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: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio exhibits a generally increasing trend from March 2022 through March 2025. Starting at 38.27 in March 2022, the ratio rises steadily, peaking at 81.39 in March 2025. This indicates an improving efficiency in utilizing net fixed assets to generate revenue over the analyzed periods. Some minor fluctuations occur in the fourth quarters of 2022 and 2023 where the ratio slightly decreases but then recovers in subsequent quarters.
- Net Fixed Asset Turnover Including Operating Lease, Right-of-Use Asset
- This ratio similarly shows an upward trajectory with more pronounced growth from March 2022 to December 2024. Beginning at 13.98 in March 2022, it increases to a high point of 41.37 in September 2024, followed by a slight decline in December 2024 and March 2025, where it stands at 38.15 and 40.55 respectively. The inclusion of operating lease assets seems to moderate the fluctuations compared to the net fixed asset turnover alone, maintaining a more consistent growth pattern.
- Total Asset Turnover
- The total asset turnover ratio fluctuates within a narrower range, starting at 0.44 in March 2022 and varying between 0.39 and 0.53 during the analyzed quarters. There is an overall slight improvement towards the end of 2024 with a peak at 0.53 in September 2024. However, the ratio declines again to 0.45 by March 2025. This suggests that while asset utilization efficiency shows some periodic improvement, it remains relatively stable without a strong upward or downward trend.
- Equity Turnover
- Equity turnover displays a pattern of growth from March 2022 through June 2023, increasing from 1.25 to a peak of 1.80. This growth is followed by a notable decline to 1.05 in December 2023, marking a significant deviation from the earlier upward trend. After this trough, the ratio gradually recovers, rising to 1.42 by March 2025. The fluctuations indicate variability in how effectively the company is utilizing shareholders’ equity to generate revenue, with periods of both strength and relative weakness.
Net Fixed Asset Turnover
Airbnb Inc., net fixed asset turnover calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Revenue | 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) | 1,532) | 2,237) | 1,335) | 887) | ||||||
| Property and equipment, net | 138) | 147) | 166) | 170) | 171) | 160) | 147) | 132) | 122) | 121) | 118) | 118) | 143) | 157) | 174) | 193) | 211) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||
| Net fixed asset turnover1 | 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 | 38.27 | — | — | — | ||||||
| Benchmarks | |||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||
| Booking Holdings Inc. | 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 | 13.33 | 12.09 | 9.60 | 7.70 | ||||||
| Chipotle Mexican Grill Inc. | 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 | 4.27 | 4.18 | 4.11 | 3.91 | ||||||
| DoorDash, Inc. | 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 | 12.16 | — | — | — | ||||||
| McDonald’s Corp. | 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 | 0.94 | 0.92 | 0.88 | 0.80 | ||||||
| Starbucks Corp. | 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 | 4.56 | 4.41 | 3.89 | 3.75 | ||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q1 2025 Calculation
Net fixed asset turnover
= (RevenueQ1 2025
+ RevenueQ4 2024
+ RevenueQ3 2024
+ RevenueQ2 2024)
÷ Property and equipment, net
= (2,272 + 2,480 + 3,732 + 2,748)
÷ 138 = 81.39
2 Click competitor name to see calculations.
- Revenue Trends
- The revenue exhibits a clear pattern of quarter-over-quarter growth interspersed with seasonal fluctuations. Starting from 887 million US dollars in March 2021, revenue shows substantial increases reaching a peak near the end of 2023 and further into 2024, with the highest quarterly revenue recorded at 3,732 million US dollars in September 2024. Notably, revenue tends to decline slightly in the first quarter of each year, followed by a strong rebound in subsequent quarters. This cyclical behavior suggests seasonality in business performance, with the second and third quarters typically delivering higher revenues than the first.
- Property and Equipment, Net
- The net value of property and equipment demonstrates a generally downward trend from 211 million US dollars in the first quarter of 2021 to 138 million US dollars by the first quarter of 2025. This decline indicates either ongoing depreciation exceeding acquisitions or reduced capital expenditure in these fixed assets over time. There are minor fluctuations, such as slight increases in late 2023 and early 2024, but the overarching pattern suggests a reduction in the asset base related to property and equipment.
- Net Fixed Asset Turnover Ratio
- This ratio, which measures revenue generated per unit of net fixed assets, shows a significant upward trend beginning from a value of 38.27 in September 2021 and steadily increasing to 81.39 by March 2025. This improvement represents enhanced efficiency in utilizing fixed assets to generate revenue. The rising turnover implies that the company is either generating increasing revenue from a shrinking fixed asset base or is successfully leveraging its assets to drive growth without proportionate increases in property and equipment holdings.
- Overall Financial Insights
- The combined analysis of revenue growth, declining net property and equipment, and increasing net fixed asset turnover ratio suggests a strategic shift towards asset-light operational models or improved asset utilization. The company's capacity to generate higher revenues with relatively fewer fixed assets implies operational efficiencies or an increased focus on platforms and services that require less heavy capital investment. The evident seasonality in revenue underscores the importance of managing working capital and resources to align with cyclical demand patterns.
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)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Revenue | 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) | 1,532) | 2,237) | 1,335) | 887) | ||||||
| Property and equipment, net | 138) | 147) | 166) | 170) | 171) | 160) | 147) | 132) | 122) | 121) | 118) | 118) | 143) | 157) | 174) | 193) | 211) | ||||||
| Operating lease right-of-use assets | 139) | 144) | 96) | 103) | 111) | 119) | 123) | 131) | 138) | 138) | 154) | 165) | 263) | 272) | 280) | 289) | 301) | ||||||
| Property and equipment, net (including operating lease, right-of-use asset) | 277) | 291) | 262) | 273) | 282) | 279) | 270) | 263) | 260) | 259) | 273) | 283) | 406) | 429) | 454) | 482) | 512) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 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 | 13.98 | — | — | — | ||||||
| Benchmarks | |||||||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | |||||||||||||||||||||||
| Booking Holdings Inc. | 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 | 8.31 | 7.63 | 5.96 | 4.65 | ||||||
| Chipotle Mexican Grill Inc. | 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 | 1.54 | 1.49 | 1.48 | 1.41 | ||||||
| DoorDash, Inc. | 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 | 6.62 | — | — | — | ||||||
| Starbucks Corp. | 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 | 1.99 | 1.91 | 1.68 | 1.61 | ||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q1 2025 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (RevenueQ1 2025
+ RevenueQ4 2024
+ RevenueQ3 2024
+ RevenueQ2 2024)
÷ Property and equipment, net (including operating lease, right-of-use asset)
= (2,272 + 2,480 + 3,732 + 2,748)
÷ 277 = 40.55
2 Click competitor name to see calculations.
- Revenue Trends
- Revenue exhibits a generally increasing pattern over the observed periods, with significant quarterly fluctuations. After an initial rise from US$887 million in March 2021 to a peak of US$2,237 million in September 2021, revenue drops sharply to US$1,532 million by December 2021. In 2022, revenue recovers and peaks again at US$2,884 million in September, followed by another decrease towards year-end. This cyclical behavior continues into 2023 and 2024, with highs achieved mostly in the third quarters, reaching as much as US$3,732 million in September 2024, the highest point in the dataset. However, the first quarters systematically record lower revenues compared to the third quarters, suggesting seasonality. By March 2025, there is a noticeable reduction to US$2,272 million, indicating a downward shift from the previous peak.
- Property and Equipment, Net
- The net value of property and equipment, including operating lease right-of-use assets, demonstrates a gradual decrease from US$512 million in March 2021 to a low of US$259 million in December 2021. This declining trend continues into 2022, stabilizing approximately in the range of US$260 to US$283 million throughout the subsequent quarters. From 2023 onward, values show minor fluctuations within a narrow band, ranging roughly between US$262 million and US$291 million, with no clear upward or downward trajectory. Overall, the data suggests significant asset disposals or amortization early on, followed by a relatively stable asset base.
- Net Fixed Asset Turnover Ratio
- This ratio, which measures revenue generated per unit of fixed assets, shows a notable upward trend from data availability starting September 2021. Beginning at 13.98, it steadily increases each quarter, implying improved efficiency in utilizing fixed assets to generate revenue. By March 2025, the ratio reaches 40.55, nearly tripling the initial observed value. This consistent rising trend points to enhanced operational leverage or possibly asset lightening strategies combined with growing revenues. The ratio’s steady increase alongside relatively stable asset values supports the conclusion of more effective asset utilization over time.
- Overall Insights
- Revenue growth is marked by strong seasonality, peaking in third quarters across multiple years. The asset base decreased significantly early in the series and stabilized thereafter, while asset utilization efficiency improved markedly throughout the period. These combined factors suggest a strategic focus on maximizing revenue generation from a relatively stable asset base with effective operational improvements. The recent slight decline in revenue in early 2025 may warrant attention to assess underlying causes and inform future projections.
Total Asset Turnover
Airbnb Inc., total asset turnover calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Revenue | 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) | 1,532) | 2,237) | 1,335) | 887) | ||||||
| Total assets | 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) | 13,708) | 13,582) | 15,485) | 12,339) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||
| Total asset turnover1 | 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 | 0.44 | — | — | — | ||||||
| Benchmarks | |||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||
| Booking Holdings Inc. | 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 | 0.46 | 0.39 | 0.30 | 0.24 | ||||||
| Chipotle Mexican Grill Inc. | 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 | 1.13 | 1.09 | 1.08 | 1.03 | ||||||
| DoorDash, Inc. | 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 | 0.72 | — | — | — | ||||||
| McDonald’s Corp. | 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 | 0.43 | 0.43 | 0.42 | 0.38 | ||||||
| Starbucks Corp. | 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 | 0.93 | 0.92 | 0.84 | 0.77 | ||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q1 2025 Calculation
Total asset turnover
= (RevenueQ1 2025
+ RevenueQ4 2024
+ RevenueQ3 2024
+ RevenueQ2 2024)
÷ Total assets
= (2,272 + 2,480 + 3,732 + 2,748)
÷ 25,056 = 0.45
2 Click competitor name to see calculations.
The analysis of the quarterly financial data indicates several notable trends in revenue, total assets, and total asset turnover ratios over the reporting periods.
- Revenue
- Revenue exhibits pronounced seasonality and overall growth with fluctuations aligning to specific quarters. Starting at 887 million USD in March 2021, there is a significant surge by September 2021 reaching 2,237 million USD, showing strong mid-year performance. However, revenue dips in the fourth quarter of 2021 and the first quarter of 2022, stabilizing around 1,500 to 1,900 million USD in early 2022. Mid-2022 onwards, revenue again strengthens, peaking at 3,732 million USD in September 2024, the highest in the dataset. This pattern of rises and falls suggests a cyclical business rhythm with an upward trajectory in revenue growth over the analyzed period, albeit with recurring quarterly declines.
- Total Assets
- Total assets consistently increase over the entire period, evidencing ongoing asset accumulation. From 12,339 million USD in March 2021, total assets rise to 25,056 million USD by March 2025. Although there are some fluctuations, notably a decline in late 2022 and 2023 quarters, the general trend points towards expansion in the asset base. This growth supports the increasing operational scale and likely strategic investments or acquisitions.
- Total Asset Turnover
- The total asset turnover ratio, available from late 2021, fluctuates between approximately 0.39 and 0.53, indicating moderate efficiency in utilizing assets to generate revenue. Periods of higher turnover, such as 0.52 in December 2021 and 0.53 in December 2024, suggest better asset utilization efficiency, whereas lower points near 0.39 between March and September 2022 imply relatively less efficient use of assets during those quarters. The ratio does not show a clear upward or downward trend but varies cyclically alongside revenue and asset changes, reflecting shifts in operational efficiency in correlation with asset adjustments and revenue cycles.
In summary, the data reveal a company with growing revenue and assets over time, displaying cyclical revenue variations and corresponding fluctuations in asset utilization efficiency. The general trend points toward expansion and recurring seasonal performance patterns without a consistent improvement in asset turnover ratio, indicating potential areas for enhanced efficiency in converting assets into revenue.
Equity Turnover
Airbnb Inc., equity turnover calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Revenue | 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) | 1,532) | 2,237) | 1,335) | 887) | ||||||
| Stockholders’ equity | 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) | 4,776) | 4,449) | 3,393) | 3,159) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||
| Equity turnover1 | 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 | 1.25 | — | — | — | ||||||
| Benchmarks | |||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||
| Booking Holdings Inc. | — | — | — | — | — | — | — | — | 16.92 | 6.14 | 4.37 | 3.66 | 2.86 | 1.77 | 1.66 | 1.50 | 1.19 | ||||||
| Chipotle Mexican Grill Inc. | 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 | 3.29 | 3.11 | 3.15 | 3.01 | ||||||
| DoorDash, Inc. | 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 | 1.05 | — | — | — | ||||||
| McDonald’s Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Starbucks Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q1 2025 Calculation
Equity turnover
= (RevenueQ1 2025
+ RevenueQ4 2024
+ RevenueQ3 2024
+ RevenueQ2 2024)
÷ Stockholders’ equity
= (2,272 + 2,480 + 3,732 + 2,748)
÷ 7,937 = 1.42
2 Click competitor name to see calculations.
The quarterly financial data reveals notable fluctuations and trends in key financial metrics over the observed periods.
- Revenue
- The revenue figures exhibit a generally increasing trend with marked seasonality. Initial quarters in 2021 show a progressive increase from 887 million US dollars in March to a peak of 2,237 million in September, followed by a decline towards the end of the year. This seasonal pattern repeats in subsequent years, with peaks typically occurring in the third quarter. The highest revenue recorded is 3,732 million US dollars in September 2024, indicating significant growth compared to earlier periods. Despite occasional declines in certain quarters, the overall trajectory suggests expansion and variability aligned with seasonal demand.
- Stockholders’ Equity
- The stockholders’ equity demonstrates a generally upward trend until late 2023, rising from 3,159 million US dollars in March 2021 to a peak of 9,123 million in September 2023. After this peak, a notable decline appears, with values dropping to 7,937 million by March 2025. This pattern indicates an initial phase of growth and capital accumulation, followed by a partial reduction in equity, which could be associated with share repurchases, distributions, or losses over the later period.
- Equity Turnover Ratio
- The equity turnover ratio, available from December 2021 onwards, reflects the efficiency with which the company utilizes equity to generate revenue. The ratio progresses from 1.25 in December 2021 to a high of 1.80 in September 2023, signaling improved operational efficiency. However, after this peak, the ratio declines to 1.05 in December 2023, then stabilizes in the range of 1.21 to 1.42 through early 2025. This pattern suggests variability in operational efficiency, with a peak period followed by a decline and subsequent stabilization.
In summary, the financial data reveals robust revenue growth with seasonal patterns, an initial strengthening of stockholders' equity followed by a correction, and fluctuating operational efficiency as measured by equity turnover. These insights delineate phases of expansion, market seasonality, and adjustments in capital management over the covered timeframe.