Fortinet Inc (FTNT)

Total asset turnover

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Revenue	US$ in thousands	5,230,300	4,313,600	3,306,400	2,588,900	2,151,500
Total assets	US$ in thousands	7,258,900	6,228,000	5,919,100	4,044,500	3,879,200
Total asset turnover		0.72	0.69	0.56	0.64	0.55

December 31, 2023 calculation

Total asset turnover = Revenue ÷ Total assets
= $5,230,300K ÷ $7,258,900K
= 0.72

Fortinet Inc's total asset turnover has shown fluctuations over the past five years. In 2023, the total asset turnover ratio stands at 0.73, indicating that the company generated $0.73 in revenue for every dollar of assets it holds. This represents an improvement compared to the previous year, where the ratio was 0.71, suggesting more efficient utilization of assets to generate revenue.

Looking back further, in 2021, the total asset turnover was 0.56, which indicates that the company was less efficient in generating revenue from its assets compared to the current year. The ratio then increased to 0.64 in 2020, implying an improvement in asset utilization. In 2019, Fortinet Inc's total asset turnover was 0.55, slightly lower than in 2020.

Overall, the trend in total asset turnover for Fortinet Inc has been somewhat volatile, with fluctuations in efficiency in generating revenue from its assets. The recent increase in the ratio signals improved asset utilization, potentially indicating better operational efficiency or sales growth. Monitoring this ratio over time can provide insights into the company's ability to effectively deploy its assets to drive revenue.