Avery Dennison Corp (AVY)
Total asset turnover
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Revenue | US$ in thousands | 8,245,300 | 8,955,200 | 8,343,800 | 6,901,500 | 6,984,600 |
| Total assets | US$ in thousands | 8,209,800 | 7,950,500 | 7,971,600 | 6,083,900 | 5,488,800 |
| Total asset turnover | 1.00 | 1.13 | 1.05 | 1.13 | 1.27 |
December 31, 2023 calculation
Total asset turnover = Revenue ÷ Total assets
= $8,245,300K ÷ $8,209,800K
= 1.00
The total asset turnover of Avery Dennison Corp has fluctuated over the past five years, ranging from 1.00 to 1.27. A total asset turnover of 1.00 in 2023 indicates that the company generated $1 of revenue for each $1 of assets it had in that year. The slight decrease from the previous year suggests that the company may have experienced challenges in efficiently utilizing its assets to generate revenue. Overall, it is important for Avery Dennison Corp to closely monitor and improve its total asset turnover ratio to ensure optimal utilization of its assets in driving revenue growth.
Peer comparison
Dec 31, 2023
Company name
Symbol
Total asset turnover
Avery Dennison Corp
AVY
1.00
Kimberly-Clark Corporation
KMB
1.18