Total Asset Turnover
since 2005
Calculation
Western Digital Corp., total asset turnover, long-term trends, calculation
| Total asset turnover | = | Revenue, net1 | ÷ | Total assets1 | |
|---|---|---|---|---|---|
| Jun 30, 2023 | 0.50 | = | 12,318) | ÷ | 24,429) |
| Jul 1, 2022 | 0.72 | = | 18,793) | ÷ | 26,259) |
| Jul 2, 2021 | 0.65 | = | 16,922) | ÷ | 26,132) |
| Jul 3, 2020 | 0.65 | = | 16,736) | ÷ | 25,662) |
| Jun 28, 2019 | 0.63 | = | 16,569) | ÷ | 26,370) |
| Jun 29, 2018 | 0.71 | = | 20,647) | ÷ | 29,235) |
| Jun 30, 2017 | 0.64 | = | 19,093) | ÷ | 29,860) |
| Jul 1, 2016 | 0.40 | = | 12,994) | ÷ | 32,862) |
| Jul 3, 2015 | 0.96 | = | 14,572) | ÷ | 15,181) |
| Jun 27, 2014 | 0.98 | = | 15,130) | ÷ | 15,499) |
| Jun 28, 2013 | 1.09 | = | 15,351) | ÷ | 14,036) |
| Jun 29, 2012 | 0.88 | = | 12,478) | ÷ | 14,206) |
| Jul 1, 2011 | 1.17 | = | 9,526) | ÷ | 8,118) |
| Jul 2, 2010 | 1.34 | = | 9,850) | ÷ | 7,328) |
| Jul 3, 2009 | 1.41 | = | 7,453) | ÷ | 5,291) |
| Jun 27, 2008 | 1.66 | = | 8,074) | ÷ | 4,875) |
| Jun 29, 2007 | 1.88 | = | 5,468) | ÷ | 2,901) |
| Jun 30, 2006 | 2.09 | = | 4,341) | ÷ | 2,073) |
| Jul 1, 2005 | 2.29 | = | 3,639) | ÷ | 1,589) |
Based on: 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-07-01), 10-K (reporting date: 2021-07-02), 10-K (reporting date: 2020-07-03), 10-K (reporting date: 2019-06-28), 10-K (reporting date: 2018-06-29), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-07-01), 10-K (reporting date: 2015-07-03), 10-K (reporting date: 2014-06-27), 10-K (reporting date: 2013-06-28), 10-K (reporting date: 2012-06-29), 10-K (reporting date: 2011-07-01), 10-K (reporting date: 2010-07-02), 10-K (reporting date: 2009-07-03), 10-K (reporting date: 2008-06-27), 10-K (reporting date: 2007-06-29), 10-K (reporting date: 2006-06-30), 10-K (reporting date: 2005-07-01).
1 US$ in millions
The analysis of total asset turnover reveals a consistent long-term decline in asset efficiency from 2005 to 2023. While revenue expanded significantly during the first decade, the growth in the asset base outpaced revenue generation, leading to a reduction in the ratio of sales generated per dollar of assets owned.
- Secular Decline and Early Performance
- A steady downward trend is observed between 2005 and 2012, where the total asset turnover ratio fell from 2.29 to 0.88. This period indicates a transition from a high-efficiency operational model to one requiring significantly more capital to maintain revenue growth.
- Structural Asset Shift
- A sharp contraction in asset turnover occurred in 2016, with the ratio dropping to its lowest point of 0.40. This decline is directly correlated with a substantial increase in total assets, which surged from approximately 15.2 billion USD in 2015 to 32.9 billion USD in 2016, effectively doubling the asset base and diluting the turnover ratio.
- Stabilization and Recent Volatility
- Following the 2016 low, the ratio experienced a partial recovery and remained relatively stable between 0.63 and 0.72 from 2017 through 2022. However, a renewed decline to 0.50 is noted in 2023, driven by a significant reduction in net revenue to 12.3 billion USD while the total asset base remained relatively constant at 24.4 billion USD.
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Comparison to Competitors
Western Digital Corp., total asset turnover, long-term trends, comparison to competitors
| Western Digital Corp. | Apple Inc. | Arista Networks Inc. | Cisco Systems Inc. | Dell Technologies Inc. | Lumentum Holdings Inc. | Super Micro Computer Inc. | |
|---|---|---|---|---|---|---|---|
| Jun 30, 2023 | 0.50 | 1.09 | 0.59 | 0.56 | 1.14 | 0.38 | 1.94 |
| Jul 1, 2022 | 0.72 | 1.12 | 0.65 | 0.55 | 1.09 | 0.41 | 1.62 |
| Jul 2, 2021 | 0.65 | 1.04 | 0.51 | 0.51 | 0.76 | 0.49 | 1.59 |
| Jul 3, 2020 | 0.65 | 0.85 | 0.49 | 0.52 | 0.78 | 0.51 | 1.74 |
| Jun 28, 2019 | 0.63 | 0.77 | 0.58 | 0.53 | 0.81 | 0.58 | 2.08 |
| Jun 29, 2018 | 0.71 | 0.73 | 0.70 | 0.45 | — | 0.79 | 1.90 |
| Jun 30, 2017 | 0.64 | 0.61 | 0.67 | 0.37 | — | 0.81 | 1.64 |
| Jul 1, 2016 | 0.40 | 0.67 | 0.65 | 0.40 | — | 1.24 | 1.90 |
| Jul 3, 2015 | 0.96 | 0.80 | 0.72 | 0.43 | — | 1.63 | 1.83 |
| Jun 27, 2014 | 0.98 | 0.79 | 0.72 | 0.45 | — | — | 1.84 |
| Jun 28, 2013 | 1.09 | 0.83 | — | 0.48 | — | — | 1.84 |
| Jun 29, 2012 | 0.88 | 0.89 | — | 0.50 | — | — | 1.72 |
| Jul 1, 2011 | 1.17 | 0.93 | — | 0.50 | — | — | 2.03 |
| Jul 2, 2010 | 1.34 | 0.87 | — | 0.49 | — | — | 1.95 |
| Jul 3, 2009 | 1.41 | 0.68 | — | 0.53 | — | — | 1.79 |
| Jun 27, 2008 | 1.66 | 0.82 | — | 0.67 | — | — | 2.04 |
| Jun 29, 2007 | 1.88 | 0.95 | — | 0.65 | — | — | 2.04 |
| Jun 30, 2006 | 2.09 | 1.12 | — | 0.66 | — | — | — |
| Jul 1, 2005 | 2.29 | 1.21 | — | 0.73 | — | — | — |
Based on: 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-07-01), 10-K (reporting date: 2021-07-02), 10-K (reporting date: 2020-07-03), 10-K (reporting date: 2019-06-28), 10-K (reporting date: 2018-06-29), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-07-01), 10-K (reporting date: 2015-07-03), 10-K (reporting date: 2014-06-27), 10-K (reporting date: 2013-06-28), 10-K (reporting date: 2012-06-29), 10-K (reporting date: 2011-07-01), 10-K (reporting date: 2010-07-02), 10-K (reporting date: 2009-07-03), 10-K (reporting date: 2008-06-27), 10-K (reporting date: 2007-06-29), 10-K (reporting date: 2006-06-30), 10-K (reporting date: 2005-07-01).
Comparison to Sector (Technology Hardware & Equipment)
Western Digital Corp., total asset turnover, long-term trends, comparison to sector (technology hardware & equipment)
| Western Digital Corp. | Technology Hardware & Equipment | |
|---|---|---|
| Jun 30, 2023 | 0.50 | 0.99 |
| Jul 1, 2022 | 0.72 | 1.01 |
| Jul 2, 2021 | 0.65 | 0.89 |
| Jul 3, 2020 | 0.65 | 0.77 |
| Jun 28, 2019 | 0.63 | 0.74 |
| Jun 29, 2018 | 0.71 | 0.67 |
| Jun 30, 2017 | 0.64 | 0.55 |
| Jul 1, 2016 | 0.40 | 0.60 |
| Jul 3, 2015 | 0.96 | 0.70 |
| Jun 27, 2014 | 0.98 | 0.69 |
| Jun 28, 2013 | 1.09 | 0.71 |
| Jun 29, 2012 | 0.88 | 0.76 |
| Jul 1, 2011 | 1.17 | 0.75 |
| Jul 2, 2010 | 1.34 | 0.68 |
| Jul 3, 2009 | 1.41 | 0.60 |
| Jun 27, 2008 | 1.66 | 0.74 |
| Jun 29, 2007 | 1.88 | 0.75 |
| Jun 30, 2006 | 2.09 | 0.79 |
| Jul 1, 2005 | 2.29 | 0.85 |
Based on: 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-07-01), 10-K (reporting date: 2021-07-02), 10-K (reporting date: 2020-07-03), 10-K (reporting date: 2019-06-28), 10-K (reporting date: 2018-06-29), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-07-01), 10-K (reporting date: 2015-07-03), 10-K (reporting date: 2014-06-27), 10-K (reporting date: 2013-06-28), 10-K (reporting date: 2012-06-29), 10-K (reporting date: 2011-07-01), 10-K (reporting date: 2010-07-02), 10-K (reporting date: 2009-07-03), 10-K (reporting date: 2008-06-27), 10-K (reporting date: 2007-06-29), 10-K (reporting date: 2006-06-30), 10-K (reporting date: 2005-07-01).
Comparison to Industry (Information Technology)
Western Digital Corp., total asset turnover, long-term trends, comparison to industry (information technology)
| Western Digital Corp. | Information Technology | |
|---|---|---|
| Jun 30, 2023 | 0.50 | 0.61 |
| Jul 1, 2022 | 0.72 | 0.64 |
| Jul 2, 2021 | 0.65 | 0.62 |
| Jul 3, 2020 | 0.65 | 0.58 |
| Jun 28, 2019 | 0.63 | 0.59 |
| Jun 29, 2018 | 0.71 | 0.59 |
| Jun 30, 2017 | 0.64 | 0.51 |
| Jul 1, 2016 | 0.40 | 0.55 |
| Jul 3, 2015 | 0.96 | 0.63 |
| Jun 27, 2014 | 0.98 | 0.64 |
| Jun 28, 2013 | 1.09 | 0.66 |
| Jun 29, 2012 | 0.88 | 0.70 |
| Jul 1, 2011 | 1.17 | 0.73 |
| Jul 2, 2010 | 1.34 | 0.72 |
| Jul 3, 2009 | 1.41 | 0.69 |
| Jun 27, 2008 | 1.66 | 0.79 |
| Jun 29, 2007 | 1.88 | 0.76 |
| Jun 30, 2006 | 2.09 | 0.75 |
| Jul 1, 2005 | 2.29 | 0.76 |
Based on: 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-07-01), 10-K (reporting date: 2021-07-02), 10-K (reporting date: 2020-07-03), 10-K (reporting date: 2019-06-28), 10-K (reporting date: 2018-06-29), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-07-01), 10-K (reporting date: 2015-07-03), 10-K (reporting date: 2014-06-27), 10-K (reporting date: 2013-06-28), 10-K (reporting date: 2012-06-29), 10-K (reporting date: 2011-07-01), 10-K (reporting date: 2010-07-02), 10-K (reporting date: 2009-07-03), 10-K (reporting date: 2008-06-27), 10-K (reporting date: 2007-06-29), 10-K (reporting date: 2006-06-30), 10-K (reporting date: 2005-07-01).