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)
Amgen Inc., long-term (investment) activity ratios (quarterly data)
Based on: 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).
The investment activity ratios exhibit divergent trends across fixed assets, total assets, and equity utilization over the analyzed period. While fixed asset efficiency remained relatively stable for several years before a recent decline, total asset turnover showed a period of recovery and stabilization, and equity turnover experienced a profound structural shift early in the period.
- Net Fixed Asset Turnover
- This ratio demonstrated a period of relative stability, fluctuating primarily between 4.5 and 4.8. A peak of 5.06 was reached in September 2024, indicating a high level of efficiency in generating revenue from fixed assets. However, a sustained downward trend emerged starting in December 2024, with the ratio declining steadily to 4.24 by June 2026, suggesting a decrease in the revenue-generating capacity of fixed assets or an increase in the fixed asset base that has not yet been offset by proportional revenue growth.
- Total Asset Turnover
- A U-shaped pattern is observable in the total asset turnover. The ratio began at 0.41 and declined to a low of 0.28, which was maintained through December 2023. From March 2024 onward, a gradual and consistent improvement was noted, with the ratio climbing to a peak of 0.39 in December 2025. The period concluded with the ratio stabilizing at 0.38, indicating a recovery in the overall efficiency of the asset base in generating sales.
- Equity Turnover
- The most significant volatility occurred in the equity turnover ratio, which experienced a sharp collapse from 26.68 in March 2022 to 6.71 by September 2022. Following this initial drop, the ratio entered a period of instability, oscillating between 3.10 and 5.61. The overall trajectory remained significantly lower than the initial baseline, ending at 3.10 in June 2026. This suggests a substantial increase in shareholders' equity relative to revenue growth, effectively lowering the turnover rate.
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Net Fixed Asset Turnover
Amgen Inc., net fixed asset turnover calculation (quarterly data)
| 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) | ||||||||||||||||||||||||
| Product sales | 9,537) | 8,218) | 9,367) | 9,137) | 8,771) | 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) | ||||||
| Property, plant and equipment, net | 8,547) | 8,216) | 7,913) | 7,220) | 6,855) | 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) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Net fixed asset turnover1 | 4.24 | 4.32 | 4.44 | 4.78 | 4.89 | 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 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||
| AbbVie Inc. | 11.11 | 11.05 | 10.87 | 10.88 | 11.04 | 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 | ||||||
| Bristol-Myers Squibb Co. | 6.31 | 6.33 | 6.39 | 6.54 | 6.47 | 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 | ||||||
| Danaher Corp. | 4.31 | 4.53 | 4.44 | 4.51 | 4.52 | 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 | ||||||
| Eli Lilly & Co. | 2.72 | 2.72 | 2.64 | 2.66 | 2.59 | 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 | ||||||
| Gilead Sciences Inc. | 5.11 | 5.19 | 5.16 | 5.19 | 5.26 | 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 | ||||||
| Johnson & Johnson | 4.15 | 4.14 | 4.07 | 4.13 | 4.13 | 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 | ||||||
| Merck & Co. Inc. | 2.59 | 2.59 | 2.57 | 2.51 | 2.52 | 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 | ||||||
| Pfizer Inc. | 3.35 | 3.26 | 3.24 | 3.33 | 3.40 | 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 | ||||||
| Regeneron Pharmaceuticals Inc. | 2.85 | 2.83 | 2.80 | 2.85 | 2.94 | 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 | ||||||
| Thermo Fisher Scientific Inc. | 4.31 | 4.24 | 4.22 | 4.30 | 4.48 | 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 | ||||||
| Vertex Pharmaceuticals Inc. | 7.56 | 7.60 | 7.89 | 8.23 | 8.55 | 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 | ||||||
Based on: 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 Q2 2026 Calculation
Net fixed asset turnover
= (Product salesQ2 2026
+ Product salesQ1 2026
+ Product salesQ4 2025
+ Product salesQ3 2025)
÷ Property, plant and equipment, net
= (9,537 + 8,218 + 9,367 + 9,137)
÷ 8,547 = 4.24
2 Click competitor name to see calculations.
The analysis of long-term investment activity reveals a trajectory of consistent growth in both revenue and capital assets, though the efficiency of asset utilization has fluctuated over the observed period. While product sales have trended upward significantly, the rate of investment in fixed assets has eventually outpaced revenue growth, impacting the net fixed asset turnover ratio in the latter stages of the timeframe.
- Product Sales Trends
- Product sales exhibited a general increase from US$ 5,731 million in March 2022 to US$ 9,537 million by June 2026. The growth pattern is characterized by cyclical dips occurring every March, followed by recoveries and peaks toward the end of each calendar year, indicating a seasonal component to revenue generation.
- Fixed Asset Expansion
- Net property, plant, and equipment showed a steady and uninterrupted increase, rising from US$ 5,142 million in March 2022 to US$ 8,547 million by June 2026. This represents a sustained commitment to capital expenditure and infrastructure expansion throughout the entire period.
- Net Fixed Asset Turnover Efficiency
- The net fixed asset turnover ratio remained relatively stable between 4.53 and 4.77 from March 2022 through December 2023. A period of improved asset efficiency was recorded during 2024, where the ratio reached a peak of 5.06 in September 2024, suggesting that sales growth temporarily outstripped the pace of asset acquisition. However, from March 2025 onward, a consistent decline is observed, with the ratio falling to 4.24 by June 2026. This downward trend indicates that recent investments in fixed assets have not yet yielded a proportional increase in sales, leading to a reduction in the overall efficiency of long-term asset utilization.
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Total Asset Turnover
Amgen Inc., total asset turnover calculation (quarterly data)
| 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) | ||||||||||||||||||||||||
| Product sales | 9,537) | 8,218) | 9,367) | 9,137) | 8,771) | 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) | ||||||
| Total assets | 95,639) | 92,504) | 90,586) | 90,141) | 87,897) | 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) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Total asset turnover1 | 0.38 | 0.38 | 0.39 | 0.38 | 0.38 | 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 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||
| AbbVie Inc. | 0.48 | 0.46 | 0.46 | 0.45 | 0.43 | 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 | ||||||
| Bristol-Myers Squibb Co. | 0.56 | 0.56 | 0.54 | 0.50 | 0.50 | 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 | ||||||
| Danaher Corp. | 0.27 | 0.30 | 0.29 | 0.30 | 0.29 | 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 | ||||||
| Eli Lilly & Co. | 0.56 | 0.62 | 0.58 | 0.52 | 0.53 | 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 | ||||||
| Gilead Sciences Inc. | 0.60 | 0.52 | 0.49 | 0.49 | 0.52 | 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 | ||||||
| Johnson & Johnson | 0.49 | 0.48 | 0.47 | 0.48 | 0.47 | 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 | ||||||
| Merck & Co. Inc. | 0.51 | 0.51 | 0.47 | 0.50 | 0.54 | 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 | ||||||
| Pfizer Inc. | 0.32 | 0.30 | 0.30 | 0.30 | 0.31 | 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 | ||||||
| Regeneron Pharmaceuticals Inc. | 0.37 | 0.37 | 0.35 | 0.35 | 0.37 | 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 | ||||||
| Thermo Fisher Scientific Inc. | 0.41 | 0.40 | 0.40 | 0.42 | 0.43 | 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 | ||||||
| Vertex Pharmaceuticals Inc. | 0.46 | 0.46 | 0.47 | 0.47 | 0.48 | 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 | ||||||
Based on: 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 Q2 2026 Calculation
Total asset turnover
= (Product salesQ2 2026
+ Product salesQ1 2026
+ Product salesQ4 2025
+ Product salesQ3 2025)
÷ Total assets
= (9,537 + 8,218 + 9,367 + 9,137)
÷ 95,639 = 0.38
2 Click competitor name to see calculations.
The analysis of total asset turnover reveals a distinct three-phase cycle characterized by an initial period of relative stability, a sharp contraction following a balance sheet expansion, and a subsequent recovery driven by sustained revenue growth.
- Asset Utilization and Efficiency Trends
- Between March 2022 and December 2022, the total asset turnover ratio remained stable, fluctuating narrowly between 0.41 and 0.38. A significant decline occurred in the first quarter of 2023, with the ratio dropping to 0.28 and remaining stagnant through December 2023. This contraction is directly correlated with a substantial increase in total assets, which surged from approximately 65.1 billion USD in December 2022 to 88.7 billion USD in March 2023. This indicates a period of aggressive capital expansion or acquisition that temporarily diluted the efficiency of the asset base relative to sales generation.
- Revenue Growth and Ratio Recovery
- From March 2024 through December 2025, a consistent recovery trend is observed, as the turnover ratio climbed from 0.30 to a peak of 0.39. This improvement is driven by a robust increase in product sales, which rose from 5.8 billion USD in March 2023 to 9.5 billion USD by June 2026. The acceleration in sales growth outpaced the growth of the asset base during this period, effectively restoring the company's ability to generate revenue from its investments.
- Long-term Investment Performance
- The data indicates that the initial investment in assets, while causing a short-term dip in turnover efficiency, served as a foundation for significant top-line growth. By the end of the observed period in June 2026, the total asset turnover ratio stabilized at 0.38. This suggests that the expanded asset base has been successfully integrated and is now operating at an efficiency level comparable to the pre-expansion period, albeit supported by a much higher volume of product sales.
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Equity Turnover
Amgen Inc., equity turnover calculation (quarterly data)
| 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) | ||||||||||||||||||||||||
| Product sales | 9,537) | 8,218) | 9,367) | 9,137) | 8,771) | 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) | ||||||
| Stockholders’ equity | 11,688) | 9,190) | 8,658) | 9,619) | 7,428) | 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) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Equity turnover1 | 3.10 | 3.86 | 4.06 | 3.59 | 4.51 | 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 | ||||||
| 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 | ||||||
| Bristol-Myers Squibb Co. | 2.20 | 2.42 | 2.61 | 2.59 | 2.74 | 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 | ||||||
| Danaher Corp. | 0.48 | 0.47 | 0.47 | 0.48 | 0.46 | 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 | ||||||
| Eli Lilly & Co. | 2.35 | 2.32 | 2.46 | 2.50 | 2.91 | 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 | ||||||
| Gilead Sciences Inc. | 2.52 | 1.24 | 1.27 | 1.33 | 1.46 | 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 | ||||||
| Johnson & Johnson | 1.15 | 1.19 | 1.16 | 1.16 | 1.15 | 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 | ||||||
| Merck & Co. Inc. | 1.59 | 1.43 | 1.24 | 1.24 | 1.30 | 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 | ||||||
| Pfizer Inc. | 0.75 | 0.70 | 0.72 | 0.68 | 0.72 | 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 | ||||||
| Regeneron Pharmaceuticals Inc. | 0.49 | 0.47 | 0.46 | 0.46 | 0.47 | 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 | ||||||
| Thermo Fisher Scientific Inc. | 0.88 | 0.87 | 0.83 | 0.86 | 0.86 | 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 | ||||||
| Vertex Pharmaceuticals Inc. | 0.62 | 0.63 | 0.64 | 0.68 | 0.66 | 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 | ||||||
Based on: 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 Q2 2026 Calculation
Equity turnover
= (Product salesQ2 2026
+ Product salesQ1 2026
+ Product salesQ4 2025
+ Product salesQ3 2025)
÷ Stockholders’ equity
= (9,537 + 8,218 + 9,367 + 9,137)
÷ 11,688 = 3.10
2 Click competitor name to see calculations.
The analysis of the financial metrics from March 31, 2022, to June 30, 2026, reveals a significant transformation in the relationship between revenue generation and the equity base. While product sales exhibited a consistent long-term growth trend, the equity turnover ratio underwent a substantial contraction, shifting from an exceptionally high initial state to a lower, more stabilized range.
- Product Sales Performance
- A sustained upward trajectory in product sales is observed, rising from 5,731 million USD in March 2022 to 9,537 million USD by June 2026. Growth was particularly pronounced between December 2023 and December 2024, where sales climbed from 7,833 million USD to 8,716 million USD, indicating a strengthening market position and increased revenue capacity over the period.
- Stockholders' Equity Expansion
- The equity base experienced aggressive expansion, starting at a relatively low 916 million USD in March 2022 and reaching 11,688 million USD by June 2026. Despite intermittent fluctuations—most notably declines in December 2023 and December 2024—the overall trend indicates a massive accumulation of equity, which significantly altered the company's financial structure.
- Equity Turnover Dynamics
- The equity turnover ratio began at a peak of 26.68 in March 2022, reflecting a very small equity base relative to sales. A sharp decline followed through 2022 and 2023, reaching a low of 3.35 by September 30, 2023. From 2024 through mid-2026, the ratio stabilized, fluctuating between 3.10 and 5.61. This decline was not driven by a failure to generate sales, but rather by the disproportionate growth of stockholders' equity relative to the growth of product sales.
In summary, the downward trend in equity turnover is a direct mathematical consequence of the rapid expansion of the equity base. The transition from a turnover ratio of 26.68 to 3.10 suggests a shift from a highly leveraged or low-equity capital structure to one that is more equity-heavy, thereby reducing the efficiency of equity as a driver of sales growth while potentially increasing the long-term financial stability of the organization.
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