Progress Software Corporation (PRGS)

Fixed asset turnover

		Nov 30, 2023	Nov 30, 2022	Nov 30, 2021	Nov 30, 2020	Nov 30, 2019
Revenue	US$ in thousands	694,439	602,013	531,313	442,150	413,298
Property, plant and equipment	US$ in thousands	15,225	14,927	14,345	29,817	29,765
Fixed asset turnover		45.61	40.33	37.04	14.83	13.89

November 30, 2023 calculation

Fixed asset turnover = Revenue ÷ Property, plant and equipment
= $694,439K ÷ $15,225K
= 45.61

The fixed asset turnover ratio for Progress Software Corp. has shown a consistent upward trend over the past five years, reaching 45.61 in Nov 30, 2023, compared to 40.33 in Nov 30, 2022, and 37.04 in Nov 30, 2021. This signifies that the company is generating more revenue per dollar of fixed assets invested. The substantial increase in the ratio suggests that the company is efficiently utilizing its fixed assets to generate sales. This improvement may indicate increased operational efficiency and effective management of fixed assets. Furthermore, the significant rise in the fixed asset turnover ratio from 2019 to 2020 and the subsequent steady increase in the following years reflects the company's potential for growth and its ability to optimize fixed asset utilization.