NewMarket Corporation (NEU)

Total asset turnover

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Revenue	US$ in thousands	2,657,060	2,718,050	2,315,890	1,998,090	2,157,050
Total assets	US$ in thousands	2,308,870	2,406,820	2,558,440	1,933,880	1,885,130
Total asset turnover		1.15	1.13	0.91	1.03	1.14

December 31, 2023 calculation

Total asset turnover = Revenue ÷ Total assets
= $2,657,060K ÷ $2,308,870K
= 1.15

The total asset turnover of NewMarket Corp. has fluctuated over the past five years. In 2023, the total asset turnover ratio was 1.17, indicating that the company generated $1.17 in revenue for every $1 of total assets. This represents an improvement from the previous year when the ratio was 1.15.

In 2021, the total asset turnover was 0.92, the lowest in the period analyzed, suggesting that the company was less efficient in generating revenue from its assets. However, the ratio rebounded to 1.04 in 2020 and further to 1.16 in 2019, indicating better asset utilization during those years.

Overall, while there have been fluctuations in the total asset turnover ratio of NewMarket Corp., the general trend shows some variability in the company's efficiency in generating revenue from its total assets over the past five years.