We have combined the financial statements of globally-listed non-financial companies into one for the past 23 years. The average number of companies included in this study was 12,586 per year and as of 2017, it was 17,159

The asset turnover ratio has averaged 78% and has fallen from a high of 92% to a low of 64% in 2016. The data in the first decade is not fully comparable as there were considerably fewer companies in the universe at that time.

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