Olympic Steel Inc (ZEUS)
Total asset turnover
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Revenue | US$ in thousands | 2,158,010 | 2,562,110 | 2,318,270 | 1,232,060 | 1,579,250 |
| Total assets | US$ in thousands | 984,835 | 891,627 | 1,023,570 | 1,023,570 | 649,555 |
| Total asset turnover | 2.19 | 2.87 | 2.26 | 1.20 | 2.43 |
December 31, 2023 calculation
Total asset turnover = Revenue ÷ Total assets
= $2,158,010K ÷ $984,835K
= 2.19
Olympic Steel Inc.'s total asset turnover has fluctuated over the past five years, ranging from 1.93 to 2.87. This ratio measures the company's ability to generate revenue in relation to its total assets. A higher total asset turnover indicates that the company is more efficient in utilizing its assets to generate sales.
In 2023, the total asset turnover decreased to 2.19 from the previous year's 2.87, suggesting a decline in the company's ability to generate revenue relative to its asset base. This could be attributed to a decrease in sales compared to the asset base or an increase in total assets without a corresponding increase in revenue.
The highest total asset turnover of 2.87 was observed in 2022, indicating a peak in efficiency in converting assets into sales during that year. Conversely, the lowest total asset turnover of 1.93 in 2020 suggests a lower efficiency in asset utilization compared to the other years analyzed.
Overall, Olympic Steel Inc. has shown varying levels of efficiency in utilizing its assets to generate revenue over the past five years, with fluctuations reflecting changes in the company's operational performance and asset utilization strategies.
Peer comparison
Dec 31, 2023