Patterson-UTI Energy Inc (PTEN)
Total asset turnover
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Revenue | US$ in thousands | 4,096,500 | 2,619,410 | 1,316,530 | 1,090,150 | 2,385,360 |
| Total assets | US$ in thousands | 7,420,030 | 3,143,820 | 2,957,850 | 3,299,070 | 4,439,620 |
| Total asset turnover | 0.55 | 0.83 | 0.45 | 0.33 | 0.54 |
December 31, 2023 calculation
Total asset turnover = Revenue ÷ Total assets
= $4,096,500K ÷ $7,420,030K
= 0.55
Patterson-UTI Energy Inc's total asset turnover has exhibited fluctuations over the past five years. The ratio was 0.56 in 2023, indicating that the company generated $0.56 in revenue for every $1 of total assets. This represents a decrease from the preceding year, where the total asset turnover was 0.84. The decline suggests that the company was less efficient in utilizing its assets to generate revenue in 2023 compared to 2022.
Looking further back, in 2021, the total asset turnover was relatively low at 0.46, indicating a lower efficiency in asset utilization compared to the current year. However, in 2020, the ratio improved to 0.34, reflecting a significant increase in efficiency in generating revenue from assets. The total asset turnover then returned to 0.56 in 2019, the same level as in 2023.
Overall, the trend in total asset turnover for Patterson-UTI Energy Inc has been somewhat volatile, with fluctuations in efficiency in utilizing assets to generate revenue. Further analysis of the company's operations and asset management practices may provide insights into the factors driving these variations in total asset turnover over the years.
Peer comparison
Dec 31, 2023