Patterson-UTI Energy Inc (PTEN)
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 | 4,096,384 | 3,310,459 | 3,031,160 | 2,893,593 | 2,609,966 | 2,279,773 | 1,910,447 | 1,579,937 | 1,311,774 | 1,080,833 | 929,484 | 887,810 | 1,091,992 | 1,363,488 | 1,745,348 | 2,168,419 | 2,430,209 | 2,733,849 | 3,011,238 | 3,190,522 |
| Total assets | US$ in thousands | 7,420,030 | 7,420,570 | 3,117,200 | 3,092,340 | 3,143,820 | 3,042,000 | 2,959,980 | 2,888,960 | 2,957,850 | 3,017,460 | 3,073,310 | 3,171,840 | 3,299,070 | 3,491,220 | 3,624,800 | 3,870,280 | 4,439,620 | 4,609,090 | 5,191,780 | 5,367,750 |
| Total asset turnover | 0.55 | 0.45 | 0.97 | 0.94 | 0.83 | 0.75 | 0.65 | 0.55 | 0.44 | 0.36 | 0.30 | 0.28 | 0.33 | 0.39 | 0.48 | 0.56 | 0.55 | 0.59 | 0.58 | 0.59 |
December 31, 2023 calculation
Total asset turnover = Revenue (ttm) ÷ Total assets
= $4,096,384K ÷ $7,420,030K
= 0.55
Patterson-UTI Energy Inc's total asset turnover has exhibited fluctuations over the past eight quarters, ranging from a low of 0.45 in Q3 2023 to a high of 0.98 in Q2 2023. The total asset turnover ratio indicates the company's efficiency in generating sales revenue relative to its total assets. A higher total asset turnover ratio generally signifies better asset utilization and efficiency in generating sales.
The trend in Patterson-UTI Energy Inc's total asset turnover shows improvement from Q4 2022 to Q2 2023, indicating increased efficiency in utilizing its assets to generate sales. However, the ratio declined in the subsequent quarters, suggesting a potential decrease in asset productivity. The company may need to assess its asset management strategies to sustain or enhance its efficiency in revenue generation relative to its asset base.
Overall, analyzing the total asset turnover trend can provide insights into Patterson-UTI Energy Inc's operational performance and efficiency in utilizing its assets to drive revenue growth.
Peer comparison
Dec 31, 2023