Cleveland-Cliffs Inc (CLF)
Total asset turnover
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Revenue | US$ in thousands | 21,996,000 | 22,989,000 | 20,444,000 | 5,354,000 | 1,990,000 |
| Total assets | US$ in thousands | 17,537,000 | 18,755,000 | 18,975,000 | 16,771,000 | 3,504,000 |
| Total asset turnover | 1.25 | 1.23 | 1.08 | 0.32 | 0.57 |
December 31, 2023 calculation
Total asset turnover = Revenue ÷ Total assets
= $21,996,000K ÷ $17,537,000K
= 1.25
Cleveland-Cliffs Inc's total asset turnover has shown a positive trend over the past five years. The ratio increased from 0.57 in 2019 to 1.25 in 2023. This indicates that the company is generating more revenue relative to its total assets each year, reflecting improved operational efficiency and asset utilization. The significant increase from 2020 to 2021 suggests a substantial improvement in the management of assets to generate sales. Overall, the consistent growth in total asset turnover signifies that Cleveland-Cliffs Inc is effectively using its assets to drive revenue generation and enhance overall financial performance.
Peer comparison
Dec 31, 2023