Waters Corporation (WAT)

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	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
Total assets	US$ in thousands	4,626,850	4,497,180	4,548,200	3,306,820	3,281,450	3,070,050	3,040,570	3,041,270	3,094,930	3,115,920	3,103,650	3,211,560	2,839,920	2,679,290	2,648,300	2,666,520	2,557,060	2,561,260	2,822,920	3,249,730
Total asset turnover		0.62	0.65	0.64	0.88	0.89	0.95	0.94	0.93	0.89	0.86	0.85	0.77	0.82	0.84	0.84	0.86	0.92	0.92	0.84	0.73

December 31, 2023 calculation

Total asset turnover = Revenue (ttm) ÷ Total assets
= $2,857,555K ÷ $4,626,850K
= 0.62

The total asset turnover ratio for Waters Corp. has exhibited a decreasing trend over the past eight quarters. During Q4 2023, the total asset turnover was at 0.64, indicating that the company generated $0.64 in revenue for every dollar of assets it owns. This represents a decline from the previous quarter's ratio of 0.67.

The decreasing trend in total asset turnover may suggest that Waters Corp. is becoming less efficient in utilizing its assets to generate revenue. It could be due to various factors such as declining sales, inefficient asset management, or changes in the company's business operations.

Further analysis and comparison with industry benchmarks and competitors would be necessary to fully assess the impact of the declining total asset turnover on Waters Corp.'s overall financial performance and operational efficiency.