HNI Corp (HNI)
Total asset turnover
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Revenue | US$ in thousands | 2,434,000 | 2,361,800 | 2,184,400 | 1,948,370 | 2,238,500 |
| Total assets | US$ in thousands | 1,928,800 | 1,414,500 | 1,497,900 | 1,418,000 | 1,452,510 |
| Total asset turnover | 1.26 | 1.67 | 1.46 | 1.37 | 1.54 |
December 31, 2023 calculation
Total asset turnover = Revenue ÷ Total assets
= $2,434,000K ÷ $1,928,800K
= 1.26
HNI Corp's total asset turnover has shown some fluctuations over the past five years. The ratio indicates how efficiently the company generates sales revenue from its total assets. A higher total asset turnover ratio is generally preferred as it means the company is able to generate more revenue using its assets.
In 2023, the total asset turnover stands at 1.26, showing a decrease from the previous year. This could indicate that the company's sales revenue generated from its total assets has declined compared to 2022. However, the ratio is still above 1, suggesting that the company is effectively utilizing its assets to generate revenue.
In 2022, the total asset turnover was notably higher at 1.67, indicating a significant increase in the efficiency of asset utilization compared to 2021. This suggests that the company was able to generate more sales revenue from its total assets in 2022.
In 2021, the total asset turnover ratio was 1.46, showing a slight decrease from the previous year. This indicates that the company's efficiency in generating revenue from its assets decreased slightly compared to 2020.
In 2020, the total asset turnover stood at 1.37, which also showed a slight decrease from 2019. This may suggest that the company was slightly less efficient in utilizing its assets to generate sales revenue in 2020.
In 2019, the total asset turnover ratio was 1.54, indicating that the company was able to generate a good amount of sales revenue from its assets during that year.
Overall, HNI Corp's total asset turnover has fluctuated over the past five years, with some years showing higher efficiency in generating revenue from assets than others. It is important for the company to focus on maintaining or improving this ratio to ensure effective asset utilization and maximize revenue generation.