Amgen Inc. (NASDAQ:AMGN)

The analysis of the provided quarterly financial ratios for the specified periods reveals distinct patterns and trends across net fixed asset turnover, total asset turnover, and equity turnover.

Net Fixed Asset Turnover

The net fixed asset turnover ratio demonstrates relative stability with moderate fluctuations over time. Beginning at approximately 4.96 in late 2020, it experienced a slight downward trend through 2021 and 2022, reaching a low near 4.53 in early 2024. Subsequently, the ratio showed a recovery trend, increasing to around 5.06 by late 2024, before stabilizing near 4.89 towards mid-2025. This indicates a consistent efficiency in utilizing fixed assets to generate sales, with some periods of minor decline followed by rebound.

Total Asset Turnover

Total asset turnover presented modest variability, starting at approximately 0.39 in late 2020. The ratio fluctuated within a narrow range, declining to around 0.28 during 2022 and early 2023, which may suggest reduced efficiency in using total assets to generate revenue during those periods. A progressive improvement is observable beginning mid-2023, with the ratio rising steadily to about 0.38 by mid-2025. This recover suggests an improving capacity to leverage total assets in generating sales after a period of diminished turnover.

Equity Turnover

The equity turnover ratio exhibits the most volatility among the three metrics. Initial values in late 2020 hovered between 2.58 and 2.96, followed by a significant spike reaching an anomalously high value of 26.68 in mid-2021. Post this surge, the ratio decreased sharply to 10.17 and continued a downward trend to approximately 3.35 by late 2023. From early 2024 onwards, equity turnover displayed fluctuating recovery, ranging from 4.32 to 5.61, eventually stabilizing near 4.51 by mid-2025. The extreme spike and subsequent normalization may reflect transient influencing factors such as capital structure changes or extraordinary financial events affecting shareholders’ equity utilization.

In summary, net fixed asset turnover and total asset turnover ratios reflect overall stability with minor declines and recoveries, indicating consistent operational efficiency. Conversely, equity turnover is characterized by pronounced volatility, suggesting episodic shifts in equity usage that could warrant further investigation to understand underlying causes.

The financial data reveals several trends relating to product sales, property, plant and equipment (PPE), and net fixed asset turnover over the examined periods.

Product Sales

Product sales exhibit a fluctuating pattern with periods of both decline and growth. Initially, sales remain stable around 5900 to 6300 million USD from early 2020 through late 2020, with a slight dip observed in early 2021. From mid-2021 onwards, sales show a tendency to recover and advance, reaching above 7800 million USD by the end of 2023, indicating a significant increase compared to the 2020 levels. Subsequent quarters through 2025 show continued growth with values predominantly above 8000 million USD, peaking near 8800 million USD in mid-2025. Overall, this represents a positive upward trajectory in product sales over the medium term.

Property, Plant and Equipment, Net

The net value of property, plant, and equipment remains relatively stable with a slight upward trend. Values start in the range of approximately 4800 million USD at the beginning of 2020 and gently increase to over 6800 million USD by mid-2025. This gradual increase suggests ongoing investment or asset revaluation over time. No major declines are apparent; rather, the data indicates incremental growth in fixed assets.

Net Fixed Asset Turnover

This ratio, which measures efficiency of fixed asset use in generating sales, is only available starting from late 2020. The values begin at approximately 4.96 and show a modest decline moving into 2021, dropping below 4.70 levels. Through 2022 and 2023, the ratio fluctuates between roughly 4.50 and 4.60, indicating some variability in asset utilization efficiency. However, from late 2023 through 2025, the turnover ratio improves, rising back above 5.00 at times and maintaining close to 4.90 in the most recent periods. This uplift suggests enhanced efficiency in generating sales from fixed assets in recent quarters.

In summary, the company demonstrates a recovery and growth in sales following some volatility around 2020-2021, supported by steady increases in net fixed assets. The efficiency in utilizing fixed assets to generate sales displays some initial decline but recovers and moderately improves in the later periods. This combination of growing asset base and improving turnover ratio aligns with the observed upward trend in overall sales.

The quarterly financial data indicates various trends in product sales, total assets, and total asset turnover ratios over the given periods.

Product Sales

Product sales exhibit some fluctuation across the quarters. Initially, sales showed moderate stability around 5,800 to 6,300 million USD from March 2020 through December 2021, with occasional increases and decreases. A notable decline occurred in early 2021 compared to the previous quarters, followed by a rebound in subsequent quarters. Starting from March 2023, sales generally demonstrate a rising trend, reaching peak values around 8,700 million USD in December 2024, despite some short-term decreases in specific quarters like March 2025. The overall movement through the periods suggests a recovery and growth phase after initial volatility.

Total Assets

Total assets initially show some variability, starting near 61,669 million USD in March 2020 and peaking at about 65,121 million USD by December 2022. Subsequently, total assets experience a marked increase beginning in early 2023, reaching a high of approximately 97,154 million USD by December 2023. After this peak, a gradual decline follows through mid-2025, settling near 87,897 million USD. This pattern may indicate periods of asset accumulation followed by divestiture or depreciation effects towards the end of the dataset.

Total Asset Turnover Ratio

The total asset turnover ratio, which measures revenue generated per unit of assets, starts at a moderate level around 0.39 and shows minor fluctuations in the range of 0.37 to 0.41 through the periods ending in late 2022. From early 2023 onward, there is a pronounced decrease to approximately 0.28 sustained for several quarters, indicating reduced efficiency in using assets to generate sales during that interval. A gradual recovery trend appears beginning mid-2024, with the ratio improving steadily to about 0.38 by mid-2025. This trajectory suggests that asset utilization was less effective during the early 2023 to early 2024 period but improved thereafter.

In summary, the data reveal that after a relatively stable phase, product sales and total assets experienced growth phases starting in 2023, followed by mixed performance in subsequent periods. The efficiency of asset use, as reflected in the total asset turnover ratio, declined significantly before recovering gradually by mid-2025. This could imply a lag in converting increased assets into proportional sales during the growth of asset base, followed by operational adjustments to enhance asset productivity.

The analysis of the quarterly financial data reveals several notable trends across product sales, stockholders' equity, and equity turnover ratios. Over the observed periods, product sales exhibited a general upward trajectory with fluctuations characteristic of cyclical business patterns.

Product Sales

Product sales showed moderate increases and declines during the initial quarters from March 2020 through December 2021, fluctuating roughly between 5,600 million and 6,300 million US dollars. Beginning in 2022, sales values demonstrated a stronger upward trend, surpassing previous peak levels significantly. The highest recorded sales volume occurred in December 2025 with 8,771 million US dollars, indicating robust growth momentum in recent quarters. However, some quarter-to-quarter variability was observed, suggesting seasonality or market-driven factors affecting sales.

Stockholders’ Equity

Stockholders' equity started at a relatively high base near 9,485 million US dollars in March 2020, rising to over 10,000 million by mid-2020 before declining sharply through late 2021 to a low point of 916 million in March 2022. This steep decline reflected significant depletion in equity value during this period. Subsequently, stockholders' equity began a recovery phase throughout 2022 and 2023, with periodic rises and dips, and stabilized in the range of 5,000 to 7,000 million US dollars in the latest quarters. The volatility in equity suggests periods of substantial asset write-downs, repayments, or adjustments in capital structure.

Equity Turnover Ratio

The equity turnover ratio, which measures the efficiency of asset use relative to equity, showed considerable volatility. Initial data points are limited, but from March 2021 onward, values fluctuated between approximately 2.5 and below 7 for several quarters. Notably, in March 2022, there was a pronounced spike to 26.68, likely reflecting the previously noted sharp decline in stockholders' equity, thus inflating the turnover ratio temporarily. Thereafter, the ratio moderated but remained elevated relative to earlier periods, oscillating mostly between 3 and 6. This behavior indicates changing dynamics in asset utilization and equity base fluctuations affecting operational efficiency metrics.

In summary, product sales have generally expanded with some variability, reaching record highs towards the end of the data horizon. Stockholders' equity experienced significant contraction followed by a partial recovery, highlighting pronounced financial restructuring or valuation changes. Equity turnover ratios reflected high volatility driven largely by equity fluctuations, underscoring sensitivity of operational efficiency measures to changes in capital structure over the periods analyzed.