Stock Analysis on Net

Alphabet Inc. (NASDAQ:GOOG)

Analysis of Long-term (Investment) Activity Ratios 

Microsoft Excel

Long-term Activity Ratios (Summary)

Alphabet Inc., long-term (investment) activity ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net fixed asset turnover 2.29 2.51 2.64 2.15 2.20
Net fixed asset turnover (including operating lease, right-of-use asset) 2.07 2.23 2.33 1.88 1.91
Total asset turnover 0.76 0.77 0.72 0.57 0.59
Equity turnover 1.08 1.10 1.02 0.82 0.80

Based on: 10-K (reporting date: 2023-12-31), 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).

Long-term activity ratio Description The company
Net fixed asset turnover An activity ratio calculated as total revenue divided by net fixed assets. Alphabet Inc. net fixed asset turnover ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
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). Alphabet Inc. net fixed asset turnover ratio (with operating lease, right-of-use asset) deteriorated from 2021 to 2022 and from 2022 to 2023.
Total asset turnover An activity ratio calculated as total revenue divided by total assets. Alphabet Inc. total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.
Equity turnover An activity ratio calculated as total revenue divided by shareholders’ equity. Alphabet Inc. equity turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Net Fixed Asset Turnover

Alphabet Inc., net fixed asset turnover calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Revenues 307,394 282,836 257,637 182,527 161,857
Property and equipment, net 134,345 112,668 97,599 84,749 73,646
Long-term Activity Ratio
Net fixed asset turnover1 2.29 2.51 2.64 2.15 2.20
Benchmarks
Net Fixed Asset Turnover, Competitors2
Comcast Corp. 2.04 2.19 2.15 1.99 2.25
Meta Platforms Inc. 1.40 1.47 2.04 1.88 2.00
Netflix Inc. 22.61 22.61 22.44 26.03 35.66
Walt Disney Co. 2.52 2.44 2.05 2.02 2.19
Net Fixed Asset Turnover, Sector
Media & Entertainment 2.10 2.24 2.42 2.14 2.27
Net Fixed Asset Turnover, Industry
Communication Services 1.68 1.73 1.90 1.72 1.81

Based on: 10-K (reporting date: 2023-12-31), 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).

1 2023 Calculation
Net fixed asset turnover = Revenues ÷ Property and equipment, net
= 307,394 ÷ 134,345 = 2.29

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. Alphabet Inc. net fixed asset turnover ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)

Alphabet Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Revenues 307,394 282,836 257,637 182,527 161,857
 
Property and equipment, net 134,345 112,668 97,599 84,749 73,646
Operating lease assets 14,091 14,381 12,959 12,211 10,941
Property and equipment, net (including operating lease, right-of-use asset) 148,436 127,049 110,558 96,960 84,587
Long-term Activity Ratio
Net fixed asset turnover (including operating lease, right-of-use asset)1 2.07 2.23 2.33 1.88 1.91
Benchmarks
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2
Comcast Corp. 1.86 1.98 1.92 1.86 2.08
Meta Platforms Inc. 1.23 1.26 1.69 1.56 1.58
Netflix Inc. 9.45 8.72 7.88 8.34 9.61
Walt Disney Co. 2.25 2.18 1.83 1.81 2.19
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector
Media & Entertainment 1.87 1.97 2.09 1.87 2.00
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry
Communication Services 1.42 1.43 1.54 1.41 1.52

Based on: 10-K (reporting date: 2023-12-31), 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).

1 2023 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset) = Revenues ÷ Property and equipment, net (including operating lease, right-of-use asset)
= 307,394 ÷ 148,436 = 2.07

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). Alphabet Inc. net fixed asset turnover ratio (with operating lease, right-of-use asset) deteriorated from 2021 to 2022 and from 2022 to 2023.

Total Asset Turnover

Alphabet Inc., total asset turnover calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Revenues 307,394 282,836 257,637 182,527 161,857
Total assets 402,392 365,264 359,268 319,616 275,909
Long-term Activity Ratio
Total asset turnover1 0.76 0.77 0.72 0.57 0.59
Benchmarks
Total Asset Turnover, Competitors2
Comcast Corp. 0.46 0.47 0.42 0.38 0.41
Meta Platforms Inc. 0.59 0.63 0.71 0.54 0.53
Netflix Inc. 0.69 0.65 0.67 0.64 0.59
Walt Disney Co. 0.43 0.41 0.33 0.32 0.36
Total Asset Turnover, Sector
Media & Entertainment 0.60 0.60 0.56 0.47 0.48
Total Asset Turnover, Industry
Communication Services 0.48 0.47 0.45 0.41 0.43

Based on: 10-K (reporting date: 2023-12-31), 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).

1 2023 Calculation
Total asset turnover = Revenues ÷ Total assets
= 307,394 ÷ 402,392 = 0.76

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. Alphabet Inc. total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Equity Turnover

Alphabet Inc., equity turnover calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Revenues 307,394 282,836 257,637 182,527 161,857
Stockholders’ equity 283,379 256,144 251,635 222,544 201,442
Long-term Activity Ratio
Equity turnover1 1.08 1.10 1.02 0.82 0.80
Benchmarks
Equity Turnover, Competitors2
Comcast Corp. 1.47 1.50 1.21 1.15 1.32
Meta Platforms Inc. 0.88 0.93 0.94 0.67 0.70
Netflix Inc. 1.64 1.52 1.87 2.26 2.66
Walt Disney Co. 0.90 0.87 0.76 0.78 0.78
Equity Turnover, Sector
Media & Entertainment 1.07 1.10 1.02 0.86 0.90
Equity Turnover, Industry
Communication Services 1.14 1.16 1.09 1.00 1.04

Based on: 10-K (reporting date: 2023-12-31), 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).

1 2023 Calculation
Equity turnover = Revenues ÷ Stockholders’ equity
= 307,394 ÷ 283,379 = 1.08

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. Alphabet Inc. equity turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.