Medtronic PLC (MDT)

Total asset turnover

		Apr 26, 2024	Jan 26, 2024	Oct 27, 2023	Jul 28, 2023	Apr 28, 2023	Jan 27, 2023	Oct 28, 2022	Jul 29, 2022	Apr 29, 2022	Jan 28, 2022	Oct 29, 2021	Jul 30, 2021	Apr 30, 2021	Jan 29, 2021	Oct 30, 2020	Jul 31, 2020	Apr 24, 2020	Jan 24, 2020	Oct 25, 2019	Jul 26, 2019
Revenue (ttm)	US$ in thousands	32,983,000	32,678,000	32,347,000	31,976,000	31,530,000	30,049,000	30,129,000	30,435,000	31,156,000	31,285,000	31,267,000	30,705,000	29,191,000	27,143,000	27,072,000	27,436,000	27,578,000	29,726,000	29,468,000	29,167,000
Total assets	US$ in thousands	89,981,000	90,836,000	90,087,000	90,776,000	90,948,000	94,134,000	93,241,000	89,914,000	90,981,000	91,804,000	91,756,000	91,802,000	93,083,000	97,270,000	95,886,000	93,906,000	90,689,000	92,822,000	91,053,000	91,268,000
Total asset turnover		0.37	0.36	0.36	0.35	0.35	0.32	0.32	0.34	0.34	0.34	0.34	0.33	0.31	0.28	0.28	0.29	0.30	0.32	0.32	0.32

April 26, 2024 calculation

Total asset turnover = Revenue (ttm) ÷ Total assets
= $32,983,000K ÷ $89,981,000K
= 0.37

The total asset turnover of Medtronic PLC has been relatively stable over the past 20 quarters, ranging from 0.28 to 0.37. The ratio indicates how efficiently the company is utilizing its assets to generate revenue. A total asset turnover ratio of less than 1 suggests that the company is not generating a high amount of sales relative to its total assets.

In the case of Medtronic PLC, the average total asset turnover over this period appears to be around 0.32. This implies that, on average, for every $1 of total assets, the company is generating $0.32 of sales. While the ratio has shown some fluctuation, it generally suggests that Medtronic's asset utilization efficiency could be further optimized to potentially improve its revenue generation in relation to its asset base. Further analysis in conjunction with other financial metrics may provide more insights into the company's overall operational efficiency and profitability.