Standard Motor Products Inc (SMP)

Total asset turnover

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Revenue	US$ in thousands	2,674,000	2,675,860	2,595,400	2,254,610	2,270,140
Total assets	US$ in thousands	1,293,050	1,254,930	1,197,960	956,540	903,854
Total asset turnover		2.07	2.13	2.17	2.36	2.51

December 31, 2023 calculation

Total asset turnover = Revenue ÷ Total assets
= $2,674,000K ÷ $1,293,050K
= 2.07

Standard Motor Products, Inc.'s total asset turnover has shown a decreasing trend over the past five years. The ratio decreased from 1.25 in 2019 to 1.05 in 2023. This indicates that the company generated $1.05 in sales for every dollar of assets in 2023, down from $1.25 in 2019. A decreasing total asset turnover may suggest that the company is becoming less efficient in generating sales from its assets. Further analysis and comparison with industry benchmarks could provide insights into the company's asset management and operational efficiency over time.