UFP Technologies Inc (UFPT)

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	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
Total assets	US$ in thousands	404,136	399,810	397,992	390,782	378,192	388,319	395,051	363,346	334,132	220,686	217,286	209,180	203,204	200,664	197,219	194,213	188,758	200,338	194,965	192,663
Total asset turnover		0.98	0.97	0.96	0.98	0.95	0.83	0.70	0.63	0.62	0.88	0.86	0.86	0.88	0.92	0.96	1.02	1.05	0.99	1.01	1.01

December 31, 2023 calculation

Total asset turnover = Revenue (ttm) ÷ Total assets
= $397,074K ÷ $404,136K
= 0.98

The total asset turnover ratio for UFP Technologies Inc has shown some fluctuations over the past few quarters. The ratio has been relatively stable around the range of 0.8 to 1.0, with a few exceptions where it dipped below or slightly exceeded this range.

In general, a total asset turnover ratio below 1 indicates that the company is generating less revenue per dollar of assets, which may suggest inefficiencies in asset utilization. UFP's total asset turnover has improved over the recent quarters, reaching a peak of 1.05 in the first quarter of 2020. This improvement indicates that the company has been more effective in generating revenue from its assets during this period.

However, it is important to note the seasonal nature of UFP Technologies Inc's business, as evidenced by the fluctuations in the total asset turnover ratio. Further analysis would be required to understand the factors driving these variations and to assess the company's overall efficiency in using its assets to generate revenue effectively.