National Fuel Gas Company (NFG)

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	2,040,273	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
Total assets	US$ in thousands	8,587,490	8,280,260	8,106,630	7,967,240	8,134,910	7,896,260	8,112,090	7,805,020	7,589,670	7,464,820	7,208,680	7,115,650	7,039,170	6,964,940	7,118,980	6,708,660	6,702,660	6,462,160	6,336,250	6,278,980
Total asset turnover		0.24	0.26	0.28	0.29	0.28	0.28	0.26	0.26	0.24	0.23	0.23	0.23	0.22	0.22	0.22	0.24	0.25	0.26	0.27	0.27

December 31, 2023 calculation

Total asset turnover = Revenue (ttm) ÷ Total assets
= $2,040,273K ÷ $8,587,490K
= 0.24

National Fuel Gas Co. has exhibited a relatively stable total asset turnover ratio over the past eight quarters, ranging between 0.24 and 0.29. The total asset turnover ratio measures the company's efficiency in generating revenue from its total assets. A lower ratio suggests that the company is less effective in utilizing its assets to generate sales.

The consistent range of total asset turnover ratios indicates that the company has maintained a relatively stable level of asset efficiency over the quarters analyzed. This could signify that National Fuel Gas Co. has not significantly altered its asset utilization strategies during this period. However, it may be beneficial for the company to assess its operational efficiency and consider potential improvements to enhance its revenue generation in relation to its asset base.