Otis Worldwide Corp (OTIS)
Total asset turnover
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|
| Revenue | US$ in thousands | 14,059,000 | 13,542,000 | 14,162,000 | 12,634,000 |
| Total assets | US$ in thousands | 10,117,000 | 9,819,000 | 12,279,000 | 10,710,000 |
| Total asset turnover | 1.39 | 1.38 | 1.15 | 1.18 |
December 31, 2023 calculation
Total asset turnover = Revenue ÷ Total assets
= $14,059,000K ÷ $10,117,000K
= 1.39
Otis Worldwide Corp's total asset turnover has shown a fluctuating trend over the past five years. In 2023, the total asset turnover stood at 1.40, which increased slightly from the previous year's ratio of 1.39. This indicates that Otis Worldwide Corp generated $1.40 in sales for every $1 of total assets in 2023.
Comparing to previous years, the total asset turnover was higher in 2019 at 1.35, followed by a drop in 2020 to 1.19, indicating a decrease in the efficiency of utilizing total assets to generate sales. However, there was an improvement in 2021 with a total asset turnover of 1.16, which then increased significantly in 2022 and 2023.
Overall, the increasing trend in total asset turnover from 2020 to 2023 suggests that Otis Worldwide Corp has been more efficient in utilizing its total assets to generate sales, which can be a positive indicator of operational efficiency and productivity.
Peer comparison
Dec 31, 2023