SM Energy Co (SM)

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	2,373,886	2,436,478	2,631,028	3,072,376	3,358,647	3,542,289	3,467,077	3,038,824	2,622,894	2,088,226	1,609,002	1,214,785	1,126,673	1,258,067	1,367,369	1,604,909	1,590,105	1,532,611	1,601,663	1,638,407
Total assets	US$ in thousands	6,379,980	6,078,570	5,992,630	5,870,160	5,716,040	5,651,510	5,339,120	5,395,780	5,233,980	5,061,960	5,053,000	5,015,640	4,976,430	5,122,280	5,267,630	5,615,020	6,292,230	6,453,080	6,391,940	6,286,620
Total asset turnover		0.37	0.40	0.44	0.52	0.59	0.63	0.65	0.56	0.50	0.41	0.32	0.24	0.23	0.25	0.26	0.29	0.25	0.24	0.25	0.26

December 31, 2023 calculation

Total asset turnover = Revenue (ttm) ÷ Total assets
= $2,373,886K ÷ $6,379,980K
= 0.37

SM Energy Co's total asset turnover has shown a declining trend over the past eight quarters, starting at 0.56 in Q1 2022 and decreasing to 0.37 in Q4 2023. This ratio indicates that the company generated $0.37 in revenue for every $1 of total assets in Q4 2023. The decreasing trend suggests that SM Energy Co may be becoming less efficient in generating revenue from its assets over time. Further analysis should be conducted to understand the factors contributing to this decline and to identify potential areas for improvement in asset utilization.