Murphy USA Inc (MUSA)

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	21,529,400	21,811,100	22,211,500	23,399,400	23,446,100	22,849,200	21,256,200	18,943,300	17,360,500	15,429,900	13,676,300	11,608,700	11,264,300	11,883,100	12,684,200	14,103,500	14,034,600	14,059,600	14,206,200	14,248,000
Property, plant and equipment	US$ in thousands	2,458,000	2,403,800	2,382,700	2,355,300	2,334,700	2,309,100	2,279,200	2,258,200	2,241,100	2,233,800	2,208,800	2,164,100	1,865,000	1,854,000	1,834,300	1,808,300	1,807,300	1,789,300	1,758,900	1,738,100
Fixed asset turnover		8.76	9.07	9.32	9.93	10.04	9.90	9.33	8.39	7.75	6.91	6.19	5.36	6.04	6.41	6.92	7.80	7.77	7.86	8.08	8.20

December 31, 2023 calculation

Fixed asset turnover = Revenue (ttm) ÷ Property, plant and equipment
= $21,529,400K ÷ $2,458,000K
= 8.76

The fixed asset turnover ratio for Murphy USA Inc has displayed a fluctuating trend over the past eight quarters. The ratio has been relatively high, indicating the company's ability to generate sales from its fixed assets efficiently. However, there has been a slight decrease in the fixed asset turnover ratio from Q4 2022 to Q1 2023, which suggests a potential decrease in the efficiency of utilizing fixed assets to generate sales during that period.

It is noteworthy that the ratio reached its lowest point in Q1 2022 at 7.92 and steadily increased until Q4 2022, where it peaked at 9.53. This upward trend signifies an improvement in the company's ability to generate revenue from its fixed assets during that period. However, the subsequent decrease in Q1 2023 could indicate a challenge in maintaining that efficiency.

Overall, Murphy USA Inc's fixed asset turnover ratio has shown resilience and effectiveness in generating sales from its fixed assets, but it is essential for the company to monitor and address any fluctuations to ensure sustained efficiency in the utilization of its fixed assets.