Onto Innovation Inc (ONTO)
Total asset turnover
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Revenue | US$ in thousands | 815,868 | 1,005,180 | 788,899 | 556,496 | 305,896 |
| Total assets | US$ in thousands | 1,909,710 | 1,794,860 | 1,649,810 | 1,468,170 | 1,448,580 |
| Total asset turnover | 0.43 | 0.56 | 0.48 | 0.38 | 0.21 |
December 31, 2023 calculation
Total asset turnover = Revenue ÷ Total assets
= $815,868K ÷ $1,909,710K
= 0.43
The total asset turnover of Onto Innovation Inc has fluctuated over the past five years, ranging from 0.21 to 0.56. This ratio indicates how efficiently the company is generating revenue from its total assets. A higher total asset turnover generally signifies better efficiency in asset utilization.
In 2023, the total asset turnover decreased to 0.43 from 0.56 in 2022, implying a decline in the company's ability to generate sales from its assets. This could be due to various factors such as changes in the company's business operations, asset utilization, or sales volume.
Compared to 2021, when the total asset turnover was 0.48, the ratio further decreased in 2023. However, the ratio was higher in 2023 compared to 2020 and 2019, suggesting that Onto Innovation Inc improved its asset turnover efficiency in recent years.
Overall, while the total asset turnover of Onto Innovation Inc experienced fluctuations, the company may need to focus on optimizing its asset utilization to enhance its efficiency in generating revenue from its total assets.
Peer comparison
Dec 31, 2023