Gentex Corporation (GNTX)
Fixed asset turnover
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Revenue | US$ in thousands | 2,313,310 | 2,299,220 | 1,918,960 | 1,731,170 | 1,688,190 |
| Property, plant and equipment | US$ in thousands | 728,481 | 652,878 | 550,033 | 464,122 | 468,135 |
| Fixed asset turnover | 3.18 | 3.52 | 3.49 | 3.73 | 3.61 |
December 31, 2024 calculation
Fixed asset turnover = Revenue ÷ Property, plant and equipment
= $2,313,310K ÷ $728,481K
= 3.18
The fixed asset turnover ratio for Gentex Corporation has shown a stable trend over the past five years. Starting at 3.61 in December 2020, it slightly increased to 3.73 by December 2021, indicating that the company generated $3.73 in sales for every dollar invested in fixed assets. However, there was a slight decrease to 3.49 by December 2022 before a slight rebound to 3.52 by December 2023. The ratio decreased more significantly to 3.18 by December 2024, which may suggest that the company's fixed assets were not utilized as efficiently to generate sales in that year. Overall, while the ratio fluctuated slightly, it remained above 3 consistently, implying that Gentex Corporation efficiently converted its investment in fixed assets into sales revenue during the period under consideration.
Peer comparison
Dec 31, 2024