Oceaneering International Inc (OII)

Fixed asset turnover

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Revenue	US$ in thousands	2,424,710	2,066,080	1,869,280	1,827,890	2,048,120
Property, plant and equipment	US$ in thousands	424,293	438,449	489,596	591,107	776,532
Fixed asset turnover		5.71	4.71	3.82	3.09	2.64

December 31, 2023 calculation

Fixed asset turnover = Revenue ÷ Property, plant and equipment
= $2,424,710K ÷ $424,293K
= 5.71

The fixed asset turnover ratio measures how effectively a company is utilizing its fixed assets to generate revenue. In the case of Oceaneering International, Inc., we observe a consistent improvement in the fixed asset turnover over the past five years.

The trend shows a substantial increase from 2.64 in 2019 to 5.71 in 2023. This indicates that the company has become more efficient in generating sales revenue relative to its investment in fixed assets. The ascending pattern suggests that Oceaneering International is utilizing its fixed assets more effectively with each passing year.

A high fixed asset turnover ratio generally indicates better asset utilization and operational efficiency. In this context, the progressive increase in Oceaneering International's fixed asset turnover ratio is a positive sign of the company's ability to generate revenue from its fixed assets.

Overall, the upward trajectory of the fixed asset turnover ratio for Oceaneering International, Inc. signifies improving efficiency in utilizing its fixed assets to drive revenue growth and operational performance.