NewJersey Resources Corporation (NJR)

Total asset turnover

		Sep 30, 2023	Sep 30, 2022	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019
Revenue	US$ in thousands	2,674,370	4,515,980	3,389,420	2,991,430	2,543,480
Total assets	US$ in thousands	6,537,500	6,261,420	5,722,280	5,316,480	4,157,940
Total asset turnover		0.41	0.72	0.59	0.56	0.61

September 30, 2023 calculation

Total asset turnover = Revenue ÷ Total assets
= $2,674,370K ÷ $6,537,500K
= 0.41

The total asset turnover of New Jersey Resources Corporation has decreased from 0.59 in 2019 to 0.30 in 2023. This indicates that the company generated 30 cents in revenue for every dollar of assets in 2023, compared to 59 cents in 2019. The declining trend in total asset turnover suggests that the company is becoming less efficient in utilizing its assets to generate sales. This could be a cause for concern as it may indicate underperformance or inefficiency in the company's operations or management of its assets. Further analysis of the company's financial and operational strategies may be warranted to address this decline in asset turnover.