Centene Corp (CNC)
Total asset turnover
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Revenue | US$ in thousands | 153,999,000 | 144,547,000 | 125,982,000 | 111,115,000 | 74,639,000 |
| Total assets | US$ in thousands | 84,641,000 | 76,870,000 | 78,375,000 | 68,719,000 | 40,994,000 |
| Total asset turnover | 1.82 | 1.88 | 1.61 | 1.62 | 1.82 |
December 31, 2023 calculation
Total asset turnover = Revenue ÷ Total assets
= $153,999,000K ÷ $84,641,000K
= 1.82
The total asset turnover ratio for Centene Corp. has shown some fluctuations over the past five years. In 2023, the total asset turnover ratio decreased slightly to 1.82 from 1.88 in 2022. This indicates that the company generated $1.82 in revenue for every dollar of assets in 2023. Comparing this to the previous years, the ratio was highest in 2022, but it was relatively close to the 2023 level in 2019.
A total asset turnover ratio above 1 generally indicates that the company is efficiently utilizing its assets to generate sales. While the slight decrease in 2023 could suggest a slightly decreased efficiency in generating revenue from assets compared to the prior year, the ratio remains at a relatively healthy level. Further analysis of the components contributing to this ratio, such as changes in sales and assets, would provide deeper insights into Centene Corp.'s operating performance and efficiency in asset utilization.
Peer comparison
Dec 31, 2023