Dover Corporation (DOV)
Fixed asset turnover
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Revenue | US$ in thousands | 8,306,830 | 8,391,830 | 7,800,760 | 6,577,040 | 7,136,400 |
| Property, plant and equipment | US$ in thousands | 1,031,820 | 1,004,820 | 957,310 | 897,326 | 842,318 |
| Fixed asset turnover | 8.05 | 8.35 | 8.15 | 7.33 | 8.47 |
December 31, 2023 calculation
Fixed asset turnover = Revenue ÷ Property, plant and equipment
= $8,306,830K ÷ $1,031,820K
= 8.05
Fixed asset turnover is a financial ratio that indicates how efficiently a company is utilizing its fixed assets to generate revenue. Dover Corp.'s fixed asset turnover over the past five years has shown a consistent trend, ranging from 7.45 to 8.47.
The high values of fixed asset turnover, such as 8.18 in 2023 and 8.47 in 2022 and 2019, indicate that Dover Corp. is effectively using its fixed assets to generate sales. This suggests that the company is efficiently managing and operating its fixed assets to generate revenue.
Overall, the trend of consistent high fixed asset turnover ratios for Dover Corp. over the past five years is a positive indicator of the company's ability to use its fixed assets effectively to drive sales and generate value for its shareholders.
Peer comparison
Dec 31, 2023