Waters Corporation (WAT)

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	2,857,555	2,913,395	2,928,280	2,913,876	2,923,159	2,904,113	2,856,130	2,822,850	2,740,936	2,690,971	2,625,688	2,463,034	2,316,295	2,242,766	2,225,719	2,306,467	2,357,906	2,359,178	2,359,942	2,356,755
Property, plant and equipment	US$ in thousands	639,073	616,846	615,211	590,207	582,217	547,386	545,813	547,199	547,913	530,061	527,135	513,719	494,003	469,721	459,173	439,420	417,342	381,496	368,878	355,965
Fixed asset turnover		4.47	4.72	4.76	4.94	5.02	5.31	5.23	5.16	5.00	5.08	4.98	4.79	4.69	4.77	4.85	5.25	5.65	6.18	6.40	6.62

December 31, 2023 calculation

Fixed asset turnover = Revenue (ttm) ÷ Property, plant and equipment
= $2,857,555K ÷ $639,073K
= 4.47

The fixed asset turnover ratio for Waters Corp. has exhibited a downward trend over the past year, decreasing from 5.10 in Q4 2022 to 4.63 in Q4 2023. This suggests that the company's ability to generate sales revenue from its fixed assets has declined over this period. However, it is important to note that the ratio remains relatively high, indicating that Waters Corp. is still efficient in utilizing its fixed assets to generate revenue. Despite the slight decrease in the ratio, the company has consistently maintained a relatively strong fixed asset turnover performance over the quarters analyzed.