Stock Analysis on Net
Stock Analysis on Net

Activision Blizzard Inc. (NASDAQ:ATVI)

This company has been moved to the archive! The financial data has not been updated since July 31, 2023.

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

Activision Blizzard Inc., adjusted financial ratios

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Activity Ratio
Total Asset Turnover
Reported 0.27 0.35 0.35 0.33 0.42
Adjusted 0.32 0.35 0.38 0.34 0.39
Liquidity Ratio
Current Ratio
Reported 4.07 5.21 3.41 2.50 2.31
Adjusted 10.11 10.41 8.05 4.92 5.48
Solvency Ratios
Debt to Equity
Reported 0.19 0.21 0.24 0.21 0.24
Adjusted 0.19 0.22 0.24 0.22 0.24
Debt to Capital
Reported 0.16 0.17 0.19 0.17 0.19
Adjusted 0.16 0.18 0.20 0.18 0.19
Financial Leverage
Reported 1.42 1.42 1.54 1.55 1.57
Adjusted 1.29 1.32 1.37 1.38 1.42
Profitability Ratios
Net Profit Margin
Reported 20.10% 30.66% 27.17% 23.16% 24.17%
Adjusted 26.08% 25.90% 28.71% 15.40% 19.11%
Return on Equity (ROE)
Reported 7.86% 15.34% 14.61% 11.74% 15.96%
Adjusted 10.90% 11.88% 15.09% 7.24% 10.67%
Return on Assets (ROA)
Reported 5.53% 10.77% 9.51% 7.57% 10.17%
Adjusted 8.46% 9.00% 11.04% 5.25% 7.53%

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).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Activision Blizzard Inc. adjusted total asset turnover ratio deteriorated from 2020 to 2021 and from 2021 to 2022.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Activision Blizzard Inc. adjusted current ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Activision Blizzard Inc. adjusted debt-to-equity ratio improved from 2020 to 2021 and from 2021 to 2022.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Activision Blizzard Inc. adjusted debt-to-capital ratio improved from 2020 to 2021 and from 2021 to 2022.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Activision Blizzard Inc. adjusted financial leverage ratio decreased from 2020 to 2021 and from 2021 to 2022.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Activision Blizzard Inc. adjusted net profit margin ratio deteriorated from 2020 to 2021 but then slightly improved from 2021 to 2022.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Activision Blizzard Inc. adjusted ROE deteriorated from 2020 to 2021 and from 2021 to 2022.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Activision Blizzard Inc. adjusted ROA deteriorated from 2020 to 2021 and from 2021 to 2022.

Activision Blizzard Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Net revenues 7,528 8,803 8,086 6,489 7,500
Total assets 27,383 25,056 23,109 19,845 17,835
Activity Ratio
Total asset turnover1 0.27 0.35 0.35 0.33 0.42
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net revenues2 8,498 8,232 8,400 6,371 7,064
Adjusted total assets3 26,198 23,696 21,854 18,670 17,931
Activity Ratio
Adjusted total asset turnover4 0.32 0.35 0.38 0.34 0.39

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).

1 2022 Calculation
Total asset turnover = Net revenues ÷ Total assets
= 7,528 ÷ 27,383 = 0.27

2 Adjusted net revenues. See details »

3 Adjusted total assets. See details »

4 2022 Calculation
Adjusted total asset turnover = Adjusted net revenues ÷ Adjusted total assets
= 8,498 ÷ 26,198 = 0.32

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Activision Blizzard Inc. adjusted total asset turnover ratio deteriorated from 2020 to 2021 and from 2021 to 2022.

Adjusted Current Ratio

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Current assets 14,469 12,556 10,565 7,292 6,106
Current liabilities 3,555 2,411 3,100 2,915 2,642
Liquidity Ratio
Current ratio1 4.07 5.21 3.41 2.50 2.31
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 14,485 12,573 10,628 7,410 6,292
Adjusted current liabilities3 1,433 1,208 1,320 1,505 1,149
Liquidity Ratio
Adjusted current ratio4 10.11 10.41 8.05 4.92 5.48

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).

1 2022 Calculation
Current ratio = Current assets ÷ Current liabilities
= 14,469 ÷ 3,555 = 4.07

2 Adjusted current assets. See details »

3 Adjusted current liabilities. See details »

4 2022 Calculation
Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 14,485 ÷ 1,433 = 10.11

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Activision Blizzard Inc. adjusted current ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Total debt 3,611 3,608 3,605 2,675 2,671
Shareholders’ equity 19,243 17,599 15,037 12,805 11,357
Solvency Ratio
Debt to equity1 0.19 0.21 0.24 0.21 0.24
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 3,856 3,897 3,895 2,948 2,984
Adjusted shareholders’ equity3 20,337 17,948 15,979 13,545 12,649
Solvency Ratio
Adjusted debt to equity4 0.19 0.22 0.24 0.22 0.24

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).

1 2022 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity
= 3,611 ÷ 19,243 = 0.19

2 Adjusted total debt. See details »

3 Adjusted shareholders’ equity. See details »

4 2022 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted shareholders’ equity
= 3,856 ÷ 20,337 = 0.19

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Activision Blizzard Inc. adjusted debt-to-equity ratio improved from 2020 to 2021 and from 2021 to 2022.

Adjusted Debt to Capital

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Total debt 3,611 3,608 3,605 2,675 2,671
Total capital 22,854 21,207 18,642 15,480 14,028
Solvency Ratio
Debt to capital1 0.16 0.17 0.19 0.17 0.19
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 3,856 3,897 3,895 2,948 2,984
Adjusted total capital3 24,193 21,845 19,874 16,493 15,633
Solvency Ratio
Adjusted debt to capital4 0.16 0.18 0.20 0.18 0.19

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).

1 2022 Calculation
Debt to capital = Total debt ÷ Total capital
= 3,611 ÷ 22,854 = 0.16

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2022 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 3,856 ÷ 24,193 = 0.16

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Activision Blizzard Inc. adjusted debt-to-capital ratio improved from 2020 to 2021 and from 2021 to 2022.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Total assets 27,383 25,056 23,109 19,845 17,835
Shareholders’ equity 19,243 17,599 15,037 12,805 11,357
Solvency Ratio
Financial leverage1 1.42 1.42 1.54 1.55 1.57
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 26,198 23,696 21,854 18,670 17,931
Adjusted shareholders’ equity3 20,337 17,948 15,979 13,545 12,649
Solvency Ratio
Adjusted financial leverage4 1.29 1.32 1.37 1.38 1.42

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).

1 2022 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity
= 27,383 ÷ 19,243 = 1.42

2 Adjusted total assets. See details »

3 Adjusted shareholders’ equity. See details »

4 2022 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted shareholders’ equity
= 26,198 ÷ 20,337 = 1.29

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Activision Blizzard Inc. adjusted financial leverage ratio decreased from 2020 to 2021 and from 2021 to 2022.

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Net income 1,513 2,699 2,197 1,503 1,813
Net revenues 7,528 8,803 8,086 6,489 7,500
Profitability Ratio
Net profit margin1 20.10% 30.66% 27.17% 23.16% 24.17%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 2,216 2,132 2,412 981 1,350
Adjusted net revenues3 8,498 8,232 8,400 6,371 7,064
Profitability Ratio
Adjusted net profit margin4 26.08% 25.90% 28.71% 15.40% 19.11%

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).

1 2022 Calculation
Net profit margin = 100 × Net income ÷ Net revenues
= 100 × 1,513 ÷ 7,528 = 20.10%

2 Adjusted net income. See details »

3 Adjusted net revenues. See details »

4 2022 Calculation
Adjusted net profit margin = 100 × Adjusted net income ÷ Adjusted net revenues
= 100 × 2,216 ÷ 8,498 = 26.08%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Activision Blizzard Inc. adjusted net profit margin ratio deteriorated from 2020 to 2021 but then slightly improved from 2021 to 2022.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Net income 1,513 2,699 2,197 1,503 1,813
Shareholders’ equity 19,243 17,599 15,037 12,805 11,357
Profitability Ratio
ROE1 7.86% 15.34% 14.61% 11.74% 15.96%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 2,216 2,132 2,412 981 1,350
Adjusted shareholders’ equity3 20,337 17,948 15,979 13,545 12,649
Profitability Ratio
Adjusted ROE4 10.90% 11.88% 15.09% 7.24% 10.67%

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).

1 2022 Calculation
ROE = 100 × Net income ÷ Shareholders’ equity
= 100 × 1,513 ÷ 19,243 = 7.86%

2 Adjusted net income. See details »

3 Adjusted shareholders’ equity. See details »

4 2022 Calculation
Adjusted ROE = 100 × Adjusted net income ÷ Adjusted shareholders’ equity
= 100 × 2,216 ÷ 20,337 = 10.90%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Activision Blizzard Inc. adjusted ROE deteriorated from 2020 to 2021 and from 2021 to 2022.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Net income 1,513 2,699 2,197 1,503 1,813
Total assets 27,383 25,056 23,109 19,845 17,835
Profitability Ratio
ROA1 5.53% 10.77% 9.51% 7.57% 10.17%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 2,216 2,132 2,412 981 1,350
Adjusted total assets3 26,198 23,696 21,854 18,670 17,931
Profitability Ratio
Adjusted ROA4 8.46% 9.00% 11.04% 5.25% 7.53%

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).

1 2022 Calculation
ROA = 100 × Net income ÷ Total assets
= 100 × 1,513 ÷ 27,383 = 5.53%

2 Adjusted net income. See details »

3 Adjusted total assets. See details »

4 2022 Calculation
Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 2,216 ÷ 26,198 = 8.46%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Activision Blizzard Inc. adjusted ROA deteriorated from 2020 to 2021 and from 2021 to 2022.