Analysis of Geographic Areas
Applied Materials Inc. operates in 7 regions: United States; China; Korea; Taiwan; Japan; Europe; and Southeast Asia.
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- Income Statement
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- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
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- Analysis of Debt
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Area Asset Turnover
Applied Materials Inc., asset turnover by geographic area
| Oct 26, 2025 | Oct 27, 2024 | Oct 29, 2023 | Oct 30, 2022 | Oct 31, 2021 | Oct 25, 2020 | |
|---|---|---|---|---|---|---|
| United States | ||||||
| China | ||||||
| Korea | ||||||
| Taiwan | ||||||
| Japan | ||||||
| Europe | ||||||
| Southeast Asia |
Based on: 10-K (reporting date: 2025-10-26), 10-K (reporting date: 2024-10-27), 10-K (reporting date: 2023-10-29), 10-K (reporting date: 2022-10-30), 10-K (reporting date: 2021-10-31), 10-K (reporting date: 2020-10-25).
- United States
- The asset turnover ratio in the United States showed a steady increase from 0.99 in 2020 to a peak of 1.24 in 2023, indicating improved efficiency in asset utilization over this period. However, it declined sharply in the following two years to 1.02 in 2024 and further down to 0.6 in 2025, suggesting a significant decrease in asset turnover efficiency.
- China
- China exhibited a dramatic and consistent increase from a ratio of 389.71 in 2020 to a substantial peak of 3372.33 in 2024, reflecting rapid expansion and possibly high asset utilization. However, in 2025, there was a notable decline to 1066.13, indicating a reduction in turnover but remaining well above the earlier years, which could imply a normalization after an exceptional growth period.
- Korea
- Korea showed progressive growth in asset turnover, starting at 144.33 in 2020 and steadily increasing to 623.11 by 2025. This trend indicates ongoing enhancements in the efficiency of asset use, with consistent improvements year over year and no declines observed.
- Taiwan
- Asset turnover in Taiwan increased from 67 in 2020 to 101 in 2022, suggesting improved efficiency initially. However, the ratio fluctuated thereafter, declining to 96.1 in 2023 and 67.97 in 2024, before recovering to 102.34 in 2025. This pattern shows volatility with periods of both decline and recovery in asset utilization efficiency.
- Japan
- Japan's asset turnover consistently increased from 124.75 in 2020 to 378.83 in 2025. This steady upward trend reflects increasing asset use efficiency across the analyzed years with no significant interruptions or declines.
- Europe
- Europe experienced a sharp rise from 35.05 in 2020 to 91.42 in 2021, followed by a continuous decline each subsequent year to 6.21 in 2025. This represents a significant reduction in asset turnover efficiency over time after an initial improvement.
- Southeast Asia
- Southeast Asia's asset turnover ratio increased from 22.83 in 2020 to a peak of 228.2 in 2024, reflecting notable growth and efficiency improvement. However, this was followed by a sharp decline to 51.24 in 2025, indicating a sudden decrease in asset utilization performance after several years of upward momentum.
Area Asset Turnover: United States
Applied Materials Inc.; United States; area asset turnover calculation
| Oct 26, 2025 | Oct 27, 2024 | Oct 29, 2023 | Oct 30, 2022 | Oct 31, 2021 | Oct 25, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net revenue | ||||||
| Long-lived assets | ||||||
| Area Activity Ratio | ||||||
| Area asset turnover1 | ||||||
Based on: 10-K (reporting date: 2025-10-26), 10-K (reporting date: 2024-10-27), 10-K (reporting date: 2023-10-29), 10-K (reporting date: 2022-10-30), 10-K (reporting date: 2021-10-31), 10-K (reporting date: 2020-10-25).
1 2025 Calculation
Area asset turnover = Net revenue ÷ Long-lived assets
= ÷ =
- Net Revenue
- The net revenue exhibited a notable upward trajectory from 2020 to 2023, increasing steadily from 1,619 million US dollars in 2020 to a peak of 4,006 million US dollars in 2023. However, following this peak, there was a decline in the subsequent two years, with revenues falling to 3,818 million US dollars in 2024 and further down to 3,063 million US dollars in 2025.
- Long-lived Assets
- The value of long-lived assets showed consistent growth over the entire period. Starting at 1,628 million US dollars in 2020, asset value rose steadily each year, reaching 5,071 million US dollars by 2025. This represents more than a threefold increase, indicating ongoing investment in long-term assets.
- Area Asset Turnover
- The area asset turnover ratio demonstrated a variable pattern. Initially, the ratio climbed from 0.99 in 2020 to a high of 1.24 in 2023, suggesting improving efficiency in generating revenue from assets. However, this was followed by a significant decrease, with the ratio dropping to 1.02 in 2024 and further declining sharply to 0.6 in 2025. This decline indicates reduced efficiency in asset utilization despite the increasing asset base.
- Overall Analysis
- Overall, the data indicates a phase of growth in both revenue and asset base through 2023, accompanied by improving asset turnover efficiency. After 2023, revenue decreased while long-lived assets continued to grow substantially, coinciding with a marked decline in asset turnover. This suggests that the company’s asset utilization has weakened in recent years, possibly due to slower market conditions or underperformance relative to the scale of investment.
Area Asset Turnover: China
Applied Materials Inc.; China; area asset turnover calculation
| Oct 26, 2025 | Oct 27, 2024 | Oct 29, 2023 | Oct 30, 2022 | Oct 31, 2021 | Oct 25, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net revenue | ||||||
| Long-lived assets | ||||||
| Area Activity Ratio | ||||||
| Area asset turnover1 | ||||||
Based on: 10-K (reporting date: 2025-10-26), 10-K (reporting date: 2024-10-27), 10-K (reporting date: 2023-10-29), 10-K (reporting date: 2022-10-30), 10-K (reporting date: 2021-10-31), 10-K (reporting date: 2020-10-25).
1 2025 Calculation
Area asset turnover = Net revenue ÷ Long-lived assets
= ÷ =
- Net Revenue
- Net revenue exhibited an overall upward trend from 2020 to 2025, increasing from $5,456 million in 2020 to a peak of $10,117 million in 2024 before declining to $8,529 million in 2025. Revenue growth was particularly strong between 2020 and 2021, followed by a slight decrease in 2022 and stabilization in 2023. The sharp increase in 2024 indicates a significant expansion during that period, though the subsequent decline in 2025 suggests some volatility or market adjustments.
- Long-Lived Assets
- Long-lived assets showed a consistent decline from 2020 to 2024, dropping from $14 million to $3 million, indicating a possible divestment or revaluation of assets. In 2025, this trend reversed with assets increasing to $8 million. This rebound may signal new investments or acquisitions after a period of asset reduction.
- Area Asset Turnover
- The area asset turnover ratio demonstrated a marked increase over the period, rising from 389.71 in 2020 to an apex of 3,372.33 in 2024, before falling sharply to 1,066.13 in 2025. This pattern suggests improving efficiency in asset utilization up to 2024, followed by a decline in turnover efficiency which could be linked to the increase in long-lived assets or a decrease in net revenue in 2025.
- Summary
- Over the analyzed years, the data reveals a general growth in net revenue with fluctuations in recent years, a progressive reduction in long-lived assets until 2024 followed by reinvestment, and a strong improvement in asset turnover efficiency peaking in 2024 with a subsequent decline in 2025. These trends may reflect shifts in operational strategy, investment cycles, or market conditions affecting the company's performance in the China geographic area.
Area Asset Turnover: Korea
Applied Materials Inc.; Korea; area asset turnover calculation
| Oct 26, 2025 | Oct 27, 2024 | Oct 29, 2023 | Oct 30, 2022 | Oct 31, 2021 | Oct 25, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net revenue | ||||||
| Long-lived assets | ||||||
| Area Activity Ratio | ||||||
| Area asset turnover1 | ||||||
Based on: 10-K (reporting date: 2025-10-26), 10-K (reporting date: 2024-10-27), 10-K (reporting date: 2023-10-29), 10-K (reporting date: 2022-10-30), 10-K (reporting date: 2021-10-31), 10-K (reporting date: 2020-10-25).
1 2025 Calculation
Area asset turnover = Net revenue ÷ Long-lived assets
= ÷ =
The analysis of the annual data for the Korea geographic area reveals several notable trends in revenue, asset levels, and operational efficiency over the observed periods.
- Net Revenue
- Net revenue exhibits a generally increasing trend over the six-year span, growing from $3,031 million in 2020 to $5,608 million in 2025. There is a significant jump between 2020 and 2021, followed by a decline in 2022. Subsequently, the revenue stabilizes with slight fluctuations before experiencing a marked increase again in 2025, reaching the highest value in the period.
- Long-lived Assets
- The value of long-lived assets shows a consistent downward trajectory, dropping from $21 million in 2020 to $9 million in the final two years observed (2024 and 2025). This decline indicates either asset disposals, reductions in fixed capital, or possibly higher depreciation levels relative to new investments.
- Area Asset Turnover
- Area asset turnover demonstrates a strong upward trend over the period. Starting from a ratio of 144.33 in 2020, it almost quadruples by 2023 and more than quadruples again by 2025, ending at 623.11. This ratio improvement suggests enhanced efficiency in using assets to generate revenue, which might be attributed to the simultaneous decline in asset base combined with rising revenue.
Overall, the data suggests that the business has significantly improved asset utilization in the Korea area, achieving higher revenue with a steadily decreasing asset base. The increase in asset turnover ratio alongside the revenue growth implies an optimistic operational performance and potentially better returns on investments in this region.
Area Asset Turnover: Taiwan
Applied Materials Inc.; Taiwan; area asset turnover calculation
| Oct 26, 2025 | Oct 27, 2024 | Oct 29, 2023 | Oct 30, 2022 | Oct 31, 2021 | Oct 25, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net revenue | ||||||
| Long-lived assets | ||||||
| Area Activity Ratio | ||||||
| Area asset turnover1 | ||||||
Based on: 10-K (reporting date: 2025-10-26), 10-K (reporting date: 2024-10-27), 10-K (reporting date: 2023-10-29), 10-K (reporting date: 2022-10-30), 10-K (reporting date: 2021-10-31), 10-K (reporting date: 2020-10-25).
1 2025 Calculation
Area asset turnover = Net revenue ÷ Long-lived assets
= ÷ =
The financial data for the Taiwan geographic area reveals notable fluctuations and trends across several key metrics over the reported periods.
- Net Revenue
- The net revenue exhibits a variable pattern, beginning at 3,953 million US dollars and increasing to a peak of 6,262 million by October 2022. There is a subsequent decline to 4,010 million by October 2024, followed by a substantial recovery to 6,857 million in the last reported period. This volatility indicates varying market conditions or operational factors influencing revenue generation in this region over the years.
- Long-lived Assets
- Long-lived assets remain relatively stable throughout the periods, fluctuating slightly between 59 and 67 million US dollars. This consistency suggests limited capital expenditure or asset divestiture activities, maintaining a steady asset base in Taiwan.
- Area Asset Turnover
- The area asset turnover ratio, which measures revenue generated per unit of long-lived assets, demonstrates significant variation aligned with the revenue trends. It rises from 67 in 2020 to a high of 101 in 2022, dips to approximately 68 in 2024, and then climbs back to 102 by 2025. This pattern reflects changing efficiency in asset utilization, with higher turnover periods corresponding to increased revenue and vice versa.
Overall, the data indicates that while the asset base has remained stable, operational efficiency and revenue generation have experienced considerable ups and downs. The fluctuating area asset turnover ratio highlights periods of varying productivity and market performance in the Taiwan region. Monitoring these dynamics will be crucial for assessing future growth and investment strategies.
Area Asset Turnover: Japan
Applied Materials Inc.; Japan; area asset turnover calculation
| Oct 26, 2025 | Oct 27, 2024 | Oct 29, 2023 | Oct 30, 2022 | Oct 31, 2021 | Oct 25, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net revenue | ||||||
| Long-lived assets | ||||||
| Area Activity Ratio | ||||||
| Area asset turnover1 | ||||||
Based on: 10-K (reporting date: 2025-10-26), 10-K (reporting date: 2024-10-27), 10-K (reporting date: 2023-10-29), 10-K (reporting date: 2022-10-30), 10-K (reporting date: 2021-10-31), 10-K (reporting date: 2020-10-25).
1 2025 Calculation
Area asset turnover = Net revenue ÷ Long-lived assets
= ÷ =
- Net Revenue
- The net revenue in the Japan geographic area shows a generally increasing trend over the six-year period. Starting at US$1,996 million in 2020, there was a slight decrease to US$1,962 million in 2021. However, following this dip, revenue rose steadily year over year, reaching US$2,273 million by 2025. This consistent growth from 2022 onward indicates an expansion in sales or service demand in this market area.
- Long-Lived Assets
- Long-lived assets exhibit a declining trend throughout the period. The value decreased from US$16 million in 2020 to US$6 million by 2025, with relatively smaller drops in the years following 2021. This reduction might reflect asset disposals, depreciation, or a strategic decision to reduce capital investments in this specific geographic area.
- Area Asset Turnover
- The area asset turnover ratio demonstrates a strong and steady upward trajectory over the years. Beginning at 124.75 in 2020, it escalated sharply to 378.83 by 2025. This significant increase suggests improving efficiency in utilizing assets to generate revenue, which aligns with the observed decline in long-lived assets paired with rising net revenue. The company has enhanced its asset productivity markedly within the Japan region.
- Overall Insights
- The combination of rising net revenue alongside diminishing long-lived assets and a surging asset turnover ratio indicates a strategic shift toward more efficient asset usage. The company appears to be achieving higher sales volumes or values with fewer assets, reflecting operational improvements or changes in asset management strategies. These trends suggest a positive direction in terms of profitability and resource allocation in the Japan geographic area.
Area Asset Turnover: Europe
Applied Materials Inc.; Europe; area asset turnover calculation
| Oct 26, 2025 | Oct 27, 2024 | Oct 29, 2023 | Oct 30, 2022 | Oct 31, 2021 | Oct 25, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net revenue | ||||||
| Long-lived assets | ||||||
| Area Activity Ratio | ||||||
| Area asset turnover1 | ||||||
Based on: 10-K (reporting date: 2025-10-26), 10-K (reporting date: 2024-10-27), 10-K (reporting date: 2023-10-29), 10-K (reporting date: 2022-10-30), 10-K (reporting date: 2021-10-31), 10-K (reporting date: 2020-10-25).
1 2025 Calculation
Area asset turnover = Net revenue ÷ Long-lived assets
= ÷ =
- Net Revenue
- The net revenue in the Europe geographic area experienced significant growth from 736 million US dollars in 2020 to a peak of 2152 million US dollars in 2023. However, after reaching this high point, revenue declined substantially to 1443 million US dollars in 2024 and further to 962 million US dollars in 2025. This indicates a period of rapid expansion followed by a notable contraction in the latter years.
- Long-Lived Assets
- Long-lived assets showed an overall upward trend throughout the period. Starting at 21 million US dollars in 2020, the value dropped to 12 million in 2021, but subsequently increased sharply each year, reaching 155 million US dollars by 2025. This growth suggests ongoing investments or acquisitions of durable assets despite the recent revenue declines.
- Area Asset Turnover
- The area asset turnover ratio was highly volatile, beginning at a high 35.05 in 2020 and increasing dramatically to 91.42 in 2021. This ratio declined sharply from 2022 onwards, falling steadily to 6.21 by 2025. The decreasing trend indicates that the efficiency in generating revenue from assets has deteriorated, especially in the last three years, coinciding with rising asset levels and falling revenues.
- Overall Analysis
- The data reveals that after a strong growth phase in net revenue up to 2023, the European operations experienced a marked downturn in the following two years. Meanwhile, investment in long-lived assets continued upward, which led to a substantial dilution in asset turnover efficiency. This combination suggests potential challenges in utilizing newly acquired or existing assets effectively to sustain revenue growth during the recent period.
Area Asset Turnover: Southeast Asia
Applied Materials Inc.; Southeast Asia; area asset turnover calculation
| Oct 26, 2025 | Oct 27, 2024 | Oct 29, 2023 | Oct 30, 2022 | Oct 31, 2021 | Oct 25, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net revenue | ||||||
| Long-lived assets | ||||||
| Area Activity Ratio | ||||||
| Area asset turnover1 | ||||||
Based on: 10-K (reporting date: 2025-10-26), 10-K (reporting date: 2024-10-27), 10-K (reporting date: 2023-10-29), 10-K (reporting date: 2022-10-30), 10-K (reporting date: 2021-10-31), 10-K (reporting date: 2020-10-25).
1 2025 Calculation
Area asset turnover = Net revenue ÷ Long-lived assets
= ÷ =
- Net Revenue
- The net revenue displays considerable fluctuations over the analyzed period. There was a significant increase from 411 million US dollars in 2020 to 677 million in 2021, followed by a further substantial rise to 1084 million in 2022. However, a decline was observed in 2023, with revenue decreasing to 758 million. The revenue then rebounded strongly in 2024 to 1141 million but experienced a slight decrease again in 2025, settling at 1076 million. Overall, despite the volatility, net revenue shows an upward trajectory across the years.
- Long-lived Assets
- The value of long-lived assets demonstrated a general downward trend from 2020 to 2024, decreasing from 18 million US dollars to 5 million in 2024. This persistent decline indicates a possible reduction in capital investment or asset disposals in this geographic area. Notably, there was a sharp increase in 2025 when long-lived assets surged to 21 million, the highest level within the timeframe, suggesting renewed capital investment or acquisition of assets.
- Area Asset Turnover Ratio
- The area asset turnover ratio, reflecting efficiency in utilizing assets to generate revenue, showed substantial volatility. The ratio rose markedly from 22.83 in 2020 to a peak of 135.5 in 2022, indicating improved asset utilization during this period. Although the ratio slightly declined to 126.33 in 2023, it rebounded strongly to 228.2 in 2024, the highest value recorded, signifying exceptional efficiency in asset use that year. However, the ratio dropped considerably to 51.24 in 2025, suggesting a decline in asset utilization efficiency paralleling the increase in long-lived assets.
- Overall Insights
- The data reveals a pattern of fluctuating revenue accompanied by changing asset levels and utilization efficiency. While net revenue generally progressed upward with some volatility, long-lived assets initially declined but sharply increased in the final year, potentially indicating a strategic shift in asset management. The asset turnover ratio’s volatility implies varying efficiency in asset use, with periods of both high and reduced performance. The inverse relationship observed in 2024 and 2025—very high turnover with low assets followed by increased assets with decreased turnover—suggests changing operational dynamics in the Southeast Asia region.
Net revenue
Applied Materials Inc., net revenue by geographic area
US$ in millions
| Oct 26, 2025 | Oct 27, 2024 | Oct 29, 2023 | Oct 30, 2022 | Oct 31, 2021 | Oct 25, 2020 | |
|---|---|---|---|---|---|---|
| United States | ||||||
| China | ||||||
| Korea | ||||||
| Taiwan | ||||||
| Japan | ||||||
| Europe | ||||||
| Southeast Asia | ||||||
| Outside United States | ||||||
| Consolidated total |
Based on: 10-K (reporting date: 2025-10-26), 10-K (reporting date: 2024-10-27), 10-K (reporting date: 2023-10-29), 10-K (reporting date: 2022-10-30), 10-K (reporting date: 2021-10-31), 10-K (reporting date: 2020-10-25).
The net revenue data across various geographic areas presented demonstrates distinct patterns and shifts over the reported periods. The overall consolidated total revenue shows a general upward trend from 17,202 million US dollars to 28,368 million US dollars, indicating overall growth.
- United States
- The revenue from the United States initially increases significantly from 1,619 million US dollars to a peak of 4,006 million US dollars by the period ending in October 29, 2023. However, it experiences a decline thereafter, falling to 3,063 million US dollars by the last period. This suggests some volatility or possible market saturation in this region following substantial growth.
- China
- China shows strong growth overall, starting at 5,456 million US dollars and increasing to a peak of 10,117 million US dollars by the October 27, 2024 period. In the final period, revenue decreases somewhat to 8,529 million US dollars. Despite this dip, China remains one of the largest contributors to total revenue, reflecting its critical role in the company’s geographic revenue base.
- Korea
- Korea's revenues grow notably from 3,031 million US dollars to 5,608 million US dollars over the period, with some fluctuations in between. The intermittent declines followed by recoveries suggest a moderately volatile but generally upward trajectory.
- Taiwan
- Taiwan experiences variability, with revenue rising from 3,953 million US dollars to a high of 6,262 million US dollars, then declining to 4,010 million US dollars, before increasing sharply again to 6,857 million US dollars. This pattern indicates cyclical revenue changes, possibly influenced by market or sector-specific dynamics.
- Japan
- Japan's revenue remains relatively stable, with a slight upward trend from 1,996 million US dollars to 2,273 million US dollars. This consistency suggests steady market conditions and stable demand within this region.
- Europe
- Europe reports a notable increase in revenue from 736 million US dollars to a peak of 2,152 million US dollars, followed by a decline to 962 million US dollars. This volatility may reflect economic or market challenges impacting demand in recent periods.
- Southeast Asia
- Revenue from Southeast Asia grows overall from 411 million US dollars to 1,076 million US dollars, despite some fluctuations. This indicates positive growth prospects in this emerging market region, albeit with some short-term variation.
- Outside United States
- The aggregate revenue from areas outside the United States increases steadily from 15,583 million US dollars to 25,305 million US dollars, reflecting strong international market performance and expansion.
In summary, the company’s revenue distribution exhibits robust growth internationally, particularly in China and Korea. The United States market shows peak revenue followed by decline, suggesting different lifecycle stages among regions. Emerging markets such as Southeast Asia exhibit growth potential despite some fluctuations, while traditional markets like Japan maintain stability. The variability in regions like Taiwan and Europe implies responsiveness to external economic or industry factors. Overall, international markets are key drivers of consolidated revenue growth.
Long-lived assets
Applied Materials Inc., long-lived assets by geographic area
US$ in millions
| Oct 26, 2025 | Oct 27, 2024 | Oct 29, 2023 | Oct 30, 2022 | Oct 31, 2021 | Oct 25, 2020 | |
|---|---|---|---|---|---|---|
| United States | ||||||
| China | ||||||
| Korea | ||||||
| Taiwan | ||||||
| Japan | ||||||
| Europe | ||||||
| Southeast Asia | ||||||
| Outside United States | ||||||
| Consolidated total |
Based on: 10-K (reporting date: 2025-10-26), 10-K (reporting date: 2024-10-27), 10-K (reporting date: 2023-10-29), 10-K (reporting date: 2022-10-30), 10-K (reporting date: 2021-10-31), 10-K (reporting date: 2020-10-25).
The analysis of long-lived assets across geographic areas reveals distinct trends and shifts in the allocation of resources over the observed periods.
- United States
- The United States shows a consistent and strong upward trend in long-lived assets from 1,628 million US dollars in 2020 to 5,071 million US dollars in 2025. This growth reflects a significant increase, more than tripling the asset base over five years, indicating a strategic focus or expansion within this region.
- China
- China's assets exhibit a declining pattern from 14 million in 2020 to a low of 3 million in 2024, followed by a slight recovery to 8 million in 2025. This suggests a reduction in investment or asset base over most years, with a minor rebound in the final period.
- Korea
- Korea shows a gradual decrease in assets, from 21 million in 2020 down to 9 million by 2024 and holding steady at 9 million in 2025. The trend points to a steady contraction or limited growth in this region.
- Taiwan
- Taiwan maintains relatively stable asset values around the 59 to 67 million range throughout the period. The minor fluctuations and slight increase to 67 million in 2025 imply a stable but modest position.
- Japan
- Japan displays a downward trend in long-lived assets, reducing from 16 million in 2020 to 6 million in 2025. The consistent decrease suggests divestment or reduced capital presence over time.
- Europe
- Europe's assets reflect substantial growth from 21 million in 2020 to 155 million in 2025. Notably, there is a marked increase beginning in 2022, indicating a strategic investment ramp-up or expansion initiative in this region.
- Southeast Asia
- Southeast Asia experiences a decrease from 18 million in 2020 down to 5 million in 2024, but then a notable increase to 21 million in 2025. This pattern signals initial asset reduction followed by renewed investment efforts.
- Outside United States
- This category shows some fluctuations but a general upward trend, increasing from 149 million in 2020 to 266 million in 2025. The rise highlights growing asset allocation outside the primary U.S. market despite earlier periods of variability.
- Consolidated Total
- The overall consolidated total assets have escalated significantly from 1,777 million in 2020 to 5,337 million in 2025. This growth is largely driven by increases in the United States and Europe, alongside moderate growth outside the United States.