AeroVironment Inc (AVAV)
Fixed asset turnover
| Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Jan 27, 2024 | Oct 31, 2023 | Oct 28, 2023 | Jul 31, 2023 | Jul 29, 2023 | Apr 30, 2023 | Jan 31, 2023 | Jan 28, 2023 | Oct 31, 2022 | Oct 29, 2022 | Jul 31, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 31, 2022 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (ttm) | US$ in thousands | 787,811 | 742,556 | 761,498 | 759,618 | 750,951 | 734,788 | 700,557 | 665,864 | 671,089 | 624,668 | 606,716 | 566,415 | 491,958 | 466,079 | 439,548 | 460,586 | 439,095 | 430,215 | 444,359 | 444,087 |
| Property, plant and equipment | US$ in thousands | — | — | — | — | — | — | 45,053 | 74,404 | 43,772 | 39,770 | 39,770 | 67,158 | 45,388 | 45,388 | 77,995 | 52,415 | 61,862 | 61,862 | 62,296 | 90,225 |
| Fixed asset turnover | — | — | — | — | — | — | 15.55 | 8.95 | 15.33 | 15.71 | 15.26 | 8.43 | 10.84 | 10.27 | 5.64 | 8.79 | 7.10 | 6.95 | 7.13 | 4.92 |
April 30, 2025 calculation
Fixed asset turnover = Revenue (ttm) ÷ Property, plant and equipment
= $787,811K ÷ $—K
= —
The analysis of AeroVironment Inc.'s fixed asset turnover ratio over the period from January 2022 through October 2023 reveals a notable upward trend in efficiency. Starting at approximately 4.92 in January 2022, the ratio experienced fluctuations throughout the subsequent months, with periods of both increases and decreases.
Initially, the ratio rose significantly—from 4.92 in January 2022 to a peak of approximately 8.79 in October 2022—indicating that the company's sales generated more revenue per dollar of fixed assets during this period. However, the ratio then declined in late 2022 to around 5.64 in October 2022, suggesting a temporary reduction in asset utilization efficiency.
Entering 2023, the ratio demonstrated marked improvement, reaching approximately 10.27 in January and further increasing to 10.84 by the end of January 2023. The upward trajectory continued into the second quarter, with the ratio peaking at roughly 15.71 in July 2023. This substantial increase points to enhanced effectiveness in utilizing fixed assets to generate sales.
The ratio then exhibited a slight decline to approximately 8.95 in October 2023, indicating a potential dip in asset utilization efficiency during the final quarter of that year. Despite this decrease, the ratio remains significantly higher than early 2022 levels, implying that AeroVironment's asset management and sales efficiency improved overall during this period.
Overall, the fixed asset turnover ratio indicates a trend of increasing operational efficiency over the analyzed timeframe, punctuated by some short-term fluctuations. The steady rise culminating in a peak in mid-2023 underscores the company's enhanced utilization of its fixed assets to support sales, although the subsequent decline suggests potential areas for further operational optimization.
Peer comparison
Apr 30, 2025