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)
Expedia Group Inc., long-term (investment) activity ratios (quarterly data)
Based on: 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).
The analysis of the quarterly financial ratios reveals several distinct trends over the examined periods.
- Net Fixed Asset Turnover
- This ratio shows a gradual decline from early 2018 through 2020, dropping from about 6.38 in March 2018 to a low of 2.3 by December 2020. This trend indicates diminishing efficiency in using net fixed assets to generate revenue during this period. However, starting in 2021, there is a notable recovery, with the ratio improving steadily to 4.43 by March 2022, suggesting enhanced asset utilization efficiency more recently.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- This adjusted measure demonstrates a similar downtrend, with ratios declining from 6.38 in March 2018 to 1.84 by December 2020, reflecting the impact of incorporating operating lease assets. Post-2020, the ratio recovers gradually, reaching 3.74 in March 2022, though it remains below the earlier years’ figures, indicating that despite improvements, asset utilization accounting for leased assets is still not at the 2018 level.
- Total Asset Turnover
- The total asset turnover ratio exhibits slight fluctuations without a consistent upward or downward trend from 2018 to early 2020, mostly ranging around 0.5 to 0.62. From mid-2020, however, a marked decline occurs, with the ratio falling to 0.19 by March 2021, reflecting reduced asset efficiency or revenue generation capabilities relative to total assets during this period. A moderate rebound follows, climbing back to around 0.39 by March 2022, indicating a partial recovery in asset productivity.
- Equity Turnover
- The equity turnover ratio remains relatively stable around 2.5 to 3.0 from 2018 to 2019, before spiking sharply to 5.14 in March 2020, which might be attributed to changes in revenue relative to equity during this turbulent period. Subsequently, this ratio decreases to approximately 2.05 by December 2020 but then rises again through 2021 and early 2022, peaking at 4.62 in March 2022. This pattern suggests fluctuations in how effectively equity capital is being leveraged to generate sales, with significant volatility around the pandemic onset and a strong rebound thereafter.
Overall, the data highlights a period of declining asset efficiency through 2020, likely influenced by external challenges, followed by a recovery phase starting in 2021. The inclusion of operating lease assets notably impacts net fixed asset turnover measurements, showing lower values but a similar trend pattern. Equity turnover demonstrates greater volatility but indicates improved capital utilization in recent quarters.
Net Fixed Asset Turnover
Expedia Group Inc., net fixed asset turnover calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Revenue | 2,249) | 2,279) | 2,962) | 2,111) | 1,246) | 920) | 1,504) | 566) | 2,209) | 2,747) | 3,558) | 3,153) | 2,609) | 2,559) | 3,276) | 2,880) | 2,508) | ||||||
| Property and equipment, net | 2,169) | 2,180) | 2,264) | 2,261) | 2,241) | 2,257) | 2,303) | 2,305) | 2,297) | 2,198) | 2,090) | 1,953) | 1,828) | 1,877) | 1,769) | 1,689) | 1,627) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||
| Net fixed asset turnover1 | 4.43 | 3.94 | 3.20 | 2.56 | 1.89 | 2.30 | 3.05 | 3.94 | 5.08 | 5.49 | 5.68 | 5.94 | 6.19 | 5.98 | 6.21 | 6.32 | 6.38 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||
| Amazon.com Inc. | 2.84 | 2.93 | 3.11 | 3.32 | 3.45 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Home Depot Inc. | 5.73 | 5.35 | 5.27 | 5.10 | 4.94 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Lowe’s Cos. Inc. | 4.95 | 4.68 | 4.57 | 4.32 | 4.00 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| TJX Cos. Inc. | 7.46 | 6.38 | 6.67 | 6.61 | 7.08 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
Based on: 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).
1 Q1 2022 Calculation
Net fixed asset turnover
= (RevenueQ1 2022
+ RevenueQ4 2021
+ RevenueQ3 2021
+ RevenueQ2 2021)
÷ Property and equipment, net
= (2,249 + 2,279 + 2,962 + 2,111)
÷ 2,169 = 4.43
2 Click competitor name to see calculations.
The financial data reveals several noteworthy trends over the period under review. Revenue exhibited a seasonal quarterly pattern with higher values typically recorded in the second and third quarters, consistent with cyclical demand fluctuations. From early 2018 through the end of 2019, revenue generally increased, reaching a peak in September 2019. However, a sharp decline is evident starting in the first quarter of 2020, coinciding with external disruptions, before partial recovery is noted in subsequent quarters through early 2022. Despite this recovery, revenue had not fully returned to pre-2020 peak levels by March 2022.
Regarding property and equipment (net), the asset base showed a steady increase from March 2018 through June 2020, reflecting ongoing investments or acquisitions of fixed assets. From the second half of 2020 onward, the value of net property and equipment stabilized and slightly declined toward early 2022, suggesting possible asset disposals, depreciation outstripping new investments, or adjustments to asset carrying values.
The net fixed asset turnover ratio, which measures the efficiency of asset utilization to generate revenue, demonstrated a declining trend over the profile period. Starting at a high ratio of above 6.3 in early 2018, the ratio progressively decreased, with the most pronounced drops occurring during 2020. This reduction implies that the fixed assets were generating less revenue relative to their book value, an effect likely exacerbated by the sharp decline in revenue during that period. Although the ratio showed signs of recovery in late 2021 and early 2022, it remained significantly below earlier levels, indicating that asset utilization efficiency had not yet returned to previous standards.
In summary, the data reflects a growth phase in revenue and asset base until late 2019, followed by a substantial impact starting in 2020, likely driven by external factors affecting demand. Asset levels stabilized while operational efficiency, as measured by net fixed asset turnover, decreased but showed tentative improvement toward the end of the period analyzed. Continued monitoring of these trends will be essential to assess the progress of recovery and capital efficiency going forward.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Expedia Group Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Revenue | 2,249) | 2,279) | 2,962) | 2,111) | 1,246) | 920) | 1,504) | 566) | 2,209) | 2,747) | 3,558) | 3,153) | 2,609) | 2,559) | 3,276) | 2,880) | 2,508) | ||||||
| Property and equipment, net | 2,169) | 2,180) | 2,264) | 2,261) | 2,241) | 2,257) | 2,303) | 2,305) | 2,297) | 2,198) | 2,090) | 1,953) | 1,828) | 1,877) | 1,769) | 1,689) | 1,627) | ||||||
| Operating lease right-of-use assets | 395) | 407) | 441) | 467) | 498) | 574) | 598) | 626) | 628) | 611) | 495) | 524) | 537) | —) | —) | —) | —) | ||||||
| Property and equipment, net (including operating lease, right-of-use asset) | 2,564) | 2,587) | 2,705) | 2,728) | 2,739) | 2,831) | 2,901) | 2,931) | 2,925) | 2,809) | 2,585) | 2,477) | 2,365) | 1,877) | 1,769) | 1,689) | 1,627) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 3.74 | 3.32 | 2.68 | 2.12 | 1.55 | 1.84 | 2.42 | 3.10 | 3.99 | 4.30 | 4.60 | 4.68 | 4.79 | 5.98 | 6.21 | 6.32 | 6.38 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | |||||||||||||||||||||||
| Amazon.com Inc. | 2.13 | 2.17 | 2.30 | 2.51 | 2.61 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Home Depot Inc. | 4.63 | 4.31 | 4.29 | 4.14 | 3.96 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Lowe’s Cos. Inc. | 4.11 | 3.90 | 3.79 | 3.59 | 3.31 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| TJX Cos. Inc. | 2.66 | 2.29 | 2.38 | 2.38 | 2.58 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
Based on: 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).
1 Q1 2022 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (RevenueQ1 2022
+ RevenueQ4 2021
+ RevenueQ3 2021
+ RevenueQ2 2021)
÷ Property and equipment, net (including operating lease, right-of-use asset)
= (2,249 + 2,279 + 2,962 + 2,111)
÷ 2,564 = 3.74
2 Click competitor name to see calculations.
The company's revenue exhibited a fluctuating trend over the observed quarters. From the first quarter of 2018 to the fourth quarter of 2019, revenue generally increased, peaking in the third quarter of 2019 at $3,558 million. Subsequently, in 2020, a sharp decline occurred, reaching a low of $566 million in the second quarter. A gradual recovery followed, with revenue rising to $2,279 million by the fourth quarter of 2021, though it had not yet returned to pre-2020 levels by the first quarter of 2022.
The net value of property and equipment, including operating lease right-of-use assets, showed a steady upward trend from the first quarter of 2018 through the second quarter of 2020. Starting at $1,627 million in early 2018, this asset base reached a peak of $2,931 million in mid-2020. Thereafter, a gradual reduction occurred, resulting in a balance of $2,564 million by the first quarter of 2022.
The net fixed asset turnover ratio, which measures the efficiency of generating revenue from property and equipment, showed a consistent decrease from 6.38 in the first quarter of 2018 to a low of 1.55 by the first quarter of 2021. This decline reflects the rapid growth in fixed assets relative to revenue, particularly during the revenue downturn in 2020. Following this trough, the ratio began to improve, rising to 3.74 by the first quarter of 2022, indicating a more effective utilization of fixed assets as revenue recovered.
- Revenue Trend
- Increased until late 2019, then dropped sharply in 2020, followed by a partial recovery up to early 2022.
- Property and Equipment (Net)
- Gradually increased until mid-2020, then moderately decreased through early 2022.
- Net Fixed Asset Turnover
- Declined significantly from 2018 through early 2021, reflecting asset growth outpacing revenue, then improved as revenue recovered post-2020.
Total Asset Turnover
Expedia Group Inc., total asset turnover calculation (quarterly data)
| Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Revenue | 2,249) | 2,279) | 2,962) | 2,111) | 1,246) | 920) | 1,504) | 566) | 2,209) | 2,747) | 3,558) | 3,153) | 2,609) | 2,559) | 3,276) | 2,880) | 2,508) | ||||||
| Total assets | 24,577) | 21,548) | 21,944) | 24,181) | 21,866) | 18,690) | 19,679) | 21,905) | 20,417) | 21,416) | 21,381) | 22,201) | 20,963) | 18,033) | 19,141) | 20,554) | 20,429) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||
| Total asset turnover1 | 0.39 | 0.40 | 0.33 | 0.24 | 0.19 | 0.28 | 0.36 | 0.41 | 0.57 | 0.56 | 0.56 | 0.52 | 0.54 | 0.62 | 0.57 | 0.52 | 0.51 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||
| Amazon.com Inc. | 1.16 | 1.12 | 1.20 | 1.23 | 1.30 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Home Depot Inc. | 1.95 | 1.87 | 1.88 | 1.88 | 1.91 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Lowe’s Cos. Inc. | 1.84 | 1.92 | 1.68 | 1.55 | 1.62 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| TJX Cos. Inc. | 1.25 | 1.04 | 1.06 | 1.27 | 1.45 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
Based on: 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).
1 Q1 2022 Calculation
Total asset turnover
= (RevenueQ1 2022
+ RevenueQ4 2021
+ RevenueQ3 2021
+ RevenueQ2 2021)
÷ Total assets
= (2,249 + 2,279 + 2,962 + 2,111)
÷ 24,577 = 0.39
2 Click competitor name to see calculations.
The revenue of the company exhibited significant fluctuations over the analyzed quarters. From March 2018 to December 2019, revenue generally increased, peaking at 3,558 million USD in September 2019, before experiencing a decline in the final quarter of 2019 to 2,747 million USD. Starting in the first quarter of 2020, there was a pronounced decrease in revenue, reaching a low of 566 million USD in June 2020, likely indicative of a period of operational challenges. Subsequently, revenue showed a gradual recovery, increasing to 2,279 million USD by December 2021 and slightly adjusting to 2,249 million USD in March 2022.
Total assets displayed a relatively stable to moderately increasing trend. The value rose from 20,429 million USD in March 2018 to 21,416 million USD in December 2019, with some volatility in between. After a slight decline in 2020 to 18,690 million USD in the last quarter, assets rebounded progressively, reaching 24,577 million USD by March 2022, indicating asset growth and possible reinvestment strategies.
The total asset turnover ratio demonstrated a deteriorating trend beginning in early 2020. Prior to 2020, the ratio ranged from 0.51 to 0.62, indicating efficient utilization of assets in generating revenue. However, this ratio sharply declined starting in March 2020, hitting a low of 0.19 in March 2021, reflecting reduced efficiency in asset use during that period. Although there was some recovery afterward, with the ratio increasing to 0.39 by March 2022, it remained below pre-2020 levels, suggesting continuing challenges in asset utilization.
- Revenue
- Increased from 2018 through late 2019, peaked in Q3 2019, followed by a sharp decline in 2020, and a gradual recovery through early 2022.
- Total Assets
- Generally stable with moderate growth; a dip occurred in 2020, followed by a rebound and asset base expansion through early 2022.
- Total Asset Turnover
- Consistently above 0.5 before 2020, declined sharply in 2020 and early 2021 signaling lower asset efficiency, with partial recovery yet remaining below prior levels by early 2022.
Equity Turnover
Expedia Group Inc., equity turnover calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Revenue | 2,249) | 2,279) | 2,962) | 2,111) | 1,246) | 920) | 1,504) | 566) | 2,209) | 2,747) | 3,558) | 3,153) | 2,609) | 2,559) | 3,276) | 2,880) | 2,508) | ||||||
| Total Expedia Group, Inc. stockholders’ equity | 2,078) | 2,057) | 2,114) | 1,607) | 2,231) | 2,532) | 2,654) | 2,756) | 2,270) | 3,967) | 4,184) | 4,342) | 4,083) | 4,104) | 4,386) | 3,967) | 4,195) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||
| Equity turnover1 | 4.62 | 4.18 | 3.42 | 3.60 | 1.90 | 2.05 | 2.65 | 3.29 | 5.14 | 3.04 | 2.84 | 2.67 | 2.77 | 2.73 | 2.50 | 2.69 | 2.47 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||
| Amazon.com Inc. | 3.57 | 3.40 | 3.80 | 3.86 | 4.06 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Home Depot Inc. | 80.86 | 40.05 | 81.84 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Lowe’s Cos. Inc. | 212.01 | 62.35 | 20.95 | 18.46 | 43.17 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| TJX Cos. Inc. | 6.16 | 5.51 | 6.00 | 7.24 | 7.78 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
Based on: 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).
1 Q1 2022 Calculation
Equity turnover
= (RevenueQ1 2022
+ RevenueQ4 2021
+ RevenueQ3 2021
+ RevenueQ2 2021)
÷ Total Expedia Group, Inc. stockholders’ equity
= (2,249 + 2,279 + 2,962 + 2,111)
÷ 2,078 = 4.62
2 Click competitor name to see calculations.
- Revenue Trends
- Over the observed period, revenue experienced notable fluctuations. Initially, revenue showed an increasing trend from March 31, 2018, peaking in September 30, 2019, at approximately $3,558 million. A marked decline occurred starting in the first quarter of 2020, dropping sharply to $566 million by June 30, 2020, reflecting a substantial impact, likely due to external disruptions. Partial recovery ensued in subsequent quarters, reaching up to $2,962 million by September 30, 2021, before declining again slightly towards March 31, 2022, with a revenue figure of $2,249 million.
- Total Stockholders’ Equity
- The equity balance showed variability over the periods measured. From March 31, 2018, equity stood at $4,195 million but declined notably by March 31, 2020, to $2,270 million. Following this low point, equity values fluctuated without returning to the initial levels, exhibiting decreases and minor increases intermittently, finishing at $2,078 million by March 31, 2022. This downward trend indicates pressures on equity value possibly linked to financial performance or market conditions.
- Equity Turnover Ratio
- The equity turnover ratio demonstrated a general upward trend over the timeframe observed. Starting at 2.47 in March 31, 2018, the ratio increased gradually, peaking unusually at 5.14 by March 31, 2020, coinciding with the period of lowest equity and revenue. The ratio then decreased but remained elevated compared to earlier periods, ending at 4.62 in March 31, 2022. The increased ratio suggests a higher efficiency in using equity to generate revenue during periods of lower equity base but potentially stressed operational conditions.
- Summary of Operational Insights
- The data reveals a business significantly impacted around early 2020, with diminished revenue and equity. The subsequent partial recovery in revenue and maintained elevated equity turnover suggest adjustments in operational efficiency or capital structure. The overall pattern points to cyclical volatility with recovery efforts apparent but not fully restoring pre-2020 levels within the observed period. Continued attention to equity management and revenue growth is implied to stabilize and enhance financial position.