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-Q (reporting date: 2026-03-28), 10-Q (reporting date: 2025-12-27), 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 long-term activity ratios reveals a period of varying asset efficiency and a significant shift in the utilization of equity. While overall asset productivity demonstrates a consistent upward trajectory, the efficiency of fixed assets and equity suggests a cycle of expansion followed by normalization.
- Net Fixed Asset Turnover
- A period of growth is observed from December 2020, where the ratio stood at 7.75, peaking at 9.82 in March 2022. Following this peak, a gradual downward trend occurred, reaching a low of 8.35 by September 2025. However, a recovery phase is evident in the final two quarters, with the ratio rising to 9.01 by March 2026, indicating a renewed efficiency in generating revenue from net fixed assets.
- Total Asset Turnover
- The total asset turnover exhibits a sustained positive trend over the analyzed period. Starting at 0.83 in December 2020, the ratio climbed steadily, surpassing 1.00 by June 2021 and maintaining a range between 1.07 and 1.23 through March 2026. This progression indicates a consistent improvement in the ability to utilize the entire asset base to drive sales growth.
- Equity Turnover
- Equity turnover displays the most significant volatility. An aggressive increase is noted from 4.44 in December 2020 to a peak of 7.78 in September 2022. This was followed by a prolonged decline, with the ratio retreating to 4.24 by March 2026. This pattern suggests an initial period of high leverage or reduced equity relative to revenue, followed by a shift toward a more equity-heavy capital structure or a deceleration in revenue growth relative to equity accumulation.
In synthesis, the divergence between the rising total asset turnover and the declining equity turnover suggests that while operational efficiency regarding assets has improved, the company has undergone a significant change in its financial leverage or equity positioning over the long term.
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Net Fixed Asset Turnover
Apple Inc., net fixed asset turnover calculation (quarterly data)
| Mar 28, 2026 | Dec 27, 2025 | 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 | 111,184) | 143,756) | 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 | 50,116) | 50,159) | 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 | 9.01 | 8.68 | 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. | — | 38.79 | 44.34 | 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 | — | — | — | — | |||||||
| Cisco Systems Inc. | 25.12 | 25.67 | 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. | 15.71 | 15.15 | 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 | — | — | — | — | |||||||
| Lumentum Holdings Inc. | 2.59 | 2.32 | 2.26 | 2.12 | 2.13 | 2.16 | 2.37 | 2.46 | 2.47 | 3.08 | 3.61 | 3.77 | 3.75 | 3.71 | 4.75 | 4.72 | 4.75 | 4.92 | 4.83 | 4.55 | 4.41 | 4.27 | |||||||
| Super Micro Computer Inc. | 52.09 | 40.43 | 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-Q (reporting date: 2026-03-28), 10-Q (reporting date: 2025-12-27), 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 Q2 2026 Calculation
Net fixed asset turnover
= (Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025)
÷ Property, plant and equipment, net
= (111,184 + 143,756 + 102,466 + 94,036)
÷ 50,116 = 9.01
2 Click competitor name to see calculations.
The net fixed asset turnover ratio exhibits a cyclical yet generally stabilizing trend over the analyzed period. An initial phase of efficiency gains is followed by a prolonged period of moderate decline, concluding with a recent recovery in asset utilization.
- Asset Efficiency Trends
- The ratio ascended from 7.75 in December 2020 to a peak of 9.82 in March 2022, indicating an increasing capacity to generate revenue per unit of net fixed assets. Following this peak, the ratio entered a gradual, multi-year decline, reaching a low of 8.35 by September 2025. A reversal of this trend is observed in the final two periods, with the ratio climbing back to 9.01 by March 2026.
- Fixed Asset Base Expansion
- Net property, plant, and equipment demonstrated consistent growth, increasing from 37,933 million USD in December 2020 to 50,116 million USD by March 2026. This steady expansion suggests a continuous commitment to capital expenditure. The observed decline in turnover between 2022 and 2025 indicates that the growth in the asset base outpaced the growth in net sales during this specific timeframe.
- Revenue Correlation and Seasonality
- Net sales display significant quarterly seasonality, with consistent peaks every December. These spikes contribute to periodic fluctuations in the turnover ratio. The most substantial revenue surge occurred in December 2025, reaching 143,756 million USD, which served as a primary driver for the recovery of the net fixed asset turnover ratio in the concluding periods of the analysis.
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Total Asset Turnover
Apple Inc., total asset turnover calculation (quarterly data)
| Mar 28, 2026 | Dec 27, 2025 | 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 | 111,184) | 143,756) | 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 | 371,082) | 379,297) | 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 | 1.22 | 1.15 | 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. | — | 0.45 | 0.46 | 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 | — | — | — | — | |||||||
| Cisco Systems Inc. | 0.48 | 0.48 | 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. | 1.14 | 1.11 | 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 | — | — | — | — | |||||||
| Lumentum Holdings Inc. | 0.44 | 0.40 | 0.39 | 0.37 | 0.36 | 0.35 | 0.35 | 0.34 | 0.31 | 0.35 | 0.38 | 0.42 | 0.41 | 0.40 | 0.41 | 0.41 | 0.47 | 0.49 | 0.49 | 0.46 | 0.49 | 0.50 | |||||||
| Super Micro Computer Inc. | 1.00 | 1.46 | 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-Q (reporting date: 2026-03-28), 10-Q (reporting date: 2025-12-27), 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 Q2 2026 Calculation
Total asset turnover
= (Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025)
÷ Total assets
= (111,184 + 143,756 + 102,466 + 94,036)
÷ 371,082 = 1.22
2 Click competitor name to see calculations.
The analysis of total asset turnover reveals a general improvement in asset utilization efficiency over the period from late 2020 to early 2026. The ratio demonstrates a positive trajectory, indicating an increased capacity to generate revenue relative to the total asset base.
- Asset Turnover Trend
- A consistent upward trend in the total asset turnover ratio is observed, rising from a low of 0.83 in December 2020 to a peak of 1.23 in June 2025. Following an initial growth phase, the ratio stabilized above the 1.00 threshold from June 2021 onward, with a marked shift toward higher efficiency levels starting in March 2022, where the ratio predominantly fluctuated between 1.07 and 1.23.
- Revenue Seasonality and Asset Correlation
- Net sales exhibit pronounced quarterly seasonality, with recurring peaks every December. Notable spikes occurred in December 2021 (123.9 billion USD), December 2023 (119.6 billion USD), and December 2025 (143.8 billion USD). Throughout these revenue cycles, total assets remained relatively stable, generally oscillating between 330 billion USD and 380 billion USD. This stability in the asset base, contrasted with the seasonal surges in sales, contributed to the periodic fluctuations in the turnover ratio.
- Operational Efficiency Insights
- The progression of the turnover ratio from 0.83 to 1.22 by March 2026 suggests a strategic optimization of resources. The ability to drive higher net sales without a corresponding proportional expansion of the total asset base indicates improved operational leverage and more efficient deployment of capital to generate top-line growth.
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Equity Turnover
Apple Inc., equity turnover calculation (quarterly data)
| Mar 28, 2026 | Dec 27, 2025 | 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 | 111,184) | 143,756) | 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 | 106,491) | 88,190) | 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 | 4.24 | 4.94 | 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. | — | 0.72 | 0.73 | 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 | — | — | — | — | |||||||
| Cisco Systems Inc. | 1.24 | 1.23 | 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 | — | — | — | — | |||||||
| Lumentum Holdings Inc. | 2.49 | 2.36 | 1.45 | 1.67 | 1.62 | 1.54 | 1.42 | 1.21 | 1.13 | 1.20 | 1.30 | 1.18 | 1.19 | 1.16 | 0.91 | 0.88 | 0.84 | 0.88 | 0.88 | 0.79 | 0.89 | 0.93 | |||||||
| Super Micro Computer Inc. | 4.01 | 3.23 | 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-Q (reporting date: 2026-03-28), 10-Q (reporting date: 2025-12-27), 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 Q2 2026 Calculation
Equity turnover
= (Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025)
÷ Shareholders’ equity
= (111,184 + 143,756 + 102,466 + 94,036)
÷ 106,491 = 4.24
2 Click competitor name to see calculations.
The analysis of equity turnover reveals a period of significant volatility followed by a marked decline in efficiency of equity utilization between December 2020 and March 2026. The ratio exhibited an initial growth phase, peaking in late 2022, before entering a period of stabilization and a subsequent downward trajectory toward the end of the observed period.
- Growth and Peak Phase (2020–2022)
- Equity turnover increased from 4.44 in December 2020 to a peak of 7.78 by September 2022. This upward trend was driven by a combination of robust net sales and a simultaneous contraction in shareholders' equity, which reached a period low of 50,672 million USD in September 2022. The inverse relationship between the decreasing equity base and stable sales resulted in a heightened asset turnover efficiency.
- Stabilization Phase (2023–2024)
- Between April 2023 and December 2024, the equity turnover ratio remained relatively stable, fluctuating within a range of 5.14 to 6.87. During this interval, shareholders' equity began to recover and stabilize between 56,950 million USD and 74,194 million USD, which moderated the turnover ratio despite the continued seasonality of net sales.
- Recent Decline and Capital Expansion (2025–2026)
- A pronounced downward trend is observed starting in late 2024, with the ratio falling from 6.87 in September 2024 to 4.24 by March 2026. This decline is primarily attributable to a substantial increase in shareholders' equity, which grew from 73,733 million USD in September 2025 to 106,491 million USD in March 2026. Although net sales reached a record high of 143,756 million USD in December 2025, the growth in the equity base outpaced revenue expansion, thereby reducing the overall turnover ratio.
- Revenue Seasonality and Its Impact
- Net sales exhibit a consistent quarterly cyclical pattern, with significant spikes occurring every December. These peaks typically provide temporary boosts to the equity turnover ratio; however, the overarching long-term trend is dictated by the movement of the equity base. The transition from a lean equity structure in 2022 to a more capitalized structure in 2026 has shifted the operational profile toward a lower turnover ratio.
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