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: 2025-03-31), 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), 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).
The analysis of the quarterly financial data reveals several notable trends across key turnover ratios over the observed periods.
- Net Fixed Asset Turnover
- This ratio shows a consistent upward trajectory starting from a value of 8.99 in March 2021 and increasing steadily to reach 28.11 by March 2025. The growth indicates an increasing efficiency in the use of fixed assets to generate revenue over time, reflecting improved asset utilization or higher sales relative to fixed asset investments.
- Net Fixed Asset Turnover (including operating lease, right-of-use asset)
- Including operating lease and right-of-use assets, this ratio also demonstrates a clear upward trend from 5.29 in March 2021 to 17.06 in March 2025. Although values are lower than the standard net fixed asset turnover, the steady increase mirrors the improving efficiency when considering leased assets as part of the asset base.
- Total Asset Turnover
- Total asset turnover starts at a relatively low level of 0.31 in March 2021, experiencing some fluctuations but generally rising to 0.89 by March 2025. This growth suggests enhanced effectiveness in utilizing the entire asset base (both fixed and current assets) to generate sales revenue, with notable increases observed especially between 2021 and 2023.
- Equity Turnover
- Equity turnover shows more volatility and a sharp increase between March 2021 (1.39) and December 2022 (16.92). The data after December 2022 is missing, limiting the ability to analyze more recent trends. The significant spike may reflect leverage effects or changes in equity capital structure combined with rising sales, but further data would be needed to confirm the underlying causes.
Overall, the upward trends in net fixed asset turnover, including when adjusted for operating leases, and total asset turnover ratios suggest progressive improvements in asset efficiency and revenue generation capacity. The large increase in equity turnover during the earlier periods, despite incomplete data afterwards, indicates notable changes in either equity utilization or financial structure that merit further investigation.
Net Fixed Asset Turnover
Booking Holdings Inc., net fixed asset turnover calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Revenues | 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) | 1,238) | 2,640) | 630) | 2,288) | |||||||
| Property and equipment, net | 857) | 832) | 882) | 875) | 805) | 784) | 733) | 732) | 699) | 669) | 879) | 858) | 844) | 822) | 762) | 748) | 734) | 756) | 744) | 736) | 720) | |||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||
| Net fixed asset turnover1 | 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 | 8.99 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||
| Airbnb Inc. | 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 | 38.27 | — | — | — | — | — | — | — | |||||||
| Chipotle Mexican Grill Inc. | 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 | 3.78 | — | — | — | |||||||
| McDonald’s Corp. | 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 | 0.77 | — | — | — | |||||||
| Starbucks Corp. | 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 | 3.77 | 3.82 | 4.17 | 4.22 | |||||||
Based on: 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), 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).
1 Q1 2025 Calculation
Net fixed asset turnover
= (RevenuesQ1 2025
+ RevenuesQ4 2024
+ RevenuesQ3 2024
+ RevenuesQ2 2024)
÷ Property and equipment, net
= (4,762 + 5,471 + 7,994 + 5,859)
÷ 857 = 28.11
2 Click competitor name to see calculations.
The financial data reveals several notable trends over the examined quarters. Revenues exhibit considerable volatility with a sharp decline in the second quarter of 2020, likely reflecting external disruptions during that period. Following the trough, there is a pronounced recovery and a general upward trajectory through late 2021 and 2022, peaking notably in the third quarter of 2023. Although fluctuations occur quarter-to-quarter, the overall trend points to growth and expansion in revenue generation over the long term.
Investments in property and equipment, represented as net values, display moderate growth up to the end of 2021, rising from 720 million to a peak of 822 million US dollars. Subsequently, a decrease is observed in 2022, falling to 669 million by December 2022, before stabilizing and gradually increasing again through 2024 and into the first quarter of 2025. This suggests periods of both divestment or asset write-downs as well as renewed capital expenditure or acquisition of fixed assets in later quarters.
The net fixed asset turnover ratio demonstrates a significant positive trend, indicating improving efficiency in utilizing fixed assets to generate revenues. After the absence of data in the early periods, the ratio starts at 8.99 then rises steadily to values exceeding 25 from late 2022 onward, peaking around 28 in several quarters. This implies that despite fluctuations in asset base and revenue, the company's asset productivity is strengthening over time, reflecting enhanced operational effectiveness or strategic asset management.
- Revenue Trend
- Marked volatility with a low point in Q2 2020 followed by recovery and growth, peaking in Q3 2023.
- Property and Equipment, Net
- Growth until late 2021, a sharp decline in 2022, then gradual recovery through early 2025.
- Net Fixed Asset Turnover Ratio
- Strong upward trend from under 10 to near 28, indicating improved asset utilization efficiency.
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)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Revenues | 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) | 1,238) | 2,640) | 630) | 2,288) | |||||||
| Property and equipment, net | 857) | 832) | 882) | 875) | 805) | 784) | 733) | 732) | 699) | 669) | 879) | 858) | 844) | 822) | 762) | 748) | 734) | 756) | 744) | 736) | 720) | |||||||
| Operating lease assets | 555) | 559) | 600) | 637) | 663) | 705) | 643) | 608) | 622) | 645) | 402) | 445) | 487) | 496) | 445) | 457) | 480) | 529) | 568) | 577) | 596) | |||||||
| Property and equipment, net (including operating lease, right-of-use asset) | 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) | 1,285) | 1,312) | 1,313) | 1,316) | |||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 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 | 5.29 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||||||||||||||||||||||||
| Airbnb Inc. | 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 | 13.98 | — | — | — | — | — | — | — | |||||||
| Chipotle Mexican Grill Inc. | 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 | 1.38 | — | — | — | |||||||
| Starbucks Corp. | 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 | 1.64 | 1.66 | 1.82 | 1.83 | |||||||
Based on: 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), 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).
1 Q1 2025 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (RevenuesQ1 2025
+ RevenuesQ4 2024
+ RevenuesQ3 2024
+ RevenuesQ2 2024)
÷ Property and equipment, net (including operating lease, right-of-use asset)
= (4,762 + 5,471 + 7,994 + 5,859)
÷ 1,412 = 17.06
2 Click competitor name to see calculations.
- Revenues
- Revenues exhibit significant volatility throughout the observed periods, reflecting a pattern of sharp declines followed by robust recoveries. Beginning at 2,288 million USD in March 2020, there is a notable drop to 630 million USD by June 2020, likely indicating the initial impact of external disruptive factors. Subsequently, revenues rebound with some fluctuations, reaching a peak of 7,994 million USD in September 2024. This upward trajectory is interspersed with periodic declines, particularly noticeable at the March 2021 and March 2023 quarters, suggesting potential seasonal or situational sales variability. Overall, the trend towards the later periods shows a generally increasing revenue base, evidencing business growth or market recovery over time.
- Property and equipment, net (including operating lease, right-of-use asset)
- This asset category remains relatively stable throughout the timeline, oscillating within a narrow range from approximately 1,213 million USD to a maximum of 1,489 million USD. The values show minor fluctuations quarter-to-quarter without any pronounced increasing or decreasing trend. This stability suggests consistent investment or depreciation rates in fixed assets, indicating no major capital expansion or contraction events over the observed periods.
- Net fixed asset turnover (including operating lease, right-of-use asset)
- The net fixed asset turnover ratio demonstrates a clear and sustained increasing trend over the available data points. Starting from 5.29 at September 2020, the ratio rises steadily through the quarters, reaching 17.07 by September 2024. This progression highlights improving efficiency in utilizing fixed assets to generate revenue. The nearly threefold increase implies enhanced asset productivity, perhaps due to operational improvements, better asset management, or increased sales volume relative to fixed asset base. It suggests that the company is becoming more effective at leveraging its tangible and right-of-use assets to drive revenue growth.
Total Asset Turnover
Booking Holdings Inc., total asset turnover calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Revenues | 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) | 1,238) | 2,640) | 630) | 2,288) | |||||||
| Total assets | 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) | 21,874) | 22,145) | 20,912) | 17,862) | |||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||
| Total asset turnover1 | 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 | 0.31 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||
| Airbnb Inc. | 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 | 0.44 | — | — | — | — | — | — | — | |||||||
| Chipotle Mexican Grill Inc. | 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 | 1.00 | — | — | — | |||||||
| McDonald’s Corp. | 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 | 0.36 | — | — | — | |||||||
| Starbucks Corp. | 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 | 0.80 | 0.83 | 0.97 | 0.97 | |||||||
Based on: 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), 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).
1 Q1 2025 Calculation
Total asset turnover
= (RevenuesQ1 2025
+ RevenuesQ4 2024
+ RevenuesQ3 2024
+ RevenuesQ2 2024)
÷ Total assets
= (4,762 + 5,471 + 7,994 + 5,859)
÷ 27,191 = 0.89
2 Click competitor name to see calculations.
The data reveals notable fluctuations and overall upward trends in the financial performance and efficiency metrics over the observed quarters.
- Revenues
- The revenue figures show significant volatility, with a sharp decline observed in the second quarter of 2020 (US$630 million) relative to the first quarter of the same year (US$2,288 million). Following this low point, revenues generally exhibited an upward trajectory with intermittent fluctuations. From mid-2021 onward, there is a discernible pattern of increasing revenues, peaking in the third quarter of 2023 at US$7,341 million. The revenues for the most recent quarters remain elevated relative to the early periods, though slight decreases appear in the first quarter of 2025 (US$4,762 million) compared to the prior quarters.
- Total Assets
- Total assets demonstrate a gradual increase overall despite some periods of decline. Starting at US$17,862 million in the first quarter of 2020, total assets reach a high of US$28,541 million in the second quarter of 2024. Some quarters experience minor contractions, such as between late 2020 and early 2021, and again in the transition from late 2023 to early 2025. However, the overall asset base shows expansion over time, indicating growth in asset holdings or capital investment.
- Total Asset Turnover Ratio
- The total asset turnover ratio presents an improving trend from the earliest available data point in the third quarter of 2020 (0.31) through to the first quarter of 2025 (0.89). This ratio reflects increasing efficiency in generating revenues from assets. Periods of progressive improvement are observed, with particularly notable gains during 2021 and 2022, reaching ratios above 0.7 consistently. Although minor fluctuations occur, the general movement is upward, signaling enhanced operational efficiency.
In summary, the data exhibits a recovery and growth phase following the sharp revenue decline early in 2020, accompanied by incremental growth in total assets and steadily improving asset utilization efficiency. The strengthened asset turnover ratio, combined with rising revenues and expanding assets, suggests enhanced management effectiveness and business performance over the reported periods.
Equity Turnover
Booking Holdings Inc., equity turnover calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Revenues | 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) | 1,238) | 2,640) | 630) | 2,288) | |||||||
| Stockholders’ equity (deficit) | (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) | 4,893) | 4,913) | 3,999) | 3,831) | |||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||
| Equity turnover1 | — | — | — | — | — | — | — | — | 16.92 | 6.14 | 4.37 | 3.66 | 2.86 | 1.77 | 1.66 | 1.50 | 1.19 | 1.39 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||||||
| Airbnb Inc. | 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 | 1.25 | — | — | — | — | — | — | — | |||||||
| Chipotle Mexican Grill Inc. | 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 | 2.96 | — | — | — | |||||||
| McDonald’s Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Starbucks Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
Based on: 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), 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).
1 Q1 2025 Calculation
Equity turnover
= (RevenuesQ1 2025
+ RevenuesQ4 2024
+ RevenuesQ3 2024
+ RevenuesQ2 2024)
÷ Stockholders’ equity (deficit)
= (4,762 + 5,471 + 7,994 + 5,859)
÷ -6,112 = —
2 Click competitor name to see calculations.
The financial data exhibits notable fluctuations and trends over the periods analyzed.
- Revenues
- Revenues show a generally upward trend with fluctuations. Starting from $2,288 million in Q1 2020, a sharp decline is observed in Q2 2020 at $630 million, likely reflecting external challenges or seasonality. Following this, revenues rebound significantly reaching a peak of $7,994 million in Q3 2024. There are consistent cyclical patterns with lower revenue quarters often followed by significant increases, suggesting seasonal influences in the business. Despite volatility, the overall trajectory indicates growth, with revenues in Q1 2025 at $4,762 million, which is higher than the comparable early quarters in previous years.
- Stockholders’ Equity (Deficit)
- The stockholders' equity displays a clear negative trend over the periods. Starting from a positive $3,831 million in Q1 2020, slight increases and stability are observed until the end of 2021. From 2022 onwards, there is a marked deterioration, with equity moving into deficit territory by Q1 2023 (-$1,074 million) and deepening further to -$6,112 million by Q1 2025. This sustained decline suggests increased liabilities or losses exceeding assets, raising concerns about financial stability and capital structure over the medium term.
- Equity Turnover Ratio
- This ratio, available only for 2020 and 2021, shows a consistent increase from 1.19 in Q2 2020 to a notably high 16.92 in Q1 2023. The upward trend indicates growing revenues generated per unit of equity. While this suggests improved efficiency in utilizing equity to generate revenue during this period, the later absence of data complicates further analysis. Still, the high turnover ratios, especially from late 2021 to early 2023, align with the deteriorating equity figures, implying that although revenue generation per equity dollar improved, the overall equity base was weakening substantially.
In summary, the data reveals strong revenue growth with seasonal variability, coupled with a concerning decline in shareholder equity resulting in deficit positions. The rising equity turnover before the equity decline indicates increased leverage or operational efficiency but may also reflect growing risks in the capital structure. Attention to the declining equity and its drivers is essential for assessing the company's long-term financial health.