ProPetro Holding Corp (PUMP)

Fixed 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	1,632,321	1,680,827	1,590,769	1,471,214	1,336,820	1,159,290	1,079,169	981,483	863,284	771,558	652,875	541,465	767,169	1,047,619	1,454,144	1,876,294	2,027,408	2,018,028	1,910,491	1,840,680
Property, plant and equipment	US$ in thousands	967,116	991,593	1,001,110	941,200	922,735	841,513	806,513	831,625	808,494	853,928	847,512	866,050	880,477	936,283	978,749	1,018,660	1,047,540	1,050,040	1,038,560	945,089
Fixed asset turnover		1.69	1.70	1.59	1.56	1.45	1.38	1.34	1.18	1.07	0.90	0.77	0.63	0.87	1.12	1.49	1.84	1.94	1.92	1.84	1.95

December 31, 2023 calculation

Fixed asset turnover = Revenue (ttm) ÷ Property, plant and equipment
= $1,632,321K ÷ $967,116K
= 1.69

The fixed asset turnover ratio of ProPetro Holding Corp has fluctuated over the past few years, ranging from 0.63 in March 2021 to 1.94 in March 2020. This ratio indicates how well the company is utilizing its fixed assets to generate revenue.

The trend shows an improvement in the ratio from 2021, reaching a peak of 1.94 in March 2020 before declining to 0.77 in June 2021, likely due to changes in the company's operations or capital investments.

From March 2020 to December 2020, the ratio increased steadily, suggesting that ProPetro Holding Corp became more efficient in generating revenue from its fixed assets during that period.

Overall, the company's fixed asset turnover has shown variability, and further analysis is needed to understand the factors driving these fluctuations and assess the company's long-term operational efficiency.