Garmin Ltd (GRMN)
Total asset turnover
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Revenue | US$ in thousands | 5,254,470 | 4,851,100 | 4,937,230 | 4,191,200 | 3,740,940 |
| Total assets | US$ in thousands | 8,603,570 | 7,731,170 | 7,854,430 | 7,031,370 | 6,166,800 |
| Total asset turnover | 0.61 | 0.63 | 0.63 | 0.60 | 0.61 |
December 31, 2023 calculation
Total asset turnover = Revenue ÷ Total assets
= $5,254,470K ÷ $8,603,570K
= 0.61
The total asset turnover of Garmin Ltd has shown relatively stable performance over the past five years, ranging from 0.60 to 0.63. This ratio reflects the company's ability to generate revenue from its total assets. A total asset turnover of 0.61 in 2023 indicates that for every dollar of total assets, Garmin generated $0.61 in sales.
The consistency of total asset turnover around the 0.61 to 0.63 range suggests that Garmin has been efficient in utilizing its assets to generate revenue. However, the slight fluctuations in the ratio could indicate changes in business operations or market conditions affecting asset utilization efficiency.
Overall, Garmin's total asset turnover ratio indicates a consistent level of efficiency in converting its total assets into sales revenue over the past five years. Investors and stakeholders may view this stability positively as it suggests a reliable performance in asset utilization.
Peer comparison
Dec 31, 2023