National Fuel Gas Company (NFG)

Fixed 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	2,040,273	2,173,771	2,239,970	2,313,890	2,298,349	2,186,047	2,106,889	1,998,662	1,848,057	1,742,660	1,674,661	1,603,283	1,543,263	1,546,291	1,551,643	1,585,824	1,647,273	1,693,332	1,689,187	1,674,899
Property, plant and equipment	US$ in thousands	7,421,930	7,299,860	7,080,910	6,815,730	6,698,840	6,566,480	6,385,450	6,574,380	6,490,760	6,384,280	6,185,660	6,076,070	5,991,670	5,998,070	5,621,350	5,555,870	5,646,220	5,509,510	5,352,370	5,215,870
Fixed asset turnover		0.27	0.30	0.32	0.34	0.34	0.33	0.33	0.30	0.28	0.27	0.27	0.26	0.26	0.26	0.28	0.29	0.29	0.31	0.32	0.32

December 31, 2023 calculation

Fixed asset turnover = Revenue (ttm) ÷ Property, plant and equipment
= $2,040,273K ÷ $7,421,930K
= 0.27

The fixed asset turnover ratio of National Fuel Gas Co. has experienced fluctuations over the past eight quarters.

In Q1 2024, the fixed asset turnover was 0.27, indicating that for every dollar of fixed assets, the company generated $0.27 in revenue. This reflects a decline from the previous quarter.

The ratio improved in Q4 2023 to 0.30, suggesting the company increased its revenue generated from fixed assets. However, this improvement was not sustained as the ratio decreased to 0.32 in Q3 2023.

In Q2 2023 and Q1 2023, the fixed asset turnover remained constant at 0.34, indicating that the company was efficient in utilizing its fixed assets to generate revenue during these periods.

Prior to that, in Q4 2022, Q3 2022, and Q2 2022, the fixed asset turnover ratio was relatively stable around 0.33, with a slight decrease to 0.30 in Q2 2022.

Overall, National Fuel Gas Co. has shown varying levels of efficiency in generating revenue from its fixed assets over the past eight quarters. Further analysis and comparison with industry benchmarks may provide additional insights into the company's operational efficiency and asset utilization.