MDU Resources Group Inc (MDU)

Total asset turnover

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Revenue	US$ in thousands	4,657,340	4,441,780	5,680,730	5,532,750	5,336,780
Total assets	US$ in thousands	7,833,160	9,660,780	8,910,440	8,053,370	7,683,060
Total asset turnover		0.59	0.46	0.64	0.69	0.69

December 31, 2023 calculation

Total asset turnover = Revenue ÷ Total assets
= $4,657,340K ÷ $7,833,160K
= 0.59

The total asset turnover ratio for MDU Resources Group Inc has experienced fluctuation over the past five years. The ratio decreased from 0.69 in 2019 to 0.64 in 2021, indicating a decline in the company's efficiency in generating sales relative to its total assets during that period. However, in 2022, there was a slight improvement as the ratio increased to 0.72, suggesting a better utilization of assets to generate revenue.

In 2023, the total asset turnover ratio further decreased to 0.59, indicating a potential inefficiency in asset utilization compared to the previous year. It is worth noting that a lower total asset turnover ratio may imply that the company is not effectively generating sales from its assets, which could be a concern for investors and stakeholders.

Overall, the trend in MDU Resources Group Inc's total asset turnover ratio shows some variability, with fluctuations that may require further analysis to understand the underlying reasons for the changes and to assess the company's operational efficiency and financial performance.