Magnolia Oil & Gas Corp (MGY)

Total asset turnover

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Revenue	US$ in thousands	1,226,980	1,694,490	1,078,350	541,303	942,156
Total assets	US$ in thousands	2,756,220	2,572,580	1,746,740	1,453,420	3,466,410
Total asset turnover		0.45	0.66	0.62	0.37	0.27

December 31, 2023 calculation

Total asset turnover = Revenue ÷ Total assets
= $1,226,980K ÷ $2,756,220K
= 0.45

The total asset turnover of Magnolia Oil & Gas Corp has shown variation over the past five years. The ratio measures the company's efficiency in generating sales revenue relative to its total assets.

In 2023, the total asset turnover ratio was reported at 0.45, indicating that the company generated $0.45 in sales for every dollar of total assets. This represents a decrease from the previous year, when the ratio was 0.66. The decline in the ratio suggests that the company may be less efficient in utilizing its assets to generate revenue compared to the prior year.

In 2022, the total asset turnover ratio was relatively high at 0.66, reflecting a strong performance in converting assets into sales. This was an improvement from 2021 when the ratio was 0.62. The higher ratio in 2022 indicates that the company effectively utilized its assets to generate sales revenue.

Looking back further, in 2020, the total asset turnover ratio was 0.37, indicating a lower efficiency in asset utilization compared to the subsequent years. Similarly, in 2019, the ratio was even lower at 0.27, suggesting that the company's ability to generate sales from its assets was less effective during that period.

Overall, fluctuations in Magnolia Oil & Gas Corp's total asset turnover ratio over the past five years reflect changes in the company's operational efficiency and effectiveness in converting assets into revenue.