Stride Inc (LRN)

Fixed asset turnover

		Jun 30, 2025	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	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
Revenue (ttm)	US$ in thousands	2,405,317	2,285,854	2,193,315	2,110,972	2,040,069	1,989,375	1,938,822	1,892,389	1,837,358	1,809,080	1,760,518	1,711,590	1,686,666	1,628,965	1,599,388	1,566,026	1,536,760	1,408,181	1,273,190	1,154,604
Property, plant and equipment	US$ in thousands	—	134,501	133,248	136,410	—	—	—	125,673	52,332	61,326	68,124	151,634	61,537	67,565	165,559	173,355	166,740	82,918	78,503	70,147
Fixed asset turnover		—	17.00	16.46	15.48	—	—	—	15.06	35.11	29.50	25.84	11.29	27.41	24.11	9.66	9.03	9.22	16.98	16.22	16.46

June 30, 2025 calculation

Fixed asset turnover = Revenue (ttm) ÷ Property, plant and equipment
= $2,405,317K ÷ $—K
= —

The fixed asset turnover ratio for Stride Inc. exhibits notable fluctuations over the analyzed periods, reflecting varying levels of asset utilization in generating revenue. From September 30, 2020, to December 31, 2021, the ratio remains relatively stable, oscillating around the mid-teens, with values of 16.46, 16.22, 16.98, 9.22, 9.03, and 9.66, indicating moderate efficiency in asset utilization during this period.

A significant jump occurs in the fiscal year ending March 31, 2022, where the ratio surges to 24.11, followed by an even higher value of 27.41 at June 30, 2022. This escalation suggests an improvement in asset efficiency, potentially driven by operational enhancements, increased revenues relative to fixed assets, or asset optimization strategies.

However, a decline is observed afterward, with the ratio dropping to 11.29 by September 30, 2022, indicating reduced asset efficiency. Subsequently, the ratio recovers sharply, reaching 25.84 at the end of 2022, and further rising to 29.50 and 35.11 at the ends of March 2023 and June 2023, respectively. These increases imply that during this period, the company significantly enhanced its asset utilization efficiency or successfully scaled revenue generation relative to its fixed asset base.

In the subsequent quarters, the ratio declines to 15.06 at September 30, 2023, then slightly increases to 15.48 by December 2023, before climbing again to 17.00 in March 2024. The ratios for fiscal 2024 and 2025 are projected to stabilize around 16 to 17, reflecting a return to more normalized levels of asset efficiency.

Overall, the pattern indicates periods of rapid improvement in fixed asset utilization followed by corrections, with sharp increases suggesting strategic asset deployment or operational efficiencies, and declines possibly indicating asset underutilization or increased asset base without immediate revenue proportionate growth. The fluctuations suggest that Stride Inc. has experienced operational variability or strategic shifts impacting how effectively its fixed assets generate revenue over time.