NewMarket Corporation (NEU)

Fixed asset turnover

		Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	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
Revenue (ttm)	US$ in thousands	2,786,558	2,775,261	2,717,464	2,692,366	2,698,419	2,737,628	2,766,527	2,805,036	2,764,799	2,658,807	2,584,965	2,452,047	2,356,110	2,307,324	2,197,986	2,018,129	2,010,931	2,017,595	2,060,543	2,213,096
Property, plant and equipment	US$ in thousands	—	—	—	—	—	714,240	655,864	658,092	659,998	653,231	663,462	671,327	745,172	745,067	745,295	671,955	665,147	648,685	639,344	633,873
Fixed asset turnover		—	—	—	—	—	3.83	4.22	4.26	4.19	4.07	3.90	3.65	3.16	3.10	2.95	3.00	3.02	3.11	3.22	3.49

December 31, 2024 calculation

Fixed asset turnover = Revenue (ttm) ÷ Property, plant and equipment
= $2,786,558K ÷ $—K
= —

The fixed asset turnover ratio for NewMarket Corporation has displayed fluctuations over the past few years. The ratio indicates the company's efficiency in generating revenue from its investment in fixed assets.

From March 31, 2020, to June 30, 2021, the fixed asset turnover ratio consistently declined, suggesting a decreasing efficiency in utilizing fixed assets to generate revenue. However, there was a slight increase from September 30, 2021, to December 31, 2021.

From March 31, 2022 onwards, the fixed asset turnover ratio showed a significant improvement, reaching its peak at 4.26 on March 31, 2023. This indicates that the company was able to generate more revenue relative to its investment in fixed assets during this period.

The inability to provide data for the fixed asset turnover for the latter part of 2023 and beyond limits a comprehensive analysis for those periods. However, the upward trend in the ratio up to March 31, 2023 is a positive indication of improved asset utilization efficiency by NewMarket Corporation.