Granite Construction Incorporated (GVA)

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	6,971,350	5,879,173	5,667,503	5,458,263	5,431,183	5,325,166	5,427,206	5,817,366	6,062,166	6,209,360	6,214,250	6,116,400	6,046,880	6,102,077	6,156,537	5,911,407	5,881,417	5,888,155	5,819,425	5,852,105
Total assets	US$ in thousands	2,813,540	2,580,320	2,376,580	2,077,390	2,167,930	2,402,650	2,284,910	2,263,280	2,494,930	2,561,760	2,478,900	2,373,680	2,380,000	2,488,270	2,508,650	2,384,380	2,502,090	2,612,660	2,524,620	2,358,600
Total asset turnover		2.48	2.28	2.38	2.63	2.51	2.22	2.38	2.57	2.43	2.42	2.51	2.58	2.54	2.45	2.45	2.48	2.35	2.25	2.31	2.48

December 31, 2023 calculation

Total asset turnover = Revenue (ttm) ÷ Total assets
= $6,971,350K ÷ $2,813,540K
= 2.48

Granite Construction Inc.'s total asset turnover has shown fluctuations over the past eight quarters. The ratio has ranged from a low of 1.10 in Q3 2022 to a high of 1.60 in Q1 2023. An increasing trend in total asset turnover indicates that the company is generating more revenue relative to its total assets, which can be a positive sign of operational efficiency. However, fluctuations in this ratio warrant further investigation into the company's asset management strategies and revenue generation capabilities to better understand the underlying factors driving these changes.

Peer comparison

Dec 31, 2023

Company name

Symbol

Total asset turnover

Granite Construction Incorporated

GVA

2.48

Fluor Corporation

FLR

2.22

Jacobs Solutions Inc.