CVR Energy Inc (CVI)
Total asset turnover
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Revenue | US$ in thousands | 9,247,000 | 10,896,000 | 7,242,000 | 3,930,000 | 6,364,000 |
| Total assets | US$ in thousands | 4,707,000 | 4,119,000 | 3,906,000 | 3,978,000 | 3,905,000 |
| Total asset turnover | 1.96 | 2.65 | 1.85 | 0.99 | 1.63 |
December 31, 2023 calculation
Total asset turnover = Revenue ÷ Total assets
= $9,247,000K ÷ $4,707,000K
= 1.96
The total asset turnover of CVR Energy Inc has fluctuated over the past five years. The ratio indicates the company's ability to generate revenue relative to its total assets. A higher total asset turnover ratio generally signifies better efficiency in asset utilization.
In 2023, the total asset turnover ratio was 1.96, down from 2.65 in 2022. This decline suggests a decrease in the company's ability to generate sales from its total assets compared to the previous year. It could indicate inefficient use of assets or a decrease in sales relative to its asset base.
Comparing 2023 to 2021 (1.85), there was an improvement in total asset turnover, reflecting better asset efficiency. However, the ratio was lower than in 2020 (0.99), indicating increased asset utilization efficiency in 2023 compared to 2020.
In 2019, the total asset turnover was 1.63, which was higher than in 2023. The company's ability to generate revenue from its assets was better in 2019 compared to 2023.
Overall, while the total asset turnover of CVR Energy Inc has fluctuated over the years, it is essential for the company to focus on optimizing its asset utilization to improve its revenue generation efficiency.
Peer comparison
Dec 31, 2023