue	US$ in thousands	9,617,200	7,320,100	3,327,960	3,128,910	3,589,430
Total assets	US$ in thousands	18,270,700	15,456,500	10,974,100	10,450,900	9,860,860
Total asset turnover		0.53	0.47	0.30	0.30	0.36

December 31, 2023 calculation

Total asset turnover = Revenue ÷ Total assets
= $9,617,200K ÷ $18,270,700K
= 0.53

Albemarle Corp.'s total asset turnover has shown a varying trend over the last five years. The ratio indicates how efficiently the company is using its assets to generate revenue.

In 2023, the total asset turnover increased to 0.53, indicating that the company generated $0.53 in revenue for every dollar of assets it held. This improvement suggests that Albemarle Corp. was able to generate more sales relative to its total assets, reflecting improved asset utilization or potentially increased revenue generation from existing assets.

Comparing to the previous years, the total asset turnover has generally been on an upward trajectory except for 2021. In 2022 and 2023, the total asset turnover exceeded 0.47, showing an improvement in efficiency in utilizing assets compared to 2020 and 2019 where the ratio was 0.30 and 0.36, respectively.

This upward trend in total asset turnover could be a positive indicator of the company's operational efficiency and ability to generate sales from its assets. However, it is essential to consider other factors and ratios in conjunction with total asset turnover to gain a comprehensive understanding of Albemarle Corp.'s overall financial performance.