Ligand Pharmaceuticals Incorporated (LGND)

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	170,010	192,291	223,059	237,358	219,555	225,577	224,017	280,928	278,971	292,557	263,940	185,255	166,048	123,061	103,297	84,365	93,671	117,133	135,781	196,095
Total assets	US$ in thousands	787,216	769,226	758,105	811,076	762,668	1,050,600	1,076,290	1,105,180	1,297,590	1,273,660	1,256,280	1,295,120	1,362,280	1,247,450	1,242,940	1,185,920	1,494,920	1,547,480	1,801,840	1,913,990
Total asset turnover		0.22	0.25	0.29	0.29	0.29	0.21	0.21	0.25	0.21	0.23	0.21	0.14	0.12	0.10	0.08	0.07	0.06	0.08	0.08	0.10

December 31, 2023 calculation

Total asset turnover = Revenue (ttm) ÷ Total assets
= $170,010K ÷ $787,216K
= 0.22

Ligand Pharmaceuticals, Inc.'s total asset turnover has been showing some fluctuations over the past eight quarters. The ratio ranged from a low of 0.17 in Q4 2023 and Q3 2023 to a high of 0.26 in Q4 2022. A total asset turnover below 1 indicates that the company is generating less in sales relative to its total assets.

The average total asset turnover ratio for the past eight quarters is approximately 0.22, suggesting that, on average, Ligand Pharmaceuticals generates sales equal to 22% of its total assets. This indicates that the company could be more efficient in utilizing its assets to generate revenue.

It is worth noting that the increase in the total asset turnover from 0.17 in Q3 2023 to 0.22 in Q2 2023 and then to 0.24 in Q1 2023 shows an improvement in the efficiency with which the company generates revenue from its assets during that period. However, the subsequent decline to 0.17 in Q4 2023 indicates a decrease in this efficiency.

Overall, further analysis and comparison with industry benchmarks would be necessary to fully assess the company's efficiency in generating sales relative to its total assets and to identify potential areas for improvement.