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 (reporting date: 2021-12-03), 10-K (reporting date: 2020-11-27), 10-K (reporting date: 2019-11-29), 10-K (reporting date: 2018-11-30), 10-K (reporting date: 2017-12-01), 10-K (reporting date: 2016-12-02).
| 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. net fixed asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 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. net fixed asset turnover ratio (with operating lease, right-of-use asset) deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021. |
| Total asset turnover | An activity ratio calculated as total revenue divided by total assets. | Adobe Inc. total asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level. |
| Equity turnover | An activity ratio calculated as total revenue divided by shareholders’ equity. | Adobe Inc. equity turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level. |
Net Fixed Asset Turnover
Adobe Inc., net fixed asset turnover calculation, comparison to benchmarks
| Dec 3, 2021 | Nov 27, 2020 | Nov 29, 2019 | Nov 30, 2018 | Dec 1, 2017 | Dec 2, 2016 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Revenue | 15,785 | 12,868 | 11,171 | 9,030 | 7,302 | 5,854 | |
| Property and equipment, net | 1,673 | 1,517 | 1,293 | 1,075 | 937 | 816 | |
| Long-term Activity Ratio | |||||||
| Net fixed asset turnover1 | 9.44 | 8.48 | 8.64 | 8.40 | 7.79 | 7.17 | |
| Benchmarks | |||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||
| Accenture PLC | 30.83 | 28.68 | 31.06 | 32.91 | 32.23 | 36.38 | |
| Automatic Data Processing Inc. | 21.92 | 20.73 | 18.55 | 16.79 | 15.87 | 17.03 | |
| International Business Machines Corp. | 10.07 | 7.33 | 7.71 | 7.38 | 7.12 | — | |
| Intuit Inc. | 12.35 | 10.46 | 8.70 | 7.34 | 5.03 | 4.55 | |
| Mastercard Inc. | 15.28 | 13.26 | 15.11 | 16.23 | 15.07 | — | |
| Microsoft Corp. | 2.81 | 3.24 | 3.45 | 3.75 | 3.79 | 4.65 | |
| Oracle Corp. | 5.74 | 6.26 | 6.32 | 6.75 | 7.10 | — | |
| PayPal Holdings Inc. | 13.29 | 11.87 | 10.50 | 8.96 | 8.57 | — | |
| Salesforce Inc. | 8.64 | 7.20 | 6.48 | 5.38 | 4.69 | — | |
| ServiceNow Inc. | 7.70 | 6.85 | 7.39 | 7.51 | 7.89 | — | |
| Visa Inc. | 8.88 | 7.98 | 8.53 | 8.34 | 8.15 | 7.01 | |
| Net Fixed Asset Turnover, Sector | |||||||
| Software & Services | 5.24 | 5.64 | 6.03 | 6.33 | 6.37 | — | |
| Net Fixed Asset Turnover, Industry | |||||||
| Information Technology | 4.63 | 4.41 | 4.47 | 4.73 | 4.85 | — | |
Based on: 10-K (reporting date: 2021-12-03), 10-K (reporting date: 2020-11-27), 10-K (reporting date: 2019-11-29), 10-K (reporting date: 2018-11-30), 10-K (reporting date: 2017-12-01), 10-K (reporting date: 2016-12-02).
1 2021 Calculation
Net fixed asset turnover = Revenue ÷ Property and equipment, net
= 15,785 ÷ 1,673 = 9.44
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. net fixed asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 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
| Dec 3, 2021 | Nov 27, 2020 | Nov 29, 2019 | Nov 30, 2018 | Dec 1, 2017 | Dec 2, 2016 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Revenue | 15,785 | 12,868 | 11,171 | 9,030 | 7,302 | 5,854 | |
| Property and equipment, net | 1,673 | 1,517 | 1,293 | 1,075 | 937 | 816 | |
| Operating lease right-of-use assets, net | 443 | 487 | — | — | — | — | |
| Property and equipment, net (including operating lease, right-of-use asset) | 2,116 | 2,004 | 1,293 | 1,075 | 937 | 816 | |
| Long-term Activity Ratio | |||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 7.46 | 6.42 | 8.64 | 8.40 | 7.79 | 7.17 | |
| Benchmarks | |||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | |||||||
| Accenture PLC | 10.48 | 9.37 | 31.06 | 32.91 | 32.23 | 36.38 | |
| Automatic Data Processing Inc. | 13.09 | 12.18 | 18.55 | 16.79 | 15.87 | 17.03 | |
| International Business Machines Corp. | 6.43 | 5.00 | 5.14 | 7.38 | 7.12 | — | |
| Intuit Inc. | 8.30 | 8.00 | 8.70 | 7.34 | 5.03 | 4.55 | |
| Mastercard Inc. | 9.90 | 8.04 | 9.24 | 16.23 | 15.07 | — | |
| Microsoft Corp. | 2.37 | 2.70 | 2.87 | 3.05 | 3.79 | 4.65 | |
| Oracle Corp. | 4.20 | 4.74 | 6.32 | 6.75 | 7.10 | — | |
| PayPal Holdings Inc. | 9.88 | 8.53 | 8.18 | 8.96 | 8.57 | — | |
| Salesforce Inc. | 3.75 | 3.16 | 6.48 | 5.38 | 4.69 | — | |
| ServiceNow Inc. | 4.34 | 4.06 | 3.98 | 7.51 | 7.89 | — | |
| Visa Inc. | 7.46 | 6.73 | 8.53 | 8.34 | 8.15 | 7.01 | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | |||||||
| Software & Services | 3.99 | 4.20 | 4.97 | 5.67 | 6.37 | — | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | |||||||
| Information Technology | 3.94 | 3.74 | 4.16 | 4.57 | 4.85 | — | |
Based on: 10-K (reporting date: 2021-12-03), 10-K (reporting date: 2020-11-27), 10-K (reporting date: 2019-11-29), 10-K (reporting date: 2018-11-30), 10-K (reporting date: 2017-12-01), 10-K (reporting date: 2016-12-02).
1 2021 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset) = Revenue ÷ Property and equipment, net (including operating lease, right-of-use asset)
= 15,785 ÷ 2,116 = 7.46
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. net fixed asset turnover ratio (with operating lease, right-of-use asset) deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021. |
Total Asset Turnover
Adobe Inc., total asset turnover calculation, comparison to benchmarks
| Dec 3, 2021 | Nov 27, 2020 | Nov 29, 2019 | Nov 30, 2018 | Dec 1, 2017 | Dec 2, 2016 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Revenue | 15,785 | 12,868 | 11,171 | 9,030 | 7,302 | 5,854 | |
| Total assets | 27,241 | 24,284 | 20,762 | 18,769 | 14,536 | 12,707 | |
| Long-term Activity Ratio | |||||||
| Total asset turnover1 | 0.58 | 0.53 | 0.54 | 0.48 | 0.50 | 0.46 | |
| Benchmarks | |||||||
| Total Asset Turnover, Competitors2 | |||||||
| Accenture PLC | 1.17 | 1.20 | 1.45 | 1.70 | 1.62 | 1.69 | |
| Automatic Data Processing Inc. | 0.31 | 0.37 | 0.34 | 0.36 | 0.33 | 0.27 | |
| International Business Machines Corp. | 0.43 | 0.47 | 0.51 | 0.65 | 0.63 | — | |
| Intuit Inc. | 0.62 | 0.70 | 1.08 | 1.15 | 1.27 | 1.10 | |
| Mastercard Inc. | 0.50 | 0.46 | 0.58 | 0.60 | 0.59 | — | |
| Microsoft Corp. | 0.50 | 0.47 | 0.44 | 0.43 | 0.37 | 0.44 | |
| Oracle Corp. | 0.31 | 0.34 | 0.36 | 0.29 | 0.28 | — | |
| PayPal Holdings Inc. | 0.33 | 0.30 | 0.35 | 0.36 | 0.32 | — | |
| Salesforce Inc. | 0.32 | 0.31 | 0.43 | 0.50 | 0.48 | — | |
| ServiceNow Inc. | 0.55 | 0.52 | 0.57 | 0.67 | 0.57 | — | |
| Visa Inc. | 0.29 | 0.27 | 0.32 | 0.30 | 0.27 | 0.24 | |
| Total Asset Turnover, Sector | |||||||
| Software & Services | 0.45 | 0.45 | 0.47 | 0.47 | 0.44 | — | |
| Total Asset Turnover, Industry | |||||||
| Information Technology | 0.58 | 0.54 | 0.55 | 0.56 | 0.49 | — | |
Based on: 10-K (reporting date: 2021-12-03), 10-K (reporting date: 2020-11-27), 10-K (reporting date: 2019-11-29), 10-K (reporting date: 2018-11-30), 10-K (reporting date: 2017-12-01), 10-K (reporting date: 2016-12-02).
1 2021 Calculation
Total asset turnover = Revenue ÷ Total assets
= 15,785 ÷ 27,241 = 0.58
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. total asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level. |
Equity Turnover
Adobe Inc., equity turnover calculation, comparison to benchmarks
| Dec 3, 2021 | Nov 27, 2020 | Nov 29, 2019 | Nov 30, 2018 | Dec 1, 2017 | Dec 2, 2016 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Revenue | 15,785 | 12,868 | 11,171 | 9,030 | 7,302 | 5,854 | |
| Stockholders’ equity | 14,797 | 13,264 | 10,530 | 9,362 | 8,460 | 7,425 | |
| Long-term Activity Ratio | |||||||
| Equity turnover1 | 1.07 | 0.97 | 1.06 | 0.96 | 0.86 | 0.79 | |
| Benchmarks | |||||||
| Equity Turnover, Competitors2 | |||||||
| Accenture PLC | 2.59 | 2.61 | 3.00 | 4.01 | 4.11 | 4.61 | |
| Automatic Data Processing Inc. | 2.65 | 2.54 | 2.63 | 3.85 | 3.11 | 2.60 | |
| International Business Machines Corp. | 3.03 | 3.57 | 3.70 | 4.74 | 4.50 | — | |
| Intuit Inc. | 0.98 | 1.50 | 1.81 | 2.53 | 3.82 | 4.04 | |
| Mastercard Inc. | 2.58 | 2.39 | 2.86 | 2.77 | 2.29 | — | |
| Microsoft Corp. | 1.18 | 1.21 | 1.23 | 1.33 | 1.24 | 1.19 | |
| Oracle Corp. | 7.73 | 3.24 | 1.81 | 0.87 | 0.70 | — | |
| PayPal Holdings Inc. | 1.17 | 1.07 | 1.05 | 1.00 | 0.82 | — | |
| Salesforce Inc. | 0.51 | 0.50 | 0.85 | 1.12 | 1.12 | — | |
| ServiceNow Inc. | 1.60 | 1.59 | 1.63 | 2.35 | 3.31 | — | |
| Visa Inc. | 0.64 | 0.60 | 0.66 | 0.61 | 0.56 | 0.46 | |
| Equity Turnover, Sector | |||||||
| Software & Services | 1.38 | 1.43 | 1.54 | 1.54 | 1.41 | — | |
| Equity Turnover, Industry | |||||||
| Information Technology | 1.62 | 1.59 | 1.60 | 1.58 | 1.27 | — | |
Based on: 10-K (reporting date: 2021-12-03), 10-K (reporting date: 2020-11-27), 10-K (reporting date: 2019-11-29), 10-K (reporting date: 2018-11-30), 10-K (reporting date: 2017-12-01), 10-K (reporting date: 2016-12-02).
1 2021 Calculation
Equity turnover = Revenue ÷ Stockholders’ equity
= 15,785 ÷ 14,797 = 1.07
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. equity turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level. |