Avery Dennison Corp (AVY)
Total asset turnover
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (ttm) | US$ in thousands | 8,271,700 | 8,194,300 | 8,422,900 | 8,690,500 | 8,955,200 | 9,115,000 | 8,873,800 | 8,633,600 | 8,343,800 | 8,175,900 | 7,834,700 | 7,257,200 | 6,901,200 | 6,678,800 | 6,707,700 | 6,975,400 | 7,012,100 | 7,007,900 | 7,025,200 | 7,103,200 |
| Total assets | US$ in thousands | 8,209,800 | 8,133,100 | 8,266,300 | 8,222,300 | 7,950,500 | 8,042,300 | 8,092,400 | 8,138,800 | 7,971,600 | 7,967,700 | 6,422,500 | 6,273,200 | 6,083,900 | 5,720,800 | 5,651,700 | 6,260,900 | 5,488,800 | 5,338,700 | 5,389,700 | 5,353,700 |
| Total asset turnover | 1.01 | 1.01 | 1.02 | 1.06 | 1.13 | 1.13 | 1.10 | 1.06 | 1.05 | 1.03 | 1.22 | 1.16 | 1.13 | 1.17 | 1.19 | 1.11 | 1.28 | 1.31 | 1.30 | 1.33 |
December 31, 2023 calculation
Total asset turnover = Revenue (ttm) ÷ Total assets
= $8,271,700K ÷ $8,209,800K
= 1.01
Avery Dennison Corp's total asset turnover ratio has fluctuated over the past few years. The ratio indicates the efficiency with which the company generates sales from its assets. A higher ratio generally implies better asset utilization.
From December 2019 to March 2020, there was a gradual increase in total asset turnover from 1.28 to 1.19, indicating an improvement in utilizing assets to generate sales. However, the ratio peaked at 1.33 in March 2019 and decreased slightly before starting to rise again.
In the later quarters of 2020 and 2021, total asset turnover remained relatively stable around 1.13 to 1.22. There was a notable increase to 1.30 by March 2022, before reaching 1.22 in September 2023.
Overall, Avery Dennison Corp has shown varying levels of asset efficiency in generating sales, with fluctuations in the total asset turnover ratio over the years. Further analysis of the company's operations and financial performance may provide additional insights into the factors driving these fluctuations.
Peer comparison
Dec 31, 2023