JM Smucker Company (SJM)
Fixed asset turnover
| Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | Jan 31, 2021 | Oct 31, 2020 | Jul 31, 2020 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (ttm) | US$ in thousands | 8,726,100 | 8,788,000 | 8,831,200 | 8,498,600 | 8,178,700 | 8,207,800 | 8,194,900 | 8,461,400 | 8,529,200 | 8,328,200 | 8,169,000 | 8,013,900 | 7,998,900 | 7,885,300 | 7,904,900 | 7,888,900 | 8,002,700 | 8,174,500 | 8,070,100 | 7,993,900 |
| Property, plant and equipment | US$ in thousands | — | — | — | — | — | — | 2,547,700 | 2,289,600 | 2,239,500 | 2,357,200 | 2,285,300 | 2,138,800 | 2,131,700 | 1,995,500 | 2,015,200 | 2,121,900 | 2,001,500 | 1,937,800 | 1,956,300 | 2,086,900 |
| Fixed asset turnover | — | — | — | — | — | — | 3.22 | 3.70 | 3.81 | 3.53 | 3.57 | 3.75 | 3.75 | 3.95 | 3.92 | 3.72 | 4.00 | 4.22 | 4.13 | 3.83 |
April 30, 2025 calculation
Fixed asset turnover = Revenue (ttm) ÷ Property, plant and equipment
= $8,726,100K ÷ $—K
= —
The fixed asset turnover ratio for JM Smucker Company exhibits notable fluctuations over the observed period, reflecting changes in the company's efficiency in utilizing its fixed assets to generate sales.
Starting from July 31, 2020, the ratio was 3.83, indicating that for every dollar invested in fixed assets, the company generated approximately $3.83 in sales. This ratio increased through October 31, 2020, reaching 4.13, and further improved to 4.22 by January 31, 2021. These upward movements suggest enhancements in operational efficiency and/or sales growth relative to fixed asset base in this period.
Subsequently, the ratio declined slightly to 4.00 by April 30, 2021, indicating a marginal decrease in asset productivity, but still remaining relatively strong. A more noticeable decline is observed from July 31, 2021, down to 3.72, reflecting a reduction in the efficiency of fixed assets in generating sales during that period. The ratio resurged to 3.92 by October 31, 2021, and maintained a relatively stable level, reaching 3.95 in January 2022, before decreasing again to 3.75 by April 30, 2022.
From July 2022 onward, the ratio exhibited a gradual decline, reaching 3.57 by October 2022 and further decreasing to 3.53 by January 2023. A slight recovery is observed in April 2023, with the ratio increasing to 3.81, but this was followed by a decline to 3.70 by July 31, 2023. The most significant reduction occurs between July 31, 2023, and October 31, 2023, where the ratio drops to 3.22, indicating a decrease in fixed asset efficiency in generating sales.
Throughout the period, the ratio's trend illustrates periods of both improvement and decline in asset utilization efficiency, with the declining trend noticeable especially after mid-2022. The most recent data points, up to October 31, 2023, reveal a lower ratio relative to earlier years, suggesting a potential reduction in fixed asset productivity or increased investments relative to sales.
Further data beyond October 2023 is unavailable, precluding analysis of subsequent developments or full assessment of long-term trends. However, the observed fluctuations suggest that the company's fixed asset management has experienced periods of varying effectiveness, possibly impacted by operational, strategic, or market factors.