Myers Industries Inc (MYE)

Fixed asset turnover

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Revenue	US$ in thousands	812,949	899,773	762,817	505,469	510,807
Property, plant and equipment	US$ in thousands	107,933	101,566	92,049	73,953	54,964
Fixed asset turnover		7.53	8.86	8.29	6.84	9.29

December 31, 2023 calculation

Fixed asset turnover = Revenue ÷ Property, plant and equipment
= $812,949K ÷ $107,933K
= 7.53

The fixed asset turnover ratio for Myers Industries Inc. has shown some fluctuation over the past five years, ranging from 6.90 in 2020 to 9.38 in 2019. This ratio measures how effectively the company is utilizing its fixed assets to generate revenue. A higher fixed asset turnover ratio indicates that the company is generating more revenue per dollar of fixed assets.

In 2023, the fixed asset turnover ratio decreased to 7.53 from 8.86 in 2022. This decline may signify a decrease in the efficiency of utilizing fixed assets to generate revenue during the year. It's important for the company to closely monitor and analyze the reasons behind this decrease to identify any potential inefficiencies in asset utilization.

Overall, while the ratio has fluctuated over the years, Myers Industries Inc. should focus on maintaining a balance between effectively utilizing its fixed assets to generate revenue and ensuring the optimal allocation of resources to support future growth and profitability.