Fulgent Genetics Inc (FLGT)
Total asset turnover
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Revenue | US$ in thousands | 289,213 | 618,968 | 992,584 | 421,712 | 32,528 |
| Total assets | US$ in thousands | 1,235,330 | 1,386,050 | 1,278,720 | 700,461 | 88,756 |
| Total asset turnover | 0.23 | 0.45 | 0.78 | 0.60 | 0.37 |
December 31, 2023 calculation
Total asset turnover = Revenue ÷ Total assets
= $289,213K ÷ $1,235,330K
= 0.23
The total asset turnover ratio of Fulgent Genetics Inc has exhibited fluctuations over the past five years. In 2023, the total asset turnover ratio decreased to 0.23 from 0.45 in 2022, indicating a decline in the company's ability to generate sales revenue relative to its total assets. This decrease may suggest inefficiencies in asset utilization or a decrease in sales revenue compared to the previous year.
Furthermore, when compared to the total asset turnover ratios of the previous years, the ratio of 0.23 in 2023 is notably lower than the ratios of 0.78 in 2021, 0.60 in 2020, and 0.37 in 2019, suggesting a significant decline in asset turnover efficiency within the company.
The decreasing trend in total asset turnover may raise concerns about Fulgent Genetics Inc's operational performance and effectiveness in utilizing its assets to generate sales. Further analysis and investigation into the company's operations and strategic decisions may be necessary to address the declining total asset turnover ratio and enhance overall efficiency and profitability.
Peer comparison
Dec 31, 2023