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)
Meta Platforms Inc., long-term (investment) activity ratios (quarterly data)
Based on: 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).
An analysis of the investment activity ratios indicates a general decline in asset utilization efficiency over the observed period. The most pronounced downward trends are evident in the ratios tied to fixed assets, suggesting that the growth in the company's long-term asset base has consistently outpaced the corresponding growth in revenue generation.
- Net Fixed Asset Turnover
- A significant long-term decline is observed in the net fixed asset turnover ratio, which decreased from 1.94 in March 2022 to 1.01 by June 2026. While a period of relative stabilization and slight recovery occurred between June 2023 and June 2024—peaking at 1.45—the ratio entered a sustained downward trajectory thereafter. This pattern persists when including operating lease right-of-use assets, which fell from 1.62 to 0.91 over the same period, indicating that increasing capital expenditures on infrastructure are not yielding immediate proportional increases in revenue.
- Total Asset Turnover
- The total asset turnover ratio exhibits a similar pattern of deterioration, starting at 0.73 in March 2022 and ending at 0.51 in June 2026. The ratio experienced a notable dip to 0.58 in June 2023 before recovering to 0.65 in June 2024. However, the subsequent decline to 0.51 suggests an overall reduction in the efficiency with which the total asset base is employed to generate sales.
- Equity Turnover
- Equity turnover has remained more stable compared to asset-based ratios, although a gradual downward trend is still present. The ratio moved from 0.97 in March 2022 to 0.87 in June 2026. Despite periodic fluctuations—such as the increase to 0.98 in September 2025—the overall movement indicates a slight decrease in the efficiency of shareholder equity in driving revenue growth.
In summary, the convergence of these ratios toward lower values points to a phase of intensive investment. The sharpest decline in fixed asset turnover relative to the more stable equity turnover suggests that the decrease in overall efficiency is primarily driven by the expansion of the physical asset base rather than a broader failure in capital structure efficiency.
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Net Fixed Asset Turnover
Meta Platforms Inc., net fixed asset turnover calculation (quarterly data)
| 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 | 60,801) | 56,311) | 59,894) | 51,242) | 47,516) | 42,314) | 48,386) | 40,589) | 39,071) | 36,455) | 40,112) | 34,146) | 31,999) | 28,645) | 32,165) | 27,714) | 28,822) | 27,908) | ||||||
| Property and equipment, net | 225,724) | 194,776) | 176,400) | 160,270) | 147,039) | 133,567) | 121,346) | 112,162) | 102,959) | 98,908) | 96,587) | 91,772) | 87,949) | 84,156) | 79,518) | 73,738) | 67,588) | 61,582) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Net fixed asset turnover1 | 1.01 | 1.10 | 1.14 | 1.18 | 1.22 | 1.28 | 1.36 | 1.39 | 1.45 | 1.44 | 1.40 | 1.38 | 1.37 | 1.39 | 1.47 | 1.60 | 1.77 | 1.94 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||
| Alphabet Inc. | 1.39 | 1.50 | 1.63 | 1.72 | 1.83 | 1.94 | 2.05 | 2.11 | 2.17 | 2.22 | 2.29 | 2.36 | 2.39 | 2.42 | 2.51 | 2.60 | 2.62 | 2.59 | ||||||
| Comcast Corp. | 1.89 | 1.91 | 1.88 | 1.90 | 1.94 | 1.95 | 1.98 | 1.99 | 2.00 | 2.04 | 2.04 | 2.08 | 2.12 | 2.13 | 2.19 | 2.26 | 2.27 | 2.23 | ||||||
| Netflix Inc. | 20.16 | 21.83 | 22.54 | 23.60 | 23.91 | 24.43 | 24.47 | 23.97 | 24.03 | 23.27 | 22.61 | 21.85 | 21.83 | 22.58 | 22.61 | 22.93 | 22.78 | 21.97 | ||||||
| Trade Desk Inc. | 6.57 | 7.63 | 7.30 | 8.65 | 8.64 | 10.24 | 11.68 | 11.67 | 11.33 | 13.65 | 12.06 | 11.98 | 10.84 | 9.65 | 9.08 | 8.93 | 9.98 | 9.89 | ||||||
| Walt Disney Co. | 2.20 | 2.22 | 2.29 | 2.35 | 2.41 | 2.43 | 2.47 | 2.50 | 2.51 | 2.52 | 2.54 | 2.54 | 2.52 | 2.47 | 2.46 | 2.42 | 2.33 | 2.23 | ||||||
Based on: 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 Q2 2026 Calculation
Net fixed asset turnover
= (RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025)
÷ Property and equipment, net
= (60,801 + 56,311 + 59,894 + 51,242)
÷ 225,724 = 1.01
2 Click competitor name to see calculations.
An analysis of the long-term investment activity reveals a period of aggressive capital expansion where the growth in fixed assets has consistently outpaced revenue growth. While total revenue demonstrates a strong upward trajectory over the observed period, the efficiency with which these assets generate revenue has declined, as evidenced by the steady contraction of the net fixed asset turnover ratio.
- Revenue Growth Trajectory
- Revenue exhibited a general increase from 27,908 million USD in March 2022 to 60,801 million USD by June 2026. Despite recurring quarterly fluctuations—most notably dips in March of each year—the overall trend indicates a significant expansion in top-line performance, more than doubling over the period.
- Fixed Asset Expansion
- Property and equipment, net, showed a continuous and steep increase, rising from 61,582 million USD in March 2022 to 225,724 million USD in June 2026. This represents a substantial and uninterrupted commitment to capital expenditure, suggesting a massive scale-up in physical infrastructure.
- Net Fixed Asset Turnover Analysis
- The net fixed asset turnover ratio experienced a sustained long-term decline, falling from 1.94 in March 2022 to 1.01 in June 2026. This trend can be divided into three distinct phases: an initial sharp decline from March 2022 to June 2023, a period of relative stabilization and slight recovery between June 2023 and June 2024 where the ratio peaked at 1.45, and a final consistent downward trend from June 2024 through June 2026.
- Asset Utilization Efficiency
- The contraction of the turnover ratio indicates that each dollar invested in net fixed assets is generating progressively less revenue. The decline from 1.94 to 1.01 suggests that the company is in a heavy investment phase, where infrastructure capacity is being built ahead of the revenue it is intended to support, leading to a temporary reduction in asset productivity.
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Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Meta Platforms Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)
| 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 | 60,801) | 56,311) | 59,894) | 51,242) | 47,516) | 42,314) | 48,386) | 40,589) | 39,071) | 36,455) | 40,112) | 34,146) | 31,999) | 28,645) | 32,165) | 27,714) | 28,822) | 27,908) | ||||||
| Property and equipment, net | 225,724) | 194,776) | 176,400) | 160,270) | 147,039) | 133,567) | 121,346) | 112,162) | 102,959) | 98,908) | 96,587) | 91,772) | 87,949) | 84,156) | 79,518) | 73,738) | 67,588) | 61,582) | ||||||
| Operating lease right-of-use assets | 23,985) | 23,268) | 20,404) | 17,372) | 15,662) | 15,505) | 14,922) | 14,812) | 14,058) | 13,555) | 13,294) | 13,033) | 12,955) | 12,899) | 12,673) | 13,641) | 14,130) | 12,241) | ||||||
| Property and equipment, net (including operating lease, right-of-use asset) | 249,709) | 218,044) | 196,804) | 177,642) | 162,701) | 149,072) | 136,268) | 126,974) | 117,017) | 112,463) | 109,881) | 104,805) | 100,904) | 97,055) | 92,191) | 87,379) | 81,718) | 73,823) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 0.91 | 0.99 | 1.02 | 1.07 | 1.10 | 1.14 | 1.21 | 1.23 | 1.28 | 1.27 | 1.23 | 1.21 | 1.19 | 1.21 | 1.26 | 1.35 | 1.46 | 1.62 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||||||||||||||||||||
| Alphabet Inc. | 1.32 | 1.42 | 1.54 | 1.62 | 1.71 | 1.81 | 1.90 | 1.94 | 1.99 | 2.03 | 2.07 | 2.12 | 2.13 | 2.16 | 2.23 | 2.31 | 2.33 | 2.31 | ||||||
| Trade Desk Inc. | 3.78 | 4.15 | 3.92 | 4.58 | 4.62 | 4.85 | 5.17 | 5.24 | 5.16 | 5.83 | 5.42 | 5.07 | 4.66 | 4.30 | 4.00 | 3.73 | 3.81 | 3.59 | ||||||
Based on: 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 Q2 2026 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025)
÷ Property and equipment, net (including operating lease, right-of-use asset)
= (60,801 + 56,311 + 59,894 + 51,242)
÷ 249,709 = 0.91
2 Click competitor name to see calculations.
The financial trajectory indicates a period of aggressive expansion in long-term asset investment, characterized by a consistent increase in net property and equipment and a corresponding decline in the net fixed asset turnover ratio.
- Revenue Growth Trends
- Revenue demonstrates a strong upward trajectory, rising from 27,908 million USD in March 2022 to 60,801 million USD by June 2026. While growth has been consistent over the long term, quarterly fluctuations are evident, particularly in early 2023 and early 2024, before accelerating significantly toward the end of the observed period.
- Fixed Asset Expansion
- Net property and equipment, including right-of-use assets, experienced substantial growth, increasing from 73,823 million USD in March 2022 to 249,709 million USD by June 2026. This represents more than a threefold increase in the asset base, signaling a phase of heavy capital expenditure.
- Net Fixed Asset Turnover Analysis
- The net fixed asset turnover ratio exhibits a clear downward trend. Beginning at 1.62 in March 2022, the ratio declined steadily to 1.21 by March 2023. A period of relative stability occurred between March 2023 and December 2023, with the ratio oscillating between 1.19 and 1.23. However, a sustained decline resumed from March 2024, with the ratio dropping below the 1.0 threshold in March 2026 and reaching 0.91 by June 2026.
- Operational Efficiency Implications
- The overall decline in the turnover ratio suggests that the expansion of the asset base has outpaced revenue growth. The transition from a ratio of 1.62 to 0.91 indicates diminishing efficiency in utilizing net fixed assets to generate sales, as the significant capital invested in infrastructure has not yet produced a proportional increase in top-line revenue.
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Total Asset Turnover
Meta Platforms Inc., total asset turnover calculation (quarterly data)
| 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 | 60,801) | 56,311) | 59,894) | 51,242) | 47,516) | 42,314) | 48,386) | 40,589) | 39,071) | 36,455) | 40,112) | 34,146) | 31,999) | 28,645) | 32,165) | 27,714) | 28,822) | 27,908) | ||||||
| Total assets | 449,956) | 395,250) | 366,021) | 303,844) | 294,744) | 280,213) | 276,054) | 256,408) | 230,238) | 222,844) | 229,623) | 216,274) | 206,688) | 184,491) | 185,727) | 178,894) | 169,779) | 164,218) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Total asset turnover1 | 0.51 | 0.54 | 0.55 | 0.62 | 0.61 | 0.61 | 0.60 | 0.61 | 0.65 | 0.64 | 0.59 | 0.59 | 0.58 | 0.64 | 0.63 | 0.66 | 0.70 | 0.73 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||
| Alphabet Inc. | 0.48 | 0.60 | 0.68 | 0.72 | 0.74 | 0.76 | 0.78 | 0.79 | 0.79 | 0.78 | 0.76 | 0.75 | 0.76 | 0.77 | 0.77 | 0.79 | 0.78 | 0.76 | ||||||
| Comcast Corp. | 0.48 | 0.48 | 0.45 | 0.45 | 0.45 | 0.46 | 0.46 | 0.46 | 0.46 | 0.46 | 0.46 | 0.46 | 0.46 | 0.46 | 0.47 | 0.48 | 0.46 | 0.44 | ||||||
| Netflix Inc. | 0.83 | 0.77 | 0.81 | 0.79 | 0.79 | 0.77 | 0.73 | 0.72 | 0.74 | 0.72 | 0.69 | 0.66 | 0.63 | 0.64 | 0.65 | 0.66 | 0.67 | 0.67 | ||||||
| Trade Desk Inc. | 0.52 | 0.52 | 0.47 | 0.47 | 0.45 | 0.45 | 0.40 | 0.42 | 0.42 | 0.44 | 0.40 | 0.41 | 0.40 | 0.41 | 0.36 | 0.38 | 0.38 | 0.38 | ||||||
| Walt Disney Co. | 0.47 | 0.47 | 0.48 | 0.48 | 0.48 | 0.47 | 0.47 | 0.46 | 0.46 | 0.45 | 0.43 | 0.43 | 0.42 | 0.42 | 0.41 | 0.40 | 0.38 | 0.36 | ||||||
Based on: 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 Q2 2026 Calculation
Total asset turnover
= (RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025)
÷ Total assets
= (60,801 + 56,311 + 59,894 + 51,242)
÷ 449,956 = 0.51
2 Click competitor name to see calculations.
The analysis reveals a divergence between revenue growth and the expansion of the asset base, resulting in a long-term decline in total asset turnover efficiency from March 2022 through June 2026.
- Revenue Trends
- Revenue demonstrates a consistent upward trajectory, growing from 27,908 million US$ in March 2022 to 60,801 million US$ by June 2026. A recurring seasonal pattern is evident, with significant peaks occurring in the fourth quarter of each calendar year.
- Asset Base Expansion
- Total assets have increased substantially, rising from 164,218 million US$ to 449,956 million US$. The growth in assets has accelerated notably in the latter half of the period, particularly between December 2024 and June 2026, indicating an aggressive capital investment phase.
- Total Asset Turnover Dynamics
- The total asset turnover ratio has experienced a general decline, starting at 0.73 in March 2022 and ending at 0.51 in June 2026. The ratio fluctuated within a range of 0.58 to 0.65 between March 2023 and March 2025 before entering a steady downward trend through the final quarters of the period.
- Efficiency Interpretation
- The contraction of the asset turnover ratio indicates that the rate of asset accumulation is outpacing the rate of revenue growth. This trend suggests a decrease in the efficiency of asset utilization, which is often characteristic of significant infrastructure or long-term strategic investments that have not yet reached their full revenue-generating potential.
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Equity Turnover
Meta Platforms Inc., equity turnover calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Revenue | 60,801) | 56,311) | 59,894) | 51,242) | 47,516) | 42,314) | 48,386) | 40,589) | 39,071) | 36,455) | 40,112) | 34,146) | 31,999) | 28,645) | 32,165) | 27,714) | 28,822) | 27,908) | ||||||
| Stockholders’ equity | 261,221) | 243,681) | 217,243) | 194,066) | 195,070) | 185,029) | 182,637) | 164,529) | 156,763) | 149,529) | 153,168) | 142,873) | 134,033) | 124,795) | 125,713) | 124,094) | 125,767) | 123,228) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Equity turnover1 | 0.87 | 0.88 | 0.93 | 0.98 | 0.92 | 0.92 | 0.90 | 0.95 | 0.96 | 0.95 | 0.88 | 0.89 | 0.90 | 0.94 | 0.93 | 0.95 | 0.95 | 0.97 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||
| Alphabet Inc. | 0.70 | 0.88 | 0.97 | 1.00 | 1.02 | 1.04 | 1.08 | 1.08 | 1.09 | 1.09 | 1.08 | 1.09 | 1.08 | 1.09 | 1.10 | 1.11 | 1.09 | 1.06 | ||||||
| Comcast Corp. | 1.39 | 1.42 | 1.28 | 1.27 | 1.28 | 1.43 | 1.45 | 1.43 | 1.46 | 1.48 | 1.47 | 1.46 | 1.43 | 1.46 | 1.50 | 1.51 | 1.33 | 1.27 | ||||||
| Netflix Inc. | 1.60 | 1.51 | 1.70 | 1.67 | 1.67 | 1.67 | 1.58 | 1.65 | 1.64 | 1.63 | 1.64 | 1.48 | 1.41 | 1.46 | 1.52 | 1.53 | 1.63 | 1.73 | ||||||
| Trade Desk Inc. | 1.16 | 1.21 | 1.17 | 1.07 | 0.99 | 0.95 | 0.83 | 0.88 | 0.90 | 0.95 | 0.90 | 0.85 | 0.84 | 0.85 | 0.75 | 0.77 | 0.78 | 0.78 | ||||||
| Walt Disney Co. | 0.89 | 0.88 | 0.86 | 0.87 | 0.90 | 0.91 | 0.91 | 0.89 | 0.90 | 0.88 | 0.90 | 0.90 | 0.89 | 0.88 | 0.87 | 0.88 | 0.85 | 0.81 | ||||||
Based on: 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 Q2 2026 Calculation
Equity turnover
= (RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025)
÷ Stockholders’ equity
= (60,801 + 56,311 + 59,894 + 51,242)
÷ 261,221 = 0.87
2 Click competitor name to see calculations.
The financial performance over the analyzed period is characterized by substantial growth in both top-line revenue and the company's equity base. While revenue expanded significantly, the simultaneous increase in stockholders' equity has resulted in an equity turnover ratio that remains relatively stable, though it exhibits specific cyclical fluctuations.
- Revenue Growth Patterns
- A strong upward trend in revenue is observed, progressing from 27,908 million USD in March 2022 to 60,801 million USD by June 2026. The growth trajectory became more aggressive starting in 2024, with revenue consistently exceeding 40,000 million USD per quarter from December 2023 onward, peaking at 60,801 million USD in the final reported quarter.
- Stockholders' Equity Accumulation
- The equity base demonstrated consistent and significant expansion, increasing from 123,228 million USD in March 2022 to 261,221 million USD by June 2026. This growth accelerated notably in the 2025-2026 period, where the equity base expanded by approximately 66,000 million USD within 15 months, indicating a strong accumulation of retained earnings or capital contributions.
- Equity Turnover Dynamics
- The equity turnover ratio fluctuated within a narrow range between 0.87 and 0.98. A gradual decline was noted throughout 2022 and 2023, with the ratio dropping from 0.97 to a low of 0.88 by December 2023. A recovery period followed in 2024, where the ratio peaked at 0.96 in June. Despite a subsequent peak of 0.98 in September 2025, the most recent quarters show a downward trend, ending at 0.87 in June 2026. This suggests that in the most recent phases, the growth of the equity base has outpaced the growth of revenue, leading to a slight decrease in the efficiency of equity utilization for revenue generation.
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