Cytek Biosciences Inc (CTKB)
Fixed asset turnover
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|
| Revenue | US$ in thousands | 193,015 | 2,963 | 2,181 |
| Property, plant and equipment | US$ in thousands | 18,405 | 13,682 | 5,851 |
| Fixed asset turnover | 10.49 | 0.22 | 0.37 |
December 31, 2023 calculation
Fixed asset turnover = Revenue ÷ Property, plant and equipment
= $193,015K ÷ $18,405K
= 10.49
Fixed asset turnover is a financial ratio that measures how efficiently a company is generating revenue from its investment in fixed assets. A higher fixed asset turnover ratio indicates that the company is utilizing its fixed assets more effectively to generate sales.
In the case of Cytek Biosciences Inc, the fixed asset turnover ratio has shown significant improvement over the past three years. In 2023, the fixed asset turnover ratio was 10.49, a substantial increase from the previous year's ratio of 0.22 in 2022 and 0.37 in 2021.
This improvement suggests that Cytek Biosciences Inc has been able to generate a much higher level of sales relative to its investment in fixed assets in 2023 compared to the prior years. It signifies that the company has become more efficient in utilizing its fixed assets to support its revenue generation.
The significant increase in fixed asset turnover ratio from 2022 to 2023 could be attributed to various factors such as better utilization of assets, improved operational efficiency, or increased revenue generation without a proportionate increase in fixed assets.
Overall, the trend in Cytek Biosciences Inc's fixed asset turnover indicates a positive development in the company's operational efficiency and asset utilization, which is favorable for its financial performance and overall business sustainability.
Peer comparison
Dec 31, 2023