Novanta Inc (NOVT)
Total asset turnover
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Revenue | US$ in thousands | 879,785 | 859,523 | 705,061 | 588,129 | 623,033 |
| Total assets | US$ in thousands | 1,226,060 | 1,241,210 | 1,227,880 | 865,179 | 869,736 |
| Total asset turnover | 0.72 | 0.69 | 0.57 | 0.68 | 0.72 |
December 31, 2023 calculation
Total asset turnover = Revenue ÷ Total assets
= $879,785K ÷ $1,226,060K
= 0.72
Novanta Inc's total asset turnover has shown fluctuations over the past five years. The ratio ranged from 0.58 in 2021 to 0.72 in 2019 and 2023. Total asset turnover indicates the company's efficiency in generating sales revenue from its total assets.
In 2021, the total asset turnover was relatively low at 0.58, suggesting that the company might not have efficiently utilized its assets to generate sales revenue. However, there was an improvement in 2022 and 2023, with the ratio increasing to 0.69 and 0.72 respectively. This improvement could indicate better asset management and sales generation efficiency.
It is noteworthy that the ratio in 2020 was 0.68, showing a slight decrease compared to 2019. Overall, Novanta Inc's total asset turnover has displayed variability, and further analysis of the company's asset utilization and sales generation strategy is warranted to understand the underlying factors contributing to these fluctuations.
Peer comparison
Dec 31, 2023