Onto Innovation Inc (ONTO)
Fixed 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 | 815,868 | 850,282 | 897,350 | 962,998 | 1,005,183 | 977,557 | 923,893 | 860,970 | 788,899 | 718,383 | 644,286 | 585,847 | 556,496 | 521,926 | 458,369 | 384,932 | 305,896 | 248,118 | 245,615 | 272,659 |
| Property, plant and equipment | US$ in thousands | 103,611 | 104,184 | 99,883 | 97,624 | 91,980 | 84,253 | 82,986 | 81,689 | 82,094 | 85,685 | 88,015 | 87,679 | 91,980 | 92,716 | 95,517 | 96,973 | 98,420 | 52,449 | 52,779 | 50,532 |
| Fixed asset turnover | 7.87 | 8.16 | 8.98 | 9.86 | 10.93 | 11.60 | 11.13 | 10.54 | 9.61 | 8.38 | 7.32 | 6.68 | 6.05 | 5.63 | 4.80 | 3.97 | 3.11 | 4.73 | 4.65 | 5.40 |
December 31, 2023 calculation
Fixed asset turnover = Revenue (ttm) ÷ Property, plant and equipment
= $815,868K ÷ $103,611K
= 7.87
The fixed asset turnover ratio measures how efficiently a company is utilizing its fixed assets to generate revenue. Onto Innovation Inc's fixed asset turnover has shown a declining trend over the past few quarters, from 5.40 in March 2019 to 7.87 in December 2023. This indicates that the company has been able to generate more revenue from its fixed assets in recent quarters.
A high fixed asset turnover ratio signifies that the company is effectively using its fixed assets to generate sales. Onto Innovation's ratio has been consistently above 5.0, indicating efficient asset utilization. However, it is important to note that the ratio has been fluctuating, reaching a peak of 11.60 in September 2022 and then decreasing to 7.87 by December 2023.
Overall, despite the fluctuations in the ratio, Onto Innovation Inc's fixed asset turnover indicates a generally efficient use of fixed assets in generating sales. Further analysis and comparison with industry peers may provide more insights into the company's asset management efficiency.
Peer comparison
Dec 31, 2023