Gentex Corporation (GNTX)

Total asset turnover

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Revenue	US$ in thousands	2,299,220	1,918,960	1,731,170	1,688,190	1,858,900
Total assets	US$ in thousands	2,611,440	2,327,230	2,131,390	2,197,940	2,168,800
Total asset turnover		0.88	0.82	0.81	0.77	0.86

December 31, 2023 calculation

Total asset turnover = Revenue ÷ Total assets
= $2,299,220K ÷ $2,611,440K
= 0.88

Total asset turnover is a key financial ratio that measures a company's ability to generate sales from its total assets. For Gentex Corp., the total asset turnover has shown a fluctuating trend over the past five years, ranging from 0.77 to 0.88.

A total asset turnover of 0.88 in 2023 indicates that the company generated $0.88 in sales for every $1 of total assets. This implies that Gentex Corp. has become more efficient in utilizing its assets to generate revenue compared to previous years. However, it is important to note that a higher total asset turnover does not always signify better performance, as it may also result from lower asset levels due to divestitures or write-downs.

Overall, Gentex Corp.'s total asset turnover has shown variability over the years, suggesting potential changes in its asset management efficiency and sales generation strategies. Further analysis of the company's operational performance and industry benchmarks would provide more insight into the factors contributing to these fluctuations in total asset turnover.