Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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- Balance Sheet: Assets
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2005
- Debt to Equity since 2005
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Long-term Activity Ratios (Summary)
Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
The analysis of the quarterly financial ratios over the observed periods indicates several notable trends in asset and equity turnover metrics.
- Net fixed asset turnover
- This ratio initially shows stability around the 3.7 to 3.9 range between early 2018 and late 2019, averaging close to 3.8. It peaks slightly at 4.58 and remains around 4.5 during mid to late 2019 and early 2020, suggesting improved efficiency in using fixed assets to generate sales during that interval. Thereafter, a declining trend is evident starting in mid-2020, dropping to approximately 3.17 by late 2022. This decline signifies decreasing efficiency in fixed asset utilization over the last observed quarters.
- Net fixed asset turnover (including operating lease, right-of-use asset)
- When incorporating operating leases and right-of-use assets, the ratio mirrors the general pattern of the net fixed asset turnover but at slightly lower values from 2019 onwards. The peak occurs near 4.01 around mid-2019, after which a consistent decline is observed, reaching 2.81 by late 2022. This downward trajectory suggests that including lease assets dampens turnover effectiveness, and the overall efficiency diminishes steadily over time.
- Total asset turnover
- This ratio exhibits moderate fluctuations, initially ranging from 0.48 to 0.54 between early 2018 and early 2020. A brief increase peaks at 0.57 in mid to late 2020, indicating a period of improved asset efficiency in generating revenue. However, from early 2021 onward, total asset turnover declines gradually to 0.42 in the latter part of 2022. This trend reflects a reduction in the capability to utilize total assets for sales generation in recent quarters.
- Equity turnover
- Equity turnover shows relatively stronger performance compared to other turnover ratios. From early 2018 to mid-2020, it demonstrates an upward trend, rising from approximately 0.9 to a high point of 1.33, indicating more effective use of equity to generate revenue during this period. Following this, there is a gradual decrease from late 2020 through 2022, with values falling to about 0.81 by the most recent quarter. The decline implies less efficient use of equity capital in the latest quarters.
Overall, these turnover ratios suggest that efficiency in asset utilization, particularly fixed assets and inclusive lease assets, has generally decreased since mid-2020. While equity turnover initially improved up to mid-2020, it too shows a downward trend thereafter. The decreasing trends in turnover ratios may point to challenges in maintaining operational efficiency or changes in asset structure impacting revenue generation capacity over time.
Net Fixed Asset Turnover
Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||||
Revenue | ||||||||||||||||||||||||||||||
Property, plant and equipment, net | ||||||||||||||||||||||||||||||
Long-term Activity Ratio | ||||||||||||||||||||||||||||||
Net fixed asset turnover1 | ||||||||||||||||||||||||||||||
Benchmarks | ||||||||||||||||||||||||||||||
Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||||
AbbVie Inc. | ||||||||||||||||||||||||||||||
Amgen Inc. | ||||||||||||||||||||||||||||||
Bristol-Myers Squibb Co. | ||||||||||||||||||||||||||||||
Danaher Corp. | ||||||||||||||||||||||||||||||
Eli Lilly & Co. | ||||||||||||||||||||||||||||||
Gilead Sciences Inc. | ||||||||||||||||||||||||||||||
Johnson & Johnson | ||||||||||||||||||||||||||||||
Merck & Co. Inc. | ||||||||||||||||||||||||||||||
Pfizer Inc. | ||||||||||||||||||||||||||||||
Regeneron Pharmaceuticals Inc. | ||||||||||||||||||||||||||||||
Thermo Fisher Scientific Inc. | ||||||||||||||||||||||||||||||
Vertex Pharmaceuticals Inc. |
Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Q3 2022 Calculation
Net fixed asset turnover
= (RevenueQ3 2022
+ RevenueQ2 2022
+ RevenueQ1 2022
+ RevenueQ4 2021)
÷ Property, plant and equipment, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Revenue Trends
- Revenue exhibited a general upward trajectory from Q1 2017 through Q2 2020, increasing from approximately 2.81 billion USD to a peak near 3.68 billion USD. This growth phase was characterized by steady increments across most quarters. However, starting in Q3 2020, revenue began to decline, moving downward from about 3.38 billion USD to approximately 2.51 billion USD by Q3 2022. This represents a significant reduction in revenue over the last eight quarters, indicating a notable contraction in sales or operational performance.
- Property, Plant and Equipment, Net
- The net value of property, plant, and equipment increased steadily from around 2.61 billion USD in Q1 2017 up to roughly 3.61 billion USD by Q4 2018. Following this growth phase, it plateaued near 3.4 billion USD between 2019 and early 2020. Although minor fluctuations are observed, the value remained relatively stable afterwards, hovering between 3.26 billion USD and 3.44 billion USD from Q1 2020 to Q3 2022. This suggests that capital asset investment slowed after 2018, and the company maintained its asset base with minimal expansions or disposals.
- Net Fixed Asset Turnover Ratio
- Starting from Q4 2017, the net fixed asset turnover ratio began at 3.86 and maintained a relatively consistent level around 3.74 through Q2 2018. Between Q3 2018 and Q1 2020, the ratio improved, peaking near 4.58 in Q1 2019 and slightly declining afterwards but still remaining above 4.25 until early 2020. From mid-2020 forward, the turnover ratio steadily decreased, dropping to approximately 3.17 by Q3 2022. The decreasing trend indicates reduced efficiency in utilizing fixed assets for generating revenue, likely influenced by the concurrent revenue decline while fixed asset values remained stable.
- Overall Insights
- The data portrays a period of growth in both revenue and asset base up to approximately 2018-2019, followed by stagnation in asset investments and a downturn in revenue starting around mid-2020. The declining net fixed asset turnover ratio highlights a weakening operational efficiency in leveraging property, plant, and equipment to produce sales. This combination of declining revenue and steady asset levels may imply challenges in market conditions, competitive pressures, or internal operational issues contributing to diminished financial performance in recent quarters.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Biogen Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)
Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||||
Revenue | ||||||||||||||||||||||||||||||
Property, plant and equipment, net | ||||||||||||||||||||||||||||||
Operating lease assets | ||||||||||||||||||||||||||||||
Property, plant and equipment, net (including operating lease, right-of-use asset) | ||||||||||||||||||||||||||||||
Long-term Activity Ratio | ||||||||||||||||||||||||||||||
Net fixed asset turnover (including operating lease, right-of-use asset)1 | ||||||||||||||||||||||||||||||
Benchmarks | ||||||||||||||||||||||||||||||
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||||||||||||||||||||||||||
Vertex Pharmaceuticals Inc. |
Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Q3 2022 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (RevenueQ3 2022
+ RevenueQ2 2022
+ RevenueQ1 2022
+ RevenueQ4 2021)
÷ Property, plant and equipment, net (including operating lease, right-of-use asset)
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Revenue Trends
- Revenue exhibited a general upward trend from early 2017 through mid-2019, climbing from approximately $2.81 billion to a peak near $3.67 billion by the end of 2019. This increase suggests a period of growth and expansion. However, beginning in early 2020, revenue showed notable volatility with a decline in the latter part of that year, reaching about $2.85 billion by December 2020 and further decreasing through 2021 and 2022. By September 2022, revenue had fallen to approximately $2.51 billion, reflecting a significant contraction compared to earlier peaks. This downward trend in the most recent periods indicates challenges impacting sales or market demand.
- Property, Plant, and Equipment (PP&E) Net Value
- The net value of property, plant, and equipment (including operating lease assets) steadily increased from $2.61 billion in March 2017 to a high of around $3.85 billion by the end of 2020. After peaking in late 2020 and early 2021, the asset base stabilized with slight declines observed throughout 2021 and 2022, where values hovered near $3.69 billion by September 2022. This trend suggests continued investment in fixed assets until late 2020, followed by a phase of consolidation or limited additional capital expenditure.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio, which measures efficiency in generating revenue from fixed assets, showed a declining trend starting in late 2017. From ratios of approximately 3.86 to 3.74 through 2017 and early 2018, the ratio improved briefly reaching about 4.01 in mid-2019. However, from 2019 onward, the ratio steadily declined, dropping to roughly 2.81 by the third quarter of 2022. This decreasing ratio indicates declining efficiency in utilizing the fixed asset base to generate revenue, aligning with the observed decline in revenue despite relatively stable asset levels in recent periods.
- Overall Insights
- The period from 2017 to 2019 was characterized by growth in both revenue and asset investment, alongside relatively stable to improving asset turnover efficiency. Starting in 2020, revenue declined significantly while the fixed asset base remained relatively large, leading to a reduction in asset turnover ratio. This divergence suggests lower operational efficiency and potential market or operational challenges. The company's substantial asset base combined with declining revenue and turnover efficiency may indicate underutilization of assets or shifts in business conditions requiring strategic review or operational adjustments.
Total Asset Turnover
Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||||
Revenue | ||||||||||||||||||||||||||||||
Total assets | ||||||||||||||||||||||||||||||
Long-term Activity Ratio | ||||||||||||||||||||||||||||||
Total asset turnover1 | ||||||||||||||||||||||||||||||
Benchmarks | ||||||||||||||||||||||||||||||
Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||||
AbbVie Inc. | ||||||||||||||||||||||||||||||
Amgen Inc. | ||||||||||||||||||||||||||||||
Bristol-Myers Squibb Co. | ||||||||||||||||||||||||||||||
Danaher Corp. | ||||||||||||||||||||||||||||||
Eli Lilly & Co. | ||||||||||||||||||||||||||||||
Gilead Sciences Inc. | ||||||||||||||||||||||||||||||
Johnson & Johnson | ||||||||||||||||||||||||||||||
Merck & Co. Inc. | ||||||||||||||||||||||||||||||
Pfizer Inc. | ||||||||||||||||||||||||||||||
Regeneron Pharmaceuticals Inc. | ||||||||||||||||||||||||||||||
Thermo Fisher Scientific Inc. | ||||||||||||||||||||||||||||||
Vertex Pharmaceuticals Inc. |
Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Q3 2022 Calculation
Total asset turnover
= (RevenueQ3 2022
+ RevenueQ2 2022
+ RevenueQ1 2022
+ RevenueQ4 2021)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The quarterly financial data reveals several noteworthy trends in revenue, total assets, and asset turnover over the analyzed period. Revenue shows a general upward movement from the first quarter of 2017 through the last quarter of 2019, peaking around late 2019 with values approaching the high 3,600,000 US$ in thousands range. However, starting in early 2020, there is a visible decline in revenue, with occasional minor recoveries, but the overall direction remains downward through the third quarter of 2022, ending below the mid-2,500,000 US$ in thousands mark. This suggests challenges in maintaining revenue growth during this later period.
Total assets demonstrate fluctuations with a trend towards stabilization in the latter years. From early 2017 through late 2019, total assets generally increased, reaching levels above 27,000,000 US$ in thousands. After that peak, total assets gradually declined and then stabilized around the 24,000,000 to 25,000,000 US$ in thousands range from 2020 onwards. This indicates a possible shift in the company's asset management strategy or responses to external factors affecting asset levels.
The total asset turnover ratio illustrates efficiency changes in asset utilization to generate revenue. Initially not provided for early periods, available data starting from late 2017 show a consistent ratio approximately between 0.48 and 0.57 through the end of 2020, indicating relatively stable operational efficiency during those years. From 2021 onwards, the ratio declines steadily, dropping from about 0.53 in early 2021 to around 0.42 by late 2022. This downward trend suggests decreasing efficiency in converting assets into revenue, aligned with the observed reduction in revenue and shifts in total asset values.
- Revenue Trend
- Growth from early 2017 to late 2019, peaking near 3.67 million US$ (thousands), followed by a decline starting 2020 and continuing downward through 2022.
- Total Assets Trend
- Increasing trend through 2019 with peaks above 27 million US$ (thousands), then a gradual decline and stabilization around 24–25 million US$ (thousands) from 2020 onward.
- Total Asset Turnover Ratio
- Stable efficiency with ratios between 0.48 and 0.57 until 2020; subsequently declining sharply to approximately 0.42 by 2022, indicating reduced efficiency in asset utilization.
Equity Turnover
Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||||
Revenue | ||||||||||||||||||||||||||||||
Total Biogen Inc. shareholders’ equity | ||||||||||||||||||||||||||||||
Long-term Activity Ratio | ||||||||||||||||||||||||||||||
Equity turnover1 | ||||||||||||||||||||||||||||||
Benchmarks | ||||||||||||||||||||||||||||||
Equity Turnover, Competitors2 | ||||||||||||||||||||||||||||||
AbbVie Inc. | ||||||||||||||||||||||||||||||
Amgen Inc. | ||||||||||||||||||||||||||||||
Bristol-Myers Squibb Co. | ||||||||||||||||||||||||||||||
Danaher Corp. | ||||||||||||||||||||||||||||||
Eli Lilly & Co. | ||||||||||||||||||||||||||||||
Gilead Sciences Inc. | ||||||||||||||||||||||||||||||
Johnson & Johnson | ||||||||||||||||||||||||||||||
Merck & Co. Inc. | ||||||||||||||||||||||||||||||
Pfizer Inc. | ||||||||||||||||||||||||||||||
Regeneron Pharmaceuticals Inc. | ||||||||||||||||||||||||||||||
Thermo Fisher Scientific Inc. | ||||||||||||||||||||||||||||||
Vertex Pharmaceuticals Inc. |
Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Q3 2022 Calculation
Equity turnover
= (RevenueQ3 2022
+ RevenueQ2 2022
+ RevenueQ1 2022
+ RevenueQ4 2021)
÷ Total Biogen Inc. shareholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The revenue of the company demonstrated some fluctuation over the periods presented. Starting at approximately 2,810,700 thousand US dollars in March 2017, revenue showed a gradual increase, reaching a peak of around 3,526,300 thousand US dollars at the end of 2018. Subsequently, revenue generally declined, with notable drops observed in late 2020 and early 2021. By September 2022, revenue had decreased to about 2,508,500 thousand US dollars, representing a significant reduction compared to the earlier peak.
Total shareholders' equity presented variability throughout the timeframe. Equity initially increased from roughly 11,479,000 thousand US dollars in March 2017 to a high of approximately 14,053,700 thousand US dollars in March 2018. After this peak, equity values showed a downward trend until the end of 2020, hitting a low near 10,758,500 thousand US dollars in September 2020. Starting in early 2021, a recovery phase ensued with equity increasing continuously over subsequent quarters, reaching about 12,775,500 thousand US dollars by September 2022.
The equity turnover ratio, which measures revenue generated per unit of shareholders’ equity, exhibited an initial increasing trend from 0.97 in September 2017 to a high point of 1.33 in September 2020. This suggests improving efficiency in using equity to generate revenue during this period. After reaching the peak, the ratio steadily declined to 0.81 by September 2022, indicating a decrease in efficiency or productivity relative to shareholders’ equity. This decline aligns with the overall decrease in revenue and the recovery in shareholders’ equity noted in the same period.
- Summary of trends
- Revenue peaked at the end of 2018 and then generally decreased, with a significant drop around 2020–2021.
- Shareholders’ equity showed a peak in early 2018, followed by a decrease until late 2020, then an upward recovery through 2021 and 2022.
- Equity turnover improved until 2020, reflecting higher revenue generation per equity unit, then declined sharply alongside revenue decreases and equity increases.