Analysis of Long-term (Investment) Activity Ratios
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)
Take-Two Interactive Software Inc., long-term (investment) activity ratios
Based on: 10-K (reporting date: 2025-03-31), 10-K (reporting date: 2024-03-31), 10-K (reporting date: 2023-03-31), 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31).
An analysis of the long-term activity ratios reveals a general decline in fixed asset efficiency over the six-year period, contrasted by a recent recovery in total asset and equity utilization. The data indicates a period of significant transition, particularly between 2021 and 2023, followed by a sharp increase in efficiency metrics by the end of the observed period.
- Fixed Asset Utilization
- A consistent downward trend is observed in both net fixed asset turnover and the turnover ratio including right-of-use assets. The standard net fixed asset turnover decreased from 23.42 in 2020 to 12.69 in 2025, with a sharp decline occurring between 2021 and 2022. Similarly, the turnover ratio including operating leases fell from 10.79 to 7.32 over the same period. This pattern suggests that the growth in fixed asset investments has outpaced the growth in generated revenue, or that the productivity of these assets has diminished.
- Total Asset Efficiency
- Total asset turnover exhibited a U-shaped trajectory. After a gradual decline from 0.62 in 2020 to a low of 0.34 in 2023, the ratio recovered to 0.61 by March 31, 2025. This recovery indicates a return to previous levels of efficiency in utilizing the entire asset base to generate sales after a period of relative underperformance or heavy capital accumulation.
- Equity Turnover and Leverage
- Equity turnover shows the most significant volatility among the analyzed ratios. Following a decline from 1.22 in 2020 to a minimum of 0.59 in 2023, there was a substantial acceleration in the ratio, peaking at 2.64 in 2025. This sharp increase suggests a significant improvement in the efficiency of equity usage or a substantial reduction in the equity base relative to revenue generated in the final year.
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Net Fixed Asset Turnover
Take-Two Interactive Software Inc., net fixed asset turnover calculation, comparison to benchmarks
| Mar 31, 2025 | Mar 31, 2024 | Mar 31, 2023 | Mar 31, 2022 | Mar 31, 2021 | Mar 31, 2020 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||
| Net revenue | 5,633,600) | 5,349,600) | 5,349,900) | 3,504,800) | 3,372,772) | 3,088,970) | |
| Fixed assets, net | 443,800) | 411,100) | 402,800) | 242,039) | 149,364) | 131,888) | |
| Long-term Activity Ratio | |||||||
| Net fixed asset turnover1 | 12.69 | 13.01 | 13.28 | 14.48 | 22.58 | 23.42 | |
| Benchmarks | |||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||
| Alphabet Inc. | 1.63 | 2.05 | 2.29 | 2.51 | 2.64 | — | |
| Comcast Corp. | 1.88 | 1.98 | 2.04 | 2.19 | 2.15 | — | |
| Meta Platforms Inc. | 1.14 | 1.36 | 1.40 | 1.47 | 2.04 | — | |
| Netflix Inc. | 22.54 | 24.47 | 22.61 | 22.61 | 22.44 | — | |
| Walt Disney Co. | 2.28 | 2.45 | 2.52 | 2.44 | 2.05 | 2.02 | |
| Net Fixed Asset Turnover, Sector | |||||||
| Media & Entertainment | 1.63 | 1.95 | 2.10 | 2.24 | 2.42 | — | |
| Net Fixed Asset Turnover, Industry | |||||||
| Communication Services | 1.50 | 1.65 | 1.68 | 1.73 | 1.90 | — | |
Based on: 10-K (reporting date: 2025-03-31), 10-K (reporting date: 2024-03-31), 10-K (reporting date: 2023-03-31), 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31).
1 2025 Calculation
Net fixed asset turnover = Net revenue ÷ Fixed assets, net
= 5,633,600 ÷ 443,800 = 12.69
2 Click competitor name to see calculations.
The analysis of the net fixed asset turnover ratio reveals a consistent and significant downward trend over the six-year period ending March 31, 2025. While net revenue has grown substantially, the rate of expansion in net fixed assets has far exceeded revenue growth, leading to a decline in the efficiency with which fixed assets are utilized to generate sales.
- Net Fixed Asset Turnover Trend
- The turnover ratio declined from a high of 23.42 in 2020 to 12.69 in 2025. The most acute decrease occurred between 2021 and 2022, when the ratio dropped from 22.58 to 14.48. This trajectory indicates a diminishing return on invested fixed assets relative to top-line revenue generation.
- Revenue Growth Dynamics
- Net revenue exhibited an overall upward trajectory, increasing from US$ 3,088,970 thousand in 2020 to US$ 5,633,600 thousand in 2025. A period of rapid acceleration was observed between 2022 and 2023, where revenue grew by approximately 52%, though this growth rate moderated significantly in the subsequent two years.
- Fixed Asset Accumulation
- Net fixed assets underwent aggressive expansion, rising from US$ 131,888 thousand in 2020 to US$ 443,800 thousand in 2025. This represents a total increase of approximately 236%. The most intense period of asset accumulation occurred between 2021 and 2023, which coincides with the sharpest decline in the turnover ratio.
- Efficiency Correlation
- The divergence between the growth rates of fixed assets and net revenue explains the compression of the turnover ratio. The transition from a ratio above 20.00 in 2021 to a range between 12.00 and 13.00 from 2023 to 2025 suggests that the organization has moved into a phase of higher capital intensity, where larger asset bases are required to support current revenue levels.
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Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Take-Two Interactive Software Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks
| Mar 31, 2025 | Mar 31, 2024 | Mar 31, 2023 | Mar 31, 2022 | Mar 31, 2021 | Mar 31, 2020 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||
| Net revenue | 5,633,600) | 5,349,600) | 5,349,900) | 3,504,800) | 3,372,772) | 3,088,970) | |
| Fixed assets, net | 443,800) | 411,100) | 402,800) | 242,039) | 149,364) | 131,888) | |
| Operating lease right-of-use assets | 326,100) | 325,700) | 282,700) | 217,206) | 164,763) | 154,284) | |
| Fixed assets, net (including operating lease, right-of-use asset) | 769,900) | 736,800) | 685,500) | 459,245) | 314,127) | 286,172) | |
| Long-term Activity Ratio | |||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 7.32 | 7.26 | 7.80 | 7.63 | 10.74 | 10.79 | |
| Benchmarks | |||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | |||||||
| Alphabet Inc. | 1.54 | 1.90 | 2.07 | 2.23 | 2.33 | — | |
| Comcast Corp. | 1.74 | 1.82 | 1.86 | 1.98 | 1.92 | — | |
| Meta Platforms Inc. | 1.02 | 1.21 | 1.23 | 1.26 | 1.69 | — | |
| Netflix Inc. | 10.73 | 10.55 | 9.45 | 8.72 | 7.88 | — | |
| Walt Disney Co. | 2.11 | 2.25 | 2.25 | 2.18 | 1.83 | 1.81 | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | |||||||
| Media & Entertainment | 1.50 | 1.77 | 1.87 | 1.97 | 2.09 | — | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | |||||||
| Communication Services | 1.31 | 1.41 | 1.42 | 1.43 | 1.54 | — | |
Based on: 10-K (reporting date: 2025-03-31), 10-K (reporting date: 2024-03-31), 10-K (reporting date: 2023-03-31), 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31).
1 2025 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset) = Net revenue ÷ Fixed assets, net (including operating lease, right-of-use asset)
= 5,633,600 ÷ 769,900 = 7.32
2 Click competitor name to see calculations.
Analysis of the long-term investment activity reveals a significant expansion of the asset base relative to the growth of net revenue over the six-year period ending March 31, 2025. While net revenue demonstrated an overall upward trajectory, the pace of investment in net fixed assets, including right-of-use assets, accelerated more rapidly, resulting in a contraction of the net fixed asset turnover ratio.
- Net Revenue Performance
- Net revenue grew from approximately US$ 3.09 billion in 2020 to US$ 5.63 billion in 2025. A substantial increase occurred between 2022 and 2023, where revenue rose from US$ 3.50 billion to US$ 5.35 billion, representing a significant scale-up in top-line performance before entering a phase of moderate growth through 2025.
- Fixed Asset Accumulation
- Net fixed assets experienced consistent and aggressive growth throughout the analyzed period. The asset base increased from US$ 286.17 million in 2020 to US$ 769.90 million in 2025. The most pronounced acceleration in asset acquisition occurred between 2021 and 2023, during which fixed assets more than doubled, reflecting a period of intensive capital investment.
- Net Fixed Asset Turnover Ratio Trends
- The turnover ratio, measuring the efficiency of fixed assets in generating revenue, exhibited a marked downward shift. The ratio remained stable at approximately 10.7 between 2020 and 2021, but declined sharply to 7.63 by March 31, 2022. Despite the surge in revenue in 2023, the ratio stabilized at a lower threshold, fluctuating between 7.26 and 7.80 from 2022 through 2025. This trend indicates that the expansion of the fixed asset base has outpaced the corresponding growth in revenue, leading to a reduction in the revenue-generating efficiency per unit of fixed investment.
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Total Asset Turnover
Take-Two Interactive Software Inc., total asset turnover calculation, comparison to benchmarks
| Mar 31, 2025 | Mar 31, 2024 | Mar 31, 2023 | Mar 31, 2022 | Mar 31, 2021 | Mar 31, 2020 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||
| Net revenue | 5,633,600) | 5,349,600) | 5,349,900) | 3,504,800) | 3,372,772) | 3,088,970) | |
| Total assets | 9,180,700) | 12,216,900) | 15,862,100) | 6,546,219) | 6,028,218) | 4,948,832) | |
| Long-term Activity Ratio | |||||||
| Total asset turnover1 | 0.61 | 0.44 | 0.34 | 0.54 | 0.56 | 0.62 | |
| Benchmarks | |||||||
| Total Asset Turnover, Competitors2 | |||||||
| Alphabet Inc. | 0.68 | 0.78 | 0.76 | 0.77 | 0.72 | — | |
| Comcast Corp. | 0.45 | 0.46 | 0.46 | 0.47 | 0.42 | — | |
| Meta Platforms Inc. | 0.55 | 0.60 | 0.59 | 0.63 | 0.71 | — | |
| Netflix Inc. | 0.81 | 0.73 | 0.69 | 0.65 | 0.67 | — | |
| Walt Disney Co. | 0.48 | 0.47 | 0.43 | 0.41 | 0.33 | 0.32 | |
| Total Asset Turnover, Sector | |||||||
| Media & Entertainment | 0.58 | 0.62 | 0.60 | 0.60 | 0.56 | — | |
| Total Asset Turnover, Industry | |||||||
| Communication Services | 0.48 | 0.50 | 0.48 | 0.47 | 0.45 | — | |
Based on: 10-K (reporting date: 2025-03-31), 10-K (reporting date: 2024-03-31), 10-K (reporting date: 2023-03-31), 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31).
1 2025 Calculation
Total asset turnover = Net revenue ÷ Total assets
= 5,633,600 ÷ 9,180,700 = 0.61
2 Click competitor name to see calculations.
The analysis of asset utilization reveals a volatile cycle characterized by a significant expansion of the asset base followed by a strategic contraction, which directly impacted the efficiency of revenue generation per unit of asset.
- Net Revenue Trajectory
- Net revenue exhibited a consistent growth trend over the analyzed period, increasing from 3.09 billion US dollars in 2020 to 5.63 billion US dollars by 2025. A substantial increase was recorded between 2022 and 2023, where revenue rose from 3.50 billion to 5.35 billion US dollars, maintaining a stable plateau through 2024 before continuing its ascent in 2025.
- Asset Base Fluctuations
- Total assets experienced a dramatic surge, peaking at 15.86 billion US dollars in 2023, which represents more than double the asset level recorded in 2022. This peak was followed by a marked downward trend, with assets decreasing to 12.22 billion US dollars in 2024 and further declining to 9.18 billion US dollars by 2025.
- Total Asset Turnover Efficiency
- The total asset turnover ratio demonstrates an inverse correlation with the asset base expansion. The ratio declined from 0.62 in 2020 to a minimum of 0.34 in 2023, reflecting a period where the growth of assets significantly outpaced revenue growth. A recovery trend is observed thereafter, with the ratio improving to 0.44 in 2024 and returning to 0.61 by 2025. This restoration of efficiency is driven by the simultaneous reduction in total assets and the sustained increase in net revenue, bringing the turnover ratio back to levels comparable to the 2020 baseline.
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Equity Turnover
Take-Two Interactive Software Inc., equity turnover calculation, comparison to benchmarks
| Mar 31, 2025 | Mar 31, 2024 | Mar 31, 2023 | Mar 31, 2022 | Mar 31, 2021 | Mar 31, 2020 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||
| Net revenue | 5,633,600) | 5,349,600) | 5,349,900) | 3,504,800) | 3,372,772) | 3,088,970) | |
| Stockholders’ equity | 2,137,700) | 5,667,900) | 9,042,500) | 3,809,659) | 3,331,892) | 2,539,244) | |
| Long-term Activity Ratio | |||||||
| Equity turnover1 | 2.64 | 0.94 | 0.59 | 0.92 | 1.01 | 1.22 | |
| Benchmarks | |||||||
| Equity Turnover, Competitors2 | |||||||
| Alphabet Inc. | 0.97 | 1.08 | 1.08 | 1.10 | 1.02 | — | |
| Comcast Corp. | 1.28 | 1.45 | 1.47 | 1.50 | 1.21 | — | |
| Meta Platforms Inc. | 0.93 | 0.90 | 0.88 | 0.93 | 0.94 | — | |
| Netflix Inc. | 1.70 | 1.58 | 1.64 | 1.52 | 1.87 | — | |
| Walt Disney Co. | 0.86 | 0.91 | 0.90 | 0.87 | 0.76 | 0.78 | |
| Equity Turnover, Sector | |||||||
| Media & Entertainment | 1.00 | 1.07 | 1.07 | 1.10 | 1.02 | — | |
| Equity Turnover, Industry | |||||||
| Communication Services | 1.07 | 1.13 | 1.14 | 1.16 | 1.09 | — | |
Based on: 10-K (reporting date: 2025-03-31), 10-K (reporting date: 2024-03-31), 10-K (reporting date: 2023-03-31), 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31).
1 2025 Calculation
Equity turnover = Net revenue ÷ Stockholders’ equity
= 5,633,600 ÷ 2,137,700 = 2.64
2 Click competitor name to see calculations.
The analysis of long-term activity ratios indicates a volatile relationship between revenue generation and equity capitalization over the observed six-year period. While net revenue followed a general upward trajectory, stockholders' equity experienced significant fluctuations, leading to an erratic equity turnover ratio.
- Net Revenue Trends
- Net revenue demonstrated consistent growth, increasing from 3.09 billion USD in 2020 to 5.63 billion USD in 2025. A notable acceleration occurred between 2022 and 2023, where revenue rose by approximately 52%, followed by a period of relative stabilization in 2024 and modest growth in 2025.
- Stockholders' Equity Dynamics
- The equity base exhibited extreme volatility. After a period of steady growth from 2020 to 2022, stockholders' equity spiked to a peak of 9.04 billion USD in 2023. This was followed by a sharp contraction, falling to 5.67 billion USD in 2024 and further declining to 2.14 billion USD by 2025, representing a substantial reduction in the equity base from its peak.
- Equity Turnover Analysis
- The equity turnover ratio directly reflects the volatility of the equity base. The ratio declined from 1.22 in 2020 to a minimum of 0.59 in 2023, coinciding with the peak in stockholders' equity. Subsequently, the ratio increased sharply, reaching 2.64 by 2025. This final surge is primarily attributed to the significant contraction of stockholders' equity occurring alongside sustained revenue levels, suggesting a higher efficiency of revenue generation relative to the remaining equity base or a structural shift in the company's capital composition.
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