Novanta Inc (NOVT)
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 | 879,785 | 884,432 | 888,334 | 874,295 | 859,523 | 842,387 | 795,095 | 747,026 | 705,060 | 652,770 | 617,780 | 594,757 | 588,129 | 599,132 | 610,790 | 621,523 | 623,138 | 622,024 | 628,541 | 624,047 |
| Total assets | US$ in thousands | 1,226,060 | 1,194,280 | 1,232,720 | 1,225,820 | 1,241,210 | 1,207,530 | 1,205,840 | 1,206,160 | 1,227,880 | 1,210,240 | 877,945 | 852,254 | 865,179 | 857,534 | 861,027 | 841,968 | 869,736 | 857,960 | 783,373 | 752,660 |
| Total asset turnover | 0.72 | 0.74 | 0.72 | 0.71 | 0.69 | 0.70 | 0.66 | 0.62 | 0.57 | 0.54 | 0.70 | 0.70 | 0.68 | 0.70 | 0.71 | 0.74 | 0.72 | 0.73 | 0.80 | 0.83 |
December 31, 2023 calculation
Total asset turnover = Revenue (ttm) ÷ Total assets
= $879,785K ÷ $1,226,060K
= 0.72
Novanta Inc's total asset turnover has shown consistency in recent quarters, ranging between 0.69 to 0.74. The ratio indicates that the company generates around $0.70 in revenue for every dollar of assets invested. This suggests that Novanta is efficient in utilizing its assets to generate sales. The relatively stable trend in total asset turnover indicates a consistent level of efficiency in the company's asset management and utilization. Additionally, the upward trend from Q1 2022 to Q3 2023 indicates an improvement in asset utilization efficiency over time. Overall, Novanta Inc's total asset turnover reflects a healthy operational performance in terms of generating revenue relative to its asset base.
Peer comparison
Dec 31, 2023