Air Products and Chemicals Inc (APD)

Total asset turnover

		Sep 30, 2023	Sep 30, 2022	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019
Revenue	US$ in thousands	12,600,000	12,698,600	10,323,000	8,856,300	8,918,900
Total assets	US$ in thousands	32,002,500	27,192,600	26,859,200	25,168,500	18,942,800
Total asset turnover		0.39	0.47	0.38	0.35	0.47

September 30, 2023 calculation

Total asset turnover = Revenue ÷ Total assets
= $12,600,000K ÷ $32,002,500K
= 0.39

The total asset turnover ratio for Air Products & Chemicals Inc. has shown fluctuation over the past five years. In 2023, the ratio stands at 0.39, indicating that for every dollar of total assets, the company generated 39 cents in sales. This represents a decrease from the previous year's figure of 0.47. The decline suggests that the company's ability to generate sales from its assets has weakened. While the ratio was also at 0.47 in 2019, it saw a dip in 2020 to 0.35 before recovering in 2021 to 0.38, and declining once more in 2023. This trend suggests a degree of inconsistency in the company's utilization of its assets to generate revenue, which may warrant further investigation into the company's operational efficiency and asset management strategies.