IDEXX Laboratories Inc (IDXX)
Total asset turnover
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Revenue | US$ in thousands | 3,660,950 | 3,367,320 | 3,215,360 | 2,706,660 | 2,406,910 |
| Total assets | US$ in thousands | 3,259,920 | 2,746,760 | 2,437,200 | 2,294,560 | 1,832,480 |
| Total asset turnover | 1.12 | 1.23 | 1.32 | 1.18 | 1.31 |
December 31, 2023 calculation
Total asset turnover = Revenue ÷ Total assets
= $3,660,950K ÷ $3,259,920K
= 1.12
The total asset turnover ratio for Idexx Laboratories, Inc. has exhibited fluctuations over the past five years. The ratio indicates the company's ability to generate revenue relative to its total assets.
In 2023, the total asset turnover was 1.12, a decrease from 1.23 in 2022. This could suggest that the company generated $1.12 in revenue for every dollar of total assets in 2023, down from $1.23 in 2022.
Comparing the recent ratio to historical data, the trend shows a peak in 2021 with a total asset turnover of 1.32, which then declined to 1.18 in 2020 before slightly rebounding to 1.31 in 2019.
Overall, the declining trend in total asset turnover from 2021 to 2023 may indicate a potential decrease in operational efficiency or sales generated from the company's total assets during these years. Further analysis of the company's financial performance and operational strategies may be necessary to understand the underlying factors contributing to these fluctuations in the ratio.
Peer comparison
Dec 31, 2023