Marathon Petroleum Corp (MPC)
Total asset turnover
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Revenue | US$ in thousands | 148,082,000 | 176,526,000 | 119,456,000 | 68,692,000 | 123,949,000 |
| Total assets | US$ in thousands | 85,987,000 | 89,904,000 | 85,373,000 | 85,158,000 | 98,556,000 |
| Total asset turnover | 1.72 | 1.96 | 1.40 | 0.81 | 1.26 |
December 31, 2023 calculation
Total asset turnover = Revenue ÷ Total assets
= $148,082,000K ÷ $85,987,000K
= 1.72
The total asset turnover ratio for Marathon Petroleum Corp has been fluctuating over the past five years. In 2023, the ratio stands at 1.74, indicating that the company generated $1.74 in revenue for every dollar of assets held. This represents a decrease from the previous year's ratio of 1.98.
Despite the decrease, the current ratio is still higher compared to the ratios in 2021 and 2020, which were 1.41 and 0.82, respectively. This suggests that the company is more efficient in generating revenue from its assets in 2023.
It is essential to note that the ratio was highest in 2022 at 1.98, indicating a peak in asset utilization efficiency. However, the ratio dropped significantly to 0.82 in 2020, signaling potential challenges in efficiently utilizing assets to generate revenue.
Overall, the trend in total asset turnover for Marathon Petroleum Corp shows some volatility, but the company has demonstrated improvements in asset utilization efficiency in 2023 compared to the previous years.
Peer comparison
Dec 31, 2023