Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
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)
Airbnb Inc., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
An analysis of long-term activity ratios indicates a general trend of increasing asset efficiency, characterized by a significant improvement in the ability to generate revenue from fixed assets over the observed period.
- Net Fixed Asset Turnover
- A strong upward trajectory is observed, starting from 46.34 in March 2022 and peaking at 114.40 by December 2025. While a period of moderation occurred throughout 2023, where the ratio declined from 71.38 in March to 61.98 in December, the subsequent recovery was aggressive. The sharp increase through 2024 and 2025 suggests a substantial increase in revenue generation relative to the net investment in fixed assets.
- Net Fixed Asset Turnover Including Operating Leases
- This metric exhibits a more stable and consistent growth pattern compared to the standard fixed asset turnover. The ratio rose from 16.30 in March 2022 to 47.63 by December 2025. The growth was most pronounced between March 2022 and March 2023, followed by a steady, incremental rise, indicating a disciplined expansion of the asset base inclusive of right-of-use assets.
- Total Asset Turnover
- Total asset efficiency remains relatively stable with a slight positive bias and visible seasonality. The ratio fluctuates within a narrow band between 0.39 and 0.55. Periodic peaks are consistently observed at the end of the calendar year, specifically in December 2022 (0.52), December 2023 (0.48), and December 2025 (0.55), suggesting cyclical peaks in revenue generation relative to the total asset base.
- Equity Turnover
- Equity utilization shows a general trend of growth, though it is marked by a significant volatility event in late 2023. After reaching a peak of 1.80 in June 2023, the ratio dropped sharply to 1.05 in September 2023. However, a recovery phase followed, with the ratio climbing steadily to 1.69 by June 2026, indicating improved efficiency in utilizing shareholder equity to drive sales.
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Net Fixed Asset Turnover
Airbnb Inc., net fixed asset turnover calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Revenue | 3,608) | 2,678) | 2,778) | 4,095) | 3,096) | 2,272) | 2,480) | 3,732) | 2,748) | 2,142) | 2,218) | 3,397) | 2,484) | 1,818) | 1,902) | 2,884) | 2,104) | 1,509) | ||||||
| Property and equipment, net | —) | —) | 107) | 122) | 132) | 138) | 147) | 166) | 170) | 171) | 160) | 147) | 132) | 122) | 121) | 118) | 118) | 143) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Net fixed asset turnover1 | — | — | 114.40 | 97.89 | 87.73 | 81.39 | 75.52 | 65.30 | 61.79 | 59.89 | 61.98 | 65.31 | 68.85 | 71.38 | 69.41 | 67.78 | 62.54 | 46.34 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||
| Booking Holdings Inc. | 36.82 | 35.32 | 33.35 | 31.87 | 29.51 | 28.11 | 28.53 | 26.14 | 25.60 | 27.33 | 27.25 | 28.14 | 26.42 | 26.00 | 25.55 | 18.23 | 17.07 | 14.82 | ||||||
| Chipotle Mexican Grill Inc. | 4.33 | 4.39 | 4.45 | 4.54 | 4.62 | 4.71 | 4.73 | 4.73 | 4.71 | 4.63 | 4.55 | 4.56 | 4.59 | 4.53 | 4.43 | 4.50 | 4.49 | 4.40 | ||||||
| DoorDash, Inc. | 12.75 | 12.89 | 12.86 | 12.95 | 13.13 | 13.29 | 13.78 | 13.85 | 13.71 | 12.93 | 12.13 | 11.81 | 11.35 | 10.92 | 10.33 | 10.31 | 10.66 | 11.58 | ||||||
| McDonald’s Corp. | 0.97 | 0.97 | 0.95 | 0.96 | 0.96 | 1.00 | 1.02 | 1.01 | 1.04 | 1.04 | 1.02 | 1.05 | 1.00 | 0.98 | 0.98 | 1.02 | 1.01 | 0.97 | ||||||
| Starbucks Corp. | 5.35 | 5.10 | 4.38 | 4.13 | 4.12 | 4.16 | 4.17 | 4.51 | 4.67 | 4.82 | 4.87 | 4.96 | 4.99 | 4.91 | 4.92 | 4.99 | 4.85 | 4.75 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q2 2026 Calculation
Net fixed asset turnover
= (RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025)
÷ Property and equipment, net
= (3,608 + 2,678 + 2,778 + 4,095)
÷ 0 = —
2 Click competitor name to see calculations.
The net fixed asset turnover ratio demonstrates a significant long-term upward trajectory, reflecting a substantial increase in the efficiency of fixed asset utilization to generate revenue.
- Initial Growth Phase (March 2022 – March 2023)
- A period of rapid acceleration is observed, where the ratio rose from 46.34 to 71.38. This increase was primarily driven by strong revenue growth while the net property and equipment base remained relatively stable, fluctuating within a narrow range between 118 and 143 million US$.
- Consolidation Phase (March 2023 – March 2024)
- The ratio experienced a moderate correction, declining from 71.38 to a low of 59.89. This trend aligns with an increase in net property and equipment investments, which peaked at 171 million US$ in March 2024, momentarily offsetting the gains in revenue.
- Expansion and Efficiency Phase (March 2024 – December 2025)
- A sustained and steep increase in turnover is evident, with the ratio climbing to a peak of 114.40 by December 2025. This trend is characterized by a combination of expanding quarterly revenue peaks and a steady reduction in the net fixed asset base, which declined from 171 million US$ to 107 million US$ over the period.
The overall pattern indicates an asset-light operational strategy. The widening divergence between rising revenue and a shrinking net fixed asset base suggests that the company is scaling its operations without requiring proportional increases in physical infrastructure, thereby maximizing the productivity of its existing investment base.
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Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Airbnb Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Revenue | 3,608) | 2,678) | 2,778) | 4,095) | 3,096) | 2,272) | 2,480) | 3,732) | 2,748) | 2,142) | 2,218) | 3,397) | 2,484) | 1,818) | 1,902) | 2,884) | 2,104) | 1,509) | ||||||
| Property and equipment, net | —) | —) | 107) | 122) | 132) | 138) | 147) | 166) | 170) | 171) | 160) | 147) | 132) | 122) | 121) | 118) | 118) | 143) | ||||||
| Operating lease right-of-use assets | —) | —) | 150) | 150) | 144) | 139) | 144) | 96) | 103) | 111) | 119) | 123) | 131) | 138) | 138) | 154) | 165) | 263) | ||||||
| Property and equipment, net (including operating lease, right-of-use asset) | —) | —) | 257) | 272) | 276) | 277) | 291) | 262) | 273) | 282) | 279) | 270) | 263) | 260) | 259) | 273) | 283) | 406) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | — | — | 47.63 | 43.91 | 41.96 | 40.55 | 38.15 | 41.37 | 38.48 | 36.32 | 35.54 | 35.56 | 34.55 | 33.49 | 32.43 | 29.45 | 26.12 | 16.30 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||||||||||||||||||||
| Booking Holdings Inc. | 20.75 | 19.90 | 18.71 | 18.31 | 17.37 | 17.06 | 17.07 | 15.55 | 14.81 | 14.99 | 14.35 | 14.99 | 14.43 | 13.76 | 13.01 | 12.51 | 11.24 | 9.40 | ||||||
| Chipotle Mexican Grill Inc. | 1.63 | 1.64 | 1.67 | 1.69 | 1.73 | 1.76 | 1.77 | 1.75 | 1.77 | 1.74 | 1.72 | 1.69 | 1.70 | 1.69 | 1.64 | 1.62 | 1.62 | 1.59 | ||||||
| DoorDash, Inc. | 9.35 | 9.32 | 9.12 | 9.21 | 9.17 | 9.14 | 9.19 | 9.12 | 8.88 | 7.90 | 7.52 | 7.44 | 7.03 | 6.69 | 6.14 | 5.92 | 5.90 | 6.51 | ||||||
| Starbucks Corp. | 2.50 | 2.41 | 2.09 | 1.99 | 1.99 | 2.00 | 2.02 | 2.16 | 2.21 | 2.26 | 2.28 | 2.30 | 2.26 | 2.22 | 2.21 | 2.21 | 2.14 | 2.08 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q2 2026 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025)
÷ Property and equipment, net (including operating lease, right-of-use asset)
= (3,608 + 2,678 + 2,778 + 4,095)
÷ 0 = —
2 Click competitor name to see calculations.
Analysis of the net fixed asset turnover indicates a sustained increase in operational efficiency from March 2022 through December 2025. The turnover ratio rose from 16.30 to 47.63, reflecting a significant improvement in the capacity to generate revenue from the existing fixed asset base, including right-of-use assets.
- Revenue Growth and Seasonality
- Revenue exhibits a pronounced seasonal pattern, with peak performance consistently occurring in the third quarter of each year. Annual peaks grew steadily from US$ 2,884 million in September 2022 to US$ 4,095 million in September 2025. This consistent expansion of the top line serves as the primary driver for the increasing turnover ratio.
- Fixed Asset Stability
- Net property and equipment, inclusive of operating lease right-of-use assets, remained relatively stable following an initial decline in early 2022. Between December 2022 and December 2025, asset values fluctuated within a narrow range between US$ 257 million and US$ 291 million. This stability indicates an asset-light operational strategy where revenue growth is achieved without requiring proportional increases in physical infrastructure.
- Net Fixed Asset Turnover Trends
- The turnover ratio demonstrates a consistent upward trajectory, nearly tripling over the analyzed period. The progression from 16.30 in March 2022 to 47.63 by December 2025 suggests a highly scalable business model. The acceleration of this ratio confirms that the company is extracting substantially more value from its fixed investments over time, enhancing overall asset productivity.
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Total Asset Turnover
Airbnb Inc., total asset turnover calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Revenue | 3,608) | 2,678) | 2,778) | 4,095) | 3,096) | 2,272) | 2,480) | 3,732) | 2,748) | 2,142) | 2,218) | 3,397) | 2,484) | 1,818) | 1,902) | 2,884) | 2,104) | 1,509) | ||||||
| Total assets | 28,754) | 26,828) | 22,208) | 23,064) | 26,992) | 25,056) | 20,959) | 22,172) | 26,320) | 24,537) | 20,645) | 21,439) | 21,188) | 20,018) | 16,038) | 16,077) | 19,059) | 17,068) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Total asset turnover1 | 0.46 | 0.47 | 0.55 | 0.52 | 0.43 | 0.45 | 0.53 | 0.49 | 0.40 | 0.42 | 0.48 | 0.45 | 0.43 | 0.44 | 0.52 | 0.50 | 0.39 | 0.39 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||
| Booking Holdings Inc. | 0.95 | 1.00 | 0.92 | 0.91 | 0.82 | 0.89 | 0.86 | 0.82 | 0.78 | 0.79 | 0.88 | 0.80 | 0.73 | 0.72 | 0.67 | 0.73 | 0.60 | 0.56 | ||||||
| Chipotle Mexican Grill Inc. | 1.40 | 1.38 | 1.33 | 1.27 | 1.25 | 1.27 | 1.23 | 1.22 | 1.20 | 1.21 | 1.23 | 1.21 | 1.23 | 1.27 | 1.25 | 1.23 | 1.24 | 1.21 | ||||||
| DoorDash, Inc. | 0.81 | 0.75 | 0.70 | 0.70 | 0.70 | 0.83 | 0.83 | 0.83 | 0.81 | 0.80 | 0.80 | 0.81 | 0.80 | 0.74 | 0.67 | 0.63 | 0.57 | 0.77 | ||||||
| McDonald’s Corp. | 0.46 | 0.46 | 0.45 | 0.43 | 0.44 | 0.46 | 0.47 | 0.46 | 0.48 | 0.48 | 0.45 | 0.48 | 0.48 | 0.45 | 0.46 | 0.48 | 0.48 | 0.47 | ||||||
| Starbucks Corp. | 1.26 | 1.17 | 1.16 | 1.09 | 1.15 | 1.13 | 1.15 | 1.21 | 1.24 | 1.26 | 1.22 | 1.22 | 1.19 | 1.16 | 1.15 | 1.14 | 1.08 | 1.05 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q2 2026 Calculation
Total asset turnover
= (RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025)
÷ Total assets
= (3,608 + 2,678 + 2,778 + 4,095)
÷ 28,754 = 0.46
2 Click competitor name to see calculations.
The financial data reveals a distinct cyclical pattern in asset utilization, characterized by strong seasonal fluctuations in revenue that directly impact the total asset turnover ratio. While total assets have exhibited a general upward trajectory over the analyzed period, the efficiency with which these assets generate revenue fluctuates significantly across fiscal quarters.
- Revenue and Asset Correlation
- Revenue displays consistent quarterly seasonality, peaking in the third quarter of each year and reaching its lowest points in the first quarter. Total assets have grown from 17,068 million USD in March 2022 to 28,754 million USD by June 2026. The total asset turnover ratio closely tracks these revenue cycles, reaching its peak values during the second half of each calendar year.
- Asset Turnover Trends
- A recurring cyclical trend is observed where the turnover ratio declines during the first two quarters of the year and accelerates through the third and fourth quarters. Specifically, the ratio consistently reaches its annual peak in December, with a progressive increase in peak efficiency from 0.52 in December 2022 to 0.55 in December 2025.
- Operational Efficiency Analysis
- Despite the substantial increase in the asset base, the company has maintained a stable range of asset turnover, typically oscillating between 0.39 and 0.55. The expansion of total assets has been largely offset by commensurate growth in quarterly revenue, preventing a long-term degradation of asset efficiency and suggesting that the increase in the asset base is supporting higher revenue scales.
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Equity Turnover
Airbnb Inc., equity turnover calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Revenue | 3,608) | 2,678) | 2,778) | 4,095) | 3,096) | 2,272) | 2,480) | 3,732) | 2,748) | 2,142) | 2,218) | 3,397) | 2,484) | 1,818) | 1,902) | 2,884) | 2,104) | 1,509) | ||||||
| Stockholders’ equity | 7,799) | 7,636) | 8,199) | 8,610) | 7,782) | 7,937) | 8,412) | 8,488) | 8,002) | 7,896) | 8,165) | 9,123) | 5,059) | 5,291) | 5,560) | 5,540) | 5,245) | 4,737) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Equity turnover1 | 1.69 | 1.66 | 1.49 | 1.39 | 1.49 | 1.42 | 1.32 | 1.28 | 1.31 | 1.30 | 1.21 | 1.05 | 1.80 | 1.65 | 1.51 | 1.45 | 1.41 | 1.40 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||
| Booking Holdings Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | 16.92 | 6.14 | 4.37 | 3.66 | 2.86 | ||||||
| Chipotle Mexican Grill Inc. | 5.65 | 5.04 | 4.21 | 3.66 | 3.28 | 3.29 | 3.09 | 3.04 | 2.87 | 3.04 | 3.22 | 3.30 | 3.36 | 3.62 | 3.65 | 3.62 | 3.78 | 3.67 | ||||||
| DoorDash, Inc. | 1.60 | 1.44 | 1.37 | 1.33 | 1.33 | 1.34 | 1.37 | 1.34 | 1.34 | 1.30 | 1.27 | 1.24 | 1.20 | 1.10 | 0.97 | 0.89 | 0.76 | 1.13 | ||||||
| McDonald’s Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Starbucks Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q2 2026 Calculation
Equity turnover
= (RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025)
÷ Stockholders’ equity
= (3,608 + 2,678 + 2,778 + 4,095)
÷ 7,799 = 1.69
2 Click competitor name to see calculations.
The equity turnover ratio exhibits a cyclical pattern influenced by strong seasonal revenue fluctuations and a structural shift in the equity base. While revenue demonstrates a consistent year-over-year growth trajectory, the efficiency of equity utilization underwent a significant adjustment starting in the third quarter of 2023.
- Revenue Performance and Seasonality
- A recurring seasonal trend is evident, with revenue consistently peaking in the third quarter of each fiscal year. For instance, quarterly peaks rose from 2,884 million USD in September 2022 to 4,095 million USD by September 2025. This growth suggests a steady expansion of the top line, providing a strengthening numerator for the equity turnover calculation.
- Stockholders' Equity Dynamics
- The equity base remained relatively stable between 4.7 billion and 5.6 billion USD from March 2022 through June 2023. However, a substantial increase occurred in September 2023, where equity jumped to 9.123 billion USD. Following this spike, the equity base stabilized within a range of approximately 7.6 billion to 8.6 billion USD through June 2026, representing a higher permanent capital floor than in the initial period of analysis.
- Equity Turnover Ratio Trends
- The turnover ratio experienced an initial upward trend, peaking at 1.80 in June 2023. The sudden expansion of stockholders' equity in September 2023 caused a sharp contraction in the ratio to 1.05, the lowest point in the observed period. This indicates that the increase in equity momentarily outpaced revenue growth, reducing the asset-generating efficiency of the equity base.
- Recovery and Long-term Trajectory
- Following the 2023 trough, a recovery phase is observed as the ratio climbed back toward 1.69 by June 2026. The recent upward movement in the ratio, despite the larger equity base, suggests that revenue growth is successfully scaling to optimize the increased capital. The trend from December 2024 through June 2026 indicates a return to higher operational efficiency in utilizing stockholders' equity to generate sales.
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