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CIT Group (CIT Group) Asset Turnover : 0.01 (As of Sep. 2021)


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What is CIT Group Asset Turnover?

Asset Turnover measures how quickly a company turns over its asset through sales. It is calculated as Revenue divided by Total Assets. CIT Group's Revenue for the three months ended in Sep. 2021 was $547 Mil. CIT Group's Total Assets for the quarter that ended in Sep. 2021 was $54,562 Mil. Therefore, CIT Group's Asset Turnover for the quarter that ended in Sep. 2021 was 0.01.

Asset Turnover is linked to ROE % through Du Pont Formula. CIT Group's annualized ROE % for the quarter that ended in Sep. 2021 was 11.50%. It is also linked to ROA % through Du Pont Formula. CIT Group's annualized ROA % for the quarter that ended in Sep. 2021 was 1.29%.


CIT Group Asset Turnover Historical Data

The historical data trend for CIT Group's Asset Turnover can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

CIT Group Asset Turnover Chart

CIT Group Annual Data
Trend Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20
Asset Turnover
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.04 0.04 0.05 0.05 0.04

CIT Group Quarterly Data
Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21
Asset Turnover Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.01 0.01 0.01 0.01 0.01

Competitive Comparison of CIT Group's Asset Turnover

For the Banks - Regional subindustry, CIT Group's Asset Turnover, along with its competitors' market caps and Asset Turnover data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


CIT Group's Asset Turnover Distribution in the Banks Industry

For the Banks industry and Financial Services sector, CIT Group's Asset Turnover distribution charts can be found below:

* The bar in red indicates where CIT Group's Asset Turnover falls into.



CIT Group Asset Turnover Calculation

Asset Turnover measures how quickly a company turns over its asset through sales.

CIT Group's Asset Turnover for the fiscal year that ended in Dec. 2020 is calculated as

Asset Turnover
=Revenue/Average Total Assets
=Revenue (A: Dec. 2020 )/( (Total Assets (A: Dec. 2019 )+Total Assets (A: Dec. 2020 ))/ count )
=2324.6/( (50832.8+58106.6)/ 2 )
=2324.6/54469.7
=0.04

CIT Group's Asset Turnover for the quarter that ended in Sep. 2021 is calculated as

Asset Turnover
=Revenue/Average Total Assets
=Revenue (Q: Sep. 2021 )/( (Total Assets (Q: Jun. 2021 )+Total Assets (Q: Sep. 2021 ))/ count )
=547/( (54703.7+54420)/ 2 )
=547/54561.85
=0.01

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Companies with low profit margins tend to have high Asset Turnover, while those with high profit margins have low Asset Turnover. Companies in the retail industry tend to have a very high turnover ratio.


CIT Group  (NYSE:CIT) Asset Turnover Explanation

Asset Turnover is linked to ROE % through Du Pont Formula.

CIT Group's annulized ROE % for the quarter that ended in Sep. 2021 is

ROE %**(Q: Sep. 2021 )
=Net Income/Total Stockholders Equity
=702/6105.2
=(Net Income / Revenue)*(Revenue / Total Assets)*(Total Assets / Total Stockholders Equity)
=(702 / 2188)*(2188 / 54561.85)*(54561.85/ 6105.2)
=Net Margin %*Asset Turnover*Equity Multiplier
=32.08 %*0.0401*8.9369
=ROA %*Equity Multiplier
=1.29 %*8.9369
=11.50 %

Note: The Net Income data used here is four times the quarterly (Sep. 2021) net income data. The Revenue data used here is four times the quarterly (Sep. 2021) revenue data.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

** The ROE % used above is for Du Pont Analysis only. It is different from the defined ROE % page on our website, as here it uses Net Income instead of Net Income attributable to Common Stockholders in the calculation.

It is also linked to ROA % through Du Pont Formula:

CIT Group's annulized ROA % for the quarter that ended in Sep. 2021 is

ROA %(Q: Sep. 2021 )
=Net Income/Total Assets
=702/54561.85
=(Net Income / Revenue)*(Revenue / Total Assets)
=(702 / 2188)*(2188 / 54561.85)
=Net Margin %*Asset Turnover
=32.08 %*0.0401
=1.29 %

Note: The Net Income data used here is four times the quarterly (Sep. 2021) net income data. The Revenue data used here is four times the quarterly (Sep. 2021) revenue data.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.


Be Aware

In the article Joining The Dark Side: Pirates, Spies and Short Sellers, James Montier reported that In their US sample covering the period 1968-2003, Cooper et al find that firms with low asset growth outperformed firms with high asset growth by an astounding 20% p.a. equally weighted. Even when controlling for market, size and style, low asset growth firms outperformed high asset growth firms by 13% p.a. Therefore a company with fast asset growth may underperform.

Therefore, it is a good sign if a company's Asset Turnover is consistent or even increases. If a company's asset grows faster than sales, its Asset Turnover will decline, which can be a warning sign.


CIT Group Asset Turnover Related Terms

Thank you for viewing the detailed overview of CIT Group's Asset Turnover provided by GuruFocus.com. Please click on the following links to see related term pages.


CIT Group (CIT Group) Business Description

Traded in Other Exchanges
N/A
Address
11 West 42nd Street, New York, NY, USA, 10036
CIT Group Inc is a banking holding company and a financial holding company operating primarily in North America. It provides financing, leasing, and advisory services primarily to middle-market companies in a diverse group of industries. The company's banking subsidiary mostly operates in Southern California and offers both commercial and retail banking services. The company sources its commercial lending business through direct marketing to customers, vendors, and distributors, among other parties. The company generates revenue by earning interest on loans and investments, as well as commission, fees, and rental income on leased equipment and other financial services. The company also syndicates and sells finance receivables.
Executives
John J. Fawcett officer: EVP and Chief Financial Office C/O CIT GROUP INC., 1 CIT DRIVE, LIVINGSTON NJ 07039
Wahida Plummer officer: EVP & Chief Risk Officer C/O CIT GROUP INC. 1 CIT DRIVE, #3251-9 LIVINGSTON NJ 07039
Marisa Harney officer: EVP & Chief Credit Officer C/O CIT GROUP INC., 1 CIT DRIVE, #3251-9, LIVINGSTON NJ 07039
Steve Solk officer: President, Consumer Banking C/O CIT GROUP INC., ATTN GENERAL COUNSEL 1 CIT DRIVE LIVINGSTON NJ 07039
Sheila A Stamps director C/O CIT GROUP, 1 CIT DRIVE, ATTN: GENERAL COUNSEL, LIVINGSTON NJ 07039
Michael L. Brosnan director C/O CIT GROUP INC. - GENERAL COUNSEL 1 CIT DRIVE LIVINGSTON NJ 07039
Gina M. Proia officer: EVP & Head of Marketing C/O CIT GROUP INC., ATTN GENERAL COUNSEL 1 CIT DRIVE LIVINGSTON NJ 07039
Denise M. Menelly officer: EVP, Head of Technology & Ops C/O CIT GROUP INC., 1 CIT DRIVE LIVINGSTON NJ 07039
Edward K Sperling officer: EVP & Controller C/O CIT GROUP, 1 CIT DRIVE, #3251-9 LIVINGSTON NJ 07039
Ellen R Alemany director, officer: Chair & CEO ONE ADP BOULEVARD, ROSELAND NJ 07068
James J Duffy officer: EVP & Chief HR Officer C/O CIT GROUP, 11 WEST 42ND ST. NEW YORK NY 10036
Gerald Rosenfeld director C/O CIT GROUP INC., 1 CIT DRIVE, #3251-9, LIVINGSTON NJ 07039
David Harnisch officer: Pres., Commercial Finance C/O CIT GROUP, 1 CIT DRIVE LIVINGSTON NJ 07039
Alan L Frank director C/O CIT GROUP, 1 CIT DRIVE, #3251-9 LIVINGSTON NJ 07039
John R Ryan director

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