Landstar System Inc (LSTR)

Fixed 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	5,303,320	5,773,650	6,300,440	6,901,640	7,436,560	7,706,810	7,624,980	7,220,640	6,537,570	5,888,910	5,240,160	4,492,954	4,132,990	3,831,509	3,757,619	3,979,145	4,084,579	4,272,050	4,462,470	4,600,220
Property, plant and equipment	US$ in thousands	284,300	284,081	297,066	306,224	314,990	321,585	314,191	307,044	317,386	301,373	281,016	288,041	296,996	279,495	284,794	276,663	285,855	270,430	269,246	276,193
Fixed asset turnover		18.65	20.32	21.21	22.54	23.61	23.97	24.27	23.52	20.60	19.54	18.65	15.60	13.92	13.71	13.19	14.38	14.29	15.80	16.57	16.66

December 31, 2023 calculation

Fixed asset turnover = Revenue (ttm) ÷ Property, plant and equipment
= $5,303,320K ÷ $284,300K
= 18.65

The fixed asset turnover ratio for Landstar System Inc has exhibited fluctuations over the past few quarters. The ratio increased steadily from 13.92 in September 2020 to 23.97 in September 2022, indicating a more efficient utilization of the company's fixed assets to generate sales revenue during this period. However, the ratio slightly decreased to 18.65 in June 2021 before rising again and peaking at 24.27 in June 2022.

From June 2022 onwards, there was a slight decline in the fixed asset turnover ratio, reaching 18.65 in June 2021. This decline may suggest either a decrease in sales generated from fixed assets or an increase in the value of fixed assets, or a combination of both factors. Further analysis of the company's financial performance and operational efficiency would be needed to determine the underlying reasons for these fluctuations in the fixed asset turnover ratio.