Pinnacle West Capital Corp (PNW)

Total 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	4,695,989	4,713,725	4,545,835	4,485,805	4,324,381	4,113,928	3,952,308	3,890,888	3,803,832	3,745,936	3,692,186	3,621,526	3,586,981	3,516,411	3,452,701	3,392,612	3,471,212	3,557,197	3,634,437	3,739,059
Total assets	US$ in thousands	24,661,200	24,434,400	23,979,300	23,580,400	22,723,400	22,844,600	22,501,500	22,201,000	22,003,200	21,536,400	21,061,600	20,184,700	20,020,400	19,751,400	19,307,400	18,561,800	18,479,200	18,377,600	18,165,700	17,854,100
Total asset turnover		0.19	0.19	0.19	0.19	0.19	0.18	0.18	0.18	0.17	0.17	0.18	0.18	0.18	0.18	0.18	0.18	0.19	0.19	0.20	0.21

December 31, 2023 calculation

Total asset turnover = Revenue (ttm) ÷ Total assets
= $4,695,989K ÷ $24,661,200K
= 0.19

The total asset turnover for Pinnacle West Capital Corp. has been relatively stable over the past eight quarters, consistently around 0.18 to 0.19. This indicates that the company generates approximately $0.19 in revenue for every dollar of assets it holds. A total asset turnover ratio below 1 suggests that the company may not be efficiently utilizing its assets to generate sales. However, it is important to note that the utility sector, in which Pinnacle West operates, typically has lower asset turnover ratios due to the nature of its operations and capital-intensive assets. Further analysis and comparison with industry peers would provide a clearer perspective on the company's asset utilization efficiency.