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)
Apple Inc., long-term (investment) activity ratios (quarterly data)
Based on: 10-K (reporting date: 2025-09-27), 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-Q (reporting date: 2024-12-28), 10-K (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-Q (reporting date: 2023-12-30), 10-K (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-09-24), 10-Q (reporting date: 2022-06-25), 10-Q (reporting date: 2022-03-26), 10-Q (reporting date: 2021-12-25), 10-K (reporting date: 2021-09-25), 10-Q (reporting date: 2021-06-26), 10-Q (reporting date: 2021-03-27), 10-Q (reporting date: 2020-12-26).
The analysis of the quarterly financial ratios reveals several notable trends in asset efficiency and equity utilization over the observed periods.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio exhibited an upward trend initially, rising from 7.75 to a peak of 9.82 within approximately a year and a quarter. After reaching this high, the ratio began a gradual decline, decreasing steadily through the subsequent periods, settling around 8.35 by the end of the timeframe. This pattern indicates that the company initially improved its efficiency in generating sales from its fixed assets but experienced a mild reduction in this efficiency in later quarters.
- Total Asset Turnover
- The total asset turnover ratio demonstrated consistent volatility but generally maintained an upward tendency. Starting at 0.83, it increased notably to stabilize around the 1.1 to 1.2 range in the latter periods, peaking at 1.23. This suggests enhanced overall asset utilization efficiency, indicating that the company improved its ability to generate revenue from its total asset base over the observed timeframe.
- Equity Turnover
- Equity turnover showed the most fluctuation among the three ratios. It started at 4.44 and rose steadily to a high of 7.78. Afterward, it experienced periods of decline and recovery, with values oscillating between approximately 5.14 and 6.87 in the later quarters. This variability may reflect changing equity management strategies or variations in how effectively shareholder equity was employed to generate revenue over time.
Overall, the company displayed strengthening asset turnover capabilities, particularly in total assets, which is a positive indicator of operational efficiency. Although the net fixed asset turnover declined slightly after its peak, it remained above the initial levels, indicating sustained but moderated fixed asset productivity. The fluctuating equity turnover ratio suggests shifts in equity utilization efficiency, potentially influenced by financing or investment decisions within the respective periods.
Net Fixed Asset Turnover
Apple Inc., net fixed asset turnover calculation (quarterly data)
| Sep 27, 2025 | Jun 28, 2025 | Mar 29, 2025 | Dec 28, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Sep 24, 2022 | Jun 25, 2022 | Mar 26, 2022 | Dec 25, 2021 | Sep 25, 2021 | Jun 26, 2021 | Mar 27, 2021 | Dec 26, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Net sales | 102,466) | 94,036) | 95,359) | 124,300) | 94,930) | 85,777) | 90,753) | 119,575) | 89,498) | 81,797) | 94,836) | 117,154) | 90,146) | 82,959) | 97,278) | 123,945) | 83,360) | 81,434) | 89,584) | 111,439) | ||||||
| Property, plant and equipment, net | 49,834) | 48,508) | 46,876) | 46,069) | 45,680) | 44,502) | 43,546) | 43,666) | 43,715) | 43,550) | 43,398) | 42,951) | 42,117) | 40,335) | 39,304) | 39,245) | 39,440) | 38,615) | 37,815) | 37,933) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||
| Net fixed asset turnover1 | 8.35 | 8.42 | 8.54 | 8.59 | 8.56 | 8.66 | 8.76 | 8.83 | 8.77 | 8.82 | 8.87 | 9.02 | 9.36 | 9.61 | 9.82 | 9.64 | 9.28 | 8.99 | 8.61 | 7.75 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||||
| Arista Networks Inc. | — | 48.95 | 52.21 | 60.02 | 70.85 | 71.08 | 65.55 | 62.08 | 57.69 | 54.54 | 51.74 | 49.98 | 46.11 | 40.75 | 38.14 | 36.13 | 37.49 | 36.78 | 81.23 | 75.84 | ||||||
| Cisco Systems Inc. | 26.81 | 26.79 | 27.20 | 25.44 | 25.74 | 27.68 | 28.55 | 28.96 | 27.34 | 26.82 | 27.07 | 26.52 | 25.82 | 25.21 | 24.09 | 22.69 | 21.31 | 20.64 | 20.13 | 19.93 | ||||||
| Dell Technologies Inc. | 15.08 | 14.85 | 14.58 | 14.39 | 13.75 | 14.65 | 14.97 | 15.51 | 16.48 | 18.00 | 18.53 | 18.99 | 18.69 | 14.34 | 14.47 | 14.48 | 14.65 | 14.52 | 14.34 | 15.11 | ||||||
| Super Micro Computer Inc. | 43.55 | 43.79 | 43.60 | 41.69 | 36.21 | 30.65 | 31.14 | 25.34 | 24.54 | 22.67 | 22.98 | 20.69 | 18.17 | 16.40 | 14.88 | 13.47 | 12.95 | 12.74 | 12.77 | 13.65 | ||||||
Based on: 10-K (reporting date: 2025-09-27), 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-Q (reporting date: 2024-12-28), 10-K (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-Q (reporting date: 2023-12-30), 10-K (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-09-24), 10-Q (reporting date: 2022-06-25), 10-Q (reporting date: 2022-03-26), 10-Q (reporting date: 2021-12-25), 10-K (reporting date: 2021-09-25), 10-Q (reporting date: 2021-06-26), 10-Q (reporting date: 2021-03-27), 10-Q (reporting date: 2020-12-26).
1 Q4 2025 Calculation
Net fixed asset turnover
= (Net salesQ4 2025
+ Net salesQ3 2025
+ Net salesQ2 2025
+ Net salesQ1 2025)
÷ Property, plant and equipment, net
= (102,466 + 94,036 + 95,359 + 124,300)
÷ 49,834 = 8.35
2 Click competitor name to see calculations.
- Net Sales
- Net sales exhibit a generally seasonal pattern with peaks in the December quarters each year, reflecting higher sales volumes likely tied to holiday demand cycles. The highest recorded net sales are observed in the December 2024 quarter at approximately $124.3 billion, which represents a notable increase compared to $111.4 billion in the December 2020 quarter. Between these peak periods, revenues show fluctuations but maintain a relatively high level, generally ranging between $81 billion and $95 billion in off-peak quarters. There is a slight trend of growth over the four-year period, with some volatility, particularly with quarterly declines in early 2023 and mid-2025.
- Property, Plant and Equipment, Net
- The value of net property, plant, and equipment demonstrates a steady upward trend from roughly $37.9 billion in December 2020 to $49.8 billion in September 2025. Increments are mostly gradual and consistent, indicative of ongoing capital investments in fixed assets or maintenance of existing assets. No significant drops are noted, suggesting stable asset management and reinforcement of the company’s physical infrastructure over time.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio, which measures efficiency in generating sales from net fixed assets, shows a declining trend over the period analyzed. Starting from a high of 9.64 in the December 2021 quarter, it gently decreases to approximately 8.35 by the September 2025 quarter. This decline suggests that while asset base value is increasing steadily, revenue generated per unit of net fixed assets is gradually reducing, indicating a possible decrease in asset utilization efficiency or the impact of higher asset base relative to sales growth rate.
- Overall Insights
- There is a pattern of growth in net sales, accompanied by consistent increment in net fixed assets. However, the declining trend in fixed asset turnover ratio suggests that additional investments in assets are not translating proportionally into increased sales. This may reflect strategic shifts, changes in capital expenditure timing, or evolving operational factors impacting asset productivity. Seasonality remains a strong aspect of net sales performance, emphasizing the importance of key quarters for revenue generation.
Total Asset Turnover
Apple Inc., total asset turnover calculation (quarterly data)
| Sep 27, 2025 | Jun 28, 2025 | Mar 29, 2025 | Dec 28, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Sep 24, 2022 | Jun 25, 2022 | Mar 26, 2022 | Dec 25, 2021 | Sep 25, 2021 | Jun 26, 2021 | Mar 27, 2021 | Dec 26, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Net sales | 102,466) | 94,036) | 95,359) | 124,300) | 94,930) | 85,777) | 90,753) | 119,575) | 89,498) | 81,797) | 94,836) | 117,154) | 90,146) | 82,959) | 97,278) | 123,945) | 83,360) | 81,434) | 89,584) | 111,439) | ||||||
| Total assets | 359,241) | 331,495) | 331,233) | 344,085) | 364,980) | 331,612) | 337,411) | 353,514) | 352,583) | 335,038) | 332,160) | 346,747) | 352,755) | 336,309) | 350,662) | 381,191) | 351,002) | 329,840) | 337,158) | 354,054) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||
| Total asset turnover1 | 1.16 | 1.23 | 1.21 | 1.15 | 1.07 | 1.16 | 1.13 | 1.09 | 1.09 | 1.15 | 1.16 | 1.12 | 1.12 | 1.15 | 1.10 | 0.99 | 1.04 | 1.05 | 0.97 | 0.83 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||||
| Arista Networks Inc. | — | 0.47 | 0.48 | 0.51 | 0.50 | 0.51 | 0.54 | 0.58 | 0.59 | 0.62 | 0.64 | 0.64 | 0.65 | 0.64 | 0.60 | 0.52 | 0.51 | 0.51 | 0.50 | 0.50 | ||||||
| Cisco Systems Inc. | 0.46 | 0.46 | 0.45 | 0.43 | 0.43 | 0.45 | 0.57 | 0.59 | 0.56 | 0.56 | 0.55 | 0.56 | 0.55 | 0.56 | 0.55 | 0.53 | 0.51 | 0.52 | 0.50 | 0.51 | ||||||
| Dell Technologies Inc. | 1.20 | 1.15 | 1.11 | 1.12 | 1.08 | 1.09 | 1.09 | 1.15 | 1.14 | 1.24 | 1.20 | 1.18 | 1.09 | 0.73 | 0.79 | 0.78 | 0.76 | 0.77 | 0.75 | 0.77 | ||||||
| Super Micro Computer Inc. | 1.57 | 2.01 | 2.14 | 1.73 | 1.53 | 1.33 | 1.71 | 1.80 | 1.94 | 2.06 | 2.16 | 1.82 | 1.62 | 1.51 | 1.56 | 1.58 | 1.59 | 1.69 | 1.72 | 1.82 | ||||||
Based on: 10-K (reporting date: 2025-09-27), 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-Q (reporting date: 2024-12-28), 10-K (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-Q (reporting date: 2023-12-30), 10-K (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-09-24), 10-Q (reporting date: 2022-06-25), 10-Q (reporting date: 2022-03-26), 10-Q (reporting date: 2021-12-25), 10-K (reporting date: 2021-09-25), 10-Q (reporting date: 2021-06-26), 10-Q (reporting date: 2021-03-27), 10-Q (reporting date: 2020-12-26).
1 Q4 2025 Calculation
Total asset turnover
= (Net salesQ4 2025
+ Net salesQ3 2025
+ Net salesQ2 2025
+ Net salesQ1 2025)
÷ Total assets
= (102,466 + 94,036 + 95,359 + 124,300)
÷ 359,241 = 1.16
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several key trends across net sales, total assets, and total asset turnover ratios over the observed periods.
- Net Sales
- Net sales exhibit a recurring seasonal pattern with notable peaks generally occurring in the December quarters, reflecting increased revenue during these periods. For example, significant sales spikes are observed in December 2020 (approximately 111.4 billion US$), December 2021 (approximately 123.9 billion US$), December 2022 (approximately 117.2 billion US$), and December 2023 (approximately 119.6 billion US$). Between these peaks, there are lower sales figures in the surrounding quarters, illustrating typical seasonal fluctuations. Despite some variability, the overall trend suggests relatively strong year-end performance with recurrent rises followed by declines in the subsequent quarters. Toward the latest observed period (September 2025), sales remain robust, although slightly below the peak December values, indicating sustained sales volume but with moderate short-term variation.
- Total Assets
- Total assets show variability over the periods, with a general cyclical movement rather than clear upward or downward trends. Starting around 354 billion US$ in December 2020, total assets dip during early 2021 and mid-2022, followed by recoveries ending around mid-360 billion US$ by late 2024 and 359 billion US$ by September 2025. This fluctuation in asset base suggests active management of asset levels and possibly strategic acquisitions or disposals impacting the total asset pool. The asset base remains within a relatively stable range without drastic growth or contraction, supporting consistent business scale.
- Total Asset Turnover
- The total asset turnover ratio exhibits an upward trend, indicating improving efficiency in generating sales from assets. It started at 0.83 in December 2020 and generally increased over the periods to reach intermediate peaks above 1.2 by mid-2025. This increase implies enhanced effectiveness in leveraging existing assets to produce revenue. Despite occasional minor dips, the ratio remains elevated relative to its initial value, reflecting a positive trajectory in operational performance related to asset utilization.
In summary, the financial data across the reviewed quarters signals a business experiencing strong seasonal sales cycles, strategic asset management with moderate fluctuations in the asset base, and improving asset efficiency as illustrated by the rising total asset turnover ratio. This combination of stable asset levels alongside enhanced turnover suggests increasing effectiveness in asset utilization contributing to sustained revenue generation.
Equity Turnover
Apple Inc., equity turnover calculation (quarterly data)
| Sep 27, 2025 | Jun 28, 2025 | Mar 29, 2025 | Dec 28, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Sep 24, 2022 | Jun 25, 2022 | Mar 26, 2022 | Dec 25, 2021 | Sep 25, 2021 | Jun 26, 2021 | Mar 27, 2021 | Dec 26, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Net sales | 102,466) | 94,036) | 95,359) | 124,300) | 94,930) | 85,777) | 90,753) | 119,575) | 89,498) | 81,797) | 94,836) | 117,154) | 90,146) | 82,959) | 97,278) | 123,945) | 83,360) | 81,434) | 89,584) | 111,439) | ||||||
| Shareholders’ equity | 73,733) | 65,830) | 66,796) | 66,758) | 56,950) | 66,708) | 74,194) | 74,100) | 62,146) | 60,274) | 62,158) | 56,727) | 50,672) | 58,107) | 67,399) | 71,932) | 63,090) | 64,280) | 69,178) | 66,224) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||
| Equity turnover1 | 5.64 | 6.21 | 5.99 | 5.93 | 6.87 | 5.78 | 5.14 | 5.21 | 6.17 | 6.37 | 6.20 | 6.83 | 7.78 | 6.67 | 5.73 | 5.26 | 5.80 | 5.40 | 4.70 | 4.44 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||||
| Arista Networks Inc. | — | 0.71 | 0.73 | 0.73 | 0.70 | 0.72 | 0.75 | 0.77 | 0.81 | 0.86 | 0.90 | 0.91 | 0.90 | 0.90 | 0.87 | 0.76 | 0.74 | 0.72 | 0.71 | 0.71 | ||||||
| Cisco Systems Inc. | 1.21 | 1.21 | 1.19 | 1.17 | 1.18 | 1.21 | 1.24 | 1.28 | 1.29 | 1.30 | 1.28 | 1.30 | 1.30 | 1.28 | 1.31 | 1.19 | 1.21 | 1.21 | 1.23 | 1.26 | ||||||
| Dell Technologies Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | 11.09 | 19.97 | 27.22 | 38.01 | 104.35 | — | — | ||||||
| Super Micro Computer Inc. | 3.49 | 3.38 | 3.34 | 3.20 | 2.77 | 2.32 | 3.01 | 3.41 | 3.61 | 3.72 | 3.65 | 3.70 | 3.64 | 3.63 | 3.51 | 3.38 | 3.25 | 3.21 | 3.06 | 3.08 | ||||||
Based on: 10-K (reporting date: 2025-09-27), 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-Q (reporting date: 2024-12-28), 10-K (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-Q (reporting date: 2023-12-30), 10-K (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-09-24), 10-Q (reporting date: 2022-06-25), 10-Q (reporting date: 2022-03-26), 10-Q (reporting date: 2021-12-25), 10-K (reporting date: 2021-09-25), 10-Q (reporting date: 2021-06-26), 10-Q (reporting date: 2021-03-27), 10-Q (reporting date: 2020-12-26).
1 Q4 2025 Calculation
Equity turnover
= (Net salesQ4 2025
+ Net salesQ3 2025
+ Net salesQ2 2025
+ Net salesQ1 2025)
÷ Shareholders’ equity
= (102,466 + 94,036 + 95,359 + 124,300)
÷ 73,733 = 5.64
2 Click competitor name to see calculations.
The analyzed financial data reveals several notable trends and fluctuations over the observed periods. Net sales exhibit a cyclical pattern with peaks typically observed in the fourth quarter of each fiscal year. There is a general fluctuation in sales volumes, with occasional sharp increases followed by moderation. For instance, net sales rose significantly in the quarters ending December 25, 2021, and December 30, 2023, reaching values above 119 billion US dollars, indicating strong seasonal demand or successful product cycles during year-end periods. Conversely, mid-year sales frequently show declines, with some of the lowest points recorded in quarters such as June 26, 2021, and June 25, 2022, suggesting potential seasonal disparities or market challenges impacting these periods.
Shareholders’ equity generally follows a downward trajectory from the end of 2020 through to late 2022, declining notably from approximately 66 billion US dollars to near 50 billion by September 24, 2022. However, starting from the December 31, 2022 quarter, there appears a recovery trend in equity levels, climbing gradually to surpass prior lows and reaching values around 73 billion US dollars by the quarter ending December 28, 2024. The recovery phase is marked by intermittent fluctuations but retains an overall upward momentum in shareholders’ funds, denoting possible internal financial restructuring, retained earnings growth, or capital replenishment activities during these later periods.
The equity turnover ratio, which measures efficiency in using shareholders’ equity to generate sales, shows a fluctuating but generally elevated pattern. It improves sharply from 4.44 in December 2020 to a peak of 7.78 by September 24, 2022, indicating enhanced asset utilization or improved operational efficiency through this timeframe. The ratio subsequently declines moderately but remains elevated relative to initial periods, settling around the mid-5 to mid-6 range in the most recent quarters. This suggests that despite fluctuations in sales and equity, the company maintained a relatively strong capability to generate sales from equity deployed.
Overall, the data reflects a business subject to seasonal sales variability, exhibiting significant year-end sales strength, a period of diminished equity likely due to operational or investment factors pre-2023, followed by a recovery phase. The equity turnover improvement indicates better capitalization efficiency which, combined with the equity recovery, points toward a positive adjustment in financial management and operational performance over the analyzed periods.
- Net Sales
- Cyclical with strong year-end peaks; general amplitude between approximately 81 billion and 124 billion US dollars per quarter.
- Shareholders’ Equity
- Decline from end-2020 to late 2022, followed by gradual recovery through 2023 and 2024, moving from about 66 billion down to near 50 billion, then rising back to over 73 billion US dollars.
- Equity Turnover Ratio
- Rising trend from 4.44 to 7.78 by late 2022 indicating improved efficiency, followed by moderate stabilization around 5.6 to 6.2 in recent quarters.