NewJersey Resources Corporation (NJR)

Total asset turnover

		Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	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
Revenue (ttm)	US$ in thousands	2,294,073	2,234,507	2,186,229	2,192,587	2,674,367	3,468,262	4,014,136	4,540,009	4,515,989	4,164,967	3,884,509	3,766,679	3,389,416	3,981,548	3,708,295	3,052,065	2,991,428	1,955,697	2,090,606	2,344,402
Total assets	US$ in thousands	6,981,640	6,784,120	6,647,380	6,749,050	6,537,500	6,312,580	6,296,130	6,610,090	6,261,420	6,161,920	5,870,000	5,981,160	5,722,280	5,408,620	5,425,130	5,396,900	5,316,480	5,282,080	5,155,200	5,095,170
Total asset turnover		0.33	0.33	0.33	0.32	0.41	0.55	0.64	0.69	0.72	0.68	0.66	0.63	0.59	0.74	0.68	0.57	0.56	0.37	0.41	0.46

September 30, 2024 calculation

Total asset turnover = Revenue (ttm) ÷ Total assets
= $2,294,073K ÷ $6,981,640K
= 0.33

The total asset turnover of NewJersey Resources Corporation has shown fluctuation over the past few quarters. The ratio has ranged between 0.32 and 0.74, with the highest being in March 2021 and the lowest in December 2020 and March 2020.

A total asset turnover ratio of 0.33 implies that for every dollar of total assets held by the company, it generated $0.33 in revenue. This indicates that the company is generating revenue efficiently relative to its total asset base.

The trend of the total asset turnover ratio shows that the company's efficiency in generating sales from its total assets has been inconsistent. It peaked in March 2021 but declined in subsequent quarters. This inconsistency may warrant further investigation to understand the factors influencing the company's revenue generation efficiency.

Overall, while the total asset turnover ratio provides insight into the company's efficiency in utilizing its assets to generate revenue, analyzing trends and comparing it with industry peers may provide a more comprehensive understanding of NewJersey Resources Corporation's operational performance.