Gentex Corporation (GNTX)

Fixed 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	2,299,214	2,203,730	2,121,519	2,001,469	1,918,959	1,845,152	1,751,114	1,715,696	1,731,170	1,841,193	1,916,033	1,717,654	1,687,591	1,601,563	1,604,885	1,843,970	1,858,775	1,868,348	1,850,840	2,292,092
Property, plant and equipment	US$ in thousands	652,878	606,181	596,694	575,276	550,033	526,681	488,914	468,409	464,122	451,812	458,944	460,593	468,135	474,019	485,315	493,115	498,316	491,969	501,398	492,613
Fixed asset turnover		3.52	3.64	3.56	3.48	3.49	3.50	3.58	3.66	3.73	4.08	4.17	3.73	3.60	3.38	3.31	3.74	3.73	3.80	3.69	4.65

December 31, 2023 calculation

Fixed asset turnover = Revenue (ttm) ÷ Property, plant and equipment
= $2,299,214K ÷ $652,878K
= 3.52

Fixed asset turnover is a financial ratio that measures a company's efficiency in generating sales revenue from its investment in fixed assets. In the case of Gentex Corp., the fixed asset turnover ratio has been relatively stable over the past eight quarters, ranging from 3.48 to 3.66.

The consistent range of fixed asset turnover indicates that Gentex Corp. has been effectively utilizing its fixed assets to generate sales revenue. A higher fixed asset turnover ratio is generally preferable as it indicates that the company is generating more revenue per dollar invested in fixed assets.

Overall, the stable and relatively high fixed asset turnover ratio of Gentex Corp. suggests that the company is efficiently utilizing its fixed assets to drive sales, which is a positive indicator of operational efficiency and profitability.