NOV Inc. (NOV)

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	8,583,000	8,313,000	8,017,000	7,651,000	7,237,000	6,681,000	6,133,000	5,823,000	5,524,000	5,334,000	5,377,000	5,456,000	6,090,000	7,044,000	7,786,000	8,422,000	8,479,000	8,596,000	8,624,000	8,598,000
Total assets	US$ in thousands	11,294,000	10,498,000	10,446,000	10,177,000	10,135,000	9,761,000	9,700,000	9,553,000	9,550,000	9,567,000	9,601,000	9,672,000	9,929,000	10,168,000	10,447,000	10,690,000	13,149,000	14,005,000	14,349,000	20,002,000
Total asset turnover		0.76	0.79	0.77	0.75	0.71	0.68	0.63	0.61	0.58	0.56	0.56	0.56	0.61	0.69	0.75	0.79	0.64	0.61	0.60	0.43

December 31, 2023 calculation

Total asset turnover = Revenue (ttm) ÷ Total assets
= $8,583,000K ÷ $11,294,000K
= 0.76

The total asset turnover ratio of NOV Inc has shown a generally increasing trend from Q1 2022 to Q3 2023, although it dipped slightly in Q4 2023. This ratio measures the company's efficiency in generating sales revenue from its total assets.

A total asset turnover ratio of less than 1, such as those reported for NOV Inc, suggests that the company is not generating a high level of sales relative to its total assets. However, the improving trend over the quarters indicates that NOV Inc has been gradually increasing its efficiency in utilizing its assets to generate sales.

It is important for NOV Inc to continue monitoring and improving its total asset turnover ratio to ensure that the company is effectively utilizing its assets to generate revenue. A higher total asset turnover ratio would indicate that the company is efficiently using its assets to drive sales and could potentially lead to improved profitability and financial performance in the future.