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)
Marvell Technology Inc., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-08-01), 10-Q (reporting date: 2026-05-02), 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-11-01), 10-Q (reporting date: 2025-08-02), 10-Q (reporting date: 2025-05-03), 10-K (reporting date: 2025-02-01), 10-Q (reporting date: 2024-11-02), 10-Q (reporting date: 2024-08-03), 10-Q (reporting date: 2024-05-04), 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01).
The long-term activity ratios demonstrate a general improvement in asset and equity utilization over the analyzed period, although the efficiency of fixed assets exhibits significant volatility. While overall asset efficiency trended upward consistently, net fixed asset turnover followed a cyclical pattern of expansion and contraction.
- Net Fixed Asset Turnover
- A cyclical trend is observed in fixed asset efficiency. The ratio rose from 7.32 in May 2021 to a peak of 11.21 by October 2022, indicating a period of high productivity relative to fixed asset investment. This was followed by a steady decline, reaching a trough of 6.75 in May 2024. In the subsequent periods, a recovery trend emerged, with the ratio climbing back to 8.82 by August 2026, suggesting a stabilization of the relationship between fixed assets and revenue generation.
- Total Asset Turnover
- A consistent long-term upward trajectory is evident in total asset utilization. Starting at 0.15 in May 2021, the ratio climbed steadily to 0.26 by January 2023, where it remained plateaued for several quarters. A secondary growth phase occurred between November 2024 and January 2026, peaking at 0.37. The period concluded with a slight moderation to 0.34, representing a significant overall increase in the company's ability to generate revenue from its total asset base.
- Equity Turnover
- Equity utilization shows the most pronounced growth among the activity ratios. The ratio increased from 0.21 in May 2021 to 0.38 by October 2022. Following a period of stability around 0.37, a sharp acceleration began in November 2024, leading to a peak of 0.57 in January 2026. Although the ratio settled at 0.51 by August 2026, the overall trend indicates a substantial improvement in the efficiency of shareholder equity in driving top-line growth.
The divergence between the volatile net fixed asset turnover and the steady rise in total asset and equity turnover suggests that the overall improvement in efficiency was driven by factors beyond fixed asset productivity. The synchronized growth in total asset and equity turnover from late 2024 onwards indicates a period of optimized capital deployment and increased operational leverage.
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Net Fixed Asset Turnover
Marvell Technology Inc., net fixed asset turnover calculation (quarterly data)
| Aug 1, 2026 | May 2, 2026 | Jan 31, 2026 | Nov 1, 2025 | Aug 2, 2025 | May 3, 2025 | Feb 1, 2025 | Nov 2, 2024 | Aug 3, 2024 | May 4, 2024 | Feb 3, 2024 | Oct 28, 2023 | Jul 29, 2023 | Apr 29, 2023 | Jan 28, 2023 | Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||
| Net revenue | 2,739,300) | 2,417,800) | 2,218,700) | 2,074,500) | 2,006,100) | 1,895,300) | 1,817,400) | 1,516,100) | 1,272,900) | 1,160,900) | 1,426,500) | 1,418,600) | 1,340,900) | 1,321,700) | 1,418,500) | 1,537,300) | 1,516,900) | 1,446,900) | 1,342,978) | 1,211,245) | 1,075,881) | 832,279) | |||||||
| Property and equipment, net | 1,071,000) | 972,500) | 935,000) | 854,800) | 794,500) | 774,700) | 790,500) | 781,900) | 781,500) | 758,000) | 756,000) | 701,600) | 693,800) | 636,200) | 577,400) | 521,500) | 508,200) | 502,200) | 462,773) | 444,003) | 433,091) | 424,733) | |||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Net fixed asset turnover1 | 8.82 | 8.96 | 8.76 | 9.12 | 9.11 | 8.39 | 7.30 | 6.88 | 6.75 | 7.05 | 7.29 | 7.84 | 8.10 | 9.11 | 10.25 | 11.21 | 10.86 | 10.11 | 9.64 | 8.82 | 7.98 | 7.32 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | — | — | — | — | 12.01 | 13.75 | 14.98 | 14.52 | 13.91 | 14.45 | 14.31 | 14.56 | 13.97 | 14.04 | 14.27 | 14.12 | 14.20 | 15.38 | 15.60 | 15.36 | 14.97 | 13.43 | |||||||
| Analog Devices Inc. | — | — | — | 4.14 | 3.87 | 3.62 | 3.32 | 3.15 | 2.94 | 2.78 | 2.76 | 2.86 | 3.06 | 3.52 | 3.82 | 4.39 | 4.69 | 4.98 | 5.00 | 5.09 | 4.66 | 4.14 | |||||||
| Applied Materials Inc. | — | — | — | 5.50 | 5.52 | 5.70 | 6.15 | 6.94 | 7.33 | 7.76 | 8.14 | 8.66 | 8.96 | 9.37 | 9.74 | 10.19 | 10.41 | 10.53 | 11.18 | 11.47 | 11.99 | 12.25 | |||||||
| Broadcom Inc. | — | — | — | 28.34 | 27.07 | 26.27 | 25.25 | 24.45 | 23.17 | 22.12 | 20.46 | 17.99 | 15.97 | 14.60 | 16.63 | 16.26 | 15.86 | 15.63 | 14.94 | 14.08 | 13.26 | 12.38 | |||||||
| Intel Corp. | — | — | — | — | 0.54 | 0.51 | 0.50 | 0.51 | 0.48 | 0.48 | 0.49 | 0.52 | 0.53 | 0.55 | 0.56 | 0.57 | 0.59 | 0.66 | 0.78 | 0.92 | 1.02 | 1.16 | |||||||
| KLA Corp. | — | — | 9.84 | 9.60 | 9.48 | 9.62 | 9.70 | 9.64 | 9.24 | 9.17 | 8.84 | 8.68 | 8.88 | 9.59 | 10.17 | 10.80 | 10.87 | 10.79 | 10.84 | 10.69 | 11.39 | 10.68 | |||||||
| Lam Research Corp. | — | — | 7.86 | 7.60 | 7.58 | 7.80 | 7.59 | 7.22 | 7.01 | 7.04 | 6.92 | 6.53 | 6.67 | 7.50 | 9.39 | 10.16 | 10.22 | 10.47 | 10.46 | 10.72 | 10.99 | 11.48 | |||||||
| Micron Technology Inc. | — | — | 2.10 | 1.60 | 1.13 | 0.87 | 0.80 | 0.76 | 0.74 | 0.70 | 0.63 | 0.56 | 0.49 | 0.43 | 0.41 | 0.47 | 0.59 | 0.69 | 0.80 | 0.88 | 0.86 | 0.84 | |||||||
| NVIDIA Corp. | 21.21 | 20.44 | 20.80 | 19.14 | 18.07 | 20.81 | 20.77 | 21.20 | 19.71 | 19.91 | 15.57 | 11.67 | 8.60 | 6.92 | 7.09 | 7.57 | 9.20 | 10.13 | 9.69 | 9.67 | 9.26 | 8.49 | |||||||
| Qualcomm Inc. | — | — | — | 8.45 | 8.77 | 9.17 | 9.44 | 9.62 | 9.59 | 9.12 | 8.35 | 7.87 | 7.71 | 7.40 | 7.10 | 7.40 | 7.78 | 8.24 | 8.55 | 8.36 | 8.02 | 7.63 | |||||||
| Texas Instruments Inc. | — | — | — | — | 1.63 | 1.52 | 1.44 | 1.40 | 1.35 | 1.36 | 1.38 | 1.33 | 1.44 | 1.61 | 1.75 | 1.94 | 2.21 | 2.54 | 2.91 | 3.11 | 3.30 | 3.49 | |||||||
Based on: 10-Q (reporting date: 2026-08-01), 10-Q (reporting date: 2026-05-02), 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-11-01), 10-Q (reporting date: 2025-08-02), 10-Q (reporting date: 2025-05-03), 10-K (reporting date: 2025-02-01), 10-Q (reporting date: 2024-11-02), 10-Q (reporting date: 2024-08-03), 10-Q (reporting date: 2024-05-04), 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01).
1 Q2 2027 Calculation
Net fixed asset turnover
= (Net revenueQ2 2027
+ Net revenueQ1 2027
+ Net revenueQ4 2026
+ Net revenueQ3 2026)
÷ Property and equipment, net
= (2,739,300 + 2,417,800 + 2,218,700 + 2,074,500)
÷ 1,071,000 = 8.82
2 Click competitor name to see calculations.
The net fixed asset turnover ratio exhibits a cyclical pattern characterized by an initial phase of rapid efficiency gains, a significant contraction, and a subsequent recovery. Between May 2021 and October 2022, the ratio increased from 7.32 to a peak of 11.21, driven by revenue growth that significantly outpaced the expansion of the property and equipment base.
- Asset Utilization Contraction
- From January 2023 to May 2024, a notable decline in efficiency occurred, with the turnover ratio falling from 10.25 to a low of 6.75. This period was marked by a divergence where net fixed assets continued to grow—increasing from approximately $577 million to $781 million—while net revenue experienced volatility and a general downward trend, reaching a trough of $1.16 billion in February 2024. This suggests that investment in fixed assets preceded the realization of corresponding revenue growth.
- Operational Recovery and Scaling
- Starting in August 2024, the turnover ratio began a steady ascent, reaching 8.82 by August 2026. This recovery is attributed to a sharp acceleration in revenue, which grew from $1.27 billion in May 2024 to $2.74 billion by August 2026. While the net fixed asset base continued to expand, reaching $1.07 billion, the pace of revenue generation outstripped the rate of investment in property and equipment, thereby enhancing asset productivity.
Overall, the analysis indicates a period of strategic investment in fixed assets that temporarily depressed the turnover ratio during a revenue slowdown. The subsequent surge in revenue suggests that these investments provided the necessary capacity to support significantly higher sales volumes, eventually restoring the efficiency of long-term asset utilization.
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Total Asset Turnover
Marvell Technology Inc., total asset turnover calculation (quarterly data)
| Aug 1, 2026 | May 2, 2026 | Jan 31, 2026 | Nov 1, 2025 | Aug 2, 2025 | May 3, 2025 | Feb 1, 2025 | Nov 2, 2024 | Aug 3, 2024 | May 4, 2024 | Feb 3, 2024 | Oct 28, 2023 | Jul 29, 2023 | Apr 29, 2023 | Jan 28, 2023 | Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||
| Net revenue | 2,739,300) | 2,417,800) | 2,218,700) | 2,074,500) | 2,006,100) | 1,895,300) | 1,817,400) | 1,516,100) | 1,272,900) | 1,160,900) | 1,426,500) | 1,418,600) | 1,340,900) | 1,321,700) | 1,418,500) | 1,537,300) | 1,516,900) | 1,446,900) | 1,342,978) | 1,211,245) | 1,075,881) | 832,279) | |||||||
| Total assets | 27,554,600) | 26,944,500) | 22,285,300) | 21,579,000) | 20,586,300) | 20,023,700) | 20,204,500) | 19,715,600) | 20,293,400) | 20,491,000) | 21,228,500) | 21,714,400) | 21,750,100) | 22,273,200) | 22,522,100) | 22,522,100) | 22,162,100) | 22,038,700) | 22,108,597) | 22,018,842) | 20,838,632) | 21,229,937) | |||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Total asset turnover1 | 0.34 | 0.32 | 0.37 | 0.36 | 0.35 | 0.32 | 0.29 | 0.27 | 0.26 | 0.26 | 0.26 | 0.25 | 0.26 | 0.26 | 0.26 | 0.26 | 0.25 | 0.23 | 0.20 | 0.18 | 0.17 | 0.15 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | — | — | — | — | 0.49 | 0.47 | 0.45 | 0.42 | 0.40 | 0.39 | 0.37 | 0.35 | 0.34 | 0.34 | 0.33 | 0.33 | 0.32 | 0.34 | 0.35 | 0.34 | 0.32 | 0.28 | |||||||
| Analog Devices Inc. | — | — | — | 0.29 | 0.27 | 0.24 | 0.23 | 0.22 | 0.21 | 0.19 | 0.20 | 0.20 | 0.21 | 0.24 | 0.25 | 0.26 | 0.26 | 0.25 | 0.24 | 0.22 | 0.19 | 0.16 | |||||||
| Applied Materials Inc. | — | — | — | 0.71 | 0.72 | 0.75 | 0.78 | 0.84 | 0.84 | 0.83 | 0.79 | 0.80 | 0.83 | 0.84 | 0.86 | 0.87 | 0.92 | 0.94 | 0.96 | 0.96 | 0.98 | 0.95 | |||||||
| Broadcom Inc. | — | — | — | 0.47 | 0.42 | 0.40 | 0.37 | 0.36 | 0.35 | 0.33 | 0.31 | 0.28 | 0.24 | 0.22 | 0.49 | 0.50 | 0.49 | 0.47 | 0.45 | 0.44 | 0.42 | 0.39 | |||||||
| Intel Corp. | — | — | — | — | 0.28 | 0.26 | 0.25 | 0.26 | 0.28 | 0.28 | 0.27 | 0.28 | 0.27 | 0.29 | 0.28 | 0.28 | 0.29 | 0.30 | 0.35 | 0.40 | 0.43 | 0.44 | |||||||
| KLA Corp. | — | — | 0.76 | 0.78 | 0.76 | 0.77 | 0.76 | 0.76 | 0.72 | 0.65 | 0.64 | 0.64 | 0.68 | 0.72 | 0.75 | 0.78 | 0.76 | 0.75 | 0.73 | 0.72 | 0.70 | 0.67 | |||||||
| Lam Research Corp. | — | — | 0.99 | 1.04 | 0.96 | 0.89 | 0.86 | 0.86 | 0.82 | 0.80 | 0.80 | 0.78 | 0.76 | 0.85 | 0.93 | 0.98 | 0.99 | 0.96 | 1.00 | 1.01 | 0.99 | 1.01 | |||||||
| Micron Technology Inc. | — | — | 0.68 | 0.67 | 0.57 | 0.49 | 0.45 | 0.43 | 0.43 | 0.41 | 0.36 | 0.32 | 0.28 | 0.25 | 0.24 | 0.28 | 0.35 | 0.40 | 0.46 | 0.50 | 0.49 | 0.48 | |||||||
| NVIDIA Corp. | 0.95 | 0.98 | 1.04 | 1.16 | 1.17 | 1.19 | 1.17 | 1.18 | 1.13 | 1.04 | 0.93 | 0.83 | 0.66 | 0.58 | 0.65 | 0.71 | 0.68 | 0.65 | 0.61 | 0.60 | 0.57 | 0.63 | |||||||
| Qualcomm Inc. | — | — | — | 0.77 | 0.78 | 0.85 | 0.88 | 0.79 | 0.76 | 0.73 | 0.71 | 0.71 | 0.68 | 0.70 | 0.70 | 0.79 | 0.85 | 0.86 | 0.90 | 0.90 | 0.89 | 0.84 | |||||||
| Texas Instruments Inc. | — | — | — | — | 0.54 | 0.54 | 0.51 | 0.49 | 0.48 | 0.48 | 0.44 | 0.44 | 0.46 | 0.48 | 0.54 | 0.57 | 0.61 | 0.67 | 0.74 | 0.77 | 0.79 | 0.75 | |||||||
Based on: 10-Q (reporting date: 2026-08-01), 10-Q (reporting date: 2026-05-02), 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-11-01), 10-Q (reporting date: 2025-08-02), 10-Q (reporting date: 2025-05-03), 10-K (reporting date: 2025-02-01), 10-Q (reporting date: 2024-11-02), 10-Q (reporting date: 2024-08-03), 10-Q (reporting date: 2024-05-04), 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01).
1 Q2 2027 Calculation
Total asset turnover
= (Net revenueQ2 2027
+ Net revenueQ1 2027
+ Net revenueQ4 2026
+ Net revenueQ3 2026)
÷ Total assets
= (2,739,300 + 2,417,800 + 2,218,700 + 2,074,500)
÷ 27,554,600 = 0.34
2 Click competitor name to see calculations.
The analysis of investment activity reveals a general upward trajectory in asset utilization efficiency over the observed period, characterized by three distinct phases: initial optimization, a period of stabilization, and a subsequent phase of aggressive revenue growth coupled with significant asset expansion.
- Revenue Growth and Asset Efficiency Trends
- An initial increase in total asset turnover is observed from May 2021 (0.15) through October 2022 (0.26). This improvement was driven by a steady climb in net revenue, which grew from approximately 832 million to 1.537 billion, while total assets remained relatively stable, fluctuating within a narrow band between 20.8 billion and 22.5 billion. This indicates a period of increasing operational efficiency where the existing asset base supported higher sales volumes.
- Period of Operational Stabilization
- Between January 2023 and August 2024, the total asset turnover ratio entered a plateau, remaining consistently between 0.25 and 0.26. During this timeframe, net revenue experienced volatility, dipping to a low of 1.16 billion in February 2024 before recovering. The stability of the turnover ratio suggests that revenue fluctuations were mirrored by slight adjustments in the asset base, maintaining a constant efficiency level.
- Acceleration and Asset Expansion
- A significant acceleration in efficiency occurred between November 2024 and January 2026, with the turnover ratio peaking at 0.37. This was propelled by a rapid surge in net revenue, which climbed from 1.516 billion to 2.218 billion during this window, while total assets actually decreased slightly to approximately 22.2 billion. This phase represents the highest level of asset productivity in the recorded period.
- Recent Investment Impact
- In the final quarters ending August 1, 2026, a shift in the investment profile is evident. While net revenue continued to grow strongly, reaching 2.739 billion, there was a substantial increase in total assets to 27.55 billion. This surge in the asset base resulted in a correction of the total asset turnover ratio from its peak of 0.37 down to 0.34. The decline in the ratio, despite record revenues, indicates a large-scale capital investment or asset acquisition that has not yet been fully leveraged to maximize revenue generation.
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Equity Turnover
Marvell Technology Inc., equity turnover calculation (quarterly data)
| Aug 1, 2026 | May 2, 2026 | Jan 31, 2026 | Nov 1, 2025 | Aug 2, 2025 | May 3, 2025 | Feb 1, 2025 | Nov 2, 2024 | Aug 3, 2024 | May 4, 2024 | Feb 3, 2024 | Oct 28, 2023 | Jul 29, 2023 | Apr 29, 2023 | Jan 28, 2023 | Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||
| Net revenue | 2,739,300) | 2,417,800) | 2,218,700) | 2,074,500) | 2,006,100) | 1,895,300) | 1,817,400) | 1,516,100) | 1,272,900) | 1,160,900) | 1,426,500) | 1,418,600) | 1,340,900) | 1,321,700) | 1,418,500) | 1,537,300) | 1,516,900) | 1,446,900) | 1,342,978) | 1,211,245) | 1,075,881) | 832,279) | |||||||
| Stockholders’ equity | 18,531,600) | 18,215,800) | 14,308,400) | 14,056,600) | 13,421,700) | 13,312,700) | 13,427,000) | 13,372,900) | 14,204,900) | 14,478,700) | 14,831,400) | 15,233,400) | 15,389,500) | 15,493,900) | 15,637,200) | 15,559,000) | 15,530,200) | 15,465,000) | 15,702,097) | 15,686,344) | 14,741,197) | 14,855,370) | |||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Equity turnover1 | 0.51 | 0.48 | 0.57 | 0.55 | 0.54 | 0.49 | 0.43 | 0.40 | 0.37 | 0.37 | 0.37 | 0.36 | 0.37 | 0.37 | 0.38 | 0.38 | 0.36 | 0.33 | 0.28 | 0.25 | 0.23 | 0.21 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | — | — | — | — | 0.61 | 0.58 | 0.55 | 0.53 | 0.50 | 0.48 | 0.45 | 0.43 | 0.41 | 0.41 | 0.41 | 0.40 | 0.40 | 0.42 | 0.43 | 0.42 | 0.39 | 0.34 | |||||||
| Analog Devices Inc. | — | — | — | 0.41 | 0.38 | 0.35 | 0.33 | 0.30 | 0.28 | 0.27 | 0.27 | 0.28 | 0.30 | 0.33 | 0.35 | 0.36 | 0.36 | 0.34 | 0.33 | 0.30 | 0.26 | 0.23 | |||||||
| Applied Materials Inc. | — | — | — | 1.20 | 1.21 | 1.30 | 1.39 | 1.47 | 1.48 | 1.48 | 1.43 | 1.43 | 1.46 | 1.52 | 1.62 | 1.76 | 1.89 | 1.96 | 2.11 | 2.08 | 2.14 | 2.03 | |||||||
| Broadcom Inc. | — | — | — | 0.89 | 0.86 | 0.85 | 0.79 | 0.82 | 0.82 | 0.78 | 0.76 | 0.71 | 0.61 | 0.55 | 1.49 | 1.61 | 1.59 | 1.48 | 1.46 | 1.52 | 1.43 | 1.24 | |||||||
| Intel Corp. | — | — | — | — | 0.65 | 0.48 | 0.46 | 0.50 | 0.54 | 0.53 | 0.53 | 0.55 | 0.48 | 0.52 | 0.51 | 0.52 | 0.53 | 0.58 | 0.62 | 0.70 | 0.73 | 0.75 | |||||||
| KLA Corp. | — | — | 2.14 | 2.25 | 2.33 | 2.51 | 2.59 | 2.88 | 3.03 | 2.88 | 2.91 | 3.10 | 3.18 | 3.40 | 3.59 | 3.96 | 4.03 | 4.69 | 6.57 | 2.12 | 2.02 | 1.93 | |||||||
| Lam Research Corp. | — | — | 1.86 | 2.05 | 2.03 | 1.92 | 1.87 | 1.80 | 1.84 | 1.84 | 1.75 | 1.78 | 1.74 | 1.97 | 2.12 | 2.24 | 2.29 | 2.43 | 2.74 | 2.78 | 2.55 | 2.71 | |||||||
| Micron Technology Inc. | — | — | 0.96 | 0.90 | 0.80 | 0.72 | 0.69 | 0.67 | 0.64 | 0.62 | 0.56 | 0.48 | 0.42 | 0.38 | 0.35 | 0.40 | 0.49 | 0.55 | 0.62 | 0.66 | 0.65 | 0.65 | |||||||
| NVIDIA Corp. | 1.32 | 1.30 | 1.37 | 1.57 | 1.65 | 1.77 | 1.65 | 1.72 | 1.66 | 1.62 | 1.42 | 1.35 | 1.19 | 1.06 | 1.22 | 1.34 | 1.25 | 1.12 | 1.01 | 1.02 | 1.04 | 1.03 | |||||||
| Qualcomm Inc. | — | — | — | 1.59 | 1.63 | 1.94 | 2.09 | 1.59 | 1.53 | 1.51 | 1.48 | 1.51 | 1.49 | 1.57 | 1.66 | 1.87 | 2.08 | 2.28 | 2.45 | 2.63 | 2.95 | 3.18 | |||||||
| Texas Instruments Inc. | — | — | — | — | 1.08 | 1.10 | 1.09 | 1.04 | 1.02 | 0.98 | 0.93 | 0.91 | 0.93 | 0.99 | 1.04 | 1.09 | 1.18 | 1.28 | 1.37 | 1.39 | 1.39 | 1.35 | |||||||
Based on: 10-Q (reporting date: 2026-08-01), 10-Q (reporting date: 2026-05-02), 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-11-01), 10-Q (reporting date: 2025-08-02), 10-Q (reporting date: 2025-05-03), 10-K (reporting date: 2025-02-01), 10-Q (reporting date: 2024-11-02), 10-Q (reporting date: 2024-08-03), 10-Q (reporting date: 2024-05-04), 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01).
1 Q2 2027 Calculation
Equity turnover
= (Net revenueQ2 2027
+ Net revenueQ1 2027
+ Net revenueQ4 2026
+ Net revenueQ3 2026)
÷ Stockholders’ equity
= (2,739,300 + 2,417,800 + 2,218,700 + 2,074,500)
÷ 18,531,600 = 0.51
2 Click competitor name to see calculations.
The analysis of equity turnover from May 2021 through August 2026 reveals a general upward trajectory in capital efficiency, characterized by three distinct phases of operational performance and capital structure adjustment.
- Revenue Growth and Efficiency Gains
- A consistent increase in equity turnover is observed from May 2021, starting at 0.21 and rising to 0.38 by October 2022. This initial growth was driven by a substantial increase in net revenue, which rose from 832.3 million to 1.537 billion, while stockholders' equity remained relatively stable around 15 billion. This indicates a period of high operational leverage where revenue grew significantly without requiring a corresponding increase in equity capital.
- Period of Stabilization
- Between January 2023 and May 2024, the equity turnover ratio entered a plateau, fluctuating narrowly between 0.36 and 0.38. During this interval, net revenue experienced volatility, dipping to a low of 1.16 billion in February 2024, while stockholders' equity showed a gradual decline from 15.6 billion to 14.5 billion. The simultaneous decrease in both revenue and equity resulted in a neutralized effect on the turnover ratio, maintaining a static level of efficiency.
- Accelerated Efficiency and Capital Expansion
- A second surge in efficiency occurred between August 2024 and January 2026, with the ratio peaking at 0.57. This was propelled by an aggressive expansion in net revenue, which climbed from 1.27 billion to 2.22 billion. In the latter part of this phase, specifically between November 2025 and May 2026, a significant increase in stockholders' equity from 14.3 billion to 18.2 billion was recorded. This influx of equity led to a subsequent moderation of the turnover ratio, which declined to 0.51 by August 2026 despite continued revenue growth to 2.74 billion.
Overall, the long-term trend indicates that the company has successfully increased its ability to generate revenue per unit of equity. While the ratio peaked in early 2026, the recent decline is not a result of falling revenues, but rather a consequence of a strengthened equity base, which suggests a shift toward a more conservative capital structure after a period of rapid efficiency gains.
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