Analysis of Long-term (Investment) Activity Ratios
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Paying user area
Try for free
Activision Blizzard Inc. pages available for free this week:
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Analysis of Solvency Ratios
- Analysis of Reportable Segments
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2008
- Current Ratio since 2008
- Analysis of Debt
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to Activision Blizzard Inc. for $22.49.
This is a one-time payment. There is no automatic renewal.
We accept:
Long-term Activity Ratios (Summary)
Activision Blizzard Inc., long-term (investment) activity ratios
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Net fixed asset turnover | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset) | ||||||
| Total asset turnover | ||||||
| Equity turnover |
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).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio showed a general increasing trend from 2018 to 2021, rising from 26.6 in 2018 to a peak of 52.09 in 2021. However, in 2022, there was a notable decline to 39.01. This indicates improved efficiency in utilizing fixed assets until 2021, followed by a reduction in asset utilization efficiency in the latest period.
- Net Fixed Asset Turnover Including Operating Lease, Right-of-Use Asset
- When including operating leases and right-of-use assets, the turnover ratio experienced a decline from 26.6 in 2018 to 13.38 in 2019, followed by a gradual increase reaching 21.68 in 2021. In 2022, the ratio decreased slightly to 18.68. The initial sharp decrease likely reflects the impact of adopting lease accounting standards, with subsequent partial recovery but remaining below 2018 levels.
- Total Asset Turnover
- The total asset turnover ratio declined from 0.42 in 2018 to 0.33 in 2019, followed by a slight increase to 0.35 in both 2020 and 2021. In 2022, the ratio dropped again to 0.27. Overall, this suggests a decreasing trend in the ability to generate sales from total assets, with some stabilization before the recent decline.
- Equity Turnover
- Equity turnover exhibited a downward trend over the entire period. It fell from 0.66 in 2018 to 0.51 in 2019, with minor fluctuations around 0.5 in 2020 and 2021, before decreasing further to 0.39 in 2022. This pattern indicates a declining efficiency in generating revenue from shareholders' equity.
Net Fixed Asset Turnover
Activision Blizzard Inc., net fixed asset turnover calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net revenues | ||||||
| Property and equipment, net | ||||||
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover1 | ||||||
| Benchmarks | ||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||
| Alphabet Inc. | ||||||
| Comcast Corp. | ||||||
| Meta Platforms Inc. | ||||||
| Netflix Inc. | ||||||
| Take-Two Interactive Software Inc. | ||||||
| Walt Disney Co. | ||||||
| Net Fixed Asset Turnover, Sector | ||||||
| Media & Entertainment | ||||||
| Net Fixed Asset Turnover, Industry | ||||||
| Communication Services | ||||||
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 fixed asset turnover = Net revenues ÷ Property and equipment, net
= ÷ =
2 Click competitor name to see calculations.
The financial data reveals several key trends over the five-year period ending December 31, 2022.
- Net Revenues
- Net revenues exhibited variability, initially declining from 7,500 million USD in 2018 to 6,489 million USD in 2019. Subsequently, revenues rebounded strongly in 2020 to 8,086 million USD and continued to rise in 2021, reaching 8,803 million USD. However, in 2022, net revenues decreased significantly to 7,528 million USD. This pattern indicates fluctuating business performance with a peak in 2021 followed by a notable decline in the latest year.
- Property and Equipment, Net
- The net value of property and equipment consistently declined from 282 million USD in 2018 to 169 million USD in 2021, reflecting a possible reduction in capital investment or asset disposals. There was a slight recovery in 2022, with the figure rising to 193 million USD. The overall downward trend suggests a trend of asset base contraction over the period with a minor rebound at the end.
- Net Fixed Asset Turnover
- This ratio, which measures revenue generated per unit of net fixed assets, demonstrated a substantial increase from 26.6 in 2018 to a peak of 52.09 in 2021. After reaching this high point, the ratio decreased to 39.01 in 2022. The rising trend through 2021 indicates improved efficiency in utilizing fixed assets to generate sales, although the decline in 2022 may suggest diminishing asset utilization efficiency or the impact of lower revenues.
In summary, the company experienced fluctuating revenue levels with a peak in 2021, alongside a generally decreasing asset base that showed some recovery in 2022. Operational efficiency, as measured by net fixed asset turnover, improved markedly until 2021 but weakened afterwards. These dynamics suggest changing operational conditions and investment patterns affecting the firm’s financial performance during the period.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Activision Blizzard Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net revenues | ||||||
| Property and equipment, net | ||||||
| Operating lease ROU assets (classified as Other assets) | ||||||
| Property and equipment, net (including operating lease, right-of-use asset) | ||||||
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | ||||||
| Benchmarks | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||
| Alphabet Inc. | ||||||
| Comcast Corp. | ||||||
| Meta Platforms Inc. | ||||||
| Netflix Inc. | ||||||
| Take-Two Interactive Software Inc. | ||||||
| Walt Disney Co. | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | ||||||
| Media & Entertainment | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | ||||||
| Communication Services | ||||||
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 fixed asset turnover (including operating lease, right-of-use asset) = Net revenues ÷ Property and equipment, net (including operating lease, right-of-use asset)
= ÷ =
2 Click competitor name to see calculations.
- Net Revenues
- The net revenues show variability over the five-year period. Starting at $7,500 million in 2018, there was a decline to $6,489 million in 2019. This was followed by a significant increase to $8,086 million in 2020, representing a recovery and growth phase. The upward trend continued in 2021, reaching a peak of $8,803 million. However, in 2022, net revenues declined again to $7,528 million, indicating some fluctuations in revenue generation during the period.
- Property and Equipment, Net
- The value of property and equipment, net, including operating lease right-of-use assets, showed considerable growth from $282 million in 2018 to $485 million in 2019. After 2019, this figure decreased steadily over the next three years, reaching $452 million in 2020, then $406 million in 2021, and slightly further down to $403 million in 2022. This pattern suggests a reduction in investment or disposal of fixed assets following a peak in 2019.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio, which measures the efficiency of fixed assets in generating revenue, declined sharply from 26.6 in 2018 to 13.38 in 2019. Subsequently, this ratio improved to 17.89 in 2020 and continued increasing to 21.68 in 2021. In 2022, however, it decreased slightly to 18.68. The initial drop in 2019 corresponds with the increase in property and equipment net value, while the gradual improvement afterward indicates enhanced utilization efficiency of fixed assets during 2020 and 2021, followed by a minor reduction in 2022.
Total Asset Turnover
Activision Blizzard Inc., total asset turnover calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net revenues | ||||||
| Total assets | ||||||
| Long-term Activity Ratio | ||||||
| Total asset turnover1 | ||||||
| Benchmarks | ||||||
| Total Asset Turnover, Competitors2 | ||||||
| Alphabet Inc. | ||||||
| Comcast Corp. | ||||||
| Meta Platforms Inc. | ||||||
| Netflix Inc. | ||||||
| Take-Two Interactive Software Inc. | ||||||
| Walt Disney Co. | ||||||
| Total Asset Turnover, Sector | ||||||
| Media & Entertainment | ||||||
| Total Asset Turnover, Industry | ||||||
| Communication Services | ||||||
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
= ÷ =
2 Click competitor name to see calculations.
The analysis of the financial data over the five-year period reveals several notable trends in key metrics.
- Net Revenues
- Net revenues showed fluctuations during the reviewed period. Starting at 7,500 million US dollars in 2018, they declined to 6,489 million in 2019. However, a recovery took place in the following years, reaching a peak of 8,803 million in 2021 before dropping again to 7,528 million in 2022. This pattern indicates some volatility in revenue generation, with a notable rebound in the middle years followed by a subsequent decrease.
- Total Assets
- Total assets exhibited a consistent upward trajectory, increasing from 17,835 million US dollars in 2018 to 27,383 million in 2022. This steady growth suggests ongoing investments in asset accumulation, potentially reflecting expansion activities or increased capital expenditure during the period.
- Total Asset Turnover
- The total asset turnover ratio shows a declining trend over the years, starting from 0.42 in 2018 and falling to 0.27 in 2022. This ratio measures how efficiently the assets are used to generate revenues. The decreasing values imply a reduction in efficiency, as more assets are being held relative to the amount of revenue generated. This could be due to the increasing asset base not being fully utilized to produce proportional revenue growth, especially evident in the last reported year.
In summary, while assets have grown steadily, the fluctuations in revenues coupled with a declining asset turnover ratio may indicate challenges in maintaining revenue growth commensurate with asset expansion. This points to a potential need for enhanced asset utilization strategies to improve operational efficiency.
Equity Turnover
Activision Blizzard Inc., equity turnover calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net revenues | ||||||
| Shareholders’ equity | ||||||
| Long-term Activity Ratio | ||||||
| Equity turnover1 | ||||||
| Benchmarks | ||||||
| Equity Turnover, Competitors2 | ||||||
| Alphabet Inc. | ||||||
| Comcast Corp. | ||||||
| Meta Platforms Inc. | ||||||
| Netflix Inc. | ||||||
| Take-Two Interactive Software Inc. | ||||||
| Walt Disney Co. | ||||||
| Equity Turnover, Sector | ||||||
| Media & Entertainment | ||||||
| Equity Turnover, Industry | ||||||
| Communication Services | ||||||
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
Equity turnover = Net revenues ÷ Shareholders’ equity
= ÷ =
2 Click competitor name to see calculations.
The financial data reveals several noteworthy trends over the five-year span ending in 2022. Net revenues exhibit variability, with a decline observed from 2018 to 2019, followed by a recovery and peak in 2021, and a subsequent decrease in 2022. Shareholders' equity shows a consistent upward trajectory throughout the period, indicating a strengthening equity base. The equity turnover ratio declines steadily from 0.66 in 2018 to 0.39 in 2022, suggesting a decrease in revenue generated per unit of equity.
- Net Revenues
- Revenues decreased from $7,500 million in 2018 to $6,489 million in 2019, marking a notable drop. The following years saw a recovery to $8,086 million in 2020 and a further increase to $8,803 million in 2021, the highest in the observed period. However, in 2022, revenues receded to $7,528 million, nearly returning to the 2018 level.
- Shareholders’ Equity
- Equity grew continuously from $11,357 million in 2018 to $19,243 million in 2022. This steady increase reflects ongoing reinvestment or capital accumulation, bolstering the company's net worth over time.
- Equity Turnover Ratio
- This ratio measures the efficiency in using equity to generate revenue. It decreased consistently from 0.66 in 2018 to 0.39 in 2022. The decline indicates that, despite rising equity, revenue growth did not keep pace proportionally, potentially signaling reduced operational efficiency or changes in business model leverage.