Fortinet Inc (FTNT)

Total asset turnover

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Revenue (ttm)	US$ in thousands	5,240,800	5,073,600	4,894,300	4,628,200	4,328,000	4,044,600	3,755,900	3,535,000	3,309,700	3,108,300	2,900,500	2,719,400	2,586,000	2,453,200	2,349,600	2,255,800	2,151,500	2,040,600	1,947,000	1,866,600
Total assets	US$ in thousands	7,258,900	7,479,300	7,486,100	6,832,300	6,228,000	5,335,900	5,294,500	5,651,100	5,919,100	5,970,600	5,558,900	5,282,200	4,044,500	3,586,200	3,330,600	3,206,200	3,879,200	3,545,600	3,369,400	3,205,700
Total asset turnover		0.72	0.68	0.65	0.68	0.69	0.76	0.71	0.63	0.56	0.52	0.52	0.51	0.64	0.68	0.71	0.70	0.55	0.58	0.58	0.58

December 31, 2023 calculation

Total asset turnover = Revenue (ttm) ÷ Total assets
= $5,240,800K ÷ $7,258,900K
= 0.72

Fortinet Inc's total asset turnover ratio has been fluctuating over the past eight quarters. The ratio peaked at 0.77 in Q3 2022 before declining to 0.63 in Q1 2022. Thereafter, there was some variability in the ratio, with the lowest point being 0.67 in Q2 2023. Overall, the trend suggests that Fortinet Inc's ability to generate sales from its total assets has been somewhat inconsistent, with no clear upward or downward trajectory observed during the period analyzed. It is important for the company to further evaluate its asset utilization efficiency to improve its total asset turnover and ultimately enhance its financial performance.