Stock Analysis on Net

Amgen Inc. (NASDAQ:AMGN)

Analysis of Long-term (Investment) Activity Ratios 
Quarterly Data

Microsoft Excel

Long-term Activity Ratios (Summary)

Amgen Inc., long-term (investment) activity ratios (quarterly data)

Microsoft Excel
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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Net fixed asset turnover 4.91 4.89 5.06 4.85 4.70 4.53 4.61 4.58 4.56 4.57 4.73 4.77 4.75 4.69 4.89 4.92 4.93 4.96
Total asset turnover 0.37 0.35 0.34 0.32 0.30 0.28 0.28 0.28 0.28 0.38 0.38 0.41 0.41 0.40 0.37 0.40 0.38 0.39
Equity turnover 5.28 5.45 4.14 4.99 5.61 4.32 3.35 3.73 4.66 6.77 6.71 10.17 26.68 3.63 2.96 2.93 2.56 2.58

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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).


Net Fixed Asset Turnover
The net fixed asset turnover ratio exhibits a generally stable trend with minor fluctuations throughout the recorded periods. Starting at 4.96 in the first available quarter of 2020, it slightly decreases to 4.89 by the end of 2020. In 2021, the ratio shows a modest decline to 4.69 by March but then experiences marginal increases and stabilization around 4.56 to 4.61 throughout late 2022 and early 2023. From mid-2023 onward, this ratio trends upward, peaking at 5.06 in September 2024 before slightly retreating to 4.89 and 4.91 in the final two quarters. Overall, the ratio indicates consistent utilization of fixed assets with a slight recovery after a period of decline.
Total Asset Turnover
The total asset turnover ratio remains relatively constant with values ranging approximately between 0.28 and 0.41. The ratio initially fluctuates mildly between 0.37 and 0.40 during 2020 and 2021. However, from the first quarter of 2022, a notable decrease occurs, with the ratio falling as low as 0.28 for several consecutive quarters. This decline represents a reduced efficiency in generating revenue from total assets. Starting mid-2023, the ratio begins a gradual recovery, increasing steadily through 2024, reaching 0.37 by the first quarter of 2025, approaching earlier levels but not exceeding the peak observed in the earlier period. This pattern suggests cyclical asset utilization with a recent improvement in asset productivity.
Equity Turnover
The equity turnover ratio demonstrates significant volatility across the periods examined. It commences at a moderate level around 2.58 to 2.96 between early 2020 and late 2020. A pronounced spike is observed in March 2021, soaring to 26.68, likely reflecting an extraordinary event or adjustment. Subsequently, the ratio declines sharply to 10.17 by June 2021 and continues a descending trend to 3.35 by the end of 2023. After this period, the ratio fluctuates between approximately 4.14 and 5.61, signaling relative stabilization but at levels higher than those preceding the spike. This volatility could indicate irregularities or significant changes in equity structure or revenue generation relative to equity during the intervals examined.

Net Fixed Asset Turnover

Amgen Inc., net fixed asset turnover calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in millions)
Product sales 7,873 8,716 8,151 8,041 7,118 7,833 6,548 6,683 5,846 6,552 6,237 6,281 5,731 6,271 6,320 6,114 5,592 6,334 6,104 5,908 5,894
Property, plant and equipment, net 6,681 6,543 6,156 6,097 6,002 5,941 5,563 5,532 5,460 5,427 5,188 5,158 5,142 5,184 4,982 4,906 4,855 4,889 4,816 4,843 4,879
Long-term Activity Ratio
Net fixed asset turnover1 4.91 4.89 5.06 4.85 4.70 4.53 4.61 4.58 4.56 4.57 4.73 4.77 4.75 4.69 4.89 4.92 4.93 4.96
Benchmarks
Net Fixed Asset Turnover, Competitors2
AbbVie Inc. 10.95 10.97 10.80 10.95 10.92 10.89 11.18 11.33 11.51 11.76 11.82 11.57 11.18 11.00 10.75 10.41 9.67 8.73
Bristol-Myers Squibb Co. 6.60 6.77 6.87 6.79 6.75 6.77 6.93 7.11 7.30 7.38 7.74 7.90 7.77 7.67 7.75 7.66 7.43 7.22
Danaher Corp. 4.66 4.78 4.90 5.08 5.20 5.25 6.01 6.68 7.31 7.96 8.40 8.12 7.94 7.77 7.71 7.84 7.59 6.83
Eli Lilly & Co. 2.65 2.63 2.53 2.62 2.64 2.64 2.70 2.62 2.63 2.81 3.14 3.18 3.22 3.15 3.11 3.02 2.95 2.83
Gilead Sciences Inc. 5.27 5.28 5.22 5.17 5.13 5.07 4.88 4.91 4.88 4.93 5.01 5.13 5.18 5.27 5.40 5.27 5.06 4.90
Johnson & Johnson 4.28 4.33 4.28 4.38 4.36 4.28 4.65 4.37 4.58 4.79 5.29 5.21 5.07 4.95 4.95 4.79 4.59 4.40
Merck & Co. Inc. 2.58 2.70 2.69 2.69 2.66 2.61 2.63 2.62 2.66 2.77 2.89 2.85 2.73 2.53 2.57 2.61 2.55 2.67
Pfizer Inc. 3.40 3.46 3.26 2.97 2.98 3.14 3.88 4.48 5.46 6.17 6.47 6.64 6.12 5.46 4.79 3.89 3.31 3.01
Regeneron Pharmaceuticals Inc. 3.00 3.09 3.12 3.13 3.10 3.16 3.27 3.23 3.19 3.23 3.70 3.91 4.64 4.62 3.99 3.69 2.82 2.64
Thermo Fisher Scientific Inc. 4.60 4.61 4.50 4.56 4.56 4.54 4.74 4.68 4.68 4.84 5.12 5.02 4.87 4.71 5.54 5.83 5.85 5.45
Vertex Pharmaceuticals Inc. 8.57 8.98 9.51 8.61 8.68 8.51 8.59 8.47 8.28 8.06 7.78 7.59 7.18 6.92 6.84 6.54 6.51 6.47

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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q1 2025 Calculation
Net fixed asset turnover = (Product salesQ1 2025 + Product salesQ4 2024 + Product salesQ3 2024 + Product salesQ2 2024) ÷ Property, plant and equipment, net
= (7,873 + 8,716 + 8,151 + 8,041) ÷ 6,681 = 4.91

2 Click competitor name to see calculations.


The financial data reveals several notable trends over the observed periods. Product sales exhibit considerable volatility, with a tendency toward gradual growth interrupted by periodic declines. Sales started near 5,894 million USD in the first quarter of 2020, followed by a brief dip in early 2021. Subsequently, there is a marked rebound and general upward movement, peaking at 8,716 million USD by the fourth quarter of 2024 before experiencing a slight decline to 7,873 million USD in the first quarter of 2025. This pattern indicates a recovery path with growth momentum but also some fluctuations likely influenced by external factors or market conditions.

The net value of property, plant, and equipment (PP&E) steadily increased throughout the timeline, moving from 4,879 million USD at the start of 2020 to 6,681 million USD by the first quarter of 2025. This consistent upward trend suggests ongoing investment in fixed assets, reflecting capital expenditure to support the company’s operations and potential expansion. The growth in PP&E is relatively stable without abrupt changes, indicating planned and sustained asset development.

Examining the net fixed asset turnover ratio, which measures the efficiency of using fixed assets to generate product sales, the ratio fluctuates slightly but illustrates overall stability around the 4.5 to 5.0 range. The ratio starts near 4.96 in late 2020, dips to around 4.57 to 4.61 in 2022 and 2023, and recovers toward 5.06 by the end of 2024 before settling near 4.91 in early 2025. The modest variations in this ratio suggest that while fixed assets are being effectively employed to support revenue generation, incremental increases in asset base do not immediately translate into proportional sales increases. The ratio’s resilience points to consistent operational efficiency over time.

Product Sales
Demonstrated cyclical volatility with an overall upward trajectory from 5,894 million USD in early 2020 to a peak of 8,716 million USD in late 2024, followed by a slight decline.
Property, Plant and Equipment (Net)
Exhibited a steady increase from 4,879 million USD at the beginning of 2020 to 6,681 million USD in early 2025, indicating ongoing capital investment.
Net Fixed Asset Turnover Ratio
Remained fairly stable within a narrow band around 4.5 to 5.0, reflecting consistent efficiency in leveraging fixed assets to generate revenue, with minor fluctuations over the years.

Total Asset Turnover

Amgen Inc., total asset turnover calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in millions)
Product sales 7,873 8,716 8,151 8,041 7,118 7,833 6,548 6,683 5,846 6,552 6,237 6,281 5,731 6,271 6,320 6,114 5,592 6,334 6,104 5,908 5,894
Total assets 89,367 91,839 90,883 90,907 92,980 97,154 90,534 90,269 88,720 65,121 63,700 59,294 59,196 61,165 64,993 59,773 62,539 62,948 64,637 65,011 61,669
Long-term Activity Ratio
Total asset turnover1 0.37 0.35 0.34 0.32 0.30 0.28 0.28 0.28 0.28 0.38 0.38 0.41 0.41 0.40 0.37 0.40 0.38 0.39
Benchmarks
Total Asset Turnover, Competitors2
AbbVie Inc. 0.42 0.42 0.39 0.39 0.37 0.40 0.40 0.41 0.42 0.42 0.41 0.40 0.40 0.38 0.37 0.36 0.33 0.30
Bristol-Myers Squibb Co. 0.52 0.52 0.51 0.49 0.46 0.47 0.49 0.48 0.49 0.48 0.48 0.47 0.46 0.42 0.41 0.40 0.38 0.36
Danaher Corp. 0.30 0.31 0.29 0.30 0.28 0.28 0.29 0.33 0.35 0.37 0.39 0.38 0.36 0.35 0.34 0.34 0.33 0.29
Eli Lilly & Co. 0.55 0.57 0.54 0.54 0.56 0.53 0.55 0.54 0.52 0.58 0.62 0.62 0.62 0.58 0.58 0.56 0.54 0.53
Gilead Sciences Inc. 0.51 0.48 0.52 0.52 0.48 0.43 0.44 0.44 0.43 0.43 0.43 0.43 0.43 0.40 0.41 0.39 0.37 0.36
Johnson & Johnson 0.46 0.49 0.49 0.48 0.50 0.51 0.53 0.47 0.47 0.51 0.55 0.54 0.53 0.52 0.51 0.51 0.49 0.47
Merck & Co. Inc. 0.56 0.55 0.54 0.55 0.58 0.56 0.56 0.56 0.54 0.54 0.55 0.53 0.51 0.46 0.51 0.52 0.51 0.52
Pfizer Inc. 0.30 0.30 0.28 0.26 0.25 0.26 0.32 0.36 0.48 0.51 0.51 0.52 0.50 0.45 0.39 0.33 0.29 0.27
Regeneron Pharmaceuticals Inc. 0.38 0.38 0.37 0.37 0.38 0.40 0.41 0.41 0.41 0.42 0.50 0.52 0.63 0.63 0.57 0.58 0.52 0.50
Thermo Fisher Scientific Inc. 0.43 0.44 0.42 0.43 0.44 0.43 0.45 0.46 0.46 0.46 0.49 0.47 0.44 0.41 0.53 0.57 0.54 0.47
Vertex Pharmaceuticals Inc. 0.49 0.49 0.48 0.51 0.43 0.43 0.44 0.47 0.49 0.49 0.52 0.54 0.56 0.56 0.57 0.55 0.53 0.53

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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q1 2025 Calculation
Total asset turnover = (Product salesQ1 2025 + Product salesQ4 2024 + Product salesQ3 2024 + Product salesQ2 2024) ÷ Total assets
= (7,873 + 8,716 + 8,151 + 8,041) ÷ 89,367 = 0.37

2 Click competitor name to see calculations.


Product Sales
Product sales exhibit a relatively cyclical pattern with quarterly fluctuations but show an overall upward trajectory from March 2020 through March 2025. Initially, sales were around 5,894 million USD in the first quarter of 2020, rising to peaks such as 6,334 million USD by the end of 2020 and 7,833 million USD at the end of 2023. Some quarters show a decline or stabilization following a peak (e.g., a drop from 6,334 million in Q4 2020 to 5,592 million in Q1 2021), but the longer-term trend reveals growth, with the highest sales recorded in late 2024 and early 2025, reaching levels up to 8,716 million USD before slightly retreating to 7,873 million in March 2025.
Total Assets
Total assets demonstrate variability but tend to increase over the period analyzed. Asset levels were about 61,669 million USD in early 2020 and experienced moderate fluctuation, with a dip around mid-2021 down to approximately 59,773 million USD, followed by growth reaching a peak of 97,154 million USD in late 2023. After this peak, asset values showed a degree of volatility but remained elevated, fluctuating in the range of approximately 90,000 million USD through early 2025, indicating a significant expansion or asset accumulation during the period.
Total Asset Turnover Ratio
The total asset turnover ratio remained relatively stable, mostly fluctuating between 0.37 and 0.41 across the initial part of the period until late 2022, indicating a steady ability to generate sales from assets. However, starting from early 2023, the ratio declined notably to about 0.28, maintaining that level for several quarters. This drop suggests a decrease in efficiency or higher asset base relative to sales during that time. Toward the final quarters, the ratio improved gradually, climbing back to approximately 0.37 by March 2025, signaling a recovery in asset utilization efficiency.
Overall Analysis
While product sales show solid growth with seasonal fluctuations, total assets have generally trended upwards with some volatility. The asset turnover ratio indicates an initial period of stable asset productivity, followed by a decline parallel to a surge in total assets, and a gradual recovery in efficiency subsequently. These patterns may reflect an investment or expansion phase during which assets increased ahead of sales growth, with eventual improvements in the use of assets to generate revenue. The cyclical behavior of sales and the delayed response in asset turnover imply strategic shifts in asset management or capital allocation occurring during the timeline.

Equity Turnover

Amgen Inc., equity turnover calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in millions)
Product sales 7,873 8,716 8,151 8,041 7,118 7,833 6,548 6,683 5,846 6,552 6,237 6,281 5,731 6,271 6,320 6,114 5,592 6,334 6,104 5,908 5,894
Stockholders’ equity 6,207 5,877 7,527 5,925 5,022 6,232 7,656 6,781 5,348 3,661 3,653 2,419 916 6,700 8,217 8,247 9,334 9,409 10,959 10,659 9,485
Long-term Activity Ratio
Equity turnover1 5.28 5.45 4.14 4.99 5.61 4.32 3.35 3.73 4.66 6.77 6.71 10.17 26.68 3.63 2.96 2.93 2.56 2.58
Benchmarks
Equity Turnover, Competitors2
AbbVie Inc. 40.40 16.94 9.21 8.11 6.79 5.24 4.56 4.35 4.27 3.36 3.62 3.91 3.48 3.65 4.07 4.27 3.66 3.50
Bristol-Myers Squibb Co. 2.74 2.96 2.77 2.73 2.76 1.53 1.55 1.41 1.44 1.49 1.43 1.45 1.49 1.29 1.22 1.21 1.14 1.12
Danaher Corp. 0.47 0.48 0.46 0.47 0.44 0.45 0.49 0.54 0.58 0.63 0.67 0.66 0.65 0.65 0.65 0.62 0.61 0.56
Eli Lilly & Co. 3.11 3.17 2.87 2.87 2.80 3.17 2.86 2.67 2.47 2.68 2.90 3.40 3.14 3.15 3.58 4.15 3.69 4.35
Gilead Sciences Inc. 1.49 1.48 1.52 1.51 1.56 1.18 1.22 1.28 1.27 1.27 1.27 1.34 1.37 1.28 1.27 1.34 1.33 1.34
Johnson & Johnson 1.14 1.24 1.25 1.21 1.22 1.24 1.23 1.20 1.30 1.24 1.29 1.25 1.27 1.27 1.30 1.28 1.28 1.31
Merck & Co. Inc. 1.32 1.39 1.42 1.43 1.52 1.60 1.44 1.51 1.24 1.29 1.33 1.32 1.32 1.28 1.33 1.41 1.73 1.90
Pfizer Inc. 0.69 0.72 0.65 0.64 0.61 0.67 0.71 0.79 0.92 1.05 1.08 1.16 1.12 1.05 0.91 0.79 0.68 0.66
Regeneron Pharmaceuticals Inc. 0.48 0.48 0.47 0.48 0.49 0.51 0.53 0.53 0.53 0.54 0.64 0.69 0.83 0.86 0.78 0.82 0.77 0.77
Thermo Fisher Scientific Inc. 0.87 0.86 0.86 0.89 0.93 0.92 0.96 0.99 1.04 1.02 1.01 1.01 1.00 0.96 1.01 1.04 1.02 0.93
Vertex Pharmaceuticals Inc. 0.67 0.67 0.68 0.70 0.55 0.56 0.58 0.61 0.64 0.64 0.67 0.70 0.73 0.75 0.75 0.73 0.71 0.71

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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q1 2025 Calculation
Equity turnover = (Product salesQ1 2025 + Product salesQ4 2024 + Product salesQ3 2024 + Product salesQ2 2024) ÷ Stockholders’ equity
= (7,873 + 8,716 + 8,151 + 8,041) ÷ 6,207 = 5.28

2 Click competitor name to see calculations.


The financial data reveals several notable patterns and trends over the observed periods. Product sales demonstrate fluctuations with a general upward trajectory, showing resilience and growth especially apparent in the recent quarters.

Product Sales
Initially, product sales were relatively stable around the 5900 to 6300 million US$ range through 2020. A slight dip occurred in early 2021, dropping to 5592 million US$, followed by a sustained recovery and incremental increases thereafter. From early 2023 onwards, sales figures exhibit notable growth, reaching a peak of 8716 million US$ in December 2024 before slightly declining to 7873 million US$ in March 2025.
Stockholders’ Equity
Stockholders’ equity shows significant volatility. There is a marked decline starting at 9485 million US$ in March 2020 down to a low of 6700 million by December 2021. A sharp fall is evidenced around early 2022, bottoming at 916 million US$ in March 2022, followed by gradual improvement reaching 7656 million by September 2023. However, subsequent quarters experience declines again with equity values dropping to 5877 million by March 2025.
Equity Turnover Ratio
The equity turnover ratio, starting with data from late 2020, illustrates a mixed trend. Initial values hovered around 2.58 to 2.96, indicating moderate efficiency in using equity to generate sales. A sharp spike occurs in early 2022 with values peaking at 26.68, possibly influenced by the notably low equity in that quarter. Following this spike, the ratio stabilizes in a somewhat declining trend from approximately 10.17 down to the 3.35-5.45 range during 2023 and into early 2025. This suggests fluctuations in operational efficiency linked to the volatility in stockholders’ equity.

Overall, the data highlights a strong recovery and growth in product sales, contrasting with highly volatile stockholders’ equity and correspondingly variable equity turnover ratios. The extreme low equity values in early 2022 significantly distort the turnover ratio, suggesting extraordinary circumstances affecting the company’s financial structure during that period. Subsequent stability in turnover ratio alongside recovering equity reflects partial normalization in financial operations.