Atmos Energy Corporation (ATO)

Fixed asset turnover

		Sep 30, 2023	Sep 30, 2022	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019
Revenue	US$ in thousands	4,275,360	4,201,660	3,407,490	2,821,140	2,901,850
Property, plant and equipment	US$ in thousands	19,829,900	17,240,200	15,064,000	13,355,300	11,787,700
Fixed asset turnover		0.22	0.24	0.23	0.21	0.25

September 30, 2023 calculation

Fixed asset turnover = Revenue ÷ Property, plant and equipment
= $4,275,360K ÷ $19,829,900K
= 0.22

The fixed asset turnover ratio for Atmos Energy Corp. has fluctuated over the past five years. The ratio declined from 0.25 in 2019 to 0.21 in 2020, indicating a decrease in the company's ability to generate sales from its fixed assets. However, there was a slight improvement in 2021 with a ratio of 0.23, followed by a further decrease to 0.22 in 2023. This suggests that the company's management of its fixed assets to generate revenue has been somewhat inconsistent. Further analysis of the company's investment in fixed assets and its revenue performance would be required to gain a deeper understanding of the factors influencing these fluctuations.