Compass Minerals International Inc (CMP)

Total asset turnover

		Sep 30, 2023	Sep 30, 2022	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Revenue	US$ in thousands	1,155,100	1,200,100	946,700	1,408,800	1,436,900
Total assets	US$ in thousands	1,818,000	1,643,500	2,261,500	2,443,200	2,367,900
Total asset turnover		0.64	0.73	0.42	0.58	0.61

September 30, 2023 calculation

Total asset turnover = Revenue ÷ Total assets
= $1,155,100K ÷ $1,818,000K
= 0.64

The total asset turnover of Compass Minerals International Inc has fluctuated over the past five years. In 2023, the total asset turnover was 0.66, indicating that the company generated $0.66 in revenue for every dollar of assets. This represented a decrease from the previous year's figure of 0.76.

The decrease in total asset turnover suggests that the company's efficiency in generating revenue from its total assets decreased in 2023 compared to 2022. However, it is important to note that total asset turnover alone does not provide a full picture of the company's financial performance and should be considered alongside other financial ratios and factors impacting the company.