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: 2026-09-26), 10-K (reporting date: 2025-09-27), 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25).
An analysis of the long-term activity ratios indicates a period of fluctuating asset efficiency with a notable divergence between total asset utilization and equity turnover toward the end of the observed period.
- Net Fixed Asset Utilization
- The net fixed asset turnover ratio exhibited a peak of 9.36 in September 2022, followed by a consistent decline to 8.35 by September 2025. A significant recovery occurred in September 2026, where the ratio rose to 9.19. When accounting for operating lease right-of-use assets, the ratios follow a nearly identical trajectory, starting at 7.39 in 2021, dipping to a low of 6.82 in 2025, and returning to 7.51 in 2026. The consistent gap between these two metrics highlights the steady impact of lease obligations on the company's fixed asset base.
- Total Asset Efficiency
- Total asset turnover demonstrates relative stability and a general upward trend in the latter years. After reaching 1.12 in 2022 and experiencing a slight contraction to 1.07 in 2024, the ratio improved to 1.16 in 2025 and reached a period high of 1.18 in 2026. This suggests an increasing effectiveness in utilizing the entirety of the asset base to generate revenue.
- Equity Turnover Trends
- Equity turnover shows the highest level of volatility among the analyzed metrics. A sharp increase to 7.78 was recorded in 2022, followed by fluctuations between 6.17 and 6.87 from 2023 to 2024. However, a pronounced downward trend is observed in the final two years, with the ratio falling to 5.64 in 2025 and further declining to 4.27 in 2026. This contraction suggests a significant increase in shareholder equity relative to revenue growth, potentially indicating a shift in capital structure or an accumulation of retained earnings.
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Net Fixed Asset Turnover
Apple Inc., net fixed asset turnover calculation, comparison to benchmarks
| Sep 26, 2026 | Sep 27, 2025 | Sep 28, 2024 | Sep 30, 2023 | Sep 24, 2022 | Sep 25, 2021 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Net sales | 478,834) | 416,161) | 391,035) | 383,285) | 394,328) | 365,817) | |
| Property, plant and equipment, net | 52,084) | 49,834) | 45,680) | 43,715) | 42,117) | 39,440) | |
| Long-term Activity Ratio | |||||||
| Net fixed asset turnover1 | 9.19 | 8.35 | 8.56 | 8.77 | 9.36 | 9.28 | |
| Benchmarks | |||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||
| Arista Networks Inc. | — | 44.34 | 70.85 | 57.69 | 46.11 | 37.49 | |
| Cisco Systems Inc. | 22.94 | 26.81 | 25.74 | 27.34 | 25.82 | 21.31 | |
| Dell Technologies Inc. | 17.01 | 15.08 | 13.75 | 16.48 | 18.69 | 14.65 | |
| Lumentum Holdings Inc. | 2.60 | 2.26 | 2.37 | 3.61 | 4.75 | 4.83 | |
| Super Micro Computer Inc. | 62.45 | 43.55 | 36.21 | 24.54 | 18.17 | 12.95 | |
| Net Fixed Asset Turnover, Sector | |||||||
| Technology Hardware & Equipment | — | 10.06 | 10.07 | 10.54 | 11.11 | 10.59 | |
| Net Fixed Asset Turnover, Industry | |||||||
| Information Technology | — | 3.21 | 3.48 | 3.80 | 4.46 | 4.76 | |
Based on: 10-K (reporting date: 2026-09-26), 10-K (reporting date: 2025-09-27), 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25).
1 2026 Calculation
Net fixed asset turnover = Net sales ÷ Property, plant and equipment, net
= 478,834 ÷ 52,084 = 9.19
2 Click competitor name to see calculations.
The analysis of investment activity from September 2021 to September 2026 reveals a period of consistent expansion in fixed assets coupled with fluctuating sales performance, which directly impacted the efficiency of asset utilization.
- Net Sales Performance
- Net sales demonstrated an overall upward trajectory, increasing from US$ 365,817 million in 2021 to US$ 478,834 million by 2026. A temporary contraction was observed in 2023, where sales dipped to US$ 383,285 million, followed by a period of sustained growth and a significant surge in the final reported year.
- Fixed Asset Investment
- Property, plant and equipment, net, exhibited steady and uninterrupted year-over-year growth. Investments rose from US$ 39,440 million in 2021 to US$ 52,084 million in 2026, reflecting a consistent increase in the company's long-term physical infrastructure.
- Net Fixed Asset Turnover Efficiency
- The net fixed asset turnover ratio experienced a period of volatility. After peaking at 9.36 in 2022, the ratio declined progressively over the next three years, reaching a low of 8.35 in 2025. This trend indicates that the expansion of fixed assets outpaced the growth in net sales during this window, leading to reduced asset efficiency. However, a strong recovery occurred in 2026, with the ratio ascending to 9.19, suggesting a successful optimization of assets to drive higher revenue volumes.
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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 26, 2026 | Sep 27, 2025 | Sep 28, 2024 | Sep 30, 2023 | Sep 24, 2022 | Sep 25, 2021 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Net sales | 478,834) | 416,161) | 391,035) | 383,285) | 394,328) | 365,817) | |
| Property, plant and equipment, net | 52,084) | 49,834) | 45,680) | 43,715) | 42,117) | 39,440) | |
| Right-of-use assets, operating leases (included in Other non-current assets) | 11,636) | 11,205) | 10,234) | 10,661) | 10,417) | 10,087) | |
| Property, plant and equipment, net (including operating lease, right-of-use asset) | 63,720) | 61,039) | 55,914) | 54,376) | 52,534) | 49,527) | |
| Long-term Activity Ratio | |||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 7.51 | 6.82 | 6.99 | 7.05 | 7.51 | 7.39 | |
| Benchmarks | |||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | |||||||
| Arista Networks Inc. | — | 44.34 | 46.44 | 37.21 | 29.52 | 20.50 | |
| Cisco Systems Inc. | 15.24 | 16.59 | 17.05 | 18.65 | 17.19 | 14.51 | |
| Dell Technologies Inc. | 15.52 | 13.66 | 12.39 | 14.75 | 16.10 | 11.02 | |
| Lumentum Holdings Inc. | 2.54 | 2.18 | 2.11 | 3.12 | 3.95 | 4.07 | |
| Super Micro Computer Inc. | 34.06 | 27.53 | 33.42 | 23.02 | 16.78 | 12.07 | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | |||||||
| Technology Hardware & Equipment | — | 8.21 | 8.25 | 8.52 | 8.90 | 8.31 | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | |||||||
| Information Technology | — | 2.83 | 3.06 | 3.34 | 3.87 | 4.04 | |
Based on: 10-K (reporting date: 2026-09-26), 10-K (reporting date: 2025-09-27), 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25).
1 2026 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)
= 478,834 ÷ 63,720 = 7.51
2 Click competitor name to see calculations.
An evaluation of long-term asset productivity reveals a fluctuating trend in the efficiency of fixed asset utilization relative to revenue generation. While both net sales and net property, plant, and equipment (PP&E) exhibited overall growth from 2021 to 2026, the relationship between the two indicates varying levels of operational efficiency over the analyzed period.
- Net Sales and Asset Base Expansion
- Net sales increased from 365,817 million US$ in 2021 to 478,834 million US$ in 2026. During the same interval, the net fixed asset base, including operating lease right-of-use assets, grew steadily from 49,527 million US$ to 63,720 million US$. This represents a consistent expansion of the physical and leased infrastructure to support scaling operations.
- Net Fixed Asset Turnover Performance
- The net fixed asset turnover ratio experienced an initial increase, peaking at 7.51 in 2022. Subsequently, a downward trend was observed for three consecutive years, with the ratio declining to 7.05 in 2023, 6.99 in 2024, and reaching a period low of 6.82 in 2025. This compression suggests that during this timeframe, the growth in the fixed asset base outpaced the growth in net sales, leading to a temporary reduction in asset productivity.
- Efficiency Recovery
- A significant recovery occurred in 2026, where the turnover ratio returned to 7.51. This rebound is attributable to a substantial acceleration in net sales, which surged from 416,161 million US$ to 478,834 million US$, far exceeding the incremental increase in net fixed assets for the same period. This indicates a return to the peak asset utilization levels seen in 2022.
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Total Asset Turnover
Apple Inc., total asset turnover calculation, comparison to benchmarks
| Sep 26, 2026 | Sep 27, 2025 | Sep 28, 2024 | Sep 30, 2023 | Sep 24, 2022 | Sep 25, 2021 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Net sales | 478,834) | 416,161) | 391,035) | 383,285) | 394,328) | 365,817) | |
| Total assets | 404,548) | 359,241) | 364,980) | 352,583) | 352,755) | 351,002) | |
| Long-term Activity Ratio | |||||||
| Total asset turnover1 | 1.18 | 1.16 | 1.07 | 1.09 | 1.12 | 1.04 | |
| Benchmarks | |||||||
| Total Asset Turnover, Competitors2 | |||||||
| Arista Networks Inc. | — | 0.46 | 0.50 | 0.59 | 0.65 | 0.51 | |
| Cisco Systems Inc. | 0.49 | 0.46 | 0.43 | 0.56 | 0.55 | 0.51 | |
| Dell Technologies Inc. | 1.12 | 1.20 | 1.08 | 1.14 | 1.09 | 0.76 | |
| Lumentum Holdings Inc. | 0.41 | 0.39 | 0.35 | 0.38 | 0.41 | 0.49 | |
| Super Micro Computer Inc. | 1.30 | 1.57 | 1.53 | 1.94 | 1.62 | 1.59 | |
| Total Asset Turnover, Sector | |||||||
| Technology Hardware & Equipment | — | 1.00 | 0.93 | 0.99 | 1.01 | 0.89 | |
| Total Asset Turnover, Industry | |||||||
| Information Technology | — | 0.60 | 0.58 | 0.61 | 0.64 | 0.62 | |
Based on: 10-K (reporting date: 2026-09-26), 10-K (reporting date: 2025-09-27), 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25).
1 2026 Calculation
Total asset turnover = Net sales ÷ Total assets
= 478,834 ÷ 404,548 = 1.18
2 Click competitor name to see calculations.
The analysis of asset efficiency reveals a general trend of improvement in the utilization of the total asset base to generate revenue over the observed six-year period. While the asset turnover ratio experienced intermittent volatility, the overall trajectory indicates an increase in operational productivity.
- Net Sales Trends
- Revenue exhibited a general upward trajectory, growing from US$ 365,817 million in 2021 to US$ 478,834 million by 2026. A brief contraction was noted in 2023, where sales dipped to US$ 383,285 million, before entering a period of accelerated growth through 2026.
- Total Asset Management
- The total asset base remained relatively stable between 2021 and 2023, maintaining a range near US$ 352 billion. A moderate expansion occurred in 2024, followed by a significant increase to US$ 404,548 million in 2026, suggesting a strategic increase in investment to support higher sales volumes.
- Total Asset Turnover Performance
- The asset turnover ratio fluctuated, starting at 1.04 in 2021 and peaking at 1.18 in 2026. An initial improvement to 1.12 in 2022 was followed by a two-year decline, reaching a trough of 1.07 in 2024. The subsequent rise to 1.16 in 2025 and 1.18 in 2026 indicates that revenue growth outpaced the growth of the asset base, resulting in enhanced asset productivity.
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Equity Turnover
Apple Inc., equity turnover calculation, comparison to benchmarks
| Sep 26, 2026 | Sep 27, 2025 | Sep 28, 2024 | Sep 30, 2023 | Sep 24, 2022 | Sep 25, 2021 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Net sales | 478,834) | 416,161) | 391,035) | 383,285) | 394,328) | 365,817) | |
| Shareholders’ equity | 112,093) | 73,733) | 56,950) | 62,146) | 50,672) | 63,090) | |
| Long-term Activity Ratio | |||||||
| Equity turnover1 | 4.27 | 5.64 | 6.87 | 6.17 | 7.78 | 5.80 | |
| Benchmarks | |||||||
| Equity Turnover, Competitors2 | |||||||
| Arista Networks Inc. | — | 0.73 | 0.70 | 0.81 | 0.90 | 0.74 | |
| Cisco Systems Inc. | 1.26 | 1.21 | 1.18 | 1.29 | 1.30 | 1.21 | |
| Dell Technologies Inc. | — | — | — | — | — | 38.01 | |
| Lumentum Holdings Inc. | 0.65 | 1.45 | 1.42 | 1.30 | 0.91 | 0.88 | |
| Super Micro Computer Inc. | 2.70 | 3.49 | 2.77 | 3.61 | 3.64 | 3.25 | |
| Equity Turnover, Sector | |||||||
| Technology Hardware & Equipment | — | 4.33 | 4.78 | 4.89 | 5.76 | 4.55 | |
| Equity Turnover, Industry | |||||||
| Information Technology | — | 1.34 | 1.41 | 1.54 | 1.71 | 1.77 | |
Based on: 10-K (reporting date: 2026-09-26), 10-K (reporting date: 2025-09-27), 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25).
1 2026 Calculation
Equity turnover = Net sales ÷ Shareholders’ equity
= 478,834 ÷ 112,093 = 4.27
2 Click competitor name to see calculations.
The financial performance between September 2021 and September 2026 is characterized by a general expansion in top-line revenue and a significant increase in the equity base, leading to a gradual decline in asset utilization efficiency relative to equity.
- Net Sales Trajectory
- Net sales exhibited a long-term upward trend, increasing from US$ 365,817 million in 2021 to US$ 478,834 million by 2026. Although a slight contraction was observed in 2023, the subsequent years showed strong growth, with a particularly sharp increase occurring between 2025 and 2026.
- Shareholders' Equity Fluctuations
- The equity base remained volatile during the first four years of the period, dropping to a low of US$ 50,672 million in 2022 before recovering. A period of aggressive growth followed, with equity expanding from US$ 56,950 million in 2024 to US$ 112,093 million in 2026, effectively doubling the equity base in the final two years.
- Equity Turnover Analysis
- The equity turnover ratio reached a peak of 7.78 in 2022, a result of rising sales coupled with a diminished equity base. Following this peak, the ratio trended downward, reaching its lowest point of 4.27 in 2026. This decline indicates that while the company continued to grow its sales, the rate of growth in shareholders' equity significantly outpaced revenue growth, thereby reducing the efficiency of equity in generating net sales.
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