UFP Technologies Inc (UFPT)
Total asset turnover
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Revenue | US$ in thousands | 398,082 | 374,929 | 206,246 | 178,831 | 197,707 |
| Total assets | US$ in thousands | 404,136 | 378,192 | 334,132 | 203,204 | 188,758 |
| Total asset turnover | 0.99 | 0.99 | 0.62 | 0.88 | 1.05 |
December 31, 2023 calculation
Total asset turnover = Revenue ÷ Total assets
= $398,082K ÷ $404,136K
= 0.99
The total asset turnover ratio of UFP Technologies Inc has fluctuated over the past five years. In 2023 and 2022, the company had a total asset turnover of 0.99, which indicates that it generated $0.99 in revenue for every $1 of assets it had. This suggests a consistent performance in effectively utilizing its assets to generate revenue during those years.
However, in 2021, the total asset turnover decreased to 0.62, reflecting a decline in the company's ability to generate revenue from its assets efficiently. This may indicate inefficiencies in the management of assets or a decrease in sales relative to the level of assets.
In 2020, the total asset turnover ratio improved to 0.88, indicating that the company was able to generate more revenue per dollar of assets compared to the previous year. This could be a result of better asset management or increased sales volume.
Finally, in 2019, the total asset turnover was 1.05, which suggests that the company was very efficient in utilizing its assets to generate revenue during that year, potentially driven by increased sales or effective asset management strategies.
Overall, the fluctuation in UFP Technologies' total asset turnover ratio over the years highlights the importance of effective asset management and sales performance in driving revenue generation.
Peer comparison
Dec 31, 2023