Quest Diagnostics Incorporated (DGX)
Total asset turnover
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Revenue | US$ in thousands | 9,100,000 | 9,745,000 | 10,628,000 | 9,437,000 | 7,726,000 |
| Total assets | US$ in thousands | 14,022,000 | 12,837,000 | 13,611,000 | 14,026,000 | 12,843,000 |
| Total asset turnover | 0.65 | 0.76 | 0.78 | 0.67 | 0.60 |
December 31, 2023 calculation
Total asset turnover = Revenue ÷ Total assets
= $9,100,000K ÷ $14,022,000K
= 0.65
Quest Diagnostics, Inc.'s total asset turnover has displayed some fluctuations over the past five years. The ratio measures how efficiently the company is utilizing its assets to generate revenue. A higher total asset turnover indicates better efficiency in asset utilization.
From 2019 to 2023, Quest Diagnostics, Inc.'s total asset turnover has shown an increasing trend, suggesting improved efficiency in generating sales from its assets. Particularly notable is the significant increase from 0.60 in 2019 to 0.66 in 2023. This indicates that the company has been able to generate more revenue relative to its total assets.
Although in 2021 the total asset turnover slightly declined from the previous year, overall, the trend indicates enhanced asset utilization efficiency. It would be beneficial for investors and stakeholders to monitor this ratio in the future to ensure that Quest Diagnostics, Inc. maintains and potentially improves its asset efficiency levels.
Peer comparison
Dec 31, 2023