Cytek Biosciences Inc (CTKB)
Total asset turnover
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|
| Revenue | US$ in thousands | 193,015 | 2,963 | 2,181 |
| Total assets | US$ in thousands | 494,457 | 519,476 | 463,305 |
| Total asset turnover | 0.39 | 0.01 | 0.00 |
December 31, 2023 calculation
Total asset turnover = Revenue ÷ Total assets
= $193,015K ÷ $494,457K
= 0.39
The total asset turnover ratio measures a company's ability to generate sales revenue from its total assets. In the case of Cytek Biosciences Inc, the total asset turnover has shown a significant improvement over the past three years.
In 2021, the total asset turnover was extremely low at 0.00, indicating that the company was not efficiently generating sales relative to its total assets. This may have been a sign of underutilized assets or poor sales performance.
In 2022, there was a notable increase in the total asset turnover to 0.01, suggesting a slight improvement in the company's efficiency in utilizing its assets to generate sales. However, the ratio was still very low, indicating that there was room for significant improvement.
By 2023, Cytek Biosciences Inc made a significant leap in total asset turnover, reaching 0.39. This suggests that the company has made substantial progress in using its assets more efficiently to generate sales revenue. A higher total asset turnover ratio is generally preferable as it indicates that the company is effectively using its assets to generate revenue.
Overall, the trend in Cytek Biosciences Inc's total asset turnover ratio shows a clear improvement over the three-year period, signaling enhanced efficiency in generating sales from its total assets.
Peer comparison
Dec 31, 2023