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)
Booking Holdings Inc., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 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).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio demonstrates a clear upward trend over the reported periods, increasing from 7.7 in the first quarter of 2021 to 31.87 by the third quarter of 2025. Notably, there is a significant acceleration in turnover beginning in late 2021 into early 2022, culminating in a peak in late 2025. This indicates gradually improving efficiency in utilizing fixed assets to generate revenue over time.
- Net Fixed Asset Turnover Including Operating Lease, Right-of-Use Asset
- This adjusted net fixed asset turnover ratio also shows consistent growth, rising from 4.65 in early 2021 to 18.31 in the third quarter of 2025. The growth curve is steadier compared to the standard net fixed asset turnover, reflecting incorporation of leased assets which moderates but still confirms enhanced asset utilization efficiency across the periods analyzed.
- Total Asset Turnover
- Total asset turnover improves notably from a low of 0.24 in the first quarter of 2021 to a peak of 0.91 in the third quarter of 2025. Despite some minor fluctuations, including a dip in late 2022 and mid-2024, the overall trajectory is positive. This trend suggests better overall use of all company assets to generate sales, signifying increased operational productivity and asset management effectiveness over time.
- Equity Turnover
- Equity turnover shows a strong rising trend from 1.19 in early 2021 to a marked peak of 16.92 in the first quarter of 2023. However, data beyond this point are absent, preventing full trend analysis past early 2023. The sharp increase up to that period indicates substantially improved efficiency in generating sales from shareholders' equity during the first two years observed.
Net Fixed Asset Turnover
Booking Holdings Inc., net fixed asset turnover calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Revenues | 9,008) | 6,798) | 4,762) | 5,471) | 7,994) | 5,859) | 4,415) | 4,784) | 7,341) | 5,462) | 3,778) | 4,049) | 6,052) | 4,294) | 2,695) | 2,981) | 4,676) | 2,160) | 1,141) | ||||||
| Property and equipment, net | 817) | 848) | 857) | 832) | 882) | 875) | 805) | 784) | 733) | 732) | 699) | 669) | 879) | 858) | 844) | 822) | 762) | 748) | 734) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Net fixed asset turnover1 | 31.87 | 29.51 | 28.11 | 28.53 | 26.14 | 25.60 | 27.33 | 27.25 | 28.14 | 26.42 | 26.00 | 25.55 | 18.23 | 17.07 | 14.82 | 13.33 | 12.09 | 9.60 | 7.70 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||||
| Airbnb Inc. | 97.89 | 87.73 | 81.39 | 75.52 | 65.30 | 61.79 | 59.89 | 61.98 | 65.31 | 68.85 | 71.38 | 69.41 | 67.78 | 62.54 | 46.34 | — | — | — | — | ||||||
| Chipotle Mexican Grill Inc. | 4.54 | 4.62 | 4.71 | 4.73 | 4.73 | 4.71 | 4.63 | 4.55 | 4.56 | 4.59 | 4.53 | 4.43 | 4.50 | 4.49 | 4.40 | 4.27 | 4.18 | 4.11 | 3.91 | ||||||
| DoorDash, Inc. | 12.95 | 13.13 | 13.29 | 13.78 | 13.85 | 13.71 | 12.93 | 12.13 | 11.81 | 11.35 | 10.92 | 10.33 | 10.31 | 10.66 | 11.58 | — | — | — | — | ||||||
| McDonald’s Corp. | 0.96 | 0.96 | 1.00 | 1.02 | 1.01 | 1.04 | 1.04 | 1.02 | 1.05 | 1.00 | 0.98 | 0.98 | 1.02 | 1.01 | 0.97 | 0.94 | 0.92 | 0.88 | 0.80 | ||||||
| Starbucks Corp. | 4.13 | 4.12 | 4.16 | 4.17 | 4.51 | 4.67 | 4.82 | 4.87 | 4.96 | 4.99 | 4.91 | 4.92 | 4.99 | 4.85 | 4.75 | 4.56 | 4.41 | 3.89 | 3.75 | ||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 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).
1 Q3 2025 Calculation
Net fixed asset turnover
= (RevenuesQ3 2025
+ RevenuesQ2 2025
+ RevenuesQ1 2025
+ RevenuesQ4 2024)
÷ Property and equipment, net
= (9,008 + 6,798 + 4,762 + 5,471)
÷ 817 = 31.87
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends in revenues, property and equipment, and net fixed asset turnover ratios over the periods presented.
- Revenues
- Revenues show a strong overall growth trajectory from the first quarter of 2021 through to the latest quarter in 2025. Initial quarters show a progression from USD 1,141 million to USD 4,676 million by Q3 2021, followed by fluctuations that reflect seasonal or market variations. After a dip in Q4 2021 and early 2022, revenues rise steadily and reach new highs in subsequent years, culminating in a peak of USD 9,008 million in Q3 2025. This pattern suggests recovery and expansion phases with significant quarter-to-quarter increases, especially in the later quarters of 2023 through 2025.
- Property and Equipment, Net
- The net value of property and equipment demonstrates moderate growth from Q1 2021 through Q3 2022, increasing from USD 734 million to a peak of USD 879 million. However, a noticeable decline occurs in Q4 2022 to USD 669 million, followed by relative stability and slight fluctuations around the USD 800 million range thereafter. The reduction in Q4 2022 may indicate asset disposals, write-downs, or reclassifications. Post-Q4 2022, the values range between USD 805 million and USD 857 million, with a gradual but modest downward trend by Q3 2025.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio shows a significant and consistent improvement over the entire period, increasing from 7.7 in Q1 2021 to 31.87 by Q3 2025. This ratio indicates enhanced efficiency in utilizing fixed assets to generate revenues. The steep rise starting from Q4 2021, accelerating through 2022 and thereafter, aligns with the revenue growth despite relatively stable or declining property and equipment values. This suggests increasing operational efficiency, possibly through better asset management, higher asset utilization, or shifts towards less capital-intensive operations.
Overall, the data points toward a company experiencing vigorous revenue growth alongside improved asset efficiency, even as the investment in property and equipment remains comparatively steady or contracts slightly in certain periods. The upward trend in asset turnover, coupled with revenue expansion, signals positive momentum in revenue generation relative to fixed asset investment.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Booking Holdings Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Revenues | 9,008) | 6,798) | 4,762) | 5,471) | 7,994) | 5,859) | 4,415) | 4,784) | 7,341) | 5,462) | 3,778) | 4,049) | 6,052) | 4,294) | 2,695) | 2,981) | 4,676) | 2,160) | 1,141) | ||||||
| Property and equipment, net | 817) | 848) | 857) | 832) | 882) | 875) | 805) | 784) | 733) | 732) | 699) | 669) | 879) | 858) | 844) | 822) | 762) | 748) | 734) | ||||||
| Operating lease assets | 605) | 593) | 555) | 559) | 600) | 637) | 663) | 705) | 643) | 608) | 622) | 645) | 402) | 445) | 487) | 496) | 445) | 457) | 480) | ||||||
| Property and equipment, net (including operating lease, right-of-use asset) | 1,422) | 1,441) | 1,412) | 1,391) | 1,482) | 1,512) | 1,468) | 1,489) | 1,376) | 1,340) | 1,321) | 1,314) | 1,281) | 1,303) | 1,331) | 1,318) | 1,207) | 1,205) | 1,214) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 18.31 | 17.37 | 17.06 | 17.07 | 15.55 | 14.81 | 14.99 | 14.35 | 14.99 | 14.43 | 13.76 | 13.01 | 12.51 | 11.24 | 9.40 | 8.31 | 7.63 | 5.96 | 4.65 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | |||||||||||||||||||||||||
| Airbnb Inc. | 43.91 | 41.96 | 40.55 | 38.15 | 41.37 | 38.48 | 36.32 | 35.54 | 35.56 | 34.55 | 33.49 | 32.43 | 29.45 | 26.12 | 16.30 | — | — | — | — | ||||||
| Chipotle Mexican Grill Inc. | 1.69 | 1.73 | 1.76 | 1.77 | 1.75 | 1.77 | 1.74 | 1.72 | 1.69 | 1.70 | 1.69 | 1.64 | 1.62 | 1.62 | 1.59 | 1.54 | 1.49 | 1.48 | 1.41 | ||||||
| DoorDash, Inc. | 9.21 | 9.17 | 9.14 | 9.19 | 9.12 | 8.88 | 7.90 | 7.52 | 7.44 | 7.03 | 6.69 | 6.14 | 5.92 | 5.90 | 6.51 | — | — | — | — | ||||||
| Starbucks Corp. | 1.99 | 1.99 | 2.00 | 2.02 | 2.16 | 2.21 | 2.26 | 2.28 | 2.30 | 2.26 | 2.22 | 2.21 | 2.21 | 2.14 | 2.08 | 1.99 | 1.91 | 1.68 | 1.61 | ||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 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).
1 Q3 2025 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (RevenuesQ3 2025
+ RevenuesQ2 2025
+ RevenuesQ1 2025
+ RevenuesQ4 2024)
÷ Property and equipment, net (including operating lease, right-of-use asset)
= (9,008 + 6,798 + 4,762 + 5,471)
÷ 1,422 = 18.31
2 Click competitor name to see calculations.
The company's revenues exhibit a clear upward trajectory over the analyzed periods, with some seasonal fluctuations. Starting at $1,141 million in the first quarter of 2021, revenues substantially increased, reaching a peak of $4,676 million in the third quarter of 2021. Following this, a moderate decline was observed in the fourth quarter of 2021 and the first quarter of 2022. Subsequently, revenues rebounded and continued to climb, reaching $9,008 million by the third quarter of 2025. This overall growth suggests an expanding business with increasing sales over time, despite some quarter-to-quarter variability likely influenced by external factors or seasonality.
Regarding property and equipment (net), the figures remained relatively stable throughout the period. Starting at $1,214 million in early 2021, the asset base experienced minor fluctuations but no significant growth or decline, hovering around an average of approximately $1,400 million in the later periods. This stability implies a consistent level of investment in fixed assets, without large-scale expansions or disposals.
The net fixed asset turnover ratio shows a notable increasing trend over the full timeframe. Beginning at 4.65 in the first quarter of 2021, the ratio consistently improved, reaching 18.31 by the third quarter of 2025. This increase indicates enhanced efficiency in utilizing fixed assets to generate revenue. The rising turnover suggests that the company is generating substantially more revenue per dollar of fixed assets employed, reflecting effective asset management and operational scalability.
- Summary Insights
- The revenue growth coupled with stable asset levels and increasing asset turnover ratio points to improved operational efficiency and stronger market position.
- The company appears to be leveraging its fixed assets more effectively over time, thus optimizing revenue generation from existing investments.
- Seasonal or quarterly revenue fluctuations are evident but do not detract from the overall positive growth trend.
- The stable property and equipment base suggests capital expenditures were maintained at a steady level, with operational efficiency gains driving profitability rather than asset expansion.
Total Asset Turnover
Booking Holdings Inc., total asset turnover calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Revenues | 9,008) | 6,798) | 4,762) | 5,471) | 7,994) | 5,859) | 4,415) | 4,784) | 7,341) | 5,462) | 3,778) | 4,049) | 6,052) | 4,294) | 2,695) | 2,981) | 4,676) | 2,160) | 1,141) | ||||||
| Total assets | 28,752) | 30,684) | 27,191) | 27,708) | 27,978) | 28,541) | 27,728) | 24,342) | 25,635) | 26,558) | 25,206) | 25,361) | 22,063) | 24,493) | 22,384) | 23,641) | 23,341) | 23,881) | 23,655) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Total asset turnover1 | 0.91 | 0.82 | 0.89 | 0.86 | 0.82 | 0.78 | 0.79 | 0.88 | 0.80 | 0.73 | 0.72 | 0.67 | 0.73 | 0.60 | 0.56 | 0.46 | 0.39 | 0.30 | 0.24 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||||
| Airbnb Inc. | 0.52 | 0.43 | 0.45 | 0.53 | 0.49 | 0.40 | 0.42 | 0.48 | 0.45 | 0.43 | 0.44 | 0.52 | 0.50 | 0.39 | 0.39 | — | — | — | — | ||||||
| Chipotle Mexican Grill Inc. | 1.27 | 1.25 | 1.27 | 1.23 | 1.22 | 1.20 | 1.21 | 1.23 | 1.21 | 1.23 | 1.27 | 1.25 | 1.23 | 1.24 | 1.21 | 1.13 | 1.09 | 1.08 | 1.03 | ||||||
| DoorDash, Inc. | 0.70 | 0.70 | 0.83 | 0.83 | 0.83 | 0.81 | 0.80 | 0.80 | 0.81 | 0.80 | 0.74 | 0.67 | 0.63 | 0.57 | 0.77 | — | — | — | — | ||||||
| McDonald’s Corp. | 0.43 | 0.44 | 0.46 | 0.47 | 0.46 | 0.48 | 0.48 | 0.45 | 0.48 | 0.48 | 0.45 | 0.46 | 0.48 | 0.48 | 0.47 | 0.43 | 0.43 | 0.42 | 0.38 | ||||||
| Starbucks Corp. | 1.09 | 1.15 | 1.13 | 1.15 | 1.21 | 1.24 | 1.26 | 1.22 | 1.22 | 1.19 | 1.16 | 1.15 | 1.14 | 1.08 | 1.05 | 0.93 | 0.92 | 0.84 | 0.77 | ||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 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).
1 Q3 2025 Calculation
Total asset turnover
= (RevenuesQ3 2025
+ RevenuesQ2 2025
+ RevenuesQ1 2025
+ RevenuesQ4 2024)
÷ Total assets
= (9,008 + 6,798 + 4,762 + 5,471)
÷ 28,752 = 0.91
2 Click competitor name to see calculations.
The financial data indicates a dynamic pattern in revenues, total assets, and asset utilization over multiple quarters. There is a notable seasonality and growth trend particularly in revenues and asset turnover ratios.
- Revenues
- Revenues exhibit a pronounced seasonal pattern, typically peaking in the third quarter (September) each year. From March 2021 to September 2025, revenues increased substantially, rising from 1,141 million US$ in March 2021 to a projected 9,008 million US$ by September 2025. This reflects strong long-term growth, with significant recovery and expansion after fluctuations seen around late 2021 and early 2022. The third and fourth quarters generally show higher revenue figures, indicative of seasonal demand fluctuations.
- Total Assets
- Total assets have shown moderate volatility but generally stable levels over the observed periods. Starting at 23,655 million US$ in March 2021, total assets fluctuate around 23,000 to 30,000 million US$, with an upward tendency visible in some periods such as mid-2024 to mid-2025, where assets reached above 28,000 and peaked close to 30,684 million US$. Despite some dips, asset levels remain within a relatively narrow range suggesting stable but cautious asset management amid growth.
- Total Asset Turnover
- This ratio, indicating the efficiency of asset utilization to generate revenues, demonstrates a clear upward trend across the timeline. Starting at 0.24 in March 2021, the ratio steadily increased to reach approximately 0.91 by September 2025. The improvement signifies heightened asset efficiency, with the company increasingly able to produce more revenue per unit of asset. Periodic minor decreases do not obscure the overall positive trajectory, highlighting effectiveness in leveraging asset base over time.
In summary, the data reflects substantial revenue growth supported by stable but slightly increasing asset levels and improved asset efficiency. The recurring seasonal peaks in revenues combined with the upward trend in asset turnover suggest successful expansion and operational optimization strategies. These patterns indicate strong business momentum, with improved productivity and asset utilization capabilities projected to continue through 2025.
Equity Turnover
Booking Holdings Inc., equity turnover calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Revenues | 9,008) | 6,798) | 4,762) | 5,471) | 7,994) | 5,859) | 4,415) | 4,784) | 7,341) | 5,462) | 3,778) | 4,049) | 6,052) | 4,294) | 2,695) | 2,981) | 4,676) | 2,160) | 1,141) | ||||||
| Stockholders’ equity (deficit) | (4,736) | (6,657) | (6,112) | (4,020) | (3,653) | (4,276) | (4,052) | (2,744) | (625) | (665) | 1,074) | 2,782) | 3,670) | 4,002) | 4,373) | 6,178) | 5,545) | 4,799) | 4,764) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Equity turnover1 | — | — | — | — | — | — | — | — | — | — | 16.92 | 6.14 | 4.37 | 3.66 | 2.86 | 1.77 | 1.66 | 1.50 | 1.19 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||||
| Airbnb Inc. | 1.39 | 1.49 | 1.42 | 1.32 | 1.28 | 1.31 | 1.30 | 1.21 | 1.05 | 1.80 | 1.65 | 1.51 | 1.45 | 1.41 | 1.40 | — | — | — | — | ||||||
| Chipotle Mexican Grill Inc. | 3.66 | 3.28 | 3.29 | 3.09 | 3.04 | 2.87 | 3.04 | 3.22 | 3.30 | 3.36 | 3.62 | 3.65 | 3.62 | 3.78 | 3.67 | 3.29 | 3.11 | 3.15 | 3.01 | ||||||
| DoorDash, Inc. | 1.33 | 1.33 | 1.34 | 1.37 | 1.34 | 1.34 | 1.30 | 1.27 | 1.24 | 1.20 | 1.10 | 0.97 | 0.89 | 0.76 | 1.13 | — | — | — | — | ||||||
| McDonald’s Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Starbucks Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 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).
1 Q3 2025 Calculation
Equity turnover
= (RevenuesQ3 2025
+ RevenuesQ2 2025
+ RevenuesQ1 2025
+ RevenuesQ4 2024)
÷ Stockholders’ equity (deficit)
= (9,008 + 6,798 + 4,762 + 5,471)
÷ -4,736 = —
2 Click competitor name to see calculations.
- Revenues
- Revenues exhibit a clear seasonal and upward trend over the observed periods. There are notable peaks typically occurring in the third quarter of each year, with the highest values recorded in September. For instance, quarterly revenues rise substantially from 1,141 million US dollars in March 2021 to 9,008 million US dollars in September 2025. The revenue pattern shows consistent recovery following lower results in the first quarters, indicating potential seasonal fluctuations in demand or business activity. Additionally, the increasing revenue trajectory suggests expanding business operations or improved market positioning over the years.
- Stockholders’ Equity (Deficit)
- The stockholders’ equity presents a declining trend over time, shifting from a positive equity position at the beginning of the period to significant deficits in the later years. Starting from 4,764 million US dollars in March 2021, equity decreases steadily, turning negative by June 2023 at -665 million US dollars, and further deteriorating to -6,657 million US dollars by June 2025. This downward trajectory may indicate increased liabilities, losses retained, or other financial pressures impacting the equity base adversely.
- Equity Turnover
- Equity turnover ratios, available only up to December 31, 2021, show a rising trend from 1.19 to 6.14, with a marked increase reflecting higher revenues relative to the equity base. This increase suggests improved efficiency in utilizing equity to generate revenues during that period. However, absence of data beyond 2021 limits the analysis of this ratio’s behavior in subsequent quarters, especially in light of the deteriorating equity values shown.
- Summary of Financial Trends
- Overall, the financial data depict a company experiencing growing revenue streams with clear seasonal peaks, particularly in the third quarters of each year. Despite this growth, the company’s equity position weakens considerably, shifting to negative territory and deepening deficit levels over time. This divergence between rising revenues and falling equity warrants further investigation into the company’s cost structure, liabilities, and profitability to understand underlying causes. The improving equity turnover ratio up until 2021 indicates an initial phase of better capital utilization, but missing data for later periods prevents assessing whether this efficiency was maintained amid equity declines.