HNI Corp (HNI)

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	2,434,000	2,323,100	2,210,300	2,268,500	2,361,700	2,395,700	2,383,600	2,272,400	2,184,393	2,136,642	2,057,005	1,963,961	1,948,372	2,000,722	2,119,093	2,225,230	2,233,871	2,221,927	2,205,091	2,222,483
Property, plant and equipment	US$ in thousands	555,200	559,800	579,600	354,800	352,500	349,100	346,100	363,641	366,800	362,008	360,305	362,890	365,957	364,333	368,847	374,586	381,507	380,081	386,080	387,929
Fixed asset turnover		4.38	4.15	3.81	6.39	6.70	6.86	6.89	6.25	5.96	5.90	5.71	5.41	5.32	5.49	5.75	5.94	5.86	5.85	5.71	5.73

December 31, 2023 calculation

Fixed asset turnover = Revenue (ttm) ÷ Property, plant and equipment
= $2,434,000K ÷ $555,200K
= 4.38

The fixed asset turnover of HNI Corp has shown fluctuations over the past few quarters, ranging from a low of 3.81 in June 2023 to a high of 6.89 in June 2022. This ratio measures how efficiently the company is generating sales from its investment in fixed assets. A higher fixed asset turnover indicates that the company is utilizing its fixed assets more efficiently to generate revenues.

The trend in HNI Corp's fixed asset turnover has been relatively stable, hovering around the 5 to 6 range for the most part. The significant increase in fixed asset turnover in March 2023 and September 2023 could indicate a period of heightened efficiency in utilizing fixed assets to generate sales.

Overall, HNI Corp's fixed asset turnover ratio suggests that the company has been effectively using its fixed assets to generate sales, with some fluctuations in efficiency observed over the quarters. Monitoring this ratio over time can provide insights into the company's operational efficiency and asset utilization.