Analysis of Long-term (Investment) Activity Ratios
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)
Apple Inc., long-term (investment) activity ratios
Based on: 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26), 10-K (reporting date: 2019-09-28), 10-K (reporting date: 2018-09-29).
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover | An activity ratio calculated as total revenue divided by net fixed assets. | Apple Inc. net fixed asset turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
| Net fixed asset turnover (including operating lease, right-of-use asset) | An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). | Apple Inc. net fixed asset turnover ratio (with operating lease, right-of-use asset) improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
| Total asset turnover | An activity ratio calculated as total revenue divided by total assets. | Apple Inc. total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
| Equity turnover | An activity ratio calculated as total revenue divided by shareholders’ equity. | Apple Inc. equity turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |
Net Fixed Asset Turnover
Apple Inc., net fixed asset turnover calculation, comparison to benchmarks
| Sep 30, 2023 | Sep 24, 2022 | Sep 25, 2021 | Sep 26, 2020 | Sep 28, 2019 | Sep 29, 2018 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Net sales | 383,285) | 394,328) | 365,817) | 274,515) | 260,174) | 265,595) | |
| Property, plant and equipment, net | 43,715) | 42,117) | 39,440) | 36,766) | 37,378) | 41,304) | |
| Long-term Activity Ratio | |||||||
| Net fixed asset turnover1 | 8.77 | 9.36 | 9.28 | 7.47 | 6.96 | 6.43 | |
| Benchmarks | |||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||
| Arista Networks Inc. | 57.69 | 46.11 | 37.49 | 71.90 | 61.38 | — | |
| Cisco Systems Inc. | 27.34 | 25.82 | 21.31 | 20.10 | 18.61 | 16.41 | |
| Super Micro Computer Inc. | 24.54 | 18.17 | 12.95 | 14.28 | 16.88 | 17.09 | |
| Net Fixed Asset Turnover, Sector | |||||||
| Technology Hardware & Equipment | 9.81 | 10.24 | 10.02 | 8.34 | 7.87 | — | |
| Net Fixed Asset Turnover, Industry | |||||||
| Information Technology | 3.51 | 4.14 | 4.44 | 4.23 | 4.27 | — | |
Based on: 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26), 10-K (reporting date: 2019-09-28), 10-K (reporting date: 2018-09-29).
1 2023 Calculation
Net fixed asset turnover = Net sales ÷ Property, plant and equipment, net
= 383,285 ÷ 43,715 = 8.77
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover | An activity ratio calculated as total revenue divided by net fixed assets. | Apple Inc. net fixed asset turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Apple Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks
| Sep 30, 2023 | Sep 24, 2022 | Sep 25, 2021 | Sep 26, 2020 | Sep 28, 2019 | Sep 29, 2018 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Net sales | 383,285) | 394,328) | 365,817) | 274,515) | 260,174) | 265,595) | |
| Property, plant and equipment, net | 43,715) | 42,117) | 39,440) | 36,766) | 37,378) | 41,304) | |
| Right-of-use assets, operating leases (included in Other non-current assets) | 10,661) | 10,417) | 10,087) | 8,570) | —) | —) | |
| Property, plant and equipment, net (including operating lease, right-of-use asset) | 54,376) | 52,534) | 49,527) | 45,336) | 37,378) | 41,304) | |
| Long-term Activity Ratio | |||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 7.05 | 7.51 | 7.39 | 6.06 | 6.96 | 6.43 | |
| Benchmarks | |||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | |||||||
| Arista Networks Inc. | 37.21 | 29.52 | 20.50 | 21.16 | 18.98 | — | |
| Cisco Systems Inc. | 18.65 | 17.19 | 14.51 | 14.61 | 18.61 | 16.41 | |
| Super Micro Computer Inc. | 23.02 | 16.78 | 12.07 | 12.96 | 16.88 | 17.09 | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | |||||||
| Technology Hardware & Equipment | 7.83 | 8.13 | 7.91 | 6.71 | 7.85 | — | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | |||||||
| Information Technology | 3.08 | 3.59 | 3.79 | 3.60 | 3.99 | — | |
Based on: 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26), 10-K (reporting date: 2019-09-28), 10-K (reporting date: 2018-09-29).
1 2023 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset) = Net sales ÷ Property, plant and equipment, net (including operating lease, right-of-use asset)
= 383,285 ÷ 54,376 = 7.05
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover (including operating lease, right-of-use asset) | An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). | Apple Inc. net fixed asset turnover ratio (with operating lease, right-of-use asset) improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Total Asset Turnover
Apple Inc., total asset turnover calculation, comparison to benchmarks
| Sep 30, 2023 | Sep 24, 2022 | Sep 25, 2021 | Sep 26, 2020 | Sep 28, 2019 | Sep 29, 2018 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Net sales | 383,285) | 394,328) | 365,817) | 274,515) | 260,174) | 265,595) | |
| Total assets | 352,583) | 352,755) | 351,002) | 323,888) | 338,516) | 365,725) | |
| Long-term Activity Ratio | |||||||
| Total asset turnover1 | 1.09 | 1.12 | 1.04 | 0.85 | 0.77 | 0.73 | |
| Benchmarks | |||||||
| Total Asset Turnover, Competitors2 | |||||||
| Arista Networks Inc. | 0.59 | 0.65 | 0.51 | 0.49 | 0.58 | — | |
| Cisco Systems Inc. | 0.56 | 0.55 | 0.51 | 0.52 | 0.53 | 0.45 | |
| Super Micro Computer Inc. | 1.94 | 1.62 | 1.59 | 1.74 | 2.08 | 1.90 | |
| Total Asset Turnover, Sector | |||||||
| Technology Hardware & Equipment | 0.97 | 1.00 | 0.92 | 0.77 | 0.72 | — | |
| Total Asset Turnover, Industry | |||||||
| Information Technology | 0.59 | 0.63 | 0.61 | 0.57 | 0.58 | — | |
Based on: 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26), 10-K (reporting date: 2019-09-28), 10-K (reporting date: 2018-09-29).
1 2023 Calculation
Total asset turnover = Net sales ÷ Total assets
= 383,285 ÷ 352,583 = 1.09
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Total asset turnover | An activity ratio calculated as total revenue divided by total assets. | Apple Inc. total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Equity Turnover
Apple Inc., equity turnover calculation, comparison to benchmarks
| Sep 30, 2023 | Sep 24, 2022 | Sep 25, 2021 | Sep 26, 2020 | Sep 28, 2019 | Sep 29, 2018 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Net sales | 383,285) | 394,328) | 365,817) | 274,515) | 260,174) | 265,595) | |
| Shareholders’ equity | 62,146) | 50,672) | 63,090) | 65,339) | 90,488) | 107,147) | |
| Long-term Activity Ratio | |||||||
| Equity turnover1 | 6.17 | 7.78 | 5.80 | 4.20 | 2.88 | 2.48 | |
| Benchmarks | |||||||
| Equity Turnover, Competitors2 | |||||||
| Arista Networks Inc. | 0.81 | 0.90 | 0.74 | 0.70 | 0.83 | — | |
| Cisco Systems Inc. | 1.29 | 1.30 | 1.21 | 1.30 | 1.55 | 1.14 | |
| Super Micro Computer Inc. | 3.61 | 3.64 | 3.25 | 3.13 | 3.72 | 3.98 | |
| Equity Turnover, Sector | |||||||
| Technology Hardware & Equipment | 3.92 | 4.71 | 3.86 | 3.06 | 2.49 | — | |
| Equity Turnover, Industry | |||||||
| Information Technology | 1.44 | 1.61 | 1.67 | 1.65 | 1.65 | — | |
Based on: 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26), 10-K (reporting date: 2019-09-28), 10-K (reporting date: 2018-09-29).
1 2023 Calculation
Equity turnover = Net sales ÷ Shareholders’ equity
= 383,285 ÷ 62,146 = 6.17
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Equity turnover | An activity ratio calculated as total revenue divided by shareholders’ equity. | Apple Inc. equity turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |