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)
Amazon.com 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 analysis of the investment activity ratios reveals a systemic decline in asset and equity efficiency over the observed period. While the first two years characterized a phase of relative stability, a pronounced downward trajectory is evident starting in early 2024, suggesting that growth in the asset base is outstripping the growth in revenue generation.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio remained relatively stable between March 2022 and December 2023, fluctuating within a narrow range of 2.75 to 2.84. However, beginning in March 2024, a consistent decline is observed, with the ratio dropping to 1.57 by September 2026. This trend persists across both the standard fixed asset metric and the metric including operating lease right-of-use assets, the latter of which fell from a peak of 2.13 to 1.32 over the same period. This indicates a diminishing return on investment in physical infrastructure.
- Total Asset Turnover
- Overall asset utilization shows a similar pattern of deterioration. Total asset turnover held steady near 1.10 through the first quarter of 2024. Subsequently, a steady erosion occurred, resulting in a ratio of 0.64 by the end of the period. This suggests that the company is utilizing its total asset base significantly less efficiently to generate sales, reflecting a potential over-expansion of the balance sheet relative to top-line growth.
- Equity Turnover
- The equity turnover ratio exhibits the most aggressive and sustained decline of all measured metrics. Starting at 3.57 in March 2022, the ratio declined almost every quarter, reaching 1.30 by September 2026. Unlike the fixed asset ratios, which showed initial stability, equity turnover began its descent immediately. This continuous reduction indicates a substantial increase in equity—likely through retained earnings or capital injections—that has not been matched by a proportional increase in revenue.
In summary, the synchronized decline across all four activity ratios points toward a period of intensive capital accumulation and investment. The widening gap between asset growth and revenue generation suggests that the company is currently in a heavy investment phase where the productivity of its long-term assets and equity has not yet scaled to match the expanded capacity.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?
Net Fixed Asset Turnover
Amazon.com 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) | |||||||||||||||||||||||||
| Net sales | 201,944) | 200,606) | 181,519) | 213,386) | 180,169) | 167,702) | 155,667) | 187,792) | 158,877) | 147,977) | 143,313) | 169,961) | 143,083) | 134,383) | 127,358) | 149,204) | 127,101) | 121,234) | 116,444) | ||||||
| Property and equipment, net | 508,862) | 446,046) | 397,458) | 357,025) | 324,435) | 297,616) | 272,781) | 252,665) | 237,917) | 220,717) | 209,950) | 204,177) | 196,468) | 193,784) | 190,754) | 186,715) | 177,195) | 173,706) | 168,468) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Net fixed asset turnover1 | 1.57 | 1.74 | 1.87 | 2.01 | 2.13 | 2.25 | 2.38 | 2.52 | 2.61 | 2.74 | 2.81 | 2.82 | 2.82 | 2.78 | 2.75 | 2.75 | 2.83 | 2.80 | 2.84 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||||
| Home Depot Inc. | 6.00 | 6.14 | 6.08 | 5.97 | 5.82 | 5.71 | 5.84 | 5.84 | 5.97 | 5.98 | 6.07 | 6.14 | 6.23 | 6.15 | 6.06 | 6.00 | 5.92 | 5.83 | 5.73 | ||||||
| Lowe’s Cos. Inc. | 4.60 | 4.72 | 4.72 | 4.74 | 4.76 | 4.80 | 4.87 | 4.89 | 5.15 | 5.37 | 5.50 | 5.53 | 5.55 | 5.10 | 5.05 | 5.05 | 5.03 | 4.97 | 4.95 | ||||||
| TJX Cos. Inc. | 7.44 | 7.45 | 7.54 | 7.67 | 7.91 | 7.98 | 8.29 | 8.25 | 8.36 | 8.31 | 8.53 | 8.63 | 8.84 | 9.21 | 9.43 | 9.21 | 8.84 | 8.46 | 7.46 | ||||||
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
= (Net salesQ3 2026
+ Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025)
÷ Property and equipment, net
= (201,944 + 200,606 + 181,519 + 213,386)
÷ 508,862 = 1.57
2 Click competitor name to see calculations.
The financial trajectory from March 2022 through September 2026 is characterized by a significant divergence between revenue growth and the expansion of the fixed asset base. While net sales exhibit a consistent upward trend with pronounced seasonal peaks every December, the growth in net property and equipment has accelerated at a much faster rate, leading to a progressive decline in the net fixed asset turnover ratio.
- Net Sales Performance
- Revenue demonstrates a steady long-term increase, rising from 116,444 million USD in March 2022 to 201,944 million USD by September 2026. A recurring seasonal pattern is evident, with the highest quarterly revenues consistently recorded in the fourth quarter of each fiscal year.
- Fixed Asset Expansion
- There is a substantial and accelerating increase in net property and equipment. The asset base grew from 168,468 million USD in March 2022 to 508,862 million USD by September 2026. This represents a more than three-fold increase in the net investment in long-term physical assets over the analyzed period.
- Net Fixed Asset Turnover Trend
- The net fixed asset turnover ratio reveals three distinct phases. From March 2022 to December 2023, the ratio remained relatively stable, fluctuating within a narrow range between 2.75 and 2.84. Starting in March 2024, a gradual decline began, with the ratio dropping to 2.52 by December 2024. From March 2025 onward, the decline accelerated sharply, falling to 1.57 by September 2026.
- Asset Efficiency Analysis
- The diminishing turnover ratio indicates that the rate of investment in fixed assets is significantly outpacing the rate of revenue generation. This pattern suggests a period of aggressive capacity expansion where new investments in infrastructure have not yet reached full operational maturity or revenue-generating potential, resulting in lower efficiency of fixed assets relative to sales.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Amazon.com 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) | |||||||||||||||||||||||||
| Net sales | 201,944) | 200,606) | 181,519) | 213,386) | 180,169) | 167,702) | 155,667) | 187,792) | 158,877) | 147,977) | 143,313) | 169,961) | 143,083) | 134,383) | 127,358) | 149,204) | 127,101) | 121,234) | 116,444) | ||||||
| Property and equipment, net | 508,862) | 446,046) | 397,458) | 357,025) | 324,435) | 297,616) | 272,781) | 252,665) | 237,917) | 220,717) | 209,950) | 204,177) | 196,468) | 193,784) | 190,754) | 186,715) | 177,195) | 173,706) | 168,468) | ||||||
| Operating leases | 96,910) | 92,743) | 88,741) | 86,054) | 83,456) | 82,125) | 78,495) | 76,141) | 76,527) | 74,575) | 73,313) | 72,513) | 70,758) | 70,332) | 68,262) | 66,123) | 62,033) | 58,430) | 56,161) | ||||||
| Property and equipment, net (including operating lease, right-of-use asset) | 605,772) | 538,789) | 486,199) | 443,079) | 407,891) | 379,741) | 351,276) | 328,806) | 314,444) | 295,292) | 283,263) | 276,690) | 267,226) | 264,116) | 259,016) | 252,838) | 239,228) | 232,136) | 224,629) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 1.32 | 1.44 | 1.53 | 1.62 | 1.69 | 1.76 | 1.85 | 1.94 | 1.97 | 2.05 | 2.09 | 2.08 | 2.07 | 2.04 | 2.03 | 2.03 | 2.10 | 2.09 | 2.13 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | |||||||||||||||||||||||||
| Home Depot Inc. | 4.53 | 4.64 | 4.59 | 4.52 | 4.41 | 4.31 | 4.48 | 4.49 | 4.69 | 4.69 | 4.78 | 4.83 | 4.95 | 4.95 | 4.90 | 4.85 | 4.79 | 4.70 | 4.63 | ||||||
| Lowe’s Cos. Inc. | 3.72 | 3.87 | 3.88 | 3.91 | 3.92 | 3.94 | 4.00 | 4.04 | 4.26 | 4.43 | 4.58 | 4.60 | 4.62 | 4.17 | 4.15 | 4.15 | 4.12 | 4.14 | 4.11 | ||||||
| TJX Cos. Inc. | 3.28 | 3.26 | 3.26 | 3.32 | 3.38 | 3.37 | 3.41 | 3.40 | 3.36 | 3.29 | 3.34 | 3.36 | 3.38 | 3.45 | 3.47 | 3.44 | 3.19 | 3.02 | 2.66 | ||||||
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)
= (Net salesQ3 2026
+ Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025)
÷ Property and equipment, net (including operating lease, right-of-use asset)
= (201,944 + 200,606 + 181,519 + 213,386)
÷ 605,772 = 1.32
2 Click competitor name to see calculations.
The financial data reveals a diverging trend between revenue growth and the expansion of the company's long-term asset base from March 2022 through September 2026. While net sales have increased consistently, the scale of investment in fixed assets has accelerated at a significantly higher rate, impacting the overall efficiency of asset utilization.
- Net Sales Trajectory
- A sustained upward trend in net sales is observed, characterized by recurring seasonal peaks every December. Quarterly revenue grew from 116.4 billion USD in March 2022 to 201.9 billion USD by September 2026. This indicates a steady expansion of the company's top-line performance over the analyzed period.
- Fixed Asset Accumulation
- Net property and equipment, including right-of-use assets, exhibited aggressive growth. The asset base expanded from 224.6 billion USD in March 2022 to 605.8 billion USD by September 2026. The pace of this expansion increased markedly starting in 2024, suggesting a period of heavy capital expenditure aimed at increasing operational capacity.
- Net Fixed Asset Turnover Analysis
- The net fixed asset turnover ratio remained relatively stable between 2.03 and 2.13 from March 2022 through March 2024, indicating a balanced relationship between asset growth and revenue generation. However, from June 2024 onward, a consistent and accelerating decline is observed, with the ratio falling to 1.32 by September 2026. This downward movement confirms that the growth in fixed assets has outpaced the growth in net sales.
The decline in the net fixed asset turnover ratio suggests a transition into a phase of massive infrastructure investment. The data indicates that the company is significantly increasing its long-term asset base ahead of the corresponding revenue gains, which typically characterizes a strategic effort to scale operations or enter new capacity thresholds that have not yet reached full revenue-generating maturity.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?
Total Asset Turnover
Amazon.com 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) | |||||||||||||||||||||||||
| Net sales | 201,944) | 200,606) | 181,519) | 213,386) | 180,169) | 167,702) | 155,667) | 187,792) | 158,877) | 147,977) | 143,313) | 169,961) | 143,083) | 134,383) | 127,358) | 149,204) | 127,101) | 121,234) | 116,444) | ||||||
| Total assets | 1,243,390) | 1,095,689) | 916,630) | 818,042) | 727,921) | 682,170) | 643,256) | 624,894) | 584,626) | 554,818) | 530,969) | 527,854) | 486,883) | 477,607) | 464,378) | 462,675) | 428,362) | 419,728) | 410,767) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Total asset turnover1 | 0.64 | 0.71 | 0.81 | 0.88 | 0.95 | 0.98 | 1.01 | 1.02 | 1.06 | 1.09 | 1.11 | 1.09 | 1.14 | 1.13 | 1.13 | 1.11 | 1.17 | 1.16 | 1.16 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||||
| Home Depot Inc. | 1.56 | 1.65 | 1.64 | 1.66 | 1.59 | 1.57 | 1.92 | 1.99 | 2.03 | 2.03 | 2.04 | 2.06 | 2.05 | 2.05 | 1.99 | 2.10 | 2.02 | 2.04 | 1.95 | ||||||
| Lowe’s Cos. Inc. | 1.58 | 1.79 | 1.83 | 1.94 | 1.87 | 1.87 | 1.88 | 2.07 | 2.12 | 2.09 | 2.09 | 2.22 | 2.04 | 2.04 | 1.92 | 2.16 | 1.93 | 1.92 | 1.84 | ||||||
| TJX Cos. Inc. | 1.68 | 1.76 | 1.79 | 1.78 | 1.74 | 1.82 | 1.85 | 1.82 | 1.72 | 1.77 | 1.75 | 1.76 | 1.73 | 1.83 | 1.80 | 1.71 | 1.52 | 1.50 | 1.25 | ||||||
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
= (Net salesQ3 2026
+ Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025)
÷ Total assets
= (201,944 + 200,606 + 181,519 + 213,386)
÷ 1,243,390 = 0.64
2 Click competitor name to see calculations.
Between March 2022 and September 2026, a widening divergence is observed between the growth rate of net sales and the expansion of the total asset base. While revenue exhibits a consistent upward trajectory, the acceleration of asset accumulation has led to a systematic decline in the total asset turnover ratio, indicating a reduction in the efficiency of asset utilization to generate sales.
- Net Sales Trends
- Net sales demonstrate steady growth, rising from 116,444 million US$ in March 2022 to 201,944 million US$ by September 2026. A recurring seasonal pattern is evident, with peak revenues consistently occurring in the December quarters, reaching a high of 213,386 million US$ in December 2025.
- Total Asset Expansion
- The total asset base experienced aggressive growth over the period, increasing from 410,767 million US$ to 1,243,390 million US$. The rate of expansion accelerated significantly starting in 2025, with assets nearly doubling between December 2024 and September 2026.
- Total Asset Turnover Analysis
- The total asset turnover ratio remained relatively stable between 1.09 and 1.17 from March 2022 through December 2023. However, a persistent downward trend began in early 2024. The ratio declined from 1.11 in March 2024 to 0.64 by September 2026, marking a significant decrease in the revenue generated per unit of asset.
The data indicates that the scale of investment in assets has far outpaced the growth in sales. The transition of the turnover ratio from a position of strength (above 1.0) to a low of 0.64 suggests that recent capital expenditures or asset acquisitions have not yet yielded proportional increases in top-line revenue, reflecting a shift toward a more asset-intensive operational model.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?
Equity Turnover
Amazon.com Inc., equity turnover calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net sales | 201,944) | 200,606) | 181,519) | 213,386) | 180,169) | 167,702) | 155,667) | 187,792) | 158,877) | 147,977) | 143,313) | 169,961) | 143,083) | 134,383) | 127,358) | 149,204) | 127,101) | 121,234) | 116,444) | ||||||
| Stockholders’ equity | 613,601) | 551,620) | 441,914) | 411,065) | 369,631) | 333,775) | 305,867) | 285,970) | 259,151) | 236,447) | 216,661) | 201,875) | 182,973) | 168,602) | 154,526) | 146,043) | 137,489) | 131,402) | 134,001) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Equity turnover1 | 1.30 | 1.41 | 1.68 | 1.74 | 1.87 | 2.01 | 2.13 | 2.23 | 2.39 | 2.56 | 2.73 | 2.85 | 3.03 | 3.19 | 3.40 | 3.52 | 3.65 | 3.70 | 3.57 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||||
| Home Depot Inc. | 13.72 | 15.48 | 20.48 | 24.02 | 26.72 | 34.41 | 83.42 | 146.23 | 107.49 | 116.01 | 430.25 | 100.77 | 121.18 | 655.02 | — | — | 142.70 | 69.80 | 80.86 | ||||||
| Lowe’s Cos. Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 212.01 | ||||||
| TJX Cos. Inc. | 6.30 | 6.53 | 6.70 | 6.72 | 6.90 | 7.15 | 7.32 | 7.42 | 7.66 | 7.75 | 7.83 | 7.85 | 8.70 | 9.20 | 8.91 | 8.09 | 7.08 | 6.75 | 6.16 | ||||||
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
= (Net salesQ3 2026
+ Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025)
÷ Stockholders’ equity
= (201,944 + 200,606 + 181,519 + 213,386)
÷ 613,601 = 1.30
2 Click competitor name to see calculations.
An analysis of the financial performance from March 31, 2022, to September 30, 2026, reveals a divergence between the growth of net sales and the expansion of stockholders' equity. While both metrics exhibit upward trajectories, the rate of equity accumulation has significantly outpaced revenue growth, leading to a sustained decline in the equity turnover ratio.
- Net Sales Trends
- Net sales demonstrate a consistent long-term increase, growing from 116,444 million USD in March 2022 to 201,944 million USD by September 2026. A distinct seasonal pattern is observable, with significant peaks occurring every December, reflecting cyclical demand increases at the end of each fiscal year.
- Stockholders' Equity Expansion
- The equity base has experienced aggressive growth over the analyzed period. Starting at 134,001 million USD in March 2022, stockholders' equity rose to 613,601 million USD by September 2026. This represents a substantial increase in the company's book value and capital base, characterized by a steady upward slope without the seasonality seen in sales.
- Equity Turnover Analysis
- The equity turnover ratio shows a persistent downward trend, falling from 3.57 in March 2022 to 1.30 by September 2026. This decline indicates that the company is generating progressively fewer dollars of sales for every dollar of equity invested. The contraction in this ratio is a direct result of the equity base growing at a much faster pace than the top-line revenue.
The data suggests a transition in the capital structure's efficiency regarding asset utilization. The continuous drop in the turnover ratio implies that the accumulation of equity is not being converted into proportional sales growth, potentially pointing toward a period of heavy reinvestment or an increase in retained earnings that has yet to yield commensurate revenue acceleration.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?