Asset Turnover is a measure of how effectively a company uses assets to generate revenue. This ratio is calculated as per the method used by the financial academic, Joseph Piotroski. He calculates the Asset Turnover by dividing revenue by the value of total assets on the balance sheet at the beginning of a finanical year. Elsewhere, Stockopedia divides revenue by the average assets (ie. opening asset position + ending asset position / 2). This metric is calculated using financial statement data from the previous 12 month period, rather than using the most recent 12 month period.