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.
Long-term Activity Ratios (Summary)
Adobe Inc., long-term (investment) activity ratios
Based on: 10-K (filing date: 2021-01-15), 10-K (filing date: 2020-01-21), 10-K (filing date: 2019-01-25), 10-K (filing date: 2018-01-22), 10-K (filing date: 2017-01-20), 10-K (filing date: 2016-01-19).
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover | An activity ratio calculated as total revenue divided by net fixed assets. | Adobe Inc.’s net fixed asset turnover ratio improved from 2018 to 2019 but then slightly deteriorated from 2019 to 2020 not reaching 2018 level. |
| Net fixed asset turnover (including operating lease, right-of-use asset) | An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). | Adobe Inc.’s net fixed asset turnover ratio (with operating lease, right-of-use asset) improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020. |
| Total asset turnover | An activity ratio calculated as total revenue divided by total assets. | Adobe Inc.’s total asset turnover ratio improved from 2018 to 2019 but then slightly deteriorated from 2019 to 2020. |
| Equity turnover | An activity ratio calculated as total revenue divided by shareholders’ equity. | Adobe Inc.’s equity turnover ratio improved from 2018 to 2019 but then slightly deteriorated from 2019 to 2020 not reaching 2018 level. |
Net Fixed Asset Turnover
Adobe Inc., net fixed asset turnover calculation, comparison to benchmarks
| Nov 27, 2020 | Nov 29, 2019 | Nov 30, 2018 | Dec 1, 2017 | Dec 2, 2016 | Nov 27, 2015 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Revenue | 12,868 | 11,171 | 9,030 | 7,302 | 5,854 | 4,796 | |
| Property and equipment, net | 1,517 | 1,293 | 1,075 | 937 | 816 | 787 | |
| Long-term Activity Ratio | |||||||
| Net fixed asset turnover1 | 8.48 | 8.64 | 8.40 | 7.79 | 7.17 | 6.09 | |
| Benchmarks | |||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||
| Alphabet Inc. | 2.15 | 2.20 | 2.29 | 2.62 | 2.64 | — | |
| Autodesk Inc. | 20.25 | 17.17 | 14.18 | 12.81 | 14.79 | — | |
| Facebook Inc. | 1.88 | 2.00 | 2.26 | 2.96 | 3.22 | — | |
| International Business Machines Corp. | 7.33 | 7.71 | 7.38 | 7.12 | 7.38 | — | |
| Intuit Inc. | 10.46 | 8.70 | 7.34 | 5.03 | 4.55 | 6.15 | |
| Microsoft Corp. | 3.24 | 3.45 | 3.75 | 3.79 | 4.65 | 6.35 | |
| Oracle Corp. | 6.26 | 6.32 | 6.75 | 7.10 | 9.26 | 10.37 | |
| salesforce.com inc. | 7.20 | 6.48 | 5.38 | 4.69 | 3.89 | — | |
| ServiceNow Inc. | 6.85 | 7.39 | 7.51 | 7.89 | 7.66 | — | |
| Net Fixed Asset Turnover, Sector | |||||||
| Software & Computer Services | 2.90 | 3.08 | 3.36 | 3.82 | 4.27 | — | |
| Net Fixed Asset Turnover, Industry | |||||||
| Technology | 3.27 | 3.38 | 3.69 | 3.99 | 4.42 | — | |
Based on: 10-K (filing date: 2021-01-15), 10-K (filing date: 2020-01-21), 10-K (filing date: 2019-01-25), 10-K (filing date: 2018-01-22), 10-K (filing date: 2017-01-20), 10-K (filing date: 2016-01-19).
1 2020 Calculation
Net fixed asset turnover = Revenue ÷ Property and equipment, net
= 12,868 ÷ 1,517 = 8.48
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover | An activity ratio calculated as total revenue divided by net fixed assets. | Adobe Inc.’s net fixed asset turnover ratio improved from 2018 to 2019 but then slightly deteriorated from 2019 to 2020 not reaching 2018 level. |
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Adobe Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks
| Nov 27, 2020 | Nov 29, 2019 | Nov 30, 2018 | Dec 1, 2017 | Dec 2, 2016 | Nov 27, 2015 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Revenue | 12,868 | 11,171 | 9,030 | 7,302 | 5,854 | 4,796 | |
| Property and equipment, net | 1,517 | 1,293 | 1,075 | 937 | 816 | 787 | |
| Operating lease right-of-use assets, net | 487 | — | — | — | — | — | |
| Property and equipment, net (including operating lease, right-of-use asset) | 2,004 | 1,293 | 1,075 | 937 | 816 | 787 | |
| Long-term Activity Ratio | |||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 6.42 | 8.64 | 8.40 | 7.79 | 7.17 | 6.09 | |
| Benchmarks | |||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | |||||||
| Alphabet Inc. | 1.88 | 1.91 | 2.29 | 2.62 | 2.64 | — | |
| Autodesk Inc. | 5.45 | 17.17 | 14.18 | 12.81 | 14.79 | — | |
| Facebook Inc. | 1.56 | 1.58 | 2.26 | 2.96 | 3.22 | — | |
| International Business Machines Corp. | 5.00 | 5.14 | 7.38 | 7.12 | 7.38 | — | |
| Intuit Inc. | 8.00 | 8.70 | 7.34 | 5.03 | 4.55 | 6.15 | |
| Microsoft Corp. | 2.70 | 2.87 | 3.05 | 3.79 | 4.65 | 6.35 | |
| Oracle Corp. | 4.74 | 6.32 | 6.75 | 7.10 | 9.26 | 10.37 | |
| salesforce.com inc. | 3.16 | 6.48 | 5.38 | 4.69 | 3.89 | — | |
| ServiceNow Inc. | 4.06 | 3.98 | 7.51 | 7.89 | 7.66 | — | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | |||||||
| Software & Computer Services | 2.39 | 2.57 | 3.20 | 3.82 | 4.27 | — | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | |||||||
| Technology | 2.81 | 3.04 | 3.60 | 3.99 | 4.42 | — | |
Based on: 10-K (filing date: 2021-01-15), 10-K (filing date: 2020-01-21), 10-K (filing date: 2019-01-25), 10-K (filing date: 2018-01-22), 10-K (filing date: 2017-01-20), 10-K (filing date: 2016-01-19).
1 2020 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset) = Revenue ÷ Property and equipment, net (including operating lease, right-of-use asset)
= 12,868 ÷ 2,004 = 6.42
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover (including operating lease, right-of-use asset) | An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). | Adobe Inc.’s net fixed asset turnover ratio (with operating lease, right-of-use asset) improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020. |
Total Asset Turnover
Adobe Inc., total asset turnover calculation, comparison to benchmarks
| Nov 27, 2020 | Nov 29, 2019 | Nov 30, 2018 | Dec 1, 2017 | Dec 2, 2016 | Nov 27, 2015 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Revenue | 12,868 | 11,171 | 9,030 | 7,302 | 5,854 | 4,796 | |
| Total assets | 24,284 | 20,762 | 18,769 | 14,536 | 12,707 | 11,726 | |
| Long-term Activity Ratio | |||||||
| Total asset turnover1 | 0.53 | 0.54 | 0.48 | 0.50 | 0.46 | 0.41 | |
| Benchmarks | |||||||
| Total Asset Turnover, Competitors2 | |||||||
| Alphabet Inc. | 0.57 | 0.59 | 0.59 | 0.56 | 0.54 | — | |
| Autodesk Inc. | 0.53 | 0.54 | 0.50 | 0.42 | 0.45 | — | |
| Facebook Inc. | 0.54 | 0.53 | 0.57 | 0.48 | 0.43 | — | |
| International Business Machines Corp. | 0.47 | 0.51 | 0.65 | 0.63 | 0.68 | — | |
| Intuit Inc. | 0.70 | 1.08 | 1.15 | 1.27 | 1.10 | 0.84 | |
| Microsoft Corp. | 0.47 | 0.44 | 0.43 | 0.37 | 0.44 | 0.53 | |
| Oracle Corp. | 0.34 | 0.36 | 0.29 | 0.28 | 0.33 | 0.34 | |
| salesforce.com inc. | 0.31 | 0.43 | 0.50 | 0.48 | 0.52 | — | |
| ServiceNow Inc. | 0.52 | 0.57 | 0.67 | 0.57 | 0.68 | — | |
| Total Asset Turnover, Sector | |||||||
| Software & Computer Services | 0.49 | 0.50 | 0.50 | 0.46 | 0.49 | — | |
| Total Asset Turnover, Industry | |||||||
| Technology | 0.55 | 0.56 | 0.57 | 0.49 | 0.53 | — | |
Based on: 10-K (filing date: 2021-01-15), 10-K (filing date: 2020-01-21), 10-K (filing date: 2019-01-25), 10-K (filing date: 2018-01-22), 10-K (filing date: 2017-01-20), 10-K (filing date: 2016-01-19).
1 2020 Calculation
Total asset turnover = Revenue ÷ Total assets
= 12,868 ÷ 24,284 = 0.53
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Total asset turnover | An activity ratio calculated as total revenue divided by total assets. | Adobe Inc.’s total asset turnover ratio improved from 2018 to 2019 but then slightly deteriorated from 2019 to 2020. |
Equity Turnover
Adobe Inc., equity turnover calculation, comparison to benchmarks
| Nov 27, 2020 | Nov 29, 2019 | Nov 30, 2018 | Dec 1, 2017 | Dec 2, 2016 | Nov 27, 2015 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Revenue | 12,868 | 11,171 | 9,030 | 7,302 | 5,854 | 4,796 | |
| Stockholders’ equity | 13,264 | 10,530 | 9,362 | 8,460 | 7,425 | 7,002 | |
| Long-term Activity Ratio | |||||||
| Equity turnover1 | 0.97 | 1.06 | 0.96 | 0.86 | 0.79 | 0.68 | |
| Benchmarks | |||||||
| Equity Turnover, Competitors2 | |||||||
| Alphabet Inc. | 0.82 | 0.80 | 0.77 | 0.73 | 0.65 | — | |
| Autodesk Inc. | — | — | — | 2.77 | 1.55 | — | |
| Facebook Inc. | 0.67 | 0.70 | 0.66 | 0.55 | 0.47 | — | |
| International Business Machines Corp. | 3.57 | 3.70 | 4.74 | 4.50 | 4.38 | — | |
| Intuit Inc. | 1.50 | 1.81 | 2.53 | 3.82 | 4.04 | 1.80 | |
| Microsoft Corp. | 1.21 | 1.23 | 1.33 | 1.24 | 1.19 | 1.17 | |
| Oracle Corp. | 3.24 | 1.81 | 0.87 | 0.70 | 0.78 | 0.79 | |
| salesforce.com inc. | 0.50 | 0.85 | 1.12 | 1.12 | 1.33 | — | |
| ServiceNow Inc. | 1.59 | 1.63 | 2.35 | 3.31 | 3.59 | — | |
| Equity Turnover, Sector | |||||||
| Software & Computer Services | 1.02 | 1.07 | 1.06 | 0.98 | 0.97 | — | |
| Equity Turnover, Industry | |||||||
| Technology | 1.28 | 1.30 | 1.30 | 1.09 | 1.07 | — | |
Based on: 10-K (filing date: 2021-01-15), 10-K (filing date: 2020-01-21), 10-K (filing date: 2019-01-25), 10-K (filing date: 2018-01-22), 10-K (filing date: 2017-01-20), 10-K (filing date: 2016-01-19).
1 2020 Calculation
Equity turnover = Revenue ÷ Stockholders’ equity
= 12,868 ÷ 13,264 = 0.97
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Equity turnover | An activity ratio calculated as total revenue divided by shareholders’ equity. | Adobe Inc.’s equity turnover ratio improved from 2018 to 2019 but then slightly deteriorated from 2019 to 2020 not reaching 2018 level. |