Liberty Oilfield Services Inc (LBRT)

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	4,747,930	4,898,560	4,870,910	4,618,539	4,149,229	3,607,374	3,072,851	2,711,520	2,470,782	2,044,633	1,538,401	1,045,475	965,787	1,106,172	1,473,756	1,927,541	1,990,345	2,065,489	2,109,187	2,195,124
Total assets	US$ in thousands	3,033,560	3,089,120	2,924,500	2,760,620	2,575,930	2,525,160	2,335,130	2,190,880	2,040,660	1,966,090	1,975,130	1,916,780	1,889,940	1,058,750	1,051,120	1,298,550	1,283,430	1,295,230	1,303,380	1,268,860
Total asset turnover		1.57	1.59	1.67	1.67	1.61	1.43	1.32	1.24	1.21	1.04	0.78	0.55	0.51	1.04	1.40	1.48	1.55	1.59	1.62	1.73

December 31, 2023 calculation

Total asset turnover = Revenue (ttm) ÷ Total assets
= $4,747,930K ÷ $3,033,560K
= 1.57

Liberty Energy Inc's total asset turnover has shown variability over the past eight quarters. The ratio has ranged from a low of 1.24 in Q1 2022 to a high of 1.67 in Q2 2023 and Q1 2023. The recent trend indicates an improvement in efficiency in utilizing its assets to generate sales, as evidenced by the increase in the total asset turnover figures in the most recent quarters. This could potentially reflect more effective management of company resources or possibly changes in the company's operations leading to increased revenue generation from existing assets. Overall, a total asset turnover ratio above 1 suggests that Liberty Energy Inc is generating more than $1 in sales for every dollar of assets, which is generally considered favorable as higher turnover ratios indicate better utilization of assets to generate revenue.