National Fuel Gas Company (NFG)

Total asset turnover

		Sep 30, 2023	Sep 30, 2022	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019
Revenue	US$ in thousands	2,173,770	2,186,050	1,742,660	1,546,290	1,693,330
Total assets	US$ in thousands	8,280,260	7,896,260	7,464,820	6,964,940	6,462,160
Total asset turnover		0.26	0.28	0.23	0.22	0.26

September 30, 2023 calculation

Total asset turnover = Revenue ÷ Total assets
= $2,173,770K ÷ $8,280,260K
= 0.26

The total asset turnover of National Fuel Gas Co. has fluctuated over the past five years, ranging from 0.22 to 0.28. In 2023, the total asset turnover decreased to 0.26 from 0.28 in 2022. This indicates that for every dollar of assets the company holds, it generated $0.26 in sales revenue in 2023, compared to $0.28 in the previous year.

The decrease in total asset turnover may suggest that National Fuel Gas Co. was less effective in utilizing its assets to generate sales in 2023. It is important for the company to assess the reasons behind this decline and consider strategies to improve asset utilization in order to optimize its sales generation efficiency. Comparing this metric with industry averages and peer companies can also provide valuable insights into the company's asset management efficiency.