ProPetro Holding Corp (PUMP)

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	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
Total assets	US$ in thousands	1,480,310	1,472,220	1,433,380	1,394,150	1,335,790	1,143,610	1,335,790	1,084,450	1,061,240	1,098,750	1,066,790	1,044,780	1,050,740	1,050,740	1,050,740	1,050,740	1,436,110	1,436,110	1,436,110	1,409,000
Total asset turnover		1.10	1.14	1.11	1.06	1.00	1.01	0.81	0.91	0.81	0.70	0.61	0.52	0.73	1.00	1.38	1.79	1.41	1.41	1.33	1.31

December 31, 2023 calculation

Total asset turnover = Revenue (ttm) ÷ Total assets
= $1,632,321K ÷ $1,480,310K
= 1.10

ProPetro Holding Corp's total asset turnover has shown some fluctuation over the past five years. The ratio indicates how efficiently the company is using its assets to generate revenue. A total asset turnover ratio of 1.00 or higher is generally considered favorable, as it implies that the company is effectively utilizing its assets.

The total asset turnover for ProPetro has generally trended upwards from 2019 to 2023, with some variations in performance quarter to quarter. The ratio was 1.31 in the first quarter of 2019 and saw some fluctuations before reaching a peak of 1.79 in the first quarter of 2020.

However, there was a notable decline in the ratio in the second and third quarters of 2020, with values of 1.00 and 0.81, respectively. The ratio improved in the fourth quarter of 2020 and continued to increase throughout 2021 and 2022, reaching a peak of 1.14 in the third quarter of 2023.

The company's ability to generate revenue from its assets has shown improvement overall, with the total asset turnover ratio consistently above 1.00 in recent quarters. This suggests that ProPetro Holding Corp has been effectively utilizing its assets to generate sales and revenue.