Stock Analysis on Net

Regeneron Pharmaceuticals Inc. (NASDAQ:REGN)

Analysis of Long-term (Investment) Activity Ratios 
Quarterly Data

Microsoft Excel

Long-term Activity Ratios (Summary)

Regeneron Pharmaceuticals Inc., long-term (investment) activity ratios (quarterly data)

Microsoft Excel
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 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Net fixed asset turnover 3.00 3.09 3.12 3.13 3.10 3.16 3.27 3.23 3.19 3.23 3.70 3.91 4.64 4.62 3.99 3.69 2.82 2.64
Total asset turnover 0.38 0.38 0.37 0.37 0.38 0.40 0.41 0.41 0.41 0.42 0.50 0.52 0.63 0.63 0.57 0.58 0.52 0.50
Equity turnover 0.48 0.48 0.47 0.48 0.49 0.51 0.53 0.53 0.53 0.54 0.64 0.69 0.83 0.86 0.78 0.82 0.77 0.77

Based on: 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), 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).


Net Fixed Asset Turnover
The net fixed asset turnover ratio shows a generally upward trend from early 2020 through the end of 2021, increasing from 2.64 to a peak of 4.64 in mid-2022. After this peak, the ratio declines steadily to around 3.09 by the first quarter of 2025. This indicates an initial improvement in the efficiency of fixed assets in generating revenue, followed by a gradual reduction in that efficiency in the subsequent periods.
Total Asset Turnover
Total asset turnover exhibits a moderate increase from 0.50 in early 2020 to roughly 0.63 by late 2021 and mid-2022, indicating improved utilization of overall assets during this period. However, post mid-2022, there is a clear and consistent decline down to 0.38 by the first quarter of 2025. This decline suggests diminishing efficiency in asset use to generate sales over the latter periods.
Equity Turnover
Equity turnover displays a similar pattern to the total asset turnover ratio. It rises from 0.77 to a high near 0.86 in early 2022, followed by a steady decline to approximately 0.48 at the start of 2025. This pattern reflects a reduction in how effectively equity is being used to generate revenues after the early 2022 peak.
Overall Insights
Across all turnover metrics, there is a clear improvement phase ending around 2021 to early 2022, where asset and equity efficiency peaked. Following this period, all ratios indicate a downward trend, pointing to a possible slowdown or less effective utilization of company resources in generating revenue. This could signal operational challenges or shifts in asset structure, necessitating closer examination of underlying factors driving these changes.

Net Fixed Asset Turnover

Regeneron Pharmaceuticals Inc., net fixed asset turnover calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in thousands)
Revenues 3,028,700 3,789,200 3,720,700 3,547,100 3,145,000 3,434,300 3,362,700 3,158,100 3,162,100 3,414,400 2,936,200 2,857,200 2,965,100 4,951,700 3,452,800 5,138,500 2,528,700 2,422,900 2,294,000 1,952,000 1,828,200
Property, plant, and equipment, net 4,694,200 4,599,700 4,439,200 4,305,900 4,225,500 4,146,400 4,006,100 3,922,600 3,880,900 3,763,000 3,704,200 3,637,700 3,556,400 3,482,200 3,395,700 3,358,500 3,262,600 3,221,600 3,138,300 3,031,400 2,944,600
Long-term Activity Ratio
Net fixed asset turnover1 3.00 3.09 3.12 3.13 3.10 3.16 3.27 3.23 3.19 3.23 3.70 3.91 4.64 4.62 3.99 3.69 2.82 2.64
Benchmarks
Net Fixed Asset Turnover, Competitors2
AbbVie Inc. 10.95 10.97 10.80 10.95 10.92 10.89 11.18 11.33 11.51 11.76 11.82 11.57 11.18 11.00 10.75 10.41 9.67 8.73
Amgen Inc. 4.91 4.89 5.06 4.85 4.70 4.53 4.61 4.58 4.56 4.57 4.73 4.77 4.75 4.69 4.89 4.92 4.93 4.96
Bristol-Myers Squibb Co. 6.60 6.77 6.87 6.79 6.75 6.77 6.93 7.11 7.30 7.38 7.74 7.90 7.77 7.67 7.75 7.66 7.43 7.22
Danaher Corp. 4.66 4.78 4.90 5.08 5.20 5.25 6.01 6.68 7.31 7.96 8.40 8.12 7.94 7.77 7.71 7.84 7.59 6.83
Eli Lilly & Co. 2.65 2.63 2.53 2.62 2.64 2.64 2.70 2.62 2.63 2.81 3.14 3.18 3.22 3.15 3.11 3.02 2.95 2.83
Gilead Sciences Inc. 5.27 5.28 5.22 5.17 5.13 5.07 4.88 4.91 4.88 4.93 5.01 5.13 5.18 5.27 5.40 5.27 5.06 4.90
Johnson & Johnson 4.28 4.33 4.28 4.38 4.36 4.28 4.65 4.37 4.58 4.79 5.29 5.21 5.07 4.95 4.95 4.79 4.59 4.40
Merck & Co. Inc. 2.58 2.70 2.69 2.69 2.66 2.61 2.63 2.62 2.66 2.77 2.89 2.85 2.73 2.53 2.57 2.61 2.55 2.67
Pfizer Inc. 3.40 3.46 3.26 2.97 2.98 3.14 3.88 4.48 5.46 6.17 6.47 6.64 6.12 5.46 4.79 3.89 3.31 3.01
Thermo Fisher Scientific Inc. 4.60 4.61 4.50 4.56 4.56 4.54 4.74 4.68 4.68 4.84 5.12 5.02 4.87 4.71 5.54 5.83 5.85 5.45
Vertex Pharmaceuticals Inc. 8.57 8.98 9.51 8.61 8.68 8.51 8.59 8.47 8.28 8.06 7.78 7.59 7.18 6.92 6.84 6.54 6.51 6.47

Based on: 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), 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).

1 Q1 2025 Calculation
Net fixed asset turnover = (RevenuesQ1 2025 + RevenuesQ4 2024 + RevenuesQ3 2024 + RevenuesQ2 2024) ÷ Property, plant, and equipment, net
= (3,028,700 + 3,789,200 + 3,720,700 + 3,547,100) ÷ 4,694,200 = 3.00

2 Click competitor name to see calculations.


Revenue Trends
Revenues show a generally increasing trend from March 2020 through December 2021, with notable fluctuations. Starting at approximately 1.83 billion USD in March 2020, revenues rose steadily until reaching a peak of 5.14 billion USD in June 2021. Following this peak, there was a decline and subsequent volatility through 2022. Revenues ranged between approximately 2.85 billion USD and 3.41 billion USD in 2022. In 2023 and early 2024, revenues stabilized mostly between 3.1 billion USD and 3.6 billion USD, before showing a slight downward trend in early 2025, dropping to about 3.03 billion USD by March 2025.
Property, Plant, and Equipment (Net)
The net value of property, plant, and equipment steadily increased throughout the entire period, moving from 2.94 billion USD in March 2020 to 4.69 billion USD by March 2025. This consistent growth suggests ongoing investment in fixed assets, supporting capacity expansion or modernization efforts over these five years.
Net Fixed Asset Turnover Ratio
Data for the net fixed asset turnover ratio is available from December 2020 onward, showing variations over time. Initially, the ratio increased from 2.64 in December 2020 to a high of 4.64 in June 2022, indicating more efficient use of fixed assets to generate revenue during this period. However, after the peak, the turnover ratio declined gradually, settling near 3.0 by March 2025. This decrease suggests a reduced efficiency in generating revenues relative to fixed assets in the later periods when compared with the peak performance.
Overall Analysis
The company exhibits continued growth in its asset base, reflecting capital investment and expansion initiatives. Revenue experienced strong growth through mid-2021 followed by volatility and stabilization, and ended with a slight decline in early 2025. The net fixed asset turnover ratio’s trend indicates an initial improvement in operational efficiency until mid-2022, followed by a gradual decline, potentially signaling challenges in maintaining revenue growth proportional to asset growth. These patterns may warrant further investigation into market conditions, product demand, or operational factors affecting revenue generation relative to asset utilization.

Total Asset Turnover

Regeneron Pharmaceuticals Inc., total asset turnover calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in thousands)
Revenues 3,028,700 3,789,200 3,720,700 3,547,100 3,145,000 3,434,300 3,362,700 3,158,100 3,162,100 3,414,400 2,936,200 2,857,200 2,965,100 4,951,700 3,452,800 5,138,500 2,528,700 2,422,900 2,294,000 1,952,000 1,828,200
Total assets 37,545,200 37,759,400 37,441,900 36,086,800 34,369,600 33,080,200 32,163,300 30,657,500 30,059,900 29,214,500 27,677,800 27,205,800 26,348,700 25,434,800 23,671,500 21,485,900 17,772,200 17,163,300 16,084,000 14,428,700 15,757,500
Long-term Activity Ratio
Total asset turnover1 0.38 0.38 0.37 0.37 0.38 0.40 0.41 0.41 0.41 0.42 0.50 0.52 0.63 0.63 0.57 0.58 0.52 0.50
Benchmarks
Total Asset Turnover, Competitors2
AbbVie Inc. 0.42 0.42 0.39 0.39 0.37 0.40 0.40 0.41 0.42 0.42 0.41 0.40 0.40 0.38 0.37 0.36 0.33 0.30
Amgen Inc. 0.37 0.35 0.34 0.32 0.30 0.28 0.28 0.28 0.28 0.38 0.38 0.41 0.41 0.40 0.37 0.40 0.38 0.39
Bristol-Myers Squibb Co. 0.52 0.52 0.51 0.49 0.46 0.47 0.49 0.48 0.49 0.48 0.48 0.47 0.46 0.42 0.41 0.40 0.38 0.36
Danaher Corp. 0.30 0.31 0.29 0.30 0.28 0.28 0.29 0.33 0.35 0.37 0.39 0.38 0.36 0.35 0.34 0.34 0.33 0.29
Eli Lilly & Co. 0.55 0.57 0.54 0.54 0.56 0.53 0.55 0.54 0.52 0.58 0.62 0.62 0.62 0.58 0.58 0.56 0.54 0.53
Gilead Sciences Inc. 0.51 0.48 0.52 0.52 0.48 0.43 0.44 0.44 0.43 0.43 0.43 0.43 0.43 0.40 0.41 0.39 0.37 0.36
Johnson & Johnson 0.46 0.49 0.49 0.48 0.50 0.51 0.53 0.47 0.47 0.51 0.55 0.54 0.53 0.52 0.51 0.51 0.49 0.47
Merck & Co. Inc. 0.56 0.55 0.54 0.55 0.58 0.56 0.56 0.56 0.54 0.54 0.55 0.53 0.51 0.46 0.51 0.52 0.51 0.52
Pfizer Inc. 0.30 0.30 0.28 0.26 0.25 0.26 0.32 0.36 0.48 0.51 0.51 0.52 0.50 0.45 0.39 0.33 0.29 0.27
Thermo Fisher Scientific Inc. 0.43 0.44 0.42 0.43 0.44 0.43 0.45 0.46 0.46 0.46 0.49 0.47 0.44 0.41 0.53 0.57 0.54 0.47
Vertex Pharmaceuticals Inc. 0.49 0.49 0.48 0.51 0.43 0.43 0.44 0.47 0.49 0.49 0.52 0.54 0.56 0.56 0.57 0.55 0.53 0.53

Based on: 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), 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).

1 Q1 2025 Calculation
Total asset turnover = (RevenuesQ1 2025 + RevenuesQ4 2024 + RevenuesQ3 2024 + RevenuesQ2 2024) ÷ Total assets
= (3,028,700 + 3,789,200 + 3,720,700 + 3,547,100) ÷ 37,545,200 = 0.38

2 Click competitor name to see calculations.


The quarterly financial data reveals several noteworthy trends in revenue, total assets, and total asset turnover over the analyzed periods.

Revenues
Revenue figures demonstrate significant fluctuations with an overall increasing trend over the longer term but notable volatility within shorter intervals. Beginning at approximately $1.8 billion in the first quarter of 2020, revenues experience a steady rise through 2020, peaking dramatically in mid-2021 at about $5.1 billion. This spike is followed by a sharp decline, and subsequent quarters display fluctuations within a narrower range between approximately $2.9 billion and $3.4 billion through 2022 and 2023. The most recent data from 2024 shows revenues slightly varying around the $3.1 billion to $3.8 billion range, with a mild decline observed at the end of the period.
Total Assets
Total assets exhibit a consistent upward trajectory across the entire timeline. Starting near $15.8 billion at the beginning of 2020, assets steadily grow with few interruptions, reaching over $37.7 billion by early 2025. The growth pace appears robust, with no periods of asset contraction visible. Incremental increases are sustained quarter over quarter, indicating ongoing asset accumulation or capital investment activities.
Total Asset Turnover
Total asset turnover ratios are available from late 2020 onward and show a distinct downward trend. Initially, turnover values register between 0.5 and 0.63 in late 2020 and early 2021, signaling relatively effective use of assets to generate revenue during that period. However, subsequent quarters reveal a steady decline in asset turnover, decreasing to approximately 0.38 by early 2025. This decrease suggests that although assets have grown substantially, the rate at which those assets generate revenue has weakened, implying reduced efficiency or changes in asset structure or revenue generation dynamics.

In summary, while revenue has experienced pronounced volatility with a notable peak in mid-2021 followed by stabilization at moderate levels, total assets demonstrate continuous growth. The declining total asset turnover ratio over time indicates a decreasing efficiency in utilizing assets to generate revenue, highlighting a potential area for management focus. These trends collectively suggest expanding asset bases not fully matched by proportionate revenue increases in recent periods.


Equity Turnover

Regeneron Pharmaceuticals Inc., equity turnover calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in thousands)
Revenues 3,028,700 3,789,200 3,720,700 3,547,100 3,145,000 3,434,300 3,362,700 3,158,100 3,162,100 3,414,400 2,936,200 2,857,200 2,965,100 4,951,700 3,452,800 5,138,500 2,528,700 2,422,900 2,294,000 1,952,000 1,828,200
Stockholders’ equity 29,387,600 29,353,600 29,325,900 28,205,800 26,991,100 25,973,100 24,904,400 24,017,900 23,495,200 22,664,000 21,438,800 20,687,800 19,914,700 18,768,800 17,258,000 15,127,300 11,977,000 11,025,300 10,125,500 9,057,400 12,133,000
Long-term Activity Ratio
Equity turnover1 0.48 0.48 0.47 0.48 0.49 0.51 0.53 0.53 0.53 0.54 0.64 0.69 0.83 0.86 0.78 0.82 0.77 0.77
Benchmarks
Equity Turnover, Competitors2
AbbVie Inc. 40.40 16.94 9.21 8.11 6.79 5.24 4.56 4.35 4.27 3.36 3.62 3.91 3.48 3.65 4.07 4.27 3.66 3.50
Amgen Inc. 5.28 5.45 4.14 4.99 5.61 4.32 3.35 3.73 4.66 6.77 6.71 10.17 26.68 3.63 2.96 2.93 2.56 2.58
Bristol-Myers Squibb Co. 2.74 2.96 2.77 2.73 2.76 1.53 1.55 1.41 1.44 1.49 1.43 1.45 1.49 1.29 1.22 1.21 1.14 1.12
Danaher Corp. 0.47 0.48 0.46 0.47 0.44 0.45 0.49 0.54 0.58 0.63 0.67 0.66 0.65 0.65 0.65 0.62 0.61 0.56
Eli Lilly & Co. 3.11 3.17 2.87 2.87 2.80 3.17 2.86 2.67 2.47 2.68 2.90 3.40 3.14 3.15 3.58 4.15 3.69 4.35
Gilead Sciences Inc. 1.49 1.48 1.52 1.51 1.56 1.18 1.22 1.28 1.27 1.27 1.27 1.34 1.37 1.28 1.27 1.34 1.33 1.34
Johnson & Johnson 1.14 1.24 1.25 1.21 1.22 1.24 1.23 1.20 1.30 1.24 1.29 1.25 1.27 1.27 1.30 1.28 1.28 1.31
Merck & Co. Inc. 1.32 1.39 1.42 1.43 1.52 1.60 1.44 1.51 1.24 1.29 1.33 1.32 1.32 1.28 1.33 1.41 1.73 1.90
Pfizer Inc. 0.69 0.72 0.65 0.64 0.61 0.67 0.71 0.79 0.92 1.05 1.08 1.16 1.12 1.05 0.91 0.79 0.68 0.66
Thermo Fisher Scientific Inc. 0.87 0.86 0.86 0.89 0.93 0.92 0.96 0.99 1.04 1.02 1.01 1.01 1.00 0.96 1.01 1.04 1.02 0.93
Vertex Pharmaceuticals Inc. 0.67 0.67 0.68 0.70 0.55 0.56 0.58 0.61 0.64 0.64 0.67 0.70 0.73 0.75 0.75 0.73 0.71 0.71

Based on: 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), 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).

1 Q1 2025 Calculation
Equity turnover = (RevenuesQ1 2025 + RevenuesQ4 2024 + RevenuesQ3 2024 + RevenuesQ2 2024) ÷ Stockholders’ equity
= (3,028,700 + 3,789,200 + 3,720,700 + 3,547,100) ÷ 29,387,600 = 0.48

2 Click competitor name to see calculations.


The financial data reveals several notable trends across the reported periods.

Revenues
Revenues exhibited considerable fluctuations over the time span. Initially, there was a steady increase from approximately $1.83 billion in March 2020 to a peak of about $5.14 billion in June 2021. This may indicate a period of strong sales growth or recognition of large contracts. Following this peak, revenues decreased notably in the latter half of 2021 and into early 2022, falling to around $2.97 billion in March 2022. Subsequently, revenues displayed some volatility but generally trended upward from the middle of 2022 through the end of 2024, reaching a high of approximately $3.79 billion in December 2024. However, a decline occurred in the first quarter of 2025, with revenues falling to about $3.03 billion. This pattern suggests cyclical or market-driven fluctuations with periods of rapid increase followed by contraction and moderate recovery.
Stockholders’ Equity
Stockholders’ equity demonstrated a consistent upward trajectory throughout the entire period. Starting at roughly $12.13 billion in March 2020, equity decreased to about $9.06 billion by June 2020, possibly reflecting write-downs or distributions. After this decline, equity steadily increased each quarter, reaching approximately $29.39 billion by March 2025. This indicates ongoing accumulation of retained earnings, additional paid-in capital, or other equity infusions that have strengthened the company's financial foundation over time.
Equity Turnover
The equity turnover ratio, available from December 2020 onward, showed a gradual decline. Beginning at 0.77, it fluctuated slightly but generally decreased each quarter to reach around 0.48 by March 2025. This downward trend suggests that the company's ability to generate revenues relative to its equity base has diminished over time, which could indicate a slowing growth rate in sales relative to equity growth or a more conservative capital structure.

In summary, the data portrays a company experiencing revenue volatility, with significant increases followed by declines and moderate recovery phases, alongside a steadily strengthening equity base. The declining equity turnover ratio highlights that sales growth has not kept pace with the expansion of equity, warranting closer consideration of asset and capital utilization efficiency moving forward.