Total Asset Turnover
since 2005
Calculation
Corning Inc., total asset turnover, long-term trends, calculation
| Total asset turnover | = | Net sales1 | ÷ | Total assets1 | |
|---|---|---|---|---|---|
| Dec 31, 2023 | 0.44 | = | 12,588) | ÷ | 28,500) |
| Dec 31, 2022 | 0.48 | = | 14,189) | ÷ | 29,499) |
| Dec 31, 2021 | 0.47 | = | 14,082) | ÷ | 30,154) |
| Dec 31, 2020 | 0.37 | = | 11,303) | ÷ | 30,775) |
| Dec 31, 2019 | 0.40 | = | 11,503) | ÷ | 28,898) |
| Dec 31, 2018 | 0.41 | = | 11,290) | ÷ | 27,505) |
| Dec 31, 2017 | 0.37 | = | 10,116) | ÷ | 27,494) |
| Dec 31, 2016 | 0.34 | = | 9,390) | ÷ | 27,899) |
| Dec 31, 2015 | 0.32 | = | 9,111) | ÷ | 28,547) |
| Dec 31, 2014 | 0.32 | = | 9,715) | ÷ | 30,063) |
| Dec 31, 2013 | 0.27 | = | 7,819) | ÷ | 28,478) |
| Dec 31, 2012 | 0.27 | = | 8,012) | ÷ | 29,375) |
| Dec 31, 2011 | 0.28 | = | 7,890) | ÷ | 27,848) |
| Dec 31, 2010 | 0.26 | = | 6,632) | ÷ | 25,833) |
| Dec 31, 2009 | 0.25 | = | 5,395) | ÷ | 21,295) |
| Dec 31, 2008 | 0.31 | = | 5,948) | ÷ | 19,256) |
| Dec 31, 2007 | 0.39 | = | 5,860) | ÷ | 15,215) |
| Dec 31, 2006 | 0.40 | = | 5,174) | ÷ | 13,065) |
| Dec 31, 2005 | 0.41 | = | 4,579) | ÷ | 11,207) |
Based on: 10-K (reporting date: 2023-12-31), 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: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$ in millions
The analysis of asset utilization from 2005 to 2023 reveals a cyclical trend in operational efficiency, characterized by an initial decline in productivity followed by a prolonged recovery and a recent peak in asset turnover.
- Period of Efficiency Decline (2005–2009)
- A consistent downward trend in total asset turnover is observed, falling from 0.41 in 2005 to a low of 0.25 in 2009. This deterioration in efficiency resulted from total assets expanding rapidly from $11.2 billion to $21.3 billion, while net sales growth remained modest and eventually contracted in 2009, indicating that asset growth significantly outpaced revenue generation.
- Recovery and Capacity Optimization (2010–2018)
- Total asset turnover entered a recovery phase, rising from 0.26 in 2010 to 0.41 in 2018. During this period, net sales grew substantially from $6.6 billion to $11.3 billion. Simultaneously, the asset base stabilized, peaking at $29.4 billion in 2012 and then gradually declining or remaining flat, which suggests an improvement in the company's ability to generate revenue from its existing infrastructure.
- Peak Utilization and Recent Trends (2019–2023)
- The highest level of asset efficiency was reached in 2022, with the total asset turnover ratio peaking at 0.48. This peak was driven by a surge in net sales to $14.2 billion against a reduced asset base of $29.5 billion. A subsequent decline to 0.44 in 2023 is observed, correlating with a reduction in net sales to $12.6 billion, although the ratio remains significantly higher than the levels recorded during the 2009–2015 period.
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Comparison to Competitors
Corning Inc., total asset turnover, long-term trends, comparison to competitors
| Corning Inc. | Apple Inc. | Arista Networks Inc. | Cisco Systems Inc. | Dell Technologies Inc. | Lumentum Holdings Inc. | Super Micro Computer Inc. | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2023 | 0.44 | 1.09 | 0.59 | 0.56 | 1.14 | 0.38 | 1.94 |
| Dec 31, 2022 | 0.48 | 1.12 | 0.65 | 0.55 | 1.09 | 0.41 | 1.62 |
| Dec 31, 2021 | 0.47 | 1.04 | 0.51 | 0.51 | 0.76 | 0.49 | 1.59 |
| Dec 31, 2020 | 0.37 | 0.85 | 0.49 | 0.52 | 0.78 | 0.51 | 1.74 |
| Dec 31, 2019 | 0.40 | 0.77 | 0.58 | 0.53 | 0.81 | 0.58 | 2.08 |
| Dec 31, 2018 | 0.41 | 0.73 | 0.70 | 0.45 | — | 0.79 | 1.90 |
| Dec 31, 2017 | 0.37 | 0.61 | 0.67 | 0.37 | — | 0.81 | 1.64 |
| Dec 31, 2016 | 0.34 | 0.67 | 0.65 | 0.40 | — | 1.24 | 1.90 |
| Dec 31, 2015 | 0.32 | 0.80 | 0.72 | 0.43 | — | 1.63 | 1.83 |
| Dec 31, 2014 | 0.32 | 0.79 | 0.72 | 0.45 | — | — | 1.84 |
| Dec 31, 2013 | 0.27 | 0.83 | — | 0.48 | — | — | 1.84 |
| Dec 31, 2012 | 0.27 | 0.89 | — | 0.50 | — | — | 1.72 |
| Dec 31, 2011 | 0.28 | 0.93 | — | 0.50 | — | — | 2.03 |
| Dec 31, 2010 | 0.26 | 0.87 | — | 0.49 | — | — | 1.95 |
| Dec 31, 2009 | 0.25 | 0.68 | — | 0.53 | — | — | 1.79 |
| Dec 31, 2008 | 0.31 | 0.82 | — | 0.67 | — | — | 2.04 |
| Dec 31, 2007 | 0.39 | 0.95 | — | 0.65 | — | — | 2.04 |
| Dec 31, 2006 | 0.40 | 1.12 | — | 0.66 | — | — | — |
| Dec 31, 2005 | 0.41 | 1.21 | — | 0.73 | — | — | — |
Based on: 10-K (reporting date: 2023-12-31), 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: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Technology Hardware & Equipment)
Corning Inc., total asset turnover, long-term trends, comparison to sector (technology hardware & equipment)
| Corning Inc. | Technology Hardware & Equipment | |
|---|---|---|
| Dec 31, 2023 | 0.44 | 0.99 |
| Dec 31, 2022 | 0.48 | 1.01 |
| Dec 31, 2021 | 0.47 | 0.89 |
| Dec 31, 2020 | 0.37 | 0.77 |
| Dec 31, 2019 | 0.40 | 0.74 |
| Dec 31, 2018 | 0.41 | 0.67 |
| Dec 31, 2017 | 0.37 | 0.55 |
| Dec 31, 2016 | 0.34 | 0.60 |
| Dec 31, 2015 | 0.32 | 0.70 |
| Dec 31, 2014 | 0.32 | 0.69 |
| Dec 31, 2013 | 0.27 | 0.71 |
| Dec 31, 2012 | 0.27 | 0.76 |
| Dec 31, 2011 | 0.28 | 0.75 |
| Dec 31, 2010 | 0.26 | 0.68 |
| Dec 31, 2009 | 0.25 | 0.60 |
| Dec 31, 2008 | 0.31 | 0.74 |
| Dec 31, 2007 | 0.39 | 0.75 |
| Dec 31, 2006 | 0.40 | 0.79 |
| Dec 31, 2005 | 0.41 | 0.85 |
Based on: 10-K (reporting date: 2023-12-31), 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: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Information Technology)
Corning Inc., total asset turnover, long-term trends, comparison to industry (information technology)
| Corning Inc. | Information Technology | |
|---|---|---|
| Dec 31, 2023 | 0.44 | 0.61 |
| Dec 31, 2022 | 0.48 | 0.64 |
| Dec 31, 2021 | 0.47 | 0.62 |
| Dec 31, 2020 | 0.37 | 0.58 |
| Dec 31, 2019 | 0.40 | 0.59 |
| Dec 31, 2018 | 0.41 | 0.59 |
| Dec 31, 2017 | 0.37 | 0.51 |
| Dec 31, 2016 | 0.34 | 0.55 |
| Dec 31, 2015 | 0.32 | 0.63 |
| Dec 31, 2014 | 0.32 | 0.64 |
| Dec 31, 2013 | 0.27 | 0.66 |
| Dec 31, 2012 | 0.27 | 0.70 |
| Dec 31, 2011 | 0.28 | 0.73 |
| Dec 31, 2010 | 0.26 | 0.72 |
| Dec 31, 2009 | 0.25 | 0.69 |
| Dec 31, 2008 | 0.31 | 0.79 |
| Dec 31, 2007 | 0.39 | 0.76 |
| Dec 31, 2006 | 0.40 | 0.75 |
| Dec 31, 2005 | 0.41 | 0.76 |
Based on: 10-K (reporting date: 2023-12-31), 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: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).