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)
Alphabet Inc., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-09-30), 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).
A comprehensive review of the long-term activity ratios reveals a sustained decrease in asset utilization efficiency over the analyzed period. While performance remained relatively stable or declined gradually between early 2022 and late 2024, a pronounced acceleration in the downward trend is evident throughout 2025 and 2026.
- Net Fixed Asset Turnover
- A consistent and linear decline is observed in the net fixed asset turnover, falling from 2.59 in March 2022 to 1.26 by September 2026. This trend is mirrored in the ratio including operating lease right-of-use assets, which decreased from 2.31 to 1.20. The steady nature of this decline indicates that fixed asset growth has consistently outpaced revenue growth throughout the entire period.
- Total Asset Turnover
- Total asset turnover remained relatively stable from March 2022 through December 2024, fluctuating within a narrow range between 0.75 and 0.79. However, a sharp contraction began in March 2025, with the ratio falling to 0.47 by September 2026. This suggests a significant expansion of the overall asset base in the latter part of the period that has not yet translated into proportional revenue increases.
- Equity Turnover
- Equity turnover demonstrated strong stability for the first several years, maintaining a range between 1.06 and 1.11 until December 2024. Similar to the total asset turnover, a notable downturn occurred starting in March 2025, with the ratio dropping to 0.70 by September 2026. This reflects a diminishing efficiency of shareholder equity in generating revenue, likely coinciding with increased capital accumulation or investment.
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Net Fixed Asset Turnover
Alphabet Inc., net fixed asset turnover calculation (quarterly data)
| Sep 30, 2026 | 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) | |||||||||||||||||||||||||
| Revenues | 127,577) | 119,796) | 109,896) | 113,828) | 102,346) | 96,428) | 90,234) | 96,469) | 88,268) | 84,742) | 80,539) | 86,310) | 76,693) | 74,604) | 69,787) | 76,048) | 69,092) | 69,685) | 68,011) | ||||||
| Property and equipment, net | 372,827) | 321,212) | 281,020) | 246,597) | 223,787) | 203,231) | 185,062) | 171,036) | 161,270) | 151,155) | 143,182) | 134,345) | 125,705) | 121,208) | 117,560) | 112,668) | 108,363) | 106,223) | 104,218) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Net fixed asset turnover1 | 1.26 | 1.39 | 1.50 | 1.63 | 1.72 | 1.83 | 1.94 | 2.05 | 2.11 | 2.17 | 2.22 | 2.29 | 2.36 | 2.39 | 2.42 | 2.51 | 2.60 | 2.62 | 2.59 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||||
| Comcast Corp. | 1.84 | 1.89 | 1.91 | 1.88 | 1.90 | 1.94 | 1.95 | 1.98 | 1.99 | 2.00 | 2.04 | 2.04 | 2.08 | 2.12 | 2.13 | 2.19 | 2.26 | 2.27 | 2.23 | ||||||
| Meta Platforms Inc. | 0.95 | 1.01 | 1.10 | 1.14 | 1.18 | 1.22 | 1.28 | 1.36 | 1.39 | 1.45 | 1.44 | 1.40 | 1.38 | 1.37 | 1.39 | 1.47 | 1.60 | 1.77 | 1.94 | ||||||
| Netflix Inc. | 19.42 | 20.16 | 21.83 | 22.54 | 23.60 | 23.91 | 24.43 | 24.47 | 23.97 | 24.03 | 23.27 | 22.61 | 21.85 | 21.83 | 22.58 | 22.61 | 22.93 | 22.78 | 21.97 | ||||||
| Walt Disney Co. | 2.21 | 2.20 | 2.22 | 2.29 | 2.35 | 2.41 | 2.43 | 2.47 | 2.50 | 2.51 | 2.52 | 2.54 | 2.54 | 2.52 | 2.47 | 2.46 | 2.42 | 2.33 | 2.23 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 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 Q3 2026 Calculation
Net fixed asset turnover
= (RevenuesQ3 2026
+ RevenuesQ2 2026
+ RevenuesQ1 2026
+ RevenuesQ4 2025)
÷ Property and equipment, net
= (127,577 + 119,796 + 109,896 + 113,828)
÷ 372,827 = 1.26
2 Click competitor name to see calculations.
An analysis of the investment activity ratios reveals a consistent divergence between revenue growth and the expansion of the net fixed asset base. While total revenues have maintained a positive upward trajectory over the observed period, the scale of investment in property and equipment has increased at a significantly accelerated pace, leading to a steady decline in asset efficiency.
- Revenue Performance
- Revenues demonstrate a sustained growth trend, rising from 68,011 million US dollars in March 2022 to 127,577 million US dollars by September 2026. Although there are periodic quarterly fluctuations, the overall direction is positive, reflecting an expansion in the company's top-line earnings capacity.
- Net Property and Equipment Expansion
- The net value of property and equipment has experienced aggressive growth, escalating from 104,218 million US dollars in March 2022 to 372,827 million US dollars by September 2026. The acceleration of this investment is particularly pronounced from 2024 onward, where the asset base expanded more rapidly than in the preceding two years.
- Net Fixed Asset Turnover Trend
- The net fixed asset turnover ratio exhibits a continuous downward trend throughout the entire period. Starting at a high of 2.59 in March 2022, the ratio decreased steadily to 1.26 by September 2026. This decline indicates that each dollar invested in net fixed assets is generating progressively less revenue.
- Efficiency Interpretation
- The persistent drop in the turnover ratio is a direct result of the investment in property and equipment outpacing revenue growth. The transition of the ratio from above 2.5 to below 1.3 suggests a period of heavy capital expenditure that has not yet been matched by a proportional increase in revenue generation, signifying a decrease in the short-term productive efficiency of the company's long-term assets.
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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 (quarterly data)
| Sep 30, 2026 | 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) | |||||||||||||||||||||||||
| Revenues | 127,577) | 119,796) | 109,896) | 113,828) | 102,346) | 96,428) | 90,234) | 96,469) | 88,268) | 84,742) | 80,539) | 86,310) | 76,693) | 74,604) | 69,787) | 76,048) | 69,092) | 69,685) | 68,011) | ||||||
| Property and equipment, net | 372,827) | 321,212) | 281,020) | 246,597) | 223,787) | 203,231) | 185,062) | 171,036) | 161,270) | 151,155) | 143,182) | 134,345) | 125,705) | 121,208) | 117,560) | 112,668) | 108,363) | 106,223) | 104,218) | ||||||
| Operating lease assets | 20,273) | 17,694) | 15,509) | 15,221) | 14,524) | 14,255) | 13,722) | 13,588) | 13,561) | 13,606) | 13,768) | 14,091) | 14,199) | 14,469) | 14,447) | 14,381) | 13,677) | 13,398) | 12,992) | ||||||
| Property and equipment, net (including operating lease, right-of-use asset) | 393,100) | 338,906) | 296,529) | 261,818) | 238,311) | 217,486) | 198,784) | 184,624) | 174,831) | 164,761) | 156,950) | 148,436) | 139,904) | 135,677) | 132,007) | 127,049) | 122,040) | 119,621) | 117,210) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 1.20 | 1.32 | 1.42 | 1.54 | 1.62 | 1.71 | 1.81 | 1.90 | 1.94 | 1.99 | 2.03 | 2.07 | 2.12 | 2.13 | 2.16 | 2.23 | 2.31 | 2.33 | 2.31 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | |||||||||||||||||||||||||
| Meta Platforms Inc. | 0.86 | 0.91 | 0.99 | 1.02 | 1.07 | 1.10 | 1.14 | 1.21 | 1.23 | 1.28 | 1.27 | 1.23 | 1.21 | 1.19 | 1.21 | 1.26 | 1.35 | 1.46 | 1.62 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 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 Q3 2026 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (RevenuesQ3 2026
+ RevenuesQ2 2026
+ RevenuesQ1 2026
+ RevenuesQ4 2025)
÷ Property and equipment, net (including operating lease, right-of-use asset)
= (127,577 + 119,796 + 109,896 + 113,828)
÷ 393,100 = 1.20
2 Click competitor name to see calculations.
The financial data exhibits a persistent divergence between revenue growth and the expansion of the net fixed asset base, resulting in a steady and continuous decline in the net fixed asset turnover ratio over the analyzed period.
- Revenue Growth Trends
- Revenues demonstrate a consistent upward trajectory, increasing from 68,011 million USD in March 2022 to 127,577 million USD by September 2026. Despite minor quarterly fluctuations, the overall trend reflects a robust and sustained expansion in top-line performance.
- Fixed Asset Expansion
- Net property and equipment, including operating lease right-of-use assets, grew substantially from 117,210 million USD in March 2022 to 393,100 million USD by September 2026. The pace of this expansion accelerated markedly starting in 2024, indicating a phase of aggressive capital investment in long-term infrastructure.
- Net Fixed Asset Turnover Analysis
- The net fixed asset turnover ratio experienced a consistent downward trend, falling from 2.31 in March 2022 to 1.20 by September 2026. This decline indicates that the growth in the asset base has significantly outpaced the growth in revenue. The ratio's contraction suggests that the marginal productivity of new fixed asset investments has decreased over time, as each dollar of net fixed assets generates less revenue than in previous periods.
The observed patterns suggest a strategic transition toward heavy capital expenditure. The compression of the turnover ratio indicates that the company is in a significant investment phase where the capacity created by expanded fixed assets has not yet been fully utilized to generate proportional revenue gains.
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Total Asset Turnover
Alphabet Inc., total asset turnover calculation (quarterly data)
| Sep 30, 2026 | 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) | |||||||||||||||||||||||||
| Revenues | 127,577) | 119,796) | 109,896) | 113,828) | 102,346) | 96,428) | 90,234) | 96,469) | 88,268) | 84,742) | 80,539) | 86,310) | 76,693) | 74,604) | 69,787) | 76,048) | 69,092) | 69,685) | 68,011) | ||||||
| Total assets | 1,003,312) | 921,983) | 703,919) | 595,281) | 536,469) | 502,053) | 475,374) | 450,256) | 430,266) | 414,770) | 407,350) | 402,392) | 396,711) | 383,044) | 369,491) | 365,264) | 358,255) | 355,185) | 357,096) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Total asset turnover1 | 0.47 | 0.48 | 0.60 | 0.68 | 0.72 | 0.74 | 0.76 | 0.78 | 0.79 | 0.79 | 0.78 | 0.76 | 0.75 | 0.76 | 0.77 | 0.77 | 0.79 | 0.78 | 0.76 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||||
| Comcast Corp. | 0.48 | 0.48 | 0.48 | 0.45 | 0.45 | 0.45 | 0.46 | 0.46 | 0.46 | 0.46 | 0.46 | 0.46 | 0.46 | 0.46 | 0.46 | 0.47 | 0.48 | 0.46 | 0.44 | ||||||
| Meta Platforms Inc. | 0.50 | 0.51 | 0.54 | 0.55 | 0.62 | 0.61 | 0.61 | 0.60 | 0.61 | 0.65 | 0.64 | 0.59 | 0.59 | 0.58 | 0.64 | 0.63 | 0.66 | 0.70 | 0.73 | ||||||
| Netflix Inc. | 0.85 | 0.83 | 0.77 | 0.81 | 0.79 | 0.79 | 0.77 | 0.73 | 0.72 | 0.74 | 0.72 | 0.69 | 0.66 | 0.63 | 0.64 | 0.65 | 0.66 | 0.67 | 0.67 | ||||||
| Walt Disney Co. | 0.48 | 0.47 | 0.47 | 0.48 | 0.48 | 0.48 | 0.47 | 0.47 | 0.46 | 0.46 | 0.45 | 0.43 | 0.43 | 0.42 | 0.42 | 0.41 | 0.40 | 0.38 | 0.36 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 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 Q3 2026 Calculation
Total asset turnover
= (RevenuesQ3 2026
+ RevenuesQ2 2026
+ RevenuesQ1 2026
+ RevenuesQ4 2025)
÷ Total assets
= (127,577 + 119,796 + 109,896 + 113,828)
÷ 1,003,312 = 0.47
2 Click competitor name to see calculations.
The financial data reveals a divergence between revenue growth and asset accumulation, leading to a significant decline in asset utilization efficiency over the analyzed period. While total revenues demonstrate a consistent upward trajectory, the acceleration in total asset growth, particularly in the final year, has resulted in a marked contraction of the total asset turnover ratio.
- Revenue Performance
- Revenues exhibit steady growth, increasing from 68,011 million US$ in March 2022 to 127,577 million US$ by September 2026. This growth is characterized by a consistent quarterly climb, reflecting a sustained expansion in top-line performance.
- Asset Expansion Trends
- Total assets remained relatively stable between March 2022 and December 2023, fluctuating within the 355,000 to 402,000 million US$ range. However, a period of aggressive expansion began in 2024. Assets grew from 407,350 million US$ in March 2024 to over 1 trillion US$ by September 2026. The most acute increase occurred between March 2026 and June 2026, where assets jumped from 703,919 million US$ to 921,983 million US$.
- Total Asset Turnover Analysis
- The total asset turnover ratio remained stable throughout 2022 and 2023, oscillating between 0.75 and 0.79. Stability persisted through 2024, with a peak of 0.79 in June and September of that year. Beginning in 2025, a clear downward trend emerged, with the ratio falling from 0.76 in March 2025 to 0.47 by September 2026. This decline indicates that the growth in the asset base has significantly outpaced the growth in revenue generation.
The transition from a stable turnover ratio of approximately 0.78 to a low of 0.47 suggests a shift in the operational profile. The rapid inflation of the balance sheet in 2026 has diluted the efficiency of asset usage, implying that recent large-scale investments or acquisitions have not yet yielded proportional increases in quarterly revenue.
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Equity Turnover
Alphabet Inc., equity turnover calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Revenues | 127,577) | 119,796) | 109,896) | 113,828) | 102,346) | 96,428) | 90,234) | 96,469) | 88,268) | 84,742) | 80,539) | 86,310) | 76,693) | 74,604) | 69,787) | 76,048) | 69,092) | 69,685) | 68,011) | ||||||
| Stockholders’ equity | 677,549) | 640,480) | 478,746) | 415,265) | 386,867) | 362,916) | 345,267) | 325,084) | 314,119) | 300,753) | 292,844) | 283,379) | 273,202) | 267,141) | 260,894) | 256,144) | 253,626) | 255,419) | 254,004) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Equity turnover1 | 0.70 | 0.70 | 0.88 | 0.97 | 1.00 | 1.02 | 1.04 | 1.08 | 1.08 | 1.09 | 1.09 | 1.08 | 1.09 | 1.08 | 1.09 | 1.10 | 1.11 | 1.09 | 1.06 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||||
| Comcast Corp. | 1.33 | 1.39 | 1.42 | 1.28 | 1.27 | 1.28 | 1.43 | 1.45 | 1.43 | 1.46 | 1.48 | 1.47 | 1.46 | 1.43 | 1.46 | 1.50 | 1.51 | 1.33 | 1.27 | ||||||
| Meta Platforms Inc. | 0.89 | 0.87 | 0.88 | 0.93 | 0.98 | 0.92 | 0.92 | 0.90 | 0.95 | 0.96 | 0.95 | 0.88 | 0.89 | 0.90 | 0.94 | 0.93 | 0.95 | 0.95 | 0.97 | ||||||
| Netflix Inc. | 1.70 | 1.60 | 1.51 | 1.70 | 1.67 | 1.67 | 1.67 | 1.58 | 1.65 | 1.64 | 1.63 | 1.64 | 1.48 | 1.41 | 1.46 | 1.52 | 1.53 | 1.63 | 1.73 | ||||||
| Walt Disney Co. | 0.90 | 0.89 | 0.88 | 0.86 | 0.87 | 0.90 | 0.91 | 0.91 | 0.89 | 0.90 | 0.88 | 0.90 | 0.90 | 0.89 | 0.88 | 0.87 | 0.88 | 0.85 | 0.81 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 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 Q3 2026 Calculation
Equity turnover
= (RevenuesQ3 2026
+ RevenuesQ2 2026
+ RevenuesQ1 2026
+ RevenuesQ4 2025)
÷ Stockholders’ equity
= (127,577 + 119,796 + 109,896 + 113,828)
÷ 677,549 = 0.70
2 Click competitor name to see calculations.
The analysis of long-term activity reveals a diverging trend between revenue growth and equity accumulation from March 2022 through September 2026. While the company maintained a consistent upward trajectory in total revenues, the rate of increase in stockholders' equity accelerated significantly in the later stages of the period, resulting in a marked contraction of the equity turnover ratio.
- Revenue Trajectory
- Revenues grew steadily from 68,011 million USD in March 2022 to 127,577 million USD by September 2026. This growth pattern is characterized by consistent quarterly gains and recurring seasonal peaks during the December quarters, reflecting a robust and expanding top-line performance.
- Stockholders' Equity Growth
- Equity remained relatively stable between March 2022 and December 2023, fluctuating within the 254,000 to 283,000 million USD range. A transition occurred in 2024, followed by a rapid acceleration in 2025 and 2026. The most significant increase is observed between March 2026 and June 2026, where equity rose from 478,746 million USD to 640,480 million USD, ending the period at 677,549 million USD.
- Equity Turnover Dynamics
- The equity turnover ratio exhibited three distinct phases. From March 2022 to December 2023, the ratio was stable, oscillating between 1.06 and 1.11. A period of marginal decline followed through 2024, with the ratio stabilizing around 1.08 before dipping to 1.04. A sharp downward trend emerged starting in March 2025, with the ratio falling to 0.70 by September 2026.
The decline in the equity turnover ratio indicates a decrease in the efficiency of shareholder equity in generating revenue. Because the growth in the equity base substantially outpaced the growth in revenues during 2025 and 2026, the company's capacity to convert its invested capital into sales diminished, leading to the observed reduction in the turnover rate.
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