Onto Innovation Inc (ONTO)
Fixed asset turnover
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Revenue | US$ in thousands | 987,321 | 815,868 | 1,005,180 | 788,899 | 556,496 |
| Property, plant and equipment | US$ in thousands | 123,868 | 103,611 | 91,980 | 82,094 | 91,980 |
| Fixed asset turnover | 7.97 | 7.87 | 10.93 | 9.61 | 6.05 |
December 31, 2024 calculation
Fixed asset turnover = Revenue ÷ Property, plant and equipment
= $987,321K ÷ $123,868K
= 7.97
The fixed asset turnover ratio for Onto Innovation Inc has shown a generally increasing trend over the past five years, reflecting the company's efficiency in generating sales revenue relative to its investment in fixed assets.
Starting at 6.05 in December 31, 2020, the ratio increased to 9.61 by December 31, 2021, indicating that the company was able to generate more sales per dollar of fixed assets during that period. This improvement continued as the ratio further rose to 10.93 by December 31, 2022, demonstrating even greater efficiency in utilizing its fixed assets to drive revenue.
However, there was a slight dip in performance by December 31, 2023, with the fixed asset turnover decreasing to 7.87. This could suggest either a slowdown in sales relative to fixed assets or an increase in the investment in fixed assets during that year.
By December 31, 2024, the fixed asset turnover ratio recovered slightly to 7.97, although it remained below the peak of 10.93 seen in 2022. This may indicate that the company is still effectively utilizing its fixed assets, but perhaps not as efficiently as in the previous year.
Overall, the upward trend in the fixed asset turnover ratio for Onto Innovation Inc signals a positive trend in asset utilization efficiency over the analyzed period, with some fluctuations that may warrant further investigation into the company's asset management strategies.
Peer comparison
Dec 31, 2024