Range Resources Corp (RRC)
Total asset turnover
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Revenue | US$ in thousands | 3,374,420 | 4,146,800 | 2,930,220 | 1,968,700 | 2,827,620 |
| Total assets | US$ in thousands | 7,203,880 | 6,625,560 | 6,660,510 | 6,136,940 | 6,612,400 |
| Total asset turnover | 0.47 | 0.63 | 0.44 | 0.32 | 0.43 |
December 31, 2023 calculation
Total asset turnover = Revenue ÷ Total assets
= $3,374,420K ÷ $7,203,880K
= 0.47
Range Resources Corp's total asset turnover has fluctuated over the past five years, with a general trend of improvement from 2019 to 2022, followed by a slight decrease in 2023.
The total asset turnover ratio measures how efficiently the company is generating sales revenue from its total assets. A higher total asset turnover indicates that the company is generating more revenue per dollar of assets.
In 2023, the total asset turnover ratio decreased to 0.47 from 0.63 in 2022. This suggests that Range Resources Corp was less efficient in generating sales relative to its total assets in 2023 compared to the previous year.
However, it is important to note that the total asset turnover ratio should be interpreted in conjunction with other financial ratios and factors affecting the company's operations to gain a more comprehensive understanding of its financial performance. Further analysis and consideration of the company's industry context and specific business strategies would provide additional insights into the overall efficiency of Range Resources Corp in utilizing its assets to generate sales.
Peer comparison
Dec 31, 2023