Total Asset Turnover
since 2005
Calculation
ONEOK Inc., total asset turnover, long-term trends, calculation
| Total asset turnover | = | Revenues1 | ÷ | Total assets1 | |
|---|---|---|---|---|---|
| Dec 31, 2022 | 0.92 | = | 22,386,892) | ÷ | 24,379,094) |
| Dec 31, 2021 | 0.70 | = | 16,540,309) | ÷ | 23,621,613) |
| Dec 31, 2020 | 0.37 | = | 8,542,242) | ÷ | 23,078,754) |
| Dec 31, 2019 | 0.47 | = | 10,164,367) | ÷ | 21,812,121) |
| Dec 31, 2018 | 0.69 | = | 12,593,196) | ÷ | 18,231,671) |
| Dec 31, 2017 | 0.72 | = | 12,173,907) | ÷ | 16,845,937) |
| Dec 31, 2016 | 0.55 | = | 8,920,934) | ÷ | 16,138,751) |
| Dec 31, 2015 | 0.50 | = | 7,763,206) | ÷ | 15,446,111) |
| Dec 31, 2014 | 0.80 | = | 12,195,091) | ÷ | 15,304,560) |
| Dec 31, 2013 | 0.82 | = | 14,602,717) | ÷ | 17,707,558) |
| Dec 31, 2012 | 0.80 | = | 12,632,559) | ÷ | 15,855,275) |
| Dec 31, 2011 | 1.08 | = | 14,805,794) | ÷ | 13,696,635) |
| Dec 31, 2010 | 1.04 | = | 13,030,051) | ÷ | 12,499,175) |
| Dec 31, 2009 | 0.87 | = | 11,111,651) | ÷ | 12,827,683) |
| Dec 31, 2008 | 1.23 | = | 16,157,433) | ÷ | 13,126,062) |
| Dec 31, 2007 | 1.22 | = | 13,477,414) | ÷ | 11,062,034) |
| Dec 31, 2006 | 1.13 | = | 11,896,104) | ÷ | 10,504,721) |
| Dec 31, 2005 | 1.27 | = | 12,676,230) | ÷ | 10,013,466) |
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: 2016-12-31), 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 thousands
The analysis of total asset turnover from 2005 to 2022 reveals a cyclical pattern characterized by an initial period of high operational efficiency, a prolonged decline, and a recent sharp recovery.
- Long-term Asset Growth and Revenue Divergence
- Total assets exhibited a consistent upward trajectory, increasing from approximately $10.01 billion in 2005 to $24.38 billion by 2022. For a significant portion of this duration, revenue growth did not keep pace with asset expansion, resulting in a general contraction of the asset turnover ratio over the long term.
- Efficiency Trends (2005–2014)
- Between 2005 and 2008, the asset turnover ratio remained relatively strong, peaking at 1.27 in 2005. From 2009 to 2014, the ratio entered a transition phase, generally fluctuating between 0.80 and 1.08, indicating a shift in the ability of the asset base to generate proportional sales.
- The Period of Decline (2015–2020)
- A marked deterioration in asset efficiency occurred between 2015 and 2020. During this interval, the ratio fell from 0.50 in 2015 to a historical low of 0.37 in 2020. This decline was driven by a period of revenue volatility and stagnation—with revenues dropping to approximately $8.54 billion in 2019—while the total asset base continued to grow toward $23 billion.
- Recent Recovery (2021–2022)
- A significant reversal in the downward trend is observed in the final two years of the period. The total asset turnover ratio rose sharply to 0.70 in 2021 and reached 0.92 in 2022. This recovery is attributed to a rapid surge in revenues, which climbed to $22.39 billion in 2022, effectively outpacing the growth rate of the asset base and restoring capital efficiency.
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Comparison to Competitors
ONEOK Inc., total asset turnover, long-term trends, comparison to competitors
| ONEOK Inc. | Chevron Corp. | ConocoPhillips | Exxon Mobil Corp. | |
|---|---|---|---|---|
| Dec 31, 2022 | 0.92 | 0.91 | 0.84 | 1.08 |
| Dec 31, 2021 | 0.70 | 0.65 | 0.51 | 0.82 |
| Dec 31, 2020 | 0.37 | 0.39 | 0.30 | 0.54 |
| Dec 31, 2019 | 0.47 | 0.59 | 0.46 | 0.70 |
| Dec 31, 2018 | 0.69 | 0.63 | 0.52 | 0.81 |
| Dec 31, 2017 | 0.72 | 0.53 | 0.40 | 0.68 |
| Dec 31, 2016 | 0.55 | 0.42 | 0.26 | 0.66 |
| Dec 31, 2015 | 0.50 | 0.49 | 0.30 | 0.77 |
| Dec 31, 2014 | 0.80 | 0.75 | 0.45 | 1.13 |
| Dec 31, 2013 | 0.82 | 0.87 | 0.46 | 1.21 |
| Dec 31, 2012 | 0.80 | 0.99 | 0.49 | 1.36 |
| Dec 31, 2011 | 1.08 | 1.17 | 1.60 | 1.41 |
| Dec 31, 2010 | 1.04 | 1.07 | 1.21 | 1.22 |
| Dec 31, 2009 | 0.87 | 1.02 | 0.98 | 1.29 |
| Dec 31, 2008 | 1.23 | 1.64 | 1.69 | 2.02 |
| Dec 31, 2007 | 1.22 | 1.44 | 1.05 | 1.61 |
| Dec 31, 2006 | 1.13 | 1.54 | 1.11 | 1.67 |
| Dec 31, 2005 | 1.27 | 1.54 | 1.68 | 1.72 |
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: 2016-12-31), 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 (Oil, Gas & Consumable Fuels)
ONEOK Inc., total asset turnover, long-term trends, comparison to sector (oil, gas & consumable fuels)
| ONEOK Inc. | Oil, Gas & Consumable Fuels | |
|---|---|---|
| Dec 31, 2022 | 0.92 | 0.99 |
| Dec 31, 2021 | 0.70 | 0.71 |
| Dec 31, 2020 | 0.37 | 0.46 |
| Dec 31, 2019 | 0.47 | 0.64 |
| Dec 31, 2018 | 0.69 | 0.71 |
| Dec 31, 2017 | 0.72 | 0.59 |
| Dec 31, 2016 | 0.55 | 0.52 |
| Dec 31, 2015 | 0.50 | 0.60 |
| Dec 31, 2014 | 0.80 | 0.88 |
| Dec 31, 2013 | 0.82 | 0.97 |
| Dec 31, 2012 | 0.80 | 1.08 |
| Dec 31, 2011 | 1.08 | 1.38 |
| Dec 31, 2010 | 1.04 | 1.18 |
| Dec 31, 2009 | 0.87 | 1.12 |
| Dec 31, 2008 | 1.23 | 1.81 |
| Dec 31, 2007 | 1.22 | 1.39 |
| Dec 31, 2006 | 1.13 | 1.46 |
| Dec 31, 2005 | 1.27 | 1.66 |
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: 2016-12-31), 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 (Energy)
ONEOK Inc., total asset turnover, long-term trends, comparison to industry (energy)
| ONEOK Inc. | Energy | |
|---|---|---|
| Dec 31, 2022 | 0.92 | 0.97 |
| Dec 31, 2021 | 0.70 | 0.71 |
| Dec 31, 2020 | 0.37 | 0.47 |
| Dec 31, 2019 | 0.47 | 0.63 |
| Dec 31, 2018 | 0.69 | 0.69 |
| Dec 31, 2017 | 0.72 | 0.58 |
| Dec 31, 2016 | 0.55 | 0.50 |
| Dec 31, 2015 | 0.50 | 0.59 |
| Dec 31, 2014 | 0.80 | 0.87 |
| Dec 31, 2013 | 0.82 | 0.94 |
| Dec 31, 2012 | 0.80 | 1.05 |
| Dec 31, 2011 | 1.08 | 1.33 |
| Dec 31, 2010 | 1.04 | 1.13 |
| Dec 31, 2009 | 0.87 | 1.10 |
| Dec 31, 2008 | 1.23 | 1.76 |
| Dec 31, 2007 | 1.22 | 1.37 |
| Dec 31, 2006 | 1.13 | 1.43 |
| Dec 31, 2005 | 1.27 | 1.63 |
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: 2016-12-31), 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).