Marten Transport Ltd (MRTN)

Fixed asset turnover

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Revenue	US$ in thousands	1,131,460	1,263,880	973,644	874,374	843,271
Property, plant and equipment	US$ in thousands	792,233	728,167	682,277	654,173	640,394
Fixed asset turnover		1.43	1.74	1.43	1.34	1.32

December 31, 2023 calculation

Fixed asset turnover = Revenue ÷ Property, plant and equipment
= $1,131,460K ÷ $792,233K
= 1.43

The fixed asset turnover ratio of Marten Transport, Ltd. has shown fluctuations over the past five years. In 2023, the ratio decreased to 1.43 from 1.74 in 2022. This decline indicates that the company generated $1.43 in revenue for every dollar invested in fixed assets during the year. Despite the decrease in 2023, the fixed asset turnover ratio remained relatively stable compared to previous years, with the ratio ranging between 1.32 and 1.74 from 2019 to 2022.

A declining fixed asset turnover ratio may suggest inefficiencies in asset utilization or a decrease in revenue generation from fixed assets. It is important for Marten Transport, Ltd. to closely monitor and optimize its asset utilization to ensure efficient operations and maximize revenue generation from its fixed assets.