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.
Paying user area
Try for free
Amgen Inc. pages available for free this week:
- Income Statement
- Statement of Comprehensive Income
- Balance Sheet: Assets
- Cash Flow Statement
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to Amgen Inc. for $24.99.
This is a one-time payment. There is no automatic renewal.
We accept:
Long-term Activity Ratios (Summary)
Amgen Inc., long-term (investment) activity ratios (quarterly data)
Based on: 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).
The investment activity ratios from March 2022 to March 2026 reveal a period of significant transition in asset utilization and capital structure efficiency. While fixed asset productivity remained relatively consistent for the majority of the timeframe, total asset turnover and equity turnover exhibited more volatile trajectories, suggesting shifts in the overall balance sheet composition and the efficiency of equity deployment.
- Net Fixed Asset Turnover
- This ratio remained largely stable between 4.53 and 4.85 for the first two years of the analysis. A peak in efficiency was observed in September 2024, reaching 5.06, which indicates a period of maximum revenue generation per unit of net fixed assets. However, a subsequent downward trend emerged toward the end of the period, with the ratio declining to 4.32 by March 2026, suggesting a potential increase in fixed asset investment that has not yet been matched by proportional revenue growth.
- Total Asset Turnover
- A distinct U-shaped pattern is evident in total asset utilization. The ratio began at 0.41, declined to a trough of 0.28 between March 2023 and December 2023, and then entered a steady recovery phase. From March 2024 (0.30) through December 2025 (0.39), there was a consistent improvement in the company's ability to generate sales from its total asset base, before stabilizing at 0.38 in March 2026.
- Equity Turnover
- The most significant volatility is observed in equity turnover, which experienced a precipitous decline from an initial high of 26.68 in March 2022 to 3.35 by September 2023. This sharp contraction suggests a substantial increase in shareholder equity or a relative decline in revenue during this window. Following this drop, the ratio fluctuated between 3.35 and 5.61, failing to return to its initial levels and ending the period at 3.86, indicating a fundamental shift in the leverage or equity-to-sales relationship.
In summary, the data indicates that while the company regained momentum in overall asset efficiency (Total Asset Turnover) starting in 2024, the drastic and permanent reduction in Equity Turnover suggests a significant expansion of the equity base. The recent decline in Net Fixed Asset Turnover toward the end of the observed period may point to recent capital expenditures that have yet to fully translate into top-line growth.
Net Fixed Asset Turnover
Amgen Inc., net fixed asset turnover calculation (quarterly data)
| 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) | |||||||||||||||||||||||
| Product sales | |||||||||||||||||||||||
| Property, plant and equipment, net | |||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||
| Net fixed asset turnover1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||
| AbbVie Inc. | |||||||||||||||||||||||
| Bristol-Myers Squibb Co. | |||||||||||||||||||||||
| Danaher Corp. | |||||||||||||||||||||||
| Eli Lilly & Co. | |||||||||||||||||||||||
| Gilead Sciences Inc. | |||||||||||||||||||||||
| Johnson & Johnson | |||||||||||||||||||||||
| Merck & Co. Inc. | |||||||||||||||||||||||
| Pfizer Inc. | |||||||||||||||||||||||
| Regeneron Pharmaceuticals Inc. | |||||||||||||||||||||||
| Thermo Fisher Scientific Inc. | |||||||||||||||||||||||
| Vertex Pharmaceuticals Inc. | |||||||||||||||||||||||
Based on: 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 Q1 2026 Calculation
Net fixed asset turnover
= (Product salesQ1 2026
+ Product salesQ4 2025
+ Product salesQ3 2025
+ Product salesQ2 2025)
÷ Property, plant and equipment, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
An analysis of long-term activity indicates a period of sustained expansion in both revenue generation and capital investment, though the efficiency of fixed asset utilization exhibited notable volatility toward the end of the observed timeframe.
- Revenue Growth Patterns
- Product sales demonstrated a consistent long-term upward trajectory, rising from 5,731 million US dollars in March 2022 to a peak of 9,367 million US dollars in December 2025. Despite occasional quarterly fluctuations, the general trend reflects a substantial increase in top-line performance over the four-year period.
- Fixed Asset Expansion
- Net property, plant, and equipment grew steadily and without interruption, increasing from 5,142 million US dollars to 8,216 million US dollars by March 2026. The most pronounced acceleration in asset growth occurred between September 2025 and March 2026, indicating a period of intensified capital expenditure.
- Net Fixed Asset Turnover Dynamics
- The turnover ratio remained relatively stable, fluctuating between 4.53 and 4.77 from March 2022 through December 2023. A period of improved operational efficiency was observed between March 2024 and September 2024, during which the ratio reached a peak of 5.06. However, a downward trend emerged starting in December 2024, with the ratio declining to 4.32 by March 2026. This contraction suggests that the rapid increase in the net fixed asset base outpaced the growth in product sales during the final quarters, resulting in lower asset productivity per unit of investment.
Total Asset Turnover
Amgen Inc., total asset turnover calculation (quarterly data)
| 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) | |||||||||||||||||||||||
| Product sales | |||||||||||||||||||||||
| Total assets | |||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||
| Total asset turnover1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||
| AbbVie Inc. | |||||||||||||||||||||||
| Bristol-Myers Squibb Co. | |||||||||||||||||||||||
| Danaher Corp. | |||||||||||||||||||||||
| Eli Lilly & Co. | |||||||||||||||||||||||
| Gilead Sciences Inc. | |||||||||||||||||||||||
| Johnson & Johnson | |||||||||||||||||||||||
| Merck & Co. Inc. | |||||||||||||||||||||||
| Pfizer Inc. | |||||||||||||||||||||||
| Regeneron Pharmaceuticals Inc. | |||||||||||||||||||||||
| Thermo Fisher Scientific Inc. | |||||||||||||||||||||||
| Vertex Pharmaceuticals Inc. | |||||||||||||||||||||||
Based on: 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 Q1 2026 Calculation
Total asset turnover
= (Product salesQ1 2026
+ Product salesQ4 2025
+ Product salesQ3 2025
+ Product salesQ2 2025)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of total asset turnover reveals a distinct three-phase trajectory characterized by an initial period of stability, a significant contraction in efficiency following a substantial asset expansion, and a subsequent recovery driven by revenue growth.
- Asset Expansion and Efficiency Contraction
- Between March 2022 and December 2022, total asset turnover remained relatively stable, fluctuating between 0.38 and 0.41. However, a sharp decline to 0.28 is observed starting in March 2023. This downturn coincides with a substantial increase in total assets, which rose from approximately 65 billion USD in December 2022 to 88.7 billion USD in March 2023, peaking at 97.2 billion USD by December 2023. During this period, the increase in the asset base significantly outpaced the growth in product sales, leading to a marked reduction in asset utilization efficiency.
- Revenue-Driven Recovery
- From March 2024 through December 2025, a consistent upward trend in the total asset turnover ratio is evident, rising from 0.30 to 0.39. This recovery was primarily driven by strong growth in product sales, which increased from 7.1 billion USD in March 2024 to a peak of 9.4 billion USD in December 2025. During this interval, total assets remained relatively stable, fluctuating within a narrow range between 87.9 billion USD and 91.8 billion USD. The expansion of the top line without a corresponding increase in the asset base resulted in a steady improvement in the efficiency of asset deployment.
- Current Stability and Performance
- As of March 2026, the total asset turnover ratio shows a slight moderation to 0.38. This marginal decrease is attributed to a decline in quarterly product sales to 8.2 billion USD, coupled with a slight increase in total assets to 92.5 billion USD. Despite this minor fluctuation, the overall efficiency level remains significantly higher than the lows observed in 2023, indicating that the organization has successfully integrated its expanded asset base to support higher sales volumes.
Equity Turnover
Amgen Inc., equity turnover calculation (quarterly data)
| 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) | |||||||||||||||||||||||
| Product sales | |||||||||||||||||||||||
| Stockholders’ equity | |||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||
| Equity turnover1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||
| AbbVie Inc. | |||||||||||||||||||||||
| Bristol-Myers Squibb Co. | |||||||||||||||||||||||
| Danaher Corp. | |||||||||||||||||||||||
| Eli Lilly & Co. | |||||||||||||||||||||||
| Gilead Sciences Inc. | |||||||||||||||||||||||
| Johnson & Johnson | |||||||||||||||||||||||
| Merck & Co. Inc. | |||||||||||||||||||||||
| Pfizer Inc. | |||||||||||||||||||||||
| Regeneron Pharmaceuticals Inc. | |||||||||||||||||||||||
| Thermo Fisher Scientific Inc. | |||||||||||||||||||||||
| Vertex Pharmaceuticals Inc. | |||||||||||||||||||||||
Based on: 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 Q1 2026 Calculation
Equity turnover
= (Product salesQ1 2026
+ Product salesQ4 2025
+ Product salesQ3 2025
+ Product salesQ2 2025)
÷ Stockholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
A comprehensive analysis of the investment activity ratios reveals a significant compression in equity turnover over the observed period from March 31, 2022, to March 31, 2026. While product sales demonstrated a consistent upward trajectory, the rate of growth in stockholders' equity far exceeded the growth in revenue, leading to a marked decline in the efficiency of equity utilization for generating sales.
- Equity Turnover Trend
- A precipitous decline in the equity turnover ratio is observed during the first two years of the period. The ratio fell from a peak of 26.68 in March 2022 to a low of 3.35 by September 2023. Following this decline, the ratio entered a phase of relative stabilization, fluctuating between a low of 3.59 in June 2025 and a temporary recovery peak of 5.61 in March 2024. The period concludes with a ratio of 3.86 in March 2026, representing a substantial long-term reduction in the asset-to-equity sales efficiency.
- Product Sales Growth
- Revenue from product sales exhibited a general growth trend, increasing from 5,731 million US dollars in March 2022 to a peak of 9,367 million US dollars in December 2025, before settling at 8,218 million US dollars in March 2026. The most significant acceleration in sales occurred between December 2023 and September 2025, indicating strong commercial expansion during this window.
- Stockholders' Equity Expansion
- The most dominant trend is the aggressive expansion of stockholders' equity. The equity base grew from 916 million US dollars in March 2022 to 9,190 million US dollars by March 2026. This nearly ten-fold increase in the equity base occurred in several stages, with notable surges in the first half of 2023 and the second half of 2025. This expansion indicates a significant change in the company's capital structure or a substantial accumulation of retained earnings.
- Correlation between Capital Base and Turnover
- The inverse relationship between the growth of stockholders' equity and the equity turnover ratio is evident. The initial surge in equity from 916 million to 7,656 million US dollars between March 2022 and September 2023 directly correlates with the collapse of the turnover ratio from 26.68 to 3.35. Because the equity base expanded at a rate significantly faster than the product sales grew, the resulting turnover ratio diminished, suggesting that the company is operating with a much larger capital cushion relative to its sales volume than it was at the start of the period.