Carpenter Technology Corporation (CRS)

Fixed asset turnover

Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 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
Revenue (ttm) US$ in thousands 2,877,100 2,920,200 2,878,100 2,825,400 2,759,700 2,719,100 2,724,300 2,679,200 2,550,200 2,355,900 2,154,800 1,971,700 1,836,400 1,694,200 1,557,100 1,509,900 1,475,600 1,491,300 1,724,800 1,949,000
Property, plant and equipment US$ in thousands — 1,337,100 1,325,200 1,329,900 — — — 1,371,200 1,383,800 1,383,600 1,390,500 1,402,000 1,420,800 1,425,900 1,429,600 1,473,100 1,457,500 1,342,600 1,326,100 1,334,100
Fixed asset turnover — 2.18 2.17 2.12 — — — 1.95 1.84 1.70 1.55 1.41 1.29 1.19 1.09 1.02 1.01 1.11 1.30 1.46

June 30, 2025 calculation

Fixed asset turnover = Revenue (ttm) ÷ Property, plant and equipment
= $2,877,100K ÷ $—K
= —

The fixed asset turnover ratio for Carpenter Technology Corporation demonstrates a generally upward trend over the observed period, reflecting increased efficiency in utilizing fixed assets to generate sales. Starting at approximately 1.46 as of September 30, 2020, the ratio declined during the subsequent quarters, reaching a low of around 1.01 on June 30, 2021. This decline suggests a period where either sales growth slowed relative to the company's fixed asset base or there was an accumulation of fixed assets without a proportional increase in sales.

From late 2021 onward, the ratio resumed an upward trajectory, reaching 1.70 by March 31, 2023, indicating improved asset utilization. The trend continued with the ratio climbing further to approximately 1.95 on September 30, 2023. Subsequently, the ratio extended beyond 2.00, with values of 2.12 on September 30, 2024, and further to around 2.17 by December 31, 2024. The projections into 2025 suggest a maintained or slightly improved efficiency, with ratios of approximately 2.18 by March 31, 2025.

Overall, this progression signifies that Carpenter Technology has become more effective in generating sales from its fixed asset base over time, particularly in recent periods, which may be attributed to operational efficiencies, product mix changes, or asset management strategies. The recent increase beyond a ratio of 2.00 underscores a substantial utilization of fixed assets relative to sales, marking a positive trend in asset efficiency.