Analysis of Long-term (Investment) Activity Ratios
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
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Price to Book Value (P/BV) since 2005
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Long-term Activity Ratios (Summary)
Cytokinetics Inc., long-term (investment) activity ratios
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Net fixed asset turnover | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset) | ||||||
| Total asset turnover | ||||||
| Equity turnover |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio exhibits a consistent declining trend from 9.83 in 2018 to a low of 0.96 in 2021, followed by a slight improvement to 1.18 in 2022. This indicates a significant decrease in the efficiency of utilizing fixed assets to generate sales over the period, with a modest recovery in the latest year.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- This adjusted measure mirrors the overall decreasing trend seen in the standard net fixed asset turnover ratio but at lower absolute values. Beginning at 9.83 in 2018, the metric declines sharply to 0.48 in 2021, with a small increase to 0.58 in 2022. The inclusion of operating lease and right-of-use assets appears to further reduce the efficiency ratio, reflecting the growing impact of leasing liabilities on asset usage efficiency.
- Total Asset Turnover
- The total asset turnover ratio remains low throughout the observed period, fluctuating slightly between 0.15 in 2018 and 0.08-0.09 in subsequent years. This stability at a low level suggests that overall asset utilization to generate revenues is limited and has not shown meaningful improvement over the five years.
- Equity Turnover
- Equity turnover data is incomplete but suggests a declining trend from 1.21 in 2018 to 0.49 in 2020 and further to 0.29 in 2021. The ratio for 2019 and 2022 is missing, but available numbers indicate a reduction in revenues generated per unit of equity over time, signaling diminished equity utilization effectiveness.
Net Fixed Asset Turnover
Cytokinetics Inc., net fixed asset turnover calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Revenues | ||||||
| Property 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. | ||||||
| Net Fixed Asset Turnover, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | ||||||
| Net Fixed Asset Turnover, Industry | ||||||
| Health Care | ||||||
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Net fixed asset turnover = Revenues ÷ Property and equipment, net
= ÷ =
2 Click competitor name to see calculations.
- Revenues
- Revenue figures demonstrate a general upward trend over the five-year period. Starting at $31.5 million in 2018, revenues experienced a decline in 2019 reaching approximately $26.9 million. From 2020 onward, there was a significant increase, with revenue rising sharply to $55.8 million in 2020, continuing to $70.4 million in 2021, and further to $94.6 million in 2022. This indicates robust growth in revenue particularly after 2019.
- Property and equipment, net
- The value of property and equipment showed considerable growth across the period. Initially valued at $3.2 million in 2018, the amount increased to $4.5 million in 2019, then experienced a substantial rise to $13.3 million in 2020. The most pronounced jump occurred in 2021, reaching approximately $73.3 million, and continued to increase, though more modestly, to $80.5 million in 2022. This suggests major investments in fixed assets starting in 2020 with sustained capital expenditures or acquisitions thereafter.
- Net fixed asset turnover
- The net fixed asset turnover ratio, measuring revenue generated per dollar of fixed assets, showed a declining trend over time. It decreased from a high ratio of 9.83 in 2018 to 5.93 in 2019, then continued to decline more sharply to 4.18 in 2020. The downward trend was more pronounced thereafter, with the ratio falling to 0.96 in 2021 and slightly recovering to 1.18 in 2022. This indicates that the growth in fixed assets outpaced revenue growth during those years, reflecting either underutilization or a lag between asset investment and revenue generation.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Cytokinetics Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Revenues | ||||||
| Property and equipment, net | ||||||
| Operating lease right-of-use assets | ||||||
| Property 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 | ||||||
| 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. | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | ||||||
| Health Care | ||||||
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset) = Revenues ÷ Property and equipment, net (including operating lease, right-of-use asset)
= ÷ =
2 Click competitor name to see calculations.
- Revenue Trends
- Revenues demonstrated an overall upward trajectory during the analyzed period. Starting at 31,501 thousand US dollars in 2018, revenues slightly declined in 2019 to 26,868 thousand US dollars. From 2019 onwards, revenues increased significantly, reaching 55,828 thousand US dollars in 2020, followed by continuous growth to 70,428 thousand US dollars in 2021, and further rising to 94,588 thousand US dollars by the end of 2022. This pattern suggests a strong recovery and robust expansion in the company’s revenue-generating capabilities after the dip in 2019.
- Property and Equipment, Net
- The net value of property and equipment, including operating lease right-of-use assets, experienced substantial growth over the five-year span. Beginning with 3,204 thousand US dollars in 2018, the value remained relatively moderate in 2019 at 4,530 thousand US dollars. However, a marked increase occurred in 2020, when the net asset value surged to 16,270 thousand US dollars. This trend continued dramatically into 2021 and 2022, with values reaching 146,409 and 163,190 thousand US dollars, respectively. This sharp rise indicates significant investments or acquisitions in fixed assets and rights-of-use assets starting from 2020, reflecting an emphasis on expanding operational capacity or infrastructure.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio shows a declining trend throughout the period. It started high at 9.83 in 2018, indicating efficient utilization of fixed assets to generate revenues. The ratio decreased to 5.93 in 2019 and continued to decline significantly to 3.43 in 2020. By 2021, the ratio dropped sharply to 0.48 and marginally increased to 0.58 in 2022. This downward trend is indicative of a rapidly growing asset base outpacing revenue growth, which is consistent with the sharp increase in net property and equipment. The relatively low turnover ratio in more recent years may suggest a lag in optimizing asset utilization or that recent asset investments have yet to fully translate into proportional revenue increases.
- Summary
- Overall, the data reveals a period of rapid asset accumulation beginning in 2020, accompanied by strong revenue growth though with diminishing fixed asset turnover efficiency. The company's strategic investments in property and equipment have substantially expanded asset capacity, but the declining asset turnover ratio implies that maximizing returns from this expanded asset base remains a key operational focus. The rebound and growth in revenues following the 2019 decrease further indicate successful commercial traction amidst these capital expenditures.
Total Asset Turnover
Cytokinetics Inc., total asset turnover calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Revenues | ||||||
| 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. | ||||||
| Total Asset Turnover, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | ||||||
| Total Asset Turnover, Industry | ||||||
| Health Care | ||||||
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Total asset turnover = Revenues ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
- Revenues
- Revenues exhibited a consistent upward trend over the analyzed period, increasing from $31.5 million in 2018 to $94.6 million in 2022. After a slight decline in 2019, revenues more than doubled by 2020 and continued to grow steadily through 2022, indicating strong sales growth or expanded business operations.
- Total Assets
- Total assets showed significant growth throughout the period, increasing from approximately $211.2 million in 2018 to over $1 billion by the end of 2022. The most notable increase occurred between 2019 and 2021, where assets nearly tripled, suggesting substantial investments or acquisitions during this time.
- Total Asset Turnover
- The total asset turnover ratio remained relatively low and displayed a downward trend overall, starting at 0.15 in 2018 and declining to around 0.09 by 2022. This indicates that despite the growth in revenue, asset utilization efficiency decreased, implying that asset growth outpaced revenue growth, which could affect operational efficiency.
Equity Turnover
Cytokinetics Inc., equity turnover calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Revenues | ||||||
| Stockholders’ equity (deficit) | ||||||
| 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. | ||||||
| Equity Turnover, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | ||||||
| Equity Turnover, Industry | ||||||
| Health Care | ||||||
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Equity turnover = Revenues ÷ Stockholders’ equity (deficit)
= ÷ =
2 Click competitor name to see calculations.
The financial data over the five-year period reveals notable fluctuations and trends in the company’s revenues, stockholders' equity, and equity turnover ratio.
- Revenues
- The company experienced a decline in revenues from 31,501 thousand USD in 2018 to 26,868 thousand USD in 2019. Following this, a significant recovery and growth occurred, with revenues rising to 55,828 thousand USD in 2020, then increasing further to 70,428 thousand USD in 2021, and reaching 94,588 thousand USD in 2022. Overall, this indicates a strong upward trend in revenues after the initial decline in 2019.
- Stockholders’ Equity (Deficit)
- The equity position exhibited high volatility over the period. Starting with positive equity of 25,934 thousand USD in 2018, it dropped sharply to a deficit of -10,937 thousand USD in 2019. Subsequently, a dramatic improvement is observed in 2020 and 2021, with equity rising to 113,383 thousand USD and then more than doubling to 243,863 thousand USD. However, in 2022, equity again declined steeply into a substantial deficit of -107,900 thousand USD. This pattern reflects considerable instability in the company’s net asset position.
- Equity Turnover Ratio
- The equity turnover ratio data is incomplete but shows a decreasing trend where available. The ratio was 1.21 in 2018, declined to 0.49 in 2020, and further decreased to 0.29 in 2021. The missing values for 2019 and 2022 limit full analysis, though the available data suggest diminishing efficiency in generating revenues from equity during this timeframe.