Murphy USA Inc (MUSA)

Total 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
Total assets	US$ in thousands	4,340,100	4,305,300	4,204,800	4,119,200	4,123,200	4,135,100	4,217,800	4,206,200	4,048,200	4,094,300	3,986,100	3,980,600	2,685,700	2,788,200	2,860,700	2,583,400	2,687,200	2,616,700	2,571,300	2,504,400
Total asset turnover		4.96	5.07	5.28	5.68	5.69	5.53	5.04	4.50	4.29	3.77	3.43	2.92	4.19	4.26	4.43	5.46	5.22	5.37	5.52	5.69

December 31, 2023 calculation

Total asset turnover = Revenue (ttm) ÷ Total assets
= $21,529,400K ÷ $4,340,100K
= 4.96

Murphy USA Inc's total asset turnover has shown fluctuations over the last eight quarters, ranging from a low of 4.50 in Q1 2022 to a high of 5.68 in Q1 2023. The total asset turnover ratio indicates how efficiently the company is utilizing its assets to generate revenue. A higher ratio, as seen in Q1 2023 and Q4 2022, suggests that the company is effectively generating sales from its total assets. On the other hand, a lower ratio, such as in Q1 2022, may indicate inefficiencies in asset utilization.

Overall, Murphy USA Inc's total asset turnover has generally been above 5, indicating consistent efficiency in generating revenue from its assets. However, the fluctuations in the ratio also suggest potential variations in operational efficiency and asset utilization strategies over the analyzed period. Further analysis of the underlying factors driving these fluctuations would be necessary to provide more insightful conclusions about the company's operational performance.