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: 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 investment activity ratios demonstrate varying performance over the analyzed period, spanning from December 2020 to December 2025. Generally, the ratios exhibit fluctuations, with some indicators showing an increasing trend initially, followed by stabilization or modest declines in later periods. A consistent pattern of seasonal variation is not readily apparent.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio generally increased from 7.75 in December 2020 to a peak of 9.64 in December 2021. Following this peak, the ratio experienced a gradual decline, reaching 8.68 in December 2025. While fluctuations occurred within this timeframe, the overall trend suggests a diminishing efficiency in generating revenue from fixed assets over the long term. The rate of decline appears to slow towards the end of the period.
- Total Asset Turnover
- The total asset turnover ratio displayed an upward trend from 0.83 in December 2020, peaking at 1.16 in April 2023. Subsequently, the ratio experienced some volatility, decreasing to 1.07 in June 2024 before recovering to 1.21 in March 2025 and settling at 1.15 in December 2025. This indicates an initial improvement in the efficiency of utilizing all assets to generate sales, followed by a period of stabilization and a final increase. The ratio demonstrates greater variability than the net fixed asset turnover.
- Equity Turnover
- The equity turnover ratio exhibited a significant increase from 4.44 in December 2020 to a high of 7.78 in September 2022. After this peak, the ratio decreased substantially to 4.94 in December 2025. This suggests an initial period of effectively leveraging equity to generate sales, followed by a considerable reduction in this efficiency. The decline is more pronounced than that observed in the net fixed asset turnover ratio, indicating a potential shift in capital structure or sales strategy. The ratio shows a strong peak in September 2022, followed by a consistent decline.
In summary, while initial periods showed improvements in asset utilization, the latter part of the analyzed timeframe suggests a stabilization or slight decline in the efficiency of converting assets into sales. The equity turnover ratio experienced the most significant change, indicating a potential shift in how equity is utilized within the business.
Net Fixed Asset Turnover
Apple Inc., net fixed asset turnover calculation (quarterly data)
| 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 | 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 | 50,159) | 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 | 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. | — | — | 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. | 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. | 15.15 | 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 | 14.65 | 14.52 | 14.34 | 15.11 | |||||||
| Super Micro Computer Inc. | 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: 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 Q1 2026 Calculation
Net fixed asset turnover
= (Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025
+ Net salesQ2 2025)
÷ Property, plant and equipment, net
= (143,756 + 102,466 + 94,036 + 95,359)
÷ 50,159 = 8.68
2 Click competitor name to see calculations.
The net fixed asset turnover ratio exhibits a generally stable pattern over the analyzed period, spanning from December 2020 to December 2025. Initial values indicate a strong ability to generate sales from fixed assets, with a subsequent trend of gradual decline observed towards the end of the period.
- Initial Performance (Dec 2020 - Jun 2021)
- The ratio begins at 7.75 in December 2020 and steadily increases, peaking at 9.28 in September 2021. This suggests an improving efficiency in utilizing property, plant, and equipment to generate revenue during this timeframe. The increase indicates that sales are growing at a faster rate than the investment in fixed assets.
- Peak and Subsequent Decline (Sep 2021 - Dec 2022)
- Following the peak, the ratio experiences a moderate decline, decreasing from 9.28 to 9.02 by December 2022. While still representing a high level of asset utilization, this suggests a slowing in the rate of sales growth relative to fixed asset investment. The decline is not substantial, indicating continued operational efficiency.
- Stabilization and Further Decline (Dec 2022 - Dec 2025)
- From December 2022 through December 2025, the ratio continues to trend downwards, albeit at a slower pace. It falls from 9.02 to 8.68. This suggests a consistent, though gradual, decrease in the efficiency of fixed asset utilization. The ratio fluctuates within a narrow range between 8.35 and 8.83 for most of this period, before reaching 8.68 in the final period. This could be attributed to increased investment in fixed assets without a corresponding proportional increase in sales, or potentially a slowdown in sales growth.
- Overall Trend
- The overall trend demonstrates a shift from increasing efficiency in fixed asset utilization to a gradual decline over the five-year period. While the ratio remains relatively high throughout, the downward trajectory warrants monitoring to understand the underlying drivers and potential implications for future profitability and investment strategies.
Total Asset Turnover
Apple Inc., total asset turnover calculation (quarterly data)
| 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 | 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 | 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 | 1.15 | 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. | — | — | 0.47 | 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. | 0.48 | 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. | 1.11 | 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 | 0.76 | 0.77 | 0.75 | 0.77 | |||||||
| Super Micro Computer Inc. | 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: 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 Q1 2026 Calculation
Total asset turnover
= (Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025
+ Net salesQ2 2025)
÷ Total assets
= (143,756 + 102,466 + 94,036 + 95,359)
÷ 379,297 = 1.15
2 Click competitor name to see calculations.
The total asset turnover ratio exhibits a generally stable pattern over the analyzed period, with fluctuations occurring primarily between 0.97 and 1.23. An initial decrease is observed from December 2020 to June 2021, followed by a period of relative stability and then an upward trend beginning in March 2022.
- Initial Phase (Dec 2020 - Jun 2021)
- The ratio decreased from 0.83 in December 2020 to 0.97 in March 2021, and then increased to 1.05 in June 2021. This suggests an initial period of slightly reduced efficiency in asset utilization, followed by a partial recovery. The increase in June 2021 could be attributed to increased sales relative to the asset base.
- Stabilization and Upward Trend (Sep 2021 - Jun 2023)
- From September 2021 through June 2023, the ratio remained relatively stable, fluctuating between 0.99 and 1.16. A clear upward trend emerges starting in March 2022, peaking at 1.21 in December 2022 and 1.23 in June 2023. This indicates a sustained improvement in the efficiency with which assets are being used to generate sales.
- Recent Performance (Sep 2023 - Jun 2025)
- Following the peak in June 2023, the ratio experienced a slight decline to 1.07 in September 2023, before recovering and remaining between 1.15 and 1.23 through June 2025. This suggests a continued strong level of asset utilization, with minor fluctuations. The most recent value, 1.23 in June 2025, represents the highest point in the observed period.
- Overall Assessment
- The overall trend indicates improving asset utilization efficiency. The company demonstrates an ability to generate a greater level of sales revenue from its asset base over time. While some quarterly variations exist, the ratio consistently remains above 1.00 for the majority of the period, suggesting effective asset management.
Equity Turnover
Apple Inc., equity turnover calculation (quarterly data)
| 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 | 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 | 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 | 4.94 | 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. | — | — | 0.71 | 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. | 1.23 | 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 | 38.01 | 104.35 | — | — | |||||||
| Super Micro Computer Inc. | 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: 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 Q1 2026 Calculation
Equity turnover
= (Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025
+ Net salesQ2 2025)
÷ Shareholders’ equity
= (143,756 + 102,466 + 94,036 + 95,359)
÷ 88,190 = 4.94
2 Click competitor name to see calculations.
The equity turnover ratio exhibits considerable fluctuation over the observed period, spanning from December 2020 to December 2025. Initially, the ratio demonstrates an increasing trend, peaking in September 2022, before experiencing a period of decline and subsequent stabilization.
- Initial Increasing Trend (Dec 2020 – Sep 2022)
- From a value of 4.44 in December 2020, the equity turnover ratio generally increased, reaching 4.70 in March 2021, 5.40 in June 2021, and 5.80 in September 2021. This upward movement continued into 2022, with the ratio reaching a high of 7.78 in September 2022. This suggests a growing efficiency in utilizing shareholders’ equity to generate sales during this timeframe.
- Subsequent Decline and Stabilization (Dec 2022 – Dec 2025)
- Following the peak in September 2022, the equity turnover ratio decreased to 6.83 in December 2022. This downward trend persisted, reaching 4.94 in December 2025. However, the rate of decline appears to moderate towards the end of the period. The ratio stabilized between 5.64 and 6.21 from June 2025 to December 2025, indicating a potential leveling off of equity utilization efficiency.
- Quarterly Volatility
- Significant quarterly variations are present throughout the period. For example, a notable drop is observed from June 2022 (6.67) to September 2022 (7.78), followed by a decline to 6.83 in December 2022. These fluctuations suggest that the relationship between net sales and shareholders’ equity is not consistently stable and may be influenced by seasonal factors or specific business events.
- Overall Trend
- While the ratio experienced an initial period of growth, the overall trend from the peak in September 2022 to December 2025 is one of decline. This suggests that, while sales remain substantial, the company is becoming less efficient in generating sales relative to the amount of equity invested. Further investigation into the drivers of this trend would be warranted.