Marten Transport Ltd (MRTN)

Fixed asset turnover

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Revenue (ttm)	US$ in thousands	1,131,455	1,185,817	1,230,727	1,274,620	1,263,878	1,208,170	1,135,002	1,037,879	973,644	934,101	898,832	878,774	874,374	864,226	863,188	862,894	843,271	830,047	814,723	799,657
Property, plant and equipment	US$ in thousands	792,233	771,001	770,520	733,720	728,167	711,972	681,755	663,819	682,277	689,900	680,729	652,593	654,173	664,570	644,196	663,342	640,394	629,852	600,574	578,151
Fixed asset turnover		1.43	1.54	1.60	1.74	1.74	1.70	1.66	1.56	1.43	1.35	1.32	1.35	1.34	1.30	1.34	1.30	1.32	1.32	1.36	1.38

December 31, 2023 calculation

Fixed asset turnover = Revenue (ttm) ÷ Property, plant and equipment
= $1,131,455K ÷ $792,233K
= 1.43

Marten Transport, Ltd.'s fixed asset turnover has shown some fluctuations over the past eight quarters. The fixed asset turnover ratio measures how efficiently the company utilizes its fixed assets to generate revenue. A higher fixed asset turnover indicates better asset utilization.

In Q1 2023, the fixed asset turnover ratio was 1.74, indicating that Marten Transport generated $1.74 in revenue for every dollar invested in fixed assets. This was consistent with the ratio in Q4 2022.

During Q2 and Q3 of 2023, Marten Transport experienced a slight decline in fixed asset turnover, with ratios of 1.60 and 1.54, respectively. This could suggest a temporary decrease in efficiency in utilizing fixed assets to generate revenue.

However, in Q4 2023, the fixed asset turnover ratio improved to 1.43, indicating that Marten Transport became more efficient in utilizing its fixed assets compared to the previous quarter.

Overall, the trend in fixed asset turnover for Marten Transport, Ltd. has been relatively stable, with some minor fluctuations. It is essential for the company to monitor and potentially improve its fixed asset turnover to ensure optimal utilization of resources and maximize profitability.