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)
DoorDash, Inc., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
The investment activity ratios indicate a general trend of increasing operational efficiency and asset utilization over the period from March 2022 to September 2026. While there was initial volatility in 2022, the subsequent trajectory shows a consistent improvement in how assets and equity are deployed to generate revenue.
- Net Fixed Asset Turnover
- The ratio experienced an initial decline in 2022, reaching a low of 10.31 in September, before entering a growth phase that peaked at 13.85 in September 2024. Following this peak, the ratio stabilized within a range of 12.75 to 13.12, indicating a period of sustained productivity relative to fixed asset investment.
- Net Fixed Asset Turnover Including Operating Leases
- A sustained upward trajectory is observed for this metric, rising from a low of 5.90 in June 2022 to 9.75 by September 2026. This consistent growth suggests a significant long-term improvement in the efficiency of right-of-use assets and leased properties relative to revenue generation.
- Total Asset Turnover
- This ratio demonstrated a recovery from 0.57 in June 2022 to a plateau of approximately 0.83 by December 2024. A temporary contraction to 0.70 occurred throughout the first three quarters of 2025, followed by a recovery to 0.83 by September 2026, reflecting a return to previous levels of total asset productivity.
- Equity Turnover
- A strong positive trend is evident in equity turnover, which increased from a low of 0.76 in June 2022 to 1.59 by September 2026. This steady climb indicates an increasing ability to generate revenue per unit of shareholder equity, reflecting improved operational leverage and capital efficiency.
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Net Fixed Asset Turnover
DoorDash, Inc., net fixed asset turnover calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Revenue | 4,616) | 4,454) | 4,036) | 3,955) | 3,446) | 3,284) | 3,032) | 2,873) | 2,706) | 2,630) | 2,513) | 2,303) | 2,164) | 2,133) | 2,035) | 1,818) | 1,701) | 1,608) | 1,456) | ||||||
| Property and equipment, net | 1,300) | 1,246) | 1,142) | 1,067) | 976) | 906) | 846) | 778) | 733) | 701) | 705) | 712) | 690) | 677) | 656) | 637) | 588) | 529) | 455) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Net fixed asset turnover1 | 13.12 | 12.75 | 12.89 | 12.86 | 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 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||||
| Airbnb Inc. | — | — | — | 114.40 | 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 | ||||||
| Booking Holdings Inc. | 37.60 | 36.82 | 35.32 | 33.35 | 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 | ||||||
| Chipotle Mexican Grill Inc. | 4.18 | 4.33 | 4.39 | 4.45 | 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 | ||||||
| McDonald’s Corp. | — | 0.97 | 0.97 | 0.95 | 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 | ||||||
| Starbucks Corp. | 5.48 | 5.35 | 5.10 | 4.38 | 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 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
1 Q3 2026 Calculation
Net fixed asset turnover
= (RevenueQ3 2026
+ RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025)
÷ Property and equipment, net
= (4,616 + 4,454 + 4,036 + 3,955)
÷ 1,300 = 13.12
2 Click competitor name to see calculations.
Revenue exhibited consistent growth throughout the analyzed period, rising from 1,456 million USD in March 2022 to 4,616 million USD by September 2026. Concurrently, net property and equipment increased from 455 million USD to 1,300 million USD. The net fixed asset turnover ratio, which measures the efficiency of these assets in generating revenue, demonstrated a non-linear trajectory characterized by an initial decline followed by a period of sustained improvement and subsequent stabilization.
- Initial Efficiency Decline (March 2022 – September 2022)
- A decrease in the net fixed asset turnover ratio is observed, falling from 11.58 to 10.31. This indicates that the growth in net property and equipment initially outpaced revenue generation, leading to a temporary reduction in asset productivity.
- Asset Utilization Expansion (October 2022 – June 2024)
- The ratio experienced a consistent upward trend, peaking at 13.85 in June 2024. This period reflects a significant improvement in operational efficiency, as revenue growth accelerated more rapidly than the acquisition of net fixed assets, maximizing the output per unit of investment.
- Stabilization and Marginal Correction (July 2024 – September 2026)
- Following the peak, the ratio entered a phase of relative stability with a slight downward trajectory, reaching 12.75 in June 2026 before recovering to 13.12 in September 2026. This suggests a strategic rebalancing where investment in property and equipment increased to support the continuing scale of revenue growth, without significantly compromising overall asset efficiency.
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Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
DoorDash, Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Revenue | 4,616) | 4,454) | 4,036) | 3,955) | 3,446) | 3,284) | 3,032) | 2,873) | 2,706) | 2,630) | 2,513) | 2,303) | 2,164) | 2,133) | 2,035) | 1,818) | 1,701) | 1,608) | 1,456) | ||||||
| Property and equipment, net | 1,300) | 1,246) | 1,142) | 1,067) | 976) | 906) | 846) | 778) | 733) | 701) | 705) | 712) | 690) | 677) | 656) | 637) | 588) | 529) | 455) | ||||||
| Operating lease right-of-use assets | 449) | 454) | 437) | 437) | 396) | 391) | 384) | 389) | 380) | 381) | 448) | 436) | 406) | 417) | 414) | 436) | 436) | 426) | 354) | ||||||
| Property and equipment, net (including operating lease, right-of-use asset) | 1,749) | 1,700) | 1,579) | 1,504) | 1,372) | 1,297) | 1,230) | 1,167) | 1,113) | 1,082) | 1,153) | 1,148) | 1,096) | 1,094) | 1,070) | 1,073) | 1,024) | 955) | 809) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 9.75 | 9.35 | 9.32 | 9.12 | 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 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | |||||||||||||||||||||||||
| Airbnb Inc. | — | — | — | 47.63 | 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 | ||||||
| Booking Holdings Inc. | 21.01 | 20.75 | 19.90 | 18.71 | 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 | ||||||
| Chipotle Mexican Grill Inc. | 1.60 | 1.63 | 1.64 | 1.67 | 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 | ||||||
| Starbucks Corp. | 2.56 | 2.50 | 2.41 | 2.09 | 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 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
1 Q3 2026 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (RevenueQ3 2026
+ RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025)
÷ Property and equipment, net (including operating lease, right-of-use asset)
= (4,616 + 4,454 + 4,036 + 3,955)
÷ 1,749 = 9.75
2 Click competitor name to see calculations.
The analysis of long-term investment activity reveals a significant improvement in the efficiency with which fixed assets are utilized to generate revenue over the period from March 2022 to September 2026.
- Revenue Trajectory
- A consistent and substantial growth pattern is observed, with quarterly revenue increasing from 1,456 million USD in March 2022 to 4,616 million USD by September 2026. This represents a sustained expansion of the top line across the entire observed timeframe.
- Fixed Asset Investment Trends
- Net property and equipment, including right-of-use assets, increased from 809 million USD to 1,749 million USD. While the overall trend is upward, the growth in the asset base was more moderate than the growth in revenue. A temporary decrease in net fixed assets was noted between March 2024 and June 2024, followed by a resumption of growth through 2026.
- Net Fixed Asset Turnover Evolution
- The net fixed asset turnover ratio demonstrates a clear upward trajectory, starting at 6.51 in March 2022 and reaching 9.75 by September 2026. Following a period of relative fluctuation during 2022, a phase of accelerated efficiency gains occurred between March 2023 and June 2024, where the ratio rose from 6.69 to 8.88. For the remainder of the period, the ratio remained elevated, consistently exceeding 9.00.
- Operational Efficiency Insights
- The widening gap between revenue growth and fixed asset accumulation indicates a significant increase in asset productivity. The ability to generate progressively higher revenues without a proportional increase in physical or leased infrastructure suggests strong operational leverage and an optimized utilization of the long-term asset base.
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Total Asset Turnover
DoorDash, Inc., total asset turnover calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Revenue | 4,616) | 4,454) | 4,036) | 3,955) | 3,446) | 3,284) | 3,032) | 2,873) | 2,706) | 2,630) | 2,513) | 2,303) | 2,164) | 2,133) | 2,035) | 1,818) | 1,701) | 1,608) | 1,456) | ||||||
| Total assets | 20,580) | 19,561) | 19,711) | 19,659) | 17,971) | 16,950) | 13,572) | 12,845) | 12,277) | 11,837) | 11,450) | 10,839) | 10,013) | 9,601) | 9,646) | 9,789) | 9,552) | 9,928) | 6,822) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Total asset turnover1 | 0.83 | 0.81 | 0.75 | 0.70 | 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 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||||
| Airbnb Inc. | — | 0.46 | 0.47 | 0.55 | 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 | ||||||
| Booking Holdings Inc. | 1.00 | 0.95 | 1.00 | 0.92 | 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 | ||||||
| Chipotle Mexican Grill Inc. | 1.35 | 1.40 | 1.38 | 1.33 | 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 | ||||||
| McDonald’s Corp. | — | 0.46 | 0.46 | 0.45 | 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 | ||||||
| Starbucks Corp. | 1.35 | 1.26 | 1.17 | 1.16 | 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 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
1 Q3 2026 Calculation
Total asset turnover
= (RevenueQ3 2026
+ RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025)
÷ Total assets
= (4,616 + 4,454 + 4,036 + 3,955)
÷ 20,580 = 0.83
2 Click competitor name to see calculations.
The financial trajectory from March 2022 through September 2026 is characterized by consistent revenue growth alongside a substantial expansion of the total asset base. While revenue increased from 1,456 million USD to 4,616 million USD, total assets grew more aggressively, rising from 6,822 million USD to 20,580 million USD. This relationship resulted in a fluctuating total asset turnover ratio, reflecting varying levels of efficiency in utilizing assets to generate sales.
- Initial Volatility and Recovery (2022–2023)
- A significant decline in asset turnover is observed in the second quarter of 2022, dropping to 0.57. This decline coincided with a sharp increase in total assets from 6,822 million USD to 9,928 million USD. However, a steady recovery trend followed, with the ratio climbing back to 0.74 by March 2023 and continuing an upward trajectory as revenue growth began to align more closely with asset levels.
- Period of Stability (2023–2024)
- Between June 2023 and December 2024, the total asset turnover ratio remained remarkably stable, oscillating within a tight range between 0.80 and 0.83. During this phase, the company demonstrated a consistent ability to scale revenue in proportion to its asset growth, indicating a period of optimized operational efficiency.
- Asset Expansion and Subsequent Rebound (2025–2026)
- A second notable dip in efficiency occurred in June 2025, where the ratio fell to 0.70. This contraction was driven by a rapid increase in total assets, which jumped from 13,572 million USD in December 2024 to 16,950 million USD in June 2025. This suggests a period of heavy investment or asset acquisition that did not yield immediate proportional revenue gains. Following this dip, the ratio recovered steadily, returning to its peak of 0.83 by September 2026.
Overall, the analysis indicates that while the company has significantly scaled its balance sheet, it has repeatedly demonstrated the capacity to return to a baseline efficiency ratio of approximately 0.83. The periodic declines in asset turnover correlate directly with spikes in asset accumulation, followed by recovery periods where revenue growth catches up to the expanded capital base.
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Equity Turnover
DoorDash, Inc., equity turnover calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Revenue | 4,616) | 4,454) | 4,036) | 3,955) | 3,446) | 3,284) | 3,032) | 2,873) | 2,706) | 2,630) | 2,513) | 2,303) | 2,164) | 2,133) | 2,035) | 1,818) | 1,701) | 1,608) | 1,456) | ||||||
| Stockholders’ equity | 10,717) | 9,921) | 10,198) | 10,033) | 9,495) | 8,923) | 8,389) | 7,803) | 7,569) | 7,162) | 6,999) | 6,806) | 6,559) | 6,396) | 6,518) | 6,754) | 6,825) | 7,410) | 4,652) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Equity turnover1 | 1.59 | 1.60 | 1.44 | 1.37 | 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 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||||
| Airbnb Inc. | — | 1.69 | 1.66 | 1.49 | 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 | ||||||
| Booking Holdings Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 16.92 | 6.14 | 4.37 | 3.66 | 2.86 | ||||||
| Chipotle Mexican Grill Inc. | 5.18 | 5.65 | 5.04 | 4.21 | 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 | ||||||
| McDonald’s Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Starbucks Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
1 Q3 2026 Calculation
Equity turnover
= (RevenueQ3 2026
+ RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025)
÷ Stockholders’ equity
= (4,616 + 4,454 + 4,036 + 3,955)
÷ 10,717 = 1.59
2 Click competitor name to see calculations.
The financial trajectory from March 2022 through September 2026 is characterized by substantial revenue expansion and a corresponding improvement in the efficiency of equity utilization. The overall trend indicates an increase in the company's ability to generate sales relative to its shareholders' equity base.
- Revenue Growth Trends
- A consistent and aggressive upward trend in revenue is evident, with values increasing from 1,456 million US dollars in March 2022 to 4,616 million US dollars by September 2026. This growth was steady across nearly every quarter, reflecting a significant scaling of the operational footprint.
- Stockholders' Equity Evolution
- Equity levels exhibited a period of fluctuation between June 2022 and June 2023, where a peak of 7,410 million US dollars was followed by a decline to 6,396 million US dollars. Subsequent to this period, a sustained growth phase occurred, with equity rising steadily to reach 10,717 million US dollars by the end of the analyzed period.
- Equity Turnover Analysis
- The equity turnover ratio experienced an initial dip to 0.76 in June 2022 but recovered steadily thereafter. A period of stability was observed throughout 2024, with the ratio hovering between 1.30 and 1.37. A notable acceleration in efficiency occurred in 2026, with the ratio peaking at 1.60 in June 2026 before settling at 1.59 in September 2026.
The correlation between rising revenues and a moderating growth rate in equity suggests a transition toward higher capital productivity. The increase in the equity turnover ratio from its 2022 lows to its 2026 highs demonstrates that revenue growth has outpaced the expansion of the equity base, indicating improved operational leverage.
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