NewMarket Corporation (NEU)

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	2,657,060	2,693,036	2,722,787	2,764,467	2,718,052	2,610,742	2,535,924	2,401,221	2,315,892	2,282,767	2,176,308	1,998,315	1,990,356	1,997,020	2,039,447	2,191,264	2,167,555	2,171,422	2,177,951	2,215,662
Total assets	US$ in thousands	2,308,870	2,290,400	2,366,140	2,350,770	2,406,820	2,336,840	2,330,670	2,281,550	2,558,440	2,437,220	2,478,710	2,399,390	1,933,880	1,880,120	1,799,140	1,933,680	1,885,130	1,771,000	1,766,980	1,798,190
Total asset turnover		1.15	1.18	1.15	1.18	1.13	1.12	1.09	1.05	0.91	0.94	0.88	0.83	1.03	1.06	1.13	1.13	1.15	1.23	1.23	1.23

December 31, 2023 calculation

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

The total asset turnover for NewMarket Corp. has shown relatively consistent performance over the past eight quarters, ranging from 1.07 to 1.20. This ratio measures the company's ability to generate revenue relative to its total assets. A higher total asset turnover indicates that the company is more efficient in generating sales from its assets.

In this case, NewMarket Corp. has maintained a total asset turnover above 1, indicating that it is generating more revenue for each dollar of assets it holds. The slight fluctuations in the ratio suggest a stable performance in utilizing its assets to generate sales. It is essential for the company to sustain or improve this efficiency over time to maximize its profitability and overall financial health.