Veeco Instruments Inc (VECO)
Fixed asset turnover
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Revenue | US$ in thousands | 557,574 | 634,627 | 550,888 | 421,583 | 397,264 |
| Property, plant and equipment | US$ in thousands | 118,459 | 107,281 | 99,743 | 65,271 | 75,711 |
| Fixed asset turnover | 4.71 | 5.92 | 5.52 | 6.46 | 5.25 |
December 31, 2023 calculation
Fixed asset turnover = Revenue ÷ Property, plant and equipment
= $557,574K ÷ $118,459K
= 4.71
Veeco Instruments Inc's fixed asset turnover has exhibited some fluctuation over the past five years. The company's fixed asset turnover ratio was 5.54 in 2019, increased to 6.96 in 2020, but then decreased to 5.85 in 2021. Subsequently, there was a slight increase to 6.02 in 2022, followed by a further decrease to 5.63 in 2023.
Overall, it is evident that Veeco Instruments Inc has effectively utilized its fixed assets to generate revenue, albeit with some variability in performance. A higher fixed asset turnover ratio indicates that the company is generating more sales relative to its investment in fixed assets. The slight fluctuations in the ratio over the years may indicate changes in the company's asset management efficiency or shifts in its business operations. Further analysis and comparison with industry benchmarks could provide deeper insights into the company's asset utilization efficiency.
Peer comparison
Dec 31, 2023