Titan International Inc (TWI)
Total asset turnover
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Revenue | US$ in thousands | 1,780,190 | 2,134,020 | 1,762,710 | 1,231,990 | 1,420,630 |
| Total assets | US$ in thousands | 1,289,240 | 1,284,630 | 1,182,680 | 1,031,880 | 1,114,310 |
| Total asset turnover | 1.38 | 1.66 | 1.49 | 1.19 | 1.27 |
December 31, 2023 calculation
Total asset turnover = Revenue ÷ Total assets
= $1,780,190K ÷ $1,289,240K
= 1.38
The total asset turnover ratio for Titan International, Inc. has been fluctuating over the past five years. In 2023, the total asset turnover ratio decreased to 1.41 from 1.69 in 2022, indicating that the company generated $1.41 in revenue for every dollar of total assets. This decline may suggest a decrease in the efficiency of asset utilization compared to the previous year.
However, when compared to 2021 and 2020, the ratio is still higher, indicating that the company has improved its asset turnover efficiency over those years. In 2021 and 2020, the total asset turnover ratios were 1.51 and 1.22, respectively.
Looking back to 2019, Titan International, Inc. experienced a similar ratio of 1.30, indicating that the company's asset turnover efficiency has slightly improved since then. Overall, while there was a decrease in the total asset turnover ratio in 2023 compared to the prior year, the company's performance in utilizing its assets to generate revenue has shown improvement over the five-year period.
Peer comparison
Dec 31, 2023