Penn National Gaming Inc (PENN)

Total asset turnover

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Revenue	US$ in thousands	6,362,900	6,401,700	5,905,000	3,578,700	5,301,400
Total assets	US$ in thousands	16,064,200	17,502,100	16,872,100	14,667,300	14,194,500
Total asset turnover		0.40	0.37	0.35	0.24	0.37

December 31, 2023 calculation

Total asset turnover = Revenue ÷ Total assets
= $6,362,900K ÷ $16,064,200K
= 0.40

PENN Entertainment Inc's total asset turnover has shown varying trends over the past five years. The ratio stood at 0.37 in both 2019 and 2022, indicating that for each dollar of total assets, the company generated 37 cents in revenue. In 2021, the ratio slightly increased to 0.35, suggesting a slight improvement in asset utilization efficiency.

However, a significant improvement was seen in 2023, with the total asset turnover ratio increasing to 0.40. This indicates that PENN Entertainment Inc was able to generate more revenue per dollar of total assets, showcasing improved efficiency in asset utilization and potentially more effective management of its assets to drive sales.

On the other hand, there was a notable decline in 2020, with the total asset turnover dropping to 0.24, which could signal challenges in generating revenue in relation to the total asset base during that period.

Overall, the fluctuation in total asset turnover ratios over the years suggests that PENN Entertainment Inc has experienced varying levels of efficiency in utilizing its total assets to generate revenue. Further analysis of the company's operations and industry trends may provide additional insights into the factors driving these changes in asset turnover.