Total Asset Turnover
since 2005
Calculation
CSX Corp., total asset turnover, long-term trends, calculation
| Total asset turnover | = | Revenue1 | ÷ | Total assets1 | |
|---|---|---|---|---|---|
| Dec 31, 2022 | 0.35 | = | 14,853) | ÷ | 41,912) |
| Dec 31, 2021 | 0.31 | = | 12,522) | ÷ | 40,531) |
| Dec 31, 2020 | 0.27 | = | 10,583) | ÷ | 39,793) |
| Dec 31, 2019 | 0.31 | = | 11,937) | ÷ | 38,257) |
| Dec 31, 2018 | 0.33 | = | 12,250) | ÷ | 36,729) |
| Dec 31, 2017 | 0.32 | = | 11,408) | ÷ | 35,739) |
| Dec 30, 2016 | 0.31 | = | 11,069) | ÷ | 35,414) |
| Dec 25, 2015 | 0.34 | = | 11,811) | ÷ | 35,039) |
| Dec 26, 2014 | 0.38 | = | 12,669) | ÷ | 33,053) |
| Dec 27, 2013 | 0.38 | = | 12,026) | ÷ | 31,782) |
| Dec 28, 2012 | 0.38 | = | 11,756) | ÷ | 30,571) |
| Dec 30, 2011 | 0.40 | = | 11,743) | ÷ | 29,473) |
| Dec 31, 2010 | 0.38 | = | 10,636) | ÷ | 28,141) |
| Dec 25, 2009 | 0.33 | = | 9,041) | ÷ | 27,036) |
| Dec 26, 2008 | 0.43 | = | 11,255) | ÷ | 26,288) |
| Dec 28, 2007 | 0.39 | = | 10,030) | ÷ | 25,534) |
| Dec 29, 2006 | 0.38 | = | 9,566) | ÷ | 25,129) |
| Dec 30, 2005 | 0.36 | = | 8,618) | ÷ | 24,232) |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-30), 10-K (reporting date: 2015-12-25), 10-K (reporting date: 2014-12-26), 10-K (reporting date: 2013-12-27), 10-K (reporting date: 2012-12-28), 10-K (reporting date: 2011-12-30), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-25), 10-K (reporting date: 2008-12-26), 10-K (reporting date: 2007-12-28), 10-K (reporting date: 2006-12-29), 10-K (reporting date: 2005-12-30).
1 US$ in millions
Analysis of the total asset turnover from 2005 to 2022 reveals a trajectory characterized by an initial peak, a prolonged period of decline, and a recent recovery. The ratio reached its maximum efficiency in 2008 at 0.43 before trending generally lower, eventually hitting a minimum of 0.27 in 2020.
- Asset Growth vs. Revenue Generation
- A consistent and linear expansion of the asset base is observed, with total assets increasing from 24,232 million USD in 2005 to 41,912 million USD in 2022. While revenue also grew over the long term, the growth in total assets frequently outpaced revenue increases, particularly between 2014 and 2020, resulting in a steady compression of the asset turnover ratio.
- Impact of Macroeconomic Volatility
- The asset turnover ratio exhibits significant sensitivity to external economic shocks. A sharp contraction is noted between 2008 and 2009, where the ratio fell from 0.43 to 0.33, corresponding with a revenue decrease of approximately 19.7%. A similar pattern occurred in 2020, when the ratio dropped to 0.27, reflecting a decline in revenue to 10,583 million USD while the asset base continued to expand.
- Recent Efficiency Trends
- A recovery in asset utilization is evident from 2021 through 2022. The total asset turnover rose from 0.27 in 2020 to 0.35 in 2022. This improvement is primarily attributed to a substantial surge in revenue, which reached 14,853 million USD in 2022, effectively outpacing the growth of total assets and restoring the ratio to levels not seen since 2015.
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Comparison to Competitors
CSX Corp., total asset turnover, long-term trends, comparison to competitors
| CSX Corp. | FedEx Corp. | Uber Technologies Inc. | Union Pacific Corp. | United Airlines Holdings Inc. | United Parcel Service Inc. | |
|---|---|---|---|---|---|---|
| Dec 31, 2022 | 0.35 | 1.09 | 0.99 | 0.38 | 0.67 | 1.41 |
| Dec 31, 2021 | 0.31 | 1.01 | 0.45 | 0.34 | 0.36 | 1.40 |
| Dec 31, 2020 | 0.27 | 0.94 | 0.33 | 0.31 | 0.26 | 1.36 |
| Dec 31, 2019 | 0.31 | 1.28 | 0.45 | 0.35 | 0.82 | 1.28 |
| Dec 31, 2018 | 0.33 | 1.25 | — | 0.39 | 0.92 | 1.44 |
| Dec 31, 2017 | 0.32 | 1.24 | — | 0.37 | 0.89 | 1.45 |
| Dec 30, 2016 | 0.31 | 1.09 | — | 0.36 | 0.91 | 1.51 |
| Dec 25, 2015 | 0.34 | 1.28 | — | 0.40 | 0.93 | 1.52 |
| Dec 26, 2014 | 0.38 | 1.38 | — | 0.46 | 1.04 | 1.64 |
| Dec 27, 2013 | 0.38 | 1.32 | — | 0.44 | 1.04 | 1.53 |
| Dec 28, 2012 | 0.38 | 1.43 | — | 0.44 | 0.99 | 1.39 |
| Dec 30, 2011 | 0.40 | 1.44 | — | 0.43 | 0.98 | 1.53 |
| Dec 31, 2010 | 0.38 | 1.39 | — | 0.39 | 0.59 | 1.47 |
| Dec 25, 2009 | 0.33 | 1.46 | — | 0.33 | 0.87 | 1.42 |
| Dec 26, 2008 | 0.43 | 1.48 | — | 0.45 | 1.04 | 1.62 |
| Dec 28, 2007 | 0.39 | 1.47 | — | 0.43 | 0.83 | 1.27 |
| Dec 29, 2006 | 0.38 | 1.42 | — | 0.43 | 0.76 | 1.43 |
| Dec 30, 2005 | 0.36 | 1.44 | — | 0.38 | 0.90 | 1.21 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-30), 10-K (reporting date: 2015-12-25), 10-K (reporting date: 2014-12-26), 10-K (reporting date: 2013-12-27), 10-K (reporting date: 2012-12-28), 10-K (reporting date: 2011-12-30), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-25), 10-K (reporting date: 2008-12-26), 10-K (reporting date: 2007-12-28), 10-K (reporting date: 2006-12-29), 10-K (reporting date: 2005-12-30).
Comparison to Sector (Transportation)
CSX Corp., total asset turnover, long-term trends, comparison to sector (transportation)
| CSX Corp. | Transportation | |
|---|---|---|
| Dec 31, 2022 | 0.35 | 0.92 |
| Dec 31, 2021 | 0.31 | 0.76 |
| Dec 31, 2020 | 0.27 | 0.69 |
| Dec 31, 2019 | 0.31 | 0.86 |
| Dec 31, 2018 | 0.33 | 0.98 |
| Dec 31, 2017 | 0.32 | 0.95 |
| Dec 30, 2016 | 0.31 | 0.92 |
| Dec 25, 2015 | 0.34 | 0.97 |
| Dec 26, 2014 | 0.38 | 1.05 |
| Dec 27, 2013 | 0.38 | 1.02 |
| Dec 28, 2012 | 0.38 | 1.01 |
| Dec 30, 2011 | 0.40 | 1.03 |
| Dec 31, 2010 | 0.38 | 0.88 |
| Dec 25, 2009 | 0.33 | 0.95 |
| Dec 26, 2008 | 0.43 | 1.09 |
| Dec 28, 2007 | 0.39 | 0.97 |
| Dec 29, 2006 | 0.38 | 0.97 |
| Dec 30, 2005 | 0.36 | 0.93 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-30), 10-K (reporting date: 2015-12-25), 10-K (reporting date: 2014-12-26), 10-K (reporting date: 2013-12-27), 10-K (reporting date: 2012-12-28), 10-K (reporting date: 2011-12-30), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-25), 10-K (reporting date: 2008-12-26), 10-K (reporting date: 2007-12-28), 10-K (reporting date: 2006-12-29), 10-K (reporting date: 2005-12-30).
Comparison to Industry (Industrials)
CSX Corp., total asset turnover, long-term trends, comparison to industry (industrials)
| CSX Corp. | Industrials | |
|---|---|---|
| Dec 31, 2022 | 0.35 | 0.66 |
| Dec 31, 2021 | 0.31 | 0.58 |
| Dec 31, 2020 | 0.27 | 0.50 |
| Dec 31, 2019 | 0.31 | 0.62 |
| Dec 31, 2018 | 0.33 | 0.67 |
| Dec 31, 2017 | 0.32 | 0.62 |
| Dec 30, 2016 | 0.31 | 0.61 |
| Dec 25, 2015 | 0.34 | 0.54 |
| Dec 26, 2014 | 0.38 | 0.49 |
| Dec 27, 2013 | 0.38 | 0.47 |
| Dec 28, 2012 | 0.38 | 0.46 |
| Dec 30, 2011 | 0.40 | 0.45 |
| Dec 31, 2010 | 0.38 | 0.41 |
| Dec 25, 2009 | 0.33 | 0.39 |
| Dec 26, 2008 | 0.43 | 0.43 |
| Dec 28, 2007 | 0.39 | 0.41 |
| Dec 29, 2006 | 0.38 | 0.43 |
| Dec 30, 2005 | 0.36 | 0.40 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-30), 10-K (reporting date: 2015-12-25), 10-K (reporting date: 2014-12-26), 10-K (reporting date: 2013-12-27), 10-K (reporting date: 2012-12-28), 10-K (reporting date: 2011-12-30), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-25), 10-K (reporting date: 2008-12-26), 10-K (reporting date: 2007-12-28), 10-K (reporting date: 2006-12-29), 10-K (reporting date: 2005-12-30).