Azenta Inc (AZTA)
Total asset turnover
| Sep 30, 2023 | Sep 30, 2022 | Sep 30, 2021 | Sep 30, 2020 | Sep 30, 2019 | ||
|---|---|---|---|---|---|---|
| Revenue | US$ in thousands | 667,215 | 2,683,250 | 501,137 | 887,939 | 1,154,590 |
| Total assets | US$ in thousands | 2,885,720 | 3,716,120 | 1,819,510 | 1,559,260 | 1,516,000 |
| Total asset turnover | 0.23 | 0.72 | 0.28 | 0.57 | 0.76 |
September 30, 2023 calculation
Total asset turnover = Revenue ÷ Total assets
= $667,215K ÷ $2,885,720K
= 0.23
The total asset turnover ratio for Azenta Inc has fluctuated over the past five years. In 2023, the ratio stands at 0.23, indicating that for each dollar of total assets, the company generated 23 cents in sales. This is an improvement from 2022 when the ratio was 0.15, suggesting a better utilization of assets to generate sales. However, the current ratio is still lower than in 2021 when it was 0.28, and significantly lower than the high of 0.58 in 2020 and 0.52 in 2019.
The declining trend in total asset turnover from 2020 to 2023 may indicate inefficiencies in utilizing assets to generate revenue. The company may be incurring higher costs or facing challenges in effectively managing its assets to drive sales. It is essential for Azenta Inc to investigate the reasons behind this trend and consider strategies to optimize asset utilization and improve overall operational efficiency.
Peer comparison
Sep 30, 2023