Heartland Express Inc (HTLD)
Total asset turnover
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Revenue | US$ in thousands | 1,207,460 | 967,996 | 607,284 | 645,262 | 596,815 |
| Total assets | US$ in thousands | 1,509,650 | 1,669,490 | 928,542 | 951,176 | 898,931 |
| Total asset turnover | 0.80 | 0.58 | 0.65 | 0.68 | 0.66 |
December 31, 2023 calculation
Total asset turnover = Revenue ÷ Total assets
= $1,207,460K ÷ $1,509,650K
= 0.80
Heartland Express, Inc.'s total asset turnover has been fluctuating over the past five years, ranging from 0.58 to 0.80. A total asset turnover ratio of 0.80 in 2023 indicates that the company generated $0.80 in revenue for every dollar of assets it held during the year, representing an improvement from the previous year.
The fluctuation in the total asset turnover ratio suggests varying levels of efficiency in utilizing the company's assets to generate sales. A higher total asset turnover ratio generally indicates better asset utilization and efficiency in generating sales.
It is essential for Heartland Express, Inc. to evaluate its asset management strategies to consistently improve its total asset turnover ratio, as a higher ratio signifies more efficient use of assets to drive revenue. Continued monitoring and strategic adjustments may help the company enhance its operational efficiency and financial performance over time.
Peer comparison
Dec 31, 2023