UFP Technologies Inc (UFPT)

Fixed 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	397,074	386,813	383,088	384,042	358,074	323,180	277,782	228,683	206,351	195,161	187,703	179,327	179,009	184,116	190,075	198,959	197,791	198,228	196,447	193,872
Property, plant and equipment	US$ in thousands	62,137	60,687	59,839	59,027	58,072	56,346	66,118	63,282	56,569	52,982	53,695	53,649	53,755	54,351	55,158	56,230	56,739	57,080	57,346	57,455
Fixed asset turnover		6.39	6.37	6.40	6.51	6.17	5.74	4.20	3.61	3.65	3.68	3.50	3.34	3.33	3.39	3.45	3.54	3.49	3.47	3.43	3.37

December 31, 2023 calculation

Fixed asset turnover = Revenue (ttm) ÷ Property, plant and equipment
= $397,074K ÷ $62,137K
= 6.39

The fixed asset turnover ratio for UFP Technologies Inc has shown a generally increasing trend over the past few quarters. The ratio stood at 6.39 at the end of December 2023, which indicates that the company generated $6.39 in sales for every dollar invested in fixed assets for that period.

This improvement in fixed asset turnover suggests that UFP Technologies Inc has been more efficient in utilizing its fixed assets to generate revenue. The company has been able to extract more sales per dollar of investment in fixed assets, which is a positive indicator of operational efficiency.

Overall, the increasing trend in fixed asset turnover is a favorable sign for UFP Technologies Inc, as it indicates improved efficiency in asset utilization and potentially stronger financial performance.