Garmin Ltd (GRMN)

Total 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	5,246,720	5,096,320	4,940,900	4,827,700	4,850,560	4,890,830	4,957,220	5,058,410	4,952,040	4,911,850	4,854,200	4,399,994	4,178,615	3,929,445	3,728,516	3,823,804	3,748,274	3,578,152	3,462,914	3,399,351
Total assets	US$ in thousands	8,603,570	7,965,020	7,871,800	7,726,030	7,731,170	7,627,610	7,813,700	7,703,250	7,854,430	7,571,490	7,402,720	6,999,730	7,031,370	6,550,670	6,220,040	6,053,990	6,166,800	5,755,100	5,524,780	5,280,140
Total asset turnover		0.61	0.64	0.63	0.62	0.63	0.64	0.63	0.66	0.63	0.65	0.66	0.63	0.59	0.60	0.60	0.63	0.61	0.62	0.63	0.64

December 31, 2023 calculation

Total asset turnover = Revenue (ttm) ÷ Total assets
= $5,246,720K ÷ $8,603,570K
= 0.61

Garmin Ltd's total asset turnover ratio has shown some variability over the past few quarters, ranging between 0.59 and 0.66. This ratio indicates how efficiently the company is generating sales from its assets.

A higher total asset turnover ratio generally indicates that the company is effectively utilizing its assets to generate revenue. Conversely, a lower ratio may suggest inefficiencies in asset management or underutilization of assets.

In the most recent quarter, the total asset turnover ratio was 0.61, which is slightly below the average ratio observed over the past few quarters. This could indicate a potential decline in the company's ability to generate sales relative to its asset base.

It is important for Garmin Ltd to closely monitor its asset turnover ratio and identify factors contributing to fluctuations in order to improve efficiency and maximize returns on its assets.