Corning Incorporated (GLW)
Total asset turnover
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Revenue | US$ in thousands | 12,588,000 | 14,189,000 | 14,082,000 | 11,303,000 | 11,503,000 |
| Total assets | US$ in thousands | 28,500,000 | 29,499,000 | 30,154,000 | 30,775,000 | 28,898,000 |
| Total asset turnover | 0.44 | 0.48 | 0.47 | 0.37 | 0.40 |
December 31, 2023 calculation
Total asset turnover = Revenue ÷ Total assets
= $12,588,000K ÷ $28,500,000K
= 0.44
The total asset turnover ratio for Corning, Inc. has fluctuated over the past five years, with a range between 0.37 and 0.48. This ratio measures the efficiency of the company in generating sales revenue from its assets. A lower total asset turnover ratio indicates that the company is less efficient in utilizing its assets to generate sales, while a higher ratio suggests better asset utilization.
In 2023, the total asset turnover ratio decreased to 0.44 from 0.48 in 2022, indicating a slight decline in the efficiency of Corning, Inc. in generating sales from its assets. This could be attributed to various factors such as changes in business operations, asset management practices, or sales performance.
It is important for Corning, Inc. to consistently monitor and improve its total asset turnover ratio to ensure optimal asset utilization and profitability. Analyzing the factors contributing to the changes in this ratio can help the company make strategic decisions to enhance operational efficiency and financial performance.
Peer comparison
Dec 31, 2023