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)
NVIDIA Corp., long-term (investment) activity ratios (quarterly data)
Based on: 10-K (reporting date: 2026-01-25), 10-Q (reporting date: 2025-10-26), 10-Q (reporting date: 2025-07-27), 10-Q (reporting date: 2025-04-27), 10-K (reporting date: 2025-01-26), 10-Q (reporting date: 2024-10-27), 10-Q (reporting date: 2024-07-28), 10-Q (reporting date: 2024-04-28), 10-K (reporting date: 2024-01-28), 10-Q (reporting date: 2023-10-29), 10-Q (reporting date: 2023-07-30), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-29), 10-Q (reporting date: 2022-10-30), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-05-01), 10-K (reporting date: 2022-01-30), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-08-01), 10-Q (reporting date: 2021-05-02).
The long-term investment activity ratios demonstrate notable trends over the observed period. Generally, the company exhibits increasing efficiency in asset utilization, particularly in more recent quarters. However, fluctuations are present, suggesting sensitivity to underlying business conditions and strategic decisions.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio generally increased from 8.49 in May 2021 to 20.77 in January 2025, indicating improved efficiency in generating revenue from fixed assets. A dip occurred between October 2022 (7.57) and January 2023 (7.09), potentially reflecting increased investment in fixed assets without an immediate corresponding increase in revenue. The ratio then experienced substantial growth, peaking at 21.20 in October 2024, before slightly decreasing to 20.80 in January 2026. This suggests a period of highly effective asset utilization followed by a potential stabilization.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- Similar to the standard net fixed asset turnover, this ratio also shows an upward trend from 6.43 in May 2021 to 16.30 in January 2026. The inclusion of operating lease and right-of-use assets results in lower values compared to the standard ratio, as these represent additional assets contributing to revenue generation. The same dip observed in the standard ratio is present here as well, and the subsequent growth pattern is consistent. The peak value of 16.16 in January 2025 is followed by a slight increase to 16.30 in January 2026.
- Total Asset Turnover
- The total asset turnover ratio exhibits a more moderate increase, moving from 0.63 in May 2021 to 1.04 in January 2026. This indicates improving efficiency in utilizing all assets, not just fixed assets, to generate revenue. The ratio experienced a decline from 0.71 in October 2022 to 0.58 in April 2023, before recovering and continuing its upward trajectory. The increase is less dramatic than that of the fixed asset turnover ratios, suggesting that growth is not solely driven by fixed asset efficiency.
- Equity Turnover
- The equity turnover ratio demonstrates a consistent upward trend, rising from 1.03 in May 2021 to 1.37 in January 2026. This signifies that the company is becoming more effective at generating revenue from shareholder equity. The ratio experienced a peak at 1.77 in April 2025, followed by a decrease to 1.37 in January 2026. This suggests a period of exceptionally high revenue generation relative to equity, followed by a normalization. The overall trend remains positive, indicating improved returns for shareholders.
In summary, the observed ratios suggest a company that has been progressively improving its asset utilization efficiency over the analyzed period. While some fluctuations exist, the overall trend is positive, indicating effective management of assets and increasing returns on investment. The recent stabilization or slight decline in some ratios towards the end of the period warrants continued monitoring to assess whether this represents a temporary pause or a shift in long-term trends.
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Net Fixed Asset Turnover
NVIDIA Corp., net fixed asset turnover calculation (quarterly data)
| Jan 25, 2026 | Oct 26, 2025 | Jul 27, 2025 | Apr 27, 2025 | Jan 26, 2025 | Oct 27, 2024 | Jul 28, 2024 | Apr 28, 2024 | Jan 28, 2024 | Oct 29, 2023 | Jul 30, 2023 | Apr 30, 2023 | Jan 29, 2023 | Oct 30, 2022 | Jul 31, 2022 | May 1, 2022 | Jan 30, 2022 | Oct 31, 2021 | Aug 1, 2021 | May 2, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Revenue | 68,127) | 57,006) | 46,743) | 44,062) | 39,331) | 35,082) | 30,040) | 26,044) | 22,103) | 18,120) | 13,507) | 7,192) | 6,051) | 5,931) | 6,704) | 8,288) | 7,643) | 7,103) | 6,507) | 5,661) | ||||||
| Property and equipment, net | 10,383) | 9,780) | 9,141) | 7,136) | 6,283) | 5,343) | 4,885) | 4,006) | 3,914) | 3,844) | 3,799) | 3,740) | 3,807) | 3,774) | 3,233) | 2,916) | 2,778) | 2,509) | 2,364) | 2,268) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||
| Net fixed asset turnover1 | 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 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | — | — | — | — | 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. | — | — | — | 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. | — | — | — | 5.70 | 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. | — | — | — | 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. | — | — | — | — | 0.50 | 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. | — | — | 9.48 | 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. | — | — | 7.58 | 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. | — | — | 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 | ||||||
| Qualcomm Inc. | — | — | — | 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. | — | — | — | — | 1.44 | 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-K (reporting date: 2026-01-25), 10-Q (reporting date: 2025-10-26), 10-Q (reporting date: 2025-07-27), 10-Q (reporting date: 2025-04-27), 10-K (reporting date: 2025-01-26), 10-Q (reporting date: 2024-10-27), 10-Q (reporting date: 2024-07-28), 10-Q (reporting date: 2024-04-28), 10-K (reporting date: 2024-01-28), 10-Q (reporting date: 2023-10-29), 10-Q (reporting date: 2023-07-30), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-29), 10-Q (reporting date: 2022-10-30), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-05-01), 10-K (reporting date: 2022-01-30), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-08-01), 10-Q (reporting date: 2021-05-02).
1 Q4 2026 Calculation
Net fixed asset turnover
= (RevenueQ4 2026
+ RevenueQ3 2026
+ RevenueQ2 2026
+ RevenueQ1 2026)
÷ Property and equipment, net
= (68,127 + 57,006 + 46,743 + 44,062)
÷ 10,383 = 20.80
2 Click competitor name to see calculations.
The net fixed asset turnover ratio exhibits a generally increasing trend over the observed period, although with notable fluctuations. Initially, the ratio demonstrates growth from 8.49 in May 2021 to a peak of 10.13 in May 2022. Subsequently, a decline is observed through January 2023, reaching 7.09. Following this, the ratio experiences a significant and sustained increase, culminating in a value of 20.80 in January 2026.
- Initial Growth Phase (May 2021 – May 2022)
- The ratio increased consistently during this period, indicating improving efficiency in utilizing fixed assets to generate revenue. This suggests that the company was becoming more effective at converting its investment in property, plant, and equipment into sales.
- Decline and Stabilization (July 2022 – January 2023)
- A decrease in the ratio is evident from July 2022 through January 2023. This could be attributed to several factors, including a temporary slowdown in revenue growth, an increase in fixed assets without a corresponding increase in revenue, or a combination of both. The ratio stabilizes around the 7.0 range during this period.
- Rapid Expansion (April 2023 – January 2026)
- Beginning in April 2023, the net fixed asset turnover ratio experiences substantial growth. This acceleration suggests a significant improvement in asset utilization efficiency. The increase correlates with a period of strong revenue growth, particularly evident in the latter half of 2023 and throughout 2024 and 2025. The ratio more than triples from 6.92 to 20.80 over this timeframe.
- Correlation with Revenue and Fixed Assets
- The observed trends in the net fixed asset turnover ratio align with changes in both revenue and net fixed assets. Periods of revenue increase generally correspond with increases in the ratio, while increases in net fixed assets without proportional revenue growth appear to contribute to declines. The substantial growth in both revenue and fixed assets from 2023 onwards explains the dramatic increase in the ratio.
Overall, the net fixed asset turnover ratio demonstrates a positive long-term trend, indicating increasing efficiency in asset utilization. The fluctuations observed suggest sensitivity to changes in both revenue and the level of fixed asset investment.
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Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
NVIDIA Corp., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)
| Jan 25, 2026 | Oct 26, 2025 | Jul 27, 2025 | Apr 27, 2025 | Jan 26, 2025 | Oct 27, 2024 | Jul 28, 2024 | Apr 28, 2024 | Jan 28, 2024 | Oct 29, 2023 | Jul 30, 2023 | Apr 30, 2023 | Jan 29, 2023 | Oct 30, 2022 | Jul 31, 2022 | May 1, 2022 | Jan 30, 2022 | Oct 31, 2021 | Aug 1, 2021 | May 2, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Revenue | 68,127) | 57,006) | 46,743) | 44,062) | 39,331) | 35,082) | 30,040) | 26,044) | 22,103) | 18,120) | 13,507) | 7,192) | 6,051) | 5,931) | 6,704) | 8,288) | 7,643) | 7,103) | 6,507) | 5,661) | ||||||
| Property and equipment, net | 10,383) | 9,780) | 9,141) | 7,136) | 6,283) | 5,343) | 4,885) | 4,006) | 3,914) | 3,844) | 3,799) | 3,740) | 3,807) | 3,774) | 3,233) | 2,916) | 2,778) | 2,509) | 2,364) | 2,268) | ||||||
| Operating lease assets | 2,867) | 2,281) | 2,084) | 1,810) | 1,793) | 1,755) | 1,556) | 1,532) | 1,346) | 1,316) | 1,235) | 1,094) | 1,038) | 927) | 852) | 856) | 829) | 830) | 801) | 727) | ||||||
| Property and equipment, net (including operating lease, right-of-use asset) | 13,250) | 12,061) | 11,225) | 8,946) | 8,076) | 7,098) | 6,441) | 5,538) | 5,260) | 5,160) | 5,034) | 4,834) | 4,845) | 4,701) | 4,085) | 3,772) | 3,607) | 3,339) | 3,165) | 2,995) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 16.30 | 15.52 | 14.72 | 16.60 | 16.16 | 15.96 | 14.95 | 14.40 | 11.58 | 8.70 | 6.49 | 5.35 | 5.57 | 6.08 | 7.28 | 7.83 | 7.46 | 7.27 | 6.92 | 6.43 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||||||||||||||||||||||
| Micron Technology Inc. | — | — | 1.12 | 0.86 | 0.79 | 0.74 | 0.73 | 0.69 | 0.62 | 0.55 | 0.48 | 0.42 | 0.40 | 0.46 | 0.58 | 0.68 | 0.78 | 0.87 | 0.85 | 0.83 | ||||||
Based on: 10-K (reporting date: 2026-01-25), 10-Q (reporting date: 2025-10-26), 10-Q (reporting date: 2025-07-27), 10-Q (reporting date: 2025-04-27), 10-K (reporting date: 2025-01-26), 10-Q (reporting date: 2024-10-27), 10-Q (reporting date: 2024-07-28), 10-Q (reporting date: 2024-04-28), 10-K (reporting date: 2024-01-28), 10-Q (reporting date: 2023-10-29), 10-Q (reporting date: 2023-07-30), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-29), 10-Q (reporting date: 2022-10-30), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-05-01), 10-K (reporting date: 2022-01-30), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-08-01), 10-Q (reporting date: 2021-05-02).
1 Q4 2026 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (RevenueQ4 2026
+ RevenueQ3 2026
+ RevenueQ2 2026
+ RevenueQ1 2026)
÷ Property and equipment, net (including operating lease, right-of-use asset)
= (68,127 + 57,006 + 46,743 + 44,062)
÷ 13,250 = 16.30
2 Click competitor name to see calculations.
The net fixed asset turnover ratio, calculated using property, plant, and equipment including operating lease and right-of-use assets, demonstrates a generally increasing trend over the analyzed period, punctuated by some fluctuations. Initial values indicate a relatively stable and positive performance, which strengthens considerably in later periods.
- Initial Period (May 2, 2021 – Jan 29, 2023)
- From May 2, 2021, to January 29, 2023, the ratio exhibits an initial increase from 6.43 to 7.83, suggesting improving efficiency in utilizing fixed assets to generate revenue. However, a subsequent decline is observed, reaching a low of 5.35 by January 29, 2023. This dip could be attributed to a slower growth in revenue relative to the increasing investment in fixed assets during this timeframe.
- Accelerated Growth (Apr 30, 2023 – Oct 26, 2025)
- Beginning with April 30, 2023, a significant and sustained upward trend emerges. The ratio more than doubles, rising from 5.35 to 15.52 by October 26, 2025. This substantial increase coincides with a period of rapid revenue growth, particularly evident in the quarters following April 2023, indicating a highly effective utilization of the company’s fixed asset base. The growth in fixed assets appears to be well-aligned with revenue expansion.
- Recent Performance (Jan 25, 2026 – Jul 27, 2025)
- The ratio remains at a high level, fluctuating between 16.16 and 16.60 during the period from January 25, 2026, to July 27, 2025. While there is a slight decrease to 14.72 in the period ending July 27, 2025, the ratio remains significantly higher than the values observed in the earlier periods. This suggests continued strong performance in asset utilization, despite some minor variations.
- Overall Trend
- Overall, the net fixed asset turnover ratio demonstrates a clear positive trajectory. The company has demonstrably improved its ability to generate revenue from its fixed asset investments, particularly in the latter half of the analyzed period. The increasing ratio suggests efficient asset management and a strong correlation between asset investment and revenue generation.
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Total Asset Turnover
NVIDIA Corp., total asset turnover calculation (quarterly data)
| Jan 25, 2026 | Oct 26, 2025 | Jul 27, 2025 | Apr 27, 2025 | Jan 26, 2025 | Oct 27, 2024 | Jul 28, 2024 | Apr 28, 2024 | Jan 28, 2024 | Oct 29, 2023 | Jul 30, 2023 | Apr 30, 2023 | Jan 29, 2023 | Oct 30, 2022 | Jul 31, 2022 | May 1, 2022 | Jan 30, 2022 | Oct 31, 2021 | Aug 1, 2021 | May 2, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Revenue | 68,127) | 57,006) | 46,743) | 44,062) | 39,331) | 35,082) | 30,040) | 26,044) | 22,103) | 18,120) | 13,507) | 7,192) | 6,051) | 5,931) | 6,704) | 8,288) | 7,643) | 7,103) | 6,507) | 5,661) | ||||||
| Total assets | 206,803) | 161,148) | 140,740) | 125,254) | 111,601) | 96,013) | 85,227) | 77,072) | 65,728) | 54,148) | 49,555) | 44,460) | 41,182) | 40,488) | 43,476) | 45,212) | 44,187) | 40,632) | 38,650) | 30,796) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||
| Total asset turnover1 | 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 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | — | — | — | — | 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. | — | — | — | 0.24 | 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. | — | — | — | 0.75 | 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. | — | — | — | 0.40 | 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. | — | — | — | — | 0.25 | 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 | 0.77 | 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. | — | — | 0.96 | 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. | — | — | 0.57 | 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 | ||||||
| Qualcomm Inc. | — | — | — | 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. | — | — | — | — | 0.51 | 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-K (reporting date: 2026-01-25), 10-Q (reporting date: 2025-10-26), 10-Q (reporting date: 2025-07-27), 10-Q (reporting date: 2025-04-27), 10-K (reporting date: 2025-01-26), 10-Q (reporting date: 2024-10-27), 10-Q (reporting date: 2024-07-28), 10-Q (reporting date: 2024-04-28), 10-K (reporting date: 2024-01-28), 10-Q (reporting date: 2023-10-29), 10-Q (reporting date: 2023-07-30), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-29), 10-Q (reporting date: 2022-10-30), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-05-01), 10-K (reporting date: 2022-01-30), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-08-01), 10-Q (reporting date: 2021-05-02).
1 Q4 2026 Calculation
Total asset turnover
= (RevenueQ4 2026
+ RevenueQ3 2026
+ RevenueQ2 2026
+ RevenueQ1 2026)
÷ Total assets
= (68,127 + 57,006 + 46,743 + 44,062)
÷ 206,803 = 1.04
2 Click competitor name to see calculations.
The total asset turnover ratio exhibits a generally increasing trend over the observed period, punctuated by some quarterly fluctuations. Initially, the ratio decreased from 0.63 in May 2021 to 0.57 in August 2021, before stabilizing and showing moderate growth through October 2022, reaching a peak of 0.71. A slight dip to 0.65 was noted in January 2023, followed by a further decrease to 0.58 in April 2023.
A significant upward trajectory commenced in July 2023, with the ratio climbing to 0.66, then accelerating to 0.83 in October 2023, 0.93 in January 2024, and continuing to 1.04 in April 2024. This growth continued through July 2024 (1.13) and October 2024 (1.18), with a slight moderation to 1.17 in January 2025. The ratio remained relatively stable through April 2025 (1.19) and July 2025 (1.17), before declining to 1.16 in October 2025 and 1.04 in January 2026.
- Overall Trend
- The overall trend indicates improving efficiency in asset utilization. The ratio more than doubled from 0.63 in May 2021 to 1.04 in January 2026, suggesting the company is generating more revenue per dollar of assets over time. The most substantial gains occurred between July 2023 and October 2024.
- Short-Term Fluctuations
- Despite the overall positive trend, quarterly variations are present. The decrease from August 2021 to May 2022 suggests potential temporary inefficiencies or shifts in asset composition. The dip in April 2023 could be attributed to seasonal factors or changes in sales strategies. The recent decline in January 2026 warrants further investigation to determine if it signals a reversal of the positive trend.
- Recent Performance
- The most recent data point, January 2026, shows a decrease from the peak of 1.19 in April 2025 to 1.04. While still a strong value, this decrease suggests a potential slowdown in the rate of asset utilization improvement. Monitoring this ratio in subsequent quarters will be crucial to assess the sustainability of the previous gains.
In conclusion, the company demonstrates a strengthening ability to generate revenue from its asset base. However, the recent fluctuations highlight the importance of continuous monitoring and analysis to understand the underlying drivers of these changes and maintain efficient asset management practices.
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Equity Turnover
NVIDIA Corp., equity turnover calculation (quarterly data)
| Jan 25, 2026 | Oct 26, 2025 | Jul 27, 2025 | Apr 27, 2025 | Jan 26, 2025 | Oct 27, 2024 | Jul 28, 2024 | Apr 28, 2024 | Jan 28, 2024 | Oct 29, 2023 | Jul 30, 2023 | Apr 30, 2023 | Jan 29, 2023 | Oct 30, 2022 | Jul 31, 2022 | May 1, 2022 | Jan 30, 2022 | Oct 31, 2021 | Aug 1, 2021 | May 2, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Revenue | 68,127) | 57,006) | 46,743) | 44,062) | 39,331) | 35,082) | 30,040) | 26,044) | 22,103) | 18,120) | 13,507) | 7,192) | 6,051) | 5,931) | 6,704) | 8,288) | 7,643) | 7,103) | 6,507) | 5,661) | ||||||
| Shareholders’ equity | 157,293) | 118,897) | 100,131) | 83,843) | 79,327) | 65,899) | 58,157) | 49,142) | 42,978) | 33,265) | 27,501) | 24,520) | 22,101) | 21,349) | 23,851) | 26,320) | 26,612) | 23,798) | 21,147) | 18,774) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||
| Equity turnover1 | 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 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | — | — | — | — | 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. | — | — | — | 0.35 | 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. | — | — | — | 1.30 | 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. | — | — | — | 0.85 | 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. | — | — | — | — | 0.46 | 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. | — | — | 2.33 | 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. | — | — | 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. | — | — | 0.80 | 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 | ||||||
| Qualcomm Inc. | — | — | — | 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. | — | — | — | — | 1.09 | 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-K (reporting date: 2026-01-25), 10-Q (reporting date: 2025-10-26), 10-Q (reporting date: 2025-07-27), 10-Q (reporting date: 2025-04-27), 10-K (reporting date: 2025-01-26), 10-Q (reporting date: 2024-10-27), 10-Q (reporting date: 2024-07-28), 10-Q (reporting date: 2024-04-28), 10-K (reporting date: 2024-01-28), 10-Q (reporting date: 2023-10-29), 10-Q (reporting date: 2023-07-30), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-29), 10-Q (reporting date: 2022-10-30), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-05-01), 10-K (reporting date: 2022-01-30), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-08-01), 10-Q (reporting date: 2021-05-02).
1 Q4 2026 Calculation
Equity turnover
= (RevenueQ4 2026
+ RevenueQ3 2026
+ RevenueQ2 2026
+ RevenueQ1 2026)
÷ Shareholders’ equity
= (68,127 + 57,006 + 46,743 + 44,062)
÷ 157,293 = 1.37
2 Click competitor name to see calculations.
The equity turnover ratio for the analyzed period demonstrates a generally increasing trend, punctuated by some quarterly fluctuations. Initially, the ratio remained relatively stable, hovering around 1.0, before exhibiting more pronounced growth in later periods. This suggests an increasing efficiency in utilizing shareholders’ equity to generate revenue.
- Initial Stability (May 2021 – Jan 2022)
- From May 2021 through January 2022, the equity turnover ratio exhibited limited variation, ranging between 1.01 and 1.04. This indicates a consistent, but modest, level of revenue generation relative to the equity base during this timeframe. The slight fluctuations within this period are not statistically significant enough to suggest a clear directional trend.
- Growth Phase (May 2022 – Jan 2023)
- A noticeable upward trend began in May 2022, with the ratio increasing from 1.12 to 1.34 by October 2022. This period reflects a strengthening relationship between revenue and shareholders’ equity. A slight decrease to 1.22 was observed in January 2023, but the overall trend remained positive.
- Accelerated Increase (Apr 2023 – Oct 2024)
- The ratio experienced a period of accelerated growth from April 2023 to October 2024, rising from 1.06 to 1.72. This substantial increase suggests a significant improvement in the company’s ability to generate revenue from its equity investment. The increase correlates with substantial revenue growth during this period.
- Recent Fluctuations (Jan 2025 – Jan 2026)
- Following the peak in October 2024, the equity turnover ratio experienced some volatility. It decreased to 1.65 in January 2025, then increased to 1.77 in April 2025, before declining again to 1.37 in January 2026. While fluctuations are present, the ratio remains at a higher level than observed in the earlier periods of the analysis, indicating continued efficient equity utilization despite the recent variability.
In summary, the equity turnover ratio demonstrates a clear long-term upward trend, indicating improved efficiency in generating revenue from shareholders’ equity. While recent quarters show some fluctuation, the ratio remains elevated compared to earlier periods, suggesting sustained operational improvements.
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